belgiquelex.be - Carrefour Bank of Legislation

2 JULY 2010. - An Act to amend Act 2 August 2002 on the supervision of the financial sector and financial services, as well as the Act of 22 February 1998 establishing the organic status of the National Bank of Belgium, and making various provisions (1)

ALBERT II, King of the Belgians,
To all, present and to come, Hi.
The Chambers adopted and We sanction the following:
CHAPTER 1^er. - Introductory provision
Article 1^er. This Act regulates a matter referred to in Article 78 of the Constitution.
CHAPTER 2. - Amendments to the Financial Sector Supervision and Financial Services Act of 2 August 2002
Art. 2. Article 2, paragraph 1^er, of the Act of 2 August 2002 on the supervision of the financial sector and financial services, last amended by the Royal Decree of 27 April 2007, is supplemented by the 39° to 41° written as follows:
"39° CREFS": the Systemic Risk and Financial Institutions Committee;
40° "systemic financial institutions":
(a) credit institutions, financial companies or mixed financial companies within the meaning of Article 1^erArticle 49 (1)^er, 2°, and 49bis, § 1^er5°, of the Act of 22 March 1993, whose total balance sheet in the consolidated accounts established in accordance with the International Financial Reporting Standards exceeds 150 billion euros, or whose market share in the Belgian market of savings or credit exceeds 10%;
(b) insurance companies or insurance companies operating under section 2 and section 91bis, 9°, of the Act of 9 July 1975 on the control of insurance companies, including the payment of premiums for life insurance or non-life insurance activities, at least 10% of the Belgian market;
(c) credit institutions, financial institutions or assimilated organizations that play a dominant role in the Belgian territory in the conservation operations or in the process of compensation or by-laws within the meaning of Article 2, 16 and 17 of this Law;
(d) establishments under prudential control designated by the King, by order deliberately in the Council of Ministers, on the proposal of the REFF;
41° "the Act of 22 March 1993": the Act of 22 March 1993 on the Status and Control of Credit Institutions. "
Art. 3. In the same Act, an article 28ter is inserted as follows:
"Art. 28ter. The King, on the advice of the CBFA and after open consultation, may, by order deliberately in the Council of Ministers, define to what extent the provisions of Articles 26, 27, 28 and 28 bis, and the provisions made pursuant to these articles apply to other regulated companies within the meaning of Article 49bis, § 1^er, 3°, of the Act of 22 March 1993, to intermediaries in banking and investment services within the meaning of section 4, 2°, of the Act of 22 March 2006 on the intermediation of banking and investment services and the distribution of financial instruments, and to insurance intermediaries within the meaning of section 1^er, 3°, of the Act of March 27, 1995 relating to the intermediation of insurance and reinsurance and the distribution of insurance, bearing in mind that insurance contracts are offered to customers. For this purpose, the King may take into account the status of harmonization of the regulations in question within the European Community.
An order made under paragraph 1^er ceases to produce its effects if it has not been confirmed by law within 24 months of its effective date. »
Art. 4. Section 29 of the Act, last amended by the Act of 2 May 2007, is supplemented by a 5° written as follows:
"5° to establish rules that market participants must respect in the negotiation of financial instruments within the meaning of Article 25, § 3, 1°, with a view to improving the transparency and good functioning of financial markets, for which It can take into account the status of harmonization of the regulations in question within the European Community. »
Art. 5. In Article 35, § 1^er, of the same law, replaced by the law of 2 May 2007, the 1st is replaced by the following:
"1° carry out its monitoring mission referred to in section 33, ensure compliance with sections 39 and 40, and verify whether investment services are not provided illegally; "
Art. 6. In section 45 of the Act, last amended by the Act of December 21, 2009, subsection 2 is repealed.
Art. 7. In section 48 of the Act, last amended by the Act of 27 April 2007, the following amendments are made:
1° in paragraph 1^er7° is repealed;
2° Paragraph 2 is supplemented by two subparagraphs as follows:
"In the five years preceding their appointment, the members of the Supervisory Board may not have been a member of either a CBFA body other than the Supervisory Board or its staff.
