Law On The Status And Control Of Credit Institutions (1)

Original Language Title: Loi relative au statut et au contrôle des établissements de crédit (1)

Read the untranslated law here: http://www.ejustice.just.fgov.be/cgi/article_body.pl?numac=2014003194&caller=list&article_lang=F&row_id=700&numero=782&pub_date=2014-05-07&dt=LOI&language=fr&fr=f&choix1=ET&choix2=ET&fromtab=+moftxt&trier=publication&sql=dt+=+'LOI'&tri=pd+AS+RANK+

Posted the: 2014-05-07 Numac: 2014003194 FEDERAL PUBLIC SERVICE finance and SERVICE PUBLIC FÉDÉRAL JUSTICE April 25, 2014. -Law on status and control of the business of credit (1) PHILIPPE, King of the Belgians, to all, present and to come, hi.
The Chambers have adopted and we endorse the following: book I scope - DEFINITIONS - general title Ier. -Scope of application Article 1.
§ 1. Articles 242, 15 ° to 19 ° and 296-310, 378 and 379 of the Act govern a matter referred to in article 77 of the Constitution.
The other provisions of this Act, including its Annexes, settle a matter referred to in article 78 of the Constitution.

§ 2. This Act is designed to address, for the purpose of protection of public savings and the strength and the proper functioning of the financial system, the establishment, activity, and control of the business of credit operating in Belgium.
In this regard, it states the mission of supervision of the National Bank of Belgium, as the national competent authority, within the unique monitoring mechanism.
This Act ensures the transposition of Directive 2013/36/EU and the partial transposition, restricted to credit institutions, of 2011/89/EU directive of the European Parliament and of the Council of 16 November 2011 amending Directives 98/78/EC, 2002/87/EC, 2006/48/EC and 2009/138/EC with regard to the supplementary supervision of financial conglomerates (directive "FICOD I") entities.
§ 3. Are defined as credit institution, Belgian or foreign companies whose business is to receive deposits of money or other repayable funds public and to grant credits for their own account.
S. 2. for the purposes of this Act, are not considered to be credit institutions: 1 ° the National Bank of Belgium, the Central Bank European and the public limited company bpost.
2 ° companies engaged in capitalisation operations governed by the law of 9 July 1975 on the supervision of insurance companies.
TITLE II. -Definitions art.
3. for the purposes of this Act and the orders and regulations for its execution, it has to be understood by: 1 ° the National Bank of Belgium, the Agency referred by the law of 22 February 1998 establishing the Organic Statute of the National Bank of Belgium, hereinafter designated "the Bank";
2 ° Regulation MSU, Regulation (EU) No. 1024/2013 October 15, 2013, giving the Central Bank Council European of specific missions related to the prudential supervision of credit institutions policies;
3 ° unique monitoring mechanism, the monitoring mechanism put in place by regulation MSU;
4 ° the supervisory authority, the Bank, or the European Central Bank according to the distribution of powers laid down by or pursuant to Regulation MSU in the control of credit institutions;
5 ° participating Member State, a Member State whose currency is the euro or a Member State whose currency is not the euro, but which has established closer cooperation within the meaning of article 7 of the regulation MSU;
6 ° non-participating Member State means a State Member whose currency is not the euro and which has not established closer cooperation within the meaning of article 7 of the regulation MSU;
7 ° directive 2013/36/EC, the directive of the European Parliament and of the Council of 26 June 2013 concerning access of credit institutions and the prudential supervision of credit institutions and investment firms amending directive 2002/87/EC and repealing directives 2006/48/EC and 2006/49/EC;
8 ° Regulation No. 575-2013, Regulation (EU) No. 575/2013 of the European Parliament and of the Council of June 26, 2013 on prudential requirements for credit institutions and investment firms and amending the Regulation (EU) No. 648/2012;
9 ° Member State means a State party to the agreement on the European economic area (EEA);
10 ° competent authority, a public authority or a body officially recognized by the national law of a Member State in application of Directive 2013/36/EU, who is entitled under this law to monitor credit institutions and business investment in the context of the surveillance system of that State and, where appropriate, the European Central Bank in respect of its skills in the context of the unique monitoring mechanism;
11 ° third country, a State which is not a party to the agreement on the European economic area;
12 ° third country authority, an authority in charge of the control of credit institutions and investment within a third country firms;
13 ° authority of supervision on consolidated basis, mothers in the EEA the competent authority responsible for supervision on a consolidated basis of credit institutions and credit institutions controlled by a parent financial holding company in the EEA or a parent mixed financial company in the EEA;
14 ° Regulation No 1093/2010, Regulation No. 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European supervisory authority (European banking authority), amending decision No 716/2009/EC and repealing decision 2009/78/EC of the Commission;
15 ° European banking authority, the European banking authority established by Regulation No. 1093/2010, below, also the "ABE";
16 ° Regulation No 1092/2010, Regulation (EU) no 1092/2010 of the European Parliament and of the Council of 24 November 2010 on macro-prudential oversight of the financial system in the European Union and establishing a European systemic risk Board.
17 ° ESRB, the European Committee of the systemic risk created by Regulation (EU) no 1092/2010;
18 ° stability of the financial system, a situation in which the likelihood of discontinuity or disruption of the functioning of the financial system is weak or, if such disruptions occur, their impact on the economy would be limited.
19 ° European authority of financial markets, the European authority of financial markets established by Regulation No. 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European supervisory authority (European financial markets authority), amending decision No 716/2009/EC and repealing decision 2009/77/EC of the Commission;
20 ° law of 2 August 2002, Act of 2 August 2002 on the supervision of the financial sector and financial services;
21 ° the authority of the financial services and markets, the Agency referred to in article 44 of the law of 2 August 2002, hereinafter "the FSMA";
22 ° guarantee fund, guarantee for financial services Fund established by section 3 of the royal decree of 14 November 2008 implementing the law of 15 October 2008 on measures promoting financial stability and establishing in particular an on the credits granted State guarantee and other operations carried out in the context of financial stability , in relation to the guarantee of financial services, and amending the law of 2 August 2002 on the supervision of the financial sector and financial services;
23 ° law of 22 February 1998, the law of 22 February 1998 establishing the Organic Statute of the National Bank of Belgium;
24 ° law of 6 April 1995, Act of 6 April 1995 on the status and control of investment firms;
25 ° financial instruments, the instruments referred to in article 2, paragraph 1, 1 °, of the law of 2 August 2002;
26 ° notions of control, participation, participation link, parent company, subsidiary and related undertakings, the meaning conferred on them by the orders for the implementation of article 106 § 1 of this Act;
27 ° ties: a) a situation in which there is a link of participation or b) a situation in which companies are affiliated undertakings or c) a similar relationship as the litterae) and b) above between a natural person and a legal entity;
28 ° qualified participation, detention, directly or indirectly, 10 per cent at least of the capital of a company or of the voting rights attached to the securities issued by such company, or possible to exercise a significant influence over the management of the company in which a holding subsists; the calculation of voting rights is in accordance with the provisions of the Act of 2 May 2007 on advertising of major holdings, as well as those of its orders of execution; It is not taken into account voting rights or shares held following the underwriting of financial instruments and/or placing of financial instruments with firm commitment, provided that, on the one hand, these rights are not exercised or otherwise used to intervene in the management of the issuer and, on the other hand, they are transferred within a period of one year after their acquisition;
29 ° systemically important credit institution, a credit institution referred to in article 12 of annex IV to this Act;
30 ° significant credit institution, a credit institution which meets one of the following conditions: a) a systemically important credit institution;
(b) establishment of credit whose balance sheet total exceeds EUR 3 billion.
The supervisory authority may decide that a credit institution meet the condition referred to in b) is not of the quality of credit institution of significant importance because of its size, its internal organisation as well as nature, magnitude, complexity and the cross-border nature of its activities
31 °

business insurance, a company referred to in article 2 § 1 of Act of 9 July 1975 on the control of insurance undertakings;
32 ° enterprise of reinsurance, a company referred to in article 3 of the Act of February 16, 2009 on reinsurance;
33 ° enterprise of investment, an investment firm within the meaning of article 44 of the law of 6 April 1995;
34 ° undertaking for collective investment, a collective investment undertaking within the meaning of article 3 (1) of the law of August 3, 2012 on undertakings for collective investment responding to the conditions of directive 2009/65/EC and to the investment in debt claims;
35 ° management company of undertakings for collective investment, a management company of undertakings for collective investment within the meaning of article 3, 12 ° of the law of August 3, 2012 on undertakings for collective investment responding to the conditions of directive 2009/65/EC and to the investment in debt claims;
36 ° organizations of alternative funds or "OPCA", undertakings for collective investment, including their investment compartments, a) which raise capital from a number of investors to invest them, according to an investment policy defined in the interests of these investors. and (b)) that do not meet the conditions of directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS);
37 ° Manager alternative mutual funds, a manager of alternative collective investment undertakings within the meaning of article 3, 13 ° of the law of April 19, 2014 on alternative collective investment undertakings and their managers, hereinafter also "Manager of OPCA";
38 ° financial holding company, a financial institution whose subsidiaries are exclusively or primarily one or more credit institutions or financial institutions, one at least of such subsidiaries being a credit institution, and which is not a mixed financial holding company;
39 ° mixed financial holding company, one parent undertaking, other than an undertaking regulated, which is at the head of a financial conglomerate;
40 ° mixed company, one parent undertaking, other than a credit institution, a financial holding company or a mixed financial company, which counts among its subsidiaries at least one credit institution;
41 ° financial institution, one undertaking other than a credit institution whose principal activity is to acquire holdings or to carry one or more of the activities referred to in points 2 to 12 and 15 of the list contained in article 4;
42 ° Enterprise regulated, a credit institution, an insurance undertaking, a reinsurance undertaking, an investment firm, a management company of undertakings for collective investment, an alternative investment fund manager;
43 ° insurance holding company, an insurance holding company within the meaning of article 91bis, 9 ° of the Act of 9 July 1975 on the control of insurance undertakings;
44 ° mixed activity insurance holding company, an insurance holding company mixed within the meaning of article 91bis, 10 ° of the Act of 9 July 1975 on the control of insurance undertakings;
45 ° executive member of the legal governing body, a member of the legal governing body involved in the effective management of the institution;
is an Executive Member, the Member of the legal governing body who is a member of the Executive Committee or who has been delegated the day-to-day management within the meaning of article 525 of the Code of corporations.
46 ° critical functions, activities, services or operations of a credit institution's including discontinuation is likely, in Belgium or in one or more other Member States, to cause disruption of essential services to the real economy or disrupt financial stability, due to the size of the market share, of the interdependence between internal and external, the complexity or cross-border activities of the credit institution or of the group which it belongs Special attention being given to the substitutability of these activities, services or operations.
47 ° independent control functions, internal audit function, the function of compliance (compliance) or the risk management function referred to in article 35;
48 ° regulatory capital requirements, the own funds requirements under article 92 of the Regulation n ° 575/2013;
49 ° funds own basis of category 1, additional equity category 1 and own funds for category 2, the components of regulatory own funds laid down in the second part, title I, chapters 2, 3 and 4 of Regulation No. 575/2013;
50 ° plan for relief, a plan developed by establishment of credit in accordance with section 108;
51 ° plan of resolution, a plan drawn up by the authority of resolution for a credit in accordance with article 226 institution;
52 ° resolution authority, the College's Bank resolution referred to in article 21B of the law of 22 February 1998;
53 ° solvability, the possibility for the authority of resolution to resolve the failure of a credit institution;
54 ° resolution instrument, the instrument of assignment of the activities, the establishment-relay instrument or instrument of separation of assets, as the case may be;
55 ° resolution, the application of an instrument for resolution to achieve one or more of the objectives set out in article 243;
56 ° measures of sanitation, measures intended to preserve or restore the financial situation of a credit institution and may affect pre-existing rights of third parties. For credit institutions referred to in book II, these measures are: a) to resolution and the powers of resolution instruments y related referred to in book II, title VIII;
(b) to the appointment of a special Commissioner referred to in article 236, § 1, 1 °;
(c) the suspension or banning of all or part of the business, referred to article 236, § 1, 4 °;
57 ° authorities of sanitation, the administrative or judicial authorities competent for remedial action. For credit institutions referred to in book II, these authorities are the authority of resolution and the supervisory authority with regard to their respective jurisdiction over sanitation measures;
58 ° Commissioner of sanitation, any person or body appointed by a sanitation authority to administer reorganisation measures;
59 ° winding-up proceedings, collective proceedings opened and monitored by the administrative or judicial authorities with the aim of realization of the property of a credit institution's under the supervision of these authorities. For credit institutions referred to in book II, such a procedure is bankruptcy governed by the law of 8 August 1997 on bankruptcy;
60 ° liquidation, the realisation of the assets of a credit institution's according to winding-up proceedings;
61 ° authorities of liquidation, the administrative or judicial authorities competent in winding-up proceedings.
For the credit institutions referred to in book II, such an authority corresponds to the tribunal de commerce with respect to its jurisdiction in bankruptcy;
62 ° liquidator, any person or body, including the trustee, appointed by a liquidation authority to administer winding-up proceedings;
63 ° strategic decision, a decision, therefore that it is significant and since then likely to impact more global setting where different functions of the credit institution would be affected or questioned as a result of such decision, regarding any investment, divestment, participation or relationship of cooperation policy of the institution, in particular, a decision of acquisition or constitution of another institution , establishment of a joint venture, establishment in another State, finding cooperation, contribution agreements or acquisition of a branch of activity, merger or split. The Bank, by means of regulations in accordance with article 12bis, paragraph 2 of the law of 22 February 1998, can clarify the decisions that are to be considered as strategic in the sense of this provision taking particular account of the risk profile and of the nature of the activities of the institutions. It publishes these details;
64 ° branch, a place of business which forms a dependent part of legal personality and which conducts directly, in whole or in part, the operations inherent in the business of credit institution; operating seats created in the same State by an institution with headquarters in another State are regarded as a single branch;
65 ° branch of significant importance, a reporting branch as having a significant importance in a Member State in accordance with article 51, paragraph 1 of Directive 2013/36/EC;
66 ° internalisateur systematic, a credit institution who organised, frequent and systematic basis, deals on own account by executing the client orders outside a regulated market or a multilateral trading system (MTF);
67 ° exceptional financial support from public authorities, any State aid, within the meaning of article 107, paragraph 1, of the Treaty on the functioning of the European Union, which is

granted to a credit institution to preserve or restore the viability, liquidity or solvency of the credit institution;
68 ° insured deposits, deposits and debt securities issued by a credit institution which are covered by the Belgian system of deposit protection referred to in article 380, to a maximum of the coverage level provided for in article 382;
69 ° eligible deposits, deposits which, under applicable European directive, are not excluded from any repayment by a system of guarantee of deposits due to their nature or the quality of the applicant;
70 ° day, a day that is not a Saturday or a Sunday, or a legal holiday.
S. 4. for mutual recognition organized by articles 86, 90 and 92, and book III, title I, are taken into account the following activities: 1) receipt of deposits or other repayable funds;
(2) loans including credit for consumption, mortgage credit, factoring, with or without recourse, and financing of commercial transactions (including forfeiting);
(3) leases;
(4) payment services within the meaning of article 4, 1 °, of the law of December 21, 2009 relating to the status of the payment and establishments of the electronic money institutions, the access to the activity of service provider payment, the activity of issuing electronic money and access to payment systems;
((5) issuing and administering of other means of payment (for example, travellers cheques, letters of credit) to the extent where this activity is not covered by point 4);
(6) granting of guarantees and commitments;
((7) transactions for the institution's own account or on behalf of its clients on: a) money market instruments (cheques, bills, certificates of deposit, etc.) b) c) the financial futures exchange markets and options d) instruments on currency or rate of interest e) securities;
(8) participation in securities issues and service y;
(9) business consulting in the structure of capital, industrial strategy and related questions and advice as well as services in the field of fusion and the acquisition of companies.
(10) intermediation on the interbank markets;
(11) management or wealth management advice;
(12) safekeeping and administration of securities;
(13) business information;
(14) rental of safes;
(15) issuance of electronic money.
When the 1st paragraph refers to financial instruments, services and activities referred to in article 46, 1 ° and 2 °, of the law of 6 April 1995 fall within the scope of the mutual recognition arrangements provided for in this Act.
TITLE III. -Reserved names, chapter I.
-Names of Art. credit institutions 5 can only make public use in Belgium of the terms "credit institution", "Bank", "Bank", "savings bank", "savings bank" or "Bank Securities" or more generally the terms referring to the status of credit institution, notably in their name, in the description of their purpose, in their titles, effects or documents in their advertising: 1 ° the credit institutions established in Belgium;
2 ° credit governed by the law of another Member State institutions operating in Belgium in accordance with article 313;
3 ° representation offices referred to in article 341;
4 ° credit institutions governed by the law of a third country which, without be established in Belgium, provide investment services on basis of the law of 6 April 1995 and its implementation orders.
However, 1 ° 1st paragraph is not applicable, in relation to the terms "Bank" and "Bank", the National Bank of Belgium, the Central Bank European and organizations in public international law of banking including a nature or more of the Member States are members;
2 ° 1st paragraph is not applicable in this with the terms "credit institution", "Bank", "savings bank", "savings bank" and "Bank Securities", under the right foreign and credit institutions authorized to perform banking operations in Belgium and who conduct public offers of investment instruments or admissions of investment instruments to trading on a regulated market within the meaning of the instruments Takeover Act of June 16, 2006 placement and admissions of investment instruments to trading on a regulated market, for the needs of the offers and admissions of investment instruments referred to above;
3 ° financial companies can also make use of the term "Bank" in the expression "bank holding company" or similar expressions, and mixed financial companies can, in turn, make use of the term "Bank" in the expression "bancassurance holding" or similar expressions.
In cases where there is a likelihood of confusion, the Bank may require credit under a foreign law institutions authorised user in Belgium of the terms referred to in paragraph 1, adding to their designation of an explanatory statement.
CHAPTER II. -Credit institutions authorized to issue of covered bonds art. 6 § 1. The names "covered Belgian bond" and "Belgische covered bond" may be used only for securities issued pursuant to the provisions of book II, title II, Chapter 4, Section 3.
§ 2. Names 'Belgian pledge letter' and "Belgische pandbrief" can be used for titles that meet the conditions laid down under article 2 § 1 of annex III.
Book II of law Belgian title I: CREDIT institutions. -From access to the chapter I: activity. -The approval Section Ire.
-Obligation of approval s. 7 of credit institutions under Belgian law that intend to exercise their activity in Belgium are required, before starting their operations, to accept, regardless of the other places for the exercise of their activities.
Section II. -Procedure art.
8. the application for approval is submitted to the Bank, accompanied by an administrative file meets the conditions laid down by the supervisory authority and which are particularly indicated in the programme of activities, in particular the kind and the volume of proposed transactions as well as the structure of the Organization of the institution and its ties with other people. Applicants must provide all information necessary for the assessment of their application.
The supervisory authority lays down the conditions referred to in paragraph 1 taking into account the conditions imposed by the FSMA with respect to the Organization and the procedures which it ensures the control in accordance with article 45, § 1, paragraph 1, 3 °, and § 2 of the law of 2 August 2002.
S. 9. the applicant communicates to the Bank the identity of the natural or legal persons who, directly or indirectly, acting alone or in concert with others, have a qualifying, in the capital of the credit institution conferring the right to vote or not. The communication must indicate the haircuts of the capital and voting rights held by these people. Absence of qualifying, the communication focuses on the identity of the twenty principal shareholders and their percentage in the capital.
S. 10. the Bank consults the FSMA before deciding on the application for approval requested by an institution that is either the subsidiary of a company's portfolio management and investment advice, a manager of OPCA or a Belgian law collective investment management company, is the subsidiary of the parent undertaking of a management company portfolio and investment advice a manager of OPCA or a Belgian law collective investment management company, is still controlled by the same natural or legal persons than those that control a company's portfolio and investment advisory, a manager of OPCA or a Belgian law collective investment management company.
When approval is sought by an institution which is a subsidiary of another credit institution, of an insurance undertaking, a reinsurance undertaking, of an investment firm, a manager of OPCA or a collective investment management company, approved in accordance with the law of another Member State, the subsidiary of the parent of another credit institution undertaking of an insurance undertaking , a reinsurance undertaking, to an investment firm, a handler of OPCA or a collective investment management company, authorised in accordance with the law of another Member State, is still controlled by the same natural or legal persons than those that control another credit institution, an insurance undertaking, a reinsurance, an investment firm undertaking, a manager of OPCA or a collective investment management company approved in accordance with the law of another Member State, before deciding on the request, the Bank shall consult the competent authorities of those other Member States that control of credit institutions, insurance undertakings, reinsurance undertakings, investment firms, OPCA managers or management of undertakings for collective investment companies.
Similarly, the Bank consults before authorities referred to paragraph 1 or paragraph 2, for the purpose of assessing qualifications

shareholders and leaders in accordance with articles 18 and 19, where the shareholder is a company referred to in paragraph 1erou to in paragraph 2 and that the person involved in the management of the credit institution takes part also in the direction of one of the companies referred to in paragraph 1 or paragraph 2. These authorities shall communicate to each other all information useful for the assessment of the qualifications of shareholders and persons participating in the direction referred to in this paragraph.
S. 11 § 1.
The supervisory authority decides on the application for approval on the advice of the FSMA with respect: 1 ° the adequacy of the Organization of the credit institution, including its policy of integrity, as referred to in articles 21 to 42, in terms of compliance with the rules referred to in article 45, § 1, paragraph 1, 3 °, and § 2, of the law of 2 August 2002;
2 ° the integrity of professional persons referred to be members of the legal administration of the credit institution, of the Executive Committee or, in the absence of Management Committee, persons called upon to be responsible for the effective management, as well as people called to be responsible for the control functions independent, if these persons are proposed for the first time for such a function in a company under the control of the control by application of the MSU regulation authority or Article 36/2 of the law of 22 February 1998.
The FSMA makes its opinion on the above issues within a period of fourteen days from the receipt of the dossier referred to in article 8, which was transmitted by the Bank, and at the latest within one month of receipt of the request for an opinion. The absence of notice within that period is considered to be a positive opinion. However, before the expiration of the period of one month, the FSMA may inform the Bank that it will communicate its opinion more than within 15 days following expiry of the time limit.
§ 2. If the Bank does not take account of the opinion of the FSMA on issues referred to in paragraph 1, paragraph 1, it shall state this and the reasons mentioned in the grounds of the decision on the application for approval. The abovementioned opinion of the FSMA on item 1 ° of paragraph 1, subparagraph 1 is attached to the notification of the decision on the application for approval.
S.
12. the Bank authorised credit institutions meeting the conditions laid down in chapter II. It rules on the application within six months of the introduction of the complete dossier and, at the latest, within twelve months of receipt of the request.
The Bank may for the sound and prudent management match the approval of requirements for the exercise of some of the planned activities.
Without exceeding the time limits referred to in paragraph 1, approval decisions are notified to applicants within fifteen days by registered letter with acknowledgement of receipt or mail.
S.
13. where a credit institution is authorized, the Bank puts at the disposal of the FSMA, allowing him to exercise the powers referred to in article 45, § 1, 3 °, and § 2, of the law of 2 August 2002, the information referred to in article 8, and any changes to such information.
S. 14. the supervisory authorities shall establish a list of credit institutions that are authorised under this book. This list so that the annex referred to in paragraph 2 and any changes that are made are published on their website and notified to the banking authority European.
The list is attached to the reference to financial companies and mixed financial companies referred to in article 218. This annex and any changes that are made are published on the website of the supervisory authorities and notified in accordance with article 218, paragraph 2.
CHAPTER II. -Conditions of approval Section Ire. -General art. 15. in addition to the conditions laid down in this chapter, the supervisory authority also takes into account the ability of the establishment applicant to meet the conditions for the exercise of the activity referred to in title II and to achieve its objectives of development in the conditions that require the proper functioning of the banking and financial system and the safety of depositors.
Section II. -Shape member s. 16. the credit institutions of Belgian law must be made in the form of a commercial company, with the exception of the form of Société privée à responsabilité limitée incorporated by a single person.
Section III. -Capital initial s. 17. the approval is conditional on the existence of a capital of 6 200 000 euros at least.
The capital shall be fully released to the minimum amount set by the 1st paragraph.
In the case of pre-existence of the company applicant, share premium, reserves and the result referred to the excluding revaluation gains, includes capital. However, it only must amount to 2 500 000 euros at least and be released up to this amount.
Section IV.
-Owners of capital art. 18. the approval shall be refused if the supervisory authority has grounds for considering that the natural or legal persons referred to in article 9 do not have the necessary qualities to ensure a sound and prudent management of the credit institution.
The assessment of the qualifications necessary to ensure a healthy and prudent management of the credit institution is done against the following criteria: has) the integrity of the natural persons or legal entities referred to in article 9;
b) professional repute and the expertise of any person referred to in article 19, that will ensure the direction of the activities of the credit institution;
(c) the financial soundness of the natural persons or legal entities referred to in article 9, the especially in light of the type of activities performed and envisaged in the credit institution;
(d) the capacity of the establishment of credit to meet and continue to meet the prudential requirements arising from this Act and regulations made in pursuance thereof as well as of the Regulation No. 575-2013, in particular point whether the group to which it belongs has a structure that allows effective monitoring, actually exchange of information between the competent authorities and to determine the sharing of responsibilities among the competent authorities;
e) the existence of reasonable grounds to suspect that a transaction or an attempted transaction of laundering of capital and financing of terrorism is in progress or has been committed in the head of the natural persons or legal entities referred to in article 9 or that their capacity as shareholder of the credit institution may increase the risk.
Section V. - leaders articles 19 § 1.
Members of the legal governing body of credit institutions, the persons responsible for the effective management and the heads of the independent control functions are only natural persons.
The persons referred to in paragraph 1 must have permanently the professional repute and expertise appropriate to the exercise of their function.
§ 2. Effective management of credit institutions should be entrusted to two persons at least.
S. 20 § 1. Cannot perform the duties of the legal governing body member, person responsible for the effective management or head of an independent oversight function, persons who have been convicted: 1 ° a penalty for an offence by order royal n ° 22 of 24 October 1934 concerning the judicial prohibition certain convicted offenders and bankrupts from exercising certain professions or activities;
2 ° to a sentence for offence: a) in article 348 of the Act;
(b) in articles 42 to 45 of royal decree No. 185 of 9 July 1935 on the supervision of banks and the system of emission of securities or in article 104 of the law of 22 March 1993 on the status and control of credit institutions;
(c) in sections 31 to 35 of the provisions relating to the control of the savings banks private, coordinated on June 23, 1967;
(d) in articles 13 to 16 of the Act of June 10, 1964, on the public offerings;
(e) in articles 100 112ter of title V of book I of the Code of commerce or in articles 75, 76, 78, 150, 175, 176, 213 and 214 of the law of 4 December 1990 on financial transactions and financial markets;
(f) in article 4 of the royal decree No. 41 of December 15, 1934, protecting the savings by the regulation of the time values to lots of sale;
(g) in articles 18 to 23 of the royal decree No. 43 of 15 December 1934 on the control of companies by capitalization;
(h) in articles 200 to 209 of the laws on commercial companies coordinated on 30 November 1935.
(i) in articles 67 to 72 of the royal decree No. 225 of 7 January 1936 regulating mortgages and organizing the control businesses of mortgages, article 34 of the law of 4 August 1992 on mortgage credit or in articles XV.87, 3 °, XV.90, 18 ° and 19 °, XV.91, XV.126 and XV.126/1 of book XV of the Code of economic law.
(j) in articles 4 and 5 of the royal decree No. 71 of November 30, 1939 on the hawking of securities and soliciting on securities and goods and foodstuffs;
(k) in article 31 of the royal decree No. 72 of November 30, 1939, regulating exchanges and futures and commodities markets, the profession of brokers and intermediaries involved in these markets and the exception of game plan;
(l) in article 29 of the Act of 9 July 1957 regulating instalment sales

and their financing, in article 101, the Act of 12 June 1991 credit for consumption or to articles XV.87, 2 °, XV.90, 1 ° to 16 °, XV.91, XV.126 and XV.126/1 of book XV of the Code of economic law;
(m) in article 11 of the royal decree No. 64 of 10 November 1967 organizing the status of portfolio companies.
(n) in articles 53 to 57 of the Act of 9 July 1975 on the control of insurance undertakings;
(o) in articles 11, 15, § 4, and 18 of the Act of 2 March 1989 on advertising of major holdings in companies listed on the stock exchange and regulating takeover bids;
(p) in section 139 of the Act of 25 June 1992 on terrestrial insurance contract;
(q) in article 15 of the law of 27 March 1995 on insurance and reinsurance intermediation and the distribution of insurance;
(r) in articles 148 and 149 of Act of 6 April 1995 on the status and control of investment firms;
(s) 788 sections 345 to 349, 387-389, 433, 434, 647-653, 773, 872, 873, 946 and 948 of the Code of corporations.
(t) in sections 38 to 43 of the law of 2 August 2002;
(u) in section 25 of Act of 22 April 2003 on public offers of securities;
(v) in articles 286-292 of the law of August 3, 2012 on certain forms of collective management of investment portfolios, in relation to undertakings for collective investment which meet the conditions of the directive 2009/65/EC and investment in debt claims;
w) article 14 of law of 14 December 2005 abolishing bearer securities;
(x) in articles 151 to 153 of the Act of 27 October 2006 on the monitoring of the institutions for occupational retirement provision;
(y) in article 69 of the law of 16 June 2006 on public offers of investment instruments and admission of investment instruments to trading on markets regulated;
(z) in article 21 of the law of 22 March 2006 on intermediation in banking and investment services and the distribution of financial instruments;
z/1) in article 38 of the Act of April 1, 2007 relating to the takeover bids;
z/2) in article 26 of the law of May 2, 2007 on advertising of major holdings in issuers whose shares are admitted to trading on a regulated market various provisions;
z/3) section 75 of the Act of February 16, 2009 on reinsurance;
z/4) in articles 368-375 of the Act of April 19, 2014 alternative collective investment undertakings and their managers;
3 ° to an administrative penalty imposed by the Bank or the FSMA for breach: has) to the articles referred to in article 348 of the Act;
(b) referred to in article 40 of the law of 11 January 1993 on the prevention of the use of the financial system for the purpose of laundering of capital and financing of terrorism;
(c) in sections 25 and 86bis of the law of 2 August 2002;
4 ° any jurisdiction or authority, if any administrative, foreign for an offence or breach of similar to those provided for in 1 °, 2 ° and 3 °.
The King may adapt the provisions of this paragraph to put them in accordance with the laws that modify the texts listed there.
§ 2. The prohibitions referred to in paragraph 1 have a duration) of twenty years for more than twelve months imprisonment;
(b) of ten years for the other sentences of imprisonment or fine as well as conviction with a reprieve.
Section VI. -Organization subsection Ire. -Principles General s. 21 § 1. Any credit institution must have a device to solid and adequate organization, including monitoring, to ensure an effective and prudent management of the institution, based inter alia on: 1 ° a based adequate management structure, at the highest level, on a clear distinction between the senior management of the institution on the one hand, and control over this direction on the other hand , and providing, within the establishment, adequate separation of functions and a device of allocation of responsibilities that is well-defined, transparent and consistent.
2 ° an administrative and accounting organization and an adequate internal control, involving a control system providing a reasonable degree of certainty about the reliability of the financial reporting process;
3 ° of effective procedures for the identification, measurement, management, monitoring and reporting internal risks to which the institution is likely to be exposed, including the prevention of conflicts of interest;
4 ° of the functions of internal audit, risk management and compliance (compliance) independent proper;
5 ° a proper integrity policy;
6 ° a considerate policy of remuneration ensuring sound and effective risk management taking risks exceeding the tolerance level set by the institution;
7 ° of the mechanisms of control and safety in the computer field appropriate to the activities of the institution;
8 ° an adequate warning system internal including a transmission mode specific, independent and autonomous, breaches the standards and codes of conduct of the institution;
9 ° the establishment of adequate measures of continuity of activity to ensure the maintenance of critical functions or their recovery as soon as possible and, without prejudice to the requirements for services and investment activities, the recovery within a reasonable time of the provision of regular services and the performance of normal activities.
§ 2. The organizational devices referred to in paragraph 1 are comprehensive in nature and are appropriate to the nature, scale and complexity of the risks inherent in the business model and the activities of the establishment.

§ 3. Each credit institution establishes a governance memorandum that includes to the institution concerned and, where appropriate, the group or subgroup is the umbrella parent company, all of the internal organization device referred to in paragraph 1.
If the fact credit institution belongs to a group subject to the control of the supervisory authority, the memorandum prepared at the level of the credit institution may be part of the memorandum of this group.
§
4. The provisions of sections II to V, articles 67 to 70 and Annexes I and II shall specify, in particular areas, the scope of the General obligations referred to in paragraphs 1 and 2.
S. 22. If there are close links between the credit institution and other natural or legal persons, or if the credit institution is part of a group, these links or the legal structure of the Group may hinder the exercise of individual prudential control or of the establishment on consolidated basis.
If the credit institution has close links with a physical or legal person under the law of a third country, the laws, regulations and administrative provisions applicable to that person or their implementation may not hinder the exercise of individual prudential control or of the establishment on consolidated basis.
Subsection II. -Bodies members art.
23. the legal Board has the overall responsibility of the credit institution.
To this end, the legal governing body sets and oversees, including 1 ° the strategy and objectives of the institution;
2 ° the policy risks, including the level of tolerance for risk referred to in article 57.
The legal governing body approves the governance memorandum of establishment of credit referred to in article 21, § 3.
S. 24 § 1. Credit institutions in the form of joint stock company set up a Steering Committee within the meaning of article 524bis of the Code of corporations composed exclusively of members of the Governing Council, at which all of the powers of management of the Board of Directors are delegated. However, this delegation cannot wear or on the determination of the policy, or the acts reserved to the Board of directors by the other provisions of the Code of corporations or by this Act.
§ 2. The Board has a majority of directors who are not members of the Executive Committee.
§ 3. The functions of Chairman of the Board of Directors and Chairman of the Executive Committee are performed by different people.

§ 4. The daily management referred to in article 525 of the Code of corporations cannot be entrusted to a non-executive member of the Board of Directors.
S. 25 § 1.
The statutes of institutions of credit established under a another form of Société anonyme shall require the establishment, within the body of legal administration, of a body, exclusively composed of members of the legal administration body, referred to as the "Steering Committee", which are delegated all the powers of management of the body of legal administration excluding the determination of the general policy, acts reserved to the body of legal administration in the Code of corporations or by this Act.
§ 2. The legal Board has a majority of members who are not members of the Management Committee referred to in paragraph 1.
§ 3. The functions of president of the legal Board of Directors and Chairman of the Executive Committee are performed by different people.
§ 4. The daily management, when it is provided for by the Code of corporations for the corporate form concerned, cannot be entrusted to a non-executive member of the legal governing body.

S. 26. the supervisory authority may, depending on the size and profile of risks of a credit institution, allow him to waive, in whole or in part, the obligations laid down in articles 24 and 25.
The derogation may include: 1 ° on the requirement to establish a Steering Committee, without prejudice to respect for article 19, § 2;
2 ° on the composition of the Executive Committee, authorising that are members of persons who are not members of the legal governing body; in this case, articles 19, 20 and 60 as well as 14 to 18 of annex II are applicable;
3 ° on an overlapping of functions of Chairman of the Committee of management and Chairman of the statutory governing body.
Sub-section III. -Setting up of committees within the legal governing body art. 27. without prejudice to the tasks of the legal Board, credit institutions are, in this body, the following committees: 1 ° an audit committee;
2 ° a risk Committee;
3 ° a remuneration Committee;
4 ° a Nominating Committee, exclusively composed of members of the legal Board of directors who are not executive members and including at least one Member is independent within the meaning of article 526ter of the companies Code, a member may not serve for more than two of the above committees.
S. 28 § 1. In addition to the requirements laid down in article 27, members of the audit committee have collective competence in the field of activities of the establishment of credit and accounting and audit, and at least one member of the audit committee is competent in accounting and/or auditing.

§ 2. The audit committee is the least responsible for the following tasks: 1 ° monitoring the financial reporting process;
2 ° monitoring the effectiveness of the systems of internal control and management of the risk of the credit institution;
3 ° followed by internal audit and its activities;
4 ° monitoring the statutory audit of annual accounts and consolidated accounts, including follow-up questions and recommendations made by the Commissioner approved;
5 ° review and monitoring the independence of the Auditor, in particular for the provision of additional services to the credit institution or a person with whom he had a close relationship.
The audit committee reports regularly to the legal body governing the exercise of its tasks, at least during the establishment of annual and consolidated accounts and periodic reports referred to in article 106 respectively sent by the credit at the end of the financial year and at the end of the first half of social institution.
The Bank may, by regulation made in accordance with article 12bis, paragraph 2, of the law of 22 February 1998, specify and complement points of technical items listed in the list contained in this paragraph.

§ 3. The Commissioner approved: 1 ° shall communicate annually to the audit committee any additional services provided to the credit institution and the companies with which the credit institution has a close connection;
2 ° examines with the audit committee the risks to its independence and safeguard measures to mitigate these risks, recorded by him;
3 ° confirms annually his independence to the audit compared the credit institution Committee.
S.
29 § 1. Members of the risk Committee individually have knowledge, skills, experience and skills to enable them to understand and apprehend the strategy and the level of tolerance at the risk of the establishment.
§
2. The risk Committee advises the legal governing body for aspects of the strategy and the level of tolerance for risk, both present and future. He assists the legal governing body when it oversees the implementation of this strategy by the Executive Committee.
The Committee risks ensures that the prices of the assets and liabilities and categories of products off-balance sheet offered to customers, take account of the risk incurred by the institution in its model of enterprise and its strategy risks, including the risks, in particular reputation, which may result from the types of products offered to the customer. It presents a plan of action to the legal governing body when this is not the case.
§ 3. Without prejudice to the notification referred to in article 57, paragraph 3, the Committee risks determines the nature, volume, form and frequency of information concerning risks to transmit. It has a direct access to the risk of the facility management function and external expert advice.

§ 4. In order to promote practices and sound remuneration policies, the risk Committee, without prejudice to the duties of the remuneration Committee, examine whether the incentives provided by the pay system take account of appropriate means of control of risk, equity and the position of liquidity of the institution needs, as well as the likelihood and the staggering in time of profits.
S. 30 § 1. The remuneration Committee is composed of way to enable him to exercise a relevant and independent judgement on the policies and practices of remuneration and incentives created under the control of risks, needs capital and liquidity position.
§ 2. Remuneration Committee shall issue an opinion on the remuneration policy to be adopted by the legal governing body as well as any change that is made.
§ 3. The remuneration Committee is responsible for preparing decisions on remuneration, including those that have an impact on risk and risk management in the credit institution concerned and on which the legal governing body is called upon to determine. During the preparation of these decisions, the remuneration Committee takes into account long term shareholders, investors and other stakeholders interests the establishment of credit as well as the public interest.
1 paragraph is also apply to decisions concerning the remuneration of the persons in charge of the independent control functions. The remuneration Committee ensures, in addition, a direct supervision in what concerns remuneration allocated to officials of the independent control functions.
S.
31 § 1. The Nominating Committee is composed so as to enable him to exercise a relevant and independent judgement on the composition and the functioning of the organs of administration and management of the institution, in particular on individual and collective expertise of their members and on the integrity, reputation, independence of mind and availability thereof.

§ 2. The Nominating Committee: 1 ° identified and recommended for approval by the General Assembly or, where appropriate, by the legal governing body, suitable candidates to occupy the vacancies within the statutory Governing Body assesses the balance of knowledge, skills, diversity and experience within the legal administration body, develops a description missions and skills related to a particular appointment and assesses the time to devote to these functions.
Fixed Nominating Committee also an objective to be achieved in what concerns the representation of the sex under-represented in the legal governing body and develops a policy designed to increase the number of representatives of this sex in order to achieve this objective. The purpose and plan, as well as the modalities of its implementation are made public in accordance with article 435, paragraph 2, point c) Regulation No. 575/2013;
2 ° assesses periodically, and at least once a year, the structure, the size, the composition and performance of the legal governing body and shall submit recommendations with regard to possible changes;
3 ° assesses periodically, and at least once a year, the knowledge, the skills, the experience, the degree of involvement, including attendance, members of the legal governing body, both individually as collectively, and be accountable to that body;
4 ° periodically review policies to the legal selection and appointment of the Executive members of the administrative organ, and makes recommendations to the legal governing body.
In the exercise of its powers, the Nominating Committee shall ensure that decision-making within the statutory governing body is not dominated by one person or a small group of people, in a manner that is prejudicial to the interests of the institution as a whole.
The Nominating Committee may use any type of resource that it considers as being appropriate to the exercise of his mission, including external advice, and receives the financial means appropriate for this purpose.
S.
32. articles 27, 28 and 30 are without prejudice to the provisions of the companies Code relating to the audit committee and the remuneration Committee in listed companies within the meaning of article 4 of this Code.
S.
33 § 1. Credit institutions which are not of significant importance are provided to establish, within their statutory governing body, the two committees referred to in articles 30 and 31. Those who are not of significant importance in application of article 3, 30 °, b), may, in addition, provide that a single Committee ensures the tasks assigned to the committees referred to the

articles 28 and 29.
§ 2. The supervisory authority may, in respect of credit institutions which are subsidiaries or sub-subsidiaries of a mixed financial holding company, of an insurance holding company, a financial company, of another credit institution, of an insurance undertaking, reinsurance undertaking, investment firm or a collective investment management company, grant, in whole or in part, on the derogations from the provisions of this subsection and set specific conditions on the granting of these derogations provided that have formed within groups or subgroups involved one or more of the committees within the meaning of sections 28 to 31 whose powers extend to the credit institution and meet the requirements of this Act.
S. 34 if, in application of article 33, § 1 the committees referred to in articles 30 and 31 are not incorporated, the functions assigned to these committees must then be exercised by the legal governing body as a whole. When a derogation granted in accordance with article 26, the president of the legal Board of Directors is an Executive Member, he presided not over the legal governing body when it acts as one of the committees referred to in article 27.
Sub-section IV. -Operational independent control functions art. 35 § 1. Credit institutions take the necessary measures for the independent control functions permanently available suitable following: has) compliance (compliance);
(b) risk management;
(c) internal audit, which people who ensure the exercise are independent operational units of the establishment with the powers necessary for the proper performance of their duties. The remuneration of these persons is set according to the achievement of the objectives related to their functions, regardless of the performance of the controlled areas.
§ 2. In its assessment of the adequacy of the functions referred to in paragraph 1, the supervisory authority takes into account the provisions of article 21, § 2.
S. 36 § 1. Credit institutions have a function of compliance (compliance) to ensure compliance by the establishment, members of its legal governing body, its senior managers, its employees, its agents and tied agents, legal and regulatory rules of integrity and conduct that apply to banking activity.
Paragraph 1 does not prejudice the provisions of article 87bis of the law of 2 August 2002.
§ 2. People who perform the function of compliance (compliance) shall report to INCB legal administration at least once per year.
S. 37 § 1. Credit institutions have a proper, independent risk management function operational functions and has an authority, status and sufficient resources, and direct access to the legal governing body.
§ 2. People who perform the function of risk management shall ensure that all significant risks are detected, measured and properly reported. They are actively involved in the development of the strategy for the risk of the establishment as well as all decisions having a significant impact on risk management and can provide a comprehensive view of the range of risks to which the institution is exposed.
§
3. The risk management function is headed by a member of the Executive Committee which is the only particular function for which he is individually responsible. Where the credit institution is not of significant importance within the meaning of article 3, 30 °, the supervisory authority may authorize a member of the staff of the establishment part of the senior assumes this function provided that there is no conflict of interest in his head.
By way of derogation from paragraph 1, first sentence, the supervisory authority may, with a view to strengthen the autonomy and independence of the functions of management risk and compliance (compliance) referred to in article 36, allow the Member of management responsible for the function of risk management committee ensures also the responsibility of the compliance function, provided that the exercise of the functions concerned remains assured distinctly.
S. 38. management functions responsible for risk and compliance (compliance) can go directly into account, where appropriate via the Committee on risks to the body of legal administration, without reference to the Executive Committee, and may submit concerns and warn him, where appropriate, in the event of changing risks affecting or likely to affect the establishment, including harm to its reputation.
Paragraph 1 does not prejudice the responsibilities of the legal governing body under this Act and the regulations No. 575/2013.
S. 39 § 1.
Credit institutions guarantee in a Charter of audit, at least, the independence of the internal audit function and the scope of its missions in any activity and entity of the establishment, including in the event of subcontracting.
§ 2. The internal audit function is to provide the legal governing body and Executive Committee an independent assessment of the quality and efficiency of the internal control, management of risks and governance of the credit institution.
§ 3. The internal audit function reports directly to the legal body of Directors, where appropriate via the audit committee, with information from the Steering Committee.
S.
40. the Bank may, without prejudice to the provisions of articles 35 to 39, specify, by regulation made under article 12bis, paragraph 2 of the law of 22 February 1998, that there is reason to hear by adequate management structure, internal control adequate, adequate independent internal audit function, management of adequate independent risks and, on the advice of the FSMA , function of compliance (compliance) independent, and develop more specific rules in accordance with the European regulations.
Section V. - Specific organization related to the provision of services of investment art. 41 § 1. Credit institutions shall establish policies and procedures to ensure compliance by the establishment, its directors, its senior managers, its employees, its agents and tied agents, legal provisions on services and investment activities.
They develop appropriate rules applicable to personal, direct and indirect transactions, carried out on financial instruments by the persons referred to in paragraph 1.
§ 2. The King, on the advice of the FSMA and the Bank, specifies the rules and obligations referred to in paragraph 1. These rules and obligations may in particular relate to:-the subjects to which these rules and obligations are applicable;
-personal transactions that are deemed contrary to the law;
-the modalities according to which the persons concerned are required to notify their personal transactions to the credit institution;
-the way in which credit institutions must keep a record of personal transactions.
S. 42 § 1. Credit institutions take organizational and administrative measures to prevent conflicts of interest relating to services and investment activities and occurring between the institution, its directors, its senior managers, its employees and its agents and tied agents, or any undertaking which it is linked, firstly, and its clients, on the other hand, or between clients themselves, are affecting the interests of the latter.
§
2. The King, on the advice of the FSMA and the Bank, specifies the rules and obligations in this area. These rules and obligations may in particular relate to organizational rules in order to prevent the occurrence of conflicts of interest, as well as when the credit institution produces and disseminates investment research work.
Section VII. -Administration central s.
43. the central administration of the credit institution must be established in Belgium.
Section VIII. -Protection of deposits art. 44. the credit institution must adhere to a collective system of deposit protection in accordance with article 380 of the Act.
TITLE II. -Conditions for the exercise of the activity, chapter I. -General art. 45. the credit institutions must at all times comply with the conditions laid down by or pursuant to sections 15 to 44 of this Act.
CHAPTER II. -Changes in the structure of capital art.
46. without prejudice to article 17 and act of 2 May 2007 on the disclosure of important shareholdings, any physical or legal person acting alone or in concert with others, who took the decision to acquire, directly or indirectly, a qualifying holding in a credit under Belgian law institution, is to carry out, directly or indirectly, to an increase of the qualifying holding in a credit under Belgian law institution in such a way that the proportion of voting or equity rights held reaches or exceeds the thresholds of 20%, 30% or 50% or that the credit institution would become his subsidiary, is required to notify in writing prior to the Bank the amount envisaged his participation and relevant information referred to in paragraph 2.

The Bank publishes on its website a list specifying the relevant information, proportionate and adapted to the nature of the proposed acquirer and the proposed acquisition, which are necessary to carry out the assessment and that must be communicated to him at the time of the notification referred to in paragraph 1.
S. 47. diligently, and in any event within a period of two working days after receipt of the notification and the information referred to in article 46, as well as following the possible subsequent receipt of the information referred to in paragraph 3, the Bank acknowledges receipt in writing to the proposed acquirer. The acknowledgement indicates the expiration of the evaluation period.
The evaluation period available to the Bank to carry out the assessment referred to in article 48 is maximum sixty working days from the date of the acknowledgement of receipt of the notification and all documents required on the basis of the list referred to in article 46, paragraph 2.
During the evaluation period, no later than the fiftieth working day of the assessment period, the Bank may request additional information necessary to carry out its assessment. This request is made in writing and specifies additional information necessary.
During the period between the date of the request for information by the Bank and the receipt of a response from the proposed acquirer to this request, the evaluation period is suspended.
This suspension cannot exceed 20 working days. The Bank may make, beyond the date limit determined in accordance with the preceding paragraph, to other applications to collect additional information or clarification, without these applications do however place a suspension of the evaluation period.
The Bank may wear the suspension referred to in paragraph 4, to 30 working days: a) if the proposed acquirer is established outside the European economic area, or reports of non-Community rules; or (b) if the proposed acquirer is a natural or legal person who is not subject to supervision under directives EU-36-2013 and 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of the laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) directive 2011/61/EU of the European Parliament and Council of June 8, 2011 on amending alternative investment fund managers directives 2003/41/EC and 2009/65/EC and regulations (EC) No 1060/2009 and (EU) No. 1095/2010, 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the access to the activities of insurance and reinsurance (Solvency II) exercise, or 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments.
S. 48. in proceeding with the assessment of the notification and the information referred to in article 46 and the additional information referred to in article 47, the Bank appreciates, in order to ensure sound and prudent management of the credit institution referred by the proposed acquisition and taking into account the likely influence of the proposed acquirer on the credit institution, the suitability of the proposed acquirer and the financial soundness of the proposed acquisition by applying all the criteria referred to in article 18 paragraph 2.
The Bank may, in the course of the evaluation period referred to in article 47, if opposition to the achievement of the acquisition if it has reasonable grounds to consider, on the basis of the criteria laid down in article 18, paragraph 2, that the acquirer does not the necessary qualities to ensure a sound and prudent management of the credit institution, or if the information provided by the proposed acquirer is incomplete.
If the Bank decides to oppose the proposed acquisition, at the end of the assessment, it shall notify in writing to the proposed acquirer, within a period of two working days, and not exceeding the assessment period. An appropriate statement of the reasons for the decision may be made available to the public at the request of the proposed acquirer.
If, at the end of the evaluation period, the Bank did not oppose the proposed acquisition, it is deemed approved.
The Bank may fix a maximum period for concluding the proposed acquisition and extend it where appropriate.
S. (49. the Bank performs the assessment referred to in article 48 in close consultation with other relevant authority, or, as appropriate, in consultation with the FSMA, if the proposed acquirer is: has) a credit institution, an insurance undertaking, a reinsurance undertaking, an investment firm, a manager of OPCA or a collective investment management company authorised under the law of another Member State , or, as appropriate, by the FSMA.
(b) the parent undertaking of a company with one of the qualifications referred to in the a);
c) a natural or legal person controlling a company with one of the qualifications referred to in the a).
To this end, the Bank Exchange any essential or relevant information for the evaluation as soon as possible, with these authorities. In this context, it communicates on request all relevant information, on its own initiative all essential information. In the cases referred to in paragraph 1, any decision of the Bank mentioned any notice or reservations expressed by the competent authority of the proposed acquirer or, where appropriate, by the FSMA.
S.
50. any natural or legal person who has taken the decision to stop holding, directly or indirectly, a qualifying holding in a credit institution shall notify in writing prior to the Bank and shall communicate the amount envisaged his participation. Such a person shall similarly notify the Bank its decision to reduce his qualifying holding so that the proportion of voting rights or owned capital shares fall below thresholds of 20%, 30% or 50%, or that the credit institution cease to be his subsidiary.
S. 51. in the case of forbearance to the notifications prescribed by articles 46 or 50 or in the event of acquisition or increase of participation despite the opposition referred to in article 48, the president of the tribunal de commerce in the jurisdiction of which the credit institution has its headquarters, acting as in interlocutory proceedings, may take the measures referred to in article 516, §§ 1 and 4 of the Code of corporations.
The procedure is initiated by citation from the Bank.
Article 516, § 3, of the Code of corporations is of application.
S.
52. without prejudice to article 17 and act of 2 May 2007 on the disclosure of important shareholdings, any physical or legal person acting alone or in concert with others, who has acquired, directly or indirectly, a stake in a Belgian credit institution, or who carried out, directly or indirectly, to an increase of its stake in a Belgian credit institution such as the proportion of voting or equity rights held reaches or exceeds 5% of the voting rights or capital, without so far holding a qualifying, is required to notify in writing to the Bank within a period of ten working days after the acquisition or the increase of the holding.
The same notification is required within a period of ten working days of any physical or legal person who has ceased to hold, directly or indirectly, alone or acting in concert with others, a participation of more than 5% of the capital or of the voting rights of a credit institution, which does not constitute a qualifying holding.
The notifications referred to in paragraphs 1 and 2 indicate the precise identity of the purchasers, the number of shares acquired or transferred, and the percentage of the rights to vote and subsequently detained credit institution capital acquisition or transfer, as well as the necessary information the list is published by the Bank on its website in accordance with article 48 paragraph 2.
S. 53. credit institutions shall notify the Bank as soon as they have knowledge, acquisitions or dispositions of their securities or shares which brings to the top or below any of the thresholds referred to in article 46.
Similarly, they shall forthwith communicate to the Bank all information of which they have knowledge, affect the status of their shareholders or related assessment criteria referred to in article 18, paragraph 2. The same obligation to provide information is the responsibility of the persons referred to in article 9.
In the same conditions and at least once a year, they communicate to the Bank the identity of shareholders or partners who have, directly or indirectly, acting alone or in concert, participations in their capital, as well as the proportion of the capital and thus held voting rights. They communicate the same to the Bank the proportion of shares and voting rights y related whose acquisition or disposition them is declared in accordance with article 515 of the Code of corporations in cases where the statutes do not prescribe their declaration to the Bank.
S. 54. when the Bank has grounds for considering that the influence exerted by a natural or legal person owning, directly or indirectly, a qualifying holding in a credit institution is likely to endanger its sound and prudent management, and without prejudice to the other measures provided for by the present

law, it may: 1 ° suspend the exercise of the voting rights attached to shares held by the shareholder or the shareholder in question; It may, at the request of any interested person, grant the lifting of the measures ordered by it; its decision shall be notified in the manner most appropriate to the shareholder or the shareholder in question; his decision is binding as soon as it has been notified; the Bank may make its decision public;
2 ° give injunction to the shareholder or the shareholder subject to transfer, within the time limit laid down of shareholder rights it holds.
Absence of assignment within the deadline, the Bank may order the receivership of the fees associated with such institution or person it shall determine. The receiver gives knowledge to the credit institution which amends accordingly the register of shares or sell personal and that accepts the exercise of rights attached thereto by the only receiver. It is in the interests of a healthy and prudent management of the credit institution and the holder of the rights of the shareholders were the subject of the receiver. It exercises all the rights attached to the shares or of the shareholders. Them are collected by him in respect of dividend or otherwise are provided by him to the supra holder if it has complied with the injunction referred to in paragraph 1, 2 °.
Subscription to increases of capital or other securities conferring or the right to vote, the option of dividend payable in the company's securities, the response to public purchase or Exchange offers and the release of not fully released titles are subordinated to the supra cardholder agreement.
Rights of shareholders acquired under these operations are, of right, the object of the above intended receiver.
The remuneration of the receiver is set by the Bank and is in charge of the supra holder. The receiver may charge such remuneration on the amounts that are paid to him in his capacity as receiver or by the supra holder for the purpose or as a consequence of the transaction referred to above.
When voting rights were exercised by the holder or by a person, other that the receiver, acting on behalf of the holder after the expiry of the time limit in accordance with paragraph 1, 2 °, first sentence, notwithstanding a suspension of their exercise pronounced pursuant to the paragraph 1, 1 °, the commercial court in the jurisdiction in which the company has its registered office may on request of the Bank, decide the invalidity of all or part of the deliberations of the General Assembly, without voting rights exercised illegally, presence or majority quorum required by such deliberations have not met.
CHAPTER III. -General conditions of operation Section Ire. -Minimum own funds art. 55. the own funds of credit institutions cannot be less than the amount of the minimum capital laid down in accordance with article 17, paragraphs 1 and 3.
It can be made a return of capital, including in the form of reimbursement of shares of cooperator, whether it resulted in that the establishment would more respect the capital requirements determined in accordance with the provisions of chapter V, or the additional requirements established by or under the provisions of title III First chapter.
Section II. -Management and leaders sub-section Ire. -Control and evaluation by the legal governing body art.
56 § 1. The legal Governing Body assesses periodically, and at least once a year, the effectiveness of the devices of organization of the institution referred to in article 21 and their compliance with legal and regulatory obligations. It ensures that the Executive Committee should take steps to remedy the shortcomings.
§ 2. The legal governing body exercises effective control on Steering Committee and provides oversight of the decisions taken by the Executive Committee and senior managers of the establishment.

