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27 OCTOBER 2006. - Professional Retirement Institutions Control Act (1)

ALBERT II, King of the Belgians,
To all, present and to come, Hi.
The Chambers adopted and We sanction the following:
PART I^er. - General provisions
CHAPTER I^er. - Object and definitions
Article 1^er. This Act regulates a matter referred to in Article 78 of the Constitution.
It transposes Directive 2003/41/EC of the European Parliament and the Council of 3 June 2003 on the activities and supervision of professional pension institutions.
Art. 2. For the purposes of this Act and its enforcement orders and regulations,:
1° professional pension institution or institution: an institution, irrespective of its legal form, with the purpose of providing pension benefits related to a professional activity;
2° pension benefits: benefits provided by reference to retirement or the prospect of retirement or, where they come in addition to the said benefits and are provided as an incidental form, in the form of payments in the event of death, disability, incapacity for work or termination of activity or in the form of assistance or services in the event of illness, indigence or death;
3° pension plan: a contract, agreement, trust act or rules stipulating which pension benefits are provided and under what terms and conditions;
4° affiliate company: any company or other organization, whether or not it consists of one or more legal or physical persons, acting as an employer or as an independent worker or a combination of these two qualities and paying contributions to a professional pension institution;
5° Affiliated: any person to whom his or her professional activity gives or will be entitled to pension benefits in accordance with the provisions of a pension plan;
6° Recipient: any person receiving pension benefits;
7° Member State: a State that is a member of the European Economic Area;
8° Member State of origin: the Member State in which the professional pension institution has its registered office and central administration or, in the absence of a statutory seat, its central administration;
9° Member State: the Member State, other than the Member State of origin, whose relevant social legislation and labour legislation relating to occupational pension schemes are applicable to the relationship between the affiliate company and affiliates;
10° cross-border activity: the activity that involves, for a registered professional pension institution in a Member State, managing professional pension plans that, with respect to the provisions applicable to the relationship between the affiliate and affiliates, are subject to the social and labour law of another Member State;
11th activity in a non-member State of the European Economic Area: the activity that consists, for a professional pension institution approved in Belgium, of managing professional pension schemes which, with regard to the provisions applicable to the relationship between the affiliate and the affiliates, are not subject to the social and labour rights of a member State;
12° obligation of result: the fact, for a professional pension institution, of guaranteeing a result determined according to the contributions paid;
13° obligation of means: the fact, for a professional pension institution, of committing to manage as best as possible the funds entrusted to it for the performance of a pension plan, regardless of the nature of pension benefits;
14° biometric risks: the risks associated with death, disability, incapacity for work and longevity;
15° Separate assets: liabilities and assets or the undivided share of assets managed in common that, on the basis of a separate accounting, relate to one or more pension plans with a view to conferring privilege on affiliates and beneficiaries of that or those pension plans;
16° Competent authorities: the authorities authorized under their law or national regulations to control professional pension institutions;
17° CBFA: the Banking, Financial and Insurance Commission, referred to in section 44 of the Act of 2 August 2002 on financial sector monitoring and financial services.
For the purposes of this Act and its enforcement orders and regulations, the organizer within the meaning of Article 3, § 1^er, 5°, the Act of 28 April 2003 on supplementary pensions and the tax system of supplementary pensions and certain social security benefits is considered an affiliate company.
CHAPTER II. - Scope of application
Art. 3. § 1^er. Without prejudice to the transitional provisions of Part V and with the exception of those relating to primary work disability, pension benefits referred to in section 2, 2°, may be managed only by:
1° a professional pension institution of Belgian law referred to in Part II;
2° a professional pension institution of the law of a Member State other than Belgium, referred to in Title III;
3° an insurance company referred to in section 2 of the Act of 9 July 1975 on the control of insurance companies.