During the five years preceding his appointment, the Chair of the Supervisory Board may not have been a member of either a CBFA body or its staff. »;
Paragraph 6 is repealed.
Art. 8. In the same law, an article 48bis is inserted as follows:
"Art. 48bis. § 1^er. The sanctions commission determines the imposition of administrative fines by CBFA and CREFS.
This Sanctions Commission includes 10 members appointed by the King:
1st two state councillors or state councillors appointed on the proposal of the first president of the State Council;
2° two advisers to the Court of Cassation or advisers to the Court of Cassation fees designated on the proposal of the first president of the Court of Cassation;
3° two magistrates not being advisers to the Court of Cassation or to the Court of Appeal of Brussels;
Four other members.
§ 2. The president is elected by the members of the sanctions commission among the persons mentioned in 1°, 2° and 3°.
The Sanctions Commission may constitute sections of five members, chaired by one of the persons mentioned in 1°, 2° and 3°.
§ 3. During the five years preceding their appointment, the members of the sanctions commission may not have been a member of either a CBFA body other than the Supervisory Board, its staff or the CREFS.
During their term of office, members may not hold a title of a company subject to the permanent control of the CBFA, whether it is representative or not of the capital of that undertaking, or may exercise any function or mandate whatsoever in a company subject to the permanent control of the CBFA or in a professional association representing companies subject to the control of the CBFA, or provide services to the benefit of a professional association representing companies subject to the control of the CBFA. The shares of collective investment organizations and the securities held in the context of a discretionary management mandate entrusted to a professional third party, provided that this mandate provides that the client does not intervene in any way in the management of the agent and that the agent does not consult with the principal on the choice of individual titles referred to in that paragraph, are not subject to this prohibition.
The term of office of the members of the sanctions commission is six years, renewable. In the absence of renewal, members remain in office until the first meeting of the sanctions commission in its new composition.
In the event of a vacancy of a member of the Sanctions Commission, for any reason, the replacement of a member for the remaining term of office shall be made.
Under the terms defined by the King, the sanctions commission is renewed by half every three years. The term of office shall be deducted from the date of the first meeting of the commission.
The Sanctions Commission, or one of its sections, may make a valid decision when two of its members and its president are present. In the event of her president's incapacity, she can make a valid decision when three of her members are present. The members of the sanctions commission cannot deliberate in a case in which they have a personal interest that could influence their opinion.
The King sets out the amount of compensation allocated to members of the sanctions commission on the basis of the cases for which they deliberate. It also sets out the treatment of the president of the sanctions commission.
The Sanctions Commission shall establish rules of procedure that shall be applicable to the processing of sanction files and subject it to the King's approval. »
Art. 9. In section 49 of the Act, last amended by the Act of 27 April 2007, the following amendments are made:
1° Paragraph 3 is supplemented by two subparagraphs as follows:
"On the advice of the Supervisory Board and the Consumption Board, created by the Royal Decree of 20 February 1964 establishing a Consumer Council, the Executive Committee shall, without prejudice to the competences vested in the Minister with the Economy in his or her powers, establish regulations that, taking into account the interests of consumers of financial services, may provide for a prohibition or restrictive conditions regarding the negotiation of retail investment products, These regulations may complement the relevant legal or regulatory provisions on technical points.
Without prejudice to the application of section 93, the CREFS Notice of Compliance is required in the cases provided for by Royal Decree taken on the advice of the CREFS and provided that the regulations and measures referred to in paragraph 1^er relate to systemic financial institutions and have a systemic scope. »;
2° in paragraph 6, paragraph 8 is repealed;
Paragraph 9 is replaced by the following:
“§ 9. The steering committee shall, at least once a year, conduct an open consultation on the quality of information provided by all or part of the establishments and undertakings referred to in Article 45, § 1^erand respecting all or part of the rules referred to in Article 45, § 1^er, 3° and 4°, concerning the protection of the interests of investors and savers. This consultation is conducted in accordance with Article 64, paragraph 2. »
Art. 10. Section 50 of the Act, last amended by the Act of 27 April 2007, is supplemented by a paragraph 3, which reads as follows:
“§3. The chair of the steering committee coordinates the cooperation of the CBFA with other public institutions and bodies, without prejudice to Chapter IV. He reports regularly to the steering committee. »
Art. 11. Section 51 of the Act, as amended by the Royal Decree of 25 March 2003, is supplemented by a paragraph 5, which reads as follows:
Ҥ 5. The investigations referred to in section 70 are carried out by the Secretary-General.