§ 3. The legal governing body in particular evaluates the proper functioning of the independent control functions referred to in article 35.
§ 4. The annual report of the legal governing body justifies the jurisdiction individual and collective members of the committees referred to in articles 27 to 31.
§ 5. The legal governing body adopts and evaluates regularly, at least once a year, the General principles of the remuneration policy and monitors its implementation. For this assessment, it can have recourse to the independent control functions.

§ 6. The legal governing body ensures that the update of the governance memorandum referred to in article 21 § 3, and transmission to the supervisory authority of the updated governance memorandum.
S. 57 § 1. As part of its tasks referred to in article 23, the legal governing body fixes the level of tolerance at the risk of the establishment of credit for all their activities.
To this end, the legal governing body approves and reviews regularly the strategies and policies governing the capture, management, monitoring and mitigation of the risks to which the credit institution is or might be exposed, including risks generated by the macroeconomic environment in which it operates, given the State of the economic cycle.
The level of risk tolerance of the institution for all relevant activities is communicated to the supervisory authority, which is kept informed of the changes.
§
2. The legal Board devotes a significant part of its activities to the monitoring of the management of all significant risks, in particular those covered by Regulation No. 575/2013, the valuation of assets and the use of ratings of external credit and internal models related to these risks, and to ensure that adequate resources are devoted to these aspects.

§ 3. The Executive Committee and the persons responsible for the effective management shall notify the legal governing body appropriate information on all significant risks, management policies and control significant institution risks and changes to these.
§ 4. The legal governing body shall, in the definition of its risk management policy, to clarify the criteria from which the risk credit and counterparty transactions should be considered major, claimant and these operations and important decisions y related are subject to express information, within a period allowing the legal governing body, if applicable to oppose.
§ 5. The legal governing body approves recovery of liquidity plan referred to in article 8, § 8 of annex I to the Act and ensures that internal policies and procedures of the institution are adapted accordingly.
S. 58 § 1. The legal governing body ensures the integrity of the systems of accounting and reporting of financial information, including operational and financial controls. It evaluates the functioning of internal control at least once per year and shall ensure that this control provides a reasonable degree of certainty about the reliability of the financial reporting process, so the annual accounts and financial information are consistent with the accounting rules in force.
§ 2. The legal governing body oversees the process of publication and communication required by or under this Act or the regulations No. 575/2013.
Subsection II. -Measures to be taken by the Executive Committee art. 59 § 1. Without prejudice to the powers vested in the legal organ of administration and under its supervision, the Steering Committee takes the necessary measures to ensure respect for and the implementation of the provisions of article 21.

§ 2. Management Committee shall report at least once annually to the legal body governing, the auditor and the authority control concerning the assessment of the effectiveness of the systems referred to in article 21 and appropriate measures to remedy the deficiencies which have been identified. The report justifies what these measures satisfy legal and regulatory provisions.
§ 3. Without prejudice to its other tasks, it ensures that the remuneration policy adopted by the legal Board is properly implemented.

§ 4. The Executive Committee is also implementing the necessary measures to ensure the control of risks, referred to in articles 1 to 9 of annex I to this Act by the credit institution.
Sub-section III. -Appointments, resignations and exercise of external functions art.
60 § 1. Credit institutions previously inform the supervisory authority of the proposal for the appointment of members of the legal Board of Directors and the members of the Committee of management or, in the absence of Management Committee, of those responsible for the effective management and responsible persons of the independent control functions.
In the context of the information required under paragraph 1, credit institutions shall notify the supervisory authority all documents and information to assess if the persons whose appointment is proposed have the required professional repute and the appropriate expertise in the performance of their duties in accordance with article 19.
Paragraph

1 shall also apply to the proposal for renewal of the appointment of persons who are covered as well as the non-renewal of appointment, dismissal or resignation.
§ 2. The appointment of the persons referred to in paragraph 1 is subject to the prior approval of the supervisory authority.
When it comes to the appointment of a person who is proposed for the first time to a referred to in paragraph 1 to a business function under the control of the supervisory authority pursuant to article 36/2 of the law of 22 February 1998 or regulation MSU, the Bank consults before the FSMA.
The FSMA communicate its opinion to the Bank within a period of one week from the receipt of the request for an opinion.
§ 3. Credit institutions shall inform the supervisory authority of the possible distribution of the tasks among the members of the legal governing body, among the members of the Committee of management or, in the absence of Executive Committee, between the persons responsible for the effective management.
Significant changes in the distribution of the tasks referred to in paragraph 1, give rise to the application of paragraphs 1 and 2.
S. 61. the people who are responsible for the independent control functions referred to in article 35 cannot be dismissed from their function without the consent of the legal administrative body.
The credit institution shall previously inform the supervisory authority.
S. 62 § 1.
Members of the legal Board of Directors and, in the absence of Management Committee, the people in charge of the effective management spend the time required for the exercise of their functions within the institution.
§ 2. Without prejudice to paragraph 1 and article 21, the members of the bodies of the credit institution and all persons who under any name and in any capacity whatsoever, take part in its administration or management may, in representation of the credit institution, exercising warrants administrator or Manager or take part in the administration or management within a corporation or business form a business of another form of Belgian or foreign or public institution Belgian or foreign law, business industrial, commercial or financial, to the conditions and within the limits laid down in this article.
§ 3. The external functions referred to in paragraph 2 are governed by internal rules that the credit institution must adopt and enforce to pursue the following objectives: 1 ° avoid that the performance of these duties by persons involved in the effective management of the credit institution shall affect the availability required for the exercise of effective management;
2 ° prevent the occurrence of conflicts of interests as well as the risks involved in the exercise of these functions, especially in terms of insider trading in the head of the credit institution;
3 ° ensure appropriate publicity of these functions.
The Bank sets the terms of those obligations by means of regulations in accordance with article 12bis, paragraph 2 of the law of 22 February 1998.
§ 4. Corporate officers appointed on presentation of the credit institution must be members of the Board of Directors of the credit institution or persons designated by the Executive Committee.

§ 5. The legal governing body members which are not members of the Board of Directors of the credit institution cannot exercise a mandate in a society in which the institution holds a participation if they do not participate in the day-to-day management of the company. In addition, and without prejudice to paragraphs 1 and 3, where the credit institution is of importance significant within the meaning of article 3, 30 °, the external functions referred to in paragraph 2 in other commercial companies are limited, except in the event where the mandate within the credit institution is exercised in representation of a Member State, with the number following mandates:-either to three mandates which may involve participation in day-to-day management; or - is a term involving participation in day-to-day management and a warrant cannot involve a participation in the day-to-day management.
§ 6. The members of the Committee of management or, in the absence of Management Committee, people involved in the effective management of the credit institution cannot exercise a mandate with a participation in the day-to-day management that if it is a company referred to in article 89, paragraph 1 of Regulation No. 575/2013, with which the credit institution has close links an undertaking for collective investment in statutory form within the meaning of 3 August 2012 law relating to collective investment undertakings meet the conditions of directive 2009/65/EC and investment in debt claims. In addition, and without prejudice to paragraphs 1 and 3, where the credit institution is of significant importance within the meaning of article 3, 30 °, the external functions in other companies, are limited to two terms cannot involve a participation in the day-to-day except in the event where the mandate within the credit institution is exercised in representation of a Member State.
§ 7. The supervisory authority may, in individual cases, grant an exemption number maximum terms provided for in paragraphs 5 and 6, allowing the possibility of exercising an additional term not involving participation in day-to-day management. The supervisory authority shall inform, on a regular basis, the European banking authority of the use it makes of this power of derogation.
§ 8. Credit institutions shall immediately notify the supervisory authority functions outside the credit institution by the persons referred to in paragraph 2 for the purposes of the control of compliance with the provisions laid down in this article.
§ 9. For the purposes of paragraphs 5, second sentence, and 6, second sentence, are considered as a single mandate the exercise of several mandates, involving or not participation in the day-to-day management, in businesses that are part of the group to which party the credit institution or of the group to which a company has a close relationship with the credit institution or its parent company.
For the purposes of this section, means 'group', a set of companies set up by a parent undertaking, its subsidiaries and companies in which the parent undertaking or its subsidiaries hold a direct participation or indirect within the meaning of article 3, 26 ° of the Act, as well as companies that constitute a consortium and the undertakings controlled by them or in which they hold a participation within the meaning of article 3 (26) of the Act.
For the purposes of paragraphs 5, second sentence, and 6, second sentence, the supervisory authority may specify, where appropriate by means of regulations in accordance with article 12 bis of the law of 22 February 1998, the conditions in which the heritage companies must be regarded as commercial companies.
Section III. -Management of risk subsection Ire. -The treatment of risks art. 63. the credit institutions provide their risks in compliance with the provisions laid down in annex I to this Act.
Subsection II. -Management of risks relating to the provision of services of investment art.
64 credit establishments shall keep a record of any service provided investment and any investment activity exercised, in order to enable the authority and control to the FSMA to check if the establishment complies with the provisions of this Act or adopted for its implementation as well as legal and regulatory provisions in respect of which the FSMA is responsible for ensuring and in particular, if it meets its obligations to its clients or potential clients.
S.
65. where a credit institution holding financial instruments belonging to clients, it takes appropriate measures to safeguard the rights of clients in case of insolvency of the institution.
It also takes appropriate measures to prevent the use for its own account of the financial instruments belonging to clients, unless consent express such clients.
Section IV.
-The recourse to subcontracting s. 66. when a credit institution entrusts to a third party the execution of operational tasks to ensure the provision of its services, including its investment services and the exercise of its business investment, continuous and satisfactorily, it takes adequate measures to reduce the operational risk y related.
Outsourcing referred to in paragraph 1 shall be carried out in a manner that significantly impair the adequacy of internal control of the establishment procedures or which would prevent the supervisory authority to check if the institution meets its legal and regulatory obligations.
The Bank publishes, on advice of the FSMA, a communication in which it sets out the policy it follows outsourcing management services portfolio provided to retail clients.
Section v - of compensation and its sub-section Ire implementation policy.
-Principles s. 67. the policy of remuneration adopted in accordance with article 56, § 5 is consistent economic strategy, objectives, values and interests in the long term of

the establishment and includes measures to prevent conflicts of interest. In the preparation and application of their remuneration policy, establishments are the principles set out in Appendix II, in a manner and to an extent which corresponds to the size and internal organisation of the institution and the nature, scope and complexity of its activities.
In addition to the members of the legal administration body, the remuneration policy covers the categories of staff whose professional activities have a significant impact on the risk profile of the institution, including senior management and the people who occupy a function involving a risk-taking, people who occupy the control functions independent and collaborators whose total compensation puts them on the same level of remuneration than Executive or people who hold a position involving risk taking.
S. 68. the remuneration policy covers all remuneration, in this understood variable remuneration and the discretionary pension, persons referred to in article 67, paragraph 2, and makes a clear distinction, in accordance with the provisions of annex II, to determine the criteria for fixing:-the fixed basic pay, which should reflect primarily relevant professional experience and the organizational responsibilities as defined in the description of functions which is part of working conditions, and -variable pay which is a function of performance criteria which should reflect a yield sustainable and adapted to the risks, as well as additional benefits provided in addition to those described in the description of functions which is part of the working conditions.
S. 69. the annex II of the Act defines the criteria, terms and obligations that must meet credit institutions compensation policy and its implementation, in particular the conditions relating to the fixing and payment of the variable remuneration.
S. 70. compensation practices relating to persons referred to in article 67, paragraph 2 shall comply with the remuneration policy adopted by the establishment and the obligations set out in Appendix II. These practices are a regular assessment in order to verify if, taking into account the evolution of the situation of the establishment, the provisions laid down in annex II are permanently respected.
Subsection II. -Credit institutions receiving exceptional financial support from the public authorities art. 71. the credit institutions that have received exceptional financial support from the public authorities adapt their policies and compensation practices in accordance with the requirements laid down in annex II.
Section VI. -Subject to limitations or prohibition operations and payments subject to nullity sub-section Ire. -Loans to executives, shareholders and related persons art. 72. § 1.
Credit institutions cannot consent, directly or indirectly, loans, credits or guarantees 1 ° members of their legal administration body or all people participating in their effective management;
2 ° to the persons referred to in article 9 as well as members of their various bodies and individuals involved in their effective management;
3 ° to the companies or institutions in which persons referred to in 1 ° and 2 ° or credit institutions themselves, hold an interest any or perform a function;
4 ° to persons related to the persons referred to in 1 ° and 2 °. Are considered, to this end, "related persons", spouses, partners considered according to their national law as equivalent to a spouse and parents to the 2nd degree, to the conditions, in respect of amounts and subject to the guarantees applicable to their clientele. These loans, credits or guarantees must be the subject of specific information, within a period allowing the legal governing body to oppose. Regardless of the body called proceedings, members having personal or functional interest direct or indirect may sit.
Loans, credits and guarantees referred to in paragraph 1 shall be notified to the supervisory authority according to the frequency and manner that it determines.
The supervisory authority may, if these operations were not reached to the normal conditions of the market, require adaptation of the conditions agreed on the date where these operations have released their effects. Otherwise, the legal governing body members who have taken the decision are jointly and severally responsible for the difference to the institution.
§ 2. By way of derogation from the provisions of the Code of corporations and notwithstanding paragraph 1, no loan, credit or guarantee can be made, directly or indirectly, to a person in order to allow, directly or indirectly, to acquire or subscribe for shares or parts or all other securities conferring the right to the dividend, the credit institution or of a corporation with which there is a close link , or conferring the right to acquire such securities.
S. 73. in the case of bankruptcy of a credit institution, are void and without effect relatively grounded, payments made by this institution, either in cash, or otherwise, to its members of the statutory body of Directors as directors or other bonuses, during the two years preceding the time determined by the tribunal as being that of the cessation of payments.
Paragraph 1 does not apply if the tribunal recognizes that no fault serious and characterized these people contributed to the bankruptcy.
Subsection II. -Of the use of funds and securities art. 74. it is forbidden for credit institutions to use the funds and values they have to influence, directly or indirectly, interested public opinion.
This prohibition does not apply to an openly commercial advertising.
Section VII. -By providing information on the situation of the establishment of credit art. 75. § 1. Without prejudice to the obligations, if any, applicable to listed companies, the supervisory authority determines, if necessary by means of regulations in accordance with article 12bis, paragraph 2 of the law of 22 February 1998, the minimum information that credit institutions must publish solvency, liquidity, concentration of risk and other risk positions on their policy needs in stockholder's equity by reference to the requirements referred to in article 94 to 98 and 149 to 152. It also defines the minimum frequency and modalities of publication of such information.
Credit institutions publish on their internet site relevant information from the memorandum of governance referred to in articles 21, § 3 and 56, § 6. This information shall represent, at a minimum, the structure of ownership and control of the establishment or the structure of the Group of which it is part, management authorities, the organizational structure, including the independent operational control functions, as well as the purposes and values of business of the institution, the lines of force of its management policies risk prevention of conflicts of interest, integrity and continuity of the activities and information on its policy and practices of remuneration, in accordance with Regulation No. 575/2013.
Credit institutions indicate, in addition, in their annual report the performance of their assets, calculated by dividing the net earnings by their balance sheet total.
§ 2. Credit institutions rules and procedures required to comply with the requirements of publication provided for in paragraph 1.
They assess the adequacy of their publication measures, including the control of published data and frequency of publication.
§ 3. Credit institutions provide the rules and procedures necessary to assess whether the information that they publish on their organization, their financial situation and the State of their risks provide the market of complete information on their risk profile.
§ 4. The supervisory authority may, in special cases, authorize, within European legislation, derogations from the provisions laid down by or pursuant to this section.
CHAPTER IV. -Special operations Section Ire. -Modifications of the programme of activities Arts 76. any modification of the activities carried out by the institution must be previously communicated to the supervisory authority before its implementation.
Section II. -Strategic decisions, investment decisions and mergers and transfers between institutions of credit art. 77 shall be subject to the prior approval of the supervisory authority: 1 ° the strategic decisions of a credit institution;
2 ° the decisions to acquire securities representing the capital of a company whose activity is not referred to in article 4 for an amount of at least 250 000 000 euros or amount that reached 5% of the own funds of the credit institution;
3 ° mergers between credit institutions or between such institutions and other financial institutions as well as the divisions of credit institutions;
4 ° the transfer between credit institutions or between such institutions and other financial institutions of the whole or a part of their business or their network.
The authority

control must take a decision within two months of receipt of a complete project folder. It cannot refuse to give its authorization only for reasons relating to the ability of the institution to comply with the provisions laid down in or under this Act or to the sound and prudent management of the institution or if the decision is likely to affect significantly the stability of the financial system. If it is not involved in the above deadline, permission is deemed to be earned.
S. 78. any total or partial transfer between credit institutions or between such institutions and other financial institutions of the rights and obligations resulting from the operations of establishments or enterprises concerned and authorized in accordance with article 77 shall be demurrable to third parties following the publication in the Moniteur belge of the authorization of the supervisory authority.
Transfers authorized by the authority under section 77 may be a nullity or unenforceability under article 1167 of the civil Code and articles 17, 18 or 20 of the Act of 8 August 1997 on bankruptcy.
Section III. -Provisions relating to the issuance of covered bonds Belgian art. 79. an issue of covered Belgian bonds can only be performed by a credit institution and requires the prior approval of the supervisory authority.
Prior authorization from the supervisory authority on the one hand, deals with organizational capacity the facility to issue of Belgian bonds covered and to ensure monitoring, and on the other hand, on respect for a program or program emissions given, provisions provided for by or under this Section and Appendix III.
S. 80 § 1. To obtain authorization from the authority on organizational capacity to issue of Belgian bonds covered and to ensuring the follow-up, the credit institution which intends to issue of Belgian bonds covered must first submit to the supervisory authority a file containing information about the manner in which he will oversee the planned operations. This information bear at least the following aspects: 1 ° a description of the financial situation of the institution and in particular its credit Outlook, demonstrating that its solvency can safeguard the interests of creditors other than the holders of covered bonds Belgian;
2 ° a description of the long-term strategy of the institution, with an emphasis on liquidity and covered Belgian bonds place in this strategy;
3 ° a description of tasks and responsibilities within the institution in relation to the issuance of covered bonds Belgian;
4 ° a description of policy for the management of the risks of the institution in what regard covered Belgian bonds, in particular interest rate risk, foreign exchange risk, credit and counterparty risk, liquidity risk and operational risk.
5 ° a description of the involvement of the audit internal in the emission process of covered Belgian bonds, including the frequency and control procedures;
6 ° a description of decisions and reporting processes for the issuance of covered bonds Belgian;
7 ° a description of the computer systems required for the issuance of covered Belgian bonds.
The general authorisation referred to in paragraph 1 relating to the ability to issue of Belgian bonds covered is given if the supervisory authority is satisfied that: has) the issuing institution presents the administrative and accounting organization for compliance with the provisions laid down by or pursuant to this Section and annex III and, in particular, to the segregation of assets of coverage; and (b)) that its financial situation, including its solvency, allows to safeguard the interests of creditors other than the holders of covered bonds.
Before giving his authorisation referred to in paragraph 1, the authority control asks the auditor a report on the organizational quality of the credit institution with regard to its obligations under this Section and Appendix III of this Act.
The supervisory authority decides on the request within three months of the introduction of the complete dossier and, at the latest, within five months of receipt of the request.
The decision of the supervisory authority shall be notified to the credit institution within ten days by registered mail or with proof of receipt.
§ 2. For the approval of the supervisory authority on an issue or programme of specific emissions, the credit institution which intends to issue of Belgian bonds covered must first submit to the authority a file containing information about the proposed transaction. The supervisory authority determines the information required in the application. This information bear at least the following aspects: 1 ° the impact of the issue or programme on the situation of the institution's liquidity;
2 ° the quality of cover assets, especially in what concerns the nature of debtors of these assets and real or personal collateral, guarantees or privileges attached to these assets, the diversification of these assets and their deadlines;
3 ° the extent to which covered Belgian bonds maturity correspond to those of the assets of coverage;
4 ° the elements to demonstrate that it always satisfies the conditions referred to in paragraph 1, paragraph 2.
The supervisory authority acknowledge receipt of the application referred to in paragraph 1 and, within fifteen days of the receipt of the dossier, instructs the establishment if the record is complete for consideration or if it requires additional information.
§ 3. Special permission to proceed with a program or a program of emissions covered Belgian bonds is given only if the supervisory authority is satisfied that the following conditions are met: 1 ° the establishment has the general authorisation referred to in paragraph 1;
2 ° cover assets consist in: a) the mortgage;
(b) claims on guarantees or insured by (i) of the Central, regional or local public authorities of the Member States of the OECD or (ii) of the central banks of these States or (iii) of the entities of the public sector to these States or (iv) of the multilateral development banks or of international organizations;
((c) shares issued by securitization organizations which carry out securitisation of assets exhibits mainly composed of the elements referred sub a) and/or (b));
(d) claims on credit institutions the monies from such credit as well as institutions including them are held by the issuing credit institution. or e) positions resulting from one or more hedging instruments related to one or more assets of cover or covered Belgian bonds concerned, as well as the amounts paid under such positions.
S. (81. the King determines by a royal decree deliberated in the Council of Ministers: 1 ° the minimum conditions must meet the cover assets, notably as regards: has) the applicable law, the nature and the location of the debtor;
(b) the criteria of valuation which, if applicable, the portion of credit that must be covered by a mortgage, the rank of the required mortgage, the conditions of evaluation of the base of the hypothec, the conditions of location of the base of the mortgage;
2 ° the conditions, including the minimum proportion, to which the assets referred to in article 80, § 3, 2 ° a), b) and (c)) must satisfy;
3 ° by special heritage concerned, the requirements of correspondence of the maturities of the assets of coverage and covered Belgian bonds issued by the credit institution;
4 ° the limitations to one or more categories of assets of coverage to be satisfied by an issue of covered Belgian bonds and, where appropriate, the proportion to respect between the different categories of assets of coverage;
5 ° the measures necessary to be taken by the issuer to cover exchange and rate risks related to the issuance of covered bonds Belgian; and 6 ° the powers and criteria based on which the supervisory authority may determine, by issuing credit institution, the maximum percentage of covered Belgian bonds that may be issued by the institution from its balance sheet total.
S. 82 § 1. The supervisory authority shall decide on the issuance request covered Belgian bonds within two months of the introduction of the complete dossier and not more than later within three months of receipt of the request.
§
2. The decision of the supervisory authority shall be notified to the credit institution within ten days by registered mail or with proof of receipt.
§ 3. The supervisory authority establishes two lists: 1 ° a list of authorized credit institutions, in accordance with article 80, § 1, to issue bonds covered Belgian;
2 ° a list which specifies, in addition, by institution, securities issued and programs emission for which special permission referred to in article 80, § 2, was given. This list is further subdivided depending on whether covered bonds Belgian are Belgian pledge letters.
These lists are published on the website of the supervisory authority.
S. 83. the supervisory authority shall communicate the lists referred to in article 82, § 3, as well as any changes that are made, to

the European Commission, for the purposes of the application of article 52 § 4, of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities, as amended.
S. 84. the annex III to this Act specifies the composition and the legal regime of assets of cover, the rights of holders of covered bonds, the conditions for emissions of these titles and the obligations of issuers of covered bonds in particular.
Section IV. -The opening or the acquisition of subsidiaries abroad article 85. the credit institution which intends to acquire or create, directly or through a financial holding company or a mixed financial holding company, a subsidiary abroad engaged in an activity referred to in article 4 shall notify its intention to the supervisory authority. This notification is accompanied by information on the activities, organization, ownership and leaders of the undertaking concerned.
Section v - of the exercise of activities abroad subsection Ire. -By opening branches abroad article 86. the credit institution that plans to open a branch in the territory of another Member State to exercise some or all of the activities listed in article 4 and which are authorized in Belgium shall notify its intention to the supervisory authority.
This notification is accompanied by a programme of activities which are particularly indicated in categories of proposed transactions, the structure of the Organization of the branch, the domiciliation of correspondence in the State concerned and the name of the senior branch managers and, where appropriate, of its officials of the control functions independent.
Senior managers of the branch and its officials of independent control functions must have at all times the required professional repute and expertise appropriate to the exercise of their function. Articles 60 and 61 shall apply by analogy to the appointment of senior managers of the branch and, where appropriate, of its officials of independent control functions.
The supervisory authority may oppose the project by reasoned decision by the adverse impact of the opening of the branch on the Organization, the financial situation or the control of the credit institution.
The decision of the supervisory authority must be notified to the credit institution by registered letter in the mail or with acknowledgement of receipt no later than six weeks after receipt of the complete file containing the information referred to in section 2. If the supervisory authority has not notified of decision within this period, it is deemed not to oppose the project of the establishment.
The supervisory authority shall communicate to the European Commission and the European banking authority, according to the periodicity fixed by them, the number and reasons for opposition final decisions adopted under paragraph 4 on projects for the creation of branches in the Member States or changes to information referred to in paragraph 2.
This article, with the exception of paragraph (6), applies to the opening of branches in a third country.
S. 87. where the State of implementation of the branch is a Member State, the supervisory authority, if it is not opposed to the project in accordance with article 86, paragraph 4 or 5, shall communicate to the competent authority of the State concerned within three months of receipt of all the information required by article 86, paragraph 2, the information received under this provision , the level and the composition of the own funds of the credit institution and the sum of the capital requirements imposed under article 92 of the Regulation n ° 575/2013 as well as the identity of its leaders and the modalities of possible intervention against savers of the branch system of protection appropriate for the credit institution deposits.
The Bank shall notify the FSMA within the same period for the communication of information, insofar as their activities abroad concerning the provision of investment services.
S.
88. where the State of implementation of the branch is not a Member State, the supervisory authority may agree with the concerned third country authority, detailed opening and control of the branch as well as exchanges of useful information, as appropriate, in compliance with the provisions of chapter IV/1, section 4, of the law of 22 February 1998.
S. 89. the credit institution which opened a branch abroad informs the supervisory authority and the competent authorities of the host State, at least one month in advance of the changes to the information provided under article 86, paragraph 2.
Article 86, paragraphs 4 and 5 shall apply if applicable, as well as article 87, depending on changes to the information referred to in article 86, paragraph 2 or the deposit protection system applicable.
Subsection II. -Exercise of freedom to provide banking services abroad article 90. the credit institution which intends to exercise within the territory of another Member State, without establishing branch, all or part of the activities listed in article 4 and which are authorized in Belgium, shall notify its intention to the authority of control and precise these activities it intends to exercise and the manner in which it intends to support the exercise of these activities.
The supervisory authority may oppose the project by reasoned decision by the adverse impact of the cross-border provision of services on the Organization, the financial situation or the control of the credit institution.
The decision of the supervisory authority must be notified to the credit institution by registered letter in the mail or with acknowledgement of receipt no later than within one month of receipt of the complete file containing the information referred to in paragraph 1. If the supervisory authority has not notified of decision within this period, it is deemed not to oppose the project of the establishment.
S.
91. If it is not opposed to the project in accordance with article 90, the supervisory authority shall communicate immediately, the notification required by this section to the competent authority of the relevant host State.
The Bank shall communicate, within the same period, the notification to the FSMA, insofar as their activities abroad concerning the provision of investment services.
Sub-section III. -Exercise in another Member State of a banking activity by subsidiaries specialized establishments of credit art. 92. the financial institutions under Belgian law that are, directly or indirectly, subsidiaries of one or more Belgian credit institutions and who are entitled to carry out usually in Belgium of the activities mentioned under items 2 et seq. of the list provided for in article 4 may, on the exercise of these activities, establish branches in other Member States according to the rules laid down in articles 86 87 and 89 or exercise their activities without implanting branches, according to the rules laid down in articles 90 and 91, if they meet the following conditions: 1 ° the credit institution or credit institutions that are business-mothers of these financial institutions are approved in accordance with this book;
2 ° financial institutions effectively perform the aforementioned activities on Belgian territory;
3 ° the establishment or of credit institutions which constitute the mother companies of these financial institutions hold at least 90 per cent voting rights attached to shares issued by these financial institutions;
4 ° the mother companies justify to the authority of the sound and prudent management of financial institutions;
5 ° mothers companies guarantee jointly and severally, in a manner approved by the supervisory authority, liabilities of financial institutions;
6 ° financial institutions are included in the control on consolidated basis of establishments of credit-mothers, in accordance with title III, chapter IV, section II of the present paper, particularly for the requirements on this basis, capital, control major risks and limitations to the ownership of rights of the shareholders as provided by Regulation No. 575/2013.
The supervisory authority shall verify, before taking the decision referred to in sections 86 or 90, the fulfilment of these conditions. In this regard, it shall issue a certificate attached to the communication provided for in article 87 or 91. By way of derogation from these provisions, the supervisory authority shall communicate the level of own funds of the financial institution concerned and the amount of the solvency coefficient consolidated the establishment or establishments of credit that the financial institution is a subsidiary.
If the financial institution under this section no longer fulfils the conditions laid down by the latter, the supervisory authority shall forthwith inform the competent authorities of the State or of the Member States where this financial institution operates by means of branch or of provision of services.
The financial institutions covered by this Section are contained in the annex to the list of credit institutions referred to in article 14.
Sub-section IV. -Situations where the exercise of the activities

is carried out within a Member State participant s. 93. for substances which are assigned to the Central Bank European pursuant to article 4 of the regulation MSU, in cases where the credit institution or its specialised subsidiary referred to in article 92 plans to establish a branch or to engage in activities in freedom to provide services in the territory of another participating Member State, the provisions relating to procedures between competent authorities and skills y related are not applicable.
Chapter V. - Standards and regulatory obligations Section Ire. -Prospective management of own funds and liquidity art. 94 § 1. Credit institutions should have a policy on their own funds and liquidity requirements that is appropriate to the activities they operate or propose to exercise.
§ 2. To this end, the legal governing body defines a management policy prospective capital requirements and liquidity of the credit institution, which identifies and determines the needs in own funds and liquidity current and future of the institution.
This policy takes into account the nature, volume and characteristics of the activities carried out by the institution or that it intends to exercise, risk y related to the establishment of risk management policy.

§ 3. The policy referred to in paragraph 1 is implemented by the Executive Committee, under the supervision of the legal governing body. She investigated a regular assessment by the legal body governing proceeds if necessary to its update.
The supervisory authority may specify the frequency and modalities of this evaluation, where appropriate, by means of regulations in accordance with article 12bis, paragraph 2 of the law of 22 February 1998.
Section II. -Overall category core capital cushion requirement 1 s. 95. without prejudice to respect for the regulatory own funds requirement in article 92 of the Regulation n ° 575/2013 or the requirement provided for by or under articles 98, 149 and 150, a credit institution is required to meet the overall requirement of category 1 core capital cushion, as this requirement is determined in article 96. Custodial parent credit also satisfies this requirement based on its consolidated, as laid down in the second part, title 2, Chapter 2 of Regulation No. 575/2013.
A financial company under Belgian law or a joint financial company under Belgian law, which holds a credit institution complies with the provisions of paragraph 1 on consolidated basis, under the terms of the second part, title 2, Chapter 2 of Regulation No. 575/2013.
S. 96 § 1. Without prejudice to the arrangements laid down in paragraphs 3 to 6, the overall category core capital cushion requirement 1 is equivalent to the sum of the following requirements of category 1: 1 Basic own funds cushion ° cushion of conservation of the equity basis of category 1 referred to in article 1 of annex IV;
2 ° the pad category basic own funds 1 counter-cyclical specific to the credit institution concerned, referred to in articles 3 to 10 of annex IV;
3 ° the cushion of equity of category 1 for credit to global systemically important institution (EISm) database or to systemically important domestic (household EIS) credit institution, referred to in articles 11 to 15 of annex IV;
4 ° the cushion of equity basis of category 1 for the risk systemic or prudential, referred to in articles 16 to 22 of annex IV.
§
2. The requirements referred to in paragraph 1 are specified in Schedule IV of this Act.
§ 3. A credit institution, a financial holding company parent of Belgian law or a mixed financial holding company parent under Belgian law which is both subject to a requirement of cushion in core capital of category 1 credit of systemically important institution for world (EISm) and a requirement of cushion in core capital of category 1 for credit institution of domestic systemically important (domestic EIS) in accordance with articles 13 and 14 of annex IV is bound to observe that the highest requirement.
§ 4. A credit institution, a parent financial holding company under Belgian law or a mixed financial holding company parent under Belgian law that is both subject to the requirement referred to in paragraph 3 and a core of category capital cushion requirement 1 for the risk systemic or prudential in accordance with sections 16 to 22 of annex IV is bound to observe that the highest requirement.
However, when the 1 for the above prudential or systemic risk category core capital cushion requirement covers only exposures to the risk of the credit institution located in Belgium, this requirement is added to the requirement referred to in paragraph 3.
§ 5. A credit institution, a mother of Belgian law financial holding company or a mixed financial holding company parent under Belgian law, based on individual or sub-consolidated, which is both subject to a requirement of cushion core capital of category 1 for credit institution of domestic systemically important (domestic EIS) in accordance with article 14 of annex IV, and a requirement of cushion funds own of category 1 for the prudential or systemic risk database in accordance with articles 16 and 22 of annex IV is required to meet only the highest requirement.
However, when the category core capital cushion requirement 1 for the above prudential or systemic risk covers that exposures to the risk of the credit institution located in Belgium, this requirement is added to the category core capital cushion requirement 1 for systemically important credit institution domestic (EIS home).
§ 6. Where a credit institution is part of a group or a subgroup which is part of a global systemically important credit institution (EISm) or a credit institution for domestic systemically important (domestic EIS), the overall category core capital cushion requirement 1 referred to in paragraph 1 for that credit institution cannot be less than the sum - of the requirements of the conservation of the equity basis of category 1 cushion referred to in article 1 of annex IV;
-requirements of the category basic own funds cushion 1 counter-cyclical specific to the establishment, referred to in articles 3 to 10 of annex IV;
-the amount the highest between the requirements of cushion of core capital of category 1 for credit institution of domestic systemically important (domestic EIS), provided for in article 14 of annex IV and category core capital cushion requirements 1 to possible systemic or prudential, referred to in articles 16 to 22 of annex IV paragraph 5, subparagraph 2 is of application, which shall apply on individual basis and, as appropriate, sub-consolidated basis.
Section III. -Risk from a macroprudential or systemic art. 97. the Bank is the national authority responsible for the application of article 458 of Regulation No. 575/2013.
In addition to the conditions laid down by article 458 of Regulation No. 575/2013, the Bank adopted under that article 458 regulations require approval by royal decree deliberated in the Council of Ministers.
Section IV. -Regulatory power of the art Bank. 98. without prejudice to the provisions of Regulation No. 575/2013, the Bank determines by a regulation made pursuant to article 12 bis, paragraph 2 of the law of 22 February 1998: has) solvency, liquidity and risk concentration standards and other standards of limitation by credit institutions or by category of credit institutions When these standards are not defined by Regulation No. 575/2013;
b) detailed rules for the application of the standards of solvency, liquidity and concentration risk under Regulation No. 575/2013, including detailed rules for the application of different options offered by this regulation to the Member States and the Bank as the competent authority, taking into account the guidelines set out by the banking authority in relation to the regulation and the technical standards for regulation adopted by the Commission European in application of that regulation;
(c) the evaluation rules for valuing assets, liabilities and the off balance sheet items for the verification of compliance with the standards of solvency, liquidity or risk concentration).
The standards referred to in this article may as well be quantitative and qualitative in nature.
Section V. - Measures to restore the category basic own funds 1 subsection Ire. -Restrictions on distributions on one of the constituent elements of the equity basis of category 1 s. 99. a credit institution may proceed with a distribution on one of the constituent elements of the category 1 core capital only if it meets the overall category 1 core capital cushion requirement referred to in article 96.
In addition, this distribution can have the effect of reducing the basis of category 1 capital at a level more respecting the overall requirement of c: basic own funds cushion 1 supra.
S. 100. by way of derogation from article 99, paragraph 1, a credit institution which does not meet the overall requirement of basic own funds cushion

category 1 may nevertheless proceed with a distribution on components of category 1 core capital if it meets the conditions laid down in articles 101 to 103. To this end, the credit institution previously calculates the distributable amount, or "MMD", and communicates this to the supervisory authority.
The procedures for calculation of the MMD to respect by the institution are specified in section 1 of Schedule V to the Act.
S. 101 § 1. A credit institution referred to article 100 can perform the following operations to competition from the MMD: has) make a distribution in remuneration or payment in repayment or repurchase of constituent elements of category basic own funds 1.
(b) make payments related to components of own funds additional to category 1.
(c) undertake to pay variable remuneration or discretionary pension benefits.
§ 2. In addition, a credit institution referred to article 100 can only pay variable pay or discretionary pension benefits only to the extent of the MMD, even if the payment obligation was born at a time where the establishment met the overall category core capital cushion requirement 1.
§ 3. When it plans to conduct one of the operations referred to in paragraphs 1 and 2, the establishment shall notify its intention to the supervisory authority and provides the information mentioned in article 2 of annex V for the observance of the limits of the MMD.
S. 102. the credit institutions should adopt devices ensuring that the amount of the distributable profits and, where appropriate, the MMD, are calculated accurately. They are able to demonstrate this accuracy to the supervisory authority if it so requests.
S. 103. the restrictions imposed by this subsection shall apply only to the extent where the suspension of payments that would result does not result in the conditions for the initiation of winding-up proceedings in accordance with the provisions of the law of 8 August 1997 on bankruptcy.
Subsection II. -Conservation of own funds article plan 104. when a credit institution does not meet the overall category core capital cushion requirement 1 referred to in article 96, it shall inform the supervisory authority and establishes a conservation plan own funds to increase these or, where applicable, measures having effect of reducing the overall category core capital cushion requirement 1 of the establishment , by the reduction of its risk profile.
The establishment shall submit this plan for approval to the supervisory authority no later than five working days after finding that he did not meet the above requirement.
The supervisory authority may fix an additional period up to ten working days based on the particular situation of a credit institution, taking into account the magnitude and the complexity of its activities.
S. 105 § 1. The supervisory authority approves the conservation plan for own funds if it considers that its implementation should reasonably allow the establishment to meet effectively, within the time limit it deems appropriate, for the overall category core capital cushion requirement 1.
§ 2. If it considers that the implementation of the plan is not likely to reasonably meet the overall category core capital cushion requirement 1 in the above time limit, the supervisory authority may - require that the institution concerned proceeds to the increase of its own funds up to the level that it deems necessary, within the time and in the manner it shall determine; and/or - impose restrictions on distributions more stringent than those provided for under article 101.
CHAPTER VI. -Periodic information and accounting rules art. 106 § 1.
Credit institutions to file their annual accounts at the Bank.
The King determines, on the advice of the Bank: 1 ° rules according to which credit institutions shall keep their accounts, conduct assessments of inventory and shall draw up their annual accounts;
2 ° rules to be respected by credit institutions for the establishment, control and publication of their consolidated accounts, as well as for the preparation and publication of these consolidated accounts management and control reports.
The Bank can, by regulation supported under article 12bis, paragraph 2 of the law of 22 February 1998, specify the arrangements for the application of the rules laid down by royal decrees referred to in paragraph 2.
§ 2. Credit institutions shall communicate periodically to the supervisory authority a detailed financial situation. It is established in accordance with the rules laid down by the supervisory authority, which also determines the frequency. In addition, the supervisory authority may prescribe the regular transmission of encrypted information or descriptive necessary verification of compliance with the provisions of this Act, of the orders and regulations made in pursuance thereof or Regulation No. 575/2013.
The Executive Committee said to the supervisory authority that the above periodic States that are passed by the establishment at the end of the first half of social and at the end of the financial year, are consistent with accounting and inventories. To this end, periodic States are - complete; they mention all the data contained in the accounting and inventories on the basis of which they are established, and - correct; they are exactly consistent with accounting and inventories on the basis of which they are established.
The Steering Committee confirms have made arrangements for the above States are established according to the instructions of the supervisory authority, as well as application of the rules of accounting and evaluation for the preparation of the annual accounts, or, in the case of periodic financial statements that do not relate to year end, by applying the rules of accounting and assessment that led to the establishment of the annual accounts relating to the last year.
§ 3. The legal governing body members are jointly and severally liable both towards the company towards third parties, of all damages resulting from infringements of the provisions adopted in pursuance of paragraph 1 paragraph 2.
As regards the offences to which they did not participate, the members of the legal administration body are discharged of liability referred to in paragraph 1 if no fault is attributable to them and they have denounced these offences according to the case, at the first general meeting or at the first meeting of the body of legal administration according to the moment where they have had knowledge.
§ 4. The supervisory authority may, for certain categories of credit institutions or in particular cases, authorise derogations from the rules laid down in paragraph 1, paragraph 2 and article 2, paragraph 1.

§ 5. The orders and regulations provided for in this article are taken after consultation with credit institutions represented by their associations.
S. 107. the Bank publishes periodically, and at least four times per year a global situation of credit institutions according to the rules it adopts after consultation of credit institutions represented by their associations.
CHAPTER VII. -Relief Section Ire plans. -Establishment of RMPs s.
108. every credit institution establishes and maintains a recovery plan providing for measures to be implemented by the institution in order to restore its financial situation as a result of a significant deterioration in it.
The recovery plan covers the credit institution and its Belgian and foreign subsidiaries.
S. 109. the recovery plan envisages different scenarios of macroeconomic crisis or serious financial, including events of systemic proportions, the credit institution-specific crises and, where appropriate, the crises involving entities of the group which the credit institution is a part.
The reorganization plan does not contemplate no exceptional financial support from the public but has powers, where appropriate, an analysis indicating how and when the credit institution may use the facilities of the central banks.
The plan lists the assets of the credit institution which could be eligible as security therefor.
S. 110 § 1. The recovery plan contains a matrix of quantitative and qualitative indicators of a potential deterioration in the financial situation of the credit institution, with an indication of the times to which the institution examines whether corrective measures included in the plan must be implemented.
For this purpose, the recovery plan defines appropriate procedures for the regular monitoring of the evolution of the indicators referred to in paragraph 1 as well as consideration of the corrective measures to consider, including the possible escalation process to follow.
§ 2. The indicators referred to in paragraph 1 include a progressive scale of thresholds indicating the proportion of assets subject to the credit institution, determined by the authority in accordance with paragraph 2. The recovery plan indicates the corrective measures to consider if each of the thresholds is exceeded.
To ensure

a plate suitable for the exercise of the privilege referred to in article 389 and also to preserve access for the credit institution to its sources of funding, the supervisory authority determines, for each credit institution, a progressive scale thresholds for the proportion of the assets encumbered, according to the definitions of the technical standard of implementation referred to in article 100, paragraph 2 , of Regulation No. 575/2013.
To determine the scale referred to in paragraph 2, the supervisory authority takes into account the level of deposits referred to in article 389 of the credit institution, by the nature of its activities and the structure of its balance sheet.
By regulation made under article 12bis, paragraph 2 of the law of 22 February 1998 and approved by royal decree deliberated in the Council of Ministers, the Bank determines the minimum and maximum thresholds which must register the scales referred to in paragraph 2, taking into account international developments and the reference levels that emerge.
§ 3. The credit institution may, where his legal governing body deems appropriate in the light of the circumstances: 1 ° take measures under its recovery plan while it did not meet with the corresponding indicator;
2 ° to refrain from taking a measure in respect of its recovery plan while it is meets the corresponding indicator.
Informed credit institution the supervisory authority without delay of any decision to take action within the framework of its recovery plan or to refrain from taking such a measure while it is meets the corresponding indicator.
§ 4. Without prejudice to the other powers conferred on him by this Act, the supervisory authority may require the credit institution to take one or more corrective measures in its recovery plan if the establishment remains in default to take appropriate measures on its own initiative.
S. 111. the credit institution refreshes recovery plan at least once a year and in any event after any modification of its legal or organizational structure of its activities or its financial situation likely to have a significant impact on the plan or requiring change.
The supervisory authority may require that the credit institution update recovery plan more frequently.
S.
112 by regulation made under article 12bis, paragraph 2 of the law of 22 February 1998, the specific bank: 1 ° the minimum content of the recovery plan;
2 ° the information transmitted by the credit institutions to the supervisory authority and the frequency at which they are transmitted.
S. 113 § 1. By Decree deliberated in the Council of Ministers, the King: 1 ° may, under the conditions it sets, exempt the following institutions from the obligations under this Section: has) credit institutions which are a subsidiary included in the supervision on consolidated basis to another credit institution, a financial holding company or a mixed financial holding company governed by the law of a Member State for which a recovery plan approved by the competent authority;
b) credit institutions referred to in article 239, § 1.
2 ° defines, in the respect of the principle of proportionality, the conditions in which the supervisory authority may grant derogations under paragraph 2.
§ 2. The supervisory authority may, within the limits and under the conditions laid down pursuant to paragraph 1, 2 °, allow a credit institution to derogate from the obligations under this Section regarding content of the reorganization plan, frequency of updating of the plan or information to be provided by the credit institution as well as to the time limit provided for in article 114 § 2 , or in article 415, to the extent where such derogation is justified with regard to the impact that the failure and liquidation of the credit institution are likely to have on the financial markets, on other credit institutions on financing conditions and more generally on the economy. To this end, the supervisory authority takes into account including the nature of the activities of the credit institution, the shareholding structure, of its legal form, its risk profile, its size, its interdependence with other credit institutions or the financial system, from the perimeter and the complexity of its activities and its possible services or investment activities exercise.
The supervisory authority may at any time withdraw the benefit of a derogation granted in accordance with paragraph 1. It assesses the need and the opportunity to maintain the derogations granted at least once per year and after a change in the legal or organizational structure, activities or the financial situation of the credit institution concerned.
§ 3.
The exemptions and derogations provided for in this article cannot in no case wear on the requirements for progressive scale of thresholds for the proportion of the encumbered assets, such as referred to in article 110, paragraph 2, subparagraphs 2 and 3.
Section II. -Evaluation of RMPs s.
114 § 1. The reorganization plan is reviewed and approved by the legal Board of the credit institution body prior to its submission to the supervisory authority.

§ 2. The credit institution shall submit its first recovery plan to the supervisory authority within six months from the date of its approval.
Subject to what is provided for in paragraph (3), the credit institution shall submit an updated plan to the supervisory authority within two months following the fact giving rise to the obligation of the plan update, on the understanding that the supervisory authority may extend this period up to six months.
In the event where the fact giving rise to the obligation to update of the plan is a modification of the financial situation of the credit institution may have a significant impact on the plan, it shall inform the authority without delay and shall submit an updated plan within the period that shall forward to the supervisory authority.

§ 3. The supervisory authority transmits the reorganization plan and each plan updated the resolution authority.
The resolution authority may, within thirty days of receipt of the plan, make the control authority of the recommendations on the measures provided for by the plan that are likely to have a negative impact on the solvability of the credit institution.
S.
115 § 1. Within six months of receipt of the recovery plan, the supervisory authority examines this plan and assess whether it meets the requirements laid down by or pursuant to articles 108 to 113.
For this purpose, the supervisory authority including evaluates if the recovery plan can reasonably expect that: 1 ° the implementation of the measures provided for in the plan is likely to maintain or restore the viability and the financial position of the credit institution or of the Group of which it is part, taking into account the preparatory measures that the institution has taken or has planned to take.
2 ° the plan and the different options that are planned are likely to be implemented quickly and effectively in situations of financial crisis, avoiding, as far as possible, significant negative effects on the financial system, including scenarios involving the concomitant implementation of RMPs to other institutions.
In its assessment of the recovery plan, the supervisory authority pays special attention on the adequacy of the structure of capital and funding of the credit institution to the degree of complexity of its organizational structure and its risk profile.
§ 2. If the supervisory authority considers that the reorganization plan has significant deficiencies, or that there is significant to implementation obstacles, it shall inform the credit institution and, after giving him the opportunity to express his point of view, invites him to submit, within two months, a revised plan in which it is remedied these gaps or obstacles. The supervisory authority may extend the above time limit of two months of maximum one month.
§ 3. If the supervisory authority considers that the plan revised in accordance with paragraph 2 does not address effectively gaps or obstacles that it has identified, it may require the establishment of credit recovery plan-specific changes within thirty days of the notification of this fact at that institution.
S.
116 § 1. If the credit institution does not suite, within the time limit set in the invitation referred to in article 115 § 2, or if the supervisory authority considers that the revised reorganization plan submitted in accordance with article 115 § 2, does not remedy the gaps or obstacles that it has identified and it is not possible to be effectively remedied by injunction given in accordance with article 115 , § 3, the supervisory authority shall inform the credit institution and requires that it determines, within thirty days, the changes he can bring its activities to address these gaps or obstacles.
§ 2. If the supervisory authority considers that the changes proposed by the credit institution in implementation of paragraph 1 do not allow to remedy the gaps or obstacles that it has identified, it

without prejudice to any other measures provided for by or under this Act, may require the credit institution to take any measure it deems necessary and proportional to put an end to these gaps or obstacles.
The supervisory authority may in particular require the credit institution of: 1 ° reduce its risk profile, including liquidity risk;
2 ° allow rapid recapitalization measures;
3 ° review its strategy and its structure;
4 ° amend its funding strategy in order to increase the robustness of its core activities and its critical functions;
5 ° modify its governance structure.
The decision of the supervisory authority is notified in writing to the credit institution.
CHAPTER VIII. -Of the structure of activities Section Ire. -Scope and definitions article
117. This chapter applies to Belgian credit institutions which collect deposits or issue debt securities which are covered by the Belgian system of protection deposits referred to in section 380.
S. 118 § 1. For the purposes of this chapter and of the orders and regulations for its execution, it has to be understood by: 1 ° negotiations for own account, the trading of financial instruments by engaging its own capital in the trading book as defined in article 4, paragraph 1, 86) of Regulation n ° 575/2013;
2 ° on a consolidated basis, on the basis of the consolidated position of the group or sub-group established by a credit institution and its subsidiaries Belgian and foreign;
3 ° perimeter of consolidation, the group or subgroup consisting of a credit institution and its subsidiaries Belgian and foreign;
4 ° bargaining entity, any company linked to a credit institution, outside its scope of consolidation, whose negotiations for own account activities exceed the thresholds set out in a regulation made by the Bank in accordance with article 12bis, paragraph 2 of the law of 22 February 1998.
§ 2. In this chapter, any order royal matters referred to in article 12A, § 2, paragraph 3, of the law of 22 February 1998 is deliberated by the Council of Ministers.
Section II. -Ban on trading for its own account article 119. from 1 January 2015, it is forbidden to any credit institution to carry out activities of negotiations for own account, either directly or through Belgian or foreign subsidiaries.
S. 120. for the purposes of this chapter, shall be regarded as activities of negotiations for own account transactions and commitments for its own account, not backed by adequate security, concluded with: a) of undertakings for collective investment to leverage or similar investment vehicles corresponding to the characteristics laid down in a regulation of the FSMA. (or b) organizations of mutual funds who have invested or are exposed in one or more organizations or vehicles referred to in point) above a threshold set out in a regulation made by the Bank in accordance with article 12bis, paragraph 2 of the law of 22 February 1998.
S. 121 § 1. Subject to section 123, the prohibition laid down in article 119 does not apply to transactions on financial instruments, which are part of the following activities, provided that these operations satisfy the conditions laid down in paragraph 2: 1 ° providing the clients of investment services and ancillary services, as defined in article 46, 1 °, 1., 2. and 4. to 8, and 2 °, of the law of 6 April 1995, to meet the needs of funding, hedging or investment of clients;
2 ° the activities of market consisting of regular and continuous presence, on a regulated market or in a multilateral negotiation is a member, a speaker who offers of purchase price and closed sales for financial instruments, accompanied by a commitment on its part to be consideration to these prices on minimum quantities for the purpose to bring liquidity to the market concerned, provided that this speaker is certified as a market by the market operator or the investment firm which operates the market or multilateral trading subject system;
3 ° hedging activities of the own risk of the credit institution or of its subsidiaries, including the risks associated with the activities referred to in 1 °, 2 °, 4 ° and 5 °;
(4) the sound and prudent management of liquidity of the credit institution and of its subsidiaries;
5 ° the purchase and sale of financial instruments acquired with the intention of keeping them permanently.

§ 2. To be exempted from the prohibition laid down in article 119, the financial transactions referred to in paragraph 1 must meet the following conditions: 1 ° they should be carried out within the limits of risk and in compliance with the management measures laid down pursuant to article 122;
2 ° with regard to the operations carried out in the context of the activities referred to in paragraph 1, 1 ° to 3 °, the credit institution must demonstrate that they are necessary so that it can fulfil its role of intermediary with clients;
3 ° with regard to the operations carried out in the context of the activities referred to in paragraph 1, 4 ° and 5 °, the credit institution must demonstrate that they are necessary for a sound and prudent management of liquid assets or investments in question.
S. 122. by means of regulations in accordance with article 12bis, paragraph 2 of the law of 22 February 1998, the Bank sets risk limits and measures of supervision for the financial transactions referred to in article 121, § 1.
The regulation referred to in paragraph 1 also defines: 1 ° the rules of governance and risk management for each category of transactions referred to in article 121, § 1;
2 ° the internal control procedures specific to be implemented by the credit institutions to ensure compliance with the conditions and limits laid down by or under articles 121 to 124.
3 ° the specific periodic reporting obligations of credit institutions enabling the supervisory authority to monitor compliance of the said conditions and limits.
S. 123 § 1. Transactions in financial instruments referred to in article 121, § 1, which are not within the boundaries of risk laid down in pursuance of articles 121 and 122, are considered as prohibited proprietary trading activities when, on an individual or on a consolidated basis, basis market related to these operations risks exceed the threshold defined in accordance with paragraph 2.

