belgiquelex.be - Carrefour Bank of Legislation

25 AVRIL 2014. - Act respecting various provisions (1)

PHILIPPE, King of the Belgians,
To all, present and to come, Hi.
The Chambers adopted and We sanction the following:
CHAPTER 1^er . - General provisions
Article 1^er. § 1^er. This Act regulates a matter referred to in Article 78 of the Constitution.
§ 2. This Act provides for the transfer of articles 4, paragraph 7, 56, 58, 68, 72, 143 and 144 of Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 concerning access to the activity of credit institutions and prudential supervision of credit institutions and investment companies, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC.
CHAPTER 2. - Amendments related to the application of the law of 1^er July 2011 on security and protection of critical infrastructure in the financial sector
Section I^re. - Amendments to Act of 1^er July 2011 on security and protection of critical infrastructure
Art. 2. In the law of 1^er July 2011 on the security and protection of critical infrastructure, c) of Article 3, 3° is replaced by the following:
"(c) for the financial sector: the National Bank of Belgium;".
Art. 3. In section 13 of the Act, the following amendments are made:
1° it is inserted a § 5bis written as follows:
" § 5bis. For critical infrastructure in the financial sector, security measures, such as continuity policies, continuity plans and physical and logical security plans, which companies are required to establish within the framework of the prudential control status applicable to them and/or within the framework of the monitoring (oversight) of which they are the subject of the National Bank of Belgium, are similar to the P.S.E.";
2° § 6, paragraph 1^er, is supplemented by the following sentence:
"For the financial sector, the exercises and updates of the security measures referred to in paragraph 5bis are assimilated to the exercises and updates of the P.S.E. referred to in this paragraph. ".
Art. 4. In the same law, an article 22bis is inserted as follows:
"Art. 22bis. For the financial sector, the National Bank of Belgium transmits to the Minister of Finance a report on the tasks it performs under this Act on an appropriate periodicity, however, not exceeding three years.
However, the National Bank of Belgium promptly informs it of any concrete and imminent threat to critical infrastructure in the financial sector. ".
Art. 5. Article 24, § 2, of the same law is supplemented by two paragraphs written as follows:
"For the financial sector, the National Bank of Belgium is designated as an inspection service to monitor the application of the provisions of this Act and its enforcement orders.
To this end, the National Bank of Belgium may make use of the information available to it under its legal duties of prudential control and monitoring (oversight) and, in particular, takes into account the observations made in this framework. Similarly, as part of its legal duties of prudential control and monitoring (oversight), the National Bank of Belgium can use the information it has under this Act."
Art. 6. Article 24, § 3, of the same law is supplemented by a paragraph written as follows:
"This paragraph is not applicable to the inspection service designated under paragraph 2, paragraph 3.".
Section II. - Amendments to the Act of 22 February 1998 establishing the organic status of the National Bank of Belgium
Art. 7. Article 36/14, § 1^er of the Act of 22 February 1998 establishing the organic status of the National Bank of Belgium, last amended by the Act of 27 November 2012, is supplemented by a 20th drafted as follows:
"20° within the limits of the law of the European Union, the Government Coordination and Crisis Centre of the SPF Inner, the Coordinating Body for Threat Analysis, established by the Law of 10 July 2006 on Threat Analysis, and the police services covered by the law of 7 December 1998 organizing an integrated police service, structured at two levels, to the extent that the application of Article 19^er July 2011 on the security and protection of critical infrastructure requires it.".
CHAPTER 3. - Miscellaneous amendments and abrogations
Section I^re . - Amendment of the Act of 2 April 1962 on the Federal Corporation for Participation and Investment and Regional Investment Corporations
Art. 8. In Article 2, § 3, of the Act of 2 April 1962 on the Federal Corporation for Participation and Investment and Regional Investment Corporations, replaced by the Act of 4 August 1978 and amended by the Act of 26 August 2006, the first paragraph is supplemented by the words "and the resolution of financial institutions".
Section II. - Amendments to the Act of 9 July 1975 on the control of insurance companies
Art. 9. Article 2, § 6 of the Act of 9 July 1975 on the control of insurance companies, last amended by the Royal Decree of 3 March 2011, is supplemented by a 24° written as follows:
"24° "independent control function": the internal audit function, the compliance function or the risk management function referred to in paragraph 2, 3 or 4 of Article 14 bis, § 3, and the actuarial function within the meaning of Article 40quinquies. ".
Art. 10. Article 8, § 2, third dash, 3°, of the same law, inserted by the Royal Decree of 3 March 2011, is replaced by the following:
"3° the professional honesty of persons called to be members of the legal body of administration of the insurance company, the steering committee or, in the absence of a steering committee, persons called to be in charge of the effective management, as well as persons called to be responsible for independent oversight functions, if these persons are proposed for the first time for such a function in a financial enterprise controlled by the Bank by application ".
Art. 11. In Article 14bis, § 5 of the Act, amended by the Royal Decree of 3 March 2011, the following amendments are made:
1° to paragraph 1^er, the words "the persons responsible for the effective management of the insurance company, if any the steering committee, take," are replaced by the words "the steering committee or, if any, the persons responsible for the effective direction of the insurance company, take,"
2° to paragraph 3, the words "The persons responsible for the effective management, if any the steering committee, shall report" shall be replaced by the words "The steering committee or, if any, the persons responsible for the effective management shall report".
Art. 12. In Article 15bis, § 4, paragraph 1^er, 3° of the Act of 9 July 1975 on the Control of Insurance Companies, replaced by the Act of 20 June 2005 and amended by the Royal Decree of 3 March 2011, the words "in the sense of the Act of 22 March 1993 on the Status and Control of Credit Institutions" are replaced by the words "in the sense of the Act of 25 April 2014 on the Status and Control of Credit Institutions," .
Art. 13. In section 22, § 3, paragraph 2 of the Act, last amended by the Royal Decree of 3 March 2011, the following amendments are made:
1° in the first sentence, the words "The effective direction of the insurance company, if any the steering committee," are replaced by the words "The steering committee or, if any, the persons responsible for the effective management,"
2° in the third sentence, the words "The effective direction" are replaced by the words "The steering committee or, if applicable, the persons responsible for the effective direction".
Art. 14. In Article 23bis, § 3, paragraph 2, (b), of the same law, last amended by the Royal Decree of 3 March 2011, the words "repute and experience" are replaced by the words "honorability and expertise".
Art. 15. In section 50 of the Act, inserted by the Royal Decree of 12 August 1994 and amended by the Royal Decree of 3 March 2011, the following amendments are made:
1° in paragraph 2, paragraph 3, the first sentence beginning with the words "The articles" and ending with the words "of the branch." is replaced by the following sentence:
"Articles 9bis, 90, §§ 1^er and 3 and 90bis shall apply by analogy to the agent general and, where applicable, to other persons responsible for the effective management of the branch and to those responsible for independent oversight functions. ";
2° paragraph 3, 4° is replaced by the following:
"4° the name, address and authority of the branch's general representative, if any, of the other effective officers of the branch, as well as of the independent supervisors;".
Art. 16. In article 51, paragraph 1^er of the same law, last amended by the Royal Decree of 3 March 2011, the second sentence beginning with the words "It can also" and ending with the words "of the branch." is replaced by the following sentence:
"It may also oppose it if it has reasons to doubt the professional honesty or the expertise of the agent general or, where applicable, other persons responsible for the effective management of the branch or those responsible for the independent oversight functions of the branch. ".
Art. 17. In Article 63, § 2 of the Act, last amended by the Act of 16 February 2009, the words "and Article 90" are replaced by the words "and Articles 90, 90/1 to 90/5 and 90 bis".
Art. 18. In section 88, paragraph 1^er the same law, last amended by the Royal Decree of March 3, 2011, the words "managers or agents of insurance companies" are replaced by the words "members of the legal body of administration, agents of insurance companies or persons responsible for independent oversight functions of insurance companies".
Art. 19. Section 90 of the Act, last amended by the Royal Decree of 3 March 2011, is replaced by the following:
"Art. 90. § 1^er. Members of the legal body for the administration of insurance companies, those responsible for the effective management and those responsible for independent oversight functions are exclusively natural persons.
Persons referred to in paragraph 1^er must always have the necessary professional honesty and expertise to exercise their function.
§ 2. The effective management of insurance companies must be entrusted to at least two natural persons.
§ 3. Section 20 of the Act of 25 April 2014 on the Status and Control of Credit Institutions is applicable.".
Art. 20. In the same law, an article 90/1 is inserted as follows
"Art. 90/1. § 1^er. The insurance companies incorporated in the form of anonymous company shall establish a steering committee within the meaning of section 524bis of the Code of Companies exclusively composed of members of the board of directors, to which are delegated all the management powers of the board of directors. However, this delegation may not focus on the determination of general policy or on acts reserved for the board of directors by the other provisions of the Code of Companies or by this Act.
§ 2. The Board of Directors has a majority of directors who are not members of the steering committee.
§ 3. The functions of chair of the board of directors and chair of the steering committee are performed by different people.
§ 4. The day-to-day management referred to in section 525 of the Corporate Code cannot be entrusted to a non-executive member of the Board of Directors.".
Art. 21. In the same Act, an article 90/2 is inserted as follows:
"Art. 90/2. § 1^er. The statutes of insurance companies incorporated in another form than that of anonymous society provide for the establishment, within the legal organ of administration, of an organ, exclusively composed of members of the legal organ of administration, called "management committee", to which are delegated all the powers of management of the legal organ of administration excluding the determination of the general policy, of the acts reserved to the legal organ
§ 2. The legal body of administration has a majority of members who are not members of the steering committee referred to in paragraph 1^er.
§ 3. The functions of chair of the legal body of administration and chair of the steering committee are performed by different people.
§ 4. The day-to-day management, when provided for in the Code of Societies for the relevant form, cannot be entrusted to a non-executive member of the legal body of administration."
Art. 22. In the same law, an article 90/3 is inserted as follows:
"Art. 90/3. Depending on the size and risk profile of an insurance company, the Bank may authorize the insurance company to derogate, in whole or in part, from the obligations set out in sections 90/1 and 90/2.
The exemption may include:
1° on the obligation to form a steering committee, without prejudice to the respect of Article 90, § 2;
2° on the composition of the steering committee, allowing members of persons who are not members of the legal body of administration; Articles 90, 90/4, 90/5 and 90 bis apply to them;
3° on a cumulative role of chair of the steering committee and president of the legal organ of administration.".
Art. 23. In the same Act, an article 90/4 is inserted as follows:
"Art. 90/4. § 1^er. Without prejudice to Article 14bis, members of the legal board of directors and members of the board of directors of the insurance company and any persons who, under any name and in any capacity whatsoever, take part in its administration or management may, in representation or not of the insurance company, exercise terms of office of administrator or manager or take part in the form of administration or management in a foreign business
§ 2. External functions referred to in paragraph 1^er are governed by internal rules that the insurance company must adopt and enforce in order to pursue the following objectives:
1° to prevent the exercise of these functions by persons participating in the effective management of the insurance company from affecting the availability required for the effective management exercise;
2° to prevent in the head of the insurance company the occurrence of conflicts of interest as well as the risks associated with the exercise of these functions, including in the case of initiation operations;
3° ensure adequate advertising of these functions.
The Bank sets out the terms of these obligations by regulation adopted pursuant to section 12bis of the Act of 22 February 1998.
§ 3. Social agents appointed upon presentation of the insurance company must be members of the management committee of the insurance company or persons designated by the management committee.
§ 4. Members of the legal board of directors who are not members of the board of directors of the insurance company may not exercise a mandate in a corporation in which the insurance company holds an interest only if they do not participate in the current management of that corporation.
§ 5. The members of the steering committee or, in the absence of a steering committee, the persons who participate in the effective management of the insurance company may exercise a mandate with participation in the current management only if it is:
1° of a corporation referred to in Article 89, § 1^er, Regulation (EU) No 575/2013 of the European Parliament and Council of 26 June 2013 concerning prudential requirements for credit institutions and investment companies and amending Regulation (EU) No 648/2012, with which the insurance company has close ties;
2° of a statutory debt institution within the meaning of the Act of August 3, 2012 on collective investment organizations that meet the requirements of Directive 2009/65/EC and the debt institutions or a statutory collective investment agency within the meaning of the Act of August 3, 2012 referred to above or the Act of April 19, 2014 on alternative collective investment organizations and their managers;
3° of a company whose activity lies in the continuation of the insurance activity, such as a brokerage office or a claims settlement office,
4° of a heritage society in which such persons or their families have a significant interest in the normal management of their heritage.
Persons who participate in the effective direction of a mutualist society referred to in Article 2, § 1^erter, may also participate in the day-to-day management of a mutuality, a national union of mutualities or another mutualist society referred to in the law of 6 August 1990 to which members of the mutualist society referred to in Article 2, § 1^erter, can go straight.
§ 6. Insurance companies shall promptly notify the Bank of the functions performed outside the insurance company by the persons referred to in paragraph 1^er for the purpose of monitoring compliance with the provisions of this article. ".
Art. 24. In the same law, an article 90/5 is inserted as follows:
"Art. 90/5. In the event of a bankruptcy of an insurance company, there is no and no effect on the mass, the payments made by that company, either in cash or otherwise, to its members of the legal body of administration, as an ash or other interest in profits, during the two years preceding the time determined by the court as that of the termination of its payments.
Paragraph 1^er does not apply if the court recognizes that no serious and characterized fault of these persons has contributed to bankruptcy. ".
Art. 25. Section 90bis of the Act, last amended by the Royal Decree of 3 March 2011, is replaced by the following:
"Art. 90bis. § 1^er. Insurance companies prior to inform the Bank of the proposal to appoint members of the legal board of directors and members of the steering committee or, in the absence of a steering committee, persons responsible for the effective management, as well as persons responsible for independent oversight functions.
As part of the information required under paragraph 1^er, insurance companies shall provide the Bank with all documents and information to enable it to assess whether the persons proposed for appointment have the necessary professional honourability and expertise to perform their duties in accordance with section 90.
Paragraph 1^er is also applicable to the proposal to renew the appointment of the persons referred to in the proposal and to the non-renewal of their appointment, revocation or resignation.
§ 2. Appointment of persons referred to in paragraph 1^er is subject to prior approval by the Bank.
When it comes to the appointment of a person who is first proposed to a function referred to in subsection 1^er in a company under the Bank's control pursuant to section 36/2 of the Act of 22 February 1998, the Bank consults with FSMA beforehand.
FSMA shall notify the Bank within one week of receipt of the notice request.
§ 3. Insurance companies inform the supervisory authority of the possible division of duties between the members of the legal board of directors, between the members of the steering committee or, in the absence of a steering committee, between the persons responsible for the effective management.