To this end, he bears the auditor's title and exercises the powers vested in the CBFA. »
Art. 12. Section 52 of the Act, replaced by the Act of 27 April 2007, is replaced by the following:
"Art. 52. The mandates of the members and the chair of the Supervisory Board, the members and the chair of the Executive Committee, and the Secretary General shall end when they are at the age of sixty-five years. »
Art. 13. In Article 53, § 1^er, of the same law, last amended by the Act of April 27, 2007, the words ", as a member of the supervisory board, as a member of the sanctions commission" are inserted between the words "secretary general" and " or as a member of the CBFA steering committee".
Art. 14. In section 54 of the Act, last amended by the Act of 27 April 2007, a paragraph is inserted between paragraphs 1^er and 2:
"In particular, a service shall be established to ensure compliance with the rules of conduct referred to in sections 26, 27, 28 and 28 bis, and in the arrangements made pursuant to these articles, as well as a department responsible for relations with the savers, including information and protection of the interests of consumers of financial services. »
Art. 15. The title of Chapter III, section 5, as amended by the Act of April 27, 2007, is replaced by the following: "Procedural Rules for the Taxation of Administrative Fines".
Art. 16. Section 70 of the Act, last amended by the Act of 27 April 2007, is replaced by the following:
"Art. 70. § 1^er. The auditor shall decide on the initiation of an investigation into facts that may result in an administrative fine. He informs the president. It designates one or more CBFA employees to conduct the investigation.
§ 2. At the conclusion of the investigation, an investigation report is prepared that indicates whether the facts identified are likely to constitute a breach that may result in the imposition of an administrative fine or a criminal offence. The auditor shall send a copy of the statement of facts to interested parties who have a period of one month to make their submissions. The auditor seizes the steering committee of the final report. »
Art. 17. Section 71 of the Act, last amended by the Act of 27 April 2007, is replaced by the following:
"Art. 71. § 1^er. The steering committee decides on the follow-up to the investigation report.
§ 2. If the steering committee decides to initiate a procedure that may lead to an administrative fine, it shall notify the persons concerned of the grievances and the investigation report.
The steering committee shall transmit the grievance notification to the chair of the sanctions committee.
§ 3. The steering committee may, prior to the notification of grievances, accept a transactional settlement as long as the persons concerned have collaborated in the investigation and have previously signed their agreement on this transactional settlement. All transactional regulations are published on the CBFA website. The publication may be non-nominative. The amount of the transactional regulations is recovered for the benefit of the Treasury by the administration of the Cadaster, Recording and Domains.
§ 4. If the steering committee decides to file a file without further action, it shall notify the persons concerned. It can make this decision public.
§ 5. In the cases referred to in paragraph 2, if one of the reported grievances is likely to constitute a criminal offence, the steering committee shall inform the Crown prosecutor. The steering committee may decide to make its decision public.
When the King's prosecutor decides to put in motion the public action on the facts concerned by the notification of grievances, he shall promptly inform the CBFA. The King's Prosecutor may transmit to the CBFA ex officio or at the request of the CBFA, a copy of any evidence relating to the proceedings relating to the facts that have been transmitted.
The decision of the steering committee to inform the Crown Prosecutor of a notification of grievances, to make this decision public or to accept a settlement is not subject to appeal.