§ 2. The threshold referred to in paragraph 1 is set in terms of ratio of capital requirements for market risks related to operations referred to in paragraph 1 on the total of the regulatory own funds of the credit institution, on an individual basis or on a consolidated basis, as appropriate.
The ratio referred to in paragraph 1 may be greater than one percent. By Decree deliberated in the Council of Ministers, the King may adjust this limit according to the evolution of the needs of the real economy.
In respect of the maximum ratio referred to in paragraph 2, the supervisory authority sets the threshold referred to in paragraph 1 separately for each credit institution, taking into account particular activities and the risk profile of the institution of credit and the impact of the threshold on the Faculty of the credit institution to play its role in supporting the real economy.
§ 3. By means of regulations in accordance with article 12bis, paragraph 2 of the law of 22 February 1998, the Bank defines the procedures for calculating the ratio referred to in paragraph 2.
This regulation may, on terms that it defines: 1 ° exclude supra ratio calculation of capital requirements generated by intra-group transfers to centralize the management of market risks at the level of the credit institution;
2 ° to allow the supervisory authority to allow the credit institution a period to regularize his situation in the event of exceptional circumstances which escape its control for part.
S.
124. by way of derogation from article 119, the supervisory authority may authorise a credit institution, to the conditions it sets, to continue the extinctive management of portfolios of financial instruments which have been managed in this way from a date earlier than 1 January 2014.
S.
125. the credit institution assumes the burden of proof to demonstrate to the supervisory authority that its activities or those of its subsidiaries, as applicable, comply with the conditions and limits laid down by or pursuant to articles 121 to 124.
S. 126 § 1. Within thirty days of the observation of the crossing of the threshold referred to in article 123, the credit institution shall submit to the approval of the supervisory authority a plan that describes in detail how he intends to reduce, stop, or transfer its trading activities or those of its subsidiaries to comply with the provisions of this chapter.
§ 2. For this purpose, the activities of trading for own account of the credit institution or of its subsidiaries can be transferred in whole or in part to one or more related businesses outside the scope of consolidation of the credit institution.
When negotiations for own account activities are thus transferred to a company under Belgian law, it must be approved as a firm in accordance with the law of 6 April 1995.
S.
127 § 1. When a credit institution remains in default to submit the

plan referred to in article 126 § 1, or if the supervisory authority considers that this plan does not achieve sustainable compliance with the provisions of this chapter, the supervisory authority may require the credit institution take corrective measures it deems necessary, including discontinuation or disposal of trading for its own account concerned activity.

§ 2. In his assessment of the plan referred to in article 126 § 1, the supervisory authority takes into account the effects of this plan on the stability of the financial system and on the functioning of the real economy.
§ 3. In the event of transfer of trading for its own account to a company linked to the credit institution, the supervisory authority may make its approval of the plan referred to in article 126 § 1, conditions to confine the risks associated with the exercise of these activities by this company.
§ 4. Upon approval of the plan referred to in article 126 § 1 by the supervisory authority, it shall notify its decision to the credit institution concerned and publishes on its website.
Section III. -Relations with trading entities art. 128. any entity trading under Belgian law must comply with the prudential requirements that are applicable on an individual basis and, where appropriate, on the basis of the situation consolidated the group or sub-group established by the entity and its subsidiaries Belgian and foreign, without that it cannot benefit from an exemption or derogation due to its inclusion in the consolidated to a group more wide comprising one or more credit institutions.
S. 129 § 1. For the purposes of the requirements of regulatory own funds and limits on large exposures, exposures of credit on related entities of trading institutions are treated as exhibitions on third parties.
The exhibitions referred to in paragraph 1 may be exempted in whole or in part the limits to large exposures under section 400, paragraph 2, c)) or (f) of Regulation No. 575/2013.

§ 2. By means of regulations in accordance with article 12bis, paragraph 2 of the law of 22 February 1998, the Bank may submit the exhibitions referred to in paragraph 1 to a limit for large exposures less than 25 percent in accordance with article 395, paragraph 6, of the regulation 575/2003 and require that they are the subject of adequate credit protection.
S.
130. a credit institution may acquire or hold, directly or indirectly, qualifying holdings in negotiating entities provided that these interests be increased the amount of its category basic own funds elements 1 and subject to the prior approval of the supervisory authority.
S. 131 § 1. The members of the Board of directors or, in the absence of such a Committee, the persons responsible for the effective management of a credit institution cannot exercise any mandate or no executive function within a trading entity.
§ 2. Without prejudice to article 524 of the companies Code, the Board of Directors of an entity of negotiation by Belgian law has at least one independent Director within the meaning of article 526ter of the same Code.
At least half of the non-executive members of the Board of Directors of an entity of negotiation by Belgian law have no mandate or no executive function within a business related to the trading entity.
Section IV. -Provisions various arts. 132. the provisions of this chapter are without prejudice to other measures that may be imposed by the supervisory authority or the authority of resolution pursuant to this Act.
S. 133. the King may, by order deliberate in Council of Ministers, made on the advice of the Bank, take all measures necessary to ensure the transposition of the provisions arising from international treaties or international acts taken pursuant to them, in the matters governed by the provisions of this chapter.
The powers granted to the King by the paragraph 1 shall expire on December 31, 2015.
Orders made under this section may change, Supplement, replace or repeal the legal provisions in force.
These orders are repealed right when they were not confirmed by law in the twelve months following their publication in the Moniteur belge.
TITLE III. -Control of credit institutions chapter I. -Control exercised by the supervisory authority and the art of the FSMA. 134 § 1. In accordance with the allocation of competence laid down by regulation MSU, the supervisory authority shall ensure that each credit institution operates in accordance with the provisions of this Act, regulations and orders made pursuant to this directive and regulations directly applicable European, without prejudice to the powers vested in the FSMA under article 45, § 1, paragraph 1 3 ° and § 2 of the law of 2 August 2002.
§ 2. In the exercise of its general tasks, the supervisory authority shall take due account of the potential impact of its decisions on the stability of the financial system of all the other Member States concerned, in particular in emergency situations and that, based on the information available at the relevant time.
S. 135. for the purpose of its mission, the supervisory authority may be provide all information relating to the Organization, the functioning, the situation and operations of credit institutions.
It can conduct inspections on the spot and take notice and copy, without moving, any information held by the institution, in view 1 ° check the compliance with the legal and regulatory provisions and regulations Europeans directly applicable, relating to the status of credit institutions, as well as accuracy and sincerity accounting and the annual accounts, as well as States and other information forwarded to him by the institution;
2 ° to verify adequacy of structures of management, administrative and accounting procedures, internal control and prospective management of own funds requirements policy and liquidity of the institution;
3 ° ensure that the management of the institution is sound and prudent, and that its situation or its operations are not likely to endanger its liquidity, profitability or solvency.
The powers referred to in paragraphs 1 and 2 shall also cover access to the agendas and minutes of the meetings of the various organs of the establishment and their internal committees, as well as documents y related and the results of the evaluation internal and/or external of the functioning of those bodies.
S. 136. in the framework of these inspections, officials of the supervisory authority are entitled to leaders and employees of the credit institution all information and explanations that they deem necessary for the performance of their duties and may, for that purpose, require the holding of interviews with officials or staff of the establishment they designate.
S. 137. the credit institutions are required to inform without delay the FSMA and the supervisory authority when they begin services systematic internaliser within the meaning of article 3, 66 °, or they don't end. S. 138. without prejudice to the devolved powers to the European Central Bank under regulation MSU, the Bank and the FSMA conclude a protocol for ensuring effective and coordinated credit institutions control. They publish this Protocol on their respective website.
The Protocol determines the terms of the collaboration between the Bank and the FSMA in all cases where the law provides advice, consultation, information or any other contact between the two institutions, as well as in cases where a consultation between the two institutions is necessary to ensure uniform application of the legislation.
S. 139. the supervisory authority known relationships between the credit institution and a client determined to the extent required for the control of the institution.
S. 140. the supervisory authority may proceed to branches of credit institutions under Belgian law, established in another Member State, subject to the prior advice of the competent authorities of that State, to the inspections referred to in article 135, paragraph 2, as well as any inspection to collect or verify on-site information about the direction and management of the branch and all information likely to facilitate the monitoring of the credit institution especially with regard to liquidity, credit, guarantee deposits, limitation of large exposures, administrative and accounting organization and internal control.
It can, for the same purpose, and after having notified the authorities referred to in paragraph 1, appoint an expert, it means, to carry out the checks and useful expertise. The remuneration and expenses of the expert are responsibility of the institution.
Similarly, it can request these authorities to conduct the audits and expertise referred to in paragraph 1 that she said them.
CHAPTER II. -Supervisory review process Section Ire. -Prudential supervision program art. 141 § 1.
Based on the results of the conducted monitoring and assessment of credit institutions procedure in application of article 142, the supervisory authority establishes his program on an annual basis. This control program shows: 1 ° the manner in which the supervisory authority intends

carry out its missions and allocate its resources;
2 ° credit institutions which will be the subject of a reinforced control and measures to be adopted for this purpose pursuant to paragraph 3;
3 ° the program checks on the spot, including branches and subsidiaries institutions established in another Member State, respectively in accordance with article 140 or 162, 183, § 2 and 214;
§ 2. Monitoring program is established for the credit institutions for which the procedure control and evaluation referred to in article 142, or the results of the testing referred to in articles 143, § 1, 1 ° and 148, revealed significant risks affecting their financial soundness or breaches of the provisions of this Act, orders or regulations for execution or directly applicable European regulations.
In addition, the control program covers credit institutions of global systemic importance (EISm) or systemically important domestic (household EIS) referred to in article 12 of annex IV.
The supervisory authority may, at any time, add to its monitoring program any other establishment credit for which it considers that a specific follow-up is necessary with regard respect, by this institution, this Act and the orders and regulations made in pursuance thereof as well as the regulations directly applicable European.
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3. The measures referred to in paragraph 1, 2 ° may include: 1 ° increase the number or frequency of the inspections on the spot with a credit institution;
2 ° carry out thematic inspections relating to specific risks;
3 ° require the transmission of additional or more frequent reporting;
4 ° conduct a review additional or more frequent operational, strategic plans or development of a credit institution;
5 ° impose its permanent presence within a credit institution.
§ 4. When the circumstances so require, the supervisory authority adapts the content of its programme of control as referred to in paragraph 1.
Section II. -Procedure for control and prudential assessment s. 142. based on the criteria of article 143, the supervisory authority verifies the compliance with the provisions of this Act, of the orders and regulations made in implementation thereof and Regulation No. 575/2013. It assesses risks to which the credit institution is or might be exposed, highlighted, where appropriate, by the stress tests carried out in application of article 148, the adequacy in relation to such risks, from the prospective of own funds management and liquidity as referred to in article 94 and the risks posed by this institution to the financial system.
The supervisory authority determines the frequency and magnitude of this evaluation, taking into account the size and systemic importance of the institution concerned, the nature, volume and complexity of its activities. For establishments covered by its programme of control pursuant to article 141, the assessment is updated at least once per year.
The supervisory authority shall inform without delay the European banking authority of the results of the assessment provided for in paragraph 1, if it reveals that a credit institution is likely to rise to systemic risk, by applying the criteria listed in article 23 of Regulation No 1093/2010.
S. 143 § 1. In addition to the verification of the risk control of credit and market and operational risks referred to in articles 5 to 7 of Schedule I, control and evaluation carried out by the authority in accordance with article 142 bear, inter alia, on the following aspects: 1 ° the results of stress tests carried out in accordance with article 177 of Regulation No. 575/2013 by the credit institution who applies the approach based on internal ratings;
2 ° the exposure to the risk of concentration and control of the risk by the institution, including the compliance with the requirements defined in article 3 of annex I and by Regulation No. 575/2013, part IV and by regulations made by the Bank in accordance with article 98;
3 ° the strength, the appropriateness and detailed rules for the application of policies and procedures implemented by the institution to manage the residual risk associated with the use of recognized credit risk mitigation techniques;
4 ° the adequacy of own funds held by the credit institution in the eyes of the securitized assets, taking into account the economic substance of the transaction, including the degree of transfer of realized risk.
The supervisory authority examines if the establishment concerned retains, by an implicit support, a portion of the risk assets subject to a securitization transaction. When it is determined that an institution has made such implicit support more than once, the supervisory authority may take such measures as it considers necessary taking into account that this property presents, in this case, a higher probability of providing such support in a later securitization transaction;
5 ° the exposure to the risk of liquidity as well as the measurement and control of this risk by the institution, including:-the development of analyses based on other scenarios than those provided by Regulation No. 575/2013 and by regulations made by the Bank in accordance with article 98;
-management of the elements of mitigation of liquidity risk (including the level, composition and quality of liquidity cushions);
-the establishment of effective contingency plans.
The supervisory authority performs at regular intervals a thorough assessment of the overall liquidity risk management by the hotel and ensures that internal liquidity risk assessment methods are healthy. The supervisory authority takes into account the role played by the institution in the financial markets and the potential impact of its decisions on the stability of the financial system in the other Member States concerned;
6 ° the impact of the effects of diversification of risks or exposures to the risk, and how these effects are integrated in the system of risk assessment;
7 ° the results of stress tests carried out by the establishment that uses an internal model for the calculation of the capital requirements for market risk, in accordance with Regulation No. 575/2013, third part, title IV, Chapter 5 and the regulations made by the Bank in accordance with article 5, § 5 of the first schedule;
8 ° the geographic location of the exhibitions of the establishment;
9 ° the business model of the establishment;
10 ° the assessment of systemic risk according to the criteria referred to in article 23 of Regulation No 1093/2010;
11 ° the appropriateness and prudent valuation rules used by the credit institution. Made value corrections, in accordance with article 105 of Regulation No. 575/2013, must allow the establishment, under normal market conditions, sell or cover its positions quickly without exposing themselves to significant losses;
12 ° the exposure of the establishment to the risk of interest rate inherent in its non-trading book activities. Without prejudice to article 149, measures are just the minimum required by the supervisory authority is it appears that a brutal and unexpected interest rate developments could depress the economic value of a facility to a maximum of more than 20% of its own funds;
13 ° the exposure of the institution at risk of leverage, as reflected in the indicators of excessive leverage, particularly the leverage ratio determined in accordance with article 429 of the Regulation n ° 575/2013.
When she appreciates the adequacy of the leverage ratio of the establishment and the appropriateness provisions, policies, procedures and mechanisms implemented to control the risk of leverage, the supervisory authority takes into consideration the business model of the establishment concerned;
14 ° operative organization of the credit institution referred to in article 21 and the capacity of members of the legal Board of Directors and the Executive Committee to exercise their powers.
§ 2. The supervisory authority may specify the quantitative and qualitative criteria it takes into account to assess risks and the adequacy of their treatment by credit institutions, where appropriate by way of regulation taken in application of article 12bis, paragraph 2 of the law of 22 February 1998.
Section III. -Review of approaches and internal methods art. 144 § 1. The supervisory authority examines at regular intervals and at least every three years, compliance with Regulation No. 575/2013 and the regulations made in application of articles 1, 6 and 5, § 5 of Appendix I of the internal regulatory approaches for the calculation of the own funds requirements.
In addition, it shall examine whether the credit establishments authorized to use these approaches meet the conditions previously set by the supervisory authority for such use. It takes account, in particular, the evolution of the activities of the establishment and the application of these approaches to new products.
§ 2. The supervisory authority verifies and evaluates, inter alia, if establishments that use internal approaches referred to in paragraph 1, make use of techniques and practices developed in an appropriate way and which are updated.
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145 § 1. Where the supervisory authority finds that the approach internal used

by a credit institution this material deficiencies in the apprehension of risks, it requires that the institution should take appropriate measures to remedy this situation and mitigate the consequences, and imposes, as appropriate, increased the multipliers, or specific requirements in own funds in accordance with article 149.
§ 2.
If many excesses, within the meaning of article 366 of the Regulation n ° 575/2013, indicate that an internal market risk model is not sufficiently accurate, the supervisory authority may revoke authorisation of the use of this internal model or impose practical measures so that the model is improved promptly.
§ 3. When it finds that a credit institution, which has been authorized to use an internal approach for the calculation of the regulatory capital requirements no longer complies with the conditions laid down for the use of this approach, the supervisory authority requires the establishment to submit a plan of compliance including timelines, or that the establishment demonstrates that the effects of non-compliance are negligible having regard to Regulation No. 575/2013.
The supervisory authority requires that the compliance plan be amended if it considers that its implementation will not lead to compliance with the conditions or if it considers that the period of compliance submitted by the credit institution is inadequate or unrealistic. If the supervisory authority considers that the establishment will fail to satisfy, within the period as it considers appropriate, to the conditions of use of the internal approach, it revokes the authorization of use of said internal approach or limits this use to areas for which compliance is assured, or is capable of being within a period that the reviewing authority considers appropriate.
S. 146. Notwithstanding article 145, if the supervisory authority finds that the non-compliance of the internal approach might have so that the credit institution concerned fails to more applicable requirements regarding regulatory own funds, it imposes, pursuant to article 234, § 2, 1 °, a capital requirement additional to remedy this situation in the time specified.
S. 147 § 1. Credit institutions permitted to use approaches internal for the calculation of the amounts of exposure to the risk or own funds requirements, apart from operational risk, communicate once a year or on request of the Authority's control, the results of the calculations based on their approaches to internal to their exhibitions or positions included in the portfolios of reference. This information shall be accompanied by an explanation of the methods used.
§ 2. For the communication referred to in paragraph 1, credit institutions use the pattern defined by the European banking authority, except for the communication of the results of the calculations for specific portfolios requested, where applicable, by the supervisory authority, which is the subject of a separate transmission.
§ 3. The supervisory authority carried out a comparative analysis of the quality of internal approaches which are communicated to it at least once a year. It requires remedial action if it finds that the approach used by a credit institution departs significantly from other approaches used by the sector and if it determines that this approach has for consequence an underestimation of the capital requirements for the institution concerned, which is not due to differences in underlying risks to which the institution is exposed.
Section IV. -Tests of resistance art. 148. If it considers that the resistance tests carried out in accordance with article 23 of Regulation No 1093/2010 provide no sufficient results, the supervisory authority shall submit credit institutions to specific prudential resistance tests taking into account the particularities of the banking sector in Belgium, to facilitate the monitoring and evaluation referred to in article 142 procedure.
Section V. - Measures prudential s. 149. based on the results of the monitoring and evaluation procedure conducted in accordance with article 142, the supervisory authority may impose on a credit institution a specific own funds requirement, which adds to the own funds requirements by or under Regulation No. 575/2013 and regulations made pursuant to section 98, and article 95 in order to take account of the risks to which this institution is or might be exposed. The supervisory authority specifies how the institution concerned must cover this specific requirement of own funds.
The supervisory authority takes into account the following elements: a) the quantitative and qualitative aspects of the policy of prospective requirements management in own funds of the credit institution referred to in article 94, § 2;
(b) all the provisions, procedures and mechanisms put in place by the establishment, in accordance with article 21;
c) the results of the review of internal approaches and internal methods referred to in Section III and prudential stress tests carried out in application of article 148;
d) risk that the establishment presents for the stability of the financial system in Belgium and in the other Member States.
S. 150. the specific requirement of own funds referred to in article 149 may also be imposed in the following cases: 1 ° the establishment risks that are not covered, or are only partially, by the capital requirements determined in accordance with the provisions of Regulation No. 575/2013 and the regulations made under section 98, to article 95;
2 ° the results of stress tests carried out in application of section 377, paragraph 5 of Regulation n ° 575/2013, indicate that the requirement in equity to correlation trading portfolio, referred to in article 338 of this regulation is significantly insufficient;
3 ° on basis of the monitoring and evaluation referred to in article 142 procedure, the supervisory authority considers that the minimum capital determined pursuant to Regulation No. 575/2013, regulations made pursuant to section 98, to article 95, or laid down by the institution itself pursuant to article 94, underestimate probably the real risks incurred by the institution.
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151. where it considers that the risk of liquidity which is, or is likely to be exposed a credit institution so justifies, the supervisory authority may impose in this establishment of specific liquidity standards that are in addition to those defined by Regulation No. 575/2013 and the regulations made pursuant to article 98. The supervisory authority takes into account: 1 ° establishing business model;
2 ° of the results of the monitoring and evaluation referred to in article 142 procedure, particularly where the supervisory authority concludes that the minimum liquidity determined by Regulation No. 575/2013 and the regulations made under section 98, or laid down by the institution itself pursuant to article 94, underestimate the actual risks incurred by it or may fear the occurrence;
3 ° of operative organization and the measures put in place by the hotel for the control of risks, in particular liquidity risk referred to in article 8 of Annex I;
4 ° the existence of a risk of systemic liquidity for the financial system in Belgium or in other Member States.
S. 152. the supervisory authority may decide to attach a time limit the measures imposed pursuant to sections 149 to 151.
The application of these provisions does not prejudice the application of other provisions of this Act, including article 234.
S. 153. the supervisory authority shall inform the European banking authority: 1 ° the functioning of its monitoring and evaluation referred to in article 142 procedure.
2 ° of the method used to ensure that the decisions taken in application of articles 143 to 151, and 234 are based upon the control procedure and the assessment carried out in accordance with article 142.
Section VI. -Credit institutions with similar risks article profiles 154. If the supervisory authority determines, on the basis of the procedure of monitoring and evaluation referred to in article 142, as credit institutions which have risk profiles similar because of the similarity of their models of business or the geographical location of their risk exposures, are exposed, or are likely to be at similar risk or are similar to the financial system risks It may impose, or impose the measures referred to in articles 75, 149-151, 234 in a manner analogous or identical to the institutions concerned.
Credit institutions referred to in paragraph 1 may, in particular, be identified on the basis of the criteria referred to in article 23 of Regulation No 1093/2010.
When the supervisory authority makes use of the possibility provided for in paragraph 1, it shall inform the European banking authority.
CHAPTER III. -Control of activities carried out in another State Member Section Ire. -Definitions art. 155. for the purposes of this chapter, there are means: 1 ° Member State of origin, the Member State in which an approval has been granted to a credit institution, in casu the Belgium;
2 ° Member State

home, the Member State in which a credit institution has a branch or provides services;
3 ° the supervisory authority, the authority in its capacity as competent authority of the Member State of origin.
Section II. -Control activities art. 156 § 1.
The control exercised by the authority in accordance with title III, chapter I, also focuses on the activities of credit institutions operate through branch or free provision of services in another Member State.
The control referred to in paragraph 1 does not prejudice the control on consolidated basis.
§ 2. In the performance of its tasks, the supervisory authority shall take due account of the potential impact of its decisions on the stability of the financial system of all the other Member States concerned, in particular in emergency situations, based on the information available at the relevant time.
Section III. -Measures exceptional art.
157 § 1. When the competent authorities of another Member State in which a Belgian credit institution has established a branch or banking activities referred to in article 4, under the regime of the free provision of services, seize control of violations of the legal provisions applicable authority in that Member State under their control in implementation of Directive 2013/36/EU , the supervisory authority takes or caught as soon as possible, all appropriate measures provided for in articles 234-236, to remedy these shortcomings.
The supervisory authority shall communicate the nature of these measures to the competent authority of the host Member State.

§ 2. If the supervisory authority shall withdraw approval of the credit institution which carries on activities in another Member State by means of branch or free provision of services, it shall inform without delay the competent authority of the host Member State.
§ 3. Where, in an emergency situation, the competent authority of the host Member State has taken interim measures pending appropriate action or relief taken by the supervisory authority, the latter may seize the European banking authority and request its assistance in accordance with article 19 of Regulation No 1093/2010 about a measure with respect to which it emits objections.
Section IV. -Cooperation arts. 158. with a view to monitor the settlements activity in other Member States by way of a branch, the supervisory authority works closely with the competent authority of the host Member State. The supervisory authority shall communicate to the competent authority of the host Member State all the information relating to the management and ownership of relevant credit institutions to facilitate their monitoring and review of the conditions of their approval, as well as any information likely to facilitate their monitoring, especially in the area of liquidity, solvency, the deposit guarantee limitation of the great risks, administrative and accounting organization and internal control mechanisms.
Section V. - Branches of significant art.
159. If the competent authority of the host Member State asked the supervisory authority that a branch of a Belgian credit institution established in another Member State is considered as having significant importance within the meaning of article 51 of Directive 2013/36/EU, the supervisory authority is to achieve, together with the competent authorities of the host Member States and the authority of supervision on consolidated basis If the supervisory authority does not have this quality, a joint decision on the designation of the branch as a branch of significant importance.
Common decisions referred to in paragraph 1 are presented in a duly reasoned and shall be notified to the relevant competent authorities of the host Member States.
If no joint decision is taken within a period of two months from receipt of an application referred to in paragraph 1, the supervisory authority must recognize the decision of the competent authority of the host Member State, taken no later than within a further period of two months on the designation of the branch as a branch of significant importance, as final , and apply it.
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160 § 1. The supervisory authority shall communicate to the competent authorities of the host Member States in which a branch of significant importance is established, the information referred to in article 180, § 2, paragraph 2, 3 ° and 4 °, and performs the tasks referred to in article 172, § 1, in cooperation with the competent authorities.
§ 2. If the supervisory authority is to have knowledge of an emergency within the meaning of article 36/14, § 1, 1 °, paragraph 2 of the law of 22 February 1998, it alerts the authorities referred to in the same article without delay.
§ 3. The supervisory authority shall communicate to the competent authorities of the Member States in which branches of significant importance are established, the results of the risk assessment referred to in article 142 and, where appropriate, in article 174, § 2, to which it submits the institutions having such branches. It shall also notify the decisions taken under articles 146, 149, 150, 151 and 234, insofar as these assessments and decisions are interested these branches.
§ 4. The supervisory authority shall consult the competent authorities of the Member States in which the branches of significant importance are based on operational measures required under of article 57, § 5, when relevant to the risk of liquidity in the currency of the Member State concerned.
S. 161 § 1. When it has not been established College of competent authorities within the meaning of section 178, the supervisory authority establishes and chairs, to a credit institution with branches of significant importance in other Member States, a college of competent authorities in order to facilitate the attainment of a common decision on the designation of a branch as a branch of significant importance in application of article 159 and the exchange of information. The establishment and functioning of the college are based on written provisions defined by the control authority after consultation with the relevant competent authorities of host Member States. The supervisory authority decides what competent authorities of the host Member States are participating in a meeting or in an activity of the college.

§ 2. In its decision on participation in the college, the supervisory authority takes into account the relevance of the supervisory activity to plan or to coordinate the competent authorities involved, including the potential impact on the stability of the financial system of the Member States concerned referred to in article 156, § 2, and the obligations set out in section 160.

§ 3. The supervisory authority shall inform fully and in advance all members of the college of the Organization of meetings, the main issues to be addressed and activities to consider. It informs also fully and in good time all members of the college of the measures taken during these meetings or actions for their implementation.
Section VI. -Check on the spot s. 162 § 1. In the case of credit institutions carrying out their activity in another Member by way of branch, the supervisory authority may, after informing the competent authority of the host Member State, itself or through an expert that it designates a control on-site information referred to in article 158 and inspect such branches.
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2. The supervisory authority may also, for inspection of branches, have recourse to one of the other procedures referred to in article 214.
§ 3. The supervisory authority shall take due account of the information and views obtained from the competent authority of the host Member State in the preparation of its programme of prudential supervision, referred to in article 141, had regard to the stability of the financial system of the Member States in which are established branches of the credit institution concerned.
§ 4. On spot checks and inspections of branches by the supervisory authority are carried out in accordance with the law of the Member State where the inspection or inspection takes place.
Section VII. -Situations where a Belgian credit institution has established a branch in Member State participating art. 163. for substances which are entrusted to the European Central Bank in accordance with article 4 of regulation MSU, in cases where it is the supervisory authority of a credit institution which has established one or more branches in the territory of one or more participating Member States, the provisions on cooperation and exchange of information between competent authorities are not applicable when the Central Bank European is the only competent authority involved.
CHAPTER IV. -surveillance of the Group Section Ire.
-Definitions art. 164. § 1. Without prejudice to the definitions referred to in article 3 of this Act, for the purposes of this chapter and of the orders and regulations for its execution, it has to be understood by: 1 ° financial institution: shall be treated as financial institutions Giro, OPCA managers offices, management companies of undertakings for collective investment, settlement institutions referred to in article 36/1 , 14 °, of the law of February 22, 1998, as well as organizations whose activity is to ensure, in any

or in part, the operational management of services provided by such organizations of liquidation;
2 ° financial conglomerate, a group or subgroup in which one at least of the subsidiaries is a regulated and who meets the following conditions: a) when a regulated company is the head of the group or subgroup: i) this company is the parent company of a company in the financial sector, or an undertaking which holds a participation in a company in the financial sector , or an undertaking linked with a company of the financial sector in the form of a consortium;
(ii) at least one of the entities of the group or subgroup is a company of the insurance sector and at least one of the entities of the group is a company of the banking or investment services sector; and (iii) the activities consolidated and/or aggregated group or subgroup entities that are part of the sector and insurance entities of banking and investment services sector are significant within the meaning of article 186, § 3 of this Act; (or b) when there is no regulated carrier at the head of the group or subgroup: i) the activities of the group or subgroup are mainly in the financial sector within the meaning of article 186, § 2;
(ii) one at least one of the entities of the group or subgroup is a company of the insurance sector and at least one of the entities of the group or subgroup is a business banking or investment services sector;
and (iii) the activities consolidated and/or aggregated group or subgroup entities that are part of the sector and insurance entities of banking and investment services sector are significant within the meaning of article 186, § 3;
3 ° the financial sector, the sector composed of one or more of the following companies: has) a regulated carrier having the status of credit institution, a financial institution, an ancillary services undertaking;
These companies are all part of the same financial sector called "banking";
(b) a regulated carrier having the status of business of insurance or reinsurance undertaking, an insurance holding company; These companies are all part of the same financial sector called "insurance industry";
(c) a regulated carrier having the status of investment firm, a company that provides ancillary services within the meaning of article 46, 2 °, of the law of 6 April 1995, a financial institution within the meaning of article 46, 7 °, of the law of 6 April 1995; These companies are all part of the same financial sector called "investment services sector";
4 ° ancillary services business, a company whose main activity is holding or management of buildings, in the management of computer services or a similar activity with an auxiliary character in relation to the principal activity of one or more credit institutions.
§ 2. Without prejudice to article 3 of this Act and paragraph 1 of this article, it has to be understood for the purposes of the control on consolidated basis as provided for in Sections II and IV of this chapter and by the orders and regulations for their implementation, by: 1 ° parent credit institution in a Member State, a credit institution which has a credit institution or a financial institution as a subsidiary , or which holds a participation in a credit institution or a financial institution, and which is not itself a subsidiary of an another credit institution authorised in the same Member State, or of a financial holding company or mixed financial holding company incorporated in the same State Member;
2 ° Belgian parent credit institution, a credit institution under Belgian law which has as a subsidiary a credit institution or a financial institution, or which holds a participation in such credit institution or a financial institution, and which is not itself a subsidiary of another credit institution having its registered office in Belgium or of a financial holding company or mixed financial holding company headquartered in Belgium.
3 ° parent credit institution in the EEA, a parent credit institution which is not a subsidiary of an another credit institution authorised in another Member State or of a financial holding company or mixed financial holding company established in another Member State;
4 ° parent credit institution Belgian in the EEA, a parent credit institution under Belgian law which is not a subsidiary of an another credit institution authorised in another Member State or of a financial holding company or mixed financial holding company established in another Member State;
5 ° parent financial holding company in a Member State, a financial holding company which is not itself a subsidiary of a credit institution authorised in the same Member State, or of a financial holding company or mixed financial holding company established in the same Member State;
6 ° parent financial company in the EEA, a financial holding company parent, which is not a subsidiary of a credit institution authorised in another Member State or of another financial holding company or mixed financial holding company incorporated in another State Member;
7 ° Belgian parent financial company in the EEA, a parent financial holding company under Belgian law which is not a subsidiary of a credit institution authorised in another Member State or of another financial holding company or mixed financial holding company established in another Member State;
8 ° financial joint parent company in a Member State, a financial holding company joint that is not itself a subsidiary of a credit institution authorised in the same Member State, or of a financial holding company or mixed financial holding company incorporated in the same State Member;
9 ° parent mixed financial company in the EEA, a parent mixed financial company which is not a subsidiary of a credit institution authorised in one of the Member States or of a financial holding company or mixed financial holding company incorporated in one of the Member States;
10 ° parent mixed financial company Belgian in the EEA, a parent mixed financial holding company under Belgian law which is not a subsidiary of a credit institution authorised in another Member State or of another financial holding company or mixed financial holding company established in another Member State;
§ 3.
Without prejudice to article 3 of this Act and paragraph 1 of this article, it has to be understood for the purposes of the supplementary supervision of the conglomerate such as provided in Sections III and IV of this chapter and by the orders and regulations for their implementation, by: 1 ° competent authorities: the national authorities of the Member States empowered pursuant to legal or regulatory provisions, to monitor regulated companies, either on an individual basis or across the group.
2 ° authorities competent relevant: has) the competent authorities responsible for consolidated sectoral supervision applicable to regulated companies that are part of a financial conglomerate, and in particular to the parent undertaking at the head of a sector;
(b)) the Coordinator, if it does not appear among the authorities referred to in point a);
c) where appropriate, other competent authorities concerned who, in the opinion of the authorities referred to in points a) and b), are relevant.
Until the entry into force of technical standards of regulations adopted in accordance with article 21bis, paragraph 1, point b) of Directive 2002/87 / EC, the opinion referred to the point c) takes into account in particular the market share held by regulated companies of the conglomerate in other Member States, in particular if it exceeds 5%, as well as the importance within the financial conglomerate of any regulated company established in another Member State.
3 ° Coordinator: the competent authority responsible for the supplementary supervision of conglomerates.
4 ° European financial conglomerates Committee: the Committee established by article 21 of Directive 2002/87/EC;
5 ° Joint Committee: the Committee referred to in article 54 respectively of Regulation No. 1093/2010, the Regulation (EU) no 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European authority monitoring (European insurance and occupational pensions authority), amending decision No 716/2009/EC and repealing decision 2009/77/EC and Commission Regulation (EU) No 1095/2010 of the European Parliament and of the Council of November 24, 2010 establishing a European supervisory authority (European financial markets authority), amending decision No 716/2009/EC and repealing decision 2009/77/EC of the Commission;
6 ° Group: all the companies set up by the parent undertaking, subsidiaries and companies in which the parent undertaking or its subsidiaries hold a direct or indirect participation, as well as constituting a consortium and businesses controlled by the latter or in which they have a stake.
7 ° sector regulation: this law, the law of 9 July 1975 on the control of insurance companies, the law of 6 April 1995, the Act of February 16, 2009 on reinsurance, the law of July 3, 2012 on certain forms of collective management of investment portfolios, and the orders and regulations made pursuant to these acts , with the exception of the provisions concerning the supplementary supervision of the regulated part of a conglomerate; the regulations and practices of control

comparable national in force in other States;
8 ° directive 2002/87 / EC: directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate, and amending directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 92/96/EEC, 93/6/EEC and 93/22/EEC of the Council and directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council;
9 ° intra-group transactions: transactions directly or indirectly, for payment or not, between regulated firms and other companies part of the same financial conglomerate or the natural or legal persons related to these companies by ties, that these operations concern or non-performance of a contractual obligation;
10 ° concentration risk: all positions that have been taken by companies of a financial conglomerate, which are likely to give rise to losses, which are significant enough to compromise the general financial situation and solvency in particular regulated companies part of financial conglomerate, and as a result of counterparty risk / credit, investment, insurance market or other risks, or a combination or interaction of these risks.
Section II. -Control on consolidated basis of credit subsection Ire institutions. -Scope art. 165. to the extent and in the manner required by Sections II and IV of this chapter and their orders and regulations, the credit institutions of Belgian law: 1 ° who is a parent company, are subject to control on the basis of their consolidated;
2 ° having as a parent undertaking a parent financial company in a Member State or a parent mixed financial holding company in a Member State, are subject to control on the basis of the consolidated position of the parent financial company or the parent mixed financial holding company.
S. 166. without prejudice to articles 167 to 169, the levels of the control on consolidated basis, their report to the control of individual credit institutions, the object and scope of control over consolidated basis are determined in the first part, title II, Chapter 2, of Regulation No. 575/2013, with the exception of articles 15, 16 and 17 of the regulation.
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167 § 1. The Belgian parent credit institutions meet on consolidated basis the obligations set out in article 94 to the extent and in the manner provided in the first part, title II, Chapter 2, Sections 2 and 3, of Regulation No. 575/2013.
§ 2. Belgian credit institutions that are controlled by a parent financial holding company or a mixed financial holding company parent in a Member State meet to the extent and in the manner provided for in the first part, title II, Chapter 2, Sections 2 and 3, of Regulation No. 575/2013 the obligations set out in article 94 on the basis of the consolidated financial company or the mixed financial holding company.
By way of derogation from paragraph 1, when several credit institutions whose headquarters is established in the European economic area are controlled by a parent financial holding company or a parent mixed financial holding company in a Member State, the 1st paragraph shall apply to the credit institution under Belgian law provided that the supervisory authority is competent for the control based on consolidated pursuant to article 171.
§ 3. Belgian credit institutions which are a subsidiary apply the requirements laid down in article 94 on a sub-consolidated basis when themselves, or their parent undertaking is a financial holding company or a mixed financial holding company in a Member State, include a credit institution, a financial institution or a management company of undertakings for collective investment as a subsidiary in a third country or to have a stake.
S. 168 § 1. Credit institutions Belgian mothers and credit institutions under Belgian law that are controlled by a company parent financial or a mixed financial holding company parent in a Member State must meet based on consolidated or sub-consolidated articles 21, 27-42, 56 to 59 and 63-71, to ensure the consistency and the proper integration of devices , processes and mechanisms required by these provisions, to assess the influence of the companies included in the consolidated on other companies and get all data and useful monitoring information. They shall implement these devices, processes and mechanisms in subsidiaries which are not of this Act. Such devices, processes and mechanisms are consistent and well-integrated and subsidiaries said must be able to provide any data and information relevant to monitoring.
§ 2.
The obligations arising from articles referred to in paragraph 1 for the subsidiaries of third countries do not apply if the establishment of Belgian parent credit in the EEA or of Belgian credit institutions controlled by a parent financial holding company in the EEA or by a parent mixed financial holding company within the EEA can demonstrate to the authority that their application is illegal under the law of this country.
§ 3. Belgian credit institutions which are parent undertakings publish annually either in full or by referring to equivalent information posted on the other hand, a description of their legal structure and the device of organization applicable to their group of credit institutions, including the information referred to in article 18 and paragraph 1 of this article.
S. 169. the supervisory authority applies to Belgian credit institutions requirements for periodic information and accounting rules referred to in article 106 § 1 and § 2, paragraph 1, the process monitoring and evaluation referred to in articles 142-148 and prudential measures referred to in articles 149 to 152 and 234-236 in accordance with the level of application of the requirements of Regulation No. 575/2003 specified in first part , Title II, chapter II of the regulation, as well as in the extent and manner of application of the requirements for assessment of the adequacy of internal capital and the devices, processes and mechanisms of credit institutions as laid down in articles 167 and 168.
S. 170 § 1.
Without prejudice to the application of article 49 of the Regulation n ° 575/2013, any provision of this Section that applies on the basis of the consolidated financial company under Belgian law applies also to the level of a mixed financial holding company under Belgian law provided that: 1 ° the banking sector is the main sector in the financial conglomerate;
2 ° one of the subsidiaries at least is a credit institution;
3 ° the supervisory authority as well control over consolidated basis as the supplementary supervision of the conglomerate.
For the purposes of paragraph 1, the importance of the banking sector is measured in accordance with section 186, § 3.
Where by reason of the application of paragraph 1, a joint Belgian financial company is subject to equivalent provisions of Section II and Section III of this chapter, particularly in terms of monitoring based on risk, the supervisory authority may decide not to apply this financial company joint than the relevant provisions in Section III and Section IV of this chapter , however, with regard to Section IV, that these provisions relate to the consolidated supervision.
For the purposes of paragraphs 1 to 3, the supervisory authority, in its capacity as authority of supervision on consolidated basis, confers with the concerned competent authorities responsible for the control subsidiaries and, where relevant, with the controller of the group in the sector of insurance.
The supervisory authority, in its capacity as authority of supervision on consolidated basis, inform the EBA and the European authority of insurance and pensions professilles of decisions taken pursuant to paragraphs 1 to 4 of this subsection.
§ 2. When a credit institution is part of a financial conglomerate in which the banking sector is the largest sector and over which the supervisory authority exercises both control over consolidated basis that the supplementary supervision of the conglomerate, it may decide, after consultation with the competent authorities concerned, the following measures shall apply: 1 ° with respect to the obligations and control skills based on risk , as described in articles 167 to 169, or parts thereof, the group, as defined in article 164, paragraph 3 will, by way of derogation, taken into account in respect of the relevant scope for control on consolidated basis.
2 ° respect for articles 191 to 194, the Group risks resulting from intra-group transactions and the concentration of risks within the financial conglomerate are treated as a category of additional risks for the purposes of annex I. These risks are treated in a sufficiently specific manner, while respecting directives or standards set by the European supervisory authorities thus quantitative and qualitative measures to which reference is made in articles first cited;
3 °

respect for article 195, the referred crisis simulations can be integrated at the level of the financial conglomerate in crisis simulations required on the basis of article 148.

§ 3. The practical arrangements for the application of paragraph 2 are reflected in writing in a coordination regulation. The supervisory authority confers to this end with the authorities competent relevant within the meaning of article 164, paragraph 3, within the college constituted in the manner required on the basis of article 199.
Subsection II. -Measures to facilitate the control on consolidated basis s. 171 § 1. The control on a consolidated basis of credit under Belgian law, as referred to in article 165, is exercised as follows: 1 ° whether a Belgian parent credit or a Belgian parent credit institution institution in the EEA, by the supervisory authority;
2 ° if its parent company is a Belgian parent financial holding company or a Belgian parent mixed financial company or a Belgian parent financial holding company in the EEA or a Belgian parent mixed financial company in the EEA, by the supervisory authority, without prejudice to points 3 °, 4 ° and 5 °;
3 ° if its parent undertaking is a financial holding company parent in a Member State or a mixed financial holding company parent in a Member State or a parent financial holding company in the EEA or a mixed financial holding company parent in the EEA, with, in the Member State of the registered office thereof, a subsidiary which is a credit institution, by the competent authorities of that Member State;
4 ° If several financial companies or mixed financial companies having their headquarters in different Member States are the parent undertaking of credit institutions in different Member States, including a Belgian credit institution, and there is a credit institution in all those States, by the competent authorities of the credit institution with the largest balance sheet total;
5 ° If several credit institutions in different Member States, including a Belgian credit institution, have as their parent undertaking the same financial company or financial holding company joint and that none of these credit institutions has been approved in the State member in which the financial holding company or mixed financial holding company was established by the competent authorities for the credit institution that displays the highest balance sheet total. That credit institution will be considered for the purposes of this act as the credit institution controlled by a parent financial holding company in the EEA or a parent mixed financial holding company within the EEA.
§ 2. In special cases, the supervisory authority and the competent authorities concerned may, by common agreement, not to apply the criteria set out in paragraph 1, 3 °, 4 ° and 5 °, therefore their application would be inappropriate in the light of relevant credit institutions and the relative importance of their activities in the different Member States, for an efficient organization of the control on consolidated basis. They can load another competent authority to exercise control on consolidated basis.
In these cases, before taking their decision, the competent authorities, including the supervisory authority, give the opportunity to give its opinion on this decision as the case may be, the financial companies and mixed financial companies concerned or the credit institution with the largest balance sheet total, as appropriate.
For the purposes of paragraph 1, the supervisory authority concludes agreements with the competent authorities concerned, where appropriate in accordance with the provisions of articles 36/14, § 1, 3 °, and 36/16, § 2, of the law of 22 February 1998.
If the supervisory authority is responsible for monitoring on a consolidated basis, it shall inform the European Commission, the ABE, financial companies or mixed financial companies concerned or the credit institution which displays the highest group balance-sheet total.
S. 172 § 1. Without prejudice to the other powers and duties conferred by or under this act as well as by Regulation No. 575/2013, the supervisory authority ensures, in its capacity as authority of supervision on consolidated basis, the following tasks: 1 ° the coordination of the collection and dissemination of information relevant or essential under its control , in continuity of operation as in emergency situations;
2 ° planning and coordination, in cooperation with the competent authorities concerned, continuity of operation monitoring activities, including in relation to the activities referred to in this Section and Section IV of this chapter, however, with regard to Section IV, that these activities relate to the control consolidated;
3 ° the planning and coordination of monitoring activities in cooperation with the competent authorities concerned and, if necessary, with the central banks of the European system of central banks, in preparation for emergencies and during them, especially in the case of a negative development of the situation of the credit institutions or of the financial markets, using, if possible, to the communication channels to facilitate the management of crises. Planning and coordination referred to above include the adoption of exceptional measures, the development of joint assessments, the implementation of contingency plans and communication of information to the public.
§ 2. When a competent authority cooperates with the supervisory authority, in its capacity as authority of supervision on consolidated basis, to the extent required for the purposes of the execution of the tasks referred to in paragraph 1, the latter can enter the ABE and ask his assistance under article 19 of Regulation No 1093/2010.
S. 173. when a competent authority of another Member State, in its capacity as authority of supervision on consolidated basis, fails to discharge the tasks referred to in article 112 of the 2013/36/EU Directive, the supervisory authority may enter the ABE and ask his assistance under article 19 of Regulation No 1093/2010.
S. 174. § 1. The supervisory authority, in its capacity as authority of supervision on consolidated basis, doing everything in its power to achieve, with the competent authorities responsible for the control of credit institutions which are subsidiaries of a parent in the EEA credit institution, of a financial parent company in the EEA or a mixed financial holding company parent in the EEA, a joint decision : 1 ° on the application of articles 94 and 142 in order to determine the appropriateness of the level consolidated own funds held by the Group of credit institutions with regard to its financial situation and its risk profile and the level of own funds required for the purposes of the application of articles 149 and 150 in each entity of the Group of credit institutions and on consolidated basis.
2 ° on the responses to significant questions and finding material bearing on the control of liquidity, including the adequacy of the Organization and the treatment of risks required pursuant to section 8 of annex I, and on the need for requirements of liquidity specific in accordance with article 151 of this Act.
§ 2. Common decisions referred to in paragraph 1 shall be taken: 1 ° for the purposes of paragraph 1, 1 °, within a period of four months from the date which the supervisory authority, in its capacity as authority of supervision on consolidated basis, shall submit to the competent authorities concerned a report containing the risk assessment of the Group of CIS in accordance with articles 94 142, 149, 150.
2 ° for the purposes of paragraph 1, 2 °, within a period of one month from the date which the supervisory authority, in its capacity as authority of supervision on consolidated basis, shall submit to the competent authorities concerned a report containing the assessment of the risk profile of the Group's liquidity to credit institutions in accordance with article 151 and article 8 of annex I.
Common decisions take proper account of risk assessments relating to the subsidiaries carried out by the competent authorities concerned in accordance with articles 73 and 97 of Directive 2013/36/EU.
In case of disagreement, the supervisory authority, in its capacity as authority of supervision on consolidated basis, consult the ABE at the request of a competent authority or on its own initiative. In this case, it takes into account the opinion of the ABE and manifest derogations to this notice, it explains why.
Common decisions are set out in a document containing the fully reasoned decision. This document is communicated by the supervisory authority, in its capacity as authority of supervision on consolidated basis, to the parent credit institution in the EEA, to the parent financial company in the EEA or the parent mixed financial holding company within the EEA.

§ 3. If the supervisory authority, in its capacity as authority of supervision on consolidated basis, and the competent authorities concerned do not reach a joint decision within the time limits referred to in paragraph 2, the following arrangements shall apply: 1 ° with respect to the consolidated level, the decision on the application of articles referred to in points 1 ° and 2 ° of paragraph 1 shall be taken by the supervisory authority in its capacity as supervisory authority based on consolidated after an appropriate examination of affiliates risk assessment by the competent authorities concerned.

If, in one of the periods referred to in paragraph 2, one of these competent authorities concerned seized the EBA in accordance with article 19 of Regulation No 1093/2010, the supervisory authority, in its capacity as authority of supervision on consolidated basis, differs from its decision and expects any decision that ABE can stop.
It shall decide in accordance with the decision of the EBA.
2 ° with respect to the individual level or sous-consolidé, the supervisory authority as the authority of supervision on consolidated basis formulates its views and reservations until the concerned competent authorities responsible for the control of the subsidiaries of the parent credit institution in the EEA, the mother in the EEA financial company or the parent mixed financial company in the EEA take their decision on the application of articles referred to in points 1 ° and 2 ° of paragraph 1 for these levels. The supervisory authority as the authority of supervision on consolidated basis may seize the ABE until the end of the periods referred to in paragraph 2 and also long that no common decision has been taken, in accordance with article 19 of Regulation No 1093/2010.
The supervisory authority, authority of monitoring based on consolidated, integrated the decisions taken at the individual level or sous-consolide to the decision taken at the consolidated level and sent the entire document to all competent authorities concerned, as well as the mother in the EEA credit institution, the financial parent company in the EEA or to the parent in the EEA Joint financial company.
§ 4. Without prejudice to article 176, 2 °, decisions on the application of articles 149 to 151 can be updated in exceptional cases, if a relevant competent authority responsible for the control of a credit institution which is a subsidiary of a credit institution mother in the EEA, of a parent financial holding company in the EEA or a mixed financial holding company parent in the EEA address for this purpose a request in writing duly motivated to the supervisory authority as the authority of supervision on consolidated basis.
The update can be done on a bilateral basis between the supervisory authority, in its capacity as authority of supervision on consolidated basis, and the competent authority concerned.
S. 175 § 1. The supervisory authority, in its capacity as competent authority responsible for the control of a Belgian credit institution which is a subsidiary of a credit institution mother in the EEA, a mother in the EEA financial holding company or a mixed financial holding company parent in EEA, doing all what is in its power to achieve, with the authority of supervision on consolidated basis, a joint decision on the applications and measures referred to in article 174 , § 1.
The supervisory authority transmits to the authority of supervision on consolidated basis its assessment of the risks that it has carried out under articles 94 and 142 for the subsidiary as referred to in paragraph 1.
In case of disagreement, she may apply to the authority of supervision on consolidated basis consult the ABE.

§ 2. Absence of a joint decision referred to in paragraph 1, the following conditions shall apply: 1 ° the supervisory authority as referred to in paragraph 1 makes the decision on the application of the provisions referred to in article 174 § 1 on an individual basis or subconsolidated for subsidiaries for which it is the competent authority.
It shall take due account of the views and reservations issued by the authority of supervision on consolidated basis in this regard and different decision if the supervision on consolidated basis authority or other competent authority has entered the EBA in accordance with article 19 of Regulation No 1093/2010. In this case, it shall decide in accordance with the decision of the EBA.
2 ° the supervisory authority as referred to in paragraph 1 shall transmit to the authority of supervision on consolidated basis its views and reservations regarding the decision of that authority of supervision on consolidated basis regarding the application of the provisions referred to in article 174 § 1st, for the consolidated level. The supervisory authority may seize the EBA in accordance with article 19 of Regulation No 1093/2010, until the end of the periods referred to in article 174 § 2, and as long as no common decision has been taken.
§ 3. Without prejudice to article 176, 2 °, the supervisory authority as referred to in paragraph 1 may request, in exceptional cases, updated decisions concerning the application of articles 149 to 151. It aimed at this purpose a written request duly motivated the authority of supervision on consolidated basis.
The update can be done on a bilateral basis between the supervisory authority and the authority of supervision on consolidated basis.
S. 176. the common decisions and the decisions taken in the absence of a joint decision, as referred to in articles 174 and 175: 1 ° are recognized as definitive by the supervisory authority and applied, where appropriate, in Belgium;
2 ° are updated annually.
S. 177. with a view to promote and establish effective supervision, the supervisory authority as the authority of supervision on consolidated basis and the competent authorities concerned conclude written agreements of coordination and cooperation necessary. These agreements may entrust additional tasks to the supervisory authority as the authority of supervision on consolidated basis and may introduce procedures organising the decision-making process and cooperation with the competent authorities concerned.
S. 178. § 1. The supervisory authority as the authority of supervision on consolidated basis established colleges of competent authorities in order to facilitate the control of the subsidiaries, and in particular the exercise of the tasks referred to in articles 172 to 176 of this Act and section 114 of Directive 2013/36/EU, and it ensures coordination and cooperation with the competent authorities of third countries If necessary.
ABE is considered to be a competent authority for the purposes of this provision.
Within colleges of competent authorities, the supervisory authority, in its capacity as authority of supervision on consolidated basis, performs with the competent authorities concerned, the following tasks: 1 ° they shall exchange information among themselves and with the ABE, in accordance with article 21 of Regulation No 1093/2010;
2 ° they agree to entrust tasks and delegation of responsibilities on a voluntary basis, if applicable;
3 ° they define programs of prudential supervision as referred to in article 99 of Directive 2013/36/EU on the basis of an assessment of the Group's risk carried out in accordance with article 97 of Directive 2013/36/EC;
4 ° they strengthen the effectiveness of the control by avoiding unnecessary duplication of requirements for monitoring, especially as regards requests for information referred to in articles 114 and 117, paragraph 3 of Directive 2013/36/EC;
5 ° they apply the prudential requirements under Directive 2013/36/EC and Regulation n ° 575/2013 consistently across entities of a group of credit institutions;
6 ° take account, in the application of section 172, § 1, 3 ° of the Act, work of other forums that may exist in this field.
§ 2. The supervisory authority, authority of supervision on consolidated basis, the relevant competent authorities, attending colleges of competent authorities and ABE are working closely. The constitution and functioning of colleges do not prejudice the rights and responsibilities of the competent authorities on the basis of Directive 2013/36/EC and Regulation n ° 575/2013.
§ 3. After consultation with the competent authorities concerned, the supervisory authority, in its capacity as authority of supervision on consolidated basis, sets the rules of constitution and functioning of colleges by the written agreements referred to in article 177.

§ 4. The supervisory authority, in its capacity as authority of supervision on consolidated basis, may invite to participate in one of the colleges that she has made: 1 ° the authorities responsible for the supervision of credit institutions which are subsidiaries of a credit institution's mother under Belgian law, a parent financial holding company in the EEA or of a financial holding company mixed mother in the EEA involved in consolidating control exercised by it;
2 ° the competent authorities of a host Member State which are established by branches of significant importance within the meaning of article 51 of Directive 2013/36/EU;
3 ° where appropriate, the central banks of the European system of central banks;
4 ° the authorities of third countries, provided that are met the requirements, including equivalence, arising from the regime of professional secrecy provided for in Directive 2013/36/EU.
§ 5. The supervisory authority, in its capacity as authority of supervision on consolidated basis, presides over the meetings of the college and decides which competent authorities participate in a meeting or in an activity of the college. She fully informed in advance all members of the college of the Organization of meetings, the main issues to be addressed and the activities to consider.
She informed also in due time all members of the college steps taken at these meetings or actions.
§ 6. The decision taken by the supervisory authority, in its capacity as supervisory authority on consolidated basis in accordance with paragraph 5, takes into account the relevance

monitoring activity to plan and coordinate for these authorities, including the potential impact on the stability of the financial system of the Member States concerned referred to in article 134, § 2, as well as with obligations as referred to in article 160.
§ 7. The supervisory authority, in its capacity as authority of supervision on consolidated basis, inform the ABE of the activities of the college of competent authorities, including activities in emergency situations, and shall communicate all relevant information for the purposes of supervisory convergence.
§
8. In the event of disagreement between the supervisory authority, in its capacity as authority of supervision on consolidated basis, and the competent authorities concerned on the functioning of colleges of competent authorities, it may enter the ABE and ask his assistance, in accordance with article 19 of Regulation No 1093/2010.
S.
179. the supervisory authority, in its capacity as competent authority responsible for the control of Belgian credit institutions which are subsidiaries of a credit institution's mother in the EEA, of a parent financial holding company in the EEA or a mixed financial holding company parent in the EEA, participates in the colleges of competent authorities established by the authority of supervision on consolidated basis.
In case of disagreement between the supervisory authority, as referred to in paragraph 1, and the authority of supervision on consolidated basis or other competent authorities concerned, on the functioning of colleges of supervisors, may seize the ABE and requesting assistance in accordance with article 19 of Regulation No 1093/2010.
S. 180 § 1. The supervisory authority cooperates closely, for the exercise of control over consolidated basis, with the competent authorities which have granted approval to credit institutions under control on consolidated basis.
It can communicate or ask those competent authorities of confidential information, when they are essential or relevant for the exercise of the tasks monitoring entrusted to him or to the competent authorities under Directive 2013/36/EC and Regulation n ° 575/2013. For this purpose they shall inform each other, on request, all relevant information and, on their own initiative all essential information.
As an authority of supervision on consolidated basis, supervisory authority transmits all relevant information to the competent authorities responsible for the control of subsidiaries of CIS mothers in the EEA, of mothers financial companies in the EEA or parent mixed financial companies in the EEA. The scope of the relevant information is determined taking into account the importance of these subsidiaries in the financial system of those Member States.