Significant changes in the division of duties referred to in paragraph 1^ergive rise to the application of paragraphs 1^er and 2. "
Art. 26. Section 91ter/1 of the Act, last amended by the Royal Decree of 3 March 2011, is replaced by the following:
"Art. 91ter/1. § 1^er. Notwithstanding section 91ter, § 2, the Bank must be informed of the identity of natural or legal persons who intend to hold, directly or indirectly, qualified participation in a Belgian legal insurance company, as well as their intention to increase or reduce such participation. The provisions of sections 23bis and 24 of the Act apply by analogy.
§ 2. Notwithstanding section 91ter, § 2, the members of the legal body of administration of an insurance holding company, the persons responsible for the effective management and, where applicable, the persons responsible for independent control functions are exclusively natural persons.
Persons referred to in paragraph 1^er must always have the necessary professional honesty and expertise to exercise their function.
The effective management of an insurance company must be entrusted to at least two physical persons.
Section 20 of the Act of 25 April 2014 on the Status and Control of Credit Institutions is applicable to persons referred to in paragraph 1^er.
Are applicable by analogy:
1st Article 9bis, members of the legal body of administration and any person participating in the effective management;
2° Article 90/4, to the members of the legal body of administration, to the members of the steering committee of the Belgian legal insurance company and to all persons who, under any name and in any capacity, take part in its administration or management;
3° Article 90/5, to members of the legal organ of administration;
4° Article 90bis to the members of the legal body of administration and to the members of the steering committee or, in the absence of a steering committee, to the persons responsible for the effective management of a Belgian legal insurance holding company, as well as, if any, to those responsible for independent oversight functions. ".
Art. 27. In the same Act, an article 91ter/2 is inserted as follows:
"Art. 91ter/2. § 1^er. The insurance holding companies incorporated in the form of anonymous corporation shall establish a steering committee within the meaning of section 524bis of the Code of Companies exclusively composed of members of the board of directors, to which are delegated all the management powers of the board of directors. However, this delegation may not focus on the determination of general policy or on acts reserved for the board of directors by the other provisions of the Code of Companies or by this Act.
§ 2. The Board of Directors has a majority of directors who are not members of the steering committee.
§ 3. The functions of chair of the board of directors and chair of the steering committee are performed by different people.
§ 4. The day-to-day management referred to in section 525 of the Corporate Code cannot be entrusted to a non-executive member of the Board of Directors.".
Art. 28. In the same law, an article 91ter/3 is inserted as follows:
"Art. 91ter/3. § 1^er. The statutes of the insurance holding companies incorporated in another form than that of an anonymous corporation provide for the establishment, within the legal organ of administration, of an organ, exclusively composed of members of the legal organ of administration, called "management committee", to which are delegated all the powers of management of the legal organ of administration excluding the determination of the general policy, of the acts reserved to the body
§ 2. The legal body of administration has a majority of members who are not members of the steering committee referred to in paragraph 1^er.
§ 3. The functions of chair of the legal body of administration and chair of the steering committee are performed by different people.
§ 4. The day-to-day management, when provided for in the Code of Societies for the relevant form, cannot be entrusted to a non-executive member of the legal body of administration."
Art. 29. In the same Act, an article 91ter/4 is inserted as follows:
"Art. 91ter/4. Depending on the size and risk profile of an insurance holding company, the Bank may authorize the insurance holding company to derogate, in whole or in part, from the obligations set out in sections 90ter/2 and 90ter/3.
The exemption may include:
1° on the obligation to form a steering committee, without prejudice to the respect of Article 90, § 2;
2° on the composition of the steering committee, allowing members of persons who are not members of the legal body of administration; Articles 91ter/1, 90/4, 90/5 and 90 bis shall apply to them;
3° on a cumulative role of chair of the steering committee and president of the legal organ of administration.".
Art. 30. In article 91nonies, § 2bis, inserted by the law of 20 June 2005 and amended by the law of 16 February 2009 and by the royal decree of 3 March 2011, the words "in the sense of the law of 22 March 1993 relating to the status and control of credit institutions" are replaced by the words "in the sense of the law of 25 April 2014 relating to the status and control of credit institutions".
Art. 31. Article 91octies decies, § 1^erinserted by the Act of 20 June 2005, the following amendments are made:
1° to 3°, amended by the law of 16 February 2009, the words "as defined in Article 1^er, paragraph 2, of the Act of 22 March 1993 on the Status and Control of Credit Institutions, are replaced by the words "as defined in section 1^er§ 3 of the Act of 25 April 2014 relating to the status and control of credit institutions;
2° to 4°, a), the words "in the sense of Article 3, § 1^er5°, of the Act of 22 March 1993," are replaced by the words "in the sense of Article 3, 42°, of the Act of 25 April 2014 relating to the Status and Control of Credit Institutions,"
3° to 6°, as amended by the Act of 16 February 2009, the words "in section 49 of the Act of 22 March 1993" are replaced by the words "in section 3, 27° and in sections I, II and IV of Book II, Part III, Chapter IV of the Act of 25 April 2014".
Section III. - Amendment of the Act of 2 January 1991 on the public debt market and monetary policy instruments
Art. 32. In Article 13, § 2, 1 of the Law of 2 January 1991 on the Public Debt Market and the Instruments of Monetary Policy, amended by the Law of 15 December 2004, the words "by the Law of 22 March 1993 on the Status and Control of Credit Institutions;" are replaced by the words "by the Law of 25 April 2014 on the Status and Control of Credit Institutions;".
Section IV. - Amendments to the Act of 4 August 1992
on mortgage credit
Art. 33. In section 43bis of Act 4 August 1992 on Mortgage Credit, inserted by the Act of 11 February 1994 and amended by the Royal Decree of 25 March 2003, the following amendments are made:
1° to § 1^er, paragraph 2, the words "in accordance with sections 65 and 66 of the Act of 22 March 1993 relating to the Status and Control of Credit Institutions" are replaced by the words "in accordance with sections 312 and 313 of the Act of 25 April 2014 relating to the Status and Control of Credit Institutions,"
2° to § 2, the words "seen to section 78 of the Act of 22 March 1993 relating to the status and control of credit institutions," are replaced by the words "seen by section 332 the Act of 25 April 2014 relating to the status and control of credit institutions,"
3° to § 3, paragraph 2, the words "without prejudice to Article 75, § 4 of the Law of 22 March 1993 relating to the Status and Control of Credit Institutions" are replaced by the words "without prejudice to Article 329, § 6 of the Law of 25 April 2014 relating to the Status and Control of Credit Institutions".
Section V. - Amendments to the Act of 11 January 1993 on the Prevention of the Use of the Financial System for the Purpose of Money Laundering and the Financing of Terrorism
Art. 34. In section 2, of the Act of 11 January 1993 on the Prevention of the Use of the Financial System for the Purpose of Money Laundering and the Financing of Terrorism, replaced by the Act of 18 January 2010, the following amendments are made:
1° to § 1^er, the 4° is replaced by the following:
"4° Belgian credit institutions referred to in Book II of the Law of 25 April 2014 on the Status and Control of Credit Institutions, branches in Belgium of credit institutions under the law of another country of the European Economic Area, referred to in Article 312 of the same Law, and branches of credit institutions under the law of countries that are not part of the European Economic Area, referred to in Article 333
2° to § 2, as amended by the law of January 18, 2010, the words "seen to Article 3, § 2, 2) to 12) and 14), of the Act of March 22, 1993 relating to the status and control of credit institutions," are replaced by the words "seen to Article 4, 2) to 12) and 14), of the Act of April 25, 2014 relating to the status and control of credit institutions,".
Section VI. - Amendments to the Act of 27 March 1995 on intermediation in insurance and reinsurance and the distribution of insurance
Art. 35. In Article 10, paragraph 1^er, 3°, of the Act of 27 March 1995 relating to the intermediation of insurance and reinsurance and the distribution of insurance, as amended by the Act of 6 April 2010, the words "scheduled to section 19 of the Act of 22 March 1993 relating to the status and control of credit institutions." are replaced by the words "scheduled to section 20 of the Act of 25 April 2014 relating to the status and control of credit.
Art. 36. In article 10bis, paragraph 1^er, 1°, of the same Act, as amended by the Act of 6 April 2010, the words "listed in section 19 of the Act of 22 March 1993 relating to the Status and Control of Credit Institutions" are replaced by the words "listed in section 20 of the Act of 25 April 2014 relating to the Status and Control of Credit Institutions", ".
Section VII. - Amendments to the Act of 6 April 1995 on the Status and Control of Investment Businesses
Art. 37. In Article 45, § 1^er, from the Act of 6 April 1995 on the Status and Control of Investment Companies, as amended by the Royal Decree of 27 April 2007, the following amendments are made:
1° to 1°, the words "in titles II to IV of the Act of 22 March 1993 relating to the status and control of credit institutions" are replaced by the words "in Book II and Titles I^er and II of Book III of the Act of 25 April 2014 on the Status and Control of Credit Institutions;"
2° to 10°, the words "in the sense of the law of 22 March 1993" are replaced by the words "in the sense of the law of 25 April 2014;"
3° to 12°, the words "in the sense of the law of 22 March 1993" are replaced by the words "in the sense of the law of 25 April 2014;".
Art. 38. In section 46 of the Act, last amended by the Royal Decree of 12 November 2013, the following amendments are made:
1° to 20°, the words "in titles II to IV of the Act of 22 March 1993 relating to the status and control of credit institutions" are replaced by the words "in Book II and Titles I^er and II of Book III of the Act of 25 April 2014 on the Status and Control of Credit Institutions";
2° to 29°, the words "vised in Article 3, § 1^er, 5°, paragraph 1^erof the Act of 22 March 1993 on the Status and Control of Credit Institutions;" are replaced by the words "in accordance with Article 3, 42°, of the Act of 25 April 2014 on the Status and Control of Credit Institutions;"
3° it is added a 48° written as follows:
"48° by independent control function: the internal audit function, the compliance function or the risk management function referred to in paragraph 2, 3 or 4 of Article 62, § 3.
Art. 39. Article 49bis, paragraph 1^er, 3°, of the same law, inserted by the Royal Decree of 3 March 2011, is replaced by the following:
"3° the professional honesty of the persons called to be members of the legal body of administration of the stock exchange corporation, the steering committee or, in the absence of a steering committee, of the persons called to be in charge of the effective management, as well as of the persons called to be responsible for independent oversight functions, if these persons are proposed for the first time for such a function in a financial enterprise controlled by the Bank pursuant to the law of section 22 of February 1998. ".
Art. 40. In section 60 of the Act, last amended by the Royal Decree of 3 March 2011, the following amendments are made:
1° Paragraph 1^er is replaced by the following:
"Art. 60. § 1^er/1. Members of the legal body for the administration of investment companies, those responsible for the effective management, if any, the members of the steering committee, as well as those responsible for independent oversight functions, are exclusively natural persons.
Persons referred to in paragraph 1^er must always have the necessary professional honesty and expertise to exercise their function.
§ 1^er/2. Effective management of investment companies must be entrusted to at least two physical persons.
§ 1^er/3. The supervisory authority denies approval if it is not convinced that those who will effectively lead the activity of the investment company enjoy sufficient professional honorability and expertise or if there are objective and demonstrable reasons to estimate that the proposed change in management would compromise the sound and prudent management of the investment company. ";
2° In § 2, the words "defined in § 1^er" are replaced by the words "defined in § 1^er/1 to § 1^er/3".
Art. 41. Section 61 of the Act, as amended by the Act of 6 April 2010, is replaced by the following:
"Section 20 of the Act of 25 April 2014 on the Status and Control of Credit Institutions is applicable."
Art. 42. In section 67, § 3, paragraph 2, (b), of the same law, replaced by the law of July 31, 2009, the words "repute and experience" are replaced by the words "honorability and expertise".
Art. 43. Section 69bis of the Act, last amended by the Royal Decree of 3 March 2011, is replaced by the following:
"Art. 69bis. § 1^er. Investment companies prior to inform the supervisory authority of the proposed appointment of members of the legal board of directors and members of the steering committee, or, in the absence of a steering committee, persons responsible for effective management, as well as those responsible for independent oversight functions.
As part of the information required under paragraph 1^er, investment companies communicate to the supervisory authority all documents and information to enable it to assess whether the persons whose appointment is proposed have the necessary professional honourability and expertise to exercise their functions in accordance with section 60.
Paragraph 1^er is also applicable to the proposal to renew the appointment of the persons referred to in the proposal and to the non-renewal of their appointment, revocation or resignation.
§ 2. Appointment of persons referred to in paragraph 1^er is subject to prior approval by the control authority.
When it comes to the appointment of a person who is first proposed to a function referred to in subsection 1^er in an institution subject to the control of one of the supervisory authorities, the first supervisory authority referred to above consults the other supervisory authority beforehand.
The other supervisory authority shall notify the first supervisory authority within one week of receipt of the notice request.
§ 3. Investment companies shall inform the supervisory authority of the possible division of labour between the members of the legal board of directors and between the persons responsible for the effective management, if any between the members of the steering committee.
Significant changes in the division of duties referred to in paragraph 1^er give rise to the application of paragraphs 1^er and 2. "
Art. 44. In section 83 of the Act, replaced by the Royal Decree of 27 April 2007 and amended by the Royal Decree of 3 March 2011, the following amendments are made:
1° in paragraph 1^er, paragraph 2, the 4th is replaced by the following:
"4° the name of the effective officers of the branch and, where appropriate, its independent supervisory functions";
2° it is inserted a paragraph 1^er/1 to read:
§ 1^er/1. The effective management of the branch as well as those responsible for the independent oversight functions of the branch must always have the necessary professional accountability and expertise to perform their duties. Section 69bis is applicable by analogy to the appointment of the effective officers of the branch and, where appropriate, its independent supervisory functions. ".
Art. 45. In section 95 of the Act, last amended by the Royal Decree of 12 November 2013, the following amendments are made:
1° in paragraph 1^er, paragraph 2, the words "of section 49 of the Act of 22 March 1993 relating to the Status and Control of Credit Institutions" are replaced by the words "of Sections I^re, II and IV of Book II, Part III, Chapter IV of the Act of 25 April 2014 on the Status and Control of Credit Institutions."
2° in paragraph 5, paragraph 3, (b), the words "measures and" are inserted between the words "these of" and "planned sanctions".
Art. 46. In Article 95bis, § 1^erin the same Act, inserted by the Act of 20 June 2005, the following amendments are made:
1° to 3°, amended by the law of 16 February 2009 and by the royal decree of 12 November 2013, the words "as defined in article 1^er, paragraph 2, of the Act of 22 March 1993 on the Status and Control of Credit Institutions, are replaced by the words "as defined in section 1^er§ 3 of the Act of 25 April 2014 relating to the Status and Control of Credit Institutions;
2° to 4°, a), amended by the law of 15 May 2007, the words "in the sense of Article 3, § 1^er, 5°, of the law of 22 March 1993," are replaced by the words "in the sense of Article 3, 41°, of the law of 25 April 2014,";
3° to 6°, amended by the law of 16 February 2009, the words "in section 49 of the law of 22 March 1993" are replaced by the words "in article 3, § 1^er, 26° and Sections I^re, II and IV of Book II, Title III, Chapter IV of the Act of 25 April 2014,".
