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25 AVRIL 2014. - An Act to establish the mechanisms of a macroprudential policy and to specify specific missions to the National Bank of Belgium as part of its mission to contribute to the stability of the financial system (1)

PHILIPPE, King of the Belgians,
To all, present and to come, Hi.
The Chambers adopted and We sanction the following:
CHAPTER 1^er. - Opening arrangements
Article 1^er. This Act regulates a matter referred to in Article 78 of the Constitution.
Art. 2. The purpose of this Act is to implement the Recommendation of the European Committee on Systemic Risk (CERS/2011/3) of 22 December 2011 concerning the macroprudential mandate of national authorities.
CHAPTER 2. - Amendments to the Act of 22 February 1998 establishing the organic status of the National Bank of Belgium
Art. 3. Article 12 of the Act of 22 February 1998 establishing the organic status of the National Bank of Belgium is replaced by the following:
"Art. 12. § 1^er. The Bank contributes to the stability of the financial system. To this end, and in accordance with the provisions of Chapter IV/3, it shall, in particular, ensure the detection, assessment and monitoring of the various factors and developments that may affect the stability of the financial system, determine, through recommendations, the measures that the various authorities concerned should implement to contribute to the stability of the financial system as a whole, including by strengthening the robustness of the financial system, by preventing the occurrence of systemic risks and by limiting the systemic risks
The Bank shall, for all decisions and operations taken in the context of its contribution to the stability of the financial system, enjoy the same degree of independence as that enshrined in Article 130 of the Treaty on the Functioning of the European Union.
§ 2. The Bank may also be responsible for collecting statistical information or international cooperation related to any mission referred to in Article 10. "
Art. 4. Section 28 of the Act is replaced by the following:
"Art. 28. The Governor shall transmit to the President of the House of Representatives the annual report referred to in Article 284, paragraph 3, of the Treaty on the Functioning of the European Union, as well as an annual report on the Bank's prudential control missions of financial institutions and its missions relating to the contribution to the stability of the financial system referred to in Chapter IV/3. The Governor may be heard by the relevant committees of the House of Representatives at the request of these committees or on his own initiative.
However, communications under this section may not, because of their content or circumstances, pose a risk to the stability of the financial system. ".
Art. 5. In the same law, a Chapter IV/3, entitled "Missions of the Bank as part of the contribution to the stability of the financial system".
Art. 6. In Chapter IV/3, inserted by Article 5, it is inserted a Section 1^re "General provisions."
Art. 7. In section 1^re, inserted by Article 6, an article 36/32 is inserted as follows:
"Art. 36/32. § 1^er. The provisions of this Chapter specify certain tasks of the Bank and the relevant legal instruments within the framework of the contribution mission to the stability of the financial system referred to in Article 12, § 1^er.
§ 2. For the purposes of this Chapter:
1° "Stability of the financial system": a situation in which the probability of discontinuity or disruption of the operation of the financial system is low or, if such disruptions were to occur, their impact on the economy would be limited;
2° "national authorities": the Belgian authorities, whether they belong to the federal level or the Regions, which may, in the light of their respective competences, implement the recommendations of the Bank issued pursuant to this Chapter;
3° "MSU Regulation" : the Regulation (EU) Council No. 1024/2013 of 15 October 2013 entrusting the European Central Bank with specific missions related to prudential control policies of credit institutions;
4° "European supervisory authorities": the European Banking Authority established by Regulation (EU) No 1093/2010, the European Insurance and Pension Authority established by Regulation (EU) No 1094/2010 and the European Financial Market Authority established by Regulation (EU) No 1095/2010. ".
Art. 8. In Chapter IV/3, inserted by Article 5, a Section 2 entitled: "Detection and monitoring of factors that may affect the stability of the financial system".
Art. 9. In section 2, inserted by section 8, an article 36/33 is inserted as follows:
"Art. 36/33. § 1^er. The Bank is responsible for the detection, evaluation and monitoring of the various factors and developments that may affect the stability of the financial system, particularly in the context of an impairment of the robustness of the financial system or an accumulation of systemic risks. In this context, the Bank has access to any useful information on this mission.
§ 2. In particular, for the purposes referred to in paragraph 1^er, the Bank is authorized to:
1° use the information available to it under its other legal missions, as it arises or is specified by or under other legislation, including those governing the status and control of the financial institutions referred to in section 36/2 or control on a consolidated basis of those institutions;
2° use the prerogatives for access to information available to it under its other legal missions, as they result or are specified by or under other legislation, including those governing the status and control of the financial institutions referred to in section 36/2 or control on a consolidated basis of those institutions;
3° to request information relevant to the exercise of this mission to any private sector entity not subject to a control status under its jurisdiction, or, where appropriate, through the authorities to which these entities are responsible.
§ 3. Notwithstanding the professional secrecy regime to which they are subject, public sector entities, regardless of their level of autonomy, cooperate with the Bank to ensure that the Bank has all the information relevant to the performance of its mission under this section. For this purpose, this information is communicated to the Bank of Initiative or upon request of the Bank of Initiative.