§ 2. Not subject to the provisions of Parts II to V:
1° insurance companies referred to in § 1^er3°, until the King has taken the order referred to in section 227;
2° the institutions which, among the benefits referred to in section 74, manage only the regimes and commitments of solidarity referred to in section 46 of the Programme Law (I) of 24 December 2002 or articles 10 and 11 of the Act of 28 April 2003 referred to above.
CHAPTER III. - Control
Art. 4. CBFA monitors compliance with the provisions of this Act.
CBFA can conclude collaborative protocols with other competent, Belgian or foreign authorities with regard to the implementation of the rules applicable to professional pension institutions, including the relevant provisions of social and labour law.
Art. 5. Without prejudice to section 56 of the Financial Sector Supervision and Financial Services Act of 2 August 2002, the professional pension institutions subject to the control of the CBFA shall, in proportion to the contributions they collect, bear the costs resulting from the control exercised against them by the CBFA, without the fact that their contribution may exceed 3 per thousand of the said contributions.
These costs include operating expenses:
1° of the CBFA, including costs incurred by the secretariat of the Commissions and Councils referred to in 2° to 5°;
2° of the Council of the Independent Complementary Pension referred to in Article 60 of the Act of 24 December 2002 referred to above;
3° of the Commission of the Independent Companion Pension established by Article 61 of the Act of 24 December 2002 referred to above;
4° of the Complementary Pension Board referred to in section 52 of the Act of 28 April 2003 referred to above;
5° of the Commission on Supplementary Pensions established by Article 53 of the Act of 28 April 2003 referred to above;
6° of the Insurance Commission established by section 41 of the Act of 9 July 1975 on the control of insurance companies.
CHAPTER IV. - Name of professional pension institutions
Art. 6. Can only make public use in Belgium of the term professional pension institution, abbreviated IRP, in particular in their social name, in their social object or in their documents:
1° professional pension institutions approved in Belgium in accordance with Title II;
2° professional pension institutions under the law of another Member State authorized to carry out cross-border activity in Belgium in accordance with Title III.
PART II. - Professional pension institutions of Belgian law
CHAPTER I^er. - General provisions
Art. 7. This title applies to professional pension institutions of Belgian law.
Art. 8. A professional pension institution is incorporated as a separate legal entity of the affiliate company.
It takes the form of a Pension Funding Organization governed by Chapter II.
CHAPTER II. - The Pension Funding Organization
Section I^re. - Legal personality
Art. 9. The pension fund organization has legal personality under the conditions defined in this Chapter.
Its headquarters and central administration are established in Belgium.
The pension funding agency is civil.
Art. 10. The pension funding agency limits its social purpose to the activities referred to in section 2, 2°, and to the activities resulting from it.
It cannot provide any other material gain than that related to the realization of the purpose for which it was created.
Art. 11. The legal personality is acquired by the pension fund organization from the day on which its statutes, the acts relating to the appointment of members of its board of directors and, where applicable, persons authorized to represent the organization in accordance with section 28, paragraph 3, are deposited in accordance with section 49.
Without prejudice to section 52, commitments may be made on behalf of the pension fund organization prior to the acquisition by it of the legal personality. Unless otherwise agreed, those who make such commitments, in any capacity, are personally and in solidarity with them, unless the pension funding agency has acquired the legal personality within two years of the birth of the undertaking and has also resumed this commitment within six months of the acquisition of the legal personality. The commitments made by the pension funding agency are deemed to have been contracted by the pension fund from the outset.
Art. 12. All acts, invoices, announcements, publications and other documents issued by a pension financing agency mention their names, immediately preceded or followed by the words "an organization of pension financing" or "OSP" as well as the address of its head office.
Any person who intervenes for a pension fund organization in a document referred to in paragraph 1^er where any of the references referred to in this section are not included, may be personally responsible for all or part of the commitments made by the pension fund organization.
Section II. - The General Assembly
Art. 13. The General Assembly has the widest powers to do or ratify acts of interest to the pension funding agency.