§ 2. The information referred to in paragraph 1 are considered essential if they can have a significant impact on the assessment of the financial soundness of a credit institution or to a financial institution.
For the purposes of paragraph 1 should be considered essential information concerning: 1 ° the legal structure of the group, as well as its organization including device structure of management, in accordance with articles 22 and 168, § 1, encompassing all regulated entities, entities not regulated not regulated, branches of significant importance within the Group subsidiaries and parent companies , as well as the identification of the competent authorities responsible for the regulated entities in the Group;
2 ° the procedures governing the collection of information from the Group's credit institutions, as well as the verification of this information;
3 ° the negative developments faced by credit institutions or other entities of the group, and which is likely to seriously harm the credit institutions that are part of the Group;
4 ° the significant sanctions and exceptional measures decided upon by the competent authorities in accordance with Directive EU-36-2013, including the imposition of a specific capital requirement or limitation to the application of the approach advanced measurement for the calculation of the capital requirements under article 312, paragraph 2, of Regulation No. 575/2013.
§ 3. For the purposes of this section, the supervisory authority, in its capacity as competent authority responsible for the control of Belgian credit institutions which are subsidiaries of a credit institution's mother in the EEA, of a parent in the EEA financial company or a financial company mixed mother in the EEA, contact if possible the authority of supervision on consolidated basis when she needs information, including the authority of supervision on consolidated basis may already have regarding the implementation of approaches and methodologies as described in Directive 2013/36/EC and Regulation n ° 575/2013.

§ 4. The supervisory authority may seize the EBA in the following cases: 1 ° a competent authority has not provided essential information;
2 ° a request for cooperation, in particular for the exchange of relevant information, has been rejected or has not been met within a reasonable time.
S. 181. the supervisory authority consults the other competent authorities involved in the control on consolidated basis before taking a decision on the following points: (1) changes in the shareholder structure, the organizational structure or management of credit institutions that are part of a group, and requiring an endorsement or an approval by the competent authorities in accordance with the provisions of Directive 2013/36/EC;
2 ° significant sanctions and exceptional measures taken by competent authorities under Directive 2013/36/EU impose a specific requirement of own funds, or a limitation on the use of the approach by measuring advanced for the calculation of the capital requirements under article 312, paragraph 2 of Regulation No. 575/2013.
The supervisory authority may nevertheless decide not to consult other competent authorities in an emergency or where such consultation may jeopardise the effectiveness of its decisions. In this case, it shall immediately inform the other competent authorities after having taken its decision.
By way of derogation from paragraph 2, the supervisory authority, in its capacity as competent authority responsible for the control of Belgian credit institutions which are subsidiaries of a credit institution's mother in the EEA, of a parent financial company in the EEA or a mixed financial holding company parent in the EEA, must always consult the authority of supervision on consolidated basis when it intends to take a decision as referred to in paragraph 1 , 2°.
S. 182 where a credit institution, a financial holding company, a mixed financial holding company or a mixed company of Belgian law is the parent undertaking of one or more undertakings which are insurance companies or other undertakings providing investment services subject to approval, the supervisory authority is working closely with the authorities entrusted with the public task of supervising insurance companies or other undertakings providing investment services. Without prejudice to their respective competences, the supervisory authority may request or provide those authorities any information likely to facilitate the exercise of their respective tasks and allow monitoring the activity and the financial situation of all undertakings subject to their supervision.
Sub-section III. -Other cases of application art. 183 § 1. If a joint company has one or more subsidiaries which are institutions of credit under Belgian law, the supervisory authority may request all data and information which it deems necessary to the exercise of its control over basic social and consolidated, such credit institutions, either directly to the joint company, or through the listed subsidiaries. In the latter case, the joint company remains, with the establishment of credit reporting, responsible for correctness and timely communication of the information provided.
If the joint company referred to in paragraph 1 is a company under Belgian law, it has an administrative and accounting organization and an adequate internal control to ensure that the information and information are correct and comply with the rules.
§ 2. The supervisory authority can check on-site the data and information provided pursuant to paragraph 1.
If the mixed company or one of its subsidiaries is established in one Member State other than the Belgium, on places information is controlled according to the procedure set out in article 214. If this joint company or one of its subsidiaries is an insurance undertaking, the procedure laid down in article 182 can also be applied.
When the mixed company or one of its subsidiaries has its head office outside the European economic area, the implementing of the provisions of paragraph 1 are laid down in agreements concluded between the supervisory authority and the competent foreign authorities, where appropriate in accordance with article 36/16, § 2 of the law of 22 February 1998.

§ 3. The supervisory authority can verify its correct and full information and information communicated pursuant to paragraph 1: 1 ° when

the reporting is a company under Belgian law, by the Commissioner of this undertaking;
2 ° when the company reporting has established its headquarters in outside of Belgium, by the auditor of the credit institution under Belgian law as the joint company a subsidiary.
As regards information and intelligence from mixed companies and their subsidiaries, the right referred to in article 211 shall apply by analogy to Certified Auditors.
§ 4.
The information and particulars referred to in paragraph 1 must enable the supervisory authority to assess inter alia the following aspects: the strength of Belgian credit institutions, the influence of the joint company on the management of such credit institutions, and the transactions of credit with the joint company and its subsidiaries, without prejudice to the provisions of the fourth part of Regulation No. 575/2013.
§ 5. Credit institutions referred to in paragraph 1 have the risk management process, as well as adequate internal control mechanisms, including sound information and accounting procedures to detect, measure, monitor and control transactions with their parent mixed company and its subsidiaries appropriately. In addition to the transactions referred to in article 394 of the Regulation n ° 575/2013, they must also declare all other significant transactions made with these entities. These procedures and significant transactions subject to monitoring by the supervisory authority.
§ 6. If the nature and extent of the transactions referred to in paragraph 5 undermine the financial situation of the concerned Belgian law credit institution, the supervisory authority takes appropriate measures. In this framework, it applies by analogy, the principles underlying articles 205 to 207 on the compatibility with the law in force. Without prejudice to other possible measures, it may require an end to these operations.
S.
184. the provisions on cooperation and exchange of information between the competent authorities of the different Member States for the exercise of control over consolidated basis pursuant to this Act and the regulations No. 575/2013 shall not apply where under regulation MSU, the Central Bank European is the only competent authority involved.
Section III. -Supplementary supervision of conglomerates sub-section Ire. -Scope art.
185. to the extent and in the manner provided by Sections III and IV of this chapter and their orders and regulations, the credit institutions of Belgian law 1 ° which are at the head of a financial conglomerate; or 2 ° where the parent undertaking is a joint financial company with its headquarters in a Member State shall be subject to supplementary supervision of conglomerates.
If several regulated companies are subsidiaries of the mixed financial holding company referred to in paragraph 1, 2 °, the supplementary supervision of the conglomerate applies only to the credit institution under Belgian law, provided that the supervisory authority is responsible for the supplementary supervision of the conglomerate in application of article 196.
S. 186 § 1. To determine whether a group is a financial conglomerate within the meaning of article 164, § 1, 2 °, the thresholds laid down in the following paragraphs shall apply.
§ 2. The activities of a group are deemed operate mainly in the financial sector within the meaning of article 164, § 1, 2 °, point b), i), if the relationship between the CCA total companies in the group belonging to the financial sector and the total of the common assessment of all of the companies in the group exceeds 40%.
§
3. The business activities of a group that are part of the same financial sector are deemed to be important within the meaning of article 164, § 1, 2 °, point a), iii) or point b), iii) if: 1 ° the following two reports average is greater than 10%: the ratio between the total of the common assessment of all of the companies in the group that are part said even financial sector and the total of the common assessment of all of the Group companies that belong to the sector
financial, and the relationship between the common solvency requirements of all the Group companies that are part of the said even financial sector and the common solvency requirements of all the companies in the group that belong to the financial sector;
2 ° for the total of the common assessment of the companies that are part of the sector financial least important in the group exceeds EUR 6 billion.
For the purposes of paragraph 1: 1 ° banking and investment services sector are aggregated and considered as part of the same financial sector;
2 ° the least important financial sector in a financial conglomerate means financial sector which presents the lowest average and the most important financial sector in a financial conglomerate means sector which presents the highest average.
§ 4. The authorities competent relevant may decide, by mutual agreement, not to consider a group as a financial conglomerate, or not to apply the provisions of articles 7, 8 and 9 and 9A of Directive 2002/87/EC, if they consider that the inclusion of the group in the scope of supplementary supervision of conglomerates or the application of these provisions is not necessary , or inappropriate or confusing with regard to the complementary of the conglomerates and the monitoring objectives, in the following cases: 1 ° if the group reaches the threshold referred to in paragraph 3, paragraph 1, 2 °, but the average referred to in paragraph 3, paragraph 1, 1 °, does not exceed 10%;
2 ° If the group reaches the average referred to in paragraph 3, paragraph 1, 1 °, but the least important sector remains under the EUR 6 billion amount referred to in paragraph 3, paragraph 1, 2 °.
The decisions which are taken pursuant to paragraph 1 shall be communicated to other competent authorities, and these are published, except in exceptional circumstances, by the competent authorities.
§ 5. For the application of paragraphs 2 to 4, competent relevant authorities may decide by mutual agreement: 1 ° do not include an undertaking in the calculation of thresholds, for the same reason that this company may, pursuant to section 190, § 2, paragraph 2, not be included in the calculation of the additional requirements of solvency, except in the case where the entity was transferred from a Member State to a third country and where it is shown that it has changed settlement solely to avoid the rules.
2 ° a financial conglomerate should be considered to be a group that does more meet the thresholds laid down in paragraphs 2 to 4, but that has met for three consecutive years, so as to avoid a sudden change of monitoring regime, or to take another decision, or even to reconsider an earlier decision, if significant and lasting of the structure of the Group;
3 ° to exclude one or more participations in the least important sector if these participations are decisive for the identification of a group as a financial conglomerate and, collectively, they present a negligible interest with respect to the objectives of supplementary supervision.
If a group is called a financial conglomerate in accordance with paragraphs 2 to 4, the decisions referred to in paragraph 1 of this paragraph are taken on the basis of a proposal from the supervisory authority if it is Coordinator.

§ 6. For the application of paragraph 2 and paragraph 3, paragraph 1, 1 °, the authorities competent relevant may, in exceptional cases and by mutual agreement, replace or supplement the test based on the total of the common assessment by one of the parameters or by several of them, if they feel that these parameters, in relation to the objectives of the supplementary supervision of conglomerates better reproduce the activity of the Group; These parameters are the structure of income, off-balance sheet of the group activities and total assets under management. The Authority's control, in his capacity as Coordinator, sets the mode of calculation of these parameters.
§ 7. If a financial conglomerate submitted the supplementary supervision no longer meets one or more of the thresholds laid down in paragraphs 2 to 4, these thresholds are replaced for the next three years, by the following thresholds: 40% becomes 35%, 10% gets 8% and EUR 6 billion becomes 5 billion euros, in order to avoid sudden changes of regime.
By way of derogation from paragraph 1, the Authority's control, in his capacity as coordinator may decide, with the agreement of the other authorities competent relevant, of do not or no longer apply these lower thresholds during the aforementioned period of three years, taking account of the objectives of the supplementary supervision of the conglomerate.
§ 8.
The relative total of CCA, as referred to in this article, calculations are based on the total aggregated balance sheet of the companies forming part of the group, from their latest annual accounts, according to the rules defined by the supervisory authority if it is Coordinator.
Companies in which the Group holds stakes are taken into account up to the amount of their balance sheet total corresponding to the aggregated proportional share held by the group.

If, for a particular group or the parts of the Group consolidated accounts are established, calculations are made from these accounts.
The solvency requirements referred to in this section are calculated according to the provisions of sectoral legislation that is applicable to the regulated undertakings.
§ 9. The competent authorities are reassessing the exemptions to the application of supplementary supervision of the conglomerate on an annual basis and examine quantitative indicators provided for in this section and assessments, based on the risks, financial groups.
S. 187 § 1. The supervisory authority verifies whether the credit institutions authorised in accordance with Belgian law, are part of a financial conglomerate.
It operates for that purpose in close cooperation with other competent authorities other companies regulated in this group that are approved in accordance with European law. If the supervisory authority considers that the group in question is a financial conglomerate and the latter is not already subject to supplementary supervision of the conglomerate, it shall so inform the other authorities competent relevant and the Joint Committee.
§ 2. The supervisory authority, in its capacity as Coordinator, shall inform the parent undertaking the group or, in the absence of parent undertaking, the regulated utility that displays the balance sheet total the highest in the financial sector the most important group, the fact that the Group has been identified as a financial conglomerate and that it has been designated as Coordinator. It shall inform also the competent authorities of regulated firms belonging to this group are certified in accordance with European law, the competent authorities of the State in which the mixed financial holding company has its head office, the Joint Committee, and, if it deems necessary in relation to the objectives of the supplementary supervision of conglomerates, the authorities of third countries.
S.
188. the credit institutions referred to in article 185 meet the requirements referred to in articles 191 to 195 at the level of the financial conglomerate. This scope of supplementary supervision of conglomerates corresponds to all companies, regulated or not, that are part of the group as defined in article 164, § 3, taking as starting point the credit institution which is located at the head of the financial conglomerate or joint financial company headquartered is established in the European economic area.
S. 189. where a financial conglomerate is itself part of another financial conglomerate subject to supplementary supervision of conglomerates, the supervisory authority, in his capacity as Coordinator, may exempt, in whole or in part, the credit institutions referred to in article 185 which are part of the subgroup of the supplementary supervision of the conglomerate if the latter objectives are met sufficiently by the supplementary supervision exercised on the other financial conglomerate.
S. 190. § 1. Without prejudice to the application of article 49 of the Regulation n ° 575/2013, credit institutions referred to in article 185 are subject to supplementary supervision of the solvency at the level of the group. Supplementary supervision focuses on: 1 ° the compliance with the requirement that the own funds are permanently available at the level of the financial conglomerate and at least equal to the solvency requirements; the own funds and the solvency requirements at the level of the financial conglomerate are calculated using one of the methods set out in annex VI;
2 ° the adequacy of management and procedures of the internal control mechanisms relating to the solvency of the group, in accordance with the provisions of section 194;
3 ° the adequacy of equity strategies.
The requirements referred to in paragraph 1 fall within the control of the Authority's control, in his capacity as Coordinator, in accordance with subsection II. It shall ensure that the calculation referred to in paragraph 1 is carried out at least once per year. The calculation results and relevant data on which it is based are submitted by the credit institution, by the mixed financial holding company, or by a regulated company forming part of the financial conglomerate designated by the authority after consultation with the other authorities competent relevant and of the financial conglomerate.
§ 2. By way of derogation from the scope of the supplementary supervision of conglomerates in article 188, all companies of the group, part of the financial sector, are covered by supplementary supervision of solvency for the purposes of subsection 1, paragraph 1, 1 °.
By way of derogation from paragraph 1, the Authority's control, in his capacity as Coordinator, may decide in the following cases, does not include an undertaking given in the scope of the supplementary supervision of credit referred to in paragraph 1, paragraph 1, 1 °: 1 ° if the business is located in a third country where the legal obstacles preventing the transfer of the necessary information without prejudice to the sectoral rules requiring the competent authorities to refuse authorisation where the effective exercise of their supervisory function is prevented;
2 ° If the company presents a negligible interest with regard to the objectives of the supplementary supervision companies regulated in a financial conglomerate;
3 ° if its inclusion is inappropriate or misleading confusion, the objectives of the supplementary supervision of conglomerates.
However, if several companies are to be excluded in the case referred to in article 2, 2 °, applicable however include that, collectively, they are of non-negligible interest.
In the case referred to in paragraph 2, 3 °, the supervisory authority, in his capacity as Coordinator, consultation, except in emergencies, other authorities competent relevant before adopting a decision.
S.
191 § 1. The credit institutions referred to in article 185 are subject to supplementary supervision on concentration risk.
Supplementary supervision focuses on: 1 ° identification and reporting of significant risk concentrations;
2 ° the adequacy of management and control devices procedures internal on risk concentration of the group, in accordance with the provisions of article 194.
Surveillance focuses in particular on the following aspects: risk said of contagion in the group, the existence of conflicts of interest, circumvention of sectoral rules, and the level and extent of the risk concentration.
§ 2. For the purposes of paragraph 1, paragraph 2, 1 °, the supervisory authority fixed, in his capacity as Coordinator, in consultation with other authorities competent relevant and after consultation of the financial conglomerate, the thresholds for identifying and reporting of each significant risk concentration within the financial conglomerate. It determines the thresholds on the basis of the following two parameters or one of these parameters only: the regulatory own funds and the technical provisions.
If no threshold has been fixed, the risk concentrations shall be deemed significant if they exceed 10% of the solvency requirement of the financial conglomerate in question.
§ 3. Without prejudice to the provisions of paragraph 1, the supervisory authority may, in his capacity as Coordinator, impose standards of limitation or other equivalent monitoring measures for the control of the risk concentration at the level of a financial conglomerate. In order to oppose the circumvention of the sectoral rules regarding risk concentration, it may also decide, in accordance with article 170, to apply, by analogy, the sectoral provisions at the level of the financial conglomerate. She previously consults other authorities competent relevant.
S. 192 § 1. The credit institutions referred to in article 185 are subject to supplementary supervision of intra-group transactions.
Supplementary supervision focuses on: 1 ° identification and reporting of intra-group operations important;
2 ° the adequacy of management and control devices procedures internal trading intragroup, in accordance with the provisions of article 194.
Surveillance focuses in particular on the following aspects: risk said of contagion in the group, the existence of conflicts of interest, circumvention of sectoral rules, and the level and extent of intragroup operations.
§ 2. For the purposes of paragraph 1, paragraph 2, 1 °, the supervisory authority fixed, in his capacity as Coordinator, in consultation with other authorities competent relevant and after consultation of the financial conglomerate, adequate thresholds for identifying and reporting any intra-group important. It determines the thresholds on the basis of the following two parameters or one of these parameters only: the regulatory own funds and the technical provisions.
If no threshold has been set, the intragroup operations are deemed significant if they exceed 5% of the solvency requirement of the financial conglomerate in question.

§ 3. Without prejudice to the provisions of § 1, in his capacity as Coordinator, the supervisory authority may impose standards of limitation or other equivalent monitoring measures for the realization of the objectives of the supplementary supervision of the conglomerate in matters

intragroup operations. In order to oppose the circumvention of the sectoral rules on intra-group transactions, it may also decide, in accordance with article 170, to apply, by analogy, the sectoral provisions at the level of the financial conglomerate. She previously consults other authorities competent relevant.
S. 193 § 1.
For the supplementary supervision of the conglomerate set by articles 190 to 192, the following States are subject to the supervisory authority, in his capacity as Coordinator, on such terms as it shall determine, and at least twice per year: 1 ° an accounting statement on the financial situation of the financial conglomerate and including at least the balance sheet and the income statement.
2 ° a State recognizing the standards defined by or in pursuance of article 190, § 1, paragraph 1, 1 °, of article 191, § 3, and of article 192, § 3, as well as a statement of significant risk concentration and the significant intra-group transactions referred to article 191, § 1, paragraph 2, 1 °, and article 192, § 1, paragraph 2, 1 °.
To this end, the depositary authority control determines, in its capacity as Coordinator, in consultation with other authorities competent relevant, categories of operations, risks and positions which must be notified to the monitoring of concentration risks and large intra-group transactions; It can in this respect take account of the specificities of the Group and the management of the risks of the concerned financial conglomerate structure.
§ 2. The States referred to in paragraph 1 shall be notified by the credit institution, the mixed financial holding company, or a regulated company forming part of the financial conglomerate designated by the supervisory authority after consultation with the other authorities competent relevant and of the financial conglomerate.
S.
194 § 1 credit institutions referred to in article 185 shall ensure that the financial conglomerate has procedures for managing risks and devices of internal control, as well as an administrative and accounting organization, which are adequate.
In particular, these procedures for managing risks and these internal control mechanisms must be present at the level consolidated and sous-consolidé in the parent undertakings referred to in article 185, whether the credit institution or financial company joint at the head of the financial conglomerate, as well as in all the regulated part of the financial conglomerate, so that procedures for managing risks and internal controls are coherent and well integrated, the influence exerted by the Group on the regulated undertakings can be assessed and that all data and information important for the supplementary supervision of the conglomerate can be obtained. These parent companies these procedures of risk management and internal control mechanisms also apply in non-regulated subsidiaries. These procedures of risk management and internal control mechanisms are also consistent and well-integrated, and these subsidiaries must also be able to provide the data and relevant information for monitoring.

§ 2. Risk management procedures include: 1 ° administration and adequate management, with approval and periodic evaluation of the strategy and policy by competent and laying bodies on all major risks at the level of the financial conglomerate;
2 ° an adequate solvency policy, which ensures particularly anticipate for the group the future consequences of the operating strategy followed on the risk profile of the Group and the solvency requirements referred to in article 190;
3 ° the procedures ensuring that management systems and risk tracking are sufficiently integrated to the Organization of the Group and systems used in the companies in the group are consistent between them, so that at the level of the financial conglomerate, the risk are subject to identification, monitoring and a correct master.
4 ° of the devices updated to participate to the realization and, where appropriate, in the development of mechanisms and appropriate recovery and fault resolution plans.
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3. The internal control mechanisms include: 1 ° of the appropriate procedures for the follow-up of the solvency at the level of the group, so that all key risks to undergo identification and correct tracked and own funds are sufficient with regard to the risks involved;
2 ° the examination of the adequacy of procedures and systems for the identification, measurement, monitoring and control of intra-group transactions and risk concentration.

§ 4. Credit institutions must have an administrative and accounting organization that guarantees its correct and comply with the rules in force of the information and information communicated to the supplementary supervision of the conglomerate and the preparation of the annual accounts.
Credit institutions must ensure the transparency of the structure of the group. The credit institution, the mixed financial holding company or a regulated company forming part of the financial conglomerate as the supervisory authority, in its capacity as Coordinator, has designated after consultation with other authorities competent relevant and with the financial conglomerate shall in this regard as follows: 1 ° they communicate regularly to the supervisory authority the particularities of their legal structure, their device for organizing company and their management structure encompassing all regulated carriers non-regulated subsidiaries and branches of significant importance;
2 ° they publish once a year at the level of the financial conglomerate a description of the legal structure, operative organization of company and their management for the public structure and shall ensure that all regulated companies also publish this information either in full or by referring to equivalent information.
S. 195. the supervisory authority, in its capacity as Coordinator, evaluates at least once per year the need for simulations of crisis at the level of the financial conglomerate. To this end, it aligns its evaluation on crisis simulations that are organized for the most important financial sector represented in a financial conglomerate and confers with other authorities competent relevant.
For the purposes of these crisis simulations, the supervisory authority takes into account the parameters that take into account the specific risks related to financial conglomerates.
The supervisory authority communicates the results of the simulations of crisis to the Joint Committee.
Subsection II. -Measures to facilitate supplementary supervision of the conglomerate s. 196 § 1. In order to ensure proper supplementary supervision of the conglomerate, it carried the designation, among the competent authorities of the Member States concerned, including those of the Member State where the mixed financial holding company has its head office, a single Coordinator who is responsible for coordination and exercise of supplementary supervision of the conglomerate.
§ 2. Supplementary supervision of the conglomerate exercised on credit institutions referred to in article 185, paragraph 1, is carried out as follows: 1 ° by the supervisory authority in the case referred to in article 185, paragraph 1, 1 °;
2 ° If the financial conglomerate is headed by a Belgian joint financial company, by the supervisory authority, without prejudice to points 3 ° to 7 °;
3 ° If, in addition to a Belgian credit institution, at least another Belgian regulated company has a same financial mixed Belgian at the head of the financial conglomerate, by the competent Belgian company responsible for the prudential supervision of the Belgian regulated company whose balance sheet total is the highest;
4 ° If the mixed financial holding company at the head of the financial conglomerate has its head office in a Member State other than the Belgium and in that Member State has a subsidiary which is a regulated company, by the competent authority of that country;
5 ° if financial composite company at the head of the financial conglomerate has its head office in a Member State other than the Belgium and that that Member State has at least two subsidiaries that are regulated companies, each with a competent authority different, by the competent authority of the regulated financial sector the most important company;
6 ° If several mixed financial companies having their registered office in different Member States are at the head of the financial conglomerate, and that there is a company regulated in each of these Member States, by the competent authority of the regulated company with the largest balance sheet total if the activities of these companies are in the same financial sector , or by the competent authority of the regulated business of the most important financial sector;
7 ° if at least two regulated undertakings having their registered office in a Member State have as a parent the same mixed financial holding company and none of these companies has a licence in the State where the mixed financial holding company has its head office, by the competent authority of the undertaking regulated whose balance sheet total is the highest in the most important financial sector;
§ 3. The authority

control and other authorities competent relevant may, in special cases, agree by common agreement waive the rules of jurisdiction laid down in paragraph 1, if their application, taking into account the structure of the financial conglomerate and the relative importance of the Group's activities in the different Member States, is not adequate, and load another competent authority of supplementary supervision of the conglomerate. They consult the financial conglomerate before taking a decision on the matter.
S. 197 § 1. The tasks of the authority in its capacity as Coordinator include: 1 ° coordinating the collection and dissemination of relevant and essential information in going concern as in emergency situations, including the dissemination of important information for monitoring by a competent authority under the sectoral rules;
2 ° the control, including the assessment of the financial situation of the financial conglomerate;
3 ° checking compliance with the provisions of articles 190 to 192 solvency, concentration of risk and operations intra-group, as well as compliance with the reporting obligations referred to in article 193;
4 ° the control, including the assessment of the structure, the organisation and the internal control mechanisms of the financial conglomerate, as referred to in article 194;
5 ° the planning and coordination of surveillance activities in going concern as in emergency situations, in cooperation with other authorities competent relevant;
6 ° the taking of measures and sanctions against the mixed financial holding company;
7 ° of other tasks, measures and decisions conferred by or under the provisions of this Section and Section IV of this chapter, however, with regard to Section IV, that these provisions are on the supplementary supervision of the conglomerate as well as of Directive 2002/87 / EC.
§ 2.
The authorities competent relevant may, where appropriate in consultation with other competent authorities, agree to entrust to the supervisory authority, in its capacity as Coordinator, other tasks of monitoring as provided for in paragraph 1.
§ 3. Where the supervisory authority acts as competent authority, without being a coordinator, she works, without prejudice to the provisions of Section IV of this chapter insofar as those provisions relate to the supplementary supervision of the conglomerate, with other competent authorities as well as with the Coordinator for the implementation tasks referred to in article 11 of Directive 2002/87 / EC.
S.
198 § 1. Without prejudice to the covered agreements of cooperation and coordination in the other provisions of this Section, the supervisory authority, in its capacity as Coordinator, shall conclude agreements which are necessary for the supplementary supervision of the conglomerate such as defined in this Section and in Section IV of this chapter with other competent authorities. These agreements if necessary regulate the procedures for the exercise of this control, including the modalities of cooperation and exchange of information between competent authorities. In particular, they may adjust procedures of decision-making between the authorities competent relevant.
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2. Without prejudice to the delegation of competences and specific monitoring responsibilities in accordance with the sectoral rules, the designation of the authority in its capacity as coordinator does not prejudice to the duties and responsibilities of the competent authorities concerned such as defined by the sectoral rules.
S. 199 § 1. The supervisory authority, in its capacity as Coordinator, established a college for the supplementary supervision of a conglomerate to realize the cooperation provided for in this Section and in Section IV of this chapter and the performance of the tasks of Coordinator and, where appropriate, coordination and cooperation with supervisory authorities concerned to third countries, in accordance with the requirements of confidentiality and the law of the Union.
§ 2. When authorities competent relevant already participate in a college established under section 116 of Directive 2013/36/EU or article 248, paragraph 2, of Directive 2009/138/EC, the college will operate at the level of the financial conglomerate within the college prepared for the most important financial sector. Banking and investment services sector are aggregated for this purpose.
The terms of coordination referred to in paragraph 1 are established separately in written coordination arrangements established for the college sector. The supervisory authority, in its capacity as Coordinator, decided, as president of this sectoral college, what other competent authorities participate in a meeting or activity of the said college.
S. 200 § 1. The supervisory authority and other competent authorities shall cooperate closely.
They exchange confidential information relevant to the exercise of supervision under sectoral regulations and supplementary supervision of the conglomerate.
§ 2. Without prejudice to their responsibilities as defined under sectoral rules, the authorities referred to in paragraph 1, paragraph 1, whether or not established in the same Member State, shall exchange any essential or relevant information for the performance of their prudential tasks on the basis of sectoral regulations and Directive 2002/87/EC.
To this end, they communicate on request all relevant information, on their own initiative all essential information.
This cooperation covers at least the collection and exchange of information on the following: 1 ° the legal group, its device of company organization structure and its management structure encompassing all regulated, unregulated subsidiaries and branches of significant importance within the meaning of article 51 of Directive 2013/36/EU belonging to the financial conglomerate, the holders of qualifying holdings in the umbrella parent company level as well as the authorities responsible for the regulated said group;
2 ° the strategies of the financial conglomerate;
3 ° the financial situation of the financial conglomerate, in particular concerning the adequacy of own funds, the intra-group transactions, risk concentration and profitability;
4 ° the main shareholders and management of the financial conglomerate;
5 ° the organisation, risk management and the internal control systems at the level of the financial conglomerate;
6 ° procedures for the collection of information from companies of the financial conglomerate and verification of such information;
7 ° the negative developments facing regulated businesses or other enterprises of the financial conglomerate and which is likely to seriously harm business said regulated;
8 ° the significant sanctions and exceptional measures taken by competent authorities in accordance with sectoral regulations or Directive 2002/87/EC.
The supervisory authority may also exchange information with the ESRB in relation to the exercise of the control of credit institutions that are part of a financial conglomerate.
§ 3. Without prejudice to responsibilities as defined under sectoral rules, the inspecting authority shall undertake a dialogue on the points listed below before taking a decision affecting the monitoring missions carried out by other competent authorities: 1 ° a structural change ownership, organization or branch regulated companies as part of a financial conglomerate requiring approval or authorisation of competent authorities;
2 ° the significant sanctions and exceptional measures.
The supervisory authority may decide not to consult with his counterparts in an emergency or when this consultation may jeopardise the effectiveness of the decisions. In such cases, the supervisory authority shall without delay inform the other competent authorities.
S. 201. where, for the purposes of article 213 with regard to supplementary supervision of conglomerates, the information requested in execution of the sectoral rules have already been communicated to another competent authority, the supervisory authority, in its capacity as Coordinator, will address as far as possible to the competent authority to obtain this information.
Sub-section III. -Other cases of application art. 202. If, in cases other than those referred to in article 185, a company has an interest in, or other link capital with one or more other enterprises, or, apart from any participation or other capital ties, exercises a significant influence over such undertakings, and that one of the aforementioned companies is a Belgian credit institution , the supervisory authority may, in its capacity as authority competent relevant, decide in consultation with other authorities competent relevant to exercise supplementary supervision of the conglomerate on the regulated companies in the group. Authorities competent relevant jointly define the modalities of this supplementary supervision of the conglomerate, and determine in particular the articles of this Section and

Section IV of this chapter concerning the supplementary supervision of the conglomerates which are applicable. They make their decision according to the objectives of the supplementary supervision of conglomerates as defined by this Section, and take into account in this context international principles for supplementary supervision of conglomerates.
The competent authority responsible for the supplementary supervision of the conglomerate is designated by analogous application of the provisions of article 196. If the financial conglomerate is a group without a parent undertaking at the head of the group, as well as in cases other than the above cases, the supplementary supervision of the conglomerate is exercised by the competent authority responsible for the control of the regulated company whose balance sheet total is the highest in the most important financial sector.
For the purposes of the provisions of paragraph 1, must be satisfied the conditions of article 164, § 1, 2 °, a), ii) and iii) or b), ii) and (iii)).
If, pursuant to paragraph 1, it was decided to conduct a supplementary supervision of the conglomerate, the provisions of article 187, paragraph 2 shall apply by analogy.
Section IV. -Provisions common sub-section Ire. -Principles s. 203 § 1. The supervisory authority may, where appropriate by way of regulations made pursuant to article 12 bis, paragraph 2, of the law of 22 February 1998, specify the practical arrangements of the control on consolidated basis as set out in Section II of this chapter and in this Section or the supplementary supervision of conglomerates as contained in Section III of this chapter, and in this Section.
§ 2. Checking on consolidated basis and supplementary supervision of conglomerates as effective as possible, the supervisory authority may authorize any individual derogations to the provisions, as applicable, of Sections II and III of this chapter and of this Section, as well as, where appropriate, to the regulations made pursuant to article 12bis, paragraph 2 of the law of 22 February 1998 provided that they remain in conformity with the relevant provisions of Directive 2013/36/EC and 2002/87/EC. In this case, it shall inform the European Commission and, as regards control over consolidated basis, also the ABE.
S. 204. the control on consolidated basis and supplementary supervision of conglomerates does not involve the exercise of an individual control on a financial holding company or a mixed financial holding company, or any other company within the scope of these controls.
Control on consolidated basis and supplementary supervision of conglomerates are not more prejudicial to the individual control of any regulated business that falls within the scope of banking based on consolidated supervision or supplementary supervision of conglomerates. It may however be taken into account the implications of control over consolidated or supplementary supervision conglomerates in determining the content and the terms of individual control of credit institutions.
Subsection II. -The parent companies, especially financial companies and mixed financial companies art. 205 § 1. When the supervisory authority exercises, pursuant to section 171 or of article 196, respectively control over consolidated or supplementary supervision of conglomerates on a credit institution referred to in section 165 and article 185, the parent companies under Belgian law referred to in the aforementioned articles are responsible for the compliance of the requirements respectively, control on consolidated basis or the supplementary supervision of the conglomerate.
In the exercise of coordination and the control that their obligations as umbrella companies consolidated group or financial conglomerate, parent undertakings referred to in paragraph 1 provide guidelines for companies that are part of the consolidated group or financial conglomerate to the respect for the obligations arising out of the control on consolidated or supplementary supervision of conglomerates and the obligation to ensure the stability of the consolidated group or financial conglomerate. These directives cannot be contrary to the Code of corporations and its stop execution and can be injurious to control over individual basis on credit institutions that are part of the consolidated group or financial conglomerate.
§ 2.
Where the supervisory authority has, pursuant to section 171 or article 196, respectively control over consolidated or supplementary supervision of conglomerates, on a credit institution under Belgian law the parent undertaking of which is a financial holding company or a mixed financial holding company whose headquarters is established outside Belgium, that credit institution and its parent company are responsible for the compliance of the requirements respectively control over consolidated or supplementary supervision of conglomerates.
The credit institution must obtain the cooperation of the parent undertaking referred to put in place a management structure appropriate that contributes to what the control on consolidated basis or supplementary conglomerates supervision to be exercised in the most efficient way possible, and to ensure that the influence of the parent undertaking is not contrary to the Code of corporations and its execution orders and does not affect the control on individual basis applicable to the credit institution or the control over consolidated or supplementary supervision of conglomerates.
§ 3. In the governance memorandum required under article 21, should establish, in relation to the consolidated level or the level of the financial conglomerate, how it meets the principles contained in paragraphs 1 and 2.
§ 4. In the cases referred to in paragraph 1, the relevant responsible parent companies provide, in accordance with article 106 § 1 and § 2, paragraph 1 and article 193 of this Act, required reporting and, at the request of the supervisory authority, all additional relevant information for the exercise of control over consolidated or supplementary supervision of conglomerates. Article 106, paragraph 3 shall apply mutatis mutandis.
§ 5. Where the supervisory authority has, pursuant to section 171 or section 196 respectively, control over consolidated or supplementary supervision of conglomerates in cases other than those referred to in paragraphs 1 and 2, it can clarify the case by case how the principles referred to in paragraphs 1 to 4 shall apply by analogy.
§ 6. For the purposes of paragraphs 1, 2 and 5, the control authority consults, there where necessary, the other competent authorities.
S.
206 § 1. When a competent authority other than the supervisory authority exercises control over consolidated or supplementary supervision of conglomerates on a Belgian credit institution, it is the responsibility of this credit institution to verify if the influence of its parent company is not contrary to the companies Code and its execution orders and does not affect the control on individual basis to which the credit institution is subject.
S. 207. where a competent authority of another Member State exercises control over consolidated or supplementary supervision of conglomerates on a credit institution which is a subsidiary of a financial holding company or a mixed financial holding company under Belgian law, the supervisory authority checks, whenever requested to do so by the competent authority, how it can lend its cooperation for the implementation of the measures which exist in the Member State of the competent authority for the inclusion of financial companies and mixed financial companies in the control on consolidated or supplementary supervision.
S.
208 § 1. Management Committee, where appropriate, the effective management of parent undertakings referred to section 165 and 185 under Belgian law included in the control over consolidated or supplementary conglomerates supervision exercised by the supervisory authority, said that the reports referred to in article 205, § 4 conform to accounting and inventories. It is this effect required that States are complete, that they mention all the data contained in the accounts and inventories on the basis of which they are established, and that they are correct, that is, they are exactly consistent with accounting and inventories on the basis of which they are established. Management Committee, where applicable the effective management, confirms having made arrangements for the above States are based on the instructions in force, as well as by application of the rules of accounting and evaluation leading to the establishment of the consolidated accounts, or, as regards those States which do not relate at the end of the fiscal year, by applying the rules of accounting and assessment that led to the establishment of consolidated accounts relating to the last year.
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2. Article 59, paragraph 2 shall apply by analogy to the Executive Committee, as appropriate to the actual direction of the parent undertakings referred to in paragraph 1 in what concerns the measures set out in: 1 ° article 21 in relation to the entire consolidated;
2 ° article 194 in what concerns the financial conglomerate.

S. 209. the provisions of section 225 of the Act relating to the duties of auditor of a credit institution shall apply by analogy in relation to the credit institutions referred to in articles 165, 1 ° or 185, paragraph 1, 1 ° for, respectively, the consolidated supervision and supplementary supervision of conglomerates, which are credit institutions.
S. 210 § 1.
The functions of Commissioner referred to the Code of corporations are: 1 ° in a financial holding company or a mixed under Belgian law financial holding company referred to in article 165 (2) and included in the control on consolidated basis exercised by the authority control, entrusted to one or more reviewers or to one or more companies of Auditors, which, in accordance with section 223 of this Act are approved by the Bank for the functions of Commissioner with a credit institution. Sections 220, 221, 222, paragraph 3, 223, 224 and 225, paragraph 2 to 5 of this Act shall apply by analogy.
2 ° in a financial composite company under Belgian law referred to in article 185, paragraph 1, 2 °, and included in the supplementary supervision of conglomerates exercised by the supervisory authority, entrusted to one or more reviewers or one or more companies of reviewers, who are approved by the Bank in accordance, as appropriate, in article 222 of this Act under article 40 of the law of 9 July 1975 on the control of insurance undertakings in section 42 of the Act of February 16, 2009 to the reinsurance or to article 96 of the law of 6 April 1995. The college of reviewers or editors, designated corporations from a financial company joint shall be constituted so that they be approved, either individually or jointly, in each of the financial sectors in which the financial conglomerate carries out an important activity. The Bank may, by reference to the thresholds referred to in article 186, determine what is meant by significant activity.
The provisions of the sectoral rules on audit control shall apply by analogy.
§ 2. The Commissioners-designate from the financial companies referred to in paragraph 1 lend their cooperation, as appropriate, control over consolidated or supplementary supervision of conglomerates, which is responsible for the Authority's control, under their personal and exclusive responsibility and in accordance with this paragraph, the rules of the profession and to the instructions of the supervisory authority. For this purpose: 1 ° they assess the adequacy of internal controls referred to in articles 21, § 1, 2 ° to 9 °, 41 and 66 for the consolidated control, or the procedures of risk management, administrative and accounting organization and internal control devices, referred to in article 194 for the supplementary supervision of conglomerates. They report their findings in the matter to the supervisory authority;
2 ° they shall report to the supervisory authority on: has) the results of the limited examination of the statements sent by the financial company or financial composite company to its consolidated statements sent by financial composite company in accordance with article 193 to the authority of control at the end of the first half, confirming that they have no knowledge of facts which it would appear that these States arrested at the end of semester have not, in all respects significantly important, established according to the applicable regulations of the supervisory authority. They also confirm that these States arrested at the end of six months are, as regards the accounting data, in all respects significantly important, consistent with accounting and inventories, in the sense that they are complete, that they mention all the data contained in the accounts and inventories on the basis of which they are established, and that they are correct that they are exactly consistent with accounting and inventories on the basis of which they are established; They confirm also does not have knowledge of facts which it would appear that periodic States arrested at the end of semester have not been established by application of accounting and valuation rules that led to the establishment of the annual accounts relating to the last year; the supervisory authority may specify what in this case is the periodic States referred;
(b) the results of the control of statements sent by the financial company or joint for its consolidated financial company, or of the States referred to in article 193 transmitted by the joint financial company to the authority of control at the end of the fiscal year, confirming that they have, in all respects significantly important, was established according to the applicable regulations of the supervisory authority. They also confirm that these States arrested at the end of accounting year are, as regards the accounting data, in all respects significantly important, consistent with accounting and inventories, in the sense that they are complete, that they mention all the data contained in the accounts and inventories on the basis of which they are established, and that they are correct that they are exactly consistent with accounting and inventories on the basis of which they are established; They confirm also does not have knowledge of facts which it would appear that periodic States arrested at the end of accounting year have been established by application of accounting and valuation rules that led to the establishment of the consolidated annual accounts; the supervisory authority may specify the States referred here.
3 ° they do to the Authority's control, its application, special reports on: has) regards the control on consolidated basis: the Organization, the activities and the financial structure of all consolidated;
(b) with regard to supplementary supervision of conglomerates: the aspects referred to in items 1 ° and 2 ° of this paragraph and articles 190 to 192.
The costs for the preparation of these reports are supported by the financial company or the mixed financial holding company, by the credit institution under Belgian law or the two together;
4 ° as part of their mission to the financial holding company of the mixed financial holding company, or a mission revisorale from a company linked to financial or mixed financial holding company, they spontaneously report to the supervisory authority as soon as they find: has) decisions, facts or developments that influence or may influence significantly the aspects referred to in the point 3 °;
(b) decisions or facts which may constitute a violation of the Code of corporations, the articles or this Act in relation to the financial holding company or mixed financial holding company;
(c) other decisions or facts which are likely to lead to the rejection or reservations on certification of the consolidated annual accounts.
§
3. When the parent undertaking is a financial holding company or a mixed financial holding company referred to in article 165 (2) or section 185, paragraph 1, 2 °, which the registered office is established in another Member State and included, respectively, in the control based on consolidated or supplementary supervision of the conglomerate exercised by the supervisory authority, the mission defined in paragraph 2 shall be exercised by analogy by the Commissioner-designate with a task comparable with this financial company.
A_defaut_d' a such Commissioner, their mission is carried out by the Commissioner-designate with: a) by the credit institution under Belgian law which is a subsidiary of the financial or the mixed financial holding company referred, for the control on consolidated basis, or b) of a company regulated under Belgian law which is under the control of the supervisory authority and is a subsidiary of the mixed financial holding company referred , for the supplementary supervision of conglomerates.
S. 211. the Commissioners from credit institutions, financial companies or financial companies mixed Belgian pursuant to sections 209 and 210, have, for the exercise of their mission, as referred to in these articles, access to and can take knowledge of all documents and parts from both of the subsidiaries included in the consolidated or the financial conglomerate companies referred to in article 213 , § 1, paragraph 2.
The provisions of article 35 of the law of 22 February 1998 apply in what concerns the information they have read in pursuance of paragraph 1.
S. 212. without prejudice to the principle in article 204, paragraph 1, and when the control over consolidated or supplementary supervision of the conglomerate is exercised by the supervisory authority, the following articles of this Act shall apply by analogy to the financial company or joint financial company under Belgian law: articles 18, 19, 20, 24 § 1 , being understood that at least three members of the Executive Committee are members of the statutory body of administration, and §§ 3 and 4, 25 and 26, 46-54, 60, 61 and 62, §§ 1-4, § 5, first sentence, and §§ 6-8, and 71, 234, § 1, and 236, § 1, 1 ° to 5 °, and for what concerns the control over consolidated basis, also article 168 , §
3.
Sub-section III. – Measures to facilitate monitoring of the group s.
213 § 1. Without prejudice to the applicable periodic reporting, the authority of

control should have access, in its direct or indirect contacts with credit institutions, financial companies and concerned mixed financial companies, their subsidiaries and other businesses included overall consolidated or in the financial conglomerate, to any information useful for the exercise as appropriate, control over consolidated or supplementary supervision of conglomerates.
Subsidiaries which are left out of the consolidation in accordance with article 19 of Regulation No. 575/2013 or companies that are not included in the supplementary supervision of the conglomerate in accordance with article 190, paragraph 2, are required to provide to the supervisory authority, in its capacity as supervisory authority on consolidated basis or Coordinator, all information and information that it considers necessary for its control on consolidated basis or its supplementary supervision of the conglomerate.
Undertakings that control, solely or jointly with others, a credit institution under Belgian law, as well as the subsidiaries of these companies are obliged, if these companies and these subsidiaries do not fall within the scope of control on consolidated basis or the supplementary supervision of the conglomerate, to communicate to the authority and control to the other competent authorities the information and information relevant to the exercise of control of that credit institution.
§ 2. The supervisory authority may require that the information referred to in paragraph 1 concerning undertakings whose registered office is established in one Member State other than the Belgium are communicated to him by the credit institution, financial holding company or mixed financial company formed (e) according to Belgian law, or that the information related to companies whose head office is established in a third country should be communicated to him by a credit institution a financial holding company or a mixed financial holding company, having their registered office in a Member State.
§ 3. If a Belgian credit institution is left outside of the consolidated group or financial conglomerate by another competent authority acting as the authority of supervision on consolidated basis or Coordinator, the supervisory authority may require that the parent undertaking which oversees consolidated group or financial conglomerate shall communicate information and information which it deems necessary to the exercise of its control of that credit institution.
S. 214 § 1.
The supervisory authority may carry out on-site verification of compliance with the obligations referred to in Sections II and III of this chapter and by this Section, as well as correct and complete information and information character, in the companies mentioned in article 213, § 1, and, with regard to the control on consolidated basis, also in the companies referred to in article 182 and in the mixed financial holding company and its subsidiaries in companies that provide ancillary services. At the expense of these companies, it can load Commissioners or foreign experts approved by it for this purpose, to conduct these checks.

§ 2. When the undertakings referred to in paragraph 1 have their head office in another Member State, the supervisory authority request to the competent authority of that Member State to carry out this control. The inspecting authority shall undertake itself to this control if it has received the authorisation of the competent authority of that Member State. When the latter wishes to make itself this control, or refers to an auditor or expert therefor, the supervisory authority may nevertheless, wishes to be associated with.
§ 3. When the undertakings referred to in paragraph 1 have their head office in a third country, the terms of the on-site audit are settled in cooperation agreements that the supervisory authority has entered into with the foreign authorities concerned or that the European Commission has concluded with the foreign authorities concerned in accordance with the provisions of article 48 of Directive 2013/36/EU.
S. 215. without power y oppose learned objections of private law, connected in particular with pledges of confidentiality or the nature of their relationship, the following companies mutually communicate the information and useful information: 1 ° for the control on consolidated basis: companies included in the control on consolidated basis, as well as subsidiaries of credit institutions, financial companies or mixed financial companies excluded from the consolidation in accordance with article 19 of Regulation No. 575/2013 , and mixed financial companies and their subsidiaries;
2 ° for the supplementary supervision of the conglomerate: the businesses included in the supplementary supervision of the conglomerate, as well as a financial conglomerate-owned businesses excluded from the supplementary supervision of the conglomerate in accordance with article 190 § 2, paragraph 2.
S. 216 § 1. When a parent company and one or more of its subsidiaries that are credit institutions are situated in different States, the supervisory authority and other competent authorities shall exchange all relevant information which may allow or facilitate the exercise of control over consolidated or supplementary supervision of the conglomerate.
Collection, Exchange or possession of information by the supervisory authority and the competent authorities to facilitate control over consolidated database or the supplementary supervision of the conglomerate in what respect to companies referred to in article 214, do not mean that the supervisory authority exercises a function of control over these companies individually.
§ 2. When the control authority, in the case of a parent under Belgian law firm, does not itself control over consolidated or supplementary supervision conglomerates pursuant, respectively article 171 or section 196, it can be invited by the competent authorities responsible for exercising this control, to ask the parent undertaking any information relevant to the exercise of this control , and passes.
§ 3. Where under article 171 or of article 196, the supervisory authority respectively, exercises control over consolidated or supplementary supervision of the conglomerate and the parent undertaking has its head office in one Member State other than the Belgium, the supervisory authority may invite the competent authority of that Member State to ask the parent undertaking any information relevant to the exercise of this control , and the transmit.

§ 4. When the supervisory authority on the basis of a credit institution wishes to obtain information that have already been communicated to another competent authority acting as the authority control on consolidated basis or Coordinator, it is addressed as far as possible to the authority in question to obtain this information.
§ 5. Where the supervisory authority, in its capacity as supervisory authority on consolidated basis or Coordinator, need information that had already been communicated to another competent authority, it is intended, if possible, to the competent authority to avoid duplication of communications to other authorities associated with the control.
S.
217. § 1. Credit institutions, financial companies and mixed financial companies and their subsidiaries, as well as the mixed financial companies and their subsidiaries under Belgian law shall communicate to another control authority information and information that it deems necessary to the exercise of control over consolidated or supplementary supervision of conglomerates of which it is responsible, either directly , or indirectly: when it comes to a competent authority, 1st paragraph is applicable under its control as defined in accordance with the European legislation.
When this authority is governed by the law of a third country and the obligation to provide information is the result of cooperation agreements concluded by the authority of control with the relevant foreign authority, paragraph 1 shall apply mutatis mutandis.

§ 2. Under their control on consolidated basis and their supplementary supervision of conglomerates, the supervisory authorities are empowered to carry out on-site in the undertakings referred to in article 213 § 1 headquartered in Belgium, to verify information and information that they have received, or may load approved Commissioners or experts approved by them to proceed , under the following conditions: 1 ° when it comes to a competent authority, the provisions of article 214, paragraph 2 shall apply by analogy;
2 ° when this authority governed by the law of a third country, the provisions of article 214, paragraph 3 shall apply mutatis mutandis.
S. 218. the supervisory authority, in its capacity as supervisory authority on consolidated basis or Coordinator, establishes lists respectively of the financial companies and mixed financial companies included in consolidated control by it, and mixed financial companies involved in supplementary supervision of the conglomerate exercised by it.
It communicates these lists to the competent authorities of the other Member States, the EBA for control on consolidated basis or ABE and the European insurance and occupational pensions for the supplementary supervision of the conglomerate, authority and the European Commission.

Sub-section IV. -Parent undertakings established in a third country article
219. § 1. Belgian credit institutions which the company mother is - a establishment of parent credit, a financial holding company or a mixed financial holding company, or - a regulated carrier at the head of a financial conglomerate or a mixed financial holding company, having its registered office in a third country, and which are not already the subject or are not yet of the scope of the control on consolidated basis in accordance with Section II of this chapter and this Section or of supplementary supervision of conglomerates in accordance with Section III of this chapter and this Section, exercised by the inspection authority or other competent authority, are subject, as appropriate, to a control based on consolidated or supplementary supervision of conglomerates in accordance with the provisions of this article.