Art. 47. In section 96 of the Act, amended by the Act of 15 May 2007 and by the Royal Decree of 3 March 2011, the words "in section 52 of the Act of 22 March 1993 relating to the Status and Control of Credit Institutions" are replaced by the words "in section 222 of the Act respecting the Status and Control of Credit Institutions".
Art. 48. In section 100, paragraph 3 of the Act, the words "seen to section 52, paragraph 1^er, of the Act of 22 March 1993 relating to the Status and Control of Credit Institutions" are replaced by the words "in accordance with Article 222, paragraph 1^erthe Act of 25 April 2014 on the Status and Control of Credit Institutions".
Art. 49. In the same law, the title of Chapter IV, of Book II, Title II is replaced by the following title: "Regulation of Accreditation, Exceptional Measures, Warranties and Administrative Sanctions".
Art. 50. In section 137, paragraph 1^er, 3°, c) of the same Act, the words "under the Act of 22 March 1993 on the Status and Control of Credit Institutions" are replaced by the words "under the Act of 25 April 2014 on the Status and Control of Credit Institutions".
Art. 51. In section 139, paragraph 2, as amended by the Act of December 21, 2009, the following amendments are made:
1° the words "experience" are replaced by the words "experts";
2° the words "Article 19 of the Act of 22 March 1993 on the Status and Control of Credit Institutions" are replaced by the words "Article 20 of the Act of 25 April 2014 on the Status and Control of Credit Institutions".
Art. 52. In section 152, paragraph 1^er of the same law, the words "of authorized agents or auditors of investment companies" are replaced by the words "of agents, independent supervisors or authorized commissioners of investment companies".
Art. 53. Section 170 of the Act is repealed.
Section VIII. - Amendments to the Act of 22 February 1998 establishing the organic status of the National Bank of Belgium
Art. 54. In Article 4 of the Act of 22 February 1998 establishing the organic status of the National Bank of Belgium, last amended by the Royal Decree of 7 December 2007, the following amendments are made:
1° in the first paragraph, the words ", bearer" are deleted;
2° the second paragraph is repealed.
Art. 55. In section 12bis of the Act, inserted by the Royal Decree of 3 March 2011, paragraph 1^er is supplemented by the words "and the European rules governing the Single Monitoring Mechanism".
Art. 56. In the same Act, an article 12ter is inserted as follows:
"Art. 12ter. § 1^er. The Bank carries out the missions of the resolution authority authorized to implement the resolution instruments and exercise the resolution powers in accordance with the Act of 25 April 2014 on the Status and Control of Credit Institutions.
§ 2. Operating costs related to the mission referred to in paragraph 1^er are supported by establishments subject to the legislation referred to in paragraph 1^er, according to the terms fixed by the King.
§ 3. The provisions of Article 12bis, § 3 shall apply with respect to the mission referred to in this Article. In particular, the existence of a heavy fault must be appreciated taking into account the concrete circumstances of the case, including the urgency to which these people were confronted, financial market practices, the complexity of the case of a species, threats to the protection of savings and the risk of harm to the national economy. ".
Art. 57. In Article 17 of the Act, as amended by the Royal Decree of 3 March 2011, the words "and the Sanctions Commission" are replaced by the words ", the Sanctions Commission and the Resolution College."
Art. 58. In section 18.1 of the Act, the words "and the Council of Regency" are replaced by the words ", the Board of Regency and the College of Resolution".
Art. 59. In the same Act, an article 21ter is inserted as follows:
"Art. 21ter. § 1^er. A College of Resolution is established within the Bank, which is the competent body for the purposes of the duties referred to in Article 12ter.
§ 2. The College of Resolution consists of:
1st the governor;
2° the deputy governor;
3° the director responsible for the prudential control department of banks and stock exchange companies;
4° the director responsible for the department responsible for prudential policy and financial stability;
5° the Director designated by the Bank as responsible for the resolution of credit institutions;
6° the president of the Autorité des services et marchés financiers;
7° the chair of the Federal Public Service Management Committee Finance;
8° the officer of the Resolution Fund;
9° 4 members appointed by the King by deliberate decree in Council of Ministers; and
10° a judge appointed by the King.
§ 3. The persons referred to in paragraph 2, first paragraph, 9°, shall be appointed according to their particular competence in the banking and financial analysis field.
Persons referred to in paragraph 2, paragraph 1^er, 9° and 10°, are appointed for a term of 4 years renewable. They may be relieved from their duties by the authorities who appointed them only if they no longer meet the requirements for the performance of their duties or if they have committed a serious misconduct.
§ 4. The King shall, by order deliberately in the Council of Ministers:
1° the organization and operation of the College of Resolution and the services responsible for preparing its work;
2° the conditions under which the Resolution College exchanges information with third parties, including other organs and services of the Bank; and
3° measures to prevent any conflict of interest between the Resolution College and other organs and services of the Bank.
§ 5. In the event of a breach of the provisions of Book II, Parts IV and VIII of the Act of 25 April 2014 relating to the Status and Control of Credit Institutions and the measures taken pursuant to them, the Resolution College shall replace the Steering Committee for the Application of Section 3 of Chapter IV/1 of this Act.".
Art. 60. In section 22 of the Act, the following amendments are made:
1° in point 1, the words ", the control missions referred to in Article 12bis and the missions referred to in Chapter IV/3" are inserted between the words "except for the missions and operations under the SEBC" and the words ", the Minister of Finance, through his representative";
2° in point 2, the words ", the control missions referred to in Article 12bis and the missions referred to in Chapter IV/3" are inserted between the words "except for the missions and operations under the SEBC" and the words ", it monitors the operations of the Bank".
Art. 61. In section 25 of the Act, amended by the Act of 27 March 2006 and the Royal Decree of 3 March 2011, the words "member of the Sanctions Commission" are replaced by the words "member of the Sanctions Commission, member of the Resolution College".
Art. 62. In article 26, § 2, of the same law, replaced by the Royal Decree of 3 March 2011, the words ", the members of the College of Resolution" are inserted between the words "Regents" and the words "and the majority of censors".
Art. 63. In section 36/1 of the Act, inserted by the Royal Decree of 3 March 2011, the following amendments are made:
1° at point 3°, the words "in titles II to IV of the Act of 22 March 1993 relating to the status and control of credit institutions" are replaced by the words "in Book II and Titles I^er and II of Book III of the Act of 25 April 2014 on the Status and Control of Credit Institutions;"
2° points 19°, 20° and 21° introduced by the Royal Decree of 12 November 2013 are renumbered in points 20°, 21° and 22°.
Art. 64. In Article 36/3, § 2, paragraph 1^er of the same law, inserted by the Royal Decree of March 3, 2011, the words "with the exception of credit institutions," are inserted between the words "vised to section 36/2," and the words "those who must be considered systemic".
Art. 65. In the same Act, section 36/6, inserted by the Royal Decree of 3 March 2011, the current text of which will form paragraph 1^er, is supplemented by paragraph 2 as follows:
"§2. The Bank also provides the following information on its website:
1° In addition to the legislation relating to the status and control of credit institutions, as well as the decrees, regulations and circulars implemented or pursuant to this legislation or the regulations of the law of the European Union, a table showing the provisions of the European directives relating to the prudential supervision of credit institutions, indicating the options chosen;
2° the audit criteria and methods it uses to conduct the assessment referred to in section 142 of the Act of 25 April 2014 relating to the status and control of credit institutions;
3° of aggregate statistical data on key aspects of the application of the legislation referred to in 1°;
4° any other information prescribed by the decrees and regulations made pursuant to this Act.
The information referred to in paragraph 1^er are published according to the guidelines established by the European Commission. The Bank regularly updates the information provided on its website.
The Bank also publishes any other information required pursuant to the acts of European Union law applicable in the field of control of credit institutions.".
Art. 66. In section 36/8 of the Act, inserted by the Royal Decree of 3 March 2011, the following amendments are made:
1° in § 1^er, the words "and embraces" are repealed;
2° in § 2, 3°, in the French text, the words "not being members of the Court of Cassation or of the Court of Appeal of Brussels;" are replaced by the words "not being counsellor nor the Court of Cassation, nor the Court of Appeal of Brussels;"
3° in § 4, the words "no of the Bank's Resolution College" are inserted between the words "of the Bank's Management Committee," and the words "no of the Bank's staff; ";
4° in § 5, the sentence "If no renewal occurs, the members remain in office until the first meeting of the Sanctions Commission in its new composition." is inserted after the sentence:
"The mandate of the members of the Sanctions Commission is six years, renewable."
Art. 67. In the same Act, the title of chapter IV/1, section 3, inserted by the Royal Decree of 3 March 2011, is replaced by the following title:
"Procedural rules for the imposition of administrative fines".
Art. 68. In section 36/9 of the Act, inserted by the Royal Decree of 3 March 2011, the following amendments are made:
1° to § 1^er, the words "or a breach" are repealed;
2° it is inserted a § 1^er/1 to read:
§ 1^er/1. Notwithstanding § 1^er, paragraph 3, the auditor has the power to summon and hear any person, as defined below.
The summons to a hearing is made either by simple notification, or by registered letter to the post, or by exploit of bailiffs.
Any person summoned under paragraph 1^er is required to appear.
During the hearing of persons, heard in any capacity, the auditor shall respect at least the following rules:
1° at the beginning of any hearing, it is communicated to the interviewee:
(a) that it may request that all questions raised to it and the answers it gives be reflected in the terms used;
(b) that it may request that such an instruction or hearing be carried out;
(c) that statements may be used as evidence in court;
2° Any person interviewed may use the documents in his or her possession, without the possibility of deferring the hearing. It may, at the hearing or later, require that these documents be attached to the hearing record;
3° at the end of the hearing, the minutes shall be read to the person interviewed, unless the person requests a reading thereof. He is asked whether his statements should not be corrected or completed;
4° if the person interviewed wishes to speak in a language other than the language of the proceedings, either his or her statements are noted in his or her language, or he or she is asked to record his or her statement;
5° the interviewee is informed that he or she may obtain a free copy of the text of his or her hearing, which, if any, is given or addressed immediately or in the month. ".
Art. 69. In section 36/10, § 4 of the Act, inserted by the Royal Decree of March 3, 2011, the sentence "If the Steering Committee considers that the grievances may result in the imposition of a breach, it expressly refers to it." is repealed.
Art. 70. In section 36/11 of the Act, inserted by the Royal Decree of 3 March 2011, the following amendments are made:
1° to § 1^er, the sentence "If the notification made by the Executive Committee mentions that the grievances may result in the imposition of a breach, that period is reduced to eight days." is repealed;
2° to § 1^er, the words "can extend these times" are replaced by the words "can extend this period";
3° in § 3, the words "or "treintes" are repealed;
4° in § 3, in the Dutch text, the words "en na overleg met de listeneur," are replaced by the words "en na de listeneur te hebben gehoord,"
5° to § 4, the words "The amount of the fine or the like" are replaced by the words "Unless additional or different criteria fixed by specific laws, the amount of the fine";
Paragraph 6, paragraph 1^er is replaced by the following:
"The Sanctions Commission shall make its public decisions in a nominative manner on the Bank's website for a period of not less than five years, unless this publication may compromise the stability of the current financial system or criminal investigation or procedure or cause disproportionate harm to the persons concerned or to the institutions to which they belong, in which case the decision is published on the Bank's website in a non-nominative manner. In the event of an appeal against the sanction decision, it is published in a non-nominative manner pending the outcome of the appeal proceedings. ".
Art. 71. In section 36/12 of the same Act, inserted by the Royal Decree of 3 March 2011, the words "and the breaches" are repealed.
Art. 72. In the same law, an article 36/12/1 is inserted as follows:
"Art. 36/12/1. § 1^er. Without prejudice to other measures provided for in this Act, the Bank may find an offence under section 36/9, § 1^er/1, paragraph 3 of this Act, impose an administrative fine on the offender which may not be less than 2,500 euros or greater, for the same fact or set of facts, at 2 .500.000 euro
§ 2. Fines imposed under paragraph 1^er are recovered for the benefit of the Treasury by the administration of the Cadaster, the Recording and the Domains. ".
Art. 73. In chapter IV/1 of the Act, a section 3bis is inserted which reads as follows:
"Banks imposed."
Art. 74. In section 3bis inserted in the same law by section 73, a section 36/12/2 is inserted as follows:
"Art. 36/12/2. § 1^er. The Bank may direct any person to comply with Article 36/9, § 1^er/1, paragraph 3 of this Act, within the time it determines.
If the person to whom the person addressed an injunction pursuant to paragraph 1^er remains in default upon the expiry of the period given to it, the Bank may, the person who has been able to assert his or her means, impose the payment of a breach that may not, per calendar day, be less than 250 euros or more than 50,000 euros, nor in total, exceed 2,000 euros.
§ 2. Limitations imposed pursuant to paragraph 1^er are recovered for the benefit of the Treasury by the administration of the Cadaster, the Recording and the Domains. ".
Art. 75. In section 3bis inserted in the same law by section 73, an article 36/12/3 is inserted as follows:
"Art. 36/12/3. When a breach is imposed by the Bank under this Act or other legal or regulatory provisions, and as long as the person to whom it has been imposed has not complied with the underlying obligation to impose such a breach, the Bank may make public its decision to impose the breach on its website in a nominal manner."
Art. 76. In Article 36/14, § 1^er, of the same law, inserted by the Royal Decree of 3 March 2011 and amended by the laws of 28 July 2011 and 27 November 2012, the following amendments are made:
1° in 1°, paragraph 2, the words "in the sense of Article 49, §§ 5bis and 5ter, of the Law of 22 March 1993 on the Status and Control of Credit Institutions" are replaced by the words "in the sense of Article 3, 66° of the Law of 25 April 2014 on the Status and Control of Credit Institutions";
2° the 2° is completed by the words:
", including the European Central Bank with regard to the missions entrusted to it by Council Regulation (EU) No. 1024/2013 of 15 October 2013 entrusting the European Central Bank with specific missions related to prudential supervision policies of credit institutions".
3° it is added an 18° written as follows:
"18° to the authorities under the right of Member States of the European Union competent in the field of macroprudential surveillance as well as to the European Committee of Systemic Risk established by Regulation (EU) No 1092/2010 of the European Parliament and the Council of 24 November 2010; ";
4° it is added a 19° written as follows:
"19° within the limits of European regulations and directives, to the European Financial Market Authority, to the European Insurance and Professional Pension Authority and to the European Banking Authority;".
Art. 77. In section 36/21, paragraph 1^er of the same law, inserted by the Royal Decree of 3 March 2011, the words "a breach or" are repealed.