§ 6. The steering committee may delegate all or part of its decision-making authority referred to in this section to a specialized committee composed of the chair and two of its members. »
Art. 18. Section 72 of the Act, last amended by the Act of 27 April 2007, is replaced by the following:
"Art. 72. § 1^er. Persons to whom a notification of grievances has been sent have a two-month period to transmit to the Chair of the Sanctions Committee their written comments on grievances. In special circumstances, the president of the sanctions commission may extend this period.
§ 2. The persons involved may take copies of the documents in the file with the sanctions commission and be assisted or represented by a lawyer of their choice.
They may also request the recusal of a member of the sanctions commission if they have a doubt about the impartiality of the sanctions commission.
§ 3. The sanctions commission may, after a conflicting procedure, impose an administrative fine against the persons concerned. The amount of the fine must be determined on the basis of the gravity of the breaches committed and in relation to the benefits or profits possibly derived from these breaches.
The Sanctions Commission decides by reason of decision. No penalty may be imposed without the person or representative being heard or, if not, duly called. The steering committee is represented by the person of his choice at the hearing and may make his observations heard.
The decision of the sanctions commission is notified by registered letter to the persons concerned. The notification letter indicates the remedies, the competent authorities to hear them, and the forms and deadlines to be followed; Otherwise, the appeal period does not take place.
The Sanctions Commission makes its public decisions in a nominative manner on the CBFA website, unless this publication could seriously disrupt financial markets or cause disproportionate harm to the parties involved. In the latter case, the decision is published on the CBFA website in a non-nominative manner. In the event of an appeal against the sanction decision, it is published in a non-nominative manner pending the outcome of judicial proceedings.
The decisions of the sanctions committee shall be communicated to the chair of the steering committee who shall report to the members of that committee. In the event of an appeal against the decisions of the sanctions committee, the CBFA is represented by the chair of the steering committee and, in its absence, by the Vice-Chair or two members of the executive committee acting jointly. »
Art. 19. Section 73 of the Act, last amended by the Act of 27 April 2007, is replaced by the following:
"Art. 73. The administrative fines imposed by the sanctions commission that have become final and the transactional regulations made before the criminal judge has finally ruled on the same facts or related facts apply to the amount of any criminal fine that would be imposed on the same person. »
Art. 20. In section 74 of the Act, last amended by the Act of 27 April 2007, the following amendments are made:
1° to paragraph 1^erthe words "the members of the sanctions commission" are inserted between the words "the members of the supervisory board," and the words "the secretary general";
2° the article is supplemented by a paragraph, written as follows:
"CBFA can make public the decision to denounce criminal offences to the judicial authorities. "
Art. 21. Article 75, § 1^er, of the same law, last amended by the Act of 21 December 2009, is supplemented by a 19th drafted as follows:
"19° at CREFS. "
Art. 22. In the same Act, after section 87, a chapter IV re-establishing sections 88 to 108, repealed by the Royal Decree of 25 March 2003, and read as follows:
CHAPTER IV. - Systemic Risk Committee and Financial Institutions
Art. 88. The CREFS is an autonomous body with a legal personality and its headquarters in the administrative district of Brussels-Capital.
Art. 89. § 1^er. The CREFS mission is to contribute to the preservation of the stability of the financial system, in particular:
1° to monitor the financial system in order to intervene in the detection of potential threats to the stability of this system;
2° to advise the federal government and the federal parliament on the measures necessary, or capable of contributing, to the stability, functioning and effectiveness of the country's financial system;
3° to coordinate crisis management;
4° ensure the monitoring of systemic financial institutions, including the monitoring and evaluation of strategic developments and the risk profile of these institutions;
5° to ensure the exchange of information and policy coordination between BNB and CBFA;
6° to contribute to the above-mentioned missions at the international and European level with regard to collaboration with the European Council of Systemic Risk.
§ 2. The notices referred to in paragraph 1^er may be made public.
Art. 90. § 1^er. By derogation from section 45 and the specific provisions of the applicable control laws, the CREFS is the sole authority to make administrative decisions related to the prudential supervision of systemic financial institutions, including exceptional relief measures and constraints as provided by sectoral legislation. To exercise this competence, the CREFS relies on the services of the CBFA or the BNB according to their respective competencies. The latter are responsible for the implementation of the decisions concerned in their respective sphere of competence.