§ 2. The supervisory authority checks if establishments of credit referred to in paragraph 1 shall be subject to a control exercised by an authority of a third country equivalent: 1 ° to control on consolidated basis in accordance with the provisions of Section II of this chapter and of this Section, or 2 ° to the supplementary supervision of conglomerates in accordance with the provisions of Section III of this chapter and this Section.
It does this on its own initiative or at the request of parent undertakings referred to in paragraph 1 or the establishment of credit under Belgian law.
Before taking its decision, the authority control shall consult other competent authorities concerned on the equivalence or not targeted control and, as regards control over consolidated basis, also the ABE.
With respect to this equivalence, the supervisory authority takes into account: 1 ° of the directives issued by the European Banking Committee concerning the control on consolidated basis in accordance with Directive 2013/36/EC and Regulation n ° 575/2013;
2 ° of the guidelines established by the Joint Committee in accordance with articles 16 and 56 of regulation 1093/2010, regulation 1094/2010 or of regulation 1095/2010, relating to the supplementary supervision of conglomerates in accordance with Directive 2002/87/EC.
§ 3. If, by similar application of the provisions of article 111 of Directive 2013/36 / EU or article 11 of Directive 2002/87 / EC, another competent authority that the supervisory authority is the authority of supervision on consolidated basis or Coordinator, audit and consultation are carried out by the other competent authority, the supervisory authority may communicate its findings and its point of view on the equivalence referred to in paragraph 1.
Where, with regard to supplementary supervision of the conglomerate, the supervisory authority has a different opinion with respect to a decision taken by another competent authority in accordance with paragraph 1, article 19, according to the case, Regulation No 1093/2010, Regulation No. 1094/2010 or Regulation No. 1095/2010 apply.
§ 4.
Permitting the procedure provided for in paragraphs 2 and 3 to show the absence of equivalence, Belgian law concerned credit institutions are subject to scrutiny on consolidated or supplementary supervision of conglomerates by analogous to the provisions of paragraph 2, paragraph 1 of the application, made by the supervisory authority if it is the competent authority which would be responsible for control on consolidated or supplementary supervision of the conglomerate by analogous to the provisions applying respectively article 171 and article 196.
By way of derogation from paragraph 1, the supervisory authority may, after consultation with the other competent authorities concerned, also decide to apply another method of adequate control, which must achieve the objectives of the provisions referred to in paragraph 2, paragraph 1.
The supervisory authority may require in particular that the credit institutions under Belgian law and any other businesses regulated formed under the law of a Member State, be included in a group headed by a financial holding company or a mixed financial holding company incorporated under the laws of a Member State, and apply: 1 ° the provisions of Section II of this chapter and this Section on the basis of the consolidated financial company or mixed financial holding company, or 2 ° the provisions of Section III of this chapter and this Section at the level of the financial conglomerate headed by the mixed financial holding company.
In this case, the supervisory authority shall notify the other competent authorities concerned, the European Commission and in the monitoring on consolidated basis also ABE, of any decision taken pursuant to paragraphs 2 and 3.
For the purposes of paragraphs 1 to 4, the supervisory authority concluded the necessary agreements with the competent authorities concerned.
Chapter V. - the audit control art. 220. the Commissioner functions provided by the Code of corporations may be entrusted, in credit institutions under Belgian law, to one or more reviewers or one or more firms of Auditors approved by the Bank in accordance with article 222.
In credit institutions which are not required to have a Commissioner in accordance with that Code, the general meeting of shareholders appoints one or more reviewers or one or more companies of Auditors approved as provided for in the paragraph 1. These functions and bear the title of Commissioner. The provisions of the companies Code relating to Commissioners-reviewers of sociétés anonymes are applicable to the designation and the Commissioner functions in these establishments.
For the purposes of the Code of corporations relating to the foregoing, the general meeting of shareholders replaces the general meeting of shareholders in societies where the law does not organise it.
Credit institutions may designate alternate Commissioners who perform the duties of Commissioner if sustainable prevented from their holder. The provisions of this section and section 221 are applicable to these substitutes.
Certified Commissioners appointed pursuant to this section certify annual consolidated accounts of the credit institution.
S. 221. the licensed Auditors companies provided for in article 220 through an auditor designated by them and in accordance with article 6 of the Act of 22 July 1953 creating an Institut des réviseurs d'Entreprises and organizing the public oversight of the profession of Auditor Commissioner duties. The provisions of this Act and orders taken for execution and those relating to the appointment, functions, obligations and prohibitions of Auditors as well as to sanctions, other than criminal, which are applicable to the latter are simultaneously applicable to companies of Auditors and chartered reviewers representing them.
An approved firm of Auditors may designate an alternate representative among its members fulfilling the conditions to be described.
S. 222. the Bank shall adopt, by regulation made under article 12bis, paragraph 2 of the law of 22 February 1998, the regulation for approval of reviewers and Auditors companies.
The regulation for the approval is taken after consultation of the Chartered Auditors represented by their professional organization.
The Institut des réviseurs d'Entreprises shall inform the Bank of the opening of any disciplinary proceedings against an auditor or a firm of réviseurs approved for breaches committed in the exercise of its functions with a credit institution as well as any disciplinary action taken against an editor or a company approved reviewers and his reasons.
S. 223. the designation of Chartered Auditors and substitute Chartered Auditors to credit institutions shall be subject to the prior approval of the supervisory authority. This agreement must be collected by the social body that made the proposal for designation. In the case of designation of authorized Auditors, the agreement is jointly on the company and its representative.
The same agreement is required for the renewal of the mandate.
When, under the Act, the appointment of the Commissioner is made by the President of the commercial court or the Court of appeal, they make their choice on a list of approved Auditors on which the supervisory authority gave its agreement.
S. 224. the supervisory authority may, at any time, revoke, by decision motivated by reasons relating to their status or the exercise of their duties of auditor or company approved reviewers, such as provided by or under this Act, the given agreement, in accordance with article 223, an auditor, a Commissioner authorized alternate, an editors approved or a representative or representative acting such a society. This revocation puts an end to the duties of Commissioner.
In the case of a resignation of an auditor, the supervisory authority and the credit institution are previously informed, and the reason for the resignation.
The approval rule for the rest, the procedure regulations.
In the absence of a deputy auditor or an alternate of a licensed company, the credit institution representative or the approved firm of Auditors provides, in respect of article 223, for the replacement within two months.
The proposal for revocation of the mandates of Commissioner authorized credit institutions, such as

regulated by articles 135 and 136 of the Code of corporations, is subject to the opinion of the supervisory authority.
This notice is provided to the General Assembly.
S. 225. Chartered Auditors collaborate to the control exercised by the authority control, under their personal and exclusive responsibility and in accordance with this section, to the rules of the profession and the instructions of the supervisory authority. To this end: 1 ° they assess internal control measures adopted by the institutions of credit in accordance with article 21, § 1, 2 °, and pursuant to articles 21, § 1, 9 °, 42 and 66, and they report their findings in the matter to the supervisory authority;
2 ° they shall report to the supervisory authority on: a) the results of the review of periodic statements sent by credit institutions to the control at the end of the first half of social authority, confirming that they have no knowledge of facts which it would appear that these interim statements are not, in all material respects significantly, established according to the applicable regulations of the supervisory authority. They also confirm that periodic States arrested at the end of six months are, as regards the accounting data, in all respects significantly important, consistent with accounting and inventories, in the sense that they are complete, that they mention all the data contained in the accounts and inventories on the basis of which they are established, and that they are correct that they are exactly consistent with accounting and inventories on the basis of which they are established; They confirm also did not have knowledge of facts which it would appear that periodic States arrested at the end of semester have not been established by application of accounting and valuation rules that led to the establishment of the annual accounts relating to the last year; the supervisory authority may specify what in this case is the periodic States referred;
(b) the results of the control of periodic States transmitted by credit institutions to the authority of control at the end of the financial year, confirming that these periodic financial statements have, in all respects significantly important, was established according to the applicable regulations of the supervisory authority. They also confirm that periodic States arrested at year-end are, as regards the accounting data, in all respects significantly important, consistent with accounting and inventories, in the sense that they are complete, that they mention all the data contained in the accounts and inventories on the basis of which they are established, and that they are correct that they are exactly consistent with accounting and inventories on the basis of which they are established; They also confirm that the periodic States arrested year-end have been established by application of the rules of accounting and evaluation for the preparation of the annual accounts; the supervisory authority may specify what in this case is the periodic States referred;
3 ° they do to the Authority's control, its application, special reports on the Organization, the activities and the financial structure of the credit institution, reports whose preparation costs shall be borne by the institution in question;
4 ° as part of their mission to the credit institution or of a mission revisorale from a company linked to the credit institution, they are own-initiative report to the supervisory authority as soon as they find: has) decisions, the facts or developments that influence or may influence significantly the situation of the credit institution in financial terms or under the angle of its administrative and accounting organization and internal control;
(b) decisions or facts that may constitute violations of the Code of corporations, of the Statute, this Act and the orders and regulations for its execution;
(c) other decisions or facts which are likely to result in refusal or reservations on certification of accounts;
5 ° they report at least annually to the Authority's control over the adequacy of the provisions taken by credit institutions to preserve the assets of customers pursuant to articles 77A and 77ter of the law of 6 April 1995 and enforcement action taken by the King in accordance with the said provisions.
Under the terms laid down in article 138, the Bank puts at the disposal of the FSMA information referred to 5 ° of paragraph 1 so as to enable it to exercise the powers referred to in article 45, § 1, 3 °, and § 2 of the law of 2 August 2002.
No civil, criminal or disciplinary action may not be brought or professional sanctions pronounced against Chartered Auditors who proceeded in good faith to information referred to in 4 of the 1st paragraph.
Chartered Auditors shall communicate to managers of the credit institution the reports they send to the authority in accordance with paragraph 1, 3 °. These communications fall under the organized secret, if necessary, by article 35 of the law of 22 February 1998. They transmit to the authority of control copy of communications they make to these leaders and which relate to matters likely to be of interest to the control exercised by it.
Commissioners approved and licensed Auditors companies can perform the audits and expertise within their duties with branches abroad of the establishment they control.
They can be loaded by the supervisory authority, where appropriate at the request of the Central Bank European in its capacity as monetary authority, to confirm that the information that credit institutions are required to communicate to these authorities are complete, correct and established according to the rules that apply.
TITLE IV. -Chapter I: resolution plans. -Preparation of resolution s.
226 § 1. The authority of resolution, in consultation with the supervisory authority, establishes a plan of resolution for each credit institution.
The resolution plan covers the credit institution and its Belgian and foreign subsidiaries.
§ 2. The resolution authority may require the credit institution that it assists in the development and update of the resolution plan and to furnish all information necessary for this purpose.
§
3. The resolution authority shall notify the credit institution a summary of the key elements of the resolution plan.
S. 227 § 1. The resolution plan sets out measures to be taken by the authority of resolution with respect to a credit institution when the conditions laid down in article 244, § 1, shall be filled in the head of this institution, so inter alia to ensure the continuity of its critical functions, to avoid undermining the stability of the Belgian and international financial systems and protect insured deposits.
The resolution plan envisages various scenarios, including failure of the credit institution individual and circumscribed or occurring in a context of general financial instability or systemic event.
The resolution plan contemplates no outstanding financial support from public authorities, nor any outstanding support to the liquidity of the central banks or use other facilities of liquidity of the central banks under special conditions for security interests, duration or interest.
However, the plan has an analysis indicating how and when the credit institution may use the facilities of the central banks and lists assets that may be eligible as security therefor.
§ 2. By Decree deliberated in the Council of Ministers, took notice of the resolution authority, the King may specify: 1 ° the minimum content of the resolution plan;
and (2) the information to be provided by the credit institutions to the authority of resolution and the frequency at which they are transmitted.
S. 228. the authority of resolution refreshes the resolution plan at least once per year and in any event after any modification of the structure legal or organizational of the credit institution, its activities or its financial situation likely to have a significant impact on the plan or which imposes change.
S.
229 § 1. By Decree deliberated in the Council of Ministers, took notice of the resolution authority, King: 1 ° may, under the conditions it sets, exclude the following from the scope of this chapter credit institutions: has) credit institutions which are a subsidiary included in the supervision on consolidated basis of another credit institution, a financial holding company or a mixed financial holding company governed by the law of a Member State for which a resolution plan was prepared by the authority competent resolution;
b) credit institutions referred to in article 239, § 1;
2 ° defines, in the respect of the principle of proportionality, the conditions in which the resolution authority in accordance with paragraph 2 deviate from the provisions of this chapter and the orders taken for execution.

§ 2. The resolution authority may, within the limits and under the conditions laid down pursuant to paragraph 1, 2 °, derogate from the provisions of this chapter and taken orders for execution in the content of the resolution plan, refresh frequency of

plan or information to be provided by the credit institution, insofar as such a derogation is justified with regard to the impact that the failure and liquidation of the credit institution are likely to have on the financial markets, on other credit institutions on financing conditions and more generally on the economy. To this effect, the authority of resolution takes into account inter alia the nature of the activities of the credit institution, the shareholding structure, of its legal form, its risk profile, its size, its interdependence with other credit institutions or the financial system, from the perimeter and the complexity of its activities and its exercise of services or investment activities.
CHAPTER II. -Evaluation of the resolution Section Ire plans. -Evaluation of the solvability of Art. credit institutions 230. during the establishment and the update of the resolution plan, the authority of resolution, in consultation with the supervisory authority, assesses the solvability of the credit institution.
Resolution of the failure of a credit institution is deemed possible if resolution authority can, credibly, either put it into liquidation, or proceed to the resolution of the failure of that credit institution by applying one or more instruments resolution and powers of resolution, avoiding, as far as possible, the significant adverse effects on financial systems Belgian or other Member States including in the case of general financial instability or systemic event, and with the objective of ensuring the continuity of critical functions of the credit institution.
By Decree deliberated in the Council of Ministers, took notice of the resolution authority, the King may clarify the elements that the resolution authority must consider in assessing the solvability of an establishment of credit in accordance with this article.
In this assessment, resolution authority exclude the hypothesis of exceptional financial support from the Government as well as outstanding support to the liquidity of the central banks or an appeal to other facilities of liquidity of the central banks under special conditions for security interests, duration or interest.
Section II. -Reduction or elimination of barriers to the solvability of Art. credit institutions 231 if, at the outcome of an evaluation of the solvability of a credit institution in accordance with article 230, the resolution authority considers, after consultation with the supervisory authority, that there are significant obstacles to the solvability of the credit institution, it shall inform the credit institution concerned and the authority in writing, describing the obstacles presented.
In the four months following the date of receipt of the notification referred to in paragraph 1, the credit institution offers the authority of resolution of measures to reduce or eliminate the obstacles presented.
S. 232. If the resolution authority considers, after consultation of the supervisory authority, that the measures proposed by the establishment of credit in accordance with article 231, paragraph 2, do not delete or sufficiently to reduce barriers in the solvability of the credit institution, it requires it to take further action.
The resolution authority may in particular require the establishment of credit that it: 1 ° suitable financial support agreements intra-group, assesses the absence of such agreements, or entered into contracts for services, within the group or with third parties, to ensure the exercise or the provision of one or more critical functions;
2 ° limit the maximum individual and associate of its exposures to the risk;
3 ° communicates occasionally or regularly relevant additional information for the purposes of the resolution;
4 ° assigns certain assets;
5 ° limit, suspend or stop certain ongoing activities or project;
6 ° to reduce or put an end to the development of certain activities or the sale of certain products;
7 ° modifies its legal or operational structures or those of one or more entities under its direct or indirect control in order to reduce complexity and to ensure that critical functions can be legally and operationally separated from the other functions by the application of instruments of resolution;
8 ° shall ensure the establishment of a financial holding company that takes control of the credit institution concerned or, if it is a subsidiary of a mixed financial holding company, ensure that it creates a separate financial company to control if necessary to facilitate resolution and avoid the application of instruments of resolution and the exercise of the powers of resolution have negative effects on the non-financial part of the Group;
9 ° renegotiates the terms of instruments of additional own funds for category 1 or category additional equity instruments 2 issued to ensure any decision the authority of resolution depreciate or convert these instruments can be carried out in accordance with the applicable law governing these instruments;
10 ° emits eligible liabilities, within the meaning of article 242, 10 °, taking into account, where appropriate, the minimum level fixed in accordance with article 255, § 2, paragraph 2.
The decision of the resolution authority is notified in writing to the credit institution.
It shall submit a plan for the implementation of this decision within one month.
Title V. - cancellation of registration art. 233. the supervisory authority shall cancel by decision notified by registered letter at the post office or with acknowledgment of receipt, the approval of credit institutions which have not begun their activities within twelve months of the approval, which expressly waive the approval, which were declared bankrupt or ceased to carry on business for more than 6 months.
The decision to delist and his reasons are notified by the authority of the European banking authority control.
TITLE VI. -Corrective action, chapter I. -Restrictive measures art.
234. § 1. Where the supervisory authority finds that a credit institution does not in accordance with the provisions of this Act, of the orders and regulations for its enforcement or Regulation No. 575/2013, or that it has evidence indicating that hotel may no longer function in accordance with these provisions over the next 12 months, the supervisory authority fixed the period within which it must be remedied this situation.
§ 2. As long as it has not been remedied by the credit institution to the situation referred to in paragraph 1, the supervisory authority may, at any time: 1 ° impose tougher capital requirements, or complementary to, those provided for by or under article 92 of Regulation No. 575/2013 or the regulations made under section 98;
2 ° impose particular requirements assessment or adjustment value for the purposes of the requirements of equity by or under section 92, no. 575/2013 regulation or regulations made pursuant to section 98;
3 ° impose total or partial of distributable profits reserve development;
4 ° limit or prohibit any distribution of dividends or payment, including interest, to shareholders or holders of category 1 additional own funds instruments, insofar as the suspension of payments that would result does not result in the conditions for the initiation of winding-up proceedings in accordance with the provisions of the law of 8 August 1997 on bankruptcy;
5 ° impose limit variable compensation as a percentage of the profit;
6 ° impose specific liquidity standards more stringent than those defined by or under Regulation No. 575/2013 or regulations made pursuant to section 98, including limitations on maturity asymmetries between assets and liabilities of the institution;
7 ° impose the establishment decreases the risk inherent to certain activities or products or to his organization, where appropriate through the transfer of all or part of its business or its network;
8 ° impose standards on concentration of risks or limitations of the exhibitions more stringent than those set by or pursuant to Regulation No. 575/2013 or of regulations made under section 98;
9 ° impose an obligation to provide information (reporting) extra or impose a frequency of information (reporting) higher than what is provided by or under article 106, including risks of capital or liquidity positions;
10 ° impose publication of information more complete and more frequent than those provided for by or under section 75 or Regulation No. 575/2013.
§ 3. When the authority control considers that the measures taken by the institution within the time limit pursuant to paragraph 1 to remedy the observed situation are satisfactory, it throws, the manner it shall determine, all or part of the measures adopted pursuant to paragraph 2.
§ 4. The supervisory authority shall inform the European banking authority of the method used to justify the finding that an establishment may, over the next 12 months, no longer work in accordance with the provisions referred to in paragraph 1.
CHAPTER II. -Of the implementation of the recovery plan

S. 235. as long as it has not been remedied by the establishment to the situation referred to in article 234, § 1, and without prejudice to the measures referred to in paragraph 2 of this article, the supervisory authority may at any time and upon such terms as it shall determine, require that the institution should implement all or part of the relief referred to in article 108 plan.
CHAPTER III. -Exceptional remedial measures art. 236. § 1. Without prejudice to the other provisions of this Act, where the supervisory authority finds that a credit institution does not comply, or ceases to comply with the measures adopted pursuant to article 234, § 2, or at the end of the time limit pursuant to article 234, § 1, the situation has not been remedied, the supervisory authority may : 1 ° appoint a special Commissioner.
In this case, General or special of it written permission is required for all decisions of all bodies of the institution, including the General Assembly, and for those of the persons responsible for the management and acts; the supervisory authority may, however, limit the scope of the operations subject to authorisation.
The special Commissioner may submit to the deliberation of all bodies of the institution, including the General Assembly, any proposal which it considers.
The members of the bodies of administration and management and management personnel who carry out acts or take decisions without obtaining the required permission from the special Commissioner are responsible for jointly for the harm that results to the institution or third parties.
If the supervisory authority has published in the Moniteur belge the appointment of Commissioner ad hoc and specified the acts and decisions subject to authorization, the acts and decisions made without this permission was required are void, unless the special Commissioner not ratifying. Under the same conditions any decision of the General Assembly taken without obtaining the required permission from the special Commissioner is void, unless the special Commissioner ratifies.
The remuneration of the special Commissioner is set by the supervisory authority and supported by the institution.
The supervisory authority may designate a Deputy Commissioner;
2 ° require the replacement of all or part of the members of the body of legal administration of the institution within a period which it shall determine and, in the absence of such a replacement within this period, substitute for all of the organs of administration and management of the establishment one or several administrators or interim managers who have, singly or collectively as appropriate, powers of replaced individuals. The supervisory authority publishes its decision in the Moniteur belge.
With the authorization of the supervisory authority, the Administrators or interim managers can convene a general meeting and establish the order of the day.
The supervisory authority may require, according to the terms and conditions it determines, that the Administrators or interim managers him to report on the financial situation of the institution and on the measures taken in the context of their mission, as well as on the financial situation at the beginning and at the end of this mission.
Remuneration of directors or interim managers is set by the supervisory authority and supported by the institution.
The supervisory authority may, at any time, replace the Administrators or interim managers, either ex officio or at the request of a majority of shareholders or associated when they justify that interested parties management no longer has the necessary guarantees;
3 ° order the establishment to convene, within the time limit laid down a general meeting of shareholders, which establishes the agenda;
4 ° suspend for the duration that it determines the exercise direct or indirect of any part of the business of the institution or prohibit this exercise; This suspension may, to the extent determined by the supervisory authority, involve the total or partial suspension of the execution of contracts in progress.
The members of the bodies of administration and management and management personnel who carry out acts or making decisions in violation of the suspension or ban are responsible for jointly for the damage resulting for the institution or third parties.
If the supervisory authority has published the suspension or prohibition to the Moniteur belge, the acts and decisions in contravention to it are void;
5 ° directing a credit institution to transfer interests in associates that it holds in accordance with articles 89 and 90 of Regulation No. 575/2013; article 54, paragraph 2, shall apply;
6 ° withdraw the approval. The revocation decision and its reasons are notified by the authority to the European banking authority.
§ 2. Notwithstanding the conditions for the application of paragraph 1, in the event of extreme urgency, the supervisory authority may adopt the measures referred in paragraph 1 without a time limit is laid down in advance.
§ 3.
The decisions of the supervisory authority referred to in paragraph 1 sortissent their effects with respect to establishing their notification to it by registered letter at the post office or with acknowledgment of reception and towards third parties, from the date of their publication in accordance with the provisions of paragraph 1.
§ 4. The supervisory authority may also adopt the measures referred to in this article where a credit institution has been authorised through false statements or any other irregular means.
§ 5. Article 234, §§ 1 and 2, as well as paragraph 1, paragraph 1, 1 °, 2 °, 4 ° and 6 °, paragraphs 2 and 3 of this article shall apply in the event that the supervisory authority has knowledge that a credit institution has set up a special mechanism having purpose or effect of promoting tax evasion by third parties.

§ 6. Offences serious and systematic rules referred to in article 45, § 1, paragraph 1, 3 °, or § 2, of the law of 2 August 2002, the supervisory authority may withdraw the approval, where appropriate, at the request of the Bank in response to a request of the FSMA according to the procedure and detailed rules laid down in article 36A of this same Act.
§
7. The 1st paragraph, paragraph 1 and paragraph 3 shall not apply in the event of cancellation of the registration of a credit bankruptcy institution.
§
8. The Commercial Court pronounced at the request of any interested person, the nullity referred to in paragraph 1, paragraph 2, 1 ° and 4 °.
The action in nullity is directed against the establishment.
If are serious reasons, the applicant for invalidity may seek interim provisional suspension of the acts or decisions attacked. The suspension order and the judgment declaring the nullity have effect with respect to all. In the case where the Act or suspended or cancelled decision were the subject of a publication, the suspension order and the judgment declaring the nullity are published in extract in the same forms.
When the nullity is likely to infringe the rights acquired in good faith by a third party with respect to the establishment, the Court may declare void nullity with respect to these rights, without prejudice to the right of the plaintiff to damages if applicable.
Nullification proceedings may not be initiated after the expiry of a period of six months from the date on which acts or decisions made are enforceable against the person alleging nullity or are known to him.
S. 237. the bank informs the decisions taken in accordance with articles 233 to 236 FSMA and holds the FSMA informed of the follow-up to the action taken against these decisions.
It shall also inform the authorities of relevant credit institutions from other Member States in which a Belgian credit institution has established branches or exercise of the activities referred to in article 4, under the regime of the free provision of services.
S. 238. the credit institutions whose accreditation has been cancelled or revoked under sections 233 and 236 remain subject to this Act and the orders and regulations for execution until the repayment of funds received from the public, unless the supervisory authority does in exempt for certain provisions.
This article is not applicable in the event of cancellation of the registration of a credit bankruptcy institution.
TITLE VII. -Credit arts institutions federations 239 § 1. Are covered by this article, credit institutions that operate under the following conditions: 1 ° they are affiliated permanently to a central body subject to the provisions of titles I to VI of this book, with whom they formed a federation under rules of membership approved by the supervisory authority;
2 ° commitments the central body and affiliated institutions are joint and several commitments;
3 ° the operations and organization of affiliated institutions are subject to a uniform internal regulations of the federation;
4 ° the central agency has direct control over the affiliated institutions and has the power to give them instructions about their management, their operations and their organization.
§ 2. Without prejudice to the other provisions of this book, Book III, title III, and books IV, V, VI and VIII, the following provisions apply as indicated below to the credit institutions referred to in paragraph 1:

1 ° the approval is decided on advice given to the Bank by the central body concerning compliance by the establishment of the conditions of membership and the conditions referred to in paragraph 1 of this article. Affiliated institutions mention their affiliation in their statutes and their titles, effects, documents, correspondence and advertising. The approval ends as a result of the termination of membership in accordance with the rules applicable to the federation; It gives notice one month in advance at least to the supervisory authority which may require all measures necessary for the protection of the rights of creditors. Approval decisions should not be published to the list of credit institutions;
2 ° the minimum capital laid down in article 17 is required based on the overall situation of the central body and its affiliates;
3 ° article 19 is not applicable to the leaders of affiliated institutions;
4 ° article 55 applies based on the overall situation of the central body and its affiliated institutions;
5 ° article 72, § 1 is extended to the affiliates for the granting of loans, credits and guarantees to the directors or managers of the central body; It does not apply to loans, credits and guarantees granted by the central agency or other institution affiliated with directors of the affiliated institutions exercising functions of day-to-day management if these loans, credits or guarantees comply with the conditions laid down by the federation rules and approved by the supervisory authority;
6 ° articles 86 to 92 and article 89 of Regulation No. 575/2013 apply based on the overall situation of the central body and affiliated institutions;
7 ° affiliated articles 94 to 107, 149-152 and the regulations made under section 98 as well as sections 92, 412 and 413 of the regulations No. 575/2013 apply based on the picture of the central body and institutions;
8 ° without prejudice to these provisions by the central body for respect, paragraph 2 of section 106 and article 107 prescribing various communications and publications shall apply on the basis of the overall situation of the central body and affiliated institutions;
9 ° central agency responsible for compliance by the affiliated institutions of the provisions of this title and those that are taken in execution of the; It is also their management, their administrative and accounting organization and internal control;
10 ° the chapter IV of title III of this paper is not applicable to individual affiliates. The mission and duties of the Commissioners approved in function with the central agency extend to the situation and the operation of the federation. These Commissioners can conduct on-site controls they deem necessary to affiliated institutions. They report to the bodies of the central body. Affiliated institutions may grant loans, credit or guarantees to authorized Auditors or grant them compensation or benefits;
11 ° the Commissioners approved in function with the central agency ensure against global periodic situations and the overall annual accounts of the federation duties as periodic situations and the annual accounts of the central body;
12 ° by way of derogation from article 142 of the Code of corporations, affiliated institutions who have the form of cooperative society are not required to appoint one or more Commissioners, regardless of their size. When they have not nominated a Commissioner, articles 165, 166 and 385 of the Penal Code are applicable. The filing of the annual accounts prescribed by article 106 § 1 is not required isolation of affiliated institutions. Shareholders of affiliated institutions and all interested parties have, in any case, the right to take, without moving, knowledge of the latest annual accounts of these institutions;
13 ° by way of derogation from article 66, paragraph 2, of the Code of corporations, affiliates who have the form of cooperative company with limited liability may be formed by public special acts or under private signature. The acts amending the statutes can also, regardless of the form of their Constitution, being of public special acts or under private signature.
S. 240. credit unions affiliated Crelan S.A. formed with a federation of credit institutions within the meaning of section 239. The membership of a credit union is decided by the Board of Directors of Crelan S.A. When this Fund meets the requirements laid down by the rules of affiliation adopted by the Board of Directors in accordance with article 239, § 1, 1 °.
The Executive Committee establishes the uniform internal regulations of the federation of credit institutions, in accordance with article 239, § 1, 3 °, and shall exercise the powers referred to in section 239, with respect to these cases, § 1, 4 °.
S. 241 § 1. Rules of membership of the federation referred to in article 240 will contain the provisions necessary for the completion and implementation of section 239. Without prejudice to the powers conferred on the authority of control under section 239, § 2, 1 °, the waiver of affiliation or the voluntary separation of banking by an affiliated Fund may be subject to other assuming that meet notice expiring December 31 of the year following that during which the declaration of renunciation or termination of deposit and credit activities shall be notified to the central body. The Board of Directors of Crelan S.A. may however, by reasoned decision, authorize the waiver of membership or voluntary termination of deposit and credit activities to produce its effects at an earlier date.

§ 2. Affiliated credit unions may acquire together or with third parties control of the central body. A credit union affiliated cannot acquire exclusive control or joint control without having previously proposed to other credit unions affiliated to participate in this control in proportion to the following accounting, as they were recorded at 31 December of the year preceding the date of the acquisition, after allocation of the result and as defined by the regulations on the annual accounts of credit institutions : reserves, revaluation gains, the Provident Fund for future risks and the positive or negative deferred.
TITLE VIII. -Resolution of deficiencies in chapter I: credit institutions.
-Definitions art. 242. for the purposes of this title and of the orders and regulations for its execution, it has to be understood by: 1 ° measurement resolution, the decision of the authority of resolution to implement an instrument of resolution with respect to a credit institution or to exercise a power of resolution against such an establishment;
2 ° power of resolution, a power referred to in article 276 or 277;
3 ° instrument of assignment of the activities, the mechanism allowing the authority of resolution, in accordance with article 256, transfer to a transferee shares or other title issued by a credit subject to a procedure of resolution institution or assets, rights or commitments of such credit institution;
4 ° relay establishment instrument, the mechanism allowing the authority of resolution to transfer to one institution-relay, in accordance with article 260, actions or other title issued by a credit subject to a procedure of resolution institution or assets, rights or commitments of such credit institution;
5 ° instrument of separation of assets, the mechanism allowing the authority of resolution, pursuant to rule 265, transfer to a management structure of assets, assets, rights or liabilities of a credit institution's subject to a procedure of resolution;
6 ° receiving entity, a transferee, a bridge institution or an asset management structure, as the case may be;
7 ° transferee a legal entity, other than a relay facility or structure of asset management, which shares and other securities of property, assets, rights are transferred commitments of an establishment of credit subject to a procedure of resolution;
8 ° hotel-relais, a legal entity which is wholly or partly owned by one or more public authorities, is controlled by the authority of resolution, and was created to receive shares, other property titles, active, rights or obligations of one or more credit institutions subject to a procedure of resolution, to pursue any of the activities and services of these establishments;
9 ° structure management of assets, a legal entity that is fully or partially owned by one or more public authorities, is controlled by the authority of resolution, and was created in order to receive assets, rights or obligations of one or more credit institutions subject to a procedure of resolution or one or more institutions-relay;
10 ° eligible debts, obligations or liabilities of a credit institution items that do not fall under any of the following categories: a) deposits insured;
(b) liabilities guaranteed, including covered bonds;
c) commitments resulting from the detention of assets or liquidity of customers, for

as far as the rights of these clients are recognized in law of bankruptcy;
d) commitments arising out of a relationship of trust between the credit as the fiduciary institution and another person as beneficiary, provided that the beneficiary rights are recognized in bankruptcy law or civil law;
e) liabilities to credit institutions or investment unrelated firms which have a maturity of less than seven days;
f) liabilities of a residual maturity of less than seven days to systems or operators of systems designated for the purposes of Directive 98/26/EC or their participants and resulting from participation in such a system;
(g) commitments to workers in connection with salaries, allowances retirement or any other fixed remuneration, with the exception of the variable component of the remuneration which is not regulated by a collective work and the variable component of the remuneration of persons occupying a function involving risk taking;
h) liabilities to commercial creditors in relation to the provision to the establishment of credit information technology services and public utility services, rental, maintenance and maintenance of premises or other goods or services that are essential to the day-to-day operations of the institution;
i) debts to the tax authorities and social security, provided that the corresponding claims have priority under applicable law; and j) debts to systems of deposit guarantee for the contributions due in accordance with Directive 2014/49/EU of the European Parliament and of the Council of April 16, 2014 on deposit-guarantee schemes;
11 ° guaranteed commitment, a commitment or a liability for which the right to the payment of the creditor or any other form of execution is guaranteed by a law, pledge, a privilege or a device of provision of security, including liabilities resulting from operations of surrender-surrender (rest) and other contracts of guarantee with transfer of ownership;
12 ° relevant equity instruments, instruments of additional own funds for category 1 and 2 tier instruments which fulfil the conditions laid down respectively in articles 52(1) and 63 of Regulation No. 575/2013;
13 ° group, the group set up by a Belgian credit institution and its subsidiaries Belgian and foreign, submitted as such to supervision on consolidated basis;
14 ° directive 98/26/EC, Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality of regulation in payment and securities settlement systems;
15 ° Court, the commercial court of Brussels;
16 ° the Court of appeal, the Court of appeal of Brussels;
17 ° layout decision, the decision of the authority of resolution to order the transfer of shares, other securities of property, assets, rights or commitments by application of an instrument for resolution or to implement the powers referred to in article 250 or section 276, § 2, 4 ° or 5 °;
18 ° owners, natural or legal persons who, at the date of measurement of resolution, are owners of the shares and other securities of property or assets, or holders of claims or other rights that are the subject of an act of disposition ordered by the authority of resolution as a measure of resolution;
19th compensatory amount the sum amounts that the owners of the same class have actually recovered, or that they can reasonably expect to recover on their actions, other titles of property, assets, receivables or other rights in a resolution procedure, such as that calculated or estimated according to the rules laid down by the King, including, as appropriate, the share of the price to the owners under sections 256 , § 3, 1 °, or 260, § 4, 1 °, their share of the net proceeds of the liquidation of the credit institution, and, if applicable, the premium referred to in article 248, paragraph 2, and the compensation referred to in article 284.
CHAPTER II. -Objectives, conditions and principles of the resolution Section Ire.
-Objectives of resolution s. 243. § 1. The resolution is the restructuring of a credit institution failed by the application of one or more instruments of resolution in order, as the case may be: 1 ° to ensure the continuity of critical functions of the credit institution;
2 ° to avoid serious negative effects on financial stability, notably by preventing contagion, including market infrastructures, and now market discipline;
3 ° to protect the resources of the State by a maximum reduction of the use of exceptional financial support from the public authorities; and 4 ° to protect insured deposits and funds and assets from customers of the credit institution.
§ 2. Subject to the exceptions provided for by this Act, the objectives referred to in paragraph 1 are of equal importance and the authority of resolution decides to balance between these objectives depending on the nature and circumstances of each case.
Section II. -Conditions for initiating a procedure of resolution s. 244 § 1. The resolution authority applies an instrument of resolution against a credit institution only when it considers that each of the following conditions is met: 1 ° the supervisory authority, after consultation with the authority of resolution, or the authority of resolution, in consultation with the supervisory authority, has established that the failure of the credit institution is proven or expected;
2 ° given timely and other relevant circumstances, there is no reasonable prospect that another private or prudential nature action taken with regard to the credit institution, including measures referred to in section 232 or depreciation or the conversion of capital in accordance with chapter IV instruments, prevents the failure of the credit institution in a reasonable time; and 3 ° a measure of resolution is necessary in the public interest.
For the purposes of the 1 °, the supervisory authority is required to consider whether the failure of a credit institution are proven or expected at the request of the authority of resolution.
§ 2. For the purposes of paragraph 1, 1 °, the failure of a credit institution is deemed to be actual or foreseeable if it is located in one or more of the following: 1 ° the credit institution violates the requirements affecting the maintenance of approval or objective elements allow to conclude violates them in the near future, an extent justifying withdrawal of the approval by the supervisory authority including the fact that the credit institution has suffered or is likely to suffer losses which absorb a substantial part of its own funds;
(2) the net assets of the credit institution is negative, or there is objective evidence to conclude that it will happen in the near future;
3 ° the credit institution is not able to fulfil its commitments to maturity, or there is objective evidence to conclude that it will happen in the near future; or 4 ° exceptional financial support from the public authorities in favour of the credit institution is required.

§ 3. For the purposes of paragraph 1, 3 °, a measure of resolution is considered as being necessary in the public interest if it is necessary to achieve one or more of the objectives referred to in article 243, § 1, while a liquidation of the credit institution would not allow to the same extent.
§ 4. For the purposes of paragraph 2, 4, it is not taken into account, under the conditions defined by the King, support measures for credit institutions solvent to remedy a serious disturbance in the economy and to preserve financial stability.
Section III. -General principles for resolution art.
245 § 1. When the authority of resolution apply resolution instruments and exercises the powers of resolution, it takes all appropriate measures so that the measurement of resolution is consistent with the following principles: 1 ° the shareholders of the credit institution support first line losses;
2 ° the creditors of the credit institution support losses after shareholders, according to the order of priority of their claims in the event of competition of creditors subject exceptions prescribed by this Act;
3 ° the legal governing body and the management of the credit institution are replaced, except in the case where the authority of resolution deems maintaining the body or the direction, in whole or in part, depending on the circumstances, necessary to achieve the objectives of the resolution;
4 ° the legal governing body and the management of the credit institution shall provide all assistance required to achieve the objectives of the resolution;
5 ° the causes and responsibility for the failure of the credit institution are subject to an investigation;
6 ° in respect for the guarantees of judicial order, persons and entities are required to account about the failure of the establishment of credit within the limits of their responsibility;
7 ° subject to the exceptions provided for by the present law, creditors of the same class of the credit institution are treated on an equal footing;
8 °

no creditor incurs greater losses than those he would have suffered if the credit institution had been liquidated according to winding-up proceedings;
9 ° insured deposits are fully protected; and 10 ° resolution measurement is taken in respect of the safeguard measures provided for in Chapter VII.
§ 2. The investigation referred to in paragraph 1, 5 °, is carried out by a panel of experts appointed by the Court at the request of the authority of resolution.
Blogs 972 to 976, 978, 984, and 987 to 991bis of the Judicial Code shall apply to the investigation, on the understanding that: 1 ° the authority of resolution and the credit institution concerned are considered as parties to the inquiry procedure; and (2) expenses and fees of experts are resolution costs referred to in article 272.
§ 3. When the authority of resolution apply resolution instruments and exercises the powers of resolution, it shall inform and consult the representatives of the workers of the establishment of credit about the consequences for employment and working conditions.
CHAPTER III. -Valuation articles 246 § 1. Before taking a measure of resolution, or to exercise the power of depreciation or conversion of the own funds instruments relevant to application of chapter IV, resolution authority ensures that a promotion fair, prudent and realistic to the assets and liabilities of the credit institution is conducted by a person independent of any public authority, including the authority of resolution , as well as the credit institution.
§ 2. The recovery has the following objectives: 1 ° collect information to determine if the conditions for initiating a procedure of resolution the depreciation or the conversion of own funds instruments are met;
2 ° If the conditions for activation of a resolution procedure are met, gather information to make the choice of appropriate resolution;
3 ° where it is intended to exercise the power of depreciation or conversion of the relevant capital instruments, form the basis for the calculation of the depreciation to absorb losses and the level of conversion to be applied in order to recapitalise the credit institution;
4 ° where it is intended to apply the instrument of assignment of activities, gathering information to determine the shares or other property rights or assets, rights or commitments to transfer, to determine what constitutes commercial terms for the purposes of section 256, § 2;
5 ° where it is intended to apply the instrument of a bridge institution or separation of assets, collect information to determine actions or other titles of property or assets, rights or commitments to transfer as well as the value of any consideration payable to the credit institution or, as appropriate, to the owners of shares or other property rights;
6 ° ensure that any loss incurred on the assets of the credit institution is fully taken into account when the instrument's resolution is applied or when depreciation or conversion of own funds instruments power is exercised.
S.
247 § 1. The valuation is based on conservative assumptions, including about default rates and severity of losses. It includes no future outstanding financial support from public authorities, nor any outstanding support to the liquidity of the central banks or use other facilities of liquidity of the central banks under special conditions for security interests, duration or interest.
§ 2. Upgrading is supplemented by the following information: 1 ° a balance sheet to update and a report on the financial situation of the credit institution;
2 ° an analysis of the carrying amount of its assets;
3 ° the list of due liabilities, off-balance sheet liabilities including, with indication of the creditors and their order of priority in the case of competition of creditors.
§ 3. If necessary, in order to gather the information needed to take the decisions referred to in article 246, § 2, 4 ° and 5 °, the information referred to in paragraph 2, 2 °, are supplemented by an estimate and analysis of the market value of the assets and liabilities of the credit institution.
§ 4. The valuation report indicates the distribution of creditors in different categories according to their order of priority in the case of competition of creditors and assesses the treatment as each class of shareholders and creditors would have been likely to receive if the credit institution had been liquidated according to winding-up proceedings.
S.
248 § 1. Subject to article 296, when all requirements laid down in articles 246 and 247 are met, recovery is considered final.

§ 2. When it is not possible, due to the urgency of the situation, to perform a valuation that satisfies all the requirements laid down in articles 246 and 247, resolution authority carries out in a provisional valuation of the assets and liabilities of the credit institution.
The provisional valuation comply, insofar as this is reasonably possible given the circumstances, the requirements of sections 246 and 247. It incorporates a cushion for additional losses, with a justification for the amount.
The provisional valuation conducted pursuant to this subsection allows the authority of resolution to take measures of resolution or exercise a power of depreciation or conversion of the relevant capital instruments.
§
3. The interim valuation is followed as soon as possible, a final valuation which meets fully all the requirements set out in articles 246 and 247. This valuation is performed separately or jointly with that referred to in article 283.
If it follows from the final valuation greater than that resulting from the interim valuation, resolution authority determines, is there place, the premium that the establishment-relay or the structure of asset management is to pay the credit institution or owners, as applicable, in return for shares, other property, assets or rights transferred in accordance with the instrument of the establishment-relay or the instrument of separation of assets.
S. 249. by Decree deliberated in the Council of Ministers, took notice of the resolution authority, the King may define: 1 ° the conditions under which a person is considered as independent within the meaning of article 246, § 1;
2 ° the method or methods to be used to assess the market value of the assets and liabilities of the credit institution for the purposes of section 247, § 3; and 3 the method or methods to be used to calculate the cushion for additional losses referred to in article 248, § 2, paragraph 2.
CHAPTER IV. -Depreciation or conversion of own funds instruments art. 250 § 1. The resolution authority has the power to belittle the relevant equity instruments or convert them to shares or other securities owned by the credit institution in accordance with the provisions of this chapter.
This power may be exercised either separately or when initiating a procedure of resolution conditions referred to in article 244, § 1, are met, in combination with a measure of resolution.
§ 2. Resolution authority to exercise the power referred to in paragraph 1 without delay as soon as one or more of the following conditions are fulfilled: 1 ° resolution authority has established that the conditions for initiating a procedure of resolution referred to in article 244, § 1, are met, until a measure of resolution has been taken.
2 ° the authority of resolution notes that the credit institution or its group be more viable unless it exercises this power; or 3 ° credit institution requested exceptional financial support from the public authorities.
§ 3. For the purposes of paragraph 2, 3, it is not taken into account, under the conditions defined by the King, support measures for credit institutions solvent to remedy a serious disturbance in the economy and to preserve financial stability.
S. 251. for the purposes of article 250 § 2, 2 °, a credit institution or its group shall be deemed to no longer be viable only if the following two conditions are fulfilled: 1 ° the failure of the credit institution or of its group are proven or expected; and 2 ° given the timeframe and other relevant circumstances, there is no reasonable prospect that one action other than the depreciation or the conversion of instruments of relevant funds, implementation separately or in combination with a measure of resolution or one or more of the measures referred to in Title VII, prevents failure of the credit institution or of its group within a period reasonable.
For the purposes of paragraph 1, 1 °: 1 ° the failure of a credit institution is deemed proven or expected if it is located in one of the situations referred to in article 244, § 2;
(2) the failure of a group is deemed proven or expected if it violates consolidated prudential requirements or if objective evidence support the conclusion that it violates them in the near future, an extent justifying intervention by the supervisory authority, including the fact that the Group has suffered or is likely to suffer losses which absorb a substantial portion of its equity.
S.

252. the resolution authority shall undertake the depreciation or the conversion of the equity instruments relevant according to their order of priority in liquidation proceedings, so that: 1 ° the constituent elements of original own funds of category 1 are reduced first in proportion to the losses and to the limit of their capacity; and 2 ° the amount main relevant equity instruments is then depreciated or converted into 1 category core capital instruments to the extent required and up to the limit of the capacity of the relevant capital instruments.
S. 253. when the principal amount of the relevant capital instruments is impaired: 1 ° reduction effects are permanent;
2 ° no liability to the holder of the relevant capital instrument remains within the framework of that instrument or in connection with the depreciated amount, except for the already matured obligations and responsibilities that may arise from a judicial review of the legality of the exercise of the power of depreciation;
3 ° no compensation is paid to the holders of the equity instruments relevant exception provided for in article 254.
S. 254 § 1. To carry out a conversion of own funds instruments relevant in accordance with article 252, 2 °, resolution authority may require the credit institution that it emits category basic own funds instruments 1 in favour of the holders of the relevant capital instruments.

§ 2. The relevant equity instruments cannot be converted into instruments of category 1 core capital if the following conditions are met: 1 ° these 1 category basic own funds instruments are issued by the credit institution or its parent company with the agreement of the authority of resolution;
2 ° these instruments are issued before any issue of shares or other securities of property by the credit institution for a contribution of capital by the State or a public entity;
3 ° they are assigned and transferred to affected holders of instruments of relevant own funds without delay after the exercise of the power of conversion.
4 ° the conversion rate is established in compliance with the following principles: a) the rate represents appropriate compensation for affected holders of relevant equity instruments;
and (b) the rate applicable to the non-subordinated debt is greater than that applicable to subordinated debt.
§ 3. For the purposes of paragraph 1, the authority of resolution may require credit institutions maintain permanently prior consent to the issuance of an appropriate number of category basic own funds instruments 1.
Chapter V. - Resolution Section Ire Instruments. -Principles s. 255 § 1. Resolution instruments are the following: 1 ° the transfer of the activities of the credit institution;
2 ° the use of a bridge institution;
3 ° the separation of assets.
§ 2. By deliberate in Council order of Ministers, took notice of the resolution authority, the King may take all appropriate measures to implement the mandatory provisions of international treaties or international acts taken pursuant to them supplementing the instruments of resolution with a bail-out (lease-in) internal instrument to the authority of resolution to the depreciation of all or part of the eligible for a credit institution debts or to the conversion of these debts in equities or other equity of property.
Accordingly, this order may require credit institutions to maintain a minimum level of own funds and eligible debts at any time to allow an orderly resolution.
The powers granted to the King by the paragraph 1 shall expire on December 31, 2015.
An order made under this subsection may modify, Supplement, replace or repeal the legal provisions in force.
This order cannot enter into force before January 1, 2016.
It is repealed automatically once it has been confirmed by law in the twelve months following its publication in the Moniteur belge.
§ 3. The resolution authority may apply resolution instruments separately or in combination.
It can however apply the instrument of separation of assets than with another resolution instrument.
§ 4.
When the resolution instruments referred to in paragraph 1, 1 ° or 2 °, are used to transfer only a part of the assets, rights or obligations of the credit institution, it is liquidated according to winding-up proceedings.
The liquidation takes place within a reasonable time taking into account the possible need for the credit institution to provide services pursuant to article 279 to enable the receiving entity to carry out the activities or services transferred, and any other reason for which the maintenance of the credit institution is required to achieve the objectives of the resolution or to comply with the principles set out in section 245.

§ 5. In exceptional circumstances, in the case of systemic crisis or when the application of instruments of resolution is not sufficient to avoid adverse significant effects on financial stability, the King may, by Decree deliberated in the Council of Ministers, took notice of the resolution authority, authorize the State, under the conditions it sets, to acquire, directly or indirectly, all or part of the shares or other ownership of a credit institution or to participate in the recapitalisation of such a establishment.
The instrument referred to in paragraph 1 may be implemented only if the following conditions are met: 1 ° resolution authority has established that the conditions for initiating a procedure of resolution referred to in article 244, § 1, met in the Chief of the credit institution concerned;
2 ° European Union State aid rules are respected;
3 ° the instrument is implemented for a transfer of the shares or other securities of property to the private sector in a period close. and 4 ° shareholders, other property titles, of relevant own funds and eligible debt instruments have contributed, through depreciation or conversion in accordance with article 250 or otherwise, to the adsorption of the losses or recapitalization in an amount of at least eight percent of the total liabilities of the credit institution (including equity) measured in accordance with the principles of valuation provided for in articles 246 and 247.
Section II. -Instrument of assignment of activities Arts 256 § 1.
When the conditions referred to in article 244, § 1 are satisfied, resolution authority may order, for the benefit of any transferee, any act of disposal, including any bill of sale, assignment or input, relating to shares or other property titles issued by the credit institution or on all or part of the assets, rights or liabilities of it.

§ 2. The resolution authority takes all reasonable steps to obtain the transfer takes place on commercial terms that correspond to the valuation made in accordance with Chapter III, in the circumstances of the case and in accordance with the rules of the Union European State aid.
§ 3. Subject to article 272, any consideration paid by the transferee is: 1 ° to the owners of shares or other securities property, when the transfer of activities conducted by the transfer of all or part of their shares or securities;
2 ° to the credit institution, when the transfer of activities conducted by the transfer of all or part of its assets.
S. 257 § 1. When applying the instrument of assignment of the activities, the resolution authority shall ensure that the sale process: 1 ° be as transparent as possible in the circumstances and in particular to the need to maintain financial stability.
2 ° favors none of the candidates purchasers;
3 ° to be tainted by any conflict of interest;
4 ° takes account of the need for a quick resolution action, having regard to the objectives of the resolution;
5 ° seeks to maximize the consideration obtained for the shares, other titles of property, assets or rights transferred, to the extent possible, having regard to the objectives of the resolution.
§ 2. The resolution authority may derogate from the requirements referred to in paragraph 1 when it concludes that adherence would be likely to compromise the achievement of one or more of the objectives of the resolution, and in particular if it considers that: 1 ° the failure or potential failure of the credit institution is a significant threat on financial stability , or aggravates such a threat; and 2 ° it is likely that compliance with the requirements in question would prejudice the effectiveness of the instrument of assignment of activities by limiting its ability to deal with the threat referred to in 1 ° or the objectives of the resolution.
S. 258. the transferee must have accreditation needed to exercise activities and provide services which it is transferred.
The relevant authorities, where applicable the supervisory authority are studying such a request for approval in a timely manner.
S. 259. § 1. If a transfer of the shares or other property securities issued by the credit institution leads to the acquisition of a qualifying holding

in the credit institution or the increase of such participation that reach or exceed one of the thresholds laid down in article 46, the inspecting authority shall undertake the assessment referred to in article 48 in the shortest time so as to not to delay the implementation of the measure of resolution and do not prevent said measures to achieve the objectives of the resolution.
§ 2.
By order made on notice of the resolution authority, the King rule the legal effects of the transfer of the shares or other property referred to in paragraph 1 and the exercise of the rights y related during the evaluation of the transferee by the supervisory authority as well as the consequences of a possible opposition by it to the transfer. An order made under this subsection may derogate from article 51 to the extent permitted by mandatory provisions of international treaties or international acts taken pursuant to them.
Section III. -Instrument of the establishment-relay art.
260. § 1. When the conditions referred to in article 244, § 1 are met, the resolution authority may order any act of disposal, including any bill of sale, assignment or transfer, to the benefit of any hotel-relais, on shares or other property titles issued by the credit institution or on all or part of the assets, rights or liabilities of it.
§ 2. The resolution authority shall ensure that the total value of liabilities transferred to the establishment-relay is not greater than that of rights and assets transferred from the credit institution or from other sources.
§ 3.
Subject to article 272, any consideration paid by the hotel-relais returns: 1 ° to the owners of shares or other securities property, when the transfer to the hotel-relais realized by the transfer of all or part of these shares or title;
2 ° to the credit institution, when the transfer was made by the transfer of all or part of its assets.
S. 261 § 1. After you apply the instrument of the relais hotel, the resolution authority may order that all or part of the actions or other property rights or assets, rights or liabilities of the hotel relais be transferred to a third party.

§ 2. When the authority of resolution decides to sell the shares, other titles of property, assets, rights or liabilities of the hotel relais, these are placed on the market according to an open and transparent process, without favouring any of the candidates purchasers.
This sale is made in the market conditions, the circumstances and in accordance with the rules of the European Union on State aid.
S. 262. § 1. The resolution authority approves: 1 ° the statutes of the institution-relay;
2 ° the composition of its legal administration and its effective management body;
3 identity, responsibilities and remuneration of the persons responsible for its effective management; and 4 ° its strategy and its risk profile.
§ 2. The hotel relais must have accreditation needed to exercise activities and provide services which it is transferred.
Notwithstanding paragraph 1, the authority of resolution may, to the extent permitted by the mandatory provisions of international treaties or international acts adopted pursuant to them, provide the hotel relais, during a transitional period and under the conditions it determines, the approval referred to in paragraph 1.

§ 3. Relais hotel, members of its legal governing body and members of his effective management will incur no civil liability for their acts or omissions in the execution of the mission of the hotel relais, except in case of fraud or gross negligence.
S.
263 § 1. The authority of resolution decides that the bridge institution ceases to have this status as soon as possible to the first of the following occasions: 1 ° the relais hotel is merged with another entity.
2 ° the establishment ceases to meet the criteria laid down in article 242, 8 °;
3 ° all or most of the assets, rights and obligations of the hotel relais are sold or transferred to a third party;
4 ° the period laid down in article 264, § 1, or, where appropriate, in article 264, § 2, came to an end.
5 ° the establishment-relay assets are fully liquid and its commitments are fully paid.
§ 2. When it is terminated the status of establishment-relay pursuant to paragraph 1, 3 ° or 4 °, shall be made to the dissolution and the liquidation of the relais hotel.
After payment or the deposit of money for paying debts in hotel-relais, and subject to article 272, any product net resulting from the liquidation of the institution-relay returns to shareholders of it.
S. 264. § 1. If none of the situations referred to in article 263, § 1, 1 °, 2 °, 3 ° or 5 °, not occurs, resolution authority puts an end to the activity of the establishment-relay as soon as possible and no later than at the end of a period of 24 months from the date of the last transfer from a credit institution under the instrument of the relais hotel.
§ 2. The resolution authority may extend the period referred to in paragraph 1 of one or more additional periods of 12 months when this extension: 1 ° promotes the occurrence of any of the situations referred to in article 263, § 1, 1 °, 2 °, 3 ° or 5 °;
or 2 ° is needed to ensure continuity of critical functions.
Any decision of the authority of resolution to extend the period referred to in paragraph 1 contains a detailed assessment the situation, including conditions and prospects of the market, for the extension.
Section IV. -Instrument of separation of assets art. 265 § 1. The resolution authority may order the transfer of all or part of the assets, rights or liabilities of a credit institution or to a relay facility at one or more asset management structures only in one of the following cases: 1 ° the situation on the market for the assets in question is such that a liquidation of these assets in liquidation proceedings could have a negative effect on one or more financial markets;
2 ° this transfer is necessary to ensure the proper functioning of the credit institution or of the hotel relais;
or 3 ° what transfer is needed to maximize the proceeds of the liquidation.
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2. The resolution authority determines the consideration, if any nominal or negative, for the transfer of all or part of the assets, rights and liabilities to the structure of asset management, in accordance with the principles set out in articles 246 to 248 and in compliance with the rules of the Union European State aid.
S. 266 § 1. The resolution authority approves: 1 ° the statutes of the structure of asset management;
2 ° the composition of its legal administration and its effective management body;
3 ° the identity, responsibilities and remuneration of the persons responsible for its effective management; and 4 ° its strategy and its risk profile.
§ 2. The structure of asset management, its legal governing body members and members of its effective management will incur no civil liability for their acts or omissions in the execution of the mission of the structure management of assets, except in the case of fraud or gross negligence.
S. 267. the structure of asset management manages the assets it transferred to maximize their value through a sale or an orderly liquidation.
Subject to article 272, any product net resulting from the liquidation of the assets management structure is equivalent to the shareholders of the said structure.
Section V. - Provisions common to the instruments of resolution s. 268 § 1. Transfer ordered pursuant to the instrument of transfer of activities, the establishment-relay instrument or the instrument of separation of assets is not subject: 1 ° for the approval of the legal Board of the General Assembly of the shareholders of the credit institution or of any third party other than the receiving entity, notwithstanding any legal, statutory provision or otherwise contract;
2 ° comply with any procedural requirements under the law on companies or securities other than those resulting from mandatory provisions of international treaties or international acts taken pursuant to them.