Art. 14. § 1^er. The General Assembly is composed of ordinary members and, if the statutes provide, extraordinary members of the pension fund organization.
The General Assembly has at least one ordinary member. The statutes provide for a procedure so that the pension funding agency cannot operate without an ordinary member for more than six months.
Each ordinary member has at least one voice.
An extraordinary member has no right to vote unless the statutes decide otherwise.
§ 2. Can only be members of the pension fund organization:
1° affiliate companies;
2° affiliates or beneficiaries, as well as their representatives.
Except for affiliates involved in the activities referred to in Article 55, paragraph 1^er, 2°, each affiliate company must be a member of the pension financing organization as long as it is responsible for the management of its or its pension plans.
Art. 15. When a corporation is appointed a member of a pension fund organization, it is required to designate a permanent representative on behalf of and on behalf of the corporation from its partners, managers, administrators, board members or workers.
This representative shall be subject to the same conditions and shall be liable to the same civil and criminal responsibilities as if he carried out this mission in his own name and account, without prejudice to the solidarity of the legal person he represents. The latter can only revoke its representative by simultaneously appointing its successor.
Art. 16. The Board of Directors shall maintain a register of the members of the General Assembly at the headquarters of the pension funding agency. This register includes the names, names and domiciles of members, or when it is a legal entity, the social name, the legal form and the address of the head office. In addition, all decisions on the admission, resignation or exclusion of members are recorded in this register by the board of directors who are endeavors on the eight days of the board's knowledge of the decision.
All interested third parties have a right to look at this register at the headquarters of the pension funding agency.
Art. 17. The General Assembly shall be convened by the Board of Directors in cases provided for by law or statutes or where at least one fifth of the members so requests and at least once a year.
All members are called to the General Assembly.
Each member may be represented by an ordinary member or, if the statutes permit, by an extraordinary member. The statutes may limit the number of proxys a member may bear.
Art. 18. The statutes determine the terms, deadlines and conditions for the convocation, conduct and decision-making of the General Assembly.
If there is no legal or statutory provision to the contrary, the following rules apply:
1° all members shall be called to the General Assembly at least eight days before the General Assembly; the agenda is attached to this convocation; each signed proposal of a number of members at least equal to the twentieth is brought to the agenda;
2° the General Assembly is validly constituted where at least one ordinary member is present or represented;
3° each ordinary member has equal voting rights;
4° Resolutions shall be taken by a simple majority of votes validly emitted from members having a right to vote present or represented or when a single member is present or represented, unilaterally by that member; abstentions and votes not validly emitted shall not be taken into account;
5° Resolutions cannot be taken outside the agenda;
6° in the event of a vote-sharing, the resolution is deemed to be rejected.
Art. 19. The resolutions of the General Assembly are found in minutes that are kept at the headquarters of the pension funding agency.
Each member has a right to look at the minutes and resolutions of the General Assembly and all documents on which the General Assembly deliberates.
The right of look is exercised free of charge unless the statutes otherwise exist.
Art. 20. A decision of the General Assembly is required to:
1° the modification of the statutes;
2° the appointment, revocation and termination of office of directors;
3° the designation, revocation and remuneration of registered commissioners and approved review companies;
4° the exclusion of members;
5° approval of annual accounts and annual report;
6° the discharge to be granted to directors and to registered commissioners and approved review companies;
7° the ratification of the funding plan referred to in Article 86 and its amendments;
8° the ratification of the declaration on the principles of the investment policy referred to in Article 95;
9 the ratification of management agreements with affiliate companies;
10° the ratification of collective transfers;
11° the dissolution and liquidation of the pension fund organization.
Section III. - Operational bodies
Sub-section 1^re. - Provisions common to all operational bodies
Art. 21. The operating bodies of the pension funding agency are those that are responsible for its administration and have a representational competence vis-à-vis third parties. They include the Board of Directors and, where applicable, other operational bodies referred to in subsection 3.