§ 2. CREFS may oppose the strategic decisions of systemic financial institutions if they contravene a sound and prudent management of the systemic financial institution or are likely to have a significant negative impact on the stability of the financial system.
The systemic financial institutions must communicate their strategic decisions to the CBFA and/or the BNB, which forwards them for information, without delay and no later than 24 hours, to the CREFS. The CREFS shall decide within two months of the receipt by the CBFA or the BNB of a complete file supporting the strategic decision.
Policy decisions are defined as decisions other than those referred to in paragraph 1^erany investment, participation or strategic cooperation relationship of the systemic financial institution; are deemed, in particular, to be strategic investments, participations or relationships of cooperation, decisions on the acquisition or formation of another institution, the formation of a joint venture, the establishment in another State, the conclusion of agreements on cooperation, the provision or acquisition of a branch of activity, merger or split-up, provided that such decisions are likely to change the total of the balance sheet or consolidated revenues by more than 10%
The King may, on the proposal of the REFF, extend or specify a list of decisions that are to be considered strategic for the purposes of this article.
§ 3. When the CREFS considers that a systemic financial institution has an inadequate risk profile or that its policy is likely to have a negative impact on the stability of the financial system, it may impose on the institution concerned specific requirements for solvency, liquidity, risk concentration and risk positions.
§ 4. Where, in the course of the exercise of the control missions specific to the CREFS, the CREFS finds facts likely to result in the imposition of an administrative fine, the CREFS may charge the CBFA to initiate an investigation under the rules set out in section 70.
The investigation report shall be forwarded to CREFS, which shall determine the action to be taken in accordance with the provisions of section 71. In the event of notification of grievances, the file shall be forwarded for decision to the sanctions committee referred to in section 48, which shall rule according to the procedural rules set out in sections 72 and 73.
Art. 91. In order to enable it to exercise the skills set out in sections 89 and 90, each systemic financial institution shall transmit to the CREFS a survey of developments relating to its activities, risk position and financial situation.
The CREFS determines the content of the information to be transmitted to it and the frequency and modalities of this information transmission.
Art. 92. CREFS shall give the conforming notices referred to in Article 49, § 3.
Art. 93. In the areas of its exclusive competence, the REFER may make regulations supplementing the legal and regulatory provisions on technical points.
Without prejudice to the consultation provided for in other laws or regulations, the RERC may, in accordance with the open consultation procedure, set out the content of any regulations that it plans to take in an advisory note and publish it on its website to collect any comments from interested parties.
The CREFS regulations only emerge after their approval by the King and their publication at the Belgian Monitor. The King may make amendments to these regulations or substitute for the CREFS's failure to establish these regulations.
Art. 94. § 1^er. CBFA and BNB provide CREFS with all relevant or necessary information for the proper performance of CREFS missions.
CREFS may request CBFA and BNB to provide all relevant or necessary information for the proper performance of its missions.
In particular, the CREFS may require the CBFA and the BNB to file a case with respect to the competencies set out in sections 89 and 90.
As part of the performance of its duties, the CREFS may also request additional investigation or information to the CBFA and the BNB.
In the event of an emergency and as long as the information requested is not available from CBFA or BNB, CREFS may request this information directly from systemic financial institutions.
§ 2. If an establishment fails to disclose the information requested at the expiry of the time limit or if it is not required to meet, within the specified time limits, the information transmission obligations referred to in section 91, the REFER may, the establishment heard or at least summoned, impose a breach on the institution at a maximum amount of EUR 50,000 per day of delay.
§ 3. The decisions of the CREFS made pursuant to Article 90, §§ 1^er 3, are subject to appeal under the same terms as those applicable if these decisions were taken by the CBFA or the BNB. The CBFA or BNB ensure the preparation of the defence in court of the decisions of the CREFS and cover the costs set out in order to ensure this defence.