§ 2. The resolution authority shall notify the Minister of finance any decision provision it intends to take. The Minister may object within a period of forty-eight hours if it considers that the proposed Act has a direct fiscal impact or systemic implications.
S. 269. § 1. When applying the instrument of transfer of the activities, the establishment-relay instrument or instrument of separation of assets, the resolution authority may exercise the power to transfer more than once in order to make additional transfers of shares and other securities of ownership of assets, rights or commitments to the receiving entity.
§ 2. Under the conditions defined by the King on the advice of the authority of resolution, it may order that actions, other titles of property, assets, rights or commitments that have been transferred to a receiving entity pursuant to a resolution instrument referred to in paragraph 1 are returned

to the credit institution or to the original owner, as the case may be.
S. 270. without prejudice to article 278 and the provisions of Chapter VII and notwithstanding any conventional, transfers ordered by the authority of resolution and validated by the tribunal in accordance with article 302 can have the effect of modifying agreements relating to the transferred activities, or to terminate such agreements, nor to give any party the right to unilaterally terminate to suspend the execution, to a compensation of receivables and debts arising therefrom or invoke Resolutive conditions or forfeiture of the term.
S. 271. the receiving entity is deemed to be a continuation of the credit institution and may continue to exercise any right that exercised this institution with respect to the assets, rights or transferred commitments, including the rights conferred by membership and access to payment systems, clearing and settlement, regulated markets and deposit guarantee and investor compensation schemes.
Access to systems and contracts referred to in paragraph 1 may not be refused to the receiving entity on the grounds that it lacks a rating issued by a credit rating agency or that his notation does not correspond to the level required to be granted access to the systems and markets in question.
When the receiving entity does not meet the criteria to be a member of a system of payment, compensation and regulation, a regulated market or a system of deposit insurance or to participate, resolution authority sets the transitional period during which it may exercise the rights referred to in paragraph 1. This period may not exceed 24 months but may be extended by the authority of resolution at the request of the receiving entity.
S. 272 § 1. The resolution authority may recover any reasonable expenses that it exhibited properly in connection with the application of instruments of resolution or the exercise of the powers of resolution, according to one or more of the following conditions: 1 ° with the establishment of credit subject to the procedure of resolution;
2 ° in deduction of any consideration paid by a receiving entity to the credit institution or the owners of the shares or other property rights, as the case may be; or 3 ° in net of any product resulting from the cessation of the establishment-relay or the structure of asset management activities.
§ 2. The credentials of the authority of resolution on the establishment of credit for costs incurred by it in the context of the procedure of resolution of the failure of a credit institution is preferred on the generality of movable property of it.
The privilege referred to in paragraph 1 takes priority immediately after the privilege provided for in article 19, 1 °, of the mortgage law of December 16, 1851.
S. 273 § 1.
Any credit institution subject to the application of an instrument resolution or for which the resolution authority considers that the conditions for initiating a procedure of resolution referred to in article 244, § 1, are met, cannot be declared bankrupt at the request or with the agreement of the resolution authority.
§ 2. The registry of the competent commercial court shall promptly inform the authority of resolution of any request for initiation of a proceeding in bankruptcy with respect to a credit institution.
It cannot be taken on such a request if the resolution authority has been informed in accordance with paragraph 1 and, within a period of seven days after this notification, the authority of resolution has not informed the competent commercial court that it has implemented an instrument of resolution with respect to the credit institution in question or that it considers that it satisfies the requirements of initiating a procedure for resolution.
S. 274. the provision acts ordered by the authority of resolution as a measure of resolution cannot be held unenforceable to creditors pursuant to articles 17, 18 or 20 of the Act of 8 August 1997 on bankruptcy or article 1167 of the civil Code.
S.
275. transfers ordered by the authority of resolution and validated by the tribunal in accordance with article 302 are ipso jure on the date fixed by the authority of resolution, and are opposable to third parties on the conditions laid down in article 76 of the Code of corporations.
These transfers also include props of the assigned receivables and the real or personal collateral guaranteeing them.
CHAPTER VI. -Powers resolution Section Ire. -Powers General s.
276 § 1. The resolution authority may require any credit institution, if necessary through on-site inspections, provide the required information so that the resolution authority can decide on the adoption of a measure of resolution or exercise his power of depreciation or conversion of own funds instruments.
§ 2. Once it has determined that a credit institution fulfils the conditions for activation of a resolution referred to in article 244 procedure, § 1, the resolution authority has the powers of following resolution, that it can exercise separately or jointly, subject to section 255, § 3, paragraph 2: 1 ° the power to take control of the credit institution and to exercise all the rights and powers conferred to the general meeting of its shareholders and its legal governing body , in accordance with article 281;
2 ° the power to order the transfer to a transferee or a bridge institution, with the agreement of shares or other securities property issued by the credit institution, in accordance with article 256 or 260;
3 ° the power to order the transfer to an entity receiving, with the agreement of, of all or part of the rights, assets or liabilities of the credit institution, in accordance with article 256, 260 or 265;
4 ° the power to order the transfer of all or part of the shares, other titles of property, assets, rights or liabilities of the hotel relais to a third party, in accordance with article 261;
5 ° the power to reduce, even down to zero, the nominal value of the shares or other ownership of a credit institution or to cancel such shares or other securities of property;
6 ° the power to require a credit institution or of its parent company issue new shares or other new titles of property or other capital instruments, including preferred shares and contingent convertible instruments, in accordance with articles 232, paragraph 2, 10 °, and 254, § 1;
7 ° the power to revoke or replace members of the statutory body of administration and effective management of the credit institution; and 8 ° the power to require the authority to control that it is evaluating the purchaser of a qualifying holding in the credit institution in a timely manner in accordance with article 259, § 1st, where appropriate, by way of derogation from the time limits provided for in articles 47 and 48.
Section II. -Powers auxiliary arts. 277. subject to the restrictions provided for in Chapter VII, the authority of resolution stipulates, in the exercise of the powers of resolution, of power: 1 ° take measures to free of any commitment or any security actions, other titles, active, rights or liabilities transferred;
2 ° to remove the rights of acquisition of shareholders or third parties on shares or other property securities issued by the credit institution;
3 ° to require the authority concerned that she suspend the admission to trading on a regulated market or the official side of the financial instruments issued by the credit institution;
4 ° to take measures to ensure the receiving entity to be treated as if it were the credit institution for the purposes of the exercise of rights or obligations, including any right or obligation associated with participation in a market infrastructure;
5 ° to impose to the credit institution or entity receiving to provide to the other party of information and assistance;
6 ° to cancel or modify the terms of a contract to which the credit institution is party;
7 ° to take any measure necessary or helpful to ensure the continuity of contracts entered into by the credit institution in accordance with article 270 and enable the receiving entity fully to exercise the rights and obligations relating to contracts and financial instruments related to activities transferred to it;
-8 ° to order that the receiving entity is substituted for the credit institution as a party to the contracts and financial instruments related to activities that were transferred and any legal proceedings concerning one of the assets or liabilities, contracts or rights or obligations transferred.
S.
278. the powers referred to in article 277 shall not affect: 1 ° to the right of a worker to the credit institution to terminate his contract of employment;
2 ° subject to section 280, § 1, to the right of a party to a contract to exercise the rights provided by him, including the right of termination, due to an act or omission committed either by the credit institution before the transfer, either by the entity receiving the transfer.
Section III.
-Power to impose the provision of services and infrastructure s. 279 § 1. Subject to the restrictions provided for in Chapter VII, the authority

resolution may, in the exercise of the powers of resolution, impose on the credit institution or any entity within its Group provide all services and operating infrastructure, excluding any form of financial support, it needed to effectively exercise the activities that were transferred to the receiving entity.
§ 2. If services and infrastructure referred to in paragraph 1 were provided to the establishment of credit under the terms of a contract immediately before the measurement of resolution has been taken, the credit institution provides these services and facilities under the same conditions and for the duration of this contract. Failing that, it provides them on reasonable terms.
§ 3. The resolution authority may specify the minimum list of services or operating infrastructure necessary to enable the receiving entity to exercise activities that were transferred.
Section IV. -Be able to suspend certain obligations, to restrict the enforceability of security interests and to suspend the rights of termination s.
280 § 1. Subject to the restrictions laid down in Chapter VII, the resolution authority may, in the exercise of the powers of resolution: 1 ° suspend any obligation by payment or delivery arising out of a contract to which the credit institution is party, from the publication required by article 295, 1 °, until midnight the day following that publication, being understood that the obligations of payment or delivery of the counterparties to the credit under the same contract institution are suspended for the same duration.
2 ° restrict the right of creditors of the credit institution to enforce security for the duration defined in the 1 °;
3 ° suspend the termination of any party to a contract concluded with the credit institution, or to the conditions determined by the King, with a subsidiary, for the set duration to 1 °.

§ 2. Any stay under paragraph 1, 1 °, apply: 1 ° to the deposits insured;
2 ° to the payment and delivery obligations due to the systems or operators of systems designated for the purposes of Directive 98/26/EC, central counterparties and central banks;
3 ° to the eligible claims for the purposes of Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes.

§ 3. The authority referred to in paragraph 1, 2 °, may be exercised with respect to a security interest held by the entities referred to in paragraph 2, 2 °, as margin or guarantee by the credit institution.
§ 4. Any stay under paragraph 1, 3 °, applies to the entities referred to in paragraph 2, 2 °.
Section v - Exercise of the powers of resolution s. 281 § 1. In order to take one or more measures of resolution, the resolution authority is able to exercise control over the establishment of credit allowing: 1 ° to have all the powers of the General Assembly of shareholders, of the legal administration body and branch of the credit institution; and (2) to manage assets and heritage of the credit institution, as well as to dispose of.
§
2. The resolution authority may exercise control under paragraph 1 directly or indirectly through one or more persons whom it appoints.
Thus, the resolution authority may appoint a special administrator to the credit institution which has all the powers of the General Assembly of shareholders, of the legal administration organ and direction and shall exercise these powers under the control of the authority of resolution and within the limits defined by the latter.
The mission of the special administrator is to implement resolution steps to promote the objectives of the resolution referred to in article 243 and implementing the decisions of the authority of resolution.
The duration of the mandate of the special administrator shall not exceed twelve months but may exceptionally be extended by resolution authority.
It may revoke the special administrator at any time.
§ 3. The resolution authority may take appropriate resolution either by order, either by exercising control over the establishment of credit in accordance with paragraph 1. She made the choice of the method to the case by case, taking into account the objectives of the resolution and its general principles, of the circumstances of the credit institution concerned and the need to facilitate an effective resolution in the case of cross-border groups.
CHAPTER VII. -Safeguard measures Section Ire.
-Protection of shareholders and creditors in the event of partial transfer art. 282. when the measurement of resolution includes only a partial transfer of assets, rights and liabilities of the credit institution, shareholders and creditors whose claims have not been transferred receive their securities settlement or claims an amount at least equal to that which they would have received if the credit institution had been liquidated, immediately before the transfer , in winding-up proceedings.
S.
283 § 1. To determine if the shareholders and creditors would have received better treatment if the credit institution had been liquidated as part of a liquidation procedure, resolution Authority proceeded to a valuation by an independent expert after executing the relevant resolution measurement. This is distinct from that provided for in chapter III.
§ 2. By Decree deliberated in the Council of Ministers, took notice of the resolution authority, the King may specify the method or methods to be used to achieve the recovery referred to in paragraph 1.
S. 284 when it appears from the valuation made in accordance with article 283 that a shareholder or creditor referred to in article 282 or the guarantee fund has suffered greater losses than those it would have incurred in connection with a liquidation, he is entitled to payment of the difference on the part of the resolution authority, in charge of financing referred to in article 386 devices. The payment terms are set by the King, by Decree deliberated in the Council of Ministers.
Section II. -Protection warranty contracts art.
285 § 1. The resolution authority may order the transfer: 1 ° of assets by means of which a commitment is guaranteed, unless this commitment and the benefit of safety are also transferred.
(2) a commitment guaranteed, unless the benefit of safety is also transferred;
3 ° the benefit of safety, except if the guaranteed commitment is also transferred.
§ 2. The resolution authority may order the modification or termination of a contract of guarantee if such modification or termination has the effect of putting an end to the guarantee of the commitment.
For the purposes of paragraph 1, there is to be understood by "security agreement", any contract whereby a person has, as collateral, one current or potential in assets or rights may be the subject of a transfer, such interest either guaranteed by assets or specific rights or a pledge on goodwill or other interest pledge floating or a similar arrangement.
§ 3. The protections referred to in the preceding paragraphs do not apply to the transfer, modification or termination of assets, rights and liabilities related to insured deposits.
Section III. -Protection contracts for structured finance, financial guarantee contracts and compensation agreements art.
286 § 1. The resolution authority may order the partial transfer, modification or termination: 1 ° of the assets, rights and commitments that constitute all or part of a funding mechanism, including structured covered bonds and securitizations, in which the credit institution is party;
2 ° the rights and commitments resulting from an agreement of transfer of property as collateral, including surgery for surrender-surrender (repo);
3 ° the rights and commitments resulting from a convention of novation or bilateral or multilateral compensation, including of a convention of netting or a netting agreement with close (close-out netting).
§ 2. The protection referred to in paragraph 1 does not apply to the transfer, modification or termination of assets, rights and liabilities related to insured deposits.
§ 3. The provisions of this Act are without prejudice to articles 13 to 16 of the Act of 15 December 2004 on secured financial and various tax provisions in constituent conventions of security and loans relating to financial instruments.
Section IV. -Exclusion of certain contractual rights art.
287. the counterparties to the credit institution cannot exercise any right to invoke forfeiture of the term, nor any right of termination, suspension or compensation or realize any security interest over the assets of the only credit institution makes a measure of resolution or one of the measures referred to in articles 116, § 2, 232 paragraph 2, 235, 236 or 250, insofar as the essential obligations in respect of the contract, including the payment and delivery obligations and the provision of a guarantee, continue to be insured.
The restrictions laid down in paragraph 1 shall also apply to contracts entered into by subsidiaries of the institution

credit whose obligations are guaranteed by the institution or by an entity of the group to which belongs the establishment and contracts entered into by an entity of the group which include cross default clauses (cross-default).
Section V. - Protection systems of payment and regulation, central counterparties and central banks s. 288 § 1.
The resolution authority ensures that the exercise of the powers of resolution does not affect the operation and regulation of payment systems and rules.
In particular, transfers, cancellations or modifications imposed by the authority of resolution cannot have the effect of: 1 ° revoke a transfer order in violation of article 4 of the law of 28 April 1999 aimed to transpose Directive 98/26/EC of 19 May 1998 on settlement finality of regulation in securities transactions and payment systems;
2 ° amend or make unenforceable orders transfer and compensation in accordance with articles 3 and 4 of the Act;
3 ° prevent the use of funds, securities or credit facilities in accordance with article 3 of the same Act;
4 ° set the guarantees lodged pursuant to article 8 of the same Act.
§ 2.
The resolution authority may impose on payment systems and regulations or their operators, central counterparties and central banks: 1 ° the suspension of an obligation by payment or delivery due by a credit institution;
2 ° the suspension or restriction of the right to enforce security rights they enjoyed on the assets of a credit institution;
or 3 ° suspension of any rights they enjoyed to terminate a contract concluded with the credit institution or a subsidiary of it.
Section VI. -Protection of workers article
289. the exercise of a power of resolution does not prejudice the right of a worker of the credit institution to cancel any contract binding it to hotel.
S. 290. for the application of the collective labour agreement No. 32bis concluded June 7, 1985, within the national labour Council, concerning the maintenance of the rights of the workers in the event of change of employer by reason of a conventional company transfer and regulating the rights of the workers resumed in the event of resumption of the assets after bankruptcy, resolution measures are considered as acts done by the institution of credit itself.
CHAPTER VIII. -Requirements of procedure art. 291. the legal organ of Directors of a credit institution is required to notify the supervisory authority and the authority of resolution when it considers that the failure of the credit institution are proven or expected within the meaning of article 244, § 2.
S. 292. where the authority of resolution considers that the conditions referred to in article 244, § 1, 1 ° and 2 °, are met with respect to a credit institution, it shall immediately send this evaluation to the following authorities: 1 ° the supervisory authority;
2 ° the competent authority for any branch of the credit institution;
3 ° the guarantee fund;
4 ° where appropriate, the authority of resolution at the level of the Group;
5 ° the Minister of finance;
6 ° when the credit institution subject to supervision on a consolidated basis, the consolidating supervisor; 7 ° the ESRB.
S. 293. the decision of the authority of resolution determining that the conditions referred to in article 244, § 1, are met in relation to a credit institution exposes the reasons for this decision.
S. 294 § 1. The resolution authority shall notify without delay to the credit institution and the bodies referred to in article 292 any resolution made against him.
S. 295. any resolution is published without delay, if necessary after obtaining the judgment referred to in article 301, § 5: 1 ° on the website of the authority of resolution;
2 ° on the website of the credit institution;
3 ° when the shares or other property of the credit institution are admitted to trading on a regulated market, on the website of the FSMA. and 4 ° by extract, in identifying transferred operations and the effective date of the transfer, in the Annexes to the Moniteur belge, as set forth by the King.
CHAPTER IX. -Control judicial Section Ire. -Validation s. 296. any decision provision subject of prior checking by the tribunal pursuant to this Section.
S. 297. § 1.
The authority of resolution filed at the registry of the Court a motion tending to establish that provision decision conforms to the Act and, where appropriate, that the compensatory amounts appear fair especially considering the criteria laid down in chapter III and article 301, § 4.
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2. Under penalty of nullity, the query contains: 1 ° the identity of the credit institution concerned;
2 ° the identity of the receiving entity;
3 ° the justification for the decision of provision with regard to the objectives and conditions set out in articles 243 and 244;
4 ° the price agreed with the entity receiving for the shares and other securities of property, assets, rights or obligations the purpose of the provision decision and, where appropriate, the mechanisms of review or adjustment of this award;
5 ° the compensatory amounts, the basis on which they have been calculated or estimated, including the look of the final recovery or provisional in accordance with Chapter III, and the keys of distribution between owners;
6 ° if applicable, required Government authorizations and all other conditions precedent to which the decision of provision is subject;
7 ° the indication of the day, month and year;
8 ° the signature of the person who represents the authority of resolution or his lawyer.
A copy of the decision of provision is attached to the request.
§ 3. The provisions of title Vbis of book II of the fourth part of Judicial Code, including sections 1034bis to 1034sexies shall not apply to the request referred to in paragraph 1.
S. 298. the proceedings instituted by the application referred to in article 297 excludes all other remedies or actions, simultaneous or future, against the decision of provision, with the exception of the application referred to in article 305. The filing of the application makes moot any other proceedings directed against the decision of provision, which would have been previously brought and would still be pending before another judicial or administrative jurisdiction.
S. 299 § 1. Within 24 hours of the filing of the application referred to in article 297, the president of the fixed Court, by order, the date and time of the hearing referred to in article 301, which must take place within three working days after the filing of the request. This order reproduced all of the particulars provided for in article 297, § 2.
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2. The order referred to in paragraph 1 shall be notified by the registry by judicial fold to the resolution authority, the credit institution concerned and the receiving entity.
It was simultaneously published by extract in the Moniteur belge. This publication applies, where appropriate, notification with respect to the owners other than the credit institution.
Within 24 hours of the notification referred to in paragraph 1, the credit institution concerned is issuing the order on its website.
S. 300. the persons referred to in article 299, § 2, may, until the pronouncement of the judgment referred to in article 301, § 5, free access to the request referred to in article 297 and its annexes at the registry of the Court.
S. 301 § 1.
During the hearing scheduled by the president of the tribunal and possible subsequent hearings that the Court considers useful to fix, the Court shall hear the resolution authority, the credit institution and the receiving entity.
The Court may decide, at the request of one of the parties referred to in article 299, paragraph 2, or of office, hearings or some of them take place in the Council Chamber, by way of derogation from article 757, § 1 of the Judicial Code.

§ 2. By way of derogation from the provisions of chapter II of title III of book II of the fourth part of the Code judicial, no person other than those referred to in paragraph 1, paragraph 1, may intervene in the proceedings.
§ 3. After hearing the submissions of the parties, the tribunal checks if provision decision conforms to the Act and, where appropriate, if compensatory amounts seem fair.
§ 4. The tribunal takes into account the actual situation of the credit institution at the time of the adoption of the decision of provision, in particular its financial situation as it was or would have been if the exceptional financial support from public authorities or the advances of emergency liquidity from the central banks received directly or indirectly had not been made.
§ 5. The Court decides by a single and same judgment that is rendered within three working days following the conclusion of debate.
S. 302. the judgment by which the Court finds that layout decision complies with the Act and, where appropriate, that the compensatory amounts appear to be fair, is conveyance of ownership of the shares, other titles of property, assets, rights or commitments subject to the decision of provision, subject however to the suspensive conditions referred to in article 297, § 2 , 6°.
S. 303. the judgment referred to in article 301, § 5, is likely neither appeal, neither opposition nor third-party opposition.
Notified by judicial fold

the resolution authority, the credit institution and the entity receiving, and is simultaneously published by extract in the Moniteur belge.
Within 24 hours of notification, the credit institution publishes the judgment on its website.
S. 304. a notice confirming the achievement of the conditions precedent specified in article 297, § 2, 6 °, is published in the Moniteur belge by care of the resolution authority.
Section II. -Appeal art. 305. any decision of provision or resolution measure can be appealed to the Court of appeal in accordance with the provisions of this Section.
S. 306 § 1. The application is lodged, penalty of forfeiture, within a period of two months: 1 ° either the publication by excerpt in the Moniteur belge of the judgment referred to in article 301, § 5, for measures subject to prior checking by the tribunal;
2 ° to be the publication of the extract referred to in article 295, 4 °, in the Annexes of the Moniteur belge for the other measures.
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2. The application has no effect on the enforceability of the measure referred to in article 305. The Court of appeal may decide to suspend the effects of this measure only if the applicant establishes that this suspension is consistent with the public interest.
S. 307. the claim relates to the conformity of the measure referred to in article 305 to the Act and, where appropriate, the adequacy of the compensatory amount in the category concerned owners and key distribution between them.
Where the application seeks the suitability of a compensatory amount, the Court of appeal is based on valuations carried out in accordance with Chapter III and article 283 and applies article 301, § 4.
S.
308. the judgment of the Court of appeal has no effect on the validity of the measure referred to in article 305, including the transfer of ownership of shares and other securities of property, assets, rights or commitments subject to the disposition decision.
S. 309. the application is, for the rest, governed by the Judicial Code.
S. 310. all disputes to which the measures referred to in article 305 or liability referred to in article 12B, § 3 of the law of 22 February 1998 may give rise fall within the exclusive jurisdiction of the Belgian courts.
Chapter x. - Resolution of cross-border groups article 311. by Decree deliberated in the Council of Ministers, took notice of the resolution authority, the King may take all measures necessary to address: 1 ° the application of the provisions of this title to credit institutions as part of cross-border groups;
2 ° the implementation in Belgium of the measures of prevention, rehabilitation, and resolution taken by the competent authorities of other Member States or third countries;
3 ° the application of measures of resolution to property situated outside the Belgium and financial instruments and contracts governed by foreign law;
4 ° the Exchange is related with the competent authorities of other Member States and third countries.
The powers granted to the King by the paragraph 1 shall expire on December 31, 2015.
Orders made under this section may change, Supplement, replace or repeal the legal provisions in force.
These orders are repealed right when they were not confirmed by law in the twelve months following their publication in the Moniteur belge.
Book III of law alien title I: CREDIT institutions. -Branches and activities in the free provision of services in Belgium of credit institutions governed by the law of another State Member Chapter I:.
-To access to the activity in Belgium art. 312 § 1. Credit institutions governed by the law of an another Member State, which are entitled under national law to engage in their State of origin of the banking activities listed in the list provided for in article 4 may, by way of installation of branches, start these activities as soon as the supervisory authority notified them by registered letter to mail or with proof of receipt their registration as a branch of credit of a Member State.
This notification must be made at the latest two months after the competent authority of the Member State of origin of the institutions will have communicated information folder required by the provisions of the law of the European Union in this area. In the absence of notification within the deadline, can however open the branch and start the aforementioned activities by notice given to the supervisory authority.
§ 2. The supervisory authority establishes the list of branches registered in accordance with paragraph 1. This list as well as any changes that are made are published on its website.
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3. The Bank shall communicate to the FSMA submission of information elements that are relevant for the monitoring of compliance with the rules of conduct.
§ 4. The credit institution must notify the supervisory authority any changes it intends to make to the information contained in the information package referred to in paragraph 1, paragraph 2, and, a month at least before this modification is performed.
S. 313 § 1. Credit institutions governed by the law of another State Member, who are empowered under their law national exercise in their original state banking activities listed in the list provided for in article 4, may begin these activities in Belgium under the regime of the free provision of services once the supervisory authority has notified these institutions the receipt of the communication that it was made by the competent authority of the Member State of origin of These institutions relating to the activities referred to in the list provided for in article 4 that these institutions intend to exercise in Belgium.
The notification is issued by the control authority to the establishment concerned within three working days of the receipt of the communication. Absence notification within this period, the institution may initiate activities announced, by notice given to the supervisory authority.
§ 2. The supervisory authority shall publish on its website the list of these institutions that receive in Belgium of deposits of silver and other repayable funds from the public as well as the changes that are made.
S.
314. the credit institutions referred to in articles 312 and 313 are, in the exercise of their activity in Belgium, accompany their designation of the reference to their State of origin and, in the case of article 313, their headquarters.
CHAPTER II. -For the exercise of activity art. 315 § 1. The provisions of this title do not prejudice compliance, in the exercise of the activities included in the list provided for in article 4, the legal and regulatory provisions applicable in Belgium of credit institutions and their operations for reasons of general interest.
The Bank gives credit institutions referred to in article 312 communication of the provisions which, to his knowledge, have this character. It collects to that effect the opinion of the FSMA.
The provisions of this title do not further prejudice compliance with legal and regulatory provisions applicable in Belgium, to activities other than those listed in the list provided for in article 4.

§ 2. The branches referred to in article 312 are subject, within the limits set by the Bank pursuant to a regulation adopted in accordance with article 12bis, paragraph 2 of the law of February 22, 1998, to the obligations and prohibitions imposed on Belgian law liquidity of credit institutions.
S. 316. the leaders of the branches referred to in article 312 reported at least once per year to the Bank and the auditor or the company auditors approved on compliance with section 315 and taken appropriate measures.
CHAPTER III. -Periodic information and accounting rules art. 317. the credit institutions referred to in article 312 shall forward to the supervisory authority, in forms and according to the frequency that it determines, the periodic reports to the operations carried out in Belgium by their branches are established. The provisions of article 106, paragraph 2, shall apply by analogy.
These reports can only be used for statistical purposes or to enable the supervisory authority to carry out its control tasks referred to in this title.
In particular, the supervisory authority may require information to assess whether their branch established in Belgium is of significant importance within the meaning of article 322 of the credit institutions referred to in paragraph 1.
S. 318. the King determines, on the advice of the Bank, the rules according to which the branches referred to in article 312: 1 ° keep their accounts and conduct assessments of inventory;
2 ° establish annual accounts;
3 ° publish annual accounting information related to their operations.
CHAPTER IV. -The control of branches Section Ire.
-The supervisory authority as the authority of the Member State of home arts. 319. the branches referred to in article 312 are subject to the control of the supervisory authority with regard to compliance with articles 315, 317 and 318 insofar as matters covered by these provisions fall within the competence of the supervisory authority. Sections 134 to 136 and 139 shall apply to this extent.
S. 320. with a view to monitoring activity institutions under the law of another Member operating state, including by means of a branch, in Belgium or in some other Member States, the authority control is working closely with the competent authorities of the other

Member States concerned.
Therefor, the supervisory authority shall, insofar as it provides, all information in the management and ownership of these institutions are likely to facilitate their supervision and examination of the conditions of their approval, as well as any information likely to facilitate their monitoring, especially in the area of liquidity, solvency, deposit guarantee, limitation great risks other factors that may affect systemic risk represented by the establishment, administrative and accounting procedures and oversight mechanisms internal.
S. 321. the supervisory authority, in its capacity as competent authority of the host Member State, may require of the competent authority of the home Member State communicates and explains how the information and findings provided pursuant to section 320 have been taken into account.
When, as a result of the communication of information and findings, the supervisory authority considers that the competent authority of the Member State of origin has not taken appropriate measures, it may, after having informed the European banking authority and the competent authority of the Member State of origin, without prejudice to the possibility for the latter to enter the banking authority in application of article 19 of Regulation No 1093/2010 take appropriate measures to prevent new offences to protect the interests of depositors, investors and other persons to whom the services are provided or to preserve the stability of the financial system.
Section II. -Significant branches s. 322 § 1. The supervisory authority may apply either to the authority of supervision on consolidated basis or to the competent authority of the Member State of origin that a branch in Belgium is considered of significant importance within the meaning of article 51 of Direcive 2013/36 / EU.
This request is motivated, especially as regards the following elements: a) the fact that the market share held by the branch in Belgium in terms of deposits is greater than 2%;
b) the likely impact of a suspension or discontinuation of the activities of the establishment on the systemic liquidity and payment systems, clearing and settlement in Belgium;
c) the size and the importance of the branch from the point of view of the number of clients, in the context of the Belgian financial or banking system.
§ 2. If no joint decision is taken within a period of two months from the receipt of a request under paragraph 1, the supervisory authority pronounces itself within a further period of two months on the significant importance of the branch located in Belgium. The supervisory authority shall take its decision taking into account the views and reservations expressed by the authority of supervision on consolidated basis or by the competent authority of the Member State of origin.
The decision referred to in paragraph 1 shall be duly substantiated, and shall be communicated to the competent authorities concerned.
S.
323. when the supervisory authority, in its capacity as competent authority of the Member State of a significant branch home, was not consulted by the competent authority of the Member State of origin on the operational plans of restoration of the liquidity measures, or where, after such consultation, the supervisory authority considers that operational measures required in this matter are not adequate It can enter the European banking authority and ask his assistance in accordance with article 19 of Regulation No 1093/2010.
Section III. -Check on the spot s.
324. subject to the advice of the supervisory authority, the competent authority of the home Member State is empowered, where appropriate through whom it mandate, to carry out checks and inspections on the spot to the branches referred to in article 312 to collect or verify information about the direction and management of the branch and all information likely to facilitate the monitoring of the credit institution especially with regard to liquidity, credit, guarantee deposits, limitation of large exposures, administrative and accounting organization and internal control.
The supervisory authority may agree to undertake, at the request of the competent authority of the Member State of origin of the credit institution, to perform with these branches the inspections for the purpose of assistance to this authority, on the materials referred to in paragraph 1 as those referred to in article 319. The costs of such inspections and audits are the responsibility of the applicant authority.
S.
325. upon notice to the competent authority of the Member State of origin of the credit institution, the supervisory authority may carry out checks on the spot to verify that the activities of the branch in Belgium complies with the provisions of this title.
S.
326 § 1. Managers of the branches referred to in article 312 designate, for renewable periods of three years, one or more Chartered Auditors or one or more firms of Auditors approved by the Bank.
Articles 223 and 224, paragraphs 1 to 4 are applicable to these editors and societies. The revocation of the functions of the Chartered Auditors and licensed Auditors companies is subject to the prior opinion of the supervisory authority.
§ 2.
Chartered Auditors or reviewers companies designated in accordance with paragraph 1 are collaborating to the control exercised by the authority control, under their personal and exclusive responsibility and in accordance with this paragraph, the rules of the profession and the instructions of the supervisory authority. To this end, 1 ° they assess the internal control measures adopted by branches for compliance with the laws, orders and regulations applicable to the branches under article 315, and they communicate their conclusions to the supervisory authority;
2 ° they report to the supervisory authority on: a) the results of the review of periodic statements sent by the branches referred to in article 312 to the control at the end of the first half of social authority, confirming that they have no knowledge of facts which it would appear that these interim statements are not, in all material respects significantly, was established according to the applicable regulations of the supervisory authority. They also confirm that periodic States arrested at the end of six months are, as regards the accounting data, in all respects significantly important, consistent with accounting and inventories, in the sense that they are complete, that they mention all the data contained in the accounts and inventories on the basis of which they are established, and that they are correct that they are exactly consistent with accounting and inventories on the basis of which they are established; They confirm also did not have knowledge of facts which it would appear that periodic States arrested at the end of semester have not been established by application of accounting and valuation rules that led to the establishment of the annual accounts relating to the last year; the supervisory authority may specify what in this case is the periodic States referred;
(b) the results of the control of periodic statements sent by the branches referred to article 312 to the authority of control at the end of the financial year, confirming that these periodic financial statements have, in all respects significantly important, was established according to the applicable regulations of the supervisory authority. They also confirm that periodic States arrested at year-end are, as regards the accounting data, in all respects significantly important, consistent with accounting and inventories, in the sense that they are complete, that they mention all the data contained in the accounts and inventories on the basis of which they are established, and that they are correct that they are exactly consistent with accounting and inventories on the basis of which they are established; They also confirm that the periodic States arrested year-end have been established by application of the rules of accounting and evaluation for the preparation of the annual accounts; the supervisory authority may specify what in this case is the periodic States referred.
They can be loaded by the supervisory authority, at the request of the European Central Bank acting as its monetary, to confirm the same authority, the information branch are required to communicate to these authorities, including by application of article 317;
3 ° they do to the supervisory authority, at its request, special reports on the Organization, the activities and the financial structure of the branches in the areas of competence of the authority of control with respect to these;
4 ° they do own-initiative report to the supervisory authority in the areas of competence and to collaboration with the competent authority of the home Member State, as soon as they find: has) decisions, the facts or developments that influence or may influence significantly the situation of the branch in financial terms or under the angle of its administrative and accounting organization and internal control;
(b) decisions or facts that may constitute violations of the provisions of this Act and the orders and regulations for

his execution or other laws and regulations applicable to their activity in Belgium insofar as matters covered by these provisions fall within the competence of the supervisory authority;
5 ° they report to the Bank, on request, where it is seized by another authority Belgian violations to laws of general interest applicable to the branch.
No civil, criminal or disciplinary action may not be brought or professional sanctions pronounced against authorized reviewers who proceeded in good faith to information referred to in 4 of the 1st paragraph.
They communicate to the leaders of the branch reports they send to the authority in accordance with paragraph 1, 3 °. Such communications fall under the secrecy provided for in article 35 of the law of 22 February 1998. They transmit to the authority of control copy of the communications they make to these leaders on matters falling within the field of control of the supervisory authority.
In branches where a Works Council is established under the Act of 20 September 1948 on the organisation of the economy, reviewers or licensed Auditors companies perform the functions provided for in article 15a of this law article 15quater, paragraph 2, first and third sentences, and paragraph 3 of the same law are applicable.
Subject information in advance of the supervisory authority, they can accept load, at the request and at the expense of the competent authority of the home Member State of the branch, with this branch for the purpose of assistance to this authority, carry out audits relating to the subjects referred to in articles 319 and 320, paragraph 2.
§ 3. The Chartered Auditors or licensed Auditors companies certify the annual accounting information published pursuant to article 318, 3 °.
Chapter V. - Exceptional measures art. 327 § 1. In the context of the cooperation referred to in article 320, paragraph 1, the supervisory authority informs also, where it is aware, the competent authority of the Member State of origin of the credit institution with a branch or by way of freedom to provide services in Belgium does not, or may no longer comply with, the provisions of the national law of the Member State of origin transposing Directive 2013/36 / EU , or Regulation No. 575/2013.
§ 2. If the supervisory authority considers that the competent authority of the Member State of origin took no measures to remedy the situation of non-compliance or risk of non-compliance referred to in paragraph 1, may seize the European banking authority and request its assistance in accordance with article 19 of Regulation No 1093/2010.
S. 328 § 1. Before you apply the procedure referred to in article 327, the supervisory authority may, in emergencies and in anticipation of the measures to be adopted by the competent authorities of the Member State of origin or of remedial action taken by the administrative or judicial authorities of that State, and without prejudice to the possibility for the authorities concerned to seize the authority European banking in accordance with article 19 of Regulation No 1093/2010 take any precautionary measures necessary to protect against the instability of the financial system which would seriously threaten the collective of depositors, investors and clients interests in Belgium.
Such measures may consist in the measures referred to in article 236, § 1, 1 °, 2 °, 4 ° and §§ 2 and 3.
§ 2. The supervisory authority puts an end to the measures referred to in paragraph 1 as soon as they are more justified. In addition, these measures cease to have effect when the reorganisation measures adopted by the administrative or judicial authorities of the Member State of origin shall take effect in the Member State of origin.
§ 3. The European Commission, the authority European banking and the other competent authorities concerned are informed of the measures adopted pursuant to paragraph 1.
S. 329. § 1. Without prejudice to article 327, where the control authority, relying where appropriate on information provided by the FSMA has clear and demonstrable grounds to estimate that a credit institution operating within the framework of the regime of the free provision of services in Belgium or with a branch in Belgium infringes obligations arising from provisions adopted in implementation of Directive 2004/39 / EC and that those provisions confer powers to the supervisory authority or to the FSMA, it shall inform the competent authority of the Member State of origin.
If, despite the measures taken by the competent authority of the State member of origin or because of the inadequacy of these measures, the credit institution concerned continues to act in a manner that is clearly prejudicial to the interests of investors in Belgium or the orderly markets, the supervisory authority, functioning where appropriate at the request of the FSMA, may, after informing the competent authority of the Member State of origin take or take measures to protect investors or to preserve the smooth functioning of the markets. These include, with respect to branches, measures referred to in article 236, § 1, 1 °, 2 °, 4 ° and §§ 2 and 3, of the Act; for institutions operating credit by way of provision of services, these include the measures referred to in article 236, § 1, 4 °, and §§ 2 and 3. The European Commission is informed without delay of the adoption of these measures.
§ 2. Without prejudice to article 327, where the supervisory authority finds that a credit institution governed by the law of another Member State operating in Belgium through a branch or of provision of services complies with the legal and regulatory provisions applicable in Belgium in the field of competence of the supervisory authority, it puts the credit institution in home remedy within the time limit which it shall determine, to the situation observed.
Where the FSMA finds that a credit institution under the control of another Member State and operating in Belgium through a branch or of provision of services is not complying with the legal and regulatory provisions applicable in Belgium in the field of competence of the FSMA, she puts the credit institution notice of remedy, within the time limit which it shall determine to the situation observed.
If, at the end of the period referred to in paragraphs 1 and 2, it has not remedied the situation, the supervisory authority or the FSMA, each in its field of competence, captures its observations the competent authority of the Member State of origin of the institutions. The FSMA holds the control authority informed of his contacts with the competent authorities concerned.
§ 3. In case of persistence of the deficiencies referred to in paragraph 2 in the head of a branch, the supervisory authority, where appropriate, at the request of the FSMA, may, after notice to the competent authority of the State of origin, take or take measures including those laid down in article 236, § 1, 1 °, 2 °, 4 °.
In this case, article 236, §§ 2 to 6, shall apply in case of persistence of the deficiencies referred to in paragraph 2 in the head of a credit institution's operating by way of provision of services, the supervisory authority, where appropriate, at the request of the FSMA, can, after notice to the competent authority referred to in paragraph 2, make ban to that institution to perform new operations in Belgium. It can limit the period of validity of the prohibition and revoke, if any, on basis of article 236, § 1, 4 °, and §§ 2 and 3. This paragraph is also applicable in the cases referred to in article 236, § 5.

§ 4. The supervisory authority shall communicate to the European Commission, according to the periodicity fixed by it, the number and the nature of the measures taken pursuant to paragraph 3.
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5. The Bank may, at the request of the authorities in these matters, apply paragraphs 2 and 3 with respect to a credit institution referred to article 312 or 313 article when he accomplished in Belgium of acts contrary to laws or regulatory provisions applicable for reasons of general interest in areas other than those referred to in articles 315 § 2 and 317.

§ 6. Emergency do not suffer the procedural deadlines set in paragraphs 2 and 3, the supervisory authority, where appropriate at the request of the FSMA, may take all precautionary measures to protect the interests of depositors, investors and other clients in the Branch Office. It shall inform, without delay, the European Commission and the competent authorities of the Member State of origin of the institution and Member States to implementation of other branches. The supervisory authority amend or revoke these measures when the European Commission him indeed the injunction in respect for the rules of law of the European Union in this area.
§ 7. The bank informs the FSMA by the measures taken in application of paragraphs 2 to 6.
The FSMA shall inform the supervisory authority of the measures that have been taken towards branches, by application of article 36 of the law of 2 August 2002.
S. 330. in the event of cancellation or revocation of the approval of the credit institution by the competent authority of its home Member State, the supervisory authority ordered, after giving notice to this authority, the closure of the branch Hotel established in

Belgium. It may designate a provisional manager ensures the assets of the branch while awaiting determination of their destination, and who is entitled to take all protective measures in the interest of the creditors.
CHAPTER VI. -Situations where the exercise of activities is carried out in Belgium by an institution governed by the law of a Member State involved art. 331. § 1. For substances which are assigned to the Central Bank European pursuant to article 4 of the regulation MSU, in cases where a law of a participating Member State credit institution plans to establish a branch in Belgium or to carry on activities in Belgium within the framework of the free provision of services, the provisions relating to procedures between competent authorities and skills y related are not application.
§ 2. With regard to the control of a branch or the activities in Belgium within the framework of the free provision of services in the cases referred to in paragraph 1, the provisions on cooperation and exchange of information between competent authorities as well as article 330 is not applied when the European Central Bank is the sole competent authority involved.
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3. Similarly, when the competent authority of a credit institution governed by the law of a Member State participant having a branch in Belgium, the European Central Bank it does not carry out the evaluation of this branch for its qualification as a branch of significant importance within the meaning of article 322 of the Act.
CHAPTER VII. -Subsidiaries of CIS governed by the law of another State member s. 332. the financial institutions governed by the law of another Member State and meet, respect institutions of credit under the law of that State and the opinion of the competent authorities of that State, for the conditions corresponding to those referred to in article 92, paragraph 1, as laid down in the national law of the Member State concerned, may apply for the benefit of the application of chapters I to V of this title.
TITLE II. -Branches in Belgium of credit institutions of third countries Chapter I. -To access to the activity in Belgium art.
333 § 1. Before opening a branch to carry out their activities in Belgium of credit institutions governed by the law of a third country duly licensed as such in this country must be approve the Bank.
To this end, shall apply: 1 ° articles 8, 9, 12, 13 and 15, on the understanding that - the Bank is exclusively competent to adjudicate on the application for approval, - the reference in article 9 applies to the parent credit institution branch, credit institutions must be authorised in their country of origin to exercise the activities contained in the programme of activities;
2 ° article 14, paragraph 1, the branches referred to in this title being mentioned in a special section of the list;
3 ° article 16, on the understanding that article 16 applies to the parent credit institution branch office. However, may be approved branches of institutions with legal personality but have no form of commercial company;
4 ° article 17, paragraphs 1 and 2, the initial capital is replaced by an endowment which the Bank may determine, by means of regulations in accordance with article 12bis, paragraph 2 of the law of 22 February 1998, the amount, the elements and conditions relating to the corresponding assets, especially in terms of their location in Belgium;
5 ° sections 18 to 22, on the understanding that the reference to article 18 applies to the parent credit institution branch and that the reference to articles 19 to 22 applies to the branch in Belgium;
6 ° article 44, to the extent where the credit institution cannot establish that liabilities of its Belgian branch are covered by a system of protection of the deposits of its country of origin to an extent at least equivalent to that resulting from the Belgian system of protection for deposits on the covered assets and the level of cover provided.
§ 2. Without prejudice to paragraph 1, the granting of an authorisation to a branch of a governed by the law of a third country credit institution is also subject to compliance with the following conditions: 1 ° the credit institution is subject, in his country of origin, a prudential supervision of an equivalent nature to one held by 2013/36/EU Directive and Regulation No. 575/2013;
2 ° the Bank signed a cooperation agreement involving an exchange of information allowing it to exercise effective control of the activities of the Belgian branch with the authority of the third country concerned. The Bank may waive compliance with this condition if, under the circumstances of the case, it considers that it is not likely to substantially improve the knowledge of the credit institution, including the group to which it belongs, under the angle of his organization and risk generated by its activities, especially the risks for creditors of the Belgian branch including its depositors.
§ 3. Without prejudice to international agreements binding the Belgium, the Bank may refuse to accept the branch of a credit institution governed by the law of a third country which does not have the same opportunities for access to its market for the credit institutions of Belgian law.
§ 4. The Bank may refuse the registration of a branch under this title if it considers that the protection of investors or the sound and prudent management of the establishment or the stability of the financial system requires the incorporation of a company under Belgian law. Such a decision may in particular take into account the following criteria:-the absence of effective exercise by the credit institution in third countries, or within the group to which belongs the credit institution, activities planned by the branch;
-the importance of the branch to the size of the credit institution.
§ 5. Before deciding on the request for the approval of the branch, the Bank consults the authority of third country concerned.
S.
334. the Bank shall notify the European Commission, the European banking authority and the European Banking Committee the granting of an authorisation a branch pursuant to this title.
CHAPTER II.
-For the exercise of activity art. 335 § 1. In addition to the application of article 45 in relation to article 333 and the provisions made applicable by virtue of article 333 shall apply: 1 ° article 53, on the understanding that the Bank is exclusively competent;
2 ° article 55, § 1, paragraph 1;
3 ° articles 60 and 62 in relation to managers of branches;
4 ° articles 72, 76, 77, 3 ° and 4 ° and 78 being understood that for the purposes of section 72, the leaders of the branch are considered to be members of the legal administration body;
5 ° articles 74, 98, 106 and 107.
6 ° article 5 of Appendix IV.
§ 2. The King determines the obligations and terms of publication of the annual accounting statements of branches.
S.
336. the credit institution shall dispose of seizable assets in Belgium for an amount corresponding to the amount of deposits, as referred to in article 382, received by the branch, except to demonstrate that it meets the following conditions: 1 ° law of insolvency of the third country ensures creditors who filed their assets with the Belgian branch of treatment which is equivalent to the creditors who filed their assets with the credit institution in third countries;
and 2 ° in the case of insolvency proceedings opened against the credit institution in the third country, the law governing this procedure grants to applicants who filed their funds with the Belgian branch of a row offering a protection similar to that provided for in article 389 of this Act.
CHAPTER III. -Control art. 337. articles 134, 135, 136 and 139 shall apply.
S. 338. the management of the branches referred to in this title is required to appoint one or more authorized reviewers or one or more companies of Auditors approved in accordance with article 220. It may designate, similarly, an alternate.
In the case of designation of a firm of réviseurs, article 221 shall apply mutatis mutandis.
Articles 223, 224, paragraphs 1 to 4, 225, paragraphs 1, 2, 3 and 6, and 324, § 1, paragraph 2, § 2, paragraphs 4 and 5, and § 3, are applicable.
S. 339 § 1.
The Bank may agree upon other branches of this institution established in States other than Belgium, of rules relating to the obligations and prohibitions concerning the branch in Belgium, the object and terms of his supervision as well as the modalities of collaboration and the exchange of information with those authorities on basis of reciprocity with the country of the credit institution and with the authorities competent and authorities of third countries, such as provided for in articles 36/16 and 36/17 of the law of 22 February 1998.
§ 2. Conventions may, subject to the approval of the Minister of finance, derogate from the provisions of this Act to establish rules and terms more appropriate to the nature and distribution of the activities of the establishment of credit and its control.
Subject to the existence of a global control meets the criteria provided for by or under this Act, these conventions may exempt from the application of certain provisions

This Act and the regulations and orders taken for execution.
Conventions covered by this article does not include for the benefit of the branches as they refer to more favourable rules than those that apply to branches established in Belgium of institutions governed by the law of another Member State credit.
CHAPTER IV. -Radiation, exceptional measures, sanctions art. 340 § 1. Apply articles 233, 234, 236 and 238 and sections 345 to 352, with the understanding that the Bank is exclusively competent.

§ 2. When the Bank finds that the branch does not in accordance with the provisions of this Act and by-laws and regulations for its execution, or that it has evidence indicating that the branch may soon no longer work in accordance with these provisions, the Bank may set limits on the exhibitions of the branch with respect to its parent or the entities of the group to which the credit institution part.
§ 3. Still, the Bank may revoke the registration of a branch referred to in this title if it considers that the protection of investors or the sound and prudent management of the establishment or the stability of the financial system requires the incorporation of a company under Belgian law. The Bank may use, for this purpose, criteria referred to in article 333, § 4.
TITLE III. -Offices of representation art.
341 of credit institutions governed by the law of a foreign State which were not established in Belgium of branch and plan to create a representative office, in compliance with limits determined by article 342, to ensure the promotion of their activities and the harvest and the dissemination of information, are required to register in advance by the Bank.
Prior to registration, the Bank shall consult the authority in charge of the control of the credit institutions in the State of origin.
S. 342. a representative office may exercise the banking activity and including intervene, in any capacity whatsoever, in the conclusion or the conduct of financial transactions or financial services, other than those inherent in the administrative management of the office.
S.
343. the Bank may be any information, carry out, or have to conduct investigations on the spot and take knowledge of correspondence and documents relating to the activities of representative offices registered in accordance with article 341.
When the Bank found that a representative office does not meet the obligations to which it is subject, it can revoke its registration.
S. 344 of credit institutions under Belgian law that are planning to create a representative office in the territory of a foreign State shall notify their intention to the supervisory authority. If, in accordance with rules applicable in that State, the activities of the office may exceed the limits laid down in articles 342 and 343, articles 86 to 89 shall apply. The supervisory authority can provide all information relating to the Organization, activities and the situation of the office and can print or have control of this information. Article 140 shall apply.
Book IV of periodic penalty payments and other coercive measures art.
345. without prejudice to other measures provided for in this Act, the supervisory authority or the authority of resolution, as the case may be, may publish that a credit institution, a financial holding company, a mixed financial holding company or a mixed company of Belgian law or foreign law established in Belgium is not complied with orders that were made to comply within the time limit it shall determine provisions of this Act or of the orders or regulations made for his enforcement or Regulation No. 575/2013.
In this case, the supervisory authority or the authority of resolution, as the case may be, at the same time inform the European authority of markets of such a publication if it is a credit institution providing one or more investment services and/or exercising one or more investment activities within the meaning of Directive 2004/39/EC.
S. 346 § 1. Without prejudice to other measures provided for in this Act, the supervisory authority may attach to a credit institution, a financial holding company, a mixed financial holding company or a mixed company of Belgian law or foreign law established in Belgium, a period in which: has) he or she must comply with provisions of this Act, of the orders or regulations made for its enforcement or Regulation No. 575/2013 or;
(b) he or she must make the adjustments needed to its system of organization or its policy regarding its capital needs and its liquidity management. This injunction is applicable to branches of credit institutions of another Member State, as a breach of the obligations referred to in article 315;
(c) he or she must comply with the provisions of title II of Regulation (EU) No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories.
§ 2. If the company remains in default upon the expiry of the time limit, the Bank, where appropriate at the request of the Central Bank European, can, the company heard or at least convened, impose a penalty at the rate of a maximum amount of 2 500 000 euros per offence and maximum 50,000 euros per day of delay.

§ 3. The amount of the penalty payment is fixed taking particular account has) the seriousness of the shortcomings encountered and, where appropriate, the potential impact of these shortcomings on the stability of the financial system;
(b) of the financial base of the company in question, as reflected particularly in its turnover.
§ 4. Periodic penalty payments imposed pursuant to subsection 2 shall be recovered for the benefit of the Treasury by the Administration du Cadastre, registration and domains.
§ 5. When the Bank releases the measures imposed under paragraph 2, it shall inform at the same time the European authority of financial markets if it comes to a credit institution providing one or more investment services and/or exercising one or more investment activities within the meaning of directive 2004/39/EC.
Book V of title I: SANCTIONS. -Administrative fines s. 347. § 1. Without prejudice to other measures provided for by this Act and without prejudice to the measures provided for by other laws or other regulations, the Bank, where appropriate at the request of the Central Bank European, may, when it finds a breach of the provisions of this Act, to the measures taken in pursuance thereof or to Regulation No. 575/2013 or if it finds a breach of the provisions of title II of Regulation (EU) No. 648/2012 of the European Parliament and of the Council July 4, 2012 on derivatives of OTC, central counterparties and trade repositories, impose an administrative fine to an institution of credit, a financial holding company, a mixed financial holding company, a joint company, under Belgian law or foreign law, established in Belgium, to one or more of the members of the legal administration of these entities body to persons who, in the absence of Management Committee, participating in their effective management, responsible for the breach found.
§ 2. The amount of the administrative fine imposed to the establishment or company referred to in paragraph 1, for the same offence or for the same set of facts, is and minimum of 1% maximum of 10% of the annual turnover net of the institution during the previous fiscal year.
The amount of the administrative fine imposed to a natural person for the same Act or to the same set of facts, is EUR 5,000 minimum and maximum 5 000 000 euros.
§ 3. The fines imposed by the Bank pursuant to paragraph 1 shall be recovered for the benefit of the Treasury by the Administration du Cadastre, registration and domains.
§ 4. The amount of the fine set in function has) the severity and the duration of breaches;
b) the degree of responsibility of the person in question;
(c) of the financial base of the person in question, as reflected notably in the total turnover of the Corporation in question or the annual earnings of the individual in question;
(d) benefits or any profits from such breaches;
(e) to damage suffered by third parties due to deficiencies, insofar as it can be determined;
(f) the degree of cooperation with the competent authorities demonstrated the physical or legal person concerned;
(g) prior breaches committed by the person concerned;
(h) of the potential negative impact of the breaches on the stability of the financial system.
§ 5. When the Bank releases the measures imposed pursuant to this section, it shall inform at the same time the European authority of financial markets if it comes to a credit institution providing one or more investment services and/or exercising one or more investment activities within the meaning of directive 2004/39/EC.
TITLE II. -Penal sanctions art. 348 § 1. Shall be punished by a term of imprisonment of one month to one year and a fine of 50 euros to 10,000 euros or one of those penalties only: 1 ° those who do not comply with articles 5 or 6;
2 ° those who exercise the activity of a credit institution referred to in article 7 or

in Book III, title II without this institution is authorised or so approval has been cancelled or revoked;
3 ° those who knowingly fail to make the notifications provided for in articles 46 and 50, those who spend in addition to the opposition referred to in article 48, paragraph (2) or those who spend in addition to the suspension referred to in article 54, paragraph 1, 1 °;
4 ° the legal governing body members and other persons referred to in article 62 that contravene the provisions of this article;
5 ° the members of the legal administration body or persons in charge of the actual direction which contravene articles 72, 77, 2 ° to 4 °, 74, 213, 214 articles 341 to 344 or article 99 of Regulation No. 575/2013;
6 ° the legal governing body members or the people in charge of the effective management of a credit institution that, abroad, open a branch or is performing services without having carried out the notifications provided for in articles 86 or 90 or who meet not in article 89;
7 ° the legal governing body members or the people in charge of the effective management of a credit institution which contravene the orders or regulations referred to in articles 106, 203, § 1 or 318;
8 ° the legal governing body members or the people in charge of the effective management of a credit institution that does not comply with article 106, § 2, paragraph 1, first and third sentences, and paragraphs 2 and 3;
9 ° those who perform acts or operations without obtaining approval from the special Commissioner under section 236, § 1, 1 °, or against a decision of suspension pursuant to section 236, § 1, 4 °, which do not comply with the prohibition laid down in article 329, § 1, paragraph 2, or § 3 or precautionary measures provided for in article 329, § 6, or to an order under section 330.
10 ° those who knowingly accept funds or values that is disposed of in violation of article 74;
11 ° those who, as Commissioner, auditor or independent expert, have attested, approved or confirmed accounts, annual accounts, balance sheets and accounts for the consolidated business or periodic financial statements or information or results when the provisions of this Act or of the orders and regulations for its enforcement or Regulation No. 575/2013 have not been met, or in the knowledge that they it had not been, either in not having not completed normal diligence to ensure that they were respected;
12 ° those who impede inspections and audits to which they are held in the country or abroad or refuse to give information that they are required to provide under this Act or who knowingly provide information inaccurate or incomplete;
14 ° the directors and managers who fail to comply with the provisions of articles 220, paragraphs 1 and 2, and 326, § 1, paragraph 1;
15 ° who contravenes section 79;
16 ° the legal governing body members or the people in charge of the effective management of a credit institution which do not comply with orders given by the authority for resolution pursuant to sections 226, § 2, 232, paragraph 2, 3 °, 276, § 1, and 277, 5 °, or communicate knowingly to inaccurate or incomplete information.
§ 2. Any breach of the prohibition laid down by article 20 is punishable by imprisonment of three months to two years and a fine of EUR 1 000 to EUR 10 000.

