Act On The Various Provisions Concerning Loans-Citizen Themes (1)

Original Language Title: Loi portant diverses dispositions concernant les prêts-citoyen thématiques (1)

Read the untranslated law here: http://www.ejustice.just.fgov.be/cgi/article_body.pl?numac=2013003463&caller=list&article_lang=F&row_id=1000&numero=1032&pub_date=2013-12-31&dt=LOI&language=fr&fr=f&choix1=ET&choix2=ET&fromtab=+moftxt&trier=publication&sql=dt+=+'LOI'&tri=pd+AS+RANK+

Posted the: 2013-12-31 Numac: 2013003463 SERVICE PUBLIC FÉDÉRAL FINANCES 26 December 2013. -Law concerning various provisions concerning the loans-citizen themes (1) PHILIPPE, King of the Belgians, to all, present and to come, hi.
The Chambers have adopted and we endorse the following: Chapter 1. -Disposition introductory Article 1. This Act regulates a matter referred to in article 78 of the Constitution.
CHAPTER 2. -Definitions and scope article 2. for the purposes of this Act, are defined as follows: 1 ° good Fund: tracks other than capital referred to in article 16, § 1, 6 °, of the Act of 16 June 2006 on public offers of investment instruments and admission of investment instruments to trading on regulated markets issued by continuous or repeated manner by credit institutions;
2 ° term deposit: a deposit of funds to term and previously fixed interest rate;
3 ° insurance contract: a contract of insurance under Branch 21 'life insurance, not linked to an investment fund, with the exception of marriage and birth insurance"as referred to in annex I to the royal decree of 22 February 1991 on the general regulation on the control of insurance undertakings.
4th individual investors: investors who are not qualified investors within the meaning of article 10 of the law of 16 June 2006 on public offers of investment instruments and admission of investment instruments to trading on regulated markets;
5 ° credit institution: an institution of Belgian credit with an approval in accordance with article 7 of the law of 22 March 1993 on the legal status and control of credit institutions or a credit institution which is part of another State member of the European economic area and engaged in banking activities in Belgium under Title III of the law of 22 March 1993 on the legal status and control of credit institutions;
6 ° insurance undertaking: an insurance undertaking of Belgian law or under European law from a non-EEA State authorised on the basis of article 2A of the law of 9 July 1975 on the supervision of insurance undertakings or an insurance company governed by the law of another Member State of the European economic area, which exercises its activities in Belgium on the basis of the Vter chapter of the law of 9 July 1975 supra;
7th recipient of funding: an authority, a public body or an undertaking, whether or not under a collaboration agreement;
8 ° authority: the State and its territorial communities;
9 ° public body: organizations and individuals such as referred to in article 2, 1 °, c) and (d)), Act of 15 June 2006 on public procurement and certain contracts for works, supplies and services;
10 ° undertaking: an undertaking referred to in article 1 of the law of 17 July 1975 on accounting firms, which is not as a consumer within the meaning of article 2, 3 °, of the law of 6 April 2010 on practices of market and the protection of consumers, or a non-profit association, established in Belgium or in another State member of the European economic area and which have an establishment through of which they exercise all or part of their activities in Belgium;
11 ° eligible project: a project with social or socio-economic aims, and whose revenues are subject to tax in Belgium;
12 ° funding: any contract credit for a minimum of seven years, for which a credit institution grants or grant a credit to the beneficiary of the financing, in the form of a loan, or any other comparable financing, including leasing movable or immovable or any investment directly or indirectly for a minimum of seven years by a company of insurance in a recipient of funding;
13 ° ready-citizen thematic: the activity of a credit institution to raise financing by the issuance of cash vouchers or the opening of accounts in the term under the conditions and according to the rules laid down in this law and uses these funds to finance eligible projects or activity whereby an insurance undertaking attracts financial resources by offering insurance contracts according to the conditions and rules laid down in this Act and with which it finances eligible projects;
14 ° the NBB: the National Bank of Belgium as referred to in the law of 22 February 1998 establishing the Organic Statute of the National Bank of Belgium;
15 ° the FSMA: the authority of the Services and financial markets as referred to in article 2, paragraph 1, 21 ° of the Act of 2 August 2002 on the supervision of the financial sector and financial services.