Art. 78. In section 36/24 of the Act, inserted by the Royal Decree of 3 March 2011, the following amendments are made:
1° to § 1^erParagraph 1^er, 1°, the words "to the Act of 22 March 1993 on the Status and Control of Credit Institutions" are replaced by the words "to the Act of 25 April 2014 on the Status and Control of Credit Institutions";
2° to § 2, the words "Article 13, paragraph 4, of the Law of 22 March 1993 on the Status and Control of Credit Institutions" are replaced by the words "Article 14, paragraph 2, of the Law of 25 April 2014 on the Status and Control of Credit Institutions".
Art. 79. Article 36/26, § 7, paragraph 1^er, of the same law, inserted by the Royal Decree of 3 March 2011, in the Dutch version, the words "operationele beheer van in § 1 bedoelde diensten van vereffeningsinstellingen" are replaced by the words "operationele beheer van diensten van vereffeningsinstellingen als bedoeld in § 1".
Section IX. - Amendments to the Financial Sector Supervision and Financial Services Act of 2 August 2002
Art. 80. In article 2, paragraph 1^erof the Financial Sector Supervision and Financial Services Act of August 2, 2002, which was last amended by the Act of July 30, 2013, the following amendments are made:
1° to 10°, (a), the words "in section 13 of the Act of 22 March 1993 relating to the status and control of credit institutions;" are replaced by the words "in section 14 of the Act of 25 April 2014 relating to the status and control of credit institutions;"
2° to 10°, b), the words "at Article 65 or 66" are replaced by the words "at Article 312 or 313";
3° to 10°, c), the words "at Article 79" are replaced by the words "at Article 333";
4° to 34°, the words "secured in titles II to IV of the Act of 22 March 1993 relating to the status and control of credit institutions;" are replaced by the words "seen in Book II and Titles I^er and II of Book III of the Act of 25 April 2014 on the Status and Control of Credit Institutions;"
5° the 41° is replaced by the following:
"41° "the law of 25 April 2014": the law of 25 April 2014 relating to the status and control of credit institutions;".
Art. 81. Article 17, § 1^er, 4°, of the same law, replaced by the Royal Decree of 27 April 2007, is replaced by the following:
"4° persons who are members of the legal body of administration and those who ensure the effective direction of the company and the group of which it makes, if any, part are exclusively natural persons. They have the necessary professional honourability and expertise to perform their duties;".
Art. 82. Section 17bis of the Act, inserted by the Royal Decree of 27 April 2007 and amended by the Royal Decree of 3 March 2011, is replaced by the following:
"Art. 17bis. Market companies prior to inform FSMA of the proposal for the appointment of members of the legal board of directors and persons responsible for the effective management of the market enterprise or group of which it makes, if any, part.
As part of the information required under paragraph 1^er, market companies communicate to the MSDS all documents and information to enable it to assess whether the persons proposed for appointment have the necessary professional honourability and expertise to perform their duties in accordance with Article 17, 4°.
Paragraph 1^er is also applicable to the proposal to renew the appointment of the persons referred to in the proposal and to the non-renewal of their appointment, revocation or resignation.
Appointment of persons referred to in paragraph 1^er is subject to prior approval by the MSDS.
Market companies inform the FSMA of the possible division of labour between the members of the legal body of administration and the persons responsible for the effective management of the market or group of which it makes, as appropriate, part, as well as significant changes in this division of labour. ".
Art. 83. In article 27, § 6, fourth, of the same law, as amended by the Royal Decree of 27 April 2007, the words "Article 20bis, § 2, of the Law of 22 March 1993 relating to the Status and Control of Credit Institutions" are replaced by the words "Article 42 of the Law of 25 April 2014".
Art. 84. In Article 45, § 1^er, 3°, f), of the same law, last amended by the Royal Decree of 3 March 2011, the words "sections 20 and 20bis of the Act of 22 March 1993 relating to the status and control of credit institutions", are replaced by the words "sections 21, 41, 42, 64 and 65, as well as section 66 with respect to the provision of investment services and the exercise of investment activities of April 2014 ,
Art. 85. Section 139 of the Act is repealed.
Section X. - Amendments to the Act of 22 March 2006 relating to the intermediation of banking and investment services and the distribution of financial instruments
Art. 86. In section 4 of the Act of 22 March 2006 on the intermediation of banking and investment services and the distribution of financial instruments, the following amendments are made:
1° to 1°, (a), the words "in the sense of Article 3, § 2, 1), of the banking law;" are replaced by the words "in the sense of Article 4, 1), of the banking law;"
2° to 5°, the words "to article 1^er, paragraph 2, of the banking law," are replaced by the words "in section 1^er§ 3 of the banking law;
3° the 7° is replaced by the following:
"7° "bank law": the law of 25 April 2014 relating to the status and control of credit institutions;".
Art. 87. In Article 8, paragraph 1^er, of the same law, the 4th is replaced by the following:
"4° not to be found in any of the cases listed in Article 20 of the Banking Law; ".
Art. 88. In section 9 of the Act, the following amendments are made:
1° to 1°, amended by the law of 6 April 2010, the words "listed in section 19 of the banking law" are replaced by the words "listed in section 20 of the banking law";
2° to 2°, the words "in the sense of Article 3, § 1^er, 2°, of the banking law," are replaced by the words "in the sense of Article 3, 27°, of the banking law,".
Art. 89. In Article 10, § 1^er, paragraph 3, of the same law, the words "in the sense of Article 3, § 2, 2) and (3), of the banking law." are replaced by the words "in the sense of Article 4, 2) and (3), of the banking law. ".
Art. 90. In section 12 of the Act, the following amendments are made:
1° in paragraph 1^er, 2°, the words "seen in Article 3, § 2, 4), 5) and 7) to 14), of the banking law," are replaced by the words "as defined in Article 4, 4), 5) and 7) to 14 of the banking law,"
2° in paragraph 2, 2°, paragraph 2, the words "in the sense of Article 3, § 2, 2), 3) and 6), of the banking law;" are replaced by the words "in the sense of Article 4, (2), (3) and (6), of the banking law;".
Section XI. - Amendments to the Act of 16 June 2006 relating to public tenders for investment instruments and admissions of instruments for trading in regulated markets
Art. 91. In section 56, paragraph 1^er, the Act of 16 June 2006 on public tenders of investment instruments and admissions of trading instruments in regulated markets, as amended by the Act of 17 July 2013, the following amendments are made:
1° to (b), the words "in accordance with section 13 of the Act of 22 March 1993 relating to the Status and Control of Credit Institutions" are replaced by the words "in accordance with section 14 of the Act of 25 April 2014 relating to the Status and Control of Credit Institutions,"
2° to (c), the words "in accordance with section 65 of the Act of 22 March 1993;" are replaced by the words "in accordance with section 312 of the Act of 25 April 2014;"
3° to (d), the words "in accordance with section 66 of the Act of 22 March 1993;" are replaced by the words "in accordance with section 313 of the Act of 25 April 2014;".
Art. 92. In article 68bis, paragraph 1^er, inserted by the Royal Decree of 3 March 2011 and amended by the Act of 17 July 2013, the following amendments are made:
1° to 1°, the words "scheduled to section 13, section 65 or section 66 of the Act of 22 March 1993 relating to the status and control of credit institutions;" are replaced by the words "scheduled to section 14, section 312 or section 313 of the Act of 25 April 2014 relating to the status and control of credit institutions;"
2° to 5°, the words "seen to Article 2, 2° of the Act of 22 March 1993 relating to the status and control of credit institutions" are replaced by the words "seen to Article 2, 2° of the Act of 25 April 2014 relating to the status and control of credit institutions".
Art. 93. Sections 74 to 76 of the Act are repealed.
Art. 94. Article 3, § 5, of the same law, amended by the law of 17 July 2013, the words "the threshold of 5.000 euros" are replaced by the words "the thresholds of 300,000 euros and 5.000 euros".
Art. 95. In section 18 of the Act, amended by the Act of 17 July 2013 and by the Royal Decree of 3 March 2011, the following amendments are made:
1° in § 1^er(a) is replaced by the following:
"(a) the shares of cooperative companies approved under section 5 of the Act of 20 July 1955 establishing a National Council for Cooperation, provided that:
(1) the total amount of the offer is less than 5,000 euros;
(2) the maximum amount that can be subscribed within the scope of the offer, for cooperative companies whose purpose is to provide the partners with an economic or social advantage in satisfying their private needs, is limited so that at the end of this offer, no co-operator who has subscribed to the offer has shares of the cooperative for a nominal value greater than 5,000 euros;
(3) that all documents relating to the public offer mention the total amount of the public offer, and, where appropriate, the threshold by investor;"
2° in § 1^er(i) is replaced by the following:
"(i) the securities offered to workers in the execution of participation plans referred to in the Act of 22 May 2001 on the capital and profits of workers, provided that the total amount of the offer is less than 5,000 euros and as long as all documents relating to the public offer mention the total amount of the offer;"
3° § 1^er is completed by (j) as follows:
"(j) investment instruments, with the exception of the investment instruments referred to in Article 4, § 1^er, 2° to 9°, provided that each investor can follow up on the public offer for a maximum of 1,000 euros, that the total amount of the offer is less than 300,000 euros and that all documents relating to the public offer mention the total amount of the offer, as well as the maximum investment by investor. ";
§ 3 is supplemented by a paragraph written as follows:
"The Offeror based on § 1^er, (a), (i) or (j), communicate to the MSDS prior to the opening of the public offer, as well as every twelve months in case of continuous offer, all the necessary documents which it appears that the conditions referred to in § 1^er(a), (i) or (j), are filled. ";
5° the article is supplemented by a § 5 written as follows:
§ 5. The King may, by royal decree deliberated in the Council of Ministers, taken on the advice of the FSMA, amend one or more of the thresholds expressed in euros provided for in § 1^er or foresee different thresholds depending on the nature or activities of the issuer or the nature of the investment instruments, and accordingly adapt the references to the amounts of these thresholds to Article 3, § 5. For unemancipated minors, the King may provide a lower amount for the amount per investor referred to in § 1^er(a). ".
Art. 96. Article 55, § 2, of the same law, replaced by the law of 17 July 2013, is supplemented by a 3° written as follows:
"3° to public tenders of investment instruments pursuant to Article 18, § 1^er, j). "
Art. 97. Article 60, § 1^er, of the same law, as amended by the Royal Decree of 3 March 2011, is supplemented by a paragraph written as follows:
"MAF may determine the terms and procedures under which approval of the documents referred to in paragraph 1^er can be done. FSMA takes into account the nature and content of these documents, including the standardised and recurring nature of the documents and the media used."
Section XII. - Amendments to the Act of 27 October 2006 on the Control of Professional Pension Institutions
Art. 98. Section 24 of the Act of 27 October 2006 on the Control of Professional Pension Institutions is replaced by the following:
"Members of the operating bodies of the pension financing agency must always have the professional honesty and expertise to perform their duties. This expertise is particularly appreciated in relation to the functions performed and to the extent that it is used to advisers with this expertise. ".
Art. 99. Section 25 of the Act, as amended by the Act of 6 April 2010, is replaced by the following:
"Art. 25. Section 20 of the Act of 25 April 2014 on the Status and Control of Credit Institutions is applicable.".
Section XIII. - Amendments to Act of 1^er April 2007 on public tenders
Art. 100. In Article 10, § 1^erof the law of 1^er April 2007 on public tenders, the following amendments are made:
1° to 2°, the words "scheduled by section 13 of the Act of 22 March 1993 on the Status and Control of Credit Institutions" are replaced by the words "scheduled by section 14 of the Act of 25 April 2014 on the Status and Control of Credit Institutions,"
2° to 3°, the words "in accordance with Article 65 of the Act of 22 March 1993 referred to above;" are replaced by the words "in accordance with Article 312 of the Act of 25 April 2014 referred to above;"
3° to 4° the words "in accordance with Article 66 of the Act of 22 March 1993 referred to above;" are replaced by the words "in accordance with Article 313 of the Act of 25 April 2014 referred to above;".
Section XIV. - Amendment of the Act of 2 May 2007 on the advertisement of participation in issuers whose shares are admitted to negotiation on a regulated market and bearing various provisions
Art. 101. In Article 10, § 4, of the Act of 2 May 2007 on the advertisement of participations in issuers whose shares are admitted to negotiation on a regulated market and bearing various provisions, the words "in the sense of Article 3, § 1^er, 4°, of the Act of 22 March 1993 relating to the Status and Control of Credit Institutions, are replaced by the words "as defined in Article 4, paragraph 1^er, 86°, Regulation No. 575/2013 of the European Parliament and Council of 26 June 2013 concerning prudential requirements for credit institutions and investment companies and amending Regulation No. 648/2012,".
Section XV. - Amendment of the Act of 31 January 2009 on business continuity
Art. 102. In section 4, paragraph 2, of the Business Continuity Act of January 31, 2009, as amended by the Act of June 2, 2010, the words "and reinsurance companies" are replaced by the words ", reinsurance companies, financial companies and mixed financial companies".
Section XVI. - Amendments to the Reinsurance Act of 16 February 2009
Art. 103. In section 4 of the Reinsurance Act of February 16, 2009, last amended by the Royal Decree of March 3, 2011, the following amendments are made:
1° to 16°, (a) is replaced by the following:
"(a) a credit institution as defined in Article 1^er, § 3 of the Act of 25 April 2014 relating to the status and control of credit institutions, a financial institution within the meaning of Article 3, 42°, of the same Law, or an auxiliary banking company within the meaning of Article 89, paragraph 1^er, b), ii), Regulation No. 575/2013 of the European Parliament and Council of 26 June 2013 concerning prudential requirements for credit institutions and investment companies and amending Regulation (EU) No. 648/2012;".
2° it is added a 23° written as follows:
"23° "independent control function": the internal audit function, the compliance function or the risk management function referred to in paragraph 2, 3 or 4 of Article 18, § 3, and the actuarial function within the meaning of Article 46.".
Art. 104. Article 8bis, paragraph 1^er the same law, inserted by the Royal Decree of March 3, 2011, the words "individuals who are called to take part in the administration, management or effective management of the reinsurance company," are replaced by the words "people called to be members of the legal body of administration of the reinsurance company, the steering committee or, in the absence of executive committees, persons called to be responsible for
Art. 105. Section 17 of the Act, as amended by the Act of 6 April 2010, is replaced by the following:
"Art. 17. § 1^er. The members of the legal body of administration of reinsurance companies, the persons responsible for the effective management, if any the members of the steering committee, as well as those responsible for independent oversight functions are exclusively natural persons.
Persons referred to in paragraph 1^er must always have the necessary professional honesty and expertise to exercise their function.
§ 2. The effective management of reinsurance companies must be entrusted to at least two natural persons.