Art. 95. § 1^er. The CREFS is composed of members of the CBFA and BNB Steering Committees, and a member of the Finance SPF designated by the Minister, who serves as an observer.
§ 2. The CREFS is chaired by the BNB Governor. The Vice-Chairperson is, as the case may be, provided by the Chair or Vice-Chair of the CBFA Executive Committee. The Chair and the Vice-Chair of the CREFS are of different language expression.
Art. 96. § 1^er. CREFS meets whenever the Chair or two of its members deem it necessary.
§ 2. CREFS can only decide if five of its members are present. Decisions shall be taken by a majority of the votes cast. In case of sharing, the president's voice is preponderant.
§ 3. Minutes of the deliberations of the CREFS are held. Minutes are signed by all members present.
§ 4. In the event of an emergency identified by the President, the RERC may, except for the adoption of regulations, decide by way of written procedure or by using a voice telecommunications system, as specified in the CREFS Rules of Procedure.
Art. 97. § 1^er. The CREFS is represented, in respect of third parties and in court, by its president or, in the event of its failure, by its vice-president.
§ 2. The CREFS Chair is responsible for the daily management of the secretariat [...].
Art. 98. The CREFS may pass an internal regulation setting out the rules of its operation and internal organization and subject it to the King's approval. This regulation is published in the Belgian Monitor.
Art. 99. Staff from BNB and CBFA may be detached from the CREFS under the conditions and conditions set out in a protocol between the institutions concerned.
Art. 100. § 1^er. CREFS, members of its organs and staff and persons who have previously exercised the above-mentioned functions are held in professional secrecy and may not disclose to any person or authority the confidential information they have been aware of as a result of their duties.
Notwithstanding paragraph 1^er, CREFS may disclose confidential information:
1° to CBFA and BNB;
2° during testimony in criminal matters;
3° to denounce criminal offences to the judicial authorities, provided that section 29 of the Code of Criminal Investigation does not apply to persons referred to in paragraph 1^er;
4° in the context of administrative or judicial remedies against the acts or decisions of the CREFS and in any other proceeding to which the CREFS is a party;
5° in summary or aggregate form so that individual natural or legal persons cannot be identified;
6° to the European Council of Systemic Risk.
§ 2. The members of the CREFS, the staff referred to in section 100 and the staff of the BNB carrying out any collaborative mission for the CREFS are required to comply with the code of conduct jointly agreed by the BNB Regency Council and the CBFA Supervisory Board.
Art. 101. The CREFS operating costs are borne by the CBFA and BNB budgets, as determined by the King on the advice of the CREFS.
Art. 102. CREFS reports to the Minister every semester. Each year, the President of CREFS shall submit a report to the Council of Ministers.
In the semi-annual report to the Minister, the CREFS examines the evolution of financial markets and analyses the strength and risk profile of systemic financial institutions and potential systemic risks.
Art. 103. CREFS executes its missions exclusively in the general interest. CREFS, members of its bodies and members of its staff do not exercise any civil liability due to their decisions, actions or behaviour in the course of their legal duties, except in the event of a dol or a heavy misconduct.
Art. 104. CREFS publishes on its website a list of systemic financial institutions.
Art. 105. § 1^er. The King may, on the advice of CREFS, in the event of a sudden crisis in the financial markets or in the event of a serious threat of a systemic crisis, to limit its magnitude or effect:
1° to decide on supplementary or derogatory regulations to the law of 9 July 1975 relating to the control of insurance companies, to the law of 2 January 1991 relating to the market of public debt and instruments of monetary policy, to the law of 22 March 1993 relating to the status and control of credit institutions, to the law of 6 April 1995 relating to the status and control of financial enterprises, to the law of 2 August 2002 relating to the supervision
2° to establish a system of granting the State guarantee for commitments undertaken by the institutions controlled under the above-mentioned laws that it determines, or grant the State guarantee to certain claims held by these institutions;
3° to put in place, if necessary through regulations made in accordance with 1°, a system of granting the guarantee of the State for the reimbursement to the natural associates on their part of the capital of cooperative societies, approved in accordance with the royal decree of 8 January 1962 setting the conditions for the aggregation of national groups of cooperative societies and cooperative societies, which are institutions controlled under the aforementioned laws or under the least invested institutions
4° to establish a system for the granting of State coverage of losses incurred on certain assets or financial instruments by institutions controlled under the aforementioned laws;
5° establish a system of granting the State guarantee for commitments undertaken by entities whose activity is to acquire and manage certain assets held by institutions controlled under the aforementioned laws;
6° as well as the guarantee for commitments made by Holding Communal SA.