16 ° sufficiently liquid assets and low risk: securities issued or guaranteed by central Governments, issued by central banks, international organisations, multilateral development banks or regional or local authorities of the Member States, which would receive a risk weight of 0% in accordance with the provisions of part III, title II, chapter II (standard method) to Regulation No. 575/2013 of the European Parliament and of the Council of 26 June 2013 requirements Prudential applicable to credit institutions and investment firms and amending Regulation European no. 648/2012.
S. 3. this Act is applicable to credit institutions and insurance undertakings offering loans-citizen themes on Belgian territory.
CHAPTER 3. -Procedures for harvesting of means of financing for loans-citizen themes Section 1st. -Harvest of means of financing by credit institutions art. 4. with a view to the financing of eligible projects, credit institutions may, from the entry into force of this Act, make a call to the savings by the issuance of cash vouchers or the opening of deposit term.
By Decree deliberated in the Council of Ministers on the proposal of the Minister of economy and Finance Minister, the King may determine the maximum amount of funding that can be harvested per year under the 1st paragraph.
This maximum amount is allocated among credit institutions in accordance with the rules laid down in the royal decree of 17 July 2012 on the coverage of the National Bank of Belgium operating expenses related to the control of financial institutions, in implementation of article 12bis, § 4, of the law of 22 February 1998 establishing the Organic Statute of the National Bank of Belgium.
Bons de caisse referred to in paragraph 1(e) meets the following requirements: a. they are not subordinated, convertible or exchangeable;
b. they do not give the right to subscribe or acquire other types of securities and are not linked to a derivative;
c. they materialise reception of repayable deposits;
d. they have a duration of at least 5 years and cannot be subject to a refund before the expiry of this period, except in the case of death;
e. they are covered by a system of deposit insurance in accordance with Directive 94/19 / EC on deposit-guarantee systems;
f. the minimum contribution by receipt as referred to in the first paragraph amounts to 200 euro up;
g. they are accessible to individual investors before;
h. rate of interest that is granted is consistent with the market.
Term accounts referred to in the first paragraph meets the following requirements: a. they shall not be required;
b. they materialise reception of repayable deposits;
c. they have a duration of at least 5 years and cannot be subject to a refund before the expiry of this period, except in the case of death;
d. they are covered by a system of deposit insurance in accordance with Directive 94/19 / EC on deposit-guarantee systems;
e. the minimum contribution by time deposit as referred to in the first paragraph amounts to 200 euro up;
f. they are sufficiently accessible to individual investors;
g. the rate of interest that is granted is consistent with the market.
By Decree deliberated in the Council of Ministers on the proposal of the Minister of economy and Finance Minister, the King may determine the formula for the calculation of the minimum interest rate applicable for each credit institution concerned issued cash vouchers or term deposits opened under this Act.
The King may, on the proposal of the Minister of the economy and Finance Minister, and after receiving the opinion of the FSMA, determine the rules to ensure that the cash vouchers and term accounts are sufficiently accessible to individual investors.
Section 2. -Harvest of funding by insurance undertakings art. 5. with a view to the financing of eligible projects, insurance undertakings may, from the entry into force of this Act, harvest financial resources by offering insurance contracts that meet the following conditions: a. the operation of insurance has a minimum of 10 years;
b. the operation of insurance is concluded against payment of a single premium;
c. by way of derogation from article 114, paragraph 1, of the law of 25 June 1992 on terrestrial insurance contract, the policyholder can redeem annually to the maximum 5% of the theoretical commuted value;
d. awarded guaranteed performance is consistent with the market and is not lower than the yield guaranteed allocated for similar insurance operations

with the same period by the concerned insurance undertaking;
e. the contract provides coverage death equal to reserve inventory of delivery in the event of life;
f. the contract of insurance is covered by the special fund of deposit protection, contracts of insurance on the life and the capital of approved co-operative companies, as referred to in 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 protection of deposits, life insurance and the capital of cooperatives approved, and amending Act of 2 August 2002 on the supervision of the financial sector and financial services or equivalent guarantee system instituted by another State member of the European economic area;
g. the premium minimum commercial contract of insurance such as referred to in the paragraph 1 amounts to 200 euro up;
h. the insurance operation is sufficiently accessible our clients range investor special.