§ 3. Shall be punished by imprisonment from eight days to three months and a fine of 50 euros to 10,000 euros or one of those penalties only, administrators, managers or directors who do not comply with the provisions of articles 95 and 99 and the regulations made pursuant to section 98.
S.
349. the provisions of book I of the penal Code, without exception of Chapter VII and article 85, shall apply to the offences punishable under this title.
S. 350 credit institutions, financial institutions and businesses are civilly responsible for fines which are condemned their members of the statutory body of Directors, people in charge of the actual direction or agents in accordance with the provisions of this title.
S.
351. all information from the head of offence under this Act or any of the laws referred to in article 20 against members of the legal administration, people in charge of the effective management, agents or Commissioners approved of credit institutions or financial institutions and any information of count under this Act against any other person or entity should be brought to the knowledge of the Bank and of the FSMA each in its field of competence by the judicial or administrative authority which is before it.
Any criminal action of the head of the offences referred to in the first subparagraph shall be notified to the Bank and the FSMA, each in its field of competence, at the instance of the Crown.
S. 352. the Bank and the FSMA are empowered to intervene in any case before the Criminal Court of an offence punishable under this Act, without having to justify injury.
The intervention follows the rules applicable to the civil party.
Book VI rules of INTERNATIONAL law deprives in measures of sanitation and LIQUIDATION title I PROCEDURES.
-Chapter I: sanitation measures. -Rule of jurisdiction and reception of foreign measures art. 353. subject to sections 340 and 358, the Belgian sanitation authorities are competent to adopt reorganisation measures only in respect of credit institutions referred to in book II. These measures are applied and produce their effects in accordance with Belgian legislation, subject to the clarifications and exceptions provided for in this Act. In particular, the Belgian sanitation authorities cannot adopt a reorganisation measure concerning an institution's credit under the law of another State, including in relation to a branch of one such establishment located in Belgium.
S. 354. Notwithstanding advertising which they are subject in Belgium, the reorganisation measures decided by the authorities of remediation of an another Member State concerning a credit under the law of this State institution produce their effects in Belgium according to the legislation of that State as soon as they produce their effects in the Member State where they have been adopted. These measures do not require any formalities in Belgium.
CHAPTER II. -Consultation and information art. 355. the Belgian sanitation authorities shall take measures in order to inform without delay the competent authorities of the other Member States where the credit institution has a branch or, pursuant to article 90, provides services, of their decision to adopt a reorganisation measure, to the extent possible prior to the adoption thereof or, if not, immediately after. The communication of this information, which also covers the concrete effects of the reorganisation measure, is made, by all appropriate means, by the supervisory authority.
To this end, the authority of resolution holds the control authority informed of developments relating to the implementation of measures falling within its competence.
S. 356. when the Belgian sanitation authorities deem it necessary to see Belgium implement a reorganisation measure with respect to a credit institution governed by the law of another Member State, they shall inform the competent authority of the Member State concerned. This information is carried out by the supervisory authority.
S. 357. when the implementation of a reorganisation measure taken in accordance with article 353 is likely to affect the rights of third parties in a Member State where the credit institution has a branch or, pursuant to article 90, provides services, the authority control or, when it comes to sanitation measures referred to in book II, title VIII, resolution authority, shall publish an extract of the decision in the Official Journal of the Union European as well as in two newspapers to National dissemination in the Member States where the implementation of this measure is likely to affect the rights of third parties. This advertising has no impact on the effects of the reorganisation measure, including with respect to the creditors of the credit institution.
The extract referred to in paragraph 1 shall contain at least in the official languages of the Member States concerned, the following: 1 ° the object and the legal basis of the decision taken;
2 ° the periods allowed for appeals, with indication of the date of expiry of these periods as well as the details of the authority who knows of the appeal.
The period of appeal concerning the adoption of a reorganisation measure begins against third parties having their domicile or their habitual residence in another Member State, as soon as the first publications are intervened pursuant to paragraph 1.
CHAPTER III. -Branches of institutions governed by the law of third countries article credit 358 the Bank informed, without delay and by all appropriate means, the competent authorities of the other Member States where the law of a third country credit institution also has a branch of its decision on a reorganisation measure pursuant to article 340 and the practical effects of this measure, if possible before the adoption of the

or, if not, immediately after. The Bank strives to coordinate its action with that of the authorities of sanitation of the credit institutions in other Member States.
TITLE II. -Winding-up proceedings chapter I. -Rule of jurisdiction and reception of foreign proceedings art. 359. the commercial court is competent to decide on the opening of a bankruptcy only in respect of credit institutions referred to in book II. In particular, the tribunal de commerce cannot open a bankruptcy concerning an institution's credit under a foreign law including in relation to the branch of an institution established in Belgium.
S.
360. the winding-up proceedings which the opening is decided by the authorities of liquidation of another Member State concerning a credit under the law of this State institution are recognized in Belgium without any formalities and take effect as soon as they produce their effects in the Member State where they have been opened.
CHAPTER II. -Procedures for the credit institutions of Belgian Law Section Ire. -Consultation and information art.
361. without prejudice to articles 273 and 378, the commercial court shall promptly inform the supervisory authority of its decision to open a bankruptcy procedure and practical effects of bankruptcy, if possible before opening it or, if not, immediately after. The supervisory authority shall communicate without delay and by all appropriate means this information to the competent authorities of the other Member States where the credit institution has a branch or in application of article 90, provides services.
S.
362. the trustees appointed in accordance with article 11 of the law of 8 August 1997 on bankruptcy shall publish pursuant to article 38 of the Act, including the publication of the extract in the Official Journal of the Union European as well as in two national newspapers in of the Member States where the credit institution has a branch or pursuant to article 90, provides services.
S.
363 when the individual warning of creditors referred to in article 62 of the law of 8 August 1997 on bankruptcy concerns creditors having their domiciles or their habitual residence in another Member State, the circular also indicates in addition to the information mentioned in the passage referred to in article 362, the obligation of creditors benefiting of a lien or security interest to declare their claims as well as the consequences of non-compliance with the time limits provided for in article 72 of the Act August 8, 1997.
Circular, in the language of the proceedings, bears the title "Invitation to lodge a claim - deadlines to comply" in all official languages of the European economic area.
S. 364. the trustees appointed in accordance with article 11 of the law of 8 August 1997 on bankruptcy shall regularly inform the creditors in the form which they deem most appropriate, the conduct of the proceedings.
Section II. -Elements of procedure - law applicable art. 365. the bankruptcy proceedings concerning a credit institution referred to in book II is governed by Belgian law, subject to the clarifications and exceptions provided for in this Act.
S. 366. § 1. Creditors who have their domicile or habitual residence in another Member State may declare their claims and submit their views in an official language of this State, accompanied by the words "Lodgement of claims" or "Submission of observations relating to claims" in the language of the proceedings in Belgium. A translation of the statement of claim and provided observations can nevertheless be required of those creditors by the curators. Article 63 of the law of 8 August 1997 on bankruptcy shall apply.
§
2. The claims of creditors having their domicile or habitual residence in another Member State enjoy the same treatment and, in particular, the same ranking as claims of an equivalent nature which may be declared by creditors having their domicile or habitual residence in Belgium. To this end, claims made by creditors of the same nature are considered equivalent claims.
Paragraph 1 shall also apply with respect to creditors who have their domicile or habitual residence in a third country, provided that the law applicable in that State does not allow the opening of insolvency against the credit institution concerned and that the procedure initiated in Belgium can produce its effects in that State. Otherwise, these creditors are assimilated to unsecured creditors for the purposes of the procedure initiated in Belgium.
Section III. -Cancellation of registration art.
367. in the case of opening a bankruptcy from a credit institution, the supervisory authority shall cancel the approval. Article 237 shall apply.
TITLE III. -Common rules to the reorganisation measures and winding-up proceedings chapter I. -Of the voluntary liquidation or judicial dissolution art. 368. in before to make a proposal to dissolve within the meaning of article 181 of the Code of corporations with respect to a credit institution referred to in book II, the legal Board of the credit institution shall consult the supervisory authority.
It cannot be ruled on a cause of judicial dissolution provided for in the Code of corporations with respect to a credit institution only with the assent of the supervisory authority. The request for an opinion following the procedure laid down in article 378.
The dissolution of a credit institution and the liquidation within the meaning of the Code of corporations which follows shall not preclude the possibility of taking one of the measures provided for in article 236, § 1, without the prior fixing of a time limit is necessary.
CHAPTER II. -Exceptions or temperaments to the application of Belgian law as the law of the proceedings article 369. by way of derogation from articles 353 and 365, the effects of a measure of reorganisation or winding-up proceedings on: 1 ° the employment contracts and labour relations are governed exclusively by the law of the Member State applicable to the employment contract;
2 ° a contract conferring the right to enjoy a real estate or acquire are exclusively governed by the law of the Member State on whose territory the immovable property is located. This law determines whether the property is movable or immovable;
3 ° the rights on immovable property, a ship or an aircraft which are subject to registration in a public register shall be governed solely by the law of the Member State under whose authority the register is kept;
4 ° the exercise of property rights on financial instruments or other rights in such instruments the existence or transfer presupposes entry in a register, an account from a system of centralized filing held or located in a State Member, are governed exclusively by the law of the Member State in which is held or located the register, account or centralized filing in which these rights are recorded;
5 ° conventions of novation or bilateral or multilateral compensation and express Resolutive conditions that they contain to allow the netting are exclusively governed by the law applicable to these conventions;
6 ° the conventions of surrender-surrender ("repurchase agreements" - "rest") shall be governed solely by the law applicable to these conventions, without prejudice to the 4 ° of this article;
7 ° the transactions carried out in the context of a regulated market within the meaning of article 2, 6 °, of the law of 2 August 2002 shall be governed solely by the law applicable to these transactions, without prejudice to the 4 ° of this article.
S.
370. § 1. Reorganisation measures or the opening of bankruptcy proceedings does not affect the real right of a creditor or a third party on tangible or intangible, movable or immovable assets - both specific goods and indeterminate property sets whose composition is subject to change - belonging to the credit institution and who are, at the time of the implementation of such measures or the opening of such proceedings , in the territory of another Member State.
§ 2. The rights referred to in paragraph 1 include: 1 ° the right to make good or be disinterested by the product or income of that property, in particular under a pledge or a mortgage;
2 ° the exclusive right to collect a debt, including under pledging or assignment of the debt as collateral;
3 ° the right to claim the property and/or to claim restitution in the hands of anyone who holds or enjoys against the wishes of the copyright;
4 ° the real right to collect the fruits of a property.
§ 3. Is likened to a real right, the right, recorded in a public register and enforceable against third parties, to obtain a right in rem within the meaning of paragraph 1.
S. 371 § 1. The implementation of reorganisation measures or the opening of bankruptcy from a credit institution purchasing an asset does not affect the rights of the seller based on a reservation of title where this asset is situated, at the time of the implementation of such measures or the opening of such proceedings in the territory of one Member State other than the State of implementation of such measures or opening of such proceedings.
§ 2. The implementation of reorganisation measures or the opening

of bankruptcy proceedings against a credit institution being the seller, after the supply of the goods subject of sale is not grounds for termination or resolution of sale and shall not prevent the acquisition by the purchaser of the property of the property sold, where is situated, at the time of the implementation of such measures or the opening of such proceedings in the territory of a Member State other than the State of implementation of such measures or opening of such proceedings.
S. 372. the implementation of reorganisation measures or the opening of bankruptcy proceedings does not affect the right of creditors to demand compensation for their claims against the claims of the credit institution, where this set-off is permitted by the law applicable to the claim of the credit institution.
S. 373 § 1. Without prejudice to article 369 and subject to section 374 articles 370, § 1, 371 and 372 shall not preclude the application of articles 17 to 20 of the Act of 8 August 1997 on bankruptcy.

§ 2. Article 1167 of the civil Code and articles 17 to 20 of the Act of 8 August 1997 shall not apply when the recipient of an intended act these provisions provides evidence that the Act is subject to the law of one Member State other than the Belgian law and that this Act does, in this case, no way to question this Act.
S. 374. by way of derogation from article 236, § 1, 1 ° and 4 °, of this Act and section 16 of the Act of 8 August 1997, and notwithstanding articles 17 to 20 of this Act, if the credit institution provides for remuneration, after the adoption of a reorganisation measure or the opening of bankruptcy proceedings of immovable property, a ship or an aircraft subject to registration in a public register financial instruments or rights in such instruments the existence or transfer presupposes entry in a register, an account or with a centralised deposit system held or located in another Member State, the invalidity or unenforceability of that Act is appreciated under the law of the Member State on whose territory the immovable property is situated , or under the authority of which that register, account or deposit system is required.
CHAPTER III. -Commissioners sanitation and liquidators Section Ire. -Reception of measures and procedures foreign art. 375. the appointment of a Commissioner for sanitation or a liquidator by an authority of another Member State is established by the presentation of a certified copy of the original decision appointing him or by any other certificate issued by the authority.
Without that any legalization or other similar formality shall be required, there will nevertheless be a translation of the document referred to in paragraph 1 in the language or one of the languages of the linguistic region on the territory of which the Commissioner of sanitation or the liquidator wishes to take action.
S. 376 § 1. The Commissioners to sanitation and the liquidators designated by an authority of another Member State may exercise all the powers which they are entitled to exercise within the territory of that other State in Belgium.
It is the same as regards persons whom they have designated, in accordance with the law of this State, to assist them or to represent them in the course of a measure of reorganisation or winding-up proceedings.
§ 2. In the exercise of their powers in Belgium, the Commissioners to sanitation and the liquidators referred to in paragraph 1 adhere to the Belgian legislation, in particular with regard to procedures for the realisation of assets and information of workers. Their powers may include the use of force or the right to rule on a dispute or a dispute.
§ 3. The Commissioners to sanitation and the liquidators referred to in paragraph 1 shall communicate to the Crossroads Bank referred to in article 3 of the Act of 16 January 2003 on the establishment of a Crossroads Bank for enterprises, modernization of the commercial register, creation of window-sized Chartered and various provisions, the reorganisation measures and winding-up proceedings decided by an authority of another State Member for inclusion.
Section II. -Commissioners to sanitation and the Belgian liquidators article 377. the trustees appointed in accordance with article 11 of the law of 8 August 1997 shall take all measures required to comply with registration of winding-up proceedings in a public register of another Member State made compulsory under the law of that State.
Charges resulting from a registration in a public register of another Member State are considered to be costs of the procedure, that registration is obligatory, or that it results from the initiative of the persons referred to in paragraph 1.
Book VII ASPECTS of law of the PROCEDURES of LIQUIDATION art. 378. § 1.
Without prejudice to article 273 and except in the case where a credit institution is the subject of resolution measures provided for in book II, title II, the opening of bankruptcy proceedings or interim divested within the meaning of article 8 of the law of 8 August 1997 on bankruptcy from a credit institution may be pronounced only with the assent of the supervisory authority.
§ 2.
Referral to the supervisory authority is written. She is accompanied by the necessary parts for its information.
The supervisory authority shall deliver its opinion within a period of fifteen days from the receipt of the request for an opinion.
The supervisory authority may, in the case of a procedure for a likely credit institution to present, in its discretion, significant systemic implications or which requires prior coordination with foreign authorities, give its opinion within a longer period, without however that the total period does not exceed thirty days. Where it considers need to make use of this exceptional period, the supervisory authority shall notify the court proceedings. The period within which the supervisory authority to render its opinion suspends the time limit within which the Court must decide.
In the absence of response by the authority within the time limit, the Court may decide.
The opinion of the supervisory authority is written. It is transmitted by any means to the Registrar, who shall provide to the president of the commercial court and the Prosecutor. The notice is placed on the record.
S. 379. the Trustees referred to in article 27 of the law of 8 August 1997 on bankruptcy, as well as people Deputy under that article 27, paragraph 4, are appointed on the advice of the supervisory authority.
Book VIII of article deposit PROTECTION system 380. the credit institutions established in Belgium must participate in a collective deposit protection system funded by them and to ensure compensation for certain categories of applicants who do not exercise a banking or financial failure of an institution.
1 paragraph is not applicable to branches of institutions governed by the law of a Member State credit. It is not more applicable to branches governed by the law of a third country credit institutions and whose liabilities are covered by a system of deposit of that State protection to an extent at least equal to that resulting from the corresponding Belgian system of deposit protection.
The guarantee fund provides the management and operations of the deposit protection system.
The guarantee fund may conclude all agreements of collaboration with foreign agencies.
The guarantee fund regularly tests its deposit protection system.
S. 381. the supervisory authority shall inform the guarantee fund when it detects problems that may give rise to the intervention of deposit protection system.
Except in the case where bankruptcy has been pronounced, the supervisory authority takes the decision on the failure of a Belgian credit institution. This observation is made no later than five working days after establishing for the first time that the credit institution has not returned deposits due and payable.
The guarantee fund shall refund the deposits within a period of twenty working days following the failure of the credit institution. The supervisory authority may decide the extension of this deadline. It may be granted, at most, only an extension, which may not exceed ten working days. It may be granted only in very exceptional circumstances and in special cases of failure of credit institutions.
Credit institution failed or, if it is in bankruptcy, the trustee shall inform the guarantee fund data it needs to repay deposits.
The King may define the rules on the exchange of data between the credit institution or the trustee, on the one hand, and the guarantee fund, on the other hand.
If there is a doubt concerning the accuracy of the data given by the guarantee fund pursuant to paragraph (4), the credit institution or the trustee checks at the request of the guarantee fund and transfers, if any, the corrected data.
S. 382. the system established by the guarantee fund deposit protection provides rebate, to a maximum of EUR 100 000, or the equivalent of this sum, deposits and bills of cash, bonds and other banking claims registered, dematerialised or short deposits, denominated in euro or in currencies of Member States which have not adopted the euro such

that these deposits and securities are defined, in accordance with European law, the acts of these systems.
S. 383. the King sets the content of the information to provide to applicants by the credit institutions concerning coverage of their assets resulting from the supra system.
S.
384. the guarantee fund takes measures and provisions necessary to allow branches of credit institutions governed by the law of another Member State to participate in the system of protecting the deposits of credit institutions which it establishes, in order to complement, within this system, the safeguards provided by the system to which the institution adheres in its State.
If branch that makes use of the option provided for in paragraph 1 does not meet its obligations to the deposit protection system in which it participates, the guarantee fund, where appropriate in collaboration with the supervisory authority, enters the authority which granted the authorisation to the credit institution which is the branch. Absence of redress of the situation within twelve months, the guarantee fund may, opinion conformity of this authority, exclude the branch at the end of a twelve month notice period. Previous excluding term deposits remain covered by the protection system until maturity. The other earlier excluding deposits remain covered for 12 months.
Applicants with the branch are informed by it or, failing that, by the supervisory authority, on the cessation of coverage.
Book IX final, amending provisions, transitional and REPEALING title Ier. -Final provisions and various arts.
385. the King may, for the purposes of articles 1 and 5 of this Act, set criteria for the determination of the public nature of the operations that these provisions are intended.
S.
386. by Decree deliberated in the Council of Ministers, took notice of the resolution authority, the King may take all appropriate measures to implement the financing devices necessary to the implementation of the instruments and powers of resolution by the authority of resolution.
S.
387. by Decree deliberated in the Council of Ministers, took notice of the resolution authority, the King may extend the application of all or part of the provisions of book II, title II, Chapter VII and titles IV and VIII to financial companies and mixed financial companies and to determine the terms and conditions.
S. 388. the powers granted to the King by articles 386 and 387 expire on December 31, 2015.
The royal decrees enacted under section 386 or 387 may amend, Supplement, replace or repeal the legal provisions in force.
These orders are repealed right when they were not confirmed by law in the twelve months following their publication in the Moniteur belge.
S. 389. § 1. Insured deposits and receivables of the guarantee fund on a credit institution, in principal, interests and accessories, are preferred on the generality of the personal property of that credit institution.
The privilege referred to in paragraph 1 shall take rank immediately after the privileges referred to in article 19, 4 ° h of the mortgage law of December 16, 1851.
§ 2. For the amount that exceeds the level of cover provided for in article 382, eligible deposits of natural persons and small and medium-sized enterprises are preferred on the generality of moveable assets of the credit institution.
The privilege referred to in paragraph 1 shall rank immediately after the privilege referred to in paragraph 1.
For the purposes of paragraph 1, small and medium-sized businesses are businesses whose annual turnover does not exceed EUR 50 million.
TITLE II. -Provisions amending art. 390. at the date of November 4, 2014, article 11, paragraph 2 is replaced by the following provision: "§ § 2 2" If the Bank does not take account of the opinion of the FSMA on issues referred to in paragraph 1, paragraph 1, it shall state this and mentioned the reasons in its decision to refuse approval or in the draft decision, which it shall notify to the European Central Bank in accordance with regulation MSU. The abovementioned opinion of the FSMA on item 1 ° of paragraph 1, subparagraph 1 is attached to the notification of the decision of refusal of the Bank or its draft decision relating to the application for approval as well as to the final decision adopted by the European Central Bank. "."
S. 391 the date November 4, 2014, article 12 is replaced by the following provision: "art.
12. the supervisory authority shall decide on the request for approval within six months of the introduction of the complete dossier and, at the latest, within twelve months of receipt of the request.
Where it considers that the conditions laid down in Section II are fulfilled, the Bank shall communicate a draft decision to the applicant and to the European Central Bank to enable it to take a decision within the time limits referred to in paragraph 1 in accordance with regulation MSU. Project for a sound and prudent management, the Bank's decision may provide that approval be accompanied with requirements relating to the exercise of some of the planned activities.
Where it considers that the conditions laid down in Section II are not met, the bank refuses the approval.
Without exceed the time limits referred to in 1st paragraph, the Bank shall notify its decision to refuse approval or the final decision of the Central Bank European within fifteen days by registered letter with acknowledgement of receipt or mail. "."
S. 392 the date November 4, 2014, section 47 of the Act is replaced by the following provision: "art. 47. diligently, and in any event within a period of two working days after receipt of the notification and the information referred to in article 46, as well as following the possible subsequent receipt of the information referred to in paragraph 3, the Bank acknowledges receipt in writing to the proposed acquirer. The acknowledgement indicates the expiration of the evaluation period. The Bank shall simultaneously inform the European Central Bank.
The evaluation period available to the European Central Bank to make its decision on the assessment referred to in paragraph 3 is maximum sixty working days from the date of the acknowledgement of receipt of the notification and all documents required on the basis of the list referred to in article 46, paragraph 2.
The Bank, initiative or when required by the European Central Bank, may, during the period of assessment, no later than the fiftieth working day of the assessment period, request additional information necessary to complete the assessment. This request is made in writing and specifies additional information necessary. The Bank shall immediately communicate to the European Central Bank received additional information.
During the period between the date of request for information by the Bank and the receipt of a response from the proposed acquirer to this request, the evaluation period is suspended. This suspension cannot exceed 20 working days. Where appropriate at the request of the Central Bank European Bank may make, beyond the date limit determined in accordance with the preceding paragraph, to other applications to collect more information or clarifications, unless these applications does not however give rise to a suspension of the evaluation period.
The Bank may wear the suspension referred to in paragraph 4, to 30 working days: a) if the proposed acquirer is established outside the European economic area, or reports of non-Community rules; or (b) if the proposed acquirer is a natural or legal person who is not subject to supervision under directives EU-36-2013 and 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of the laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) directive 2011/61/EU of the European Parliament and Council of June 8, 2011 on amending alternative investment fund managers directives 2003/41/EC and 2009/65/EC and regulations (EC) No 1060/2009 and (EU) No. 1095/2010, 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the access to the activities of insurance and reinsurance (Solvency II) exercise, or 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments. "."
S. 393 the date November 4, 2014, section 48 of the Act is replaced by the following provision: "art. 48. in proceeding with the assessment of the notification and the information referred to in article 46 and the additional information referred to in article 47, the Bank appreciates, in order to ensure sound and prudent management of the credit institution referred by the proposed acquisition and taking into account the likely influence of the proposed acquirer on the credit institution, the suitability of the proposed acquirer and the financial soundness of the proposed acquisition by applying all the criteria referred to in article 18 paragraph 2.
The Bank makes in the course of the evaluation period referred to in article 47 and no later than 15 working days before the end of this period, to the attention of the Central Bank, a draft decision with reasons to oppose or not to the completion of the acquisition. The opposition may be based on reasonable grounds to consider, on the basis of the criteria laid down in article 18, paragraph

2, the acquirer does not present the necessary qualities with regard to the need to ensure sound and prudent management of the credit institution or to the fact that the information provided by the proposed acquirer is incomplete.
If the European Central Bank decides, following the proposal of the Bank, to oppose the proposed acquisition, it shall notify in writing to the proposed acquirer, within a period of two working days, and not exceeding the assessment period. An appropriate statement of the reasons for the decision may be made available to the public at the request of the proposed acquirer.
If, at the end of the evaluation period, the European Central Bank did not oppose the proposed acquisition, it is deemed approved.
The European Central Bank may fix a maximum period for concluding the proposed acquisition and extend it where appropriate,. "."
S.
394 the date November 4, 2014, section 49 of the Act is replaced by the following provision: "art. (49. the Bank performs the assessment referred to in article 48 in close consultation with other competent authorities concerned, or, as appropriate, in consultation with the FSMA, if the proposed acquirer is: has) a credit institution, an insurance undertaking, a reinsurance undertaking, an investment firm, a manager of OPCA or a collective investment management company authorised under the law of another Member State , or, as appropriate, by the FSMA.
(b) the parent undertaking of a company with one of the qualifications referred to in the a);
c) a natural or legal person controlling a company with one of the qualifications referred to in the a).
To this end, the Bank Exchange any essential or relevant information for the evaluation as soon as possible, with these authorities. In this context, it communicates on request all relevant information, on its own initiative all essential information. In the case referred to in paragraph 1, any decision of the bank draft mentions any notice or reservations expressed by the competent authority of the proposed acquirer or, where appropriate, by the FSMA. The European Central Bank's decision also indicates these same notice or reservations. "."
S. 395 the date November 4, 2014, article 53 of the Act is replaced by the following provision: "art. 53. credit institutions shall notify the Bank as soon as they have knowledge, acquisitions or dispositions of their securities or shares which brings to the top or below any of the thresholds referred to in article 46.
Similarly, they shall forthwith communicate to the Bank all information which they are aware and affect the situation of their shareholders or related assessment criteria referred to in article 18, paragraph 2. The same obligation to provide information is the responsibility of the persons referred to in article 9. The Bank shall communicate this information to the European Central Bank.
Under the same conditions, they shall communicate to the Bank, once per year at least, the identity of shareholders or associates who have, directly or indirectly, acting alone or in concert, participations in their capital, as well as the proportion of the capital and thus held voting rights. They communicate the same to the Bank the proportion of shares and voting rights y related including the acquisition or disposition them is declared in accordance with article 515 of the Code of corporations in cases where the statutes do not prescribe their declaration to the Bank. "."
S. 396. at the date November 4, 2014, section 54 of the Act is replaced by the following provision: "art. 54. where the supervisory authority has grounds for considering that the influence exerted by a natural or legal person owning, directly or indirectly, a qualifying holding in a credit institution is likely to endanger its sound and prudent management, and without prejudice to other measures provided for in this Act, it may: 1 ° suspend the exercise of the voting rights attached to shares held by the shareholder or the shareholder in question; It may, at the request of any interested person, grant the lifting of the measures ordered by it; its decision shall be notified in the manner most appropriate to the shareholder or the shareholder in question; his decision is binding as soon as it has been notified; the supervisory authority may make its decision public;
2 ° give injunction to the shareholder or the shareholder subject to transfer, within the time limit laid down of shareholder rights it holds.
Absence of assignment within the deadline, the supervisory authority may order the receivership of the fees associated with such institution or person it shall determine. The receiver gives knowledge to the credit institution which amends accordingly the register of shares or sell personal and that accepts the exercise of rights attached thereto by the only receiver. It is in the interests of a healthy and prudent management of the credit institution and the holder of the rights of the shareholders were the subject of the receiver. It exercises all the rights attached to the shares or of the shareholders. Them are collected by him in respect of dividend or otherwise are provided by him to the supra holder if it has complied with the injunction referred to in paragraph 1, 2 °.
Subscription to increases of capital or other securities conferring or the right to vote, the option of dividend payable in the company's securities, the response to public purchase or Exchange offers and the release of not fully released titles are subordinated to the supra cardholder agreement. Rights of shareholders acquired under these operations are, of right, the object of the above intended receiver.
The remuneration of the receiver is set by the supervisory authority and is dependent of the supra owner. The receiver may charge such remuneration on the amounts that are paid to him in his capacity as receiver or by the supra holder for the purpose or as a consequence of the transaction referred to above.
When voting rights were exercised by the holder or by a person, other that the receiver, acting on behalf of the holder after the expiry of the time limit in accordance with paragraph 1, 2 °, first sentence, notwithstanding a suspension of their exercise pronounced pursuant to the paragraph 1, 1 °, the commercial court in the jurisdiction in which the company has its registered office may , on request of the supervisory authority, decide the invalidity of all or part of the deliberations of the General Assembly, without voting rights exercised illegally, presence or majority quorum required by such deliberations have not met. "."
S. 397. the date of entry into force, in accordance with article 151 of Directive 2013/36/EU, articles 40, 41, 43, 49, 50 and 51 of this directive, article 157, paragraph 1, is replaced by the following provision: "§ 1."
When the competent authorities of another Member State in which a Belgian credit institution has established a branch, or carries on activities referred to in article 4 in the context of the free provision of services shall inform the supervisory authority that the Belgian legal provisions defined in application of directive 2013/36/EU or Regulation No. 575/2013 are not respected , or that there is a significant non-compliance risk, the supervisory authority takes or makes take, without delay, any appropriate measures, particularly those referred to in articles 234-236, to ensure that the situation of breach be remedied.
The supervisory authority shall immediately send these measures to the competent authority of the host Member State. '. "
S. 398 the date of entry into force, in accordance with article 151 of Directive 2013/36/EU, of articles 40, 41, 43, 49, 50 and 51 of this directive, article 158 is replaced by the following provision: "art. 158 § 1. To monitor the settlements activity in other Member States by way of a branch, the supervisory authority works closely with the competent authority of the host Member State. The supervisory authority shall communicate to the competent authority of the host Member State all the information relating to the management and ownership of relevant credit institutions to facilitate their monitoring and review of the conditions of their approval, as well as any information likely to facilitate their monitoring, especially in the area of liquidity, solvency, the deposit guarantee limitation of large risks, other factors likely to affect the systemic risk they represent, administrative and accounting procedures and internal control mechanisms.

§ 2. The supervisory authority shall immediately communicate to the competent authority of the host Member State all information and findings relating to the monitoring of liquidity, pursuant to articles 412 and 414 of the regulations No. 575/2013 sections 149, 151, 234, § 2 and article 8 of annex I to the Act concerning the activities carried out by a Belgian credit through its branches institution insofar as this information and findings are relevant for the protection of depositors or investors in the relevant home Member State.

§ 3. The supervisory authority shall immediately inform the competent authority of the host Member State that a liquidity crisis has occurred or that can reasonably be expected to ensure that it occurs.

This information also includes detailed planning and implementation of a plan of reorganization and on any measure of supervision taken in this context.

§ 4. At the request of the competent authority of the host Member State, the supervisory authority communicates and explains how the information and views provided by the first have been taken into account.
If the supervisory authority opposes the measures to be taken by a competent authority of the host Member State in order to prevent new offences to protect the interests of depositors, investors and others for which services are provided, or to preserve the stability of the financial system, it can seize the authority European banking in accordance with article 19 of Regulation No 1093/2010.
§ 5. Similarly, the supervisory authority may, in accordance with article 19 of Regulation No 1093/2010 seize the European banking authority in situations where a request for cooperation, in particular for the exchange of information, has been rejected or has not been followed up within a reasonable period. "."
S. 399. at the date of entry into force, in accordance with article 151 of Directive 2013/36/EU, of articles 40, 41, 43, 49, 50 and 51 of this directive, in article 161, the following changes are made: 1 ° in paragraph 1, first sentence, the words "to facilitate the attainment of a joint decision on the designation of a branch as a branch of significant importance in application of article 159 and the exchange of information" are replaced by the words "in order to facilitate collaboration in accordance with articles 158 and 160 ";
2 ° to paragraph 2, the words "which is referred to in article 156, § 2, and obligations set out in article 160" are replaced by the words "which is referred to in articles 134 § 2 and 156, § 2, and the obligations set out in article 160".
S. 400. in article 233, paragraphs 1 and 2, "the supervisory authority" shall be replaced by the words "the European Central Bank" on the date of November 4, 2014.
S. 401. in article 236, § 1, 6 ° and § 6, "the supervisory authority" shall be replaced by the words "the European Central Bank" on the date of November 4, 2014.
S. 402. in article 239, § 1, 1 ° and § 2, 5 °, the "the supervisory authority" shall be replaced by the words "the European Central Bank" on the date of November 4, 2014.
S. 403 at the date on which, in accordance with article 151 of Directive 2013/36/EU, articles 40, 41, 43, 49, 50 and 51 of this Directive enter into force, article 325 shall be replaced by the following: 'article
325. subject to consultation with the competent authority of the home Member State, the supervisory authority can perform, case by case, controls and inspections on the spot of the activities performed by the branches referred to in article 312 and requiring them information on its activities for surveillance purposes, when it considers relevant for the purposes of the stability of the financial system in Belgium.
After these checks and inspections, the supervisory authority shall communicate to the competent authority of the home Member State the information obtained and the established findings that are relevant for the assessment of the risk of the establishment or for the stability of the Belgian financial system. "."
S. 404. at the date on which, pursuant to article 151 of Directive 2013/36/EU, articles 40, 41, 43, 49, 50 and 51 of this Directive come into force, the following changes are made: 1 ° in article 315, paragraph 2 is repealed: 2 ° in article 329, paragraph 6 is repealed.
3 ° in article 329, § 5, the words "referred to in articles 315, § 2 and 317" are replaced by the words "referred to in article 317";
4 ° in article 329, § 7, which becomes paragraph 6, the words "by application of paragraphs 2 to 6' shall be replaced by the words"pursuant to paragraphs 2 to 5".
S. 405. in article 367, "the supervisory authority" shall be replaced by the words "the European Central Bank" on the date of November 4, 2014.
TITLE III. -Provisions transitional art. 406. the registered credit institutions, to the date of entry into force of this Act, to the list of credit institutions referred to in article 13 of the law of 22 March 1993 on the legal status and control of credit institutions shall be approved for the purposes of this Act.
Governed by the law of a Member State credit institutions registered in the lists referred to in articles 65 and 66 of the law of 22 March 1993 on the status and control of credit institutions are, right, registered on the list provided for in articles 312, § 2 and 314.
Representative offices of foreign credit institutions registered in accordance with article 85, paragraph 1 of the law of 22 March 1993 on status and control of credit institutions are, of right, registered for the purposes of this Act.
S. 407. § 1. The Royal Decrees, regulations of the Bank and all other acts of a regulatory nature adopted in pursuance of Act of 22 March 1993 on the status and control of credit institutions remain applicable to the extent that the provisions of this Act provide clearances legal, General or specific, necessary for these regulatory acts and their content is not contrary to this Act.
§ 2. The authorisations and derogations given by the Bank as well as all acts of individual scope previously adopted on basis of the aforementioned law of 22 March 1993 on the legal status and control of credit institutions or regulatory acts adopted for its implementation, remain in force, except their revocation or variation determined pursuant to this Act.
S.
408. article 20, § 1, 3 ° is applicable only with respect to final administrative fines imposed after the entry into force of this Act.
S. 409. without prejudice to article 26, credit institutions which have a registration the day of the entry into force of this Act, must be a Board of Directors meeting in articles 24 or 25 for January 1, 2016 at the latest.
S. 410. the loans, credits or guarantees granted prior to the entry into force of this Act and which do not conform to the provisions of article 72, § 2, must end no later than January 1, 2016.
S.
411. article 1 of annex II applies to services provided from January 1, 2014.
S. 412. for the period from the date of entry into force of this Act on December 31, 2018, in article 1 of annex IV shall apply as specified in this section.
The cushion of conservation of the core capital of category 1, expressed as a percentage of the total amount of exposure to the risk of a credit institution, calculated in accordance with article 92, paragraph 3 of Regulation No. 575/2013 rate equal to: 1) 0% for the period from the date of entry into force of this Act on December 31, 2015.
(2) 0.625% for the period from January 1, 2016, to December 31, 2016;
(3) 1.25% for the period from 1 January 2017 to 31 December 2017;
(4) 1.875% for the period from January 1, 2018, to December 31, 2018.
S.
413. articles 13 and 14 of annex IV shall enter into force on January 1, 2016, subject to the following conditions: 1) January 1, 2016, credit institutions are required to meet 25 percent of the requirement in accordance with article 13, paragraph 2 of annex IV;
(2) January 1, 2017, credit institutions are required to meet 50 percent of the requirement in accordance with article 13, paragraph 2 of annex IV;
(3) January 1, 2018, credit institutions are required to meet 75 percent of the requirement in accordance with article 13, paragraph 2 of annex IV;
(4) on 1 January 2019, credit institutions are required to meet 100 percent of the requirement in accordance with article 13, paragraph 2 of annex IV.
S. 414. articles 18 to 20 of annex IV come into force January 1, 2015.
Until December 31, 2014, if the rate referred to in article 17, § 1 of the annex IV is fixed or brought to a percentage ranging between 3 and 5%, although this percentage does not exceed 5%, the Bank cannot finalise the adoption of the regulation referred to in article 16, § 1stmini annex IV if the European Commission adopts an act of execution authorising the Bank to take this step.
S. 415. legal persons who, at the date of entry into force of this Act, perform a function of Member of the statutory body of Directors of a credit institution are authorized to continue their current mandate until the expiration thereof. Until the expiry of the mandates referred to in this article, article 19, § 1, paragraph 2 shall apply to the permanent representative of the legal person.
S. 416. the obligation to prepare a plan for relief referred to in article 108, must be satisfied within a period of fifteen months from the entry into force of this Act. By exception, credit institutions which have, before the entry into force of this Act, already prepared and submitted a plan for relief to the Bank, have a period of six months from the entry into force of this Act to comply with the obligation to establish a plan of reorganization under section 108.
S. 417. the resolution authority shall furnish to the Minister of finance, before December 31, 2015, a report concerning the status of the establishment

resolution and plans of the removal of the obstacles to the solvability referred to in articles 226 to 232.
S.
418. by way of derogation from article 382 of the deposit protection system provides for failure cases recorded between January 1, 2000 and October 6, 2008 included, compensation to a maximum of $ 20,000 or the equivalent of this amount and, for cases of failure to no later than December 31, 1999, compensation to a maximum of 15,000 euros or the equivalent of this amount.
S. 419. for the purposes of articles 292, 380, 381, 382 and 384 of the Act, the words "Guarantee fund" shall be construed as including both the SCCF protection for deposits, insurance life and capital of approved cooperative societies and the protection fund for deposits and financial instruments, according to their respective missions laid down by the royal decree of 14 November 2008 implementing the law of 15 October 2008 on of measures promoting financial stability and in particular establishing a State guarantee on loans granted and other operations carried out in the context of financial stability, in what concerns the protection of deposits, life insurance and capital of approved co-operative companies, and amending the law of 2 August 2002 on the supervision of the financial sector and financial services , and by the law of 17 December 1998 creating a Fund for the protection of deposits and financial instruments and reorganizing the systems of protection of deposits and financial instruments.
S.
420. pending the adaptation of the annex to the annual accounts of credit institutions, credit institutions publish, to July 1, 2014, the following information on consolidated basis, broken down according to the Member States or third countries in which they are established: a) their name, the nature of their activities and their geographical location;
(b) their turnover;
c) their number of employees based on a full-time equivalent.
TITLE IV. -Provision repealing art. 421. the Act of 22 March 1993 on the status and control of credit institutions is repealed.
BOOK entry into force article X 422. this Act comes into force the day of its publication in the Moniteur belge.
However, 1 ° in article 20, § 1, has) to 2 °, i) the words "or in articles XV.87, 3 °, XV.90, 18 ° and 19 °, XV.91, XV.126 and XV.126/1 of book XV of the Code of economic law" shall enter into force on the date of entry into force respectively these provisions of the Code of economic law;
(b) to the 2 °, l) the words "or in articles XV.87, XV.90, 2 °, 1 ° to 16 °, XV.91, XV.126 and XV.126/1 of book XV of the Code of economic law" shall enter into force on the date of entry into force respectively these provisions of the Code of economic law;
c) the 3 °, b) comes into force on the date fixed by royal decree;
2 ° article 62, paragraph 5, 2nd sentence and paragraph 6, 2nd sentence comes into force on the date of July 1, 2014;
3 ° sections 93, 163, 312, § 1, paragraph 3 and 313, § 2 come into force on November 4, 2014;
4 ° articles 157 § 3, 160, §§ 3 and 4, and 162, §§ 3 and 4, 321, 323, 327 and 328 come into force on the date on which, in accordance with article 151 of Directive 2013/36/EU, articles 40, 41, 43, 49, 50 and 51 of this Directive enter into force;
5 ° article 336 comes into force one year after the date of publication of this Act in the Moniteur belge.
6 ° articles 27, 2 ° and 4 °, 29 and 31 come into force on December 31, 2014;
7 ° the fixed King, by Decree deliberated in the Council of Ministers, the date of entry into force of article 389 and each of the provisions of book II, title VIII;
8 ° without prejudice to article 413, articles 11 to 15 of annex IV come into force January 1, 2016.
ANNEXES the Annexes to this Act are an integral part thereof. They are composed of articles. Where reference is made, it is expressly stated as articles of the annex concerned Annex Ire of treatment of risks Section Ire. -Risk credit and counterparty Article 1. § 1. Credit institutions implement the clear approval, modification, renewal procedures and refinancing of credits, and founded the granting of credit on sound and well-defined criteria.
§ 2. They have internal procedures for assessing credit risk related exposures to various debtors, titles or securitisation positions, and credit risk at the level of their portfolio.
In particular, internal procedures are neither exclusively nor mechanically, on external ratings and take into account the relevant information relating to debtors.
§ 3. Credit institutions use appropriate systems for the management and continuous monitoring of the various portfolios of credit and exhibitions giving rise to a credit risk. These systems include the detection and management of credit problem, the realization of adequate value adjustments and the establishment of appropriate provisions.
§ 4. Ensure adequate diversification of their credit portfolios, taking into account their target markets and their overall credit strategy.
§ 5. Credit institutions that are of significant importance shall endeavour to develop an internal competence of evaluation of the credit risk for the use of approaches based on internal ratings for the calculation of the capital requirements for credit risk, as the exhibitions of these institutions are substantial in absolute value and they have, at the same time, a large number of counterparties.
§ 6. The Bank may specify, by regulation made under article 12bis, paragraph 2 of the law of 22 February 1998, detailed rules for the application of paragraph 5.
Section II. -Risk residual s. 2. credit risk mitigation techniques, such as the taking of security, used by credit institutions must be effective and be subject to regular assessment. The use of these techniques must register in the policy established pursuant to section 57 and subject to specific written procedures to ensure that they produce the desired effects.
Regarding security, the procedures must permit the effectiveness and ensuring follow-up. These procedures cover at least:-with regard to security interests, a correct evaluation and monitoring of the value of the assets given as collateral, the legal effectiveness of the contractual mechanism used, especially with regard to the location of relevant assets;
-with regard to collateral, a correct evaluation and monitoring of the financial capacity of the guarantor so that the legal effectiveness of the contractual mechanism used.
Section III. -Risk of concentration s. 3. credit institutions shall take appropriate measures, including the definition of policies and written procedures to identify, measure and control the concentration risk arising from exposure to counterparties.
1st paragraph includes:-the risk on central counterparties counterparties linked groups or counterparties operating in the same economic sector or the same region or whose business is focused on the same job or the same product database, as well as - the risk arising from the use of the credit risk mitigation techniques, as the risks associated with indirect credit risk exposures arising in particular exposure on a single guarantees issuer or issuers of warranty subject to similar risks.
Section IV. -Risk of securitisation s. 4 § 1.
Credit institutions shall ensure that risks generated by securitization operations in which they are involved as an investor, initiator or sponsor, including reputational risks, including those occurring in association with structures or complex products are assessed and treated in the context of policies and procedures. These aim to ensure that the economic reality of the operation is fully taken into account in the assessment of risks and management decisions.
§ 2. An originator credit institution of assorted securitization operations of a clause of prepayment for the benefit of investors, must have an adequate liquidity program allowing it to cope with the consequences of all of the repayments, both planned and anticipated.
Section V. - Market risk art. 5 § 1. Credit institutions shall implement policies and procedures that allow to identify, measure, and manage all of the causes and impacts of market risks.
§ 2. They cover against the risk of illiquidity in the case where a short position falls due before the corresponding long position.
§ 3. Evaluation and control by the credit institution of its own funds in accordance with article 94 needs cover adequately the risks of significant market not subject to legal or regulatory requirements specific own funds, including the risk associated with blankets incomplete and imperfect positions on financial instruments.
In accordance with the third part, title IV, Chapter 2, of Regulation No. 575/2013, a credit institution may compensate its positions

on one or more of the financial instruments constituting a stock index with one or more positions in a futures contract on this stock index or with another product that is derived from this index. In this case, the credit institution is required to have, as reflected in the calculation of its capital requirements relating to the position risk of equity adequate to cover the risk of losses resulting from a divergent evolution between the value of the futures contract or this other product, and the value of financial instruments that make up the index. It also has adequate own funds when he holds positions of opposite sign in contracts futures on stock index whose maturity and/or composition are not identical.
When he resorts to the procedure referred to in article 345 of Regulation No. 575/2013, the institution ensures that it has sufficient capital to cover the risk of loss which exists between the time of the initial commitment and the first working day that follows.
§ 4. Credit institutions that are of significant importance shall endeavour to develop an internal competence of risk assessment for the use of internal models for the calculation of the capital requirements for specific risk associated with trading debt securities, and for the calculation of the own funds requirements pertaining to the default risk and the risk of migration of ratings Since these institutions to the specific risk exposures are substantial in absolute value and that these institutions have a large number of substantial positions in debt instruments from different issuers.
§ 5. The Bank may specify, by regulation made under article 12bis, paragraph 2 of the law of 22 February 1998, detailed rules for the application of paragraph 4.
Section VI. -Risk of interest rate inherent in non-trading arts activities 6. credit institutions implement systems that allow them to assess and manage the risk arising from fluctuations of interest rates affecting their-trading business.
Section VII. -Risk operational art.
7 § 1. Credit institutions shall implement policies and procedures that allow them to assess and manage their exposure to operational risks, including the risk associated with the use of internal models, and cover the events of low frequency but whose impact is important. For the purposes of these policies and procedures, they specify what constitutes an operational risk.

§ 2. Institutions define plans and emergency activities, aimed at demonstrating their ability to limit losses and not to interrupt their activities in the event of disturbance serious thereof.
Section VIII. -Risk of liquidity art. 8 § 1.
Credit institutions have procedures and appropriate systems to detect, measure, manage and control the risk of liquidity on relevant, including intraday periods, so as to ensure that are maintained adequate liquidity cushions.
These systems and procedures are specifically adapted to the activities of the credit institution, including to branches and legal entities through which it provides its activities, as well as to currency affected by its operations, and include appropriate mechanisms for the distribution of costs, earnings, and liquidity risks.
§ 2. The procedures and systems referred to in paragraph 1 shall be proportionate to the complexity, risk profile and the scope of the activities of the establishment, at the level of tolerance for risk determined in accordance with article 57 and reflect the importance of the establishment in each of the States where it operates.
§ 3.
Credit institutions use methods to detect, measure, manage and monitor risks to their funding situation. These methods take into account significant current and foreseeable cash flows that are related to the assets, liabilities and off-balance sheet, including those arising from potential liabilities of the institution, and the potential of reputational impact.
§ 4. Credit institutions operate a distinction between assets that constitute the base of a security and the unencumbered assets that are available at any time, including in emergency situations. They take account of the consequences related to the entity with which assets are held, the country in which they are legally registered, whether it's from a register or account, as well as their eligibility in respect of a guarantee. Institutions also control the way in which these assets can be mobilized in a timely manner.
§
5. Credit institutions shall take into account the limitations of legal, regulatory and operational possible transfers of liquidity and unencumbered assets between entities of the group which is establishing a party, whether or not these entities are located in a Member State.