Art. 22. Operational tasks include at least:
1 the collection of contributions to pension plans and pension benefits payments;
2° the investment policy;
3° active/passive management;
4° information to CBFA, affiliate companies, affiliates and beneficiaries;
5° the development and monitoring of internal control measures;
6th the execution of the resolutions of the General Assembly;
7° preparation of annual accounts and annual report;
8° the follow-up to the subcontract and the advisers to whom it is appealed;
9° the development of internal regulations;
10° the development of a dispute resolution and a complaint procedure.
Each operational task must be clearly assigned to an operational body.
Art. 23. Section 15 is applicable to members of the operational bodies of the pension funding agency.
Art. 24. Members of the operating bodies of the pension funding agency must have the appropriate professional, qualifications and experience to perform their duties. These qualifications and experience are particularly appreciated in terms of the functions performed and to the extent that they are used by counsellors with these qualifications and experience.
Art. 25. § 1^er. Can not perform or continue to serve as a member of an operational body of a pension fund, or represent legal persons performing such functions, persons who have been convicted of an offence:
1° to Articles 151 to 154 of this Law;
2° to the provisions referred to in Royal Decree No. 22 of 24 October 1934 concerning the judicial prohibition of certain convicts and failed to perform certain functions, professions or activities;
3° to article 4 of Royal Decree No. 41 of 15 December 1934 protecting savings through the regulation of the temperament sale of batch values;
4° to articles 18 to 23 of Royal Decree No. 43 of 15 December 1934 concerning the control of the capitalization companies;
5° to articles 42 to 45 of Royal Decree No. 185 on the control of banks and the regime of securities and values emissions;
6° to Articles 200 to 209 of the Commercial Corporations Acts, coordinated on 30 November 1935;
7° to articles 67 to 72 of Royal Decree No. 225 of 7 January 1936 regulating mortgages and organizing the control of mortgage companies;
8° to Articles 4 and 5 of Royal Decree No. 71 of 30 November 1939 concerning the bonding of securities and the demarcation of securities and goods and goods;
9° to article 31 of Royal Decree No. 72 of 30 November 1939 regulating the exchanges and futures markets of goods and commodities, the profession of brokers and intermediaries dealing with these markets and the regime of the exception of play;
10° to Article 29 of the Act of 9 July 1957 regulating temperament sales and their financing;
11° to articles 13 to 15 of the Act of 10 June 1964 on public calls to savings;
12° to sections 31 to 35 of the provisions relating to the control of private savings funds, coordinated on 23 June 1967;
13° to article 11 of Royal Decree No. 64 of 10 November 1967 organizing the status of portfolio corporations;
14° to section 74 of the Act of 30 June 1975 relating to the status of banks, private savings funds and certain other financial intermediaries.
15° to sections 83 to 87 of the Act of 9 July 1975 on the control of insurance companies;
16° to articles 11, 15, § 4, and 18 of the Act of 2 March 1989 on the advertisement of important participations in publicly traded companies and regulating public procurement offers;
17° to sections 75 to 78 of the Act of 4 December 1990 on financial transactions and financial markets;
18° to section 150 of the Act of 4 December 1990 on financial transactions and financial markets;
19° to articles 101 and 102 of the Act of 12 June 1991 on consumer credit;
20° to sections 34, 36 and 49 of the Act of 4 August 1992 on mortgage credit;
21° to articles 104 and 105 of the Act of 22 March 1993 relating to the status and control of credit institutions;
22° to Articles 148 and 149 of the Law of 6 April 1995 on secondary markets, the status of investment companies and their control, to intermediaries and investment advisors;
23° to section 62 of the Program Law (I) of 24 December 2002;
24° to Article 25 of the Act of 22 April 2003 on public offers of securities;
25° to section 54 of the Act of 28 April 2003 on supplementary pensions and the tax system and certain social security benefits;
26° to sections 205 to 209 of the Act of 20 July 2004 on certain forms of collective investment portfolio management.