§ 3. Section 20 of the Act of 25 April 2014 on the Status and Control of Credit Institutions is applicable.".
Art. 106. In the same Act, under Title II, Chapter I, Section I^ère, Sub-section 5, insert an article 17/1 as follows
"Art. 17/1. § 1^er. The reinsurance companies incorporated in the form of anonymous corporation shall establish a steering committee within the meaning of section 524bis of the Code of Companies exclusively composed of members of the board of directors, to which are delegated all the management powers of the board of directors. However, this delegation may not focus on the determination of general policy or on acts reserved for the board of directors by the other provisions of the Code of Companies or by this Act.
§ 2. The Board of Directors has a majority of directors who are not members of the steering committee.
§ 3. The functions of chair of the board of directors and chair of the steering committee are performed by different people.
§ 4. The day-to-day management referred to in section 525 of the Corporate Code cannot be entrusted to a non-executive member of the Board of Directors.".
Art. 107. In the same Act, an article 17/2 is inserted as follows:
"Art. 17/2. § 1^er. The statutes of reinsurance companies incorporated in another form than that of anonymous society provide for the constitution, within the legal organ of administration, of an organ, exclusively composed of members of the legal organ of administration, called "management committee", to which are delegated all the powers of management of the legal organ of administration excluding the determination of general policy, of the acts reserved to the legal organ
§ 2. The legal body of administration has a majority of members who are not members of the steering committee referred to in paragraph 1^er.
§ 3. The functions of chair of the legal body of administration and chair of the steering committee are performed by different people.
§ 4. The day-to-day management, when provided for in the Code of Societies for the relevant form, cannot be entrusted to a non-executive member of the legal body of administration."
Art. 108. In the same law, an article 17/3 is inserted as follows:
"Art. 17/3. Depending on the size and risk profile of a reinsurance company, the Bank may authorize the reinsurance company to derogate, in whole or in part, from the obligations set out in sections 17/1 and 17/2.
The exemption may include:
1° on the obligation to form a steering committee, without prejudice to Article 17, § 2;
2° on the composition of the steering committee, allowing members of persons who are not members of the legal body of administration; Articles 17, 25 and 26 apply to them;
3° on a cumulative role of chair of the steering committee and president of the legal organ of administration.".
Art. 109. In Article 18, § 5, of the same Act, as amended by the Royal Decree of 3 March 2011, the following amendments are made:
1° to paragraph 1^er, the words "the persons responsible for the effective management of the reinsurance company, if any the steering committee," are replaced by the words "the steering committee or, if any, the persons responsible for the effective management of the reinsurance company,"
2° to paragraph 6, the words "The persons responsible for the effective management, if any the steering committee, shall report" shall be replaced by the words "The steering committee or, if any, the persons responsible for the effective management shall report".
Art. 110. In Article 24, § 3, paragraph 2, (b), of the same law, replaced by the law of July 31, 2009, the words "repute and experience" are replaced by the words "honorability and expertise".
Art. 111. Section 25 of the Act, as amended by the Royal Decree of 3 March 2011, is replaced by the following:
"Art. 25. § 1^er. Without prejudice to section 18, members of the legal board of directors and members of the board of directors of the reinsurance company and any persons who, under any name and in any capacity, take part in its administration or management may, in representation or not of the reinsurance company, exercise terms of office of administrator or manager or take part in the form of administration or management in any other business corporation
External functions referred to in paragraph 1^er are governed by internal rules that the reinsurance company must adopt and enforce in order to pursue the following objectives:
1° to prevent the exercise of these functions by persons participating in the effective management of the reinsurance undertaking from affecting the availability required for the effective management exercise;
2° Prevent in the head of the reinsurance company the occurrence of conflicts of interest as well as the risks associated with the exercise of these functions, including in the case of initiation operations;
3° ensure adequate advertising of these functions.
The Bank sets out the terms of these obligations by regulation adopted pursuant to section 12bis of the Act of 22 February 1998.
Social agents appointed upon presentation of the reinsurance undertaking must be members of the management committee of the reinsurance undertaking or persons designated by the steering committee.
Members of the legal board of directors who are not members of the board of directors of the reinsurance undertaking may not exercise a mandate in a corporation in which the reinsurance company holds an interest only if they do not participate in the current management of that corporation.
The members of the steering committee or, in the absence of a steering committee, the persons who participate in the effective management of the reinsurance undertaking may not exercise a mandate with participation in the current management only if it is:
1° of a corporation referred to in Article 89, § 1^er, Regulation (EU) No 575/2013 of the European Parliament and Council of 26 June 2013 concerning prudential requirements for credit institutions and investment companies and amending Regulation (EU) No 648/2012, with which the reinsurance company has close ties;
2° of a statutory debt institution within the meaning of the Act of August 3, 2012 on collective investment organizations that meet the requirements of Directive 2009/65/EC and the debt institutions or a statutory collective investment agency within the meaning of the Act of August 3, 2012 referred to above or the Act of April 19, 2014 on alternative collective investment organizations and their managers;
3° of a company whose activity lies in the extension of the reinsurance activity;
4° of a heritage society in which such persons or their families have a significant interest in the normal management of their heritage.
Reinsurance companies shall promptly notify the Bank of the functions performed outside the reinsurance undertaking by the persons referred to in paragraph 1^er for the purpose of monitoring compliance with the provisions of this article.
§ 2. In the event of a bankruptcy of a reinsurance business, there is no and no effect in respect of the mass, the payments made by that company, either in cash or otherwise, to its members of the legal organ of administration, as an ash or other interest in profits, during the two years preceding the time determined by the court as that of the termination of its payments.
Paragraph 1^er does not apply if the court recognizes that no serious and characterized fault of these persons has contributed to bankruptcy. ".
Art. 112. Section 26 of the Act, as amended by the Royal Decree of 3 March 2011, is replaced by the following:
"Art. 26. § 1^er. Reinsurance companies priorly inform the Bank of the proposal to appoint members of the legal board of directors and members of the steering committee or, in the absence of a steering committee, persons responsible for the effective management, as well as those responsible for independent oversight functions.
As part of the information required under paragraph 1^er, reinsurance companies shall communicate to the Bank all documents and information to enable it to assess whether the persons whose appointment is proposed have the necessary professional honourability and expertise to exercise their functions in accordance with Article 17, § 1^er.
Paragraph 1^er is also applicable to the proposal to renew the appointment of the persons referred to in the proposal and to the non-renewal of their appointment, revocation or resignation.
§ 2. The appointment of persons referred to in § 1^er is subject to prior approval by the Bank.
When it comes to the appointment of a person who is first proposed to a function referred to in § 1^er in a financial enterprise controlled by the Bank pursuant to section 36/2 of the Act of 22 February 1998, the Bank consults with FSMA beforehand.
FSMA shall notify the Bank within one week of receipt of the notice request.
§ 3. Reinsurance companies inform the Bank of the possible division of tasks between the members of the legal board of directors, between the members of the steering committee or, in the absence of a steering committee, between those responsible for the effective management.
Significant changes in the division of tasks referred to in paragraph 1^er give rise to the application of paragraphs 1^er and 2. "
Art. 113. In section 29 of the Act, amended by the Act of July 28, 2011, the following amendments are made:
1° to §§ 1^er, 2 and 3, the words " FSMA" are replaced each time by the words "the Bank";
2° in § 3, in the first sentence, the words "The effective direction of the reinsurance company, if any the steering committee, declares" are replaced by the words "The steering committee of the reinsurance company or, if any, the persons responsible for the effective management," declares;
3° in § 3, in the third sentence, the words "The effective management confirms" are replaced by the words "The management committee of the reinsurance company or, if any, the persons responsible for the effective management, confirms".
Art. 114. Section 31 of the Act, as amended by the Royal Decree of 3 March 2011, is supplemented by a paragraph 3, which reads as follows:
§ 3. The general representative or other persons in charge of the effective management of the branch, as well as those in charge of the independent oversight functions of the branch, must always have the necessary professional performance and expertise to perform their duties. Section 26 shall apply by analogy to the appointment of the agent general or other persons responsible for the effective direction of the branch and to those responsible for independent oversight functions. ".
Art. 115. In article 32, paragraph 1^er of the same law, amended by the Royal Decree of 3 March 2011, the second sentence beginning with the words "It can also" and ending with the words "of the branch." is replaced by the following sentence:
"It may also oppose it if it has reasons to doubt the professional honesty or the expertise of the agent general or, where applicable, other persons responsible for the effective management of the branch or those responsible for the independent oversight functions of the branch. ".
Art. 116. Section 60 of the Act, as amended by the Royal Decree of 3 March 2011, is supplemented by paragraphs 5 and 6 as follows:
§ 5. Section 18 is applicable.
§ 6. Sections 17 and 26 apply to the agent general and, where applicable, to other persons responsible for the effective management of the branch and to those responsible for the independent oversight functions of the branch. ".
Art. 117. In the same Act, title VI and title I^er the above-mentioned title VI is replaced, respectively, by the title "Injunctions, Astreintes, Administrative Sanctions and Criminal Sanctions" and by the title "Injunctions, Warrants and Administrative Sanctions".
Art. 118. In section 75, § 2, of the same Act, the words "enacted by section 19 of the Act of 22 March 1993 relating to the status and control of credit institutions" are replaced by the words "enacted by section 20 of the Act of 25 April 2014 relating to the status and control of credit institutions".
Art. 119. In article 78, paragraph 1^erin the same Act, as amended by the Royal Decree of 3 March 2011, the following amendments are made:
1° the words "seen to section 19 of the Act of 22 March 1993 relating to the status and control of credit institutions," are replaced by the words "seen to section 20 of the Act of 25 April 2014 relating to the status and control of credit institutions,"
2° the words "deputies or commissioners of reinsurance companies" are replaced by the words "deputies, independent supervisors or authorized commissioners of reinsurance companies".
Art. 120. In section 89, § 3, of the same law, as amended by the Royal Decree of 3 March 2011, the words "in the sense of the law of 22 March 1993 relating to the status and control of credit institutions," are replaced by the words "in the sense of the law of 25 April 2014 relating to the status and control of credit institutions".
Art. 121. In Article 98, § 1^erthe following amendments are made to the Act:
1° to 3°, the words "a credit institution as defined in Article 1^er, paragraph 2, of the Act of 22 March 1993 on the Status and Control of Credit Institutions, are replaced by the words "a credit institution as defined in section 1^er§ 3 of the Act of 25 April 2014 relating to the Status and Control of Credit Institutions;
2° to 4°, a), the words "in the sense of Article 3, § 1^er, 5°, of the law of 22 March 1993, an auxiliary banking company within the meaning of Article 32, § 4, 5°, of the same law;" are replaced by the words "in the sense of Article 3, 41°, of the law of 25 April 2014, an auxiliary banking company within the meaning of Article 89, paragraph 1^er, (b), (ii) of Regulation No. 575/2013 of the European Parliament and of the Council of 26 June 2013 concerning prudential requirements for credit institutions and investment companies and amending Regulation (EU) No. 648/2012;"
3° at 6°, the words "in Article 49 of the Law of 22 March 1993" are replaced by the words "in Article 3, 27° and Sections I^re, II and IV of Book II, Title III, Chapter IV of the Act of 25 April 2014".
Section XVII. - Amendments to the Act of 21 December 2009 relating to the status of payment institutions and electronic currency institutions, access to the activity of payment service provider, electronic currency issuance activity and access to payment systems
Art. 122. In section 4 of the Act of December 21, 2009 relating to the status of payment institutions and electronic currency institutions, access to the activity of payment service provider, electronic currency issuance activity and access to payment systems, as amended by the Act of November 27, 2012, the following amendments are made:
1° in 20°, the words "as referred to in Article 49bis, § 1^er, 1°, of the banking law" are replaced by the words "as referred to in Article 164, § 3, 6°, of the banking law";
2° in 22°, the words "the Act of 22 March 1993 on the Status and Control of Credit Institutions" are replaced by the words "the Act of 25 April 2014 on the Status and Control of Credit Institutions;"
3° it is inserted a 39° written as follows:
"39° independent control function: the internal audit function, the compliance function or the risk management function referred to in paragraph 2, 4 or 5 of Article 14, § 3 and paragraph 2, 4 or 5 of Article 69, § 3.".
Art. 123. In section 5 of the Act, as amended by the Act of 27 November 2012, the 1st is replaced by the following:
"1° Belgian credit institutions, credit institutions under the law of another EEA Member State, authorized to provide payment services in their State of origin, and operating in Belgium under articles 312 or 313 of the Banking Law, as well as branches of credit institutions under the right of a non-member State of the EEA, established in Belgium in accordance with article 333 ".
Art. 124. In Article 7, paragraph 1^er8°, the words "in the sense of Article 3, § 1^er, 3°, of the banking law" are replaced by the words "in the sense of Article 3, 29°, of the banking law".
Art. 125. In article 7bis, paragraph 1^er the same law, inserted by the Royal Decree of March 3, 2011, the words "physical persons who are called to participate in the administration, management or effective management of the payment establishment," are replaced by the words "people called to be members of the legal body of administration of the payment establishment, the steering committee or, in the absence of executive committees, persons called to be responsible for the administration of the payment establishment.
Art. 126. Section 13 of the Act is replaced by the following:
"Art. 13. § 1^er. Members of the legal body of administration of the payment establishment, persons responsible for the effective direction of the activity of payment services in the payment establishment, where applicable the members of the steering committee, as well as those responsible for independent oversight functions are exclusively natural persons.
Persons referred to in paragraph 1^er must always have the necessary professional honesty and expertise to carry out their duties in the area of payment service.
§ 2. The effective management of payment institutions must be entrusted to at least two physical persons.
§ 3. Section 20 of the Banking Act applies to persons referred to in subsection 1^er".
Art. 127. It is inserted in the same law an article 16bis as follows:
"Art. 16bis. § 1^er. Payment institutions shall inform the Bank of the proposal to appoint members of the legal board of directors and members of the steering committee, or, in the absence of a steering committee, persons responsible for the effective direction of the activity of payment services in the payment establishment, as well as those responsible for independent oversight functions.
As part of the information required under paragraph 1^er, payment establishments shall provide the Bank with all documents and information to enable it to assess whether the persons whose appointment is proposed have the necessary professional honourability and expertise to perform their duties in accordance with section 13.
Paragraph 1^er is also applicable to the proposal to renew the appointment of the persons referred to in the proposal and to the non-renewal of their appointment, revocation or resignation.
§ 2. Appointment of persons referred to in paragraph 1^er is subject to prior approval by the Bank.
When it comes to the appointment of a person who is first proposed to a function referred to in subsection 1^er in a financial enterprise controlled by the Bank pursuant to section 36/2 of the Act of 22 February 1998, the Bank consults with FSMA beforehand.
FSMA shall notify the Bank within one week of receipt of the notice request.
§ 3. Payment institutions inform the Bank of the possible division of tasks between the members of the legal board of directors and between the persons responsible for the effective management, if applicable between the members of the steering committee.