By Decree deliberated in the Council of Ministers on the proposal of the Minister of economy and Finance Minister, the King may determine the maximum amount of funding that can be harvested annually in application of paragraph 1(e). This maximum amount is distributed among insurance companies in accordance with the rules laid down in the royal decree of 17 July 2012 on the coverage of the National Bank of Belgium operating expenses related to the control of financial institutions, in implementation of article 12bis, § 4, of the law of 22 February 1998 establishing the Organic Statute of the National Bank of Belgium.
The King may, on the proposal of the Minister of the economy and Finance Minister, and after receiving the opinion of the FSMA, determine the rules to ensure that the operation of insurance is sufficiently accessible to individual investors.
Section 3. -Ready interbank s.
6. with a view to the financing of eligible projects, credit institutions may, from the entry into force of this Act and without prejudice to article 10 concluding interbank loans with other credit institution.
Interbank loans referred to in paragraph 1 are granted exclusively by means of means of financing raised by the issue of cash vouchers or the opening of term deposits which meet the conditions of article 4.
Credit institutions which concluded an interbank borrowing are not allowed to use funds thus acquired to grant themselves interbank lending.
Credit institutions which provide interbank loans pursuant to this article shall insure the final allocation of these loans in accordance with articles 9 to 11 of this Act.
Section 4. -Processing accounting s.
7. the means of financing which are harvested by institutions of credit in accordance with article 4, revenues of the assets referred to in article 11 § 1, interbank loans concluded in accordance with article 6, as well as funding and interbank loans by means of these funds and the assets acquired pursuant to article 11 are included in separate accounts specifically designed for this purpose of the accounts, the establishment of credit in a such way that these financial resources and their allocation can be identified.
Funding is provided through funding by insurance in accordance with article 5 is a fund confined within the meaning of section 57 of the royal decree of 14 November 2003 on the activity of life assurance.
On the proposal of the Minister of finance, the King may specify more detailed rules for such accounting obligation as defined in the preceding paragraphs.
Section 5. -Mentions mandatory s. 8. in advertising as well as in all other documents, whether contractual or not and bearer-related announcements, term deposits issued or opened pursuant to this Act or the insurance contracts offered pursuant to this Act, it is explicitly mentioned that the cash vouchers are issued, term deposits are open or insurance contracts are available in application of the law of 26 December 2013 on thematic loans-citizen and that the provisions of this Act are applicable.
CHAPTER 4. -Allocation of funding in the context of thematic citizen loans Section 1st. -Projects eligible art. 9. to enter into consideration for funding under a loan-citizen theme, projects must have social or socio-economic aims. The King determines, by Decree deliberated in the Council of Ministers on the proposal of the Minister having finance in his/her attributions and the Minister who has the economy in charge, the list of projects that meet these criteria.
At the request of the recipient of the funding, the Minister of Finance makes a prior opinion on the conformity of a project with the criteria contained in the royal decree referred to in paragraph 1. The King, on the proposal of the Minister of finance, regulates the procedure of request for an opinion.
Section 2. -Authorized allocation of finance art.
10. the financial resources harvested pursuant to article 4 should be allocated in the year up to 90% financing of eligible projects or an interbank loan in accordance with article 6.
To satisfy the requirement laid down in paragraph 1, credit institutions and insurance undertakings are permitted to: 1 ° finance joint projects, either in the form of consolidation of credit or another form of co-financing;
2 ° affect funds collected for the financing of projects within the framework of a public-private collaboration;
3 ° affect funds collected for the partial financing of a project.