§ 2. Can no longer perform or continue to serve as members of an operating body of a pension fund, or represent legal persons performing such functions, persons who have been convicted by a foreign court for offences similar to those provided for in § 1^er. In this case, article 2 of Royal Decree No. 22 of 24 October 1934 above is applicable.
§ 3. Except for members of the board of directors of the pension fund organization, the CBFA may authorize exemptions from the prohibitions provided for in this section.
§ 4. The King may adapt the provisions of this article to align them with the laws that amend the texts listed therein.
Art. 26. The members of the operational bodies do not in this capacity have any personal obligations with respect to the commitments of the pension funding agency. Their responsibility is limited to the execution of their mandate and the faults committed in their management.
Members of the operating bodies of a pension fund organization are jointly and severally responsible for the members and beneficiaries of pension plans, for any damage resulting from the breach of the obligations imposed by or under the laws governing pension plans that the pension fund organization manages.
They are not discharged from the responsibilities referred to in paragraph 1^er and 2, as to the offences to which they have not taken part, only if no fault is attributable to them and if they cannot be blamed for not having implemented all the means at their disposal to prevent or limit the damage.
Sub-section 2. - The Board of Directors
Art. 27. The Board of Directors determines the overall policy of the pension funding organization and exercises control over other operational bodies.
Art. 28. The board of directors has the power to carry out all necessary or useful acts for the realization of the social object of the pension fund organization, except those that the law or statutes reserve to the general assembly.
The Board of Directors represents the pension funding agency in judicial and extrajudicial acts.
By derogation from paragraph 2, the representation of the pension fund organization in judicial and extrajudicial proceedings may, in accordance with the terms set out in the statutes, be delegated to one or more persons, whether or not directors, members or not of the general assembly, acting either individually or jointly or in college. This decision is enforceable against third parties under the conditions provided for in Article 51.
The statutes may restrict the powers assigned to the board of directors. These restrictions, as well as the distribution of tasks that the directors may have agreed, are not applicable to third parties, even if published.
Art. 29. The board of directors of a pension fund is composed of at least two individuals, both physical and legal, who form a college. Their mandate cannot exceed six years. He's renewable.
Art. 30. In exceptional cases, duly justified by urgency and social interest, decisions of the board of directors may be taken, if the statutes permit, by unanimous consent of the directors, expressed in writing, by fax or by e-mail.
However, it will not be possible to use this procedure for the preparation of annual accounts, the use of the social fund or any other case that the statutes would mean except.
Subsection 3. Other operational bodies
Art. 31. The statutes may authorize the board of directors to delegate the implementation of the general policy of the pension funding agency to other operational bodies.
The terms and conditions for the appointment of members of these bodies, their dismissal, their remuneration, the duration of their mission and the mode of operation of the operational bodies are determined by the statutes or, in the absence of a statutory clause, by the board of directors.
Regulations or a decision of the Board of Directors may impose restrictions on the management authority that may be delegated under paragraph 1^er. These restrictions, as well as the possible allocation of tasks agreed upon by members of other operational bodies, are not applicable to third parties, even if published.
The creation of other operational bodies cannot hinder the exercise of adequate control of CBFA over the pension funding organization.
Art. 32. Each of the other operational bodies consists of at least two individuals, both physical and legal, who form a college, with the exception of the one who is responsible for the daily management of the pension funding agency.
Art. 33. Members of other operational bodies may also be members of the board of directors provided that they are, together, minority members of the board or, in the event of a parity, that the chair of the board of directors is not a member of any other operational body and that he has a predominant voice in the board of directors.
Section IV. - Social Committees
Art. 34. For the enforcement of the applicable provisions of social and labour law that are applicable to the performance of pension plans administered by the pension fund organization, one or more social committees may be established with the pension fund organization. These committees are not bodies of the pension funding agency.