§ 4. For the purposes of this Article, the Bank may also enter into collaborative agreements with the Regions, the European Central Bank, the European Systemic Risk Committee (ESC), the European Supervisory Authorities and the competent foreign authorities in the field of macroprudential surveillance and provide confidential information to these institutions. ".
Art. 10. In Chapter IV/3, inserted by Article 5, a Section 3 entitled "Adoption of legal instruments to contribute to the stability of the financial system".
Art. 11. In section 3, inserted by section 10, an article 36/34 is inserted as follows:
"Art. 36/34. § 1^er. Without prejudice to European directives and regulations, particularly with regard to the prerogatives of the European Central Bank in the field of banking supervision, including in the macroprudential domain, the Bank may, for macroprudential policy purposes, to contribute to the stability of the financial system, exercise all prerogatives, including regulations, provided by or under this Act or legislation governing the status and control of the financial institutions referred to in the consolidated regulations.
In addition to prerogatives referred to in paragraph 1^erthe Bank may, in order to contribute to the stability of the financial system, without prejudice to the competence conferred on the European Central Bank, use the following instruments with respect to financial institutions subject to its control:
1° the imposition of requirements for equity or liquidity complementary to, or more severe than, those prescribed by or under prudential legislation for all establishments or by class of establishments under its control;
2° the imposition, in the context of specific requirements of equity, of specific requirements according to the nature of the exhibitions or according to the value of the security rights received, or according to the sectors of activity or geographic area of which the debtors report, which are complementary to, or more severe than, those provided by or under prudential legislation, for all establishments or by class of establishments under its control;
3° the power to impose quantitative limits on exposures on the same counterpart or group of related counterparties, or on an area of activity or geographic area, which are complementary to, or more severe than, those provided by or under prudential legislation, for all establishments or by class of establishments under its control;
4° the imposition of limits on the total level of business activities under its control over their own funds (the clearance ratio) that are complementary to, or more severe than, those provided by or under prudential legislation for all establishments or by class of establishments under its control;
5° the imposition of conditions for the assessment of security rights in respect of credits for the verification of compliance with the solvency requirements provided by or under prudential legislation;
6° the imposition of a total or partial reserve of distribuable profits;
7° the imposition of rules for the valuation of assets different from those provided for in the accounting regulations for the requirements set out in or under prudential legislation;
8° the power to impose the publication of information, and to determine the terms and conditions, which are complementary to those provided for by or under prudential legislation, for all establishments or by category of establishments under its control;
9° the power to communicate on the measures adopted under this Article and their objectives, in accordance with the terms and conditions it determines.
§ 2. When measures adopted under paragraph 1^er, paragraph 2 are of general scope and therefore of a regulatory nature, their adoption requires respect for the royal approval procedure provided for in Article 12bis, § 2, paragraph 3.
§ 3. For the purposes of this Article, the Bank takes into account the recommendations issued by the European Systemic Risk Committee (ESC) as well as the positions or decisions of the European Commission and the European Central Bank, in particular, when the latter imposed additional requirements in equity or other measures to reduce systemic risk on credit institutions.
Before implementing the measures referred to in paragraph 1^er, the Bank informs the European Committee of Systemic Risk (CERS), the European Central Bank and, where appropriate, the European Monitoring Authorities and the European Commission of the concrete measures it intends to implement. Except as a matter of urgency and with the exception of specific deadlines provided by Community law for the implementation of legal instruments, the Bank waits, for a period not exceeding one month, for the reaction of the aforementioned institutions before the concrete implementation of the measures envisaged.
In addition, the Bank is required to take into account the objections made by the European Central Bank or, where appropriate, other European authorities when it comes to requiring credit institutions or groups to which they belong additional equity requirements or other measures to reduce systemic risks. ".
Art. 12. In Chapter IV/3, inserted by Article 5, a Section 4 entitled "Recommendations issued to contribute to the stability of the financial system".
Art. 13. In section 4, inserted by section 12, an article 36/35 is inserted as follows:
"Art. 36/35. The Bank, through recommendations, determines the measures that the national authorities concerned, the European Central Bank or other European authorities, each with respect to it, should adopt and implement in order to contribute to the stability of the financial system as a whole, including by strengthening the robustness of the financial system, preventing the occurrence of systemic risks and limiting the effects of possible disruptions.
The Bank monitors its recommendations by verifying their effective implementation, in particular by the national authorities concerned and assessing the effects of the measures taken to that effect.
In addition, the Bank ensures that this mission is consistent with those under community law, including the European Central Bank, in the area of prudential supervision of credit institutions, including in the macroprudential domain. ".
Art. 14. In the same section 4, an article 36/36 is inserted as follows:
"Art. 36/36. The Bank ' s recommendations are intended to contribute to the stability of the financial system. They take into account the recommendations adopted by the European Committee for Systemic Risk (CERS) and the positions or decisions of the European institutions including the European Commission and the European Central Bank. The recommendations are duly motivated and communicated confidentially to the national authorities called upon to implement them as well as to the European Committee for Systemic Risk (CERS) and the European Central Bank.