S. 11 § 1. Pending their assignment to the financing of eligible projects in accordance with article 10, the collected financial resources are invested in enough liquid assets and low-risk.
The share of funding that, within the limits laid down in article 10, should not be assigned to funding for eligible projects must also be invested in enough liquid assets and low risk.
The assets referred to in the preceding paragraphs should receive remuneration consistent with the market. They may not be affected as assets of coverage as referred to in article 64/3, § 3, 2 °, of the law of 22 March 1993.
Revenues of the assets referred to in paragraph 1 are assigned to the financing of projects, where appropriate after deduction of interest paid to holders of cash vouchers or term deposits issued or opened pursuant to article 4 or after deduction of interest or bonuses due to policyholders of insurance provided pursuant to article 5.
§ 2. The NBB may, on request motivated by the credit institution or insurance undertaking temporarily grant an exception to the provisions of paragraph 1 for prudential reasons. In this case, the NBB simultaneously imposes measures to have the credit institution or insurance undertaking meet as soon as possible the obligation referred to in article 10.
Section 3. -Mentions mandatory s.
12. advertising and any other document, contract or not, and advice on the funding pursuant to this Act formally mention that funding is agreed in the context of the law of 26 December 2013 on thematic loans-citizen and that the provisions of this Act are applicable.
CHAPTER 5. -Control loans-citizen themes Section 1st. -Control by the NBB art. 13. the National Bank of Belgium controls the compliance with articles 6, 7, 10 and 11 of this Act. To this end, it has all the powers that are conferred under the law of 22 February 1998 establishing the Statute of the National Bank of Belgium and the special laws applicable to credit institutions and insurance undertakings.
S. 14 § 1. Credit institutions shall communicate periodically to the NBB a detailed situation which includes at least the following: 1 ° the amount of funds collected as referred to in article 4, broken down into cash vouchers, term deposits and interbank loans in accordance with article 5 and income from investments made in accordance with article 11, § 1;
2 ° an overview of the allocation of funds collected as referred to in articles 9 to 11, ventilated in funded projects, investment and inter-bank lending;
3 ° the necessary elements for the NBB to monitor compliance with the requirements of this Act and its implementing orders by the credit institution.
The situation is established in accordance with the rules determined by regulation of the NBB which also sets the frequency of reporting. In addition, the NBB may prescribe that other data encrypted or explanations be regularly supplied in order to check compliance with the provisions of this Act or its orders for execution.
§ 2. Insurance undertakings submit periodically to the NBB the detailed status which includes at least the following elements:

1 ° the amount of funds collected as referred to in article 5 as well as income from investments made in accordance with article 11, § 1;
2 ° an overview of the allocation of the funding collected as referred to in articles 9 and 11, § 1, broken down into projects and investments;
3 ° the necessary elements for the NBB to check if the conditions of this Act and its implementing orders are met by the insurance undertaking.
The situation is established in accordance with the rules determined by regulation of the NBB which also sets the frequency of reporting. In addition, the NBB may prescribe that other data encrypted or explanations be regularly supplied in order to check whether the provisions of this Act or its implementing orders are observed."
S. 15. view to a proper application of the Act and measures taken in pursuance thereof, the NBB where appropriate cooperates with the FSMA, as well as with the authorities of other States with powers similar to his own.
The NBB may interact with these authorities of confidential information in accordance with the provisions of articles 36/13, 36/14 and 36/16 of the law of 22 February 1998.
S.
16. the costs of the NBB of control referred to in this chapter are supported by credit institutions and insurance undertakings as laid down in the royal decree of 17 July 2012 on the implementation of article 12bis, § 4, of the law of 22 February 1998.
Section 2. -Control by the FSMA art. 17 § 1. The FSMA ensures the monitoring of articles 4, paragraphs 3 and 4, article 5, paragraph 1, and article 8 of this Act.