§ 6. Credit institutions rely on different liquidity risk mitigation instruments, including a system of specific risk limits and liquidity cushions, in order to be able to cope with different types of seizures. They also rely on a proper diversification of the structure and sources of funding. Institutions regularly review these devices.
§ 7. Credit institutions shall review at least once a year the assumptions that underlie their funding decisions. They are considering other assumptions than those developed in application of paragraphs 1 and 3, relating to their liquidity positions and the mitigation of liquidity risk factors. These other hypotheses cover including off balance sheet items and other potential commitments, including those of the entities of securitisation or other entities in particular vocation, as defined by Regulation No. 575/2013, once the credit institution concerned plays a role of sponsor towards them or provides them with significant cash aid.
Credit institutions consider the potential impact of alternative scenarios on the institution itself and the whole of the market, as well as a combination of these two factors. These alternative scenarios take into account periods of different lengths and conditions of crisis of different intensity.
Taking into account the results of the scenarios referred to in paragraphs 1 and 2, institutions adapt their strategies, their internal policies and limits on liquidity risk, and develop contingency plans appropriate.
§ 8. Credit institutions have plans of restoration of liquidity. These plans lay down appropriate strategies and implementing appropriate measures to address possible liquidity shortfalls, including what concerns branches established in other Member States. Institutions put these plans to the test at least once a year and provide their updated based on the results of the scenarios referred to in paragraph 7.
Institutions in advance take appropriate operational measures to ensure recovery of liquidity plans can, if necessary, immediately be implemented. Such measures may consist in the possession of immediately available assets that may be accepted as security by a Central Bank. It can be assets denominated in the currency of another Member State or a third country, in which the institution is exposed and who are detained, according to the operational requirements, the territory of a Member State from home or from a third country with regard to the currency in which the institution is exposed.
Section IX. -Risk of excessive leverage art.
9 § 1. Credit institutions have policies and procedures to detect, manage and control the risk of excessive leverage. The risk of excessive leverage indicators include the ratio of leverage, as determined in accordance with the methodology laid down by article 429 of the Regulation n ° 575/2013 and asymmetries of maturity between the assets and obligations of the institution.
§ 2. Institutions shall take the necessary measures to prevent the risk of excessive leverage, taking into account the possible increase the resulting leverage ratio decreased equity losses anticipated or carried out according to the applicable rules of evaluation. These measures should allow to deal with different crisis scenarios, in terms of control of the risk of excessive leverage.
Annex II Section Ire REMUNERATION policy. -Structure of the remuneration policy for Article 1.
§ 1. The remuneration policy provides an appropriate balance between fixed and variable total compensation components. The fixed remuneration represents a sufficiently important part of total compensation in order to ensure the exercise of a fully flexible variable compensation policy, and in particular the possibility of paying no variable remuneration.
§
2. The remuneration policy defines the appropriate relationships between the fixed and variable total compensation components. It provides that the variable pay of each person is, in any case, limited to the greater of the following two amounts: – 50% of the fixed remuneration.
-

EUR 50 000, without that this amount does not exceed the fixed remuneration.
Section II.
-Pay variable art. 2. the total volume of variable remuneration can limit the ability of the institution to strengthen its own funds.
S. 3. the total amount of variable pay is established by combining the performance evaluation of the person and the business unit concerned with the overall performance of the establishment.
Individual performance assessment takes into account financial criteria and non-financial.
The assessment of performance is part of a framework to ensure that the assessment process is well on performance long term and that the actual payment of the variable compensation components spans a period taking into account the duration of the underlying economic cycle of the institution and its economic risks.
S. 4. the evaluation of the performance for the purposes of the calculation of the variable remuneration of individuals or groups which they fall, is adjusted to all types of current and future risks and takes into account the cost of capital and the required liquidity.
When assigning the variable remuneration within the institution components, it also takes account of all types of current risks and future.
S.
5. any guaranteed variable compensation is prohibited unless, exceptionally, the recruitment of new members of staff and provided that offers healthy and solid capital and it is strictly limited to the first year following recruitment.
S. 6. a share of at least 50% of any variable remuneration, including its deferred share in accordance with article 7 of this annex, is composed of an appropriate balance between: 1 ° of shares or interests equivalent to capital, depending on the legal structure of the institution concerned, or if the securities issued by the institution not listed on a regulated market financial instruments linked to shares, or equivalent instruments ("non-cash instruments"); and, 2 ° if possible, of other capital instruments that meet the conditions to qualify as a category 1 or category 2 additional own funds instruments, in accordance with the provisions laid down in or under this Act or Regulation No. 575/2013, or other instruments which can be fully converted into instruments of category 1 core capital or which can be fully depreciated and which in any case properly reflect the credit quality of the institution in a perspective of continuity.
The instruments referred to in this section are subject to a policy of appropriate detention, whereby the holder of the instruments is obliged to retain ownership, intended to align the incentives on the interests of establishing long term. The supervisory authority may prohibit or subject to restrictions the types of instruments whose characteristics do not meet this requirement.
S. 7. the payment of at least 40% of variable compensation is postponed for a period of between three to five years. This share is determined by the nature of the activities of the institution, its risks and the activities of the person concerned.
When the amount of variable pay is particularly high, the percentage of the deferred variable compensation referred to in paragraph 1 must at least amount to 60%.
The duration of the period of deferral is determined in accordance with the business of the institution, its nature, its risk cycle and the activities of the person concerned.
S. 8 § 1.
Without prejudice to article 101, variable compensation, including deferred share is paid or acquired if its amount is bearable given the financial situation of the institution as a whole and if it is justified by the performance of the establishment of the business unit and the person concerned.
§ 2. Without prejudice to the General principles of contract law and the law of labour, the total variable remuneration of the credit institution is significantly reduced if the institution produces a reduced financial performance or negative.
The reduction referred to in paragraph 1 shall apply both to not yet acquired variable pay, variable pay acquired but not yet paid as well as that which has already been the subject of an actual payment, inter alia through malus or recovery devices ("clawback").
The total amount of variable pay is subject to a provision of "malus" or "clawback" (recovery clause), in particular in situations in which the person concerned: a) participated in practices that have resulted in substantial losses for the establishment, or was responsible for.
(b) has failed professional expertise and integrity standards;
c) participated in a particular mechanism having purpose or effect of promoting tax evasion by third parties.
Section III. -Pensions s. 9. pensions policy conforms to the economic strategy, objectives, values and interests of establishing long term.
If a member of staff leaves the establishment before retirement, this member-related discretionary pension benefits are maintained by the institution for a period of five years in the form of instruments referred to in article 6 of this annex.
In the case of a staff member who reached the age of retirement, discretionary pension benefits are paid to him in the form of instruments referred to in article 6 of this annex, these instruments are subject to a period of detention for a period of five years.
The provisions of article 8, paragraph 2 of this annex are applicable to discretionary pension benefits.
Section IV. -Anti-abuse s. 10. the persons referred to in article 67, paragraph 2 shall refrain from conduct operations, including insurance, which affect, in whole or in part, in compliance with the provisions of this annex, in particular operations aimed or likely to neutralize the risk arising from the terms of their variable pay.
S. 11. institutions shall refrain to assign or to pay a variable remuneration through vehicles or methods that facilitate non-compliance with the provisions of this Act or the regulations No. 575/2013.
Section V. - Severance and office art. 12. without prejudice of the companies Code, any severance pay should correspond to actual performance over time and is designed not to reward failure or erratic behavior.
In addition, if an agreement provides severance pay that exceeds 12 months of pay, or on the reasoned opinion of the remuneration Committee, more than 18 months of compensation, this derogating clause regarding severance pay must receive the prior approval of the ordinary general meeting following.
Any provision to the contrary is void. The procedure laid down in article 554, paragraphs 3 and 4 of the companies Code shall mutatis mutandis apply.
S. 13. the allowances paid to the entry into service and intended to compensate for loss due to the change of credit institution, must be consistent with the long-term interests of the institution, including detention, reports of payment, performance assessment and recovery devices.
Section VI. -Exceptional financial support from public authorities sub-section 1.
-Variable remuneration - Limitation General s. 14. for the purposes of this Section, the exceptional financial support from public authorities: 1 ° is irrebuttably presumed, exist when - loans granted by the federal Government are not yet reimbursed.
-a guarantee by the federal State has not expired or has not been lifted.
2 ° without prejudice to 1 °, ends when the following conditions are cumulatively met:-the establishment should not establish a restructuring plan based on the decision of the European Commission, or fully and properly met such a plan; a restructuring plan being considered as fully and properly satisfied where the institution can demonstrate that it has implemented all the structural measures (including the sale of interests) and that measures of restrictions (including the prohibition of take control of companies) are more application, the establishment, in addition, demonstrated that he has complied with the obligations which fulfil in what concerns the planned withdrawal of the support of the public authorities; and - the authority control certifies that the establishment meets the provisions of this Act and the orders and regulations for its implementation and to Regulation No. 575/2013 in what concerns the requirements applicable in matters of solvency and liquidity.
S. 15. in the case of establishments that benefit from exceptional financial support from public authorities, variable compensation is without prejudice to article 16 of the present annex, strictly limited to a percentage of the total of the benefit of the institution when this compensation is not compatible with the maintenance of a sound financial base and output in due course of the assistance program.
Institutions that receive support referred to in paragraph 1

restructure the remuneration in a manner consistent with sound risk management and growth in the long term, including, if applicable, by setting limits to the remuneration of the members of the legal body of Directors and persons who, in the absence of Executive Committee, participate in the actual direction.
Sub-section 2. -Limitation of the variable remuneration of Directors art.
16. in the event of exceptional public financial support, no variable remuneration is paid, directly or indirectly, to members of the legal administration of the institution and persons involved in the absence of Executive Committee, in its senior management, except in the case of one person per institution specifically engaged after the financial support above to contribute to the implementation of the restructuring imposed on the establishment plan.
The King, by royal decree deliberated in the Council of Ministers, sets the upper limits of the variable part permitted within 1 paragraph. This variable part is, moreover, subject to the provisions of articles 2 to 9 of this annex.
Sub-section 3. -Limitation of the severance pay article 17. the credit institution which enjoys exceptional financial support from public authorities is not allowed to give severance pay to the persons referred to in article 15, paragraph 2 of the annex more than 9 months of pay fixed. This allowance is, in addition, subject to the provisions of article 8, paragraph 2 of this annex for devices of malus and recovery ("clawback") clause.
By way of derogation from paragraph 1, the credit institution may grant a severance pay higher if the person concerned, prior to the granting of the mandate of leader, in accordance with the contractual framework in force and on the basis of his seniority accumulated within the institution, would have been entitled, in the event of dismissal, to compensation in the amount of notice over the severance provided for pursuant to paragraph 1 , and to the amount of this allowance maximum.
Subsection 4. -Character of public order of provisions art. 18. the application of the contractual or other arrangements which govern the legal relationship between a person referred to in article 15, paragraph 2 of this annex and the establishment and which are contrary to the provisions of this Section, is suspended right during the full period of financial support exceptional public authorities.
In the event of exceptional financial support from public authorities, contractual or other arrangements that govern the legal relationship between a person referred to in article 15, paragraph 2 of this annex and the establishment cannot in no case have retroactive effect.
Section VII. -Publication and communication arts. 19. the credit institutions disclose their remuneration policy in accordance with the provisions of applicable European law, in particular article 450 of the Regulation n ° 575/2013.
Institutions provide the supervisory authority the information published in accordance with paragraph 1 so that it conducts comparative analyses of trends and remuneration practices.
S. 20. the institutions provide the supervisory authority of the information on the number of people who benefit in the establishment of a remuneration of at least EUR 1 million per fiscal year, by salary range of a million euros, including a description of their professional responsibilities, the field of activity concerned and the main elements of the remuneration, including premiums long term allowances and pension contributions. This information is transmitted to the European banking authority.
Annex III provisions was the issuance of COVERED BONDS Section Ire.
-Characteristics, allocation and management of the assets of cover Article 1.
For the purposes of the application of sections 79 to 84 and this annex, means: 1 ° covered Belgian bond, a debt obligation, provided that it meets the following criteria: a) the debt obligation has been or is issued by a Belgian credit institution which is entered on the list referred to in article 82 , § 3, 1° ;
(b) the title of debt or - in the case of emission under a programme - the programme emission and any evidence of indebtedness issued in this context have been or are registered on the list referred to in article 82, § 3, 2 °;
(c) a special heritage is constituted in accordance with article 3 of this annex;
2 ° active coverage, the assets that make up the special heritage in accordance with article 3, paragraph 2 of the present annex °;
3 ° Belgian pledge letter, any covered Belgian bond whose cover assets meet the conditions laid down under article 2 § 1 of this annex, and who is registered as such on the list referred to in article 82, § 3, 2 °;
4 ° representing holders of covered Belgian bonds, agent, trustee or any other person designated in accordance with article 14, § 2 of this annex to ensure the interests of holders of covered Belgian bonds;
5 ° monitoring of portfolio, the person designated pursuant to section 16 of this annex;
6th Portfolio Manager, the person designated in accordance with article 8 of the present annex.
S. 2 § 1. In the case of a letter from Belgian gage, the composition and the valuation of the assets of coverage should ensure compliance of covered Belgian bond concerned under the specific conditions set out by the Belgian and European capital requirements, adopted in the context of the transposition and the implementation of the provisions of Directive 2013/36/EU, to the benefit of a favourable weighting of covered Belgian bonds issued. In the exercise of the authority provided for in article 81, the King is allowed to specify or clarify the criteria for considering that covered Belgian bonds are consistent with this regulation.
§ 2. All of the assets of coverage comprising a special heritage shall, during the lifetime of the Belgian bond covered, provide sufficient coverage to meet the repayment of principal and payment of interest relating to the covered Belgian bond, to ensure respect for commitments to creditors who have been or may be determined in accordance with the conditions of issue of the debt concerned as well as to payments related to the management and administration of the assets of coverage.
To this end, cover assets that can be recovered according to the valuation criteria determined under article 81, must provide a surplus, so that their value is greater than the outstanding capital covered Belgian bonds they cover. Adequate coverage by the assets of coverage, including the surplus, must be a periodic evaluation, the establishment issuing credit being required to adapt the portfolio of assets of cover to keep adequate coverage including the surplus.
§ 3. The King may lay down requirements concerning the minimum level of surplus, upgrading and adaptation of the portfolio of assets of coverage thus periodic checks on the liquidity of the portfolio position and, where appropriate, specify the requirements under paragraph 2. The fact that, in the exercise of this authority, King provides for compliance with the requirements provided for in paragraph 2 and for their recovery, certain assets of coverage cannot be taken into account that competition for a pro rata has no impact on the ownership of the assets concerned to the special heritage which they fall.
S. 3 § 1.
The assets of a credit institution having issued with Belgian bonds covered consists of right general heritage on the one hand, and one or several heritage special on the other hand.

§ 2. A special heritage includes full: 1 ° all moveable assets that are registered in accordance with article 15, paragraph 2 of this annex, in the register of the assets of cover which is held for one or more covered Belgian bonds determined or, where applicable, for all covered Belgian bonds issued under an issuance programme;
2 ° values, cash or financial instruments, received as collateral as part of hedging instruments are recorded as assets of coverage;
3 ° all real or personal collateral, guarantees or privileges which, in any form whatsoever, provided in relation to the assets of coverage, as well as rights concerning insurance and other contracts in connection with the assets of coverage or the special asset management;
4 ° all sums which a credit institution holds following recovery (reimbursement, payment of assets) or the exercise of the rights referred to in the 1 ° or 3 ° on behalf of special heritage created in that credit institution or otherwise held for the account of this special heritage; and 5 ° reserves the Bank insofar as they relate to special heritage.
If the sums referred to the paragraph 1, 4 ° are held by the credit institution issuer of covered Belgian bonds on behalf of a special heritage and are not identifiable in the general heritage at the time where the rehabilitation of these assets on behalf of special heritage is claimed, the right of ownership

on these amounts included in the heritage special was postponed on other free assets in the general patrimony of the equal value credit institution. These assets are then identified in consultation between the representative of the special heritage (the Manager of portfolio or, Alternatively, portfolio supervisor) and the issuing credit institution or, if applicable, the liquidator of the credit institution on the basis of the criteria determined in the conditions of issue. The credit institution or its liquidator, is required to make these substitution assets available to the Portfolio Manager at the first request of claim of it.
S. (((4. where a credit institution disposes of assets referred to in article 80, § 3, 2 °, a), b), c) or d) in sight, for the assignee establishment, to proceed with the issuance of covered Belgian bonds, special heritage constituted within that issuing credit institution includes sums held by the institution transferring following the recovery of the assets transferred or the exercise of the rights referred to in article 3 § 2, paragraph 1, 1 ° and 3 ° of this annex on behalf of special heritage created within the establishment of credit assignee or otherwise held by the institution assigning on behalf of this special heritage. If these monies on behalf of a special heritage are not identifiable in the heritage of the institution to the time that the delivery of these assets is requested on behalf of special heritage, the right of ownership on these amounts included in special of the transferee institution heritage is carried over to other assets free of the credit grantor for a value of institution. These assets are then identified in consultation between the representative of the special heritage and the establishment of credit transferor or, where appropriate, the liquidator of the credit institution assignor, on the basis of criteria agreed upon between the assignor and the assignee in the conditions of issue.
The establishment of credit grantor or its liquidator, is required to their first application to claim these assets of substitution at the disposal of the transferee credit institution or, where appropriate, the special Heritage Portfolio Manager of the transferee institution.
S.
5. in the case of opening a procedure of liquidation of the credit institution issuing covered Belgian bonds or credit transferor institution referred to in article 4 of this annex all amounts and payments relating to the assets included in a special heritage which are collected by or on behalf of the said heritage special by the credit institution concerned from the date of the opening of winding-up proceedings, are automatically excluded from the assets of the mass to be exclusively assigned to the special heritage concerned. The liquidator, is required to account for these amounts and put at the disposal of the transferee or, where applicable, credit institution of the portfolio to their first request for claim Manager.
S. 6. subject to paragraphs 5, 6 and 7, each special heritage is assigned exclusively to compliance with commitments made against (a) the holders of covered bonds Belgian concerned or, where applicable, of covered Belgian bonds issued under the programme concerned, as well as to respect (b) creditors who have been or may be determined in accordance with the conditions of issuance of the concerned Belgian bond covered or the issuance programme concerned.
Subject to the provision laid down in paragraph 7, exclusive setting in 1 paragraph prevents the exercise of any right, including seizure by any other creditor of the credit institution transmitter on the assets of cover component special heritage.
Values (cash or financial instruments) granted to the transmitter as part of a hedging transaction credit institution which is an asset of coverage cannot be used as to fulfil the obligations related to the heritage of special circumstances and to the extent of what is provided for in the conditions of issue of covered concerned Belgian bonds and agreements concluded in the context of their show.
The rules of distribution between the commitments referred to in paragraph 1 are defined in the conditions of issuance and contracts concluded in the framework of the program covered Belgian bond or the program in question.
Additional commitments may be entered into in connection with a special heritage to improve its liquidity. The conditions of issuance of covered Belgian bonds determine if these additional commitments are paid by priority or are subordinate commitments referred to in paragraph 1. In the absence of such precision, these additional commitments are paid at an equal rank with the commitments referred to in paragraph 1.
Applicable by derogation from paragraph 1 and subject to contractual provisions contrary, the Portfolio Manager may take special heritage his compensation, his staff and all other expenses related to the exercise of his mission, including those generated by its subcontractors, insofar as they benefited the liquidation of this heritage.
After the close of the liquidation of a special heritage, a positive balance is de jure part of the general heritage of the issuing credit institution.
Neither the legal assignment under paragraph 1, or any other provision of this annex shall affect the right of general remedies available to creditors of the commitments referred to in paragraph 1 on the general heritage of the credit institution issuer, so that these creditors, to honor their debts, can afford both the general heritage than on the special heritage which is reserved for them.
S. 7. until the opening of winding-up proceedings or, if earlier, until the appointment of a portfolio manager, the issuing credit institution manages the special heritage.
The rights and obligations relating to transactions between the sending credit institution and special heritage during the existence of the special heritage and covered Belgian bonds associated with it, are determined in writing as if the special heritage was a separate legal entity.
S. 8 § 1. The supervisory authority means, for any special heritage, a Portfolio Manager: 1 ° at the time of the adoption of a measure referred to in article 236 against the issuer if this measure, in the opinion of the supervisory authority, is likely to have a negative impact on covered Belgian bonds in question;
2 ° in case of winding-up proceedings opened against the issuing institution;
3 ° in the circumstances where the supervisory authority considers that the assessment of the situation of the issuing credit institution is likely to seriously endanger the interests of holders of covered Belgian bonds in question.
The supervisory authority may also designate a portfolio manager in the event of radiation delivered in accordance with article 17 of this annex.

§ 2. Upon its designation, the Portfolio Manager manages the full heritage special and has full right to all powers necessary or useful for the management, including to ask, without restriction, all acts of disposal. Portfolio Manager exercises the management to continue to honour the commitments laid down in the conditions of issue of covered Belgian bonds. On the special heritage acts that are posed by the credit institution issuing or on behalf thereof, by persons other than the Portfolio Manager, after the designation of the Portfolio Manager, are tainted void, unless ratified by the Portfolio Manager.
§ 3. In relations with the issuing credit institution and relations with third parties, from his appointment, the Portfolio Manager: has) exercises on behalf of special heritage real and personal rights and obligations recognised special heritage with the same prerogatives than a corporation wholly;
(b) may act on behalf of the special heritage to enter into additional commitments to improve its liquidity.
S. 9. the King may lay down more precise rules regarding: 1 ° the requirements that a person must meet to be designated as a portfolio manager.
2 ° the tasks, skills and specific reporting obligations Portfolio Manager, including the decisions for which the portfolio manager must obtain the agreement of the supervisory authority or the representative of the holders of covered Belgian bonds.
S. 10. in the case of assignment following the adoption of an instrument referred to in book II, title VIII, resolution involving a special heritage, rights holders covered Belgian bonds and other creditors referred to in article 6, paragraph 1 of this annex are maintained and follow the assets of cover component special heritage.
S. 11. in the case of winding-up proceedings concerning the issuing credit institution: 1 ° the procedure in question is limited to the general heritage of the issuing credit institution. Special heritages as well as the commitments and debts covered by them are not part of the mass of the bankruptcy;

2 ° the liquidator must assist the supervisory authority and the Portfolio Manager to enable them to manage the special heritage in accordance with the present legislation;
3 ° the procedure does not constitute the payment of debts and commitments covered by a special heritage;
4 ° the creditors of debts and commitments covered by a special heritage retain their rights in winding-up proceedings in accordance with article 6, paragraph 8 of this annex;
5 ° the Portfolio Manager peut, in the interests of the holders of covered bonds Belgian concerned, proceed, in consultation with the representative of holders of covered Belgian bonds and with the agreement of the supervisory authority, to the assignment of special heritage (assets and liabilities) and its management to an institution to continue the execution of the obligations towards holders of covered Belgian bonds in accordance with the conditions of initial issuance;
6 ° the Portfolio Manager may, in consultation with the representative of the holders of covered Belgian bonds and with the agreement of the supervisory authority, to liquidate a special heritage and to refund advance covered Belgian bonds concerned if the assets of coverage are not or may no longer be sufficient to honour the obligations related to the covered Belgian bonds concerned;
7 ° the Portfolio Manager performs, in consultation with the supervisory authority and the representative of the holders of covered Belgian bonds, partial liquidation or total special heritage and to prepay if at a general meeting holders covered concerned Belgian bonds in which two-thirds at least of the outstanding capital are represented, these holders approve to a simple majority, the liquidation of the special heritage and repayment early;
8 ° the liquidator has the right, in consultation with the supervisory authority, to obtain the Portfolio Manager delivery to the mass of cover assets that are no longer, with certainty, necessary as cover assets.
S. 12 § 1.
The credit institutions issuing covered Belgian bonds can subscribe, acquire and retain their own covered Belgian bonds. Covered bonds Belgian thus subscribed or acquired are deprived of the rights provided for in articles 568-580 code corporations and rights of a similar nature provided for in the statutes of the issuing institution for the duration of their detention by the issuing of covered bonds Belgian credit institution, except insofar as provided for in the conditions of issue.
§ 2. Notwithstanding the opening of winding-up proceedings against him and article 233, the issuing credit institution is allowed to continue, apart from this liquidation procedure, activities which are necessary or useful to the management by the Portfolio Manager to protect the interests of holders of covered Belgian bonds issued in connection with the special heritage at the latest until all obligations related to the special heritage are fully implemented or extinct in another way.
§ 3. To the extent permitted by the supervisory authority, a credit institution can keep minimum reserves by special heritage Bank.
Section II. -Conditions of issue arts. 13. the conditions of issue, including the various contractual provisions relating to covered Belgian bonds, provide mechanisms which shall ensure the reimbursement of covered Belgian bond within the period laid down in the conditions of issue. To this end, the King may provide that these include at least the periodic verification of cash reserves (and other cash) that will be generated by the assets of coverage for a certain period, in comparison with the payments to be made in accordance with emission, during a certain period and conditions requirements according to which the issuing credit institution must provide additional assets if this audit highlights the problems of liquidity.
S.
14 § 1. Articles 568-580 of the companies Code are applicable to covered Belgian bonds only insofar as it is not waived by the conditions of issue.

§ 2. For holders of covered Belgian bonds forming part of the same issue or the same program, one or more representatives may be appointed to as far as the conditions of issue provide for rules concerning the Organization of general meetings for holders of covered Belgian bonds in question. These representatives may, within the limits of the tasks entrusted to them, engage all users covered Belgian bonds of this issue or this program to third parties and they must justify their jurisdiction by filing of the deed by which they have been designated. They can act and represent the holders of covered bonds Belgian in any winding-up proceedings or similar proceedings, without revealing the identity of the holders of covered Belgian bonds.
Representatives of holders of a Belgian bond covered are designated either prior to the issuance by the issuing credit institution or after the issuance by the general meeting of holders of covered Belgian bonds in question. Their skills are determined in the conditions of issuance, or if this is not the case, by the general meeting of holders of the Belgian bond in question covered.
The general meeting of holders of covered Belgian bonds in question may at any time revoke the designation of the representatives, provided they proceed simultaneously with the designation of one or several other representatives. The General Assembly decides by a simple majority of covered represented Belgian bonds.
Representatives of holders of a Belgian bond covered can also be designated to act for other creditors holders of claims covered by the assets of coverage, subject to the agreement of these creditors and provided that the conditions for issuance of the covered concerned Belgian bond provide adequate rules regarding possible conflicts of interest.
Representatives exercise their powers in the exclusive interest of the holders of the covered Belgian bond and, where appropriate, other creditors that they represent, and they are required to report them according to the rules laid down in the conditions of issue or, where appropriate, in the decision of appointment.
Section III. -Special obligations to the issuer of covered bonds Belgian art. 15 § 1. Any credit institution having issued with Belgian bonds covered must, concerning these Belgian bonds covered: 1 ° take a special administration by special heritage concerning: has) issued debt securities that are part of this category. and (b)) the cover assets that are used to cover these debt securities;
2 ° meet specific reporting obligations, which the Bank is entitled to specify the content and the form, if necessary, by means of regulations in accordance with article 12bis, paragraph 2 of the law of 22 February 1998;
3 ° provide its auditor, to each portfolio supervisor and each portfolio manager the necessary cooperation to enable the latter to perform the tasks which have been assigned under this Act, conditions, emission and emission-related contracts;
(4 ° demonstrate periodically to the supervisory authority concerned debt securities category responds always to the conditions imposed by or under sections 79-81 or by the provisions of this annex, and in particular: has) by reporting on the special administration he held pursuant to the item 1 ° above;
(b) by providing, in this report, clarification on the cover assets and recoverability;
c) if application, reporting on the outcome of the audit planned by or under section 13 of this annex and, where appropriate, additional assets provided;
5 ° be able to demonstrate to the supervisory authority, whenever significant changes are proposed in what concerns a Belgian bond covered, the program and legal documentation covered Belgian bond or the issuance programme, as covered Belgian of the category in question bonds continue to meet the conditions referred to in article 80 § 3;
6 ° if applicable, take measures to limit foreign exchange and interest rate risks.

§ 2. Special administration includes the maintenance of a register of the assets of coverage for one or several covered Belgian bonds determined or, where applicable, for all covered Belgian bonds issued under an issuance programme, register in which shall be entered all cover assets owned.
§ 3. The King may lay down more detailed rules concerning the manner in which the special administration referred to in paragraphs 1 and 2 shall be held, both with regard to its form and content that respect the integrity of data.
Section IV. -Controls specific art. 16 § 1. Notice compliant of the supervisory authority, the issuing credit institution means, at the issuance of covered Belgian bonds, one monitoring portfolio responsible for reporting to the authority of control over compliance by the issuing credit institution legal requirements and regulations relating to covered Belgian bonds. Costs

and remuneration to be paid to the supervisor's portfolio are responsibility of the issuing credit institution.
§ 2. Portfolio supervisor periodically provides information: 1 ° the cover asset classes which are held;
2 ° the checks of the obligations laid down in article 15, § 1 of this annex;
3 ° the permanent maintenance of surplus to observe; and 4 ° if applicable, additional assets.

§ 3. The King may lay down more precise rules regarding: 1 ° the requirements that a person must meet to be designated as a portfolio supervisor;
2 ° the tasks and specific reporting obligations of the supervisor of portfolio.
S. 17 § 1. If the authority finds that a class of debt securities no longer meets the conditions imposed by or pursuant to articles 79 to 81 or by the provisions of this annex or the credit institution issuer concerned no longer satisfies the specific obligations which are applicable as the transmitter covered Belgian bonds credit institution It shall determine the period within which it must be remedied to the observed situation. If, at the end of this period, the situation has not been remedied, the supervisory authority may, without prejudice of the other measures referred to in articles 234-236, proceed to the cancellation of the credit institution transmitter from the list referred to in article 82, § 3, 1 °.
In case of extreme emergency, the supervisory authority may proceed with the cancellation of the credit institution transmitter from the list referred to in article 82, § 3, 1 ° without the need a period of adjustment laid down in advance.
§ 2. If the supervisory authority carries out such radiation, it shall communicate it without delay to the Commission and the banking authority European and indeed state immediately on its website. This radiation does not affect the rights of holders of covered Belgian bonds issued by the institution thus deregistered.
After radiation, any new issuance of covered Belgian bonds requires that it be again meets all of the conditions provided for this purpose, including those to which the inscription on the list of credit institutions issuing is subject.
Annex IV CONSERVATION for the category basic own funds cushion 1 and chapter I: prudential policy INSTRUMENTS. -Cushion of conservation of the equity basis of category 1 Article 1. The cushion of conservation of the equity basis of category 1 a credit institution amounts to 2.5% of the total amount of its exposure to the risk, as calculated in accordance with article 92, paragraph 3 of Regulation No. 575/2013.
CHAPTER II. -Instruments of policy macro-prudential s. 2. for the purposes of the present chapter, designated authority means the authority, within a Member State or a third country, to fix the core of category 1 counter-cyclical capital cushion or pad core capital of category 1 for systemically important credit institution and/or category 1 for core capital cushion the risk systemic or prudential and this whether or not that authority is a competent authority or an authority in charge of the control of the credit institutions in a third country.
Section Ire.
-Category basic own funds cushion 1 a credit institution article-specific counter-cyclical 3. to calculate the requirement of own funds referred to in this section cushion exposures to credit risk relevant are those falling within the categories referred to in article 112 of Regulation No. 575/2013, with the exception of its points has) to f), and which are subject: 1 ° to the requirements of regulatory own funds for the credit under the third party risk Title II, of that regulation;
2 ° If the exhibition is held in the trading book, meet capital requirements for specific risk, under part III, title IV, Chapter 2, of Regulation No. 575/2013, or for the additional risks of default and migration, under the third part, title IV, Chapter 5 of this regulation;
3 ° If the exposure corresponds to a securitisation, the regulatory own funds requirements imposed by part III, title II, Chapter 5 of Regulation n ° 575/2013.
Calculating the capital cushion requirement referred to in paragraph 1 depends on including the location of the relevant credit risk exposures, which is determined in accordance with the technical standards adopted by the European Commission in application of article 140, paragraph 7 of Directive 2013/36/EU.
S. 4 § 1. 1 a credit institution counter-cyclical category basic own funds cushion is equal to the total amount of exposure to the risk of this establishment, calculated in accordance with article 92, paragraph 3 of Regulation No. 575/2013, multiplied by the specific hotel 1 counter-cyclical category basic own funds cushion rate.
This rate is equal to the weighted average of the cushion counter-cyclical rates which are of application in the territories where are located the relevant exposures to credit risk of the credit institution concerned.
§ 2. For the calculation of the weighted average of rates of category core capital cushion 1 counter-cyclical referred to in paragraph1, subparagraph 2, of credit institutions multiply each of the rates of cushion counter-cyclical applicable, in accordance with article 6 of this annex, by the total amount of their regulatory capital requirements covering their exposure to credit risk on the territory concerned determined in accordance with part III, title II, of Regulation No. 575/2013, and divide the result by the total amount of their regulatory capital requirements covering all of their relevant credit risk exposures.
S. 5 § 1. For relevant credit risk exposures on established counterparties on Belgian territory, the cushion counter-cyclical rates referred to in article 4, section 2 of this annex is cushion counter-cyclical rate set by the Bank.
§ 2. The Bank sets this rate each quarter based on one or more reference indicators reflecting the credit cycle and the risks associated with excessive growth of credit in Belgium and which take account of the specificities of the national economy. These indicators are based on the gap, with regard to its long-term trend, the relationship between the volume of credits granted on Belgian territory and gross domestic product, taking into account inter alia: has) the growth of volumes of credits granted on Belgian territory and the evolution of the gross domestic product;
(b) of the guidelines and recommendations of the ESRB;
(c) of any other variable that the Bank considers relevant in this case to deal with cyclic systemic risk.
§ 3. The cushion counter-cyclical rate set by the Bank, expressed as a percentage of the total amount of relevant credit risk exposures on Belgian territory must lie within a range of 0% to 2.5%, calibrated in increments of 0.25 percentage point or by multiples of 0.25 percentage point. Where it considers it necessary based on the variables referred to in paragraph 2, the Bank may fix a cushion counter-cyclical rate greater than 2.5%.

§ 4. For the calculation of the weighted average referred to in article 3, § 2 of this annex, credit institutions shall apply the rate referred to in paragraph 1 from the date specified by the Bank. Unless exceptional circumstances justify a shorter period, this date is no earlier than twelve months after the date on which an increase in the rate was announced pursuant to paragraph 6.
§ 5. When the bank reduced the rate of cushion counter-cyclical, institutions can apply the new rate without delay. Indicatively, the Bank announces a period during which no rate increase is expected.
§ 6. The Bank makes public via publication on its website, 1 counter-cyclical category basic own funds cushion rate fixed for a quarter, containing the following information: a) the applicable rate;
b) "loans from domestic product gross" ratio and the variance of this ratio compared to its long-term trend;
(c) the justification of the retained rate whose reference indicators which the Bank took into account to set the rate;
(d) when the rate is increased, the date from which credit institutions are obliged to apply this rate for the calculation of the weighted average of cushion counter-cyclical rates referred to in article 3, § 1, paragraph 2 of this annex;
e) exceptional circumstances, if appropriate, justifying that the date referred to in point d) is located less than twelve months after the publication under this subsection;
(f) when the rate is reduced, the justification for the initial period during which no recovery is expected.
§ 7. The Bank takes all reasonable measures to coordinate with the authorities European and the designated authorities of the Member States, decisions on fixing the cushion counter-cyclical rates referred to in paragraph 1.
The Bank shall communicate the cushion counter-cyclical rate which is fixed each quarter, as well as the information referred to in paragraph 6, to the ESRB.
S. 6. credit institutions shall calculate the weighted average of cushion counter-cyclical rates referred to in article 4, §.

1, paragraph 2 of this annex on the rate base cushion counter-cyclical issued respectively by the Bank in accordance with article 5, § 6 of this annex, and the designated authorities of the different Member States or third countries on the territory of which the relevant credit risk exposures are located, in accordance with articles 7 to 10 of this annex.
S.
7 § 1. A cushion counter-cyclical rate established for the relevant credit risk exposure on the territory of a Member State is applicable on the date specified by the authority designated by that State.
§ 2. Where a designated authority of a Member State sets a cushion counter-cyclical rate greater than 2.5%, credit institutions use it to calculate the weighted average of the rate of category 1 counter-cyclical capital cushion, provided that this rate greater than 2.5% is recognized by the Bank.
§ 3. Bank announces the recognition of higher than 2.5% on its website. This announcement contains at least the following information: a) the recognized rate and the State Member concerned;
(b) the date from which credit institutions are obliged to apply this rate for the calculation of the weighted average of cushion counter-cyclical rates referred to in article 4, § 1, paragraph 2 of this annex;
c) exceptional circumstances, if appropriate, justifying that the date referred to in point b) is less than twelve months after the date of the announcement made by the Bank under this subsection.
S. 8. where a designated authority of a Member State referred to in article 5 of this annex sets a cushion counter-cyclical higher at 2.5%, and that the Bank only recognizes not this rate, credit institutions use a rate of 2.5% to calculate the weighted average of the rate of cushion of tier 1 counter-cyclical.
This obligation to use a 2.5% rate is applicable on the date specified by the designated authority which the rate has not been the subject of the recognition referred to in paragraph 1.
S. 9. where a designated authority of a Member State reduces the rate of cushion counter-cyclical, this reduction is immediately applicable.
S. 10 § 1. The decision to set a rate of cushion counter-cyclical to a third country is applicable twelve months after the date on which the designated authority of the country announced that it set the rate, although this authority requires credit institutions governed by the law that country to apply this amendment within a period short. A change in the rate of cushion counter-cyclical to a third country shall be deemed to be announced at the date on which it is published by the designated authority of the country.
§ 2. When the rate fixed by the designated authority of the third country is greater than 2.5%, articles 7, §§ 2 and 3, and 8 of this annex shall apply by analogy. The Bank may however fix another rate which the percentage is above 2.5%, while remaining less than that published by the designated authority of the third country.

§ 3. If no cushion counter-cyclical rate issued by the designated authority of a third country on the territory of which the relevant credit risk exposures are localized, the Bank may set this rate.
§ 4. If it has reasonable grounds to estimate that the rate published by the designated authority of a third country is not enough to protect credit institutions in an appropriate manner against the risks of excessive credit growth in the country, the Bank may fix higher cushion counter-cyclical to the rate published by the authority of the third country concerned.

§ 5. For the application of paragraphs 2 to 4, the Bank takes into account the recommendations issued by the ESRB.
§ 6. When the Bank decides on a rate of cushion counter-cyclical to a third country in accordance with paragraphs 2 to 4, she decided the date as of which credit institutions are obliged to apply this rate for the calculation of the weighted average of cushion counter-cyclical rates. This date is no earlier than twelve months after the date on which the Bank ruled, unless exceptional circumstances justifying a shorter period.
§
7. Where a designated authority of a third country reduces the cushion counter-cyclical rate, this reduction shall be immediately applicable.
§ 8. The Bank publishes on its Web site for each of the rates of cushion counter-cyclical on which it is pronounced for third countries, in accordance with paragraphs 2 to 4, the following information: a) the applicable rate and the third country concerned;
(b) if the Bank changed the rate originally fixed by the designated authority of the third country, the justification of the amended rate;
(c) the date from which credit institutions are obliged to apply the rate relevant for the calculation of the weighted average of cushion counter-cyclical rates referred to in article 4, § 1, paragraph 2 of this annex;
(d) the justification for the reduction of the period of application of the said rate, if the date referred to in point c) comes less than 12 months after the date of the announcement made by the Bank in accordance with this paragraph.
Section II. -Cushion for systemically important credit institutions art. 11. for this Section, means: has) by "EISm", a global systemically important credit institution;
(b) by "Domestic EIS", a credit of systemically important institution domestic.
S. 12 the Bank calls "Domestic EIS" or "EISm", the failure of which credit institutions would have a major impact respectively on the Belgium and the market and the economy of one or more Member States, and on the global financial market.
An EISm cannot be a subsidiary of a company governed by the law of a Member State, who parent credit institution, financial holding company parent or parent mixed financial holding company.
S. 13 § 1. The Bank defines, by means of regulations in accordance with article 12bis, paragraph 2 of the law of 22 February 1998, the methodology used to evaluate if a credit institution referred to in article 12 of this annex must be characterized as EISm, on basis of the following criteria: has) the size of the institution concerned on basis consolidated;
(b) the correlation between the global financial system and the credit institution or, where applicable, the Group of which it is the mother;
(c) the Faculty of substitution of services or the financial infrastructure provided by the credit institution and its group;
(d) the complexity of the credit institution and of its group;
(e) the importance of cross-border activities of the establishment and his group.
Each criterion receives an equal weighting and is evaluated based on quantifiable indicators. The methodology used to produce an overall score for each EISm, and on this basis, assign each EISm in a subcategory. Subcategories of EISm and thresholds are defined in accordance with, in addition to Directive EU-36-2013, the technical standards of the European banking authority.
§ 2. The amount of the pad from category 1 for EISm core capital depends on the sub-category to which the concerned EISm belongs, is located in a range of 1% to 3.5% of the total amount of exposure to the risk of the establishment concerned, calculated in accordance with article 92, paragraph 3, of Regulation No. 575/2013.
§ 3. The Bank can adjust the overall score obtained pursuant to paragraph 1 if it considers that it does not reflect the systemic importance of the undertaking concerned and has) affect an EISm, whose overall score is lower than the threshold of the lowest sub-category, this subcategory or a higher sub-category.
In this case, the Bank shall inform the European banking authority of its decision and its motivation;
(b) reassign a lower to a higher subcategory subcategory EISm.

§ 4. An EISm fulfils the category core capital cushion requirement 1 for EISm on a consolidated basis.
S. 14 § 1.
The Bank defines, by means of regulations in accordance with article 12bis, paragraph 2 of the law of 22 February 1998, the methodology used to evaluate if a company referred to in article 12 of this annex must be classified as EISdomestique, based on the following criteria: has) its size, where appropriate based on consolidated;
b) its importance for the Belgian economy or of one or more Member States;
(c) the importance of cross-border activities;
(d) its correlation or that of his group with the financial system.
The regulation takes into account the guidelines established by the European banking authority concerning the criteria referred to in this paragraph.
§ 2. The Bank defines, by regulation made under article 12bis, paragraph 2 of the law of 22 February 1998, the methodology used to determine the amount of the category basic own funds cushion 1 that domestic qualified SIA companies must hold.
This amount may not exceed 2% of the total amount of exposure to the risk calculated in accordance with article 92, paragraph 3 of Regulation No. 575/2013.
§ 3. When it requires a cushion for HIA home pursuant to the methodology referred to in paragraph 2, the Bank follows the following principles: a) the cushion for domestic EIS requirement may not result in adverse effects disproportionate to any part of the financial system in other Member States or the EU as a whole, forming or creating an obstacle to the functioning of the internal market;
(b) the domestic requirement of cushion for EIS is reviewed at least once per year.

§ 4. The Bank shall communicate to the European Commission, the European banking authority, the ESRB and, where appropriate, to the competent authorities of the Member States concerned, the decision to fix or modify the domestic requirement of cushion of equity category 1 for HIA database one month before the date on which this requirement is mandatory. Communication includes a detailed description of the following elements: a) the reasons why domestic cushion for EIS is likely to be effective and proportionate to mitigate the systemic risk posed by this type of business;
(b) the rate of cushion for EIS household that the Bank intends to impose;
(c) an assessment of the positive impact or likely negative of cushion for EIS domestic bank on the internal market, on the basis of the information available.
§ 5. A domestic EIS which is a subsidiary of an EISm or an EIS domestic governed by the law of a Member State, itself subject to a category 1 for core capital cushion EISm or EIS domestic, is required, the individual or subconsolidated level, that meet the highest between has) 1%; and (b) the rate of seat cushion core capital of category 1 for EISm or EIS domestic level consolidated its parent undertaking governed by the law of a Member State, provided that this rate exceeding not the percentage provided for in paragraph 2. Regard, where appropriate, the application of specific rules in the Member State of the parent company, when an establishment is both subject to a domestic 1 EISm or EIS and the prudential or systemic risk category core capital cushion requirement.
S. 15. the Bank establishes domestic EIS list and the list of the EISm, the latter including the sub-category to which each EISm is assigned. The Bank publishes these lists on its Web site.
Lists and the changes that are made are addressed to the ESRB, the European banking authority and the European Commission.
The Bank re-examines once per year the Census of the EISm and domestic HIA and the allocation of the EISm in the corresponding subcategories.
It shall inform the result to the institution concerned, the ESRB, the European banking authority and the European Commission and proceeded to the updating of the lists referred to in paragraph 1 on its website.
Section III. -Category basic own funds cushion 1 for the risk systemic or prudential s. 16 § 1. The Bank can, by regulation supported under article 12bis, paragraph 2 of the law of 22 February 1998, require that credit institutions have a category 1 Basic own funds cushion to anticipate or mitigate the long-term impact of the noncyclic macro-prudential or systemic risks, which are not covered by Regulation No. 575/2013. These systemic risks or prudential consist in the structural risks of disruption of the financial system that could have serious repercussions on the stability of the financial system and the real economy in Belgium. The rules adopted by the Bank in accordance with this paragraph meets the requirements laid down in paragraphs 2 to 5 and articles 17 to 22 of this annex.
§ 2. The amount of the category basic own funds cushion 1 for the risk systemic or prudential fixed pursuant to paragraph 1, equals, at least 1% of the total amount of exposure to the risk of the credit institutions, calculated in accordance with article 92, paragraph 3 of Regulation No. 575/2013. This percentage can be increased only gradually, in multiples of 0.5%.
§ 3. The Bank may decide that the category core capital cushion requirement 1 for systemic risk or prudential applies on individual basis and/or on consolidated basis of credit institutions or one or more subsets of credit institutions, grouped according to similar criteria for activities or risk profiles.
§ 4. When adopting the regulation referred to in paragraph 1, the Bank may limit the category core capital cushion requirement 1 for systemic risk or prudential to cover risk exposures located in Belgium, in other Member States or in third countries, where the risk systemic or prudential is restricted to these exhibitions. The provisions of article 96, §§ 4 to 6 and articles 17 to 22 of this annex shall apply. In this case, the total amount of exposure to the risk of the establishment of credit referred to in paragraph 2 is limited to risk exposures on the Territories concerned.
§ 5. Furthermore, the Bank respects the following principles: a) cushion core capital of category 1 for the prudential or systemic risk should not cause negative effects disproportionate to all or part of the financial system of other Member States or the EU as a whole or constitute an obstacle to the proper functioning of the internal market;
(b) the rate of the category basic own funds cushion 1 for the prudential or systemic risk is reviewed every two years at least.
S.
17 § 1. Before wearing the category core capital cushion requirement 1 to possible systemic or prudential at a rate up to maximum 3%, the bank notifies its proposed regulations referred to in article 16 § 1 of this annex the Commission European authority European banking and the ESRB. It is the same with respect to the designated authorities of the Member States or the third countries concerned.
The notification includes a detailed description: has) of systemic risk or prudential in Belgium referred to in paragraph 1;
(b) reasons why the magnitude of this systemic risk or prudential represents a threat to the stability of the national financial system;
(c) rate of category basic own funds cushion 1 to possible systemic or prudential that the Bank intends to fix.
(d) the reasons for which the category basic own funds cushion 1 for the risk systemic or prudential constitutes a measure deemed effective and proportionate to mitigate the intensity of the risk;
(e) an assessment of the positive impact or negative of the category basic own funds cushion 1 for the risk systemic or prudential on the internal market, based on the information available to the Bank;
(f) reasons why none of the measures provided for by or under this Act or by Regulation No. 575/2013, excluding articles 458 and 459, taken singly or in a combined manner, would take into account adequately the prudential or identified systemic risk.
§ 2. The Bank may proceed with the publication referred to in article 21 of this annex one month after the notification referred to in paragraph 1.
§ 3. When the category core capital cushion requirement 1 for the prudential or systemic risk is fixed by the Bank based on risk exposures located in another Member State, this door requirement throughout the risk exposures located in other Member States.
S. 18. where the rate referred to in article 17, § 1 of the present annex is brought to a percentage between 3% and 5%, the Bank cannot finalize the adoption of the regulation referred to in article 16 § 1 of this annex only after receiving the opinion of the European Commission. If it does not conform to this notice, the Bank explains why in its rules.
S.
19. when the cushion of equity category base rate 1 to possible systemic or prudential referred to in article 17, § 1 of the present annex is located between 3% and 5% and said cushion is required for a credit institution to the parent undertaking of which is the right of another Member State, the notification referred to in article 17 , § 1 of the present annex is also addressed to the authorities of that State or in charge of the supervision of the parent undertaking concerned.
In the event of a negative recommendation from the European Commission and the ESRB or disagreement of the authorities referred to in paragraph 1, the Bank may seize the European banking authority and solicit its mediation in accordance with article 19 of Regulation No 1093/2010.
The decision of the Bank shall be suspended until the decision of the European banking authority.
S.
20. where the rate referred to in article 17, § 1 of the present annex is brought to a percentage between 3% and 5% and is located in another Member State the risk exposures, the Bank cannot finalize the adoption of the regulation referred to in article 16 § 1 of this annex if the European Commission adopts an act of execution authorising the Bank to take this step. It applies even if the rate referred to in article 17, § 1 of the present annex is brought to a percentage greater than 5%.
S.
21. the Bank publishes on its website the regulation referred to in article 16 § 1 of this annex. This publication contains the following information: a) cushion of equity category base rate 1 for the prudential or systemic risk;
(b) the justification for this rate;
(c) the date from which the credit institutions to apply this rate;
(d) credit institutions to which applies the category basic own funds cushion 1 for systemic risk or prudential, except if the Bank considers that a

such publication is likely to affect the stability of the financial system;
(e) the third country for which the risk exposures which are located are taken into account in the category basic own funds cushion 1 for systemic risk or prudential or all of the Member States where such exposures are located in a Member State;
(f) where appropriate, the opinion of the European Commission and the reasons for which the Bank is not complied not to this notice).
S. 22 § 1. The Bank, when it introduced a requirement of cushion core category 1 for the systemic risk or prudential capital, pursuant to sections 16 to 21 of this annex, may apply to the ESRB make a recommendation addressed to one or more Member States acknowledge the cushion for the systemic risk or prudential involving exposure to the risk of credit institutions in accordance with article 16 of Regulation No 1092/2010 under the law of these States, located in Belgium.

§ 2. By a regulation made pursuant to article 12bis, paragraph 2 of the law of 22 February 1998, the Bank may recognize the rate of cushion for the systemic risk or prudential fixed by a designated authority of another Member State for the risk exposures on the territory of that State. This recognition confers binding at this rate, for the purposes of the requirement of cushion for the systemic risk or prudential applicable to credit institutions having such exposures.
The bank notifies the recognition referred to in paragraph 1 to the European Commission, the European banking authority, the ESRB and the designated authority of the Member State concerned.
§ 3. When deciding whether to recognize the rate of cushion for the systemic risk or prudential pursuant to paragraph 2, the Bank takes into account the information that the designated authority of the Member State concerned has notified in accordance with Directive 2013/36/EU.
Annex V of the RESTRICTIONS on DISTRIBUTIONS Section Ire.
-Calculation of distributable maximum (MMD) Article 1. § 1.
Institutions calculate their maximum amount distributable (MMD) by multiplying the amount determined pursuant to subsection 2 by the factor determined in accordance with paragraph 3. The execution of any operation referred to in article 101, subsequent to this calculation, reduces the MMD of the corresponding amount.

§ 2. The sum multiplying in accordance with paragraph 1 is made: a) intermediate profits not included in own funds of basis of category 1 in accordance with article 26, paragraph 2 of Regulation No. 575/2013, article 101 made since the last decision of distribution of profits or execution of the latest of the transactions referred;
more b) profits of end of year not included in the own funds of basis of category 1 in accordance with article 26, paragraph 2, of Regulation No. 575/2013, since the last decision of distribution of profits or the execution of the last of the operations referred to in article 101;
(less c) the amounts that would be payable in respect of the tax on the items referred to in points a) and b) of this paragraph.
§ 3. The factor is determined as follows: a) factor is zero where the amount of equity basis of category 1 which are not used to meet the capital requirement imposed by article 92, paragraph 1, point c) Regulation No. 575/2013, expressed as a percentage of the total amount of exposure to the risk calculated in accordance with article 92 paragraph 3 of that regulation, is situated in the first quartile of the overall category core capital cushion requirement 1;
((b) factor is 0.2 where the amount of equity basis of category 1 which are not used to meet the capital requirement imposed by article 92, paragraph 1, point c) Regulation No. 575/2013, expressed as a percentage of the total amount of exposure calculated in accordance with article 92, paragraph 3, of the regulation lies in the second quartile of the overall category core capital cushion requirement 1;
c) factor is 0.4 where the amount of equity basis of category 1 which are not used to meet the capital requirement imposed by article 92, paragraph 1, point c) Regulation No. 575/2013, expressed as a percentage of the total amount of exposure calculated in accordance with article 92, paragraph 3, of the regulation is located in the third quartile of the overall category core capital cushion requirement 1;
((d) factor is 0.6 where the amount of equity basis of category 1 which are not used to meet the capital requirement imposed by article 92, paragraph 1, point c) Regulation No. 575/2013, expressed as a percentage of the total amount of exposure calculated in accordance with article 92, paragraph 3, of the regulation is located in the fourth quartile of the overall category core capital cushion requirement 1.
The limits high and low of each of the quartiles of the overall category 1 core capital cushion requirement is calculated as follows: low quartile = requirement limit overall decoussin of funds own X (Qn - 1) 4 limit upper quartile = overall requirement of own funds X Qn 4 "Qn" cushion is the serial number of the concerned quartile ranging from 1 to 4.
Section II. -Information referred to in article 101, paragraph 2 to provide the supervisory authority article 2. the information referred to in article 101, paragraph 2 to provide the supervisory authority are as follows: a) the amount of own funds, subdivided as follows: i) category basic own funds 1, ii) additional equity of category 1, iii) own funds for category 2;
(b) the amount of the intermediate benefits and year-end;
(c) the MMD, calculated under the terms of article 1 of this annex;
(d) distributions to which the credit institution intends to proceed, broken down into the following categories: i) payment of dividends;
(ii) repurchase of shares;
(iii) payments related to components of additional own funds for category 1;
(iv) payment of variable remuneration or discretionary pension benefits, distinguishing that which results from the creation of a new obligation of payment, that is the result of a payment obligation born at a time where the credit institution meet the overall category core capital cushion requirement 1.
Section III. -Items included in distributions on one of the elements of category basic own funds 1 s. 3. for the purposes of Section V of chapter V, the distributions on one of the elements of original own funds of category 1 include: a) the payment of dividends in cash;
(b)) the attribution or payment of variable remuneration in the form of shares, or other instruments referred to in article 26, paragraph 1, point a), of regulation 573/2013, wholly or partially released;
c) repayment or redemption by an institution of its own shares or other instruments referred to in article 26, paragraph 1, point a) 573-2013 regulation;
d) refund of amounts paid to holders of instruments mentioned in article 26, paragraph 1, point a) 573-2013 regulation;
((e) the referred element distributions to the point b) to (e)) of article 26, paragraph 1 of the regulation 573/2013.
Section IV. -Contents of the conservation plan for the capital s. 4. the own funds conservation plan includes: a) an estimate of revenue and expenditure and a forecast balance sheet;
(b) measures to increase own funds of the institution (ratios) coefficients;
(c) a plan with a timetable to increase own funds, to meet the overall category core capital cushion requirement 1;
(d) any other information that the supervisory authority deems necessary to carry out the assessment provided for in article 105.
Annex VI SOLVENCY at the level of a financial Article 1 CONGLOMERATE. Regulated companies must have, at the level of the financial conglomerate, own funds at least equal to the solvency requirements, calculated at the level of the group. The own funds and the solvency requirements are calculated using one of the methods set out in section 2 of this annex, in accordance with the principles described in section 3 of this annex.
The authority in its capacity as Coordinator defines the applied method. It can allow a combination of these methods. It consulting beforehand with the other relevant competent authorities and with the financial conglomerate on the method to be applied.
S. 2 methods of calculation: § 1. Method 1: method based on the consolidated own funds and the solvency at the level of the group requirements are calculated on the basis of the consolidated position of the group such as evidenced by the annual accounts or consolidated interim. The consolidated position of the group is the situation of consolidated Group that constitutes a business consolidation with other companies included in the consolidation. Without prejudice to the provisions of article 3, § 1 of this annex, the consolidated situation is determined by analogous application of the sectoral legislation on sectoral control group.

The elements of own funds at the level of the group are those who are recognized as a component of equity under the relevant sectoral rules companies included in the consolidated.
The requirement of solvency at the level of the group is equal to the sum of the solvency requirements for each separate financial sector which is represented within the group. The solvency requirements for each separate financial sector are calculated using the relevant sectoral regulations. For non-regulated financial sector companies that are not included in the above calculations of sectoral solvency requirement, the calculation is based on a theoretical solvency requirement.

§ 2. Method 2: method based on aggregation and the net own funds and the solvency requirements are calculated on the basis of annual or interim of each of the companies in the group accounts.
Own funds at the level of the group are equal to the sum of the own funds of each regulated or not owned in the financial conglomerate, the financial sector. The elements of the Group's own funds are those that are recognized as elements of own funds in the relevant sectoral regulations undertakings concerned.
The solvency at the level requirement of group is equal to the sum, on the one hand, the solvency requirements for each regulated or not, companies owned in the financial conglomerate, the financial sector - calculated according to the relevant sectoral rules - and, secondly, the book value of all investments in companies in the group. For non-regulated financial sector companies which are not included in the above calculations sectoral solvency requirements, the calculation is based on a theoretical solvency requirement.
Without prejudice to the provisions of article 3 § 2 of this annex for deficits of equity in subsidiaries, account shall be taken, in the application of this method, the share held by the parent undertaking or the undertaking having an interest in another undertaking of the financial conglomerate. By share, there's place to hear the part of placed capital which is held directly or indirectly by this company.
S. 3 principles common to both methods § 1. By solvency requirements for companies belonging to the banking sector and the investment services sector, it is appropriate to hear the solvency requirements in accordance with:-in the third part, title I, Chapter 1, of Regulation No. 575/2013;
-in articles 94, 96, 98, 149 and 150 of this Act;
-in articles 458 and 459 of the Regulation n ° 575/2013; and - where applicable regulations adopted pursuant to article 12bis, paragraph 2, of the law of 22 February 1998, in pursuance of the preceding points.
By solvency requirements for firms in the insurance sector, it is appropriate to hear the margin of solvency imposed by articles 15 and 91nonies of the Act of 9 July 1975 on the supervision of insurance companies.
§ 2. The deficits of equity in subsidiaries (in the case of companies not regulated, the theoretical deficit is calculated on the basis of the theoretical solvency requirement) are taken into account for the total amount.
By way of derogation, the authority in its capacity as coordinator may authorize that the share of the deficit be taken into account, if it is shown him clearly that the responsibility of the parent undertaking in the group is proportionally limited to the part of the capital that they hold in the company, on the basis of the responsibility that the other shareholders in proportion to their share in the capital and on the basis of sufficient solvency.
If there is no links capital between companies of a financial conglomerate, the supervisory authority determines, after consultation with the other competent authorities concerned, the share that will come into consideration for the calculation of the own funds of the group.
The supervisory authority takes into account in this regard the responsibility and the risk that existing relationships between these companies can give rise.
§ 3. When calculating own funds at the level of a financial conglomerate, any artificial creation of own funds within a financial conglomerate, as taking into consideration repeated same elements of capital (multiple gearing) and inadequate processing of the nature of the means, will be eliminated. For this purpose, the relevant principles of the sector-specific regulation will be applicable by analogy.

§ 4. The solvency requirements of a financial conglomerate companies who belong to a particular financial sector should be covered by elements of own funds as defined in the relevant sectoral regulations. The additional solvency requirements at the level of the financial conglomerate shall be covered by elements of equity recognized in each of the sectoral rules ("cross-sector capital").
If sectoral legislation submits consideration of limitations equity instruments, they are applicable by analogy to the calculation of own funds at the level of the financial conglomerate.
When taking into consideration elements of own funds at the level of the financial conglomerate, the supervisory authority takes into account any limitations to their availability and their transferability between different companies of the group, in the light of the objectives of the supplementary supervision of the conglomerate in general and the solvency provisions in particular.
The theoretical solvency for a company requirement non-regulated financial sector is the solvency requirement to which such an undertaking should meet under the relevant sectoral rules if it were a regulated financial sector specific carrier. The solvency of a mixed financial holding company requirement is calculated in accordance with the sectoral rules of the most important financial sector in the group.
Promulgate this Act, order that it self under the seal of the State and published by le Moniteur.
Given to Brussels, April 25, 2014.
PHILIPPE by the King: the Minister of finance, K. GARG the Minister of Justice, Ms. A. TURTELBOOM sealed with the seal of the State: the Minister of Justice, Mrs.
TURTELBOOM _ Note (1) House of representatives (www.lachambre.be) Documents: complete record 53-3406: April 3, 2014.
Senate (www.senate.be) Document: 5-2851 annals of the Senate: April 24, 2014 Document: 5-2841 project not mentioned by the Senate: April 10, 2014.