When it considers it necessary, the Bank may also send proposals to the European Central Bank or other European authorities as soon as the instruments to be implemented fall within the competence of the latter.
The Bank follows, within the time limits provided by Community law, the notifications made by the European Central Bank pursuant to section 5, paragraph 4 of the MSU Regulations, informing the Bank of its intention to raise the equity requirements for credit institutions or to adopt other measures to reduce systemic risk. Any objection to such a measure is duly motivated with respect to the European Central Bank. ".
Art. 15. In the same section 4, an article 36/37 is inserted as follows:
"Art. 36/37. Notwithstanding the application of sections 35 and 36/36 and without prejudice to paragraph 2, the Bank publishes its recommendations. She decided on the modalities of the publication.
Communications under this section may not, because of their content or circumstances, pose a risk to the stability of the financial system. ".
Art. 16. In the same section 4, an article 36/38 is inserted as follows:
"Art. 36/38. § 1^er. In the implementation of the Bank ' s recommendations in their areas of competence, national authorities may use all instruments, decision-making powers, regulatory and prerogative powers provided for by or under the laws and/or decrees governing their status and missions.
§ 2. In particular, the King may, by royal decree deliberated in the Council of Ministers and on the advice of the Bank, impose coefficients on the dispensators:
1° coverage providing a percentage of the value of a security right beyond which credit cannot be granted (loan to value ratio);
2° maximum overall indebtedness compared to the revenues available in the borrower's head.
The Bank's notice is not required where the measure adopted by the King pursuant to this paragraph is in all respects consistent with a recommendation of the Bank issued pursuant to section 36/35. ".
Art. 17. In the same section 4, an article 36/39 is inserted as follows:
"Art. 36/39. Without prejudice to the specific procedures provided by Community law, the national authorities under the federal state inform the Bank of the concrete measures they intend to implement to meet the recommendations of the Bank. The Bank shall promptly inform the European Committee on Systemic Risk (CERS), the European Central Bank and, where appropriate, the European Monitoring Authorities and the European Commission. Except as a matter of urgency and with the exception of the specific deadlines provided by Community law for the implementation of legal instruments, the authorities concerned are awaiting, for a period not exceeding one month from the date of communication to the Bank, the reaction of the aforementioned institutions before the concrete implementation of the measures envisaged. ".
Art. 18. In the same section 4, an article 36/40 is inserted as follows:
"Art. 36/40. In the event that the authorities concerned that fall within the federal state do not comply with the Bank's recommendations, they provide the Bank, by reason of their opinion, with the reasons that lead them to deviate from its recommendations. This reasoned notice accompanies the communication referred to in section 36/39.".
Art. 19. In the same section 4, an article 36/41 is inserted as follows:
"Art. 36/41. If the national authorities that fall within the federal state remain in default of adopting measures to implement the recommendations issued by the Bank pursuant to this Chapter within the possible time limit or, failing time, within two months of their notification or are in a situation referred to in Article 36/40, the King is empowered, by Royal Decree deliberated in the Council of Ministers, to take the measures referred to in Article 36/38^er. In this case, the procedure provided for in section 36/39 is applicable.".
Art. 20. In Chapter IV/3, inserted by Article 5, a Section 5 entitled "Finals, special provisions and sanctions".
Art. 21. In section 5, inserted by section 20, an article 36/42 is inserted as follows:
"Art. 36/42. As part of the adoption of the actions and measures taken pursuant to this Chapter, the Bank and the national authorities are working to contribute to the stability of the financial system as a whole, including by strengthening the robustness of the financial system and preventing the occurrence of systemic risks. ".
Art. 22. In the same section 5, an article 36/43 is inserted as follows:
"Art. 36/43. The Administration Advertising Act of 11 April 1994 is not applicable to the Bank as part of its mission under this Chapter, nor to national authorities as part of the implementation of the Bank's recommendations in accordance with this Chapter. ".
Art. 23. In the same section 5, an article 36/44 is inserted as follows:
"Art. 36/44. The Bank and national authorities, as well as members of their respective bodies and staff, shall not be liable for civil liability because of their acts or behaviour in the course of the measures and acts adopted under this Chapter, except in the case of dol or heavy misconduct. ".
Art. 24. In the same section 5, an article 36/46 is inserted as follows:
"Art. 36/46. Is punished by a fine of 50 to 10,000 euros, the person:
1° that, being required to provide available or readily accessible information under this Chapter or the measures taken for its implementation, does not meet its obligations;
2° opposing the Bank's research and findings under section 36/33;
3° that does not respect the measures imposed under this Chapter.
The provisions of Book I^er the Criminal Code, without exception of Chapter VII and Article 85, shall apply to offences punishable by this chapter. ".
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:
Deputy Prime Minister and Minister of the Interior
and Equal Opportunities,
Ms. J. MILQUET
Minister of Finance,
K. GEENS
Seal of the state seal:
The Minister of Justice,
Ms. A. TURTELBOOM
____
Note
House of Representatives (www.lachambre.be)
Documents: 53-3414
Full report: 3 April 2014.
Senate (www.senate.be)
Document: 5-2844
Project not referred to by the Senate: April 10, 2014.