The composition, competence and functioning of these committees are regulated in the statutes, in an agreement between the pension funding agency and the affiliate company or in another document.
When a social committee has a decision-making power in one or more matters or situations in relation to the operation of the pension fund organization, the statutes determine how the decision-making authority is organized and what dispute resolution must be followed.
The constitution and functioning of these social committees cannot constitute an obstacle to the proper control of the CFB on the pension funding organization.
Section V. - Nullity, dissolution and liquidation
Art. 35. § 1^er. The invalidity of a pension financing organization may only be pronounced in the following cases:
1° if the statutes do not contain the references referred to in Article 46, paragraph 1^er1° and 2°;
2° if one of the purposes for which it is constituted contravenes the law or public order.
Without prejudice to articles 50 and 51, nullity shall produce its effect on the date of the decision which pronounces it.
The decision on the invalidity of the pension fund organization shall result in the liquidation of the pension fund in accordance with Article 38. Without prejudice to the effects of the winding-up state, the invalidity of the pension financing agency does not affect the validity of its commitments or that of its commitments.
§ 2. Notwithstanding any provision to the contrary, members shall be held in solidarity with respect to any third party interested in compensation for the damage that is an immediate and direct result of the invalidity of the pension fund organization in accordance with the preceding paragraph.
Art. 36. The Court of First Instance of the Borough where the pension funding agency has its statutory seat may make an application by a member, interested third party or the Public Prosecutor's Office for the dissolution of the pension funding agency that:
1° no longer has a commitment to any affiliate or beneficiary;
2° is out of order to fulfill the commitments it has undertaken;
3° affects its heritage or its income to a purpose other than those for which it was established;
4° seriously contravenes its statutes, or contravenes the law or public order;
5° does not include at least one ordinary member after the expiry of the period referred to in Article 14, § 1^erParagraph 2.
The court may order the annulment of the offence, even if it rejects the request for dissolution.
Art. 37. Prior to the decision on an application for annulment or judicial dissolution of an pension fund organization, the President of the Tribunal shall apply to the CBFA for an opinion. The clerk shall forward this request without delay. He informs the King's attorney.
The CBFA referral is written. It is accompanied by the necessary documents for its information.
CBFA renders its notice within fifteen days of receipt of the notice request.
CBFA may, in the case of a pension funding agency procedure that requires first coordination with foreign authorities, render its notice within a longer period of time, but the total period may not exceed 30 days. When it considers it necessary to make use of this exceptional period, the CBFA shall notify the judicial authority to decide. The time limit for CBFA to render its notice suspends the time limit for the judicial authority to decide. In the absence of a CBFA response within the time limit, the court may decide.
The CBFA notice is written. It is transmitted by any means to the Clerk, who gives it to the President of the Court and to the King's Prosecutor. The notice is placed on file.
Art. 38. The liquidator(s) shall be designated in accordance with the statutes with the approval of the CBFA or, in the case of a judicial dissolution, by the court of first instance.
Without prejudice to other applicable statutory provisions, the King may determine the powers and obligations of the liquidator, especially with regard to the liquidation of the liabilities arising out of pension plans managed by the pension funding agency.
Art. 39. The judgment which pronounces either the nullity or dissolution of a pension financing agency, or the cancellation of one of its acts, is subject to appeal.
The same is true of the judgment which determines the decision of the liquidator(s).
Art. 40. The liquidation shall be carried out by the care of one or more liquidators who perform their functions, either in accordance with the statutes or by a resolution of the General Assembly, or, in the absence of a court decision, which may be caused by any interested third party or by the Public Prosecutor's Office.
Art. 41. Each separate heritage of a pension fund organization is liquidated separately without the liquidation of another separate asset. Only the liquidation of the last separate heritage results in the liquidation of the pension fund.
In the event of the dissolution, liquidation or restructuring of separate assets, the provisions of this Section shall apply to that or those separate assets.