Royal orders under paragraph 1^er, 1°, cease to produce their effects if they have not been confirmed by law within 12 months of their effective date. Confirmation is retroactive to the date of entry into force of royal decrees. Royal orders under paragraph 1^er, 2° to 6°, are deliberated in Council of Ministers.
§ 2. Institutions controlled under the control laws referred to in paragraph 1^erParagraph 1^er, 1°, are, for the purposes of paragraph 1^erParagraph 1^er, 2° to 5°, the financial companies listed in the list referred to in section 13, paragraph 4, of the Act of 22 March 1993 relating to the status and control of credit institutions, mixed financial companies, credit institutions, investment companies and insurance companies, as well as their direct or indirect subsidiaries.
Art. 106. The King determines the modalities for sharing the various activities within the framework of cooperation between BNB and CBFA. »
Art. 23. In the same Act, chapter IV, renumbered by the Act of 2 May 2007 and comprising sections 117 to 119, is repealed.
Art. 24. In section 121, § 2, of the same law, last amended by the law of 23 May 2007, paragraphs 4 and 5 are repealed.
Art. 25. Section 122 of the Act, last amended by the Act of 22 December 2009, is supplemented by a 43° written as follows:
"43° to the systemic financial institution, against the decisions made by the CREFS under section 90. »
CHAPTER 3. - Miscellaneous provisions
Art. 26. § 1^er. In order to change the financial sector monitoring structures, the King, by 30 September 2010, takes all necessary measures to:
1° to expand BNB missions by integrating the following skills:
(a) the competence and duties of the REFSRE in respect of prudential control, as referred to in articles 89 and 90 of the Act of 2 August 2002;
(b) the powers and duties of the CBFA referred to in Article 45, § 1^er, 1°, 6°, 10° and 13°, and if applicable 11° and 12°, of the law of 2 August 2002 with regard to the prudential control exercised over credit institutions, including electronic currency institutions as defined in Article 1^er, paragraph 3, of the Act of 22 March 2003 relating to the status and control of the credit institutions, on the insurance companies, on the investment companies having the status of the stock exchange company, on the reinsurance companies, on the professional pension institutions, on the compensation organizations, on the liquidation organizations and organizations assimilated to the liquidation bodies and on the payment institutions within the meaning of title II of the law of 21 December 2009
2° to authorize the BNB to establish one or more legal entities whose purpose is the exercise of all or part of the competences referred to in the 1st and part of the competences vested in the BNB by the Act of 22 February 1998 establishing the organic status of the National Bank of Belgium, and to define the missions, organs, name, terms of financing as well as any other modality necessary for the proper functioning of the BNB
3° to settle the transfer to the BNB or to the legal entities referred to in 2° of the BNB or CBFA personnel who are assigned to the missions devolved to the BNB or to the legal entities in question, on the understanding that the legal entity to which the staff members are thus transferred, by the sole effect of that transfer, the entire rights and obligations arising from the law or contracts of work and the conditions of
4° to carry out the transfer to the BNB or to the legal entities referred to in 2° of the rights and obligations of the CREFS and the CBFA that are assigned or relate to the missions and competencies transferred to the BNB or to the legal entities in question, as well as, for the missions transferred, the liability regime applicable to the BNB, its members, its staff members and the legal entities referred to in 2
5° to amend the name of the CBFA, to adapt the structure and composition of the organs of the CBFA and the BNB according to the missions so transferred and to repeal, by 31 December 2010, the provisions relating to the CREFS;
6° to determine, where appropriate, the modalities of cooperation between the BNB, the legal entities referred to in 2° and the CBFA, as well as the modalities of the allocation of competence and tasks to these institutions and entities.