§ 2. Without prejudice to the application of article 18 and with the exception of the control of articles 5 and 8, in relation to insurance contracts, control of the FSMA exercised prior to the issuance of a new type of good Fund or the opening of a new type of deposit term. When the offer period to a good Fund or a term deposit exceeds six months, a new prior checking takes place every six months.
The FSMA may determine by regulation the information that credit institutions must provide in the case of prior checking in accordance with § 2, paragraph 1.
This information contains at least the documents referred to in article 8. The FSMA pronounces within five working days of the receipt of such information.
Credit institutions may publish the documents referred to in article 8 unless the FSMA has provided no objection in this regard, having regard to the requirements laid down in article 4, paragraphs 3 and 4, and article 8.
§
3. Without prejudice to the application of article 18, insurance undertakings may ask the FSMA, prior to the offer of a new type of insurance contract, to carry out prior checking of compliance with articles 5 and 8. When, in the case of one such application, the offer of a contract of insurance period exceeds six months, a prior check is again made every six months.
The FSMA determines by regulation the information that insurance companies must provide in the case of such a request. This information includes at least the documents referred to in article 8 the FSMA statue within five working days of the receipt of this information.
§
4. For the purposes of §§ 2 and 3, an instrument is a new type, if this instrument presents other characteristics compared with the instruments previously submitted to the FSMA, including the interest rate, unless there is a rate of interest resulting from the application of criteria of predetermined adjustment in the offer.
§ 5. For the exercise of the competences of this article, the FSMA has all the powers that are conferred by Act of 2 August 2002 on the supervision of the financial sector and financial services, and specific laws applicable to credit institutions.
S. 18. the credit institutions and insurance undertakings communicate periodically to the FSMA a detailed situation which includes at least the following elements: 1 ° in relation to credit institutions, the amount of collected funds referred to in article 4, on the one hand ventilated in coupons for cash and term deposits, and on the other hand depending on whether funding comes or not of individual investors;
2 ° as regards insurance undertakings, the amount of the collected financial resources referred to in article 5, broken down according to whether funding comes or not of individual investors;
In addition, the FSMA may ask credit institutions and insurance companies all other items necessary to check if the conditions of this Act and its enforcement orders under its control, are met by the credit institution or insurance undertaking.
The content of the above-mentioned situation is established by regulation by the FSMA which also sets the frequency of reporting.
S. 19. in the event of failure to comply with the provisions of this Act which it controls compliance, FSMA may take the measures referred to in article 67, § 1, i) o), and §§ 2 to 5, of the law of 16 June 2006 on public offers of investment instruments and admission of investment instruments to trading on financial markets and in article 36 of the law of 2 August 2002 on the supervision of the financial sector and to the financial services.
S. 20 with a view to proper application of this Act and measures taken in pursuance thereof, the FSMA applicable cooperates with the NBB, as well as with the authorities of other States with powers similar to his own.
The FSMA may exchange with these authorities the information confidential in accordance with the provisions of sections 75 and 77, §§ 1 and 2, Act of 2 August 2002 on the supervision of the financial sector and financial services.
CHAPTER 6. -Provisions criminal art. 21. without prejudice to the application of more severe penalties under the penal Code, shall be punished by imprisonment of one month to one year and a fine of 50 euros to 10,000 euros or one of those penalties only that which:-violates the provisions of articles 6, 7, 10 or 11 or orders taken in their implementation;
-fails to command supported the FSMA under article 19;
-refuses to provide the information and documents requested by the NBB or the FSMA for the control of the application of this Act and the orders and regulations for its execution or which opposes the measures of investigation taken by the NBB or the FSMA or makes a false statement.
S. 22. all information from the head of infringement of the provisions referred to in article 21 against a credit institution or an insurance undertaking must be brought to the attention of Service federal public finance by the judicial authority which is before it.
CHAPTER 7. -Provisions tax s.