Art. 42. § 1^er. Notwithstanding any other legal or statutory provision, in the event of a voluntary or forced liquidation of a separate asset, the rights of creditors to representative values shall be in the following order, in accordance with the equality of creditors of the same rank:
1° by derogation from article 94, paragraph 1^er, the liquidator or, where appropriate, the curator to the extent of his remuneration, the remuneration of his staff and the liquidation costs to the extent that they have taken advantage of the distinct heritage to which the representative values are assigned;
2° by derogation from article 94, paragraph 1^er, creditors holding rights or privileges on these representative values, acquired in good faith by virtue of a formality completed prior to the assignment of the assets concerned as representative values, up to these rights and privileges;
3° the affiliates and beneficiaries of the separate heritage pension plan to which the representative values are assigned, up to the debts they may claim due to this pension plan;
4° affiliates and beneficiaries of pension plans in respect of all other separate assets liquidated simultaneously, up to the balance after liquidation of the separate assets referred to in this paragraph and prorated the deficits of these other separate assets;
5° the other creditors, as opposed to their debt on the separate assets put in liquidation.
§ 2. In the event of a lack of representative values to fully disinterest the affiliates and beneficiaries of a separate heritage pension plan, the latter retain a general privilege for the surplus on all the movable and immovable property of the professional pension institution. This privilege can only be enforced at the time of the total liquidation of the pension fund organization. It is general and is awarded by all other general and special privileges.
Art. 43. Upon completion of the liability, liquidators will determine the destination of the asset.
Without prejudice to other legal provisions, this destination will be the one provided by the statutes or, in the absence of any statutory provision on this subject, the one that the general assembly convened by the liquidators will indicate. In the absence of a statutory provision or a decision of the General Assembly, the liquidators will give the asset an assignment that will be as close as possible to the purpose for which the pension funding agency has been established.
Members, creditors and the Public Prosecutor ' s Office may appeal to the court against the liquidator decision.
Art. 44. The action of creditors is prescribed by five years from the publication of the asset allocation decision.
Art. 45. Any judicial decision, general assembly or liquidators relating to the dissolution or invalidity of the pension fund organization, under the terms of the liquidation, appointment and termination of functions of the liquidators, the closure of the liquidation and the assignment of the assets shall, within the month of its date, be filed in accordance with section 49.
The acts relating to the appointment and termination of functions of liquidators include their name, first name and domicile, or, in the case of legal persons, their name, legal form and head office.
On all acts, invoices, announcements, publications and other documents issued by a pension financing agency that was the subject of a disbanding decision, the references to section 12 are supplemented by the words "in liquidation".
Any person who intervenes for such a pension fund organization in a document referred to in the preceding paragraph where the reference is not included may be personally responsible for any or part of the commitments made by the pension fund organization.
Section VI. - Advertising forms
Art. 46. Without prejudice to the other provisions of this chapter, the statutes of a pension funding agency shall mention at least:
1 the name and address of the head office of the pension fund organization;
2° the precise designation of the social object;
3° where applicable, the description of the distinct heritages;
4° the conditions and formalities for the admission and exit of the members;
5° the powers and mode of convocation of the General Assembly and the manner in which its resolutions are communicated to members and third parties;
6° the manner of appointment, termination of office and revocation of directors, the extent of their powers and the manner in which they are exercised;
7° where applicable, the method of designation of persons authorized to represent the pension fund organization pursuant to section 28, paragraph 3, the extent of their powers and the manner of exercising them, acting either individually or jointly or in college.
These statutes are found in an authentic or private act. In the latter case, notwithstanding the requirement of article 1325 of the Civil Code, two originals are sufficient.
Art. 47. The acts relating to the appointment or termination of the functions of the members of the operational bodies, commissioners and persons authorized to represent the pension financing agency shall have their names, names, domiciles, or, if they are legal persons, their social name, their legal form, their identification number of T.V.A. and their headquarters, as well as the extent of their powers and the manner of exercising them, in either way, jointly or
Art. 48. Directors file the following documents with the National Bank of Belgium on an annual basis:
1st annual accounts;
2° a document containing the names and names of the directors and of the commissioner(s);
3° the report of the commissioner(s).
