15 OCTOBER 2008. - Act on measures to promote financial stability and, in particular, establishing a State guarantee on credits and other transactions carried out in the context of financial stability

ALBERT II, King of the Belgians,
To all, present and to come, Hi.
The Chambers adopted and We sanction the following:
PART 1^er. - General provision
Article 1^er. This Act regulates a matter referred to in Article 78 of the Constitution.
PART 2. - Amendment of the Financial Sector Supervision and Financial Services Act of 2 August 2002
Art. 2. In the Financial Sector Supervision and Financial Services Act of 2 August 2002, an article 117bis is inserted, as follows:
"Art. 117bis. The King may, on the advice of the Financial Stability Committee, in the event of a sudden crisis in financial markets or in the event of a serious threat of a systemic crisis, for the purpose of limiting its magnitude or effects,
1° to make additional or derogatory regulations to the Act of 9 July 1975 on the control of insurance companies, the Act of 22 March 1993 on the status and control of credit institutions, the Act of 6 April 1995 on the status and control of investment enterprises and the Act of 2 August 2002 on the supervision of the financial sector and financial services,
2° as well as to establish, by order deliberately in the Council of Ministers, a system of granting the guarantee of the State for commitments made by the institutions controlled, under the above-mentioned laws, that it determines.
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. »
PART 3. - Interpretation of Article 7 of the Act of 22 February 1998 establishing the organic status of the National Bank of Belgium
Art. 3. Article 7 of the Act of 22 February 1998 establishing the organic status of the National Bank of Belgium is interpreted in that the privilege enjoyed by the National Bank of Belgium as well as the pledge which may be granted under Article 7 above guarantee claims arising from the exercise of its missions and operations, including those which do not fall under the European System of Central Banks.
PART 4. - Interpretation of articles 7 and 15 of the Act of 25 October 1919 on the pledge of the trade fund, the discount and pledge of the invoice, and the aggregation and expertise of supplies made directly to consumption
Art. 4. Sections 7 and 15 of the Act of 25 October 1919 on the assignment of the trade fund, the deposit and pledge of the invoice and the approval and expertise of supplies made directly to consumption are construed as not limiting the categories considered to be financial institutions to those covered by the Act of 22 March 1993 relating to the status and control of credit institutions.
PART 5. - Amendment of the Act of 22 February 1998 establishing the organic status of the National Bank of Belgium
Art. 5. In the title of Chapter II of the Act of 22 February 1998 establishing the organic status of the National Bank of Belgium, the words "related to the SEBC" are repealed.
Art. 6. In the Dutch text of Article 5, § 1^er, from the same law, the words "of taken ervan" are replaced by the words "haar taken".
Art. 7. In section 7, paragraph 4, of the Act, as amended by the Act of 20 July 2006, the words "As soon as the pledge agreement is concluded" are replaced by the words "When the Bank accepts claims in pledges, as soon as the pledge agreement is concluded".
Art. 8. Section 9, paragraph 2, of the Act is supplemented by the following sentence:
"The State further guarantees to the Bank the reimbursement of any credit granted as part of its contribution to the stability of the financial system and guarantees the Bank against any loss incurred as a result of any necessary operation in this regard"
Art. 9. Article 12, paragraph 1^erthe same law, as amended by the Act of 2 August 2002, is supplemented by the following sentence:
"The Bank enjoys, for all decisions and operations taken in the context of its contribution to the stability of the financial system, the same degree of independence as that enshrined in Article 108 of the Treaty establishing the European Community"
Art. 10. In section 13 of the Act, the words "of the missions referred to in section 10" are replaced by the words "of the missions covered by this Act".
Art. 11. In the same Act, the title "Chapter III - Missions not under the CBSS" is repealed.
Art. 12. In the same Act, chapter IV is renumbered as chapter III.
Art. 13. In the same Act, Chapter V is renumbered Chapter IV.
Art. 14. In the same Act, Chapter VI is renumbered as Chapter V.
PART 6. - Entry into force
Art. 15. Articles 1^er5 to 7 and 9 to 15 come into force on the day of the publication of this Act to the Belgian Monitor.
Section 2 produces its effects on October 9, 2008.
Article 3 comes into force on the date of entry into force of Article 7 of the Act of 22 February 1998 establishing the organic status of the National Bank of Belgium, as amended by the Act of 20 July 2006 on various provisions.
Section 4 comes into force on the date of entry into force of sections 7 and 15 of the Act of October 25, 1919 on the deposit of the trade fund, the deposit and pledge of the invoice, as well as the approval and expertise of supplies made directly to consumption, as amended by the Act of March 22, 1993 on the Status and Control of Credit Institutions.
Section 8 produces its effects on September 28, 2008.
Promulgate this law, order that it be clothed with the seal of the State and published by the Belgian Monitor.
Given in Brussels, 15 October 2008.
ALBERT
By the King:
Deputy Prime Minister and Minister of Finance,
D. REYNDERS
Seal of the state seal:
Deputy Prime Minister and Minister of Justice,
J. VANDEURZEN
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Note
(1) Parliamentary references:
House of Representatives documents: 52-1470-2008/2009.
- No. 1: Bill.
- No. 2: Amendments.
Report number three.
- No. 4: Text adopted by the commission.
- No. 5: Amendments.
- No. 6: Text adopted in plenary and transmitted to the Senate.
Full report: 14 October 2008.
Document of the Senate: 4-963 - 2008/2009.
- No. 1: Project referred to by the Senate.
- No. 2: Amendments.
- No. 3: Decision not to amend.
Annales of the Senate: October 15, 2008.