23. article 171, 3 ° d of the income tax Code 1992, inserted by the law of December 28, 2011 bearing of the provisions is supplemented as follows: "" and revenue from good cash or term deposits offered by credit institutions for the financing of a citizen-ready theme as referred to in the law of 26 December 2013 and provided that these warrants cash or term deposits meet the criteria "" "and conditions determined in the said Act;"
S.
24A article 269 of the same Code, replaced by the programme act of 27 December 2012 and as amended by the Act of December 21, 2013 bearing of the tax provisions and various financial, the following changes are made: 1 ° in the § 1, 1 °, the words "in the provisions under 2 ° to 4 °" are replaced by the words "in the provisions under 2 ° to 4 ° and 7 °";
2 ° the § 1 is completed by 7 ° as follows: "7 ° to 15 pc. for income from good cash or term deposits offered by credit institutions for the financing of a citizen-ready theme as referred to in the Act of 26 December 2013 and provided that these warrants cash or term deposits meet the criteria and conditions determined in the said Act."
S. 25. in article 175/3 code of duties and taxes various a paragraph 3 is inserted, worded as follows: "by way of derogation from paragraph 1, the charge is reduced to 1.10 percent for insurance contracts that meet the criteria and conditions of the law of 26 December 2013 laying down various provisions for loans-citizen issues.".
S.
26 when it can be established that funds collected by the issuance of cash vouchers or the opening of deposits in accordance with article 4 have been processed and allocated in accordance with articles 6, 7, 10 and 11, the credit institution concerned is required to pay an amount equal to 10% of income paid or allocated to the holders of bearer or relevant term deposits.
The debt of the credit institutions in the head of the application of the preceding paragraph constitutes a tax debt. Its recovery is carried out according to the applicable rules concerning withholding.
Rates from withholding and tax of natural persons provided for in articles 23 and 24 remain acquired to the holders of bearer and term deposits concerned.
S. 27 when it cannot be established that the financial resources collected by the offer of insurance contracts in application of article 5 have been treated and affected in accordance with articles 7 and 11, § 1;

concerned insurance company was held in the payment of the difference between the amount of tax deducted annually from insurance operations on the premium (s) paid (s) and the amount of the annual tax on insurance operations which have would be due (s) on the premiums the insurance contract (s) if it had not been offered pursuant to this Act.
The debt of the head of the application of paragraph 1 of the insurance business is a tax debt. Its recovery is performed according to the rules applicable to the annual tax on insurance operations.
The rate of the annual tax on the business of insurance referred to in article 25 remains acquired to policyholders of insurance transactions.
CHAPTER 8. -Assessment s. 28. this Act and its implementing orders are subject to an assessment.
The Minister who has the Finances in his or her attributions and the Minister that the economy establish an assessment report which is submitted to the Council of Ministers within two years after the entry into force of this Act.
CHAPTER 9. -Entry into force art. 29. this Act comes into force on January 1, 2014.
Articles 23 and 24 shall apply to interest paid or attributed as of 1 January 2014.
The orders made pursuant to this Act shall lose any effect if they are not ratified by a law no later than two years after the date of their entry into force.
Promulgate this Act, order that it be under the seal of the State and published by le Moniteur.
Given in Brussels, on December 26, 2013.
PHILIPPE by the King: the Minister of finance, K. GARG the Minister of Middle Classes, SMEs, the self-employed and Agriculture, Ms. S. LARUELLE. the Minister of Justice, Ms. A. TURTELBOOM sealed with the seal of the State: the Minister of Justice, Ms. A. TURTELBOOM _ Note (1) Session 2013-2014.
House of representatives parliamentary Documents. -Bill, no. 53 - 3217/001. -Annexes, no. 53-3217/001. -Text adopted by the commission, no. 53-3217/004. -Text adopted in plenary meeting and transmitted to the Senate, no. 53-3217/005.
Full report: December 18, 2013.
Senate parliamentary Documents. -Draft transmitted by the Chamber, no. 5 - 2418. -Text adopted by the commission: unamended. -Text adopted in plenary meeting and submitted to the Royal assent: unamended.
Annals: 19 December 2013.