Significant changes in the division of duties referred to in paragraph 1^er give rise to the application of paragraphs 1^er and 2. "
Art. 128. In section 19 of the Act, as amended by the Royal Decree of 3 March 2011, the following amendments are made:
1° in paragraph 2, the words "and the name of the officers of the branch" are replaced by the words "as well as the name of the effective officers of the branch and, where appropriate, its independent supervisory officers";
2° a paragraph is inserted between paragraphs 2 and 3:
"The effective management of the branch as well as its independent supervisors must always have the necessary professional honesty and expertise to perform their tasks. Section 16bis is applicable by analogy to the appointment of the effective officers of the branch and, where appropriate, its independent supervisory functions. ";
3° to paragraph 6 old, becoming paragraph 7, the words "paragraph 3" are replaced by the words "paragraph 4".
Art. 129. In article 28, paragraph 1^er the same law, as amended by the Royal Decree of 3 March 2011, the words "in accordance with section 52 of the banking law." are replaced by the words "in accordance with section 222 of the banking law. ".
Art. 130. In section 32, paragraph 3, of the same law, the words "seen to section 52 of the banking law" are replaced by the words "seen to section 222 of the banking law".
Art. 131. In Article 48, § 1^er, 2°, of the same law, replaced by the law of 27 November 2012, the words "seen to article 19, § 1^er, 1° and 2° of the banking law." are replaced by the words "seen to Article 20, § 1^er, 1°, 2° and 3° of the banking law. ".
Art. 132. In the same Act, title 4 of Book 2 and title 1^er the title 4 above are replaced, respectively, by the title "Astreintes et sanctions" and by the title "Astreintes et sanctions administratif".
Art. 133. In section 57, paragraph 3, of the Act, the first sentence is replaced by the following sentence:
" Notwithstanding the provisions of subparagraphs 1^er and 2, an exemption from the requirement for approval referred to in Article 6 is granted to financial institutions within the meaning of Article 3, 42°, of the banking law which began, before December 25, 2007, in accordance with Belgian law, activities referred to in Article 4, 4), of the banking law and which meet the conditions provided for in Article 92, paragraph 1^er6° of the said law."
Art. 134. In section 59, 1°, of the same law, inserted by the law of November 27, 2012, the words "under articles 65 or 66 of the banking law" and "in accordance with section 79 of the banking law;" are replaced by the words "under articles 312 or 313 of the banking law" and "in accordance with article 333 of the banking law; ".
Art. 135. In section 62 of the Act, inserted by the Act of November 27, 2012, the following amendments are made:
1° to § 1^erParagraph 1^er8°, the words "in the sense of Article 3, § 1^er, 3° of the banking law" are replaced by the words "in the sense of Article 3, 29° of the banking law";
2° to § 1^erParagraph 1^er, the 9° is replaced as follows:
"9° the identity of persons who participate in the administration or management of the electronic currency establishment, that of persons who participate in the effective management of the electronic currency issuance activity, and, where applicable, payment services, in the establishment of electronic currency and the identity of those responsible for independent control functions and proof of their professional honourability and expertise within the meaning of section 68;"
3° to § 2, paragraph 1^er, the words "physical persons who are called to take part in the administration, management or effective management of the establishment of electronic currency," are replaced by the words "people who are called to be members of the legal body of administration of the electronic currency establishment, the steering committee or, in the absence of a steering committee, persons called to be responsible for the effective management, as well as those who are called to be independent control".
Art. 136. Section 68 of the Act, inserted by the Act of 27 November 2012, is replaced by the following:
"Art. 68. § 1^er. Members of the legal body for the administration of the electronic currency establishment, persons responsible for the effective management of the electronic currency issuance activity and, where applicable, payment services in the electronic currency establishment, where applicable, members of the steering committee, as well as those responsible for independent oversight functions are exclusively natural persons.
Persons referred to in paragraph 1^er must always have the necessary professional honesty and expertise to carry out their tasks in the issue of electronic currency and, where applicable, payment services.
§ 2. The effective management of electronic currency institutions must be entrusted to at least two physical persons.
§ 3. Section 20 of the Banking Act applies to persons referred to in subsection 1^er".
Art. 137. An article 71bis is inserted in the same law as follows:
"Art. 71bis. § 1^er. Electronic currency institutions shall notify the Bank of the proposal to appoint members of the legal board of directors and members of the steering committee or, in the absence of a steering committee, persons responsible for the effective management of the e-money issuance activity and, where appropriate, payment services within the electronic currency establishment, as well as those responsible for independent control functions.
As part of the information required under paragraph 1^ere-currency institutions provide the Bank with all documents and information to enable it to assess whether the persons proposed for appointment have the necessary professional honourability and expertise to perform their duties in accordance with section 68.
Paragraph 1^er is also applicable to the proposal to renew the appointment of the persons referred to in the proposal and to the non-renewal of their appointment, revocation or resignation.
§ 2. Appointment of persons referred to in paragraph 1^er is subject to prior approval by the Bank.
When it comes to the appointment of a person who is first proposed to a function referred to in subsection 1^er in a financial enterprise controlled by the Bank pursuant to section 36/2 of the Act of 22 February 1998, the Bank consults with FSMA beforehand.
FSMA shall notify the Bank within one week of receipt of the notice request.
§ 3. Electronic currency institutions inform the Bank of the possible division of labour between the members of the legal body of administration and between those responsible for the effective management, if any, between the members of the steering committee.
Significant changes in the division of duties referred to in paragraph 1^er give rise to the application of paragraphs 1^er and 2. "
Art. 138. In section 73 of the Act, inserted by the Act of November 27, 2012, the following amendments are made:
1° to § 1^erthe words "in the sense of Article 3, § 1^er, 3° of the banking law" and "vised in Article 24, § 3, paragraph 3 of the banking law" are replaced by the words "in the sense of Article 3, 29° of the banking law" and "vised in Article 46, paragraph 2 of the banking law. ";
2° to § 2, paragraph 1^er, b), the words "repute and experience" are replaced by the words "honorability and expertise".
Art. 139. In section 75 of the Act, inserted by the Act of November 27, 2012, the following amendments are made:
1° in paragraph 2, the words "and the name of the officers of the branch" are replaced by the words "as well as the name of the effective officers of the branch and, where appropriate, its independent supervisory officers";
2° a paragraph is inserted between paragraphs 2 and 3:
"The effective management of the branch as well as its independent supervisors must always have the necessary professional honesty and expertise to perform their tasks. Section 71bis is applicable by analogy to the appointment of the effective officers of the branch and, where appropriate, its independent supervisory functions. ";
3° to paragraph 6 old, becoming paragraph 7, the words "paragraph 5" are replaced by the words "paragraph 6".
Art. 140. In section 100 of the Act, inserted by the Act of November 27, 2012, the following amendments are made:
1° 1° is replaced as follows:
"1° articles 71bis and 72;"
2° to 2°, the words "in the sense of Article 3, § 1^er, 3° of the banking law," are replaced by the words "in the sense of Article 3, 29° of the banking law,".
Art. 141. In Article 105, § 1^er, 2°, of the same law, inserted by the law of 27 November 2012, the words "vised in Article 19, § 1^er, 1° and 2° of the banking law." are replaced by the words "seen to Article 20, § 1^er, 1°, 2° and 3° of the banking law. ".
Art. 142. In the same Act, title 4 of Book 3 and title 1^er of title 4, inserted by the law of 27 November 2012, are replaced, respectively, by the title "- Astreintes et sanctions" and by the title "- Astreintes et sanctions administratif".
Section XVIII. - Amendments to the Act of August 3, 2012 on certain forms of collective investment portfolio management
Art. 143. In section 3 of the Act of 3 August 2012 on certain forms of collective investment portfolio management, the following amendments are made:
1° to 37°, the words "seen in titles II to IV of the Act of 22 March 1993" are replaced by the words "seen in Book II and Titles I^er and II of Book III of the Law of 25 April 2014;
2° to 38°, the words "seen to Article 3, § 1^er5°, of the Act of 22 March 1993;" are replaced by the words "seen to Article 3, 41°, of the Act of 25 April 2014;"
3° 47° is replaced by the following:
"47° by "law of 25 April 2014": the law of 25 April 2014 relating to the status and control of credit institutions;".
4° it is added a 62° written as follows:
"62° by independent control function: the internal audit function, the compliance function, or the risk management function referred to in §§ 4, 5 and 6 of Article 41, and §§ 4, 5 and 6 of Article 201. ".
Art. 144. Section 39 of the Act is replaced by the following:
"Art. 39. § 1^er. Members of the legal board of directors of investment companies, those responsible for effective management and those responsible for independent oversight functions, are exclusively natural persons.
Persons referred to in paragraph 1^er must have the necessary professional honesty and expertise at all times in the performance of their duties, in accordance with section 9 and with respect to the authorized investment category for which the investment company has chosen.
§ 2. Effective management of investment companies must be entrusted to at least two physical persons.
§ 3. Investment companies prior to inform FSMA of the proposal to appoint members of the legal body of administration, persons responsible for effective management, and those responsible for independent oversight functions.
As part of the information required under paragraph 1^er, investment companies provide the FSMA with all documents and information to enable it to assess whether the persons proposed for appointment have the necessary professional honourability and expertise to perform their duties in accordance with paragraph 1^erParagraph 2.
Paragraph 1^er is also applicable to the proposal to renew the appointment of the persons referred to in the proposal and to the non-renewal of their appointment, revocation or resignation.
Appointment of persons referred to in paragraph 1^er is subject to prior approval by the MSDS.
When it comes to the appointment of a person who is first proposed to a function referred to in § 1^er in a financial enterprise controlled by FSMA in accordance with Article 45, § 1^er, 2°, from the law of 2 August 2002, FSMA consults the Bank beforehand.
The Bank shall notify FSMA within one week of receipt of the notice request.
Investment companies inform FSMA of the possible division of labour between the members of the legal body of administration and the persons responsible for the effective management, as well as significant changes in this division of labour.
Significant changes in the allocation of tasks referred to in the preceding paragraph result in the application of paragraphs 1^er 4. "
Art. 145. Section 40 of the Act is replaced by the following:
"Art. 40. Members of the legal board of directors of investment companies, those responsible for effective management, and those responsible for independent oversight functions, cannot be found in one of the cases referred to in Article 20 of the Act of 25 April 2014. ".
Art. 146. In Article 50, § 2, paragraph 1^er, 1°, of the same law, the words "seen under title II of the law of 22 March 1993" and "seen under title III of the same law;" are replaced by the words "seen in Book II of the law of 25 April 2014" and "seen in Title I^er Book III of the same Law; "
Art. 147. In section 71 of the Act, the following amendments are made:
1° to (b), the words "scheduled by section 13 of the Act of 22 March 1993" are replaced by the words "scheduled by section 14 of the Act of 25 April 2014";
2° to (c), the words "in accordance with section 65 of the Act of 22 March 1993;" are replaced by the words "in accordance with section 312 of the Act of 25 April 2014;"
3° to (d), the words "in accordance with section 66 of the Act of 22 March 1993;" are replaced by the words "in accordance with section 313 of the Act of 25 April 2014;".
Art. 148. In Article 85, § 2, paragraph 1^er of the same Act, the words "seen to section 13 of the Act of 22 March 1993," and "in accordance with section 65 of the Act of 22 March 1993" are replaced by the words "seen to section 14 of the Act of 25 April 2014," and "in accordance with section 312 of the Act of 25 April 2014".
Art. 149. In Article 154, § 2, paragraph 2, of the same Law, the words "seen to Article 13 of the Law of 22 March 1993," and "in accordance with Article 65 of the Law of 22 March 1993" are replaced respectively by the words "seen to Article 14 of the Law of 25 April 2014," and "in accordance with Article 312 of the Law of 25 April 2014".
Art. 150. In section 187, 2°, of the same law, the words "vised in titles II to IV of the Act of 22 March 1993" are replaced by the words "vised in Book II and Titles I^er and II of Book III of the Law of 25 April 2014,".
Art. 151. Section 199 of the Act is replaced by the following:
"Art. 199. § 1^er. The members of the legal board of directors of management companies, the persons responsible for the effective management, if any the members of the steering committee, as well as those responsible for independent oversight functions, are exclusively natural persons.
Persons referred to in paragraph 1^er must always have the necessary professional honesty and expertise to perform their duties, particularly in the context of the program of activities referred to in section 189.
§ 2. Effective management of management companies must be entrusted to at least two physical persons. ".
Art. 152. Section 200 of the Act is replaced by the following:
"Art. 200. Members of the legal body of administration of the collective investment management corporation, persons who are responsible for the effective management, if any members of the steering committee, and those responsible for an independent oversight function, may not be in one of the cases referred to in section 20 of the Act of 25 April 2014. ".
Art. 153. In section 207, § 3, paragraph 2, (b), of the same law, the words "repute and experience" are replaced by the words "professional honesty and expertise".
Art. 154. Section 211 of the Act is replaced by the following:
"Art. 211. Management companies priorly inform the FSMA of the proposal to appoint members of the legal board of directors and members of the steering committee or, in the absence of a steering committee, persons responsible for effective management, as well as those responsible for independent oversight functions.
As part of the information required under paragraph 1^er, management companies communicate to the FSMA all documents and information to enable it to assess whether the persons proposed for appointment have the necessary professional honourability and expertise to perform their duties in accordance with section 199.
Paragraph 1^er is also applicable to the proposal to renew the appointment of the persons referred to in the proposal and to the non-renewal of their appointment, revocation or resignation.
Appointment of persons referred to in paragraph 1^er is subject to prior approval by the MSDS.
When it comes to the appointment of a person who is first proposed to a function referred to in paragraph 1^er in a financial enterprise controlled by FSMA in accordance with Article 45, § 1^er, 2°, from the law of 2 August 2002, FSMA consults the Bank beforehand. The Bank shall notify FSMA within one week of receipt of the notice request.
Management companies inform the FSMA of the possible division of tasks between the members of the legal body of administration and the persons responsible for the effective management, as well as significant changes in this division of duties.
Significant changes in the allocation of tasks referred to in the preceding paragraph result in the application of paragraphs 1^er 4. "
Art. 155. In Article 212, § 3, paragraph 3, of the same Law, the words "seen to Article 32, § 4, of the Law of 22 March 1993" are replaced by the words "seen to Article 89, § 1^er, Regulation No. 575/2013 of the European Parliament and of the Council of 26 June 2013 concerning prudential requirements for credit institutions and investment companies and amending Regulation (EU) No. 648/2012".
Art. 156. Article 227, § 1^er, 4°, of the same law is replaced by the following:
"4° the name of the actual executives of the branch and its independent supervisors.
The effective officers of the branch, as well as its independent supervisors, must always have the necessary professional performance and expertise to perform their duties. Section 211 shall apply by analogy to the appointment of the effective officers of the branch and its independent supervisors. ".