Orders made under paragraph 1^er may amend, supplement, replace or repeal existing legal provisions. They cease to produce their effects if they have not been confirmed by law within two years of the date of their entry into force.
Confirmation is retroactive to the effective date of the Orders. The powers granted to the King by this paragraph expire 30 September 2010.
§ 2. For the purpose of allowing the King to take the order referred to in paragraph 1^er, the King sets up a committee to prepare the new control architecture. This committee is composed, in addition to the Governor of the BNB and the President of the CBFA, of four members appointed by the King as members of the BNB Steering Committee and the CBFA Steering Committee. Each member of this committee may be replaced by another member of the BNB or CBFA steering committee, which he or she designates. The secretary general of the CBFA attends the meetings of this committee as an observer.
The committee is responsible for:
(a) give notice to the Minister, by April 30, 2010, regarding the proposed Order referred to in subsection 1^er;
(b) review the schedule of transfer operations;
(c) consider issues of a legal, organizational or other nature arising from the transfer referred to in paragraph 1^er;
(d) establish a detailed and precise operational plan;
(e) assist in the preparation of the regulatory texts referred to in paragraph 1^er;
(f) report regularly to the BNB and CBFA Executive Committees.
Art. 27. Article 3, § 1^er, of the Act of 6 April 2010 on market practices and consumer protection, is supplemented by a paragraph written as follows:
"The King may set rules on the content and mode of presentation of promotional communications and other documents and notices relating to an account opened to a financial institution, and entrust the CBFA with the control of compliance with these provisions, in accordance with the terms and conditions it determines. »
Art. 28. In the Act of 16 June 2006 on public tenders for investment instruments and admissions of instruments for trading in regulated markets, an article 57/1 is inserted as follows:
"Art. 57/1. The King may, under the conditions and in the light of the modifications it determines, declare this title applicable to the offers of investment instruments that are carried out on Belgian territory and are not covered by Article 57, or to categories of these instruments of placement. »
CHAPTER 4. - Enforcement measures and entry into force
Art. 29. The Minister of Finance, the Minister of P.M.E., Independents, Agriculture and Scientific Policy, the Minister of Climate and Energy and the Minister for Enterprise and Simplification are responsible, each with regard to the implementation of this Act.
Art. 30. Sections 2 to 6, 9, 1 and 2°, 10, 14, 21 to 25, 27 and 28 come into force within 20 working days of the publication of this Act.
Article 7, 2°, and Article 12 come into force on 1^er August 2010.
Without prejudice to the application of sections 26 and 29, the King sets out the date of entry into force of sections 7, 1 and 3°, 8, 9, 3°, 11, 13 and 15 to 20 of this Act. In this context, it may determine the terms and conditions of entry into force for current files.
Art. 31. Section 22 is repealed as soon as the measures taken under section 26 come into force and no later than December 31, 2010.
Promulgation of this law, let us order that it be clothed with the seal of the State and published by the Belgian Monitor.
Given in Brussels, 2 July 2010.
ALBERT
By the King:
The Minister of Finance,
D. REYNDERS
Minister of P.M.E., Independents, Agriculture and Science Policy,
Mrs. S. LARUELLE
Minister of Climate and Energy,
VAN QUICKENBORNE
Minister for Business and Simplification,
P. MAGNETTE
Seal of the state seal:
Minister of Justice,
S. DE CLERCK
____
Note
(1) 2009-2010 session.
House of Representatives.
Documents. - Bill, 52-2408/001. - Amendments, 52-2408/002 and 003. - Report, 52-2408/004. - Text adopted by the Commission, 52-2408/005. - Amendments, 52-2408/006 and 007. - Supplementary report, 52-2408/008. - Article amended by the Commission, 52-2408/009.
Full report. - 24 and 25 March 2010.