Art. 157. In section 241, of the Act, the following amendments are made:
1° in paragraph 1^erParagraph 1^er2°, the words "in the sense of Article 49bis of the Law of 22 March 1993" are replaced by the words "in the sense of Article 3, 39° of the Law of 25 April 2014,";
2° in paragraph 1^er, paragraph 2, the words "to the provisions of section 49 of the Act of 22 March 1993" are replaced by the words "to the provisions of Sections I, II and IV of Book II, Part III, Chapter IV of the Act of 25 April 2014,";
3° in paragraph 5, paragraph 1^er, the words "of section 49 of the Act of 22 March 1993" are replaced by the words "of Sections I^re, II and IV of Book II, Title III, Chapter IV of the Act of 25 April 2014,".
Art. 158. In Article 279, § 1^er(c) is replaced by the following:
"(c) Belgian and foreign credit institutions referred to in Article 1^er§ 3 of the Act of 25 April 2014;
Art. 159. Article 291, paragraph 1^erthe same law shall be replaced by the following:
"Any information of the head of offence under this Act or any of the legal provisions referred to in sections 40 and 200 against collective investment bodies, management companies of collective investment bodies, directors, directors, agents or supervisors of independent oversight functions of collective investment bodies or management companies of collective investment bodies, or of authorized commissioners of a body
Section XIX. - Amendments to the Corporate Code
Art. 160. Articles 92, § 3, 2°, 108, 1°, 145, 1°, 224, paragraph 1^er, 311, paragraph 1^er, 399, paragraph 1^er, 422, paragraphs 1^er and 2, 430, § 2, 1°, 449, paragraph 1^er, 468, paragraph 6, 1°, 600, paragraph 1^er, 629, § 2, 1°, 630, § 2, 798, paragraph 1^er and 869 of the Code of Societies, the words "the Act of 22 March 1993 on the Status and Control of Credit Institutions" are replaced by the words "the Act of 25 April 2014 on the Status and Control of Credit Institutions".
Art. 161. In section 771 of the Corporate Code, the words "defined in section 61 of the Act of 22 March 1993 relating to the status and control of credit institutions," are replaced by the words "defined in section 239 the Act of 25 April 2014 relating to the status and control of credit institutions".
Section XX. - Amendment of the Act of 6 August 1993 on certain securities transactions
Art. 162. Section 15 of the Act of 6 August 1993 on certain securities transactions, as amended by the Act of 15 July 1998, is replaced by the following:
"May be approved by the King, the liquidation systems that are managed by the National Bank of Belgium, by a liquidation body within the meaning of Article 36/26 of the Act of 22 February 1998 establishing the organic status of the National Bank of Belgium or by one or more credit institutions established in a Member State of the European Economic Area."
Section XXI. - Amendments to the Act of 24 July 2008 on various provisions (I)
Art. 163. Section 28 of the Act of 24 July 2008 on various provisions (I) is supplemented by two paragraphs as follows:
"By derogation from paragraph 1^er, the assets of the dormant accounts that have not been the subject of an intervention by the holders, are transferred to the Caisse before a final date determined by the King.
The King may also determine a final date for the transfer of data relating to these accounts.".
Art. 164. Section 49 of the Act, as amended by the Act of 17 June 2013, is supplemented by two paragraphs written as follows:
"By derogation from paragraph 2, and if the licensee fails to intervene, the securities of the accounts are transferred to the Caisse before a final date determined by the King.
The King may also determine the ultimate date of transfer of data relating to these accounts. ".
Section XXII. - Amendment of the coordinated law of 24 December 1996 on the organization of the public sector of credit and the detention of public sector participation in certain private financial companies
Art. 165. Chapter IV "From S.A. Professional Credit and Professional Credit Network" of the coordinated law of 24 December 1996 on the organization of the public sector of credit and the detention of public sector participation in certain private financial companies, comprising sections 48 to 59, as amended by the law of 27 November 2012, is replaced by the following:
"Chapter IV. The professional credit network.
Art. 48. The professional credit network is formed by financial companies that have joined the professional credit network, namely
1° companies that guarantee the credits granted by them or by the credit associations that have joined the network of professional credit;
2° local business companies and federations of local credit companies with artisanal tools,
below referred to as "member" or "members of the professional credit network".
The professional credit network has no legal personality.
Are considered to be professional credit, any credit transactions intended to facilitate the exercise, by a natural person, of a profession or the exploitation, by a legal person, of a trade, industry or of a professional activity under the middle classes, without requiring the credit applicant to have the quality of a trader as defined by Book I, Title I of the Commercial Code.
Members of the Professional Credit Network shall, as such, meet the following conditions:
(a) Members of the credit network must adopt the form of limited liability cooperative companies. Their statutes must foresee that the benefit distributed to the associates cannot exceed the interest rate set by the King in accordance with the law of 20 July 1955 establishing a National Council of Cooperation, or that same interest rate increased by 5 p.c. maximum with respect to the shares subscribed by the staff of the concerned member of the network of professional credit, applied to the amount actually released from the social shares, and that the resigned or excluded associates shall not be paid
(b) In the event of liquidation, and without prejudice to section 49, members of the credit network shall, in accordance with their statutes, assign, after all liabilities and the reimbursement of their payment to the partners, the surplus of liquidation to another member of the credit network or, if not, to the Aging Fund referred to in section 42.
(c) The statutes of the members of the network of professional credit must state that they can only be merged with one or more members of the network of professional credit, can only split into a company that adheres to the network of professional credit and can only make a contribution or assignment of universality or branch of activity to a member of the network of professional credit.
Art. 49. § 1^er. Any member who fails to comply with or ceases to comply with the conditions set out in section 48, paragraph 4, is required to pay to the Aging Fund referred to in section 42, within the month following this finding, the sum of the following accounting elements: reserves, reassessment surpluses, future risk contingency funds and the deferred positive or negative result. These accounting elements are those defined by the regulation on the annual accounts of credit institutions, as recorded at the end of the last preceding social year, including those that would be incorporated at any time to the capital of the member of the professional credit network.
Paragraph 1^er also applies to any member of the professional credit network who would amend its statutes so that the provisions of section 48, paragraph 4, would no longer be complied with or would contravene these provisions.
In the case of the second paragraph, the sum of the accounting elements to be paid to the Aging Fund, established by section 12 of the Act of 5 September 2001, pursuant to paragraph 1^er will be that of these elements as they existed at the time of the event giving birth to this obligation, increased from their actual yield or diminished losses until the day of payment. The amount so determined must be paid to the Aging Fund, referred to in section 42, in the month following the event giving rise to that obligation.
The Registrar of each member of the Professional Credit Network shall inform the Aging Fund, referred to in section 42, of any circumstances that may result in the application of paragraph 1^er or 2.
§ 2. Each company, as long as it is part of the network of professional credit, is required to designate a auditor-revisor notwithstanding the provisions of section 141 of the Corporate Code.
Art. 50. Any reference to the "Participation Fund" in the statutes of the members of the credit network must, for the purposes of this Act, be construed as a reference to the "Aging Fund" referred to in section 42 until the statutes of the members concerned of the credit network are adapted."
Section XXIII. - Amendments to the Act of 25 April 2014 on the Status and Control of Independent Financial Planners and the provision of financial planning consultations by regulated companies and amending the Corporate Code and the Act of 2 August 2002 on financial sector monitoring and financial services
Art. 166. In article 4, paragraph 1^er, 3°, (a), of the Act of 25 April 2014 relating to the Status and Control of Independent Financial Planners and to the provision of financial planning consultations by regulated companies and amending the Corporate Code and the Act of 2 August 2002 on the supervision of the financial sector and financial services, the words "as defined in section 1^er, paragraph 2, of the Act of 22 March 1993 on the Status and Control of Credit Institutions are replaced by the words "as defined in Article 1^er§ 3 of the Act of 25 April 2014 relating to the status and control of credit institutions". "
Art. 167. In Article 12, § 2, of the same Law, the words "listed in Article 19 of the Law of 22 March 1993 relating to the Status and Control of Credit Institutions" are replaced by the words "listed in Article 20, § 1^erthe Act of 25 April 2014 relating to the status and control of credit institutions".
CHAPTER 4. - Provisions concerning speculation on foodstuffs
Art. 168. Article 25 of the Act of 2 August 2002 on the supervision of the financial sector and financial services, last amended by the Act of 30 July 2013, is supplemented by a paragraph 6, which reads as follows:
§ 6. The following paragraph:
1° acts that relate to financial instruments referred to in paragraph 3 provided that the act concerned has, or is likely to have or is intended to have an impact on the price of a food commodity designated by the King under paragraph 4;
2° acts that concern foodstuffs designated by the King under paragraph 4 provided that the act concerned has, or is likely to have or is intended to have an impact on the price of a financial instrument referred to in paragraph 3.
It is prohibited for any person to provide false or misleading information or data or to engage in any other act that constitutes manipulation of the price of a financial instrument or a food commodity.
For the purposes of this paragraph, "food enclosure" refers to a raw material, which, if any after treatment, is intended for human consumption.
By Royal Decree deliberated in the Council of Ministers on the advice of FSMA, the King is entitled to set the list of foodstuffs referred to in paragraph 1^er and 2. "
Art. 169. In the Financial Sector and Financial Services Supervision Act of 2 August 2002, an article 29bis is inserted as follows:
"Art. 29bis. § 1^er. Under the terms and conditions set by regulation, the FSMA determines the rules on limits to positions on financial instruments, the underlying of which is made up of food, negotiated on a regulated market or a MTF, that a person is authorized to hold, and sets derogations from these rules, especially when the positions in question have been constituted for the purpose of coverage, for which it may take into account the status of regulation.
§ 2. This regulation also determines the cases in which the financial intermediaries established in Belgium and other persons designated by the regulations of the MSDS declare the positions in the instruments referred to in paragraph 1^erincluding the terms and frequency of such notification.
§ 3. For the purposes of this article, the notion of "food commodity" must be understood within the meaning of the definition given in Article 25, § 6.
§ 4. The King may, by order deliberately in the Council of Ministers, take the measures necessary for the transfer of mandatory provisions under Community law, which deal with the rules on financial instruments derived from raw materials, including the definitions, limits to positions, reporting, position management, intervention on products, control and international cooperation of the MSDS.
Orders under this article may amend, supplement, replace, repeal or coordinate existing legislation, including the determination of measures, administrative sanctions and penalties for non-compliance.
Orders under this section shall be repealed in full law if they have not been confirmed by law within twenty-four months of their effective date. Confirmation is retroactive to the date of entry into force of royal decrees. ".
CHAPTER 5. - Changes to the Income Tax Code 1992 in respect of savings deposit revenues
Art. 170. In section 21 of the Income Tax Code 1992, last amended by the Act of 28 July 2011, the following amendments are made:
1° in the opening sentence of 5°, the words "established in Belgium and governed by the law of 22 March 1993 relating to the status and control of credit institutions," are replaced by the words "seen to article 56, § 2, 2°, a";
2° in 5°, the first dash is replaced by the following:
"- these deposits must, in addition, meet the criteria defined by the King on notice the National Bank of Belgium and the Authority of Financial Services and Markets, each in its area of competence, as to the currency in which they are denominated, as to the conditions and modes of withdrawals and withdrawals and as to the structure, level and method of calculating their remuneration, or, for deposits received by the credit institutions that are established in another State
3° 5° is supplemented by the following:
"- where the savings deposit is denominated in a foreign currency, the conversion to euro shall take place once a year on December 31 or on the date of the final liquidation of the deposit."
Art. 171. In article 171 of the same Code, in place of the 3rd quinquies, annulled by Constitutional Court Decision No. 7/2014 of 23 January 2014, it is inserted a 3rd quinquies written as follows:
"3° quinquies at the rate of 15 p.c., the revenues associated with the savings deposits referred to in Article 21, 5°, to the extent that they exceed the limits set out in the 5° of that Article;".
Art. 172. In Article 174/1, § 1^er, paragraph 4, of the same Code, in place of the words "and the revenues related to the savings deposits referred to in Article 171, 3° quinquies," cancelled by Constitutional Court Decision No. 7/2014 of January 23, 2014, the words "and the revenues related to the savings deposits referred to in Article 171, 3° quinquies," are inserted between the words "10 and 25 p. c.
Art. 173. In section 269, paragraph 1^er, of the same Code, in place of the 5th, annulled by Constitutional Court decision No. 7/2014 of 23 January 2014, it is inserted a 5th written as follows:
"5° to 15 p.c. for the income of savings deposits referred to in section 21, 5°, and to the extent that, with respect to income paid or attributed to natural persons, they exceed the limits set out in the 5° of the said article;".
Art. 174. This chapter produces its effects with respect to incomes awarded or paid from 1^er January 2012, with the exception of sections 172 and 173, which produce their effects with respect to incomes awarded or paid from 1^er January 2012 and cease to produce their effects with respect to incomes awarded or paid from 1^er January 2013.
CHAPTER 6. - Amendments to Articles 307 and 322
Tax Code for Foreign Bank Accounts, 1992
Art. 175. In Article 307, § 1^er, paragraph 2, of the Income Tax Code 1992, as last amended by the Act of 29 March 2012, the words "At the latest at the same time as the introduction of the declaration that includes the existence of foreign accounts referred to in this paragraph, the numbers of these accounts shall be communicated to the central point of contact referred to in section 322, § 3, in the manner to be determined by the King, unless that communication has already been made The King determines the terms of this communication and the time limit for the retention of the data concerned. ".
Art. 176. Article 322 of the same Code, last amended by the Act of 17 June 2013, is supplemented by a § 5 written as follows:
§ 5. Where the agent designated by the Minister, referred to in § 2, paragraph 3, has found that the investigation referred to in § 2 revealed one or more tax evasion indices or that the investigation carried out implies a possible application of Article 341, it may request to the central point of contact the available data relating to foreign bank accounts referred to in Article 307, § 1^erparagraph 2, of that taxpayer.
The King shall determine the terms of the consultation, by the official referred to in § 2, paragraph 3, designated by the Minister, of data relating to foreign bank accounts referred to in Article 307, § 1^er2.
Art. 177. By derogation from Article 307, § 1^erParagraph 2 of the same Code:
(a) taxpayers must communicate, within two months of the third day following the invitation by the Federal Public Service Finance, the required data, and not later than two months of the 1st^er November 2014, data on foreign accounts whose existence, in accordance with Article 307, § 1^er, paragraph 2, of the same Code, is reported in the tax return of natural persons for taxation years 2012 to 2014, at the central contact point referred to in section 322, § 3, of the Income Tax Code 1992;
(b) the tax return form for the 2014 taxation year does not contain sections to confirm that the data used in (a) is communicated to the central contact point referred to in section 322, § 3 above."
CHAPTER 7. - Institutional amendments to the Financial Sector Supervision and Financial Services Act of 2 August 2002
Art. 178. Section 47 of the Financial Sector Supervision and Financial Services Act of August 2, 2002, last amended by the Royal Decree of March 3, 2011, the words "the steering committee, the chair of the steering committee and the secretary general" are replaced by the words "the steering committee and the chair of the steering committee".
Art. 179. In section 48 of the Act, last amended by the Royal Decree of 3 March 2011, the following amendments are made:
1° paragraph 1^erParagraph 1^er, 2°, is completed as follows "and deliberate on the annual control action plan referred to in Article 49, § 2;"
2° in paragraph 1^erParagraph 1^er, 4°, the words "after notice" are inserted between the words "management committee and" and the words "audit committee" and the words "paragraph 2" are replaced by the words "in paragraph 1bis."
3° it is inserted a paragraph 1^erParagraph 1^er5° bis, as follows:
"5° bis advise on the draft regulations proposed by the steering committee pursuant to Article 49, § 3;"
4° paragraph 1^erParagraph 1^er, 7°, is replaced by the following provision:
7° to exercise general oversight of the integrity, law-compliant and efficient operation of the MSDS. ";
5° in paragraph 1^erParagraphs 3 to 6 are deleted;
6° old paragraph 1^er, paragraph 2, which becomes paragraph 1bis, is replaced by the following provision:
" § 1bis. For the purpose of carrying out the monitoring mission referred to in paragraph 1^erparticularly 4° and 7°, the board creates an audit committee within it; the audit committee shall be composed of four members, chosen from among the members who may not hold, in a company subject to the permanent control of the MSDS, a participation within the meaning of section 13 of the Corporate Code or perform a function or mandate in a business subject to the permanent control of the MSDS or in a professional association representing the companies subject to the control of the MSDS. The committee has as many Dutch-speaking members as French-speaking members. The committee chose a chair from among its members. ".
7° a paragraph 1ter is inserted, as follows:
§ 1ter. The audit committee referred to in paragraph 1bis has the following specific competencies:
1° it approves the function profile, choice, commitment, change of function and termination of the head of the internal audit service and participates in selection interviews with candidates;
2° it makes recommendations to the steering committee regarding the role and operation of the internal audit service, approves the internal audit charter and the schedule of the activities of the service;
3° it deliberates reports of the internal audit service in respect of investigations, monitoring of recommendations and activity reports of the internal audit service;
4° it participates in the annual evaluation of internal auditors;
5° ensures the existence of direct reporting by the internal audit service to the steering committee;
6° it examines the budget proposals and annual accounts prepared by the steering committee prior to their approval by the board. He renders a notice to the board.
The internal audit department and the corporate reviewer have direct access to the Chair of the audit committee.
The Audit Committee reports annually to the Supervisory Board on its activities, in such a way that individual individuals or legal entities cannot be identified. Information on individual natural or legal persons to which the audit committee has access to the Chief of the performance of its duties is also relevant to other members of the Professional Secret Supervisory Board referred to in section 74. ";
8°, a paragraph 1quater is inserted as follows:
§ 1^erquater. The Supervisory Board shall transmit any useful recommendation to the steering committee with respect to the matters referred to in paragraph 1^er, 7°, if any on the audit committee proposal. The steering committee shall report to the board on the follow-up to the recommendations. ";
9° to paragraph 3, the following amendments are made:
(a) the words "four of its members" are replaced by the words "at least three of its members";
(b) the words "In the event of a vote-sharing, the voice of the Chairman of the Supervisory Board shall be replaced by the words "In the event of a vote-sharing item on the agenda, the decision-making proposal shall be deemed to be rejected";
(c) a new paragraph 2 is introduced:
"Unless the chair of the board decides otherwise on a specific agenda item, the members of the steering committee attend the meetings of the board without taking part in the deliberations. ".
Art. 180. In section 49 of the Act, last amended by the Act of 30 July 2013, subsection 7 is replaced by the following provision:
"§ 7. The steering committee shall meet when the chair of the steering committee deems it necessary or when a member makes the reasoned request, and at least twelve times a quarter.
The steering committee can only decide when at least two of its members are present.
The committee decided unanimously. When unanimity cannot be reached, decisions are taken by a majority of the members present. In the event of a vote-sharing on an agenda item, the decision-making proposal is expected to be rejected.
Minutes of the deliberations of the steering committee are drawn up. The minutes are signed by the members present. In the event of a disagreement, members of the committee have the right to have their vote recorded, if any with reasons in support, or their notice in the minutes.".
Art. 181. Section 51 of the Act, last amended by the Royal Decree of 3 March 2011, is deleted.
Art. 182. In section 52 of the Act, last amended by the Royal Decree of 3 March 2011, the words ", and the Secretary General" are deleted.
Art. 183. In section 53 of the Act, last amended by the Act of 30 July 2013, the following amendments are made:
1° to paragraph 1^er, the words ", secretary general" are deleted;
2° in the second paragraph, the word "and" is inserted between the words "management committee" and the words "members" and the words "and the secretary general" are deleted;
3° in the third paragraph, the word "and" is inserted between the words "president" and the words "the members of the steering committee" and the words "and the secretary general" are deleted.
Art. 184. Section 54 of the Act, last amended by the Act of 30 July 2013, is replaced as follows:
"Art. 54. § 1^er. FSMA is organized into services, according to an organization chart issued by the steering committee. The flow chart reflects the different jurisdictional fields referred to in Article 45, as well as the transverse support services.
§ 2. The chair and the members of the steering committee shall, under the collegial authority of the steering committee, administer one or more of the ADMDS services.
Each department reports to the member of the steering committee. The internal auditor reports directly and simultaneously to the steering committee and the chair of the audit committee.".
Art. 185. Article 62, paragraph 1^er, of the same law, last amended by the Royal Decree of 3 March 2011, the word "and" is inserted between the words "management committee" and the words "the members of the steering committee" and the words "and the secretary general" are deleted.
Art. 186. In section 70 of the Act, last amended by the Royal Decree of 3 March 2011, the following amendments are made:
1° paragraph 1^er is replaced by the following provision:
§ 1^er. When FSMA finds, in the course of its legal missions, that there are serious indications of the existence of a practice that could result in administrative sanctions, or when it is seized with such a practice on complaint, the steering committee directs the auditor or, in its absence, the deputy auditor to instruct the record. ";
2° a paragraph 1bis is inserted as follows:
§ 1^erbis. For the performance of their duties, the auditor and the deputy auditor may exercise all the powers of instruction entrusted to the MSDS by the legal and regulatory provisions governing the subject matter. Members of the staff who assist them in the performance of the instruction shall, for the performance of their duties, receive instructions only from them.
The auditor and deputy auditor exercise their duties in accordance with the rights of the defence. ";
3° to paragraph 2, the following amendments are made:
(a) the words "or, in his absence, the assistant auditor," are inserted between the words "The listener" and the words "address a copy";
(b) a sentence is inserted between the second and the third sentence, which reads as follows:
"The parties may apply to the auditor or, in his absence, to the assistant auditor, for the performance of additional instructions. When the auditor or deputy auditor feel that they do not have to make a reservation to this request, they mention the reason in their report. ";
c) the words "or, in his absence, the assistant auditor" are inserted between the words "The listener" and "saisit".
Paragraph 3, to read:
§ 3. The steering committee shall designate the auditor and the deputy auditor among the staff of the MSDS. The auditor function is a full-time function.".
Art. 187. In section 71 of the Act, last amended by the Royal Decree of 3 March 2011, the following amendments are made:
1° paragraph 1^er is replaced by the following:
§ 1^er. The steering committee decides on the follow-up to the investigation report. He may ask the auditor or the deputy auditor to comment on the instruction report. It may also require additional training. ";
2° Paragraph 6 is deleted.
Art. 188. In section 72 of the Act, last amended by the Act of 30 July 2013, a paragraph 2bis is inserted, as follows:
" § 2bis. When it considers it necessary, in view of the right to a fair trial, the Sanctions Commission may require the steering committee to carry out complementary acts of instruction. ".
Art. 189. Article 74, paragraph 1^er the same law, last amended by the Royal Decree of 3 March 2011, the words ", the Secretary General" are deleted.
Art. 190. In section 80 of the Act, last amended by the Royal Decree of 3 March 2011, the following amendments are made:
1° to paragraph 1^er, the words "the listener may" are replaced by the words "the listener or, in his absence, the assistant listener may,"
2° in paragraph 4, the words "the listener and the staff members designated by him may" are replaced by the words "the listener or in his absence, the assistant auditor and the staff members designated by them may".
Art. 191. In section 81 of the Act, reinstated by the Act of 2 May 2007, the following amendments are made:
1° in paragraph 1^erParagraph 1^er, the words "the listener may" are replaced by the words "the listener or, in his absence, the assistant listener may,"
2° in paragraph 1^erparagraph 2, and paragraph 2, subparagraphs 1^er and 2, the words "the listener" are replaced by the words "the listener or, in his absence, the assistant listener."
Art. 192. In section 82 of the Act, last amended by the Royal Decree of 3 March 2011, the words "the listener may" are replaced by the "the listener or, in his absence, the assistant listener may,".
Art. 193. In section 83 of the Act, last amended by the Act of 30 July 2013, the following amendments are made:
1° in paragraph 1^erParagraphs 1^er and 2, the words "the listener" are replaced by the words "the listener or, in his absence, the assistant listener,"
2° in paragraph 1^er, paragraph 3, the words "the listener and the staff members designated by him" are replaced by the words "the listener or in his absence, the assistant listener and the staff members designated by them";
3° in paragraph 2, paragraph 1^er, the word "the listener" is replaced by the words "the listener or, in his absence, the assistant listener."
Art. 194. Article 84, § 1^erParagraphs 1^er and 3, and paragraph 2, subparagraphs 1^er and 2, of the same law, restored by the law of May 2, 2007, the words "the listener" are replaced by the words "the listener or, in his absence, the assistant listener."
Art. 195. Article 85 of the same law, " § 1^er"is deleted and in paragraphs 1^er at 3 and 5, restored by the law of May 2, 2007, the words "the listener" are replaced by the words "the listener or, in his absence, the assistant listener".
CHAPTER 8. - Other abrogatory provisions and other provisions
Art. 196. By derogation from Article 36 of the Act of 22 February 1998 establishing the organic status of the National Bank of Belgium, the Conseil de régence is empowered to replace, in Article 61, paragraph 1^er, from the statutes of the National Bank of Belgium, the word "last" by the word "third".
CHAPTER 9. - Transitional provisions and entry into force
Art. 197. Legal persons who, on the date of entry into force of the amendments introduced by this Act to Article 90, § 1^erParagraph 1^er of the Law of 9 July 1975, in Article 60, § 1^er/1, paragraph 1^er of the Act of 6 April 1995, in Article 17, § 1^erParagraph 1^er of the Act of 16 February 2009, article 13, paragraph 1^erParagraph 1^er and 68, § 1^erParagraph 1^er of the Act of 21 December 2009 and articles 39, § 1^er and 199 of the Act of 3 August 2012, perform a function of a member of the legal body of administration, respectively, of an insurance company, an investment company, a reinsurance company, a payment institution, an electronic currency institution, an investment company or a management company of collective investment organizations, are authorized to continue the course of their term in the course of their term.
Paragraph 1^er is also applicable to single-person limited liability private corporations that, on the date of entry into force of the amendments made by this Act to section 39 of the Act of 3 August 2012, were responsible for the effective management of an investment corporation.
Until the expiry of the terms referred to in this Article, Article 90, § 1^erArticle 60, paragraph 2 of the Act of 9 July 1975, § 1^er/1, paragraph 2 of the Act of 6 April 1995, Article 17, § 1^erArticle 13, paragraph 2 of the Act of 16 February 2009^erparagraphs 2 and 68, § 1^erParagraph 2 of the Act of 21 December 2009 and articles 39, § 1^er and 199 of the Act of 3 August 2012 are applicable to the permanent representative of the legal entity.
Art. 198. Without prejudice to section 90/3 of the Act of 9 July 1975 relating to the control of insurance companies, insurance companies that have an approval on the day of the coming into force of this Act shall constitute a steering committee meeting sections 90/1 or 90/2 of the Act of 9 July 1975 referred to above for 1^er January 2016 at the latest.
Art. 199. Without prejudice to section 17/3 of the Reinsurance Act of 16 February 2009, reinsurance companies that have an approval on the day of the coming into force of this Act shall constitute a steering committee meeting sections 17/1 or 17/2 of the Act of 16 February 2009 referred to above for 1^er January 2016 at the latest.
Art. 200. By derogation from section 52 of the Financial Sector Supervision and Financial Services Act of August 2, 2002, the person who assumes the position of Secretary General referred to in section 51 of the Act, at 1^er May 2013, remain in office until articles 178 to 195 and 201.
Art. 201. By derogation from section 49, § 6, of the Act of 2 August 2002 on the supervision of the financial sector and financial services, the King may, on the occasion of the entry into force of sections 178 to 195 and 201, renew the term of office of the members of the steering committee for a renewable period of six years and section 49, paragraph 6, paragraph 5, of the same Act, fail to apply to the terms of office that end on the occasion of 195.
Art. 202. § 1^er. The provisions of this Act come into force on the day of their publication in the Belgian Monitor.
However, the King sets out, by order deliberately in the Council of Ministers, the date of entry into force of articles 56, 57, 58, 59, 61 and 62.
§ 2. Section 170 comes into force on 1^er January 2015.
The King may fix an effective date prior to that referred to in paragraph 1^er.
§ 3. Sections 178 to 195 and 201 come into force on 1^er May 2014.
§ 4. Articles 94 to 97 come into force on the tenth day following that of their publication to the Belgian Monitor.
For their current public offerings, however, registered cooperative companies have a period of two months from the entry into force of Article 95, 1°, in order to comply with the amended version of Article 18, § 1^er, a), the Act of 16 June 2006 relating to public tenders of investment instruments and admissions of trading instruments in regulated markets. For these current public offerings, these companies must comply with Article 18, § 3, paragraph 2, of the same Act no later than the day of expiry of this period.
Promulgation of this law, let us order that it be clothed with the seal of the State and published by the Belgian Monitor.
Given in Brussels on 25 April 2014.
PHILIPPE
By the King:
Minister of Finance,
K. GEENS
Deputy Prime Minister and Minister of Economy,
J. VANDE LANOTTE
Deputy Prime Minister and Minister of the Interior and Equal Opportunities,
Ms. J. MILQUET
The Minister of Justice,
Ms. A. TURTELBOOM
Seal of the state seal:
The Minister of Justice,
Ms. A. TURTELBOOM
____
Note
(1)House of Representatives (www.lachambre.be)
Documents: 53-3413
Full report: 3 April 2014.
Senate (www.senate.be)
Document: 5-2842
Project not referred to by the Senate: April 10, 2014.