The King shall determine the time and terms and conditions for the filing of the documents referred to in paragraph 1^er as well as the amount and mode of payment of advertising fees. The deposit shall be accepted only if the provisions of this paragraph are complied with.
Within fifteen working days after acceptance of the deposit, the deposit is mentioned in a collection prepared by the National Bank of Belgium on a medium and in the manner determined by the King. The text of this mention is sent by the National Bank of Belgium to the Registry of the Commercial Court where the file of the pension financing agency provided for in Article 49 is held to be paid.
The National Bank of Belgium is responsible for issuing a copy, in the form determined by the King, to those who make the request, even in writing, of all documents transmitted to it pursuant to paragraph 1^eror documents referred to in paragraph 1^er relating to designated pension funding organizations and specific years that have been transmitted to it. The King shall determine the amount of the fees to be paid to the National Bank of Belgium for obtaining the copies referred to in this paragraph.
Court transplants are granted without charge and without delay from the National Bank of Belgium, a copy of all documents referred to in paragraph 1^erin the form determined by the King.
The National Bank of Belgium is empowered to prepare and publish, as determined by the King, aggregate and anonymous statistics relating to all or part of the elements contained in the documents transmitted to it pursuant to paragraph 1^er.
Art. 49. It is held at the Registry of the Commercial Court a file for each pension fund organization with its head office in the borough.
This file contains:
1° the statutes of the pension fund organization;
(2) acts relating to the appointment or termination of office of members of operational bodies and persons authorized to represent the pension fund and commissioners;
3° a copy of the member register;
4° the decisions relating to the invalidity or dissolution of the pension fund organization, its liquidation and the appointment and termination of functions of liquidators, referred to in Article 45, paragraph 1^er; judicial decisions must be filed on file only if they are cast into force of evidence or enforceable by provision;
5° the annual accounts of the pension fund organization established in accordance with section 81;
6° the changes to the acts, documents and decisions referred to in 1°, 2°, 4° and 5°;
7° the coordinated text of the statutes following their modification.
In the event of a change in the composition of the pension fund organization, a list of updated members is filed within the month of the anniversary of the filing of the statutes.
The King determines the terms and conditions for the filing of the case and the compensation that is charged to this effect to the pension fund organization and cannot exceed the actual cost. It may provide that the documents referred to in paragraph 2 may be filed and reproduced in the form it determines. According to the conditions determined by the King, copies are authentic as the original documents and may be substituted for them. The King can also allow the automated processing of data from the file that He determines. It may authorize the linking of data files. It sets out the terms and conditions, if any.
Any person may, in respect of a specified pension fund organization, have access to the documents filed free of charge and, upon written or oral request, obtain a full or partial copy, without any other payment than that of the transplant fees. These copies are certified in accordance with the original, unless the applicant renounces this formality.
Art. 50. The acts, documents and decisions referred to in article 49, paragraph 2, 1°, 2° and 4° and their amendments are published by extract, at the expense of the concerned, in the annexes of the Belgian Monitor.
The extract contains:
1° with respect to the statutes or their amendments, the indications referred to in Article 46, paragraph 1^er;
2° in respect of acts relating to the appointment or termination of office of directors and persons authorized to represent the pension fund and commissioners, the indications referred to in section 47;
3° with respect to judicial decisions and decisions of the general assembly or liquidators relating to the nullity or dissolution of the pension fund organization and its liquidation, the author, the date and the device of the decision;
4° in respect of acts and decisions relating to the appointment and termination of functions of liquidators, the indications referred to in Article 45, paragraph 2.
The King shall state officials who shall receive the acts, documents or decisions and determine the form and conditions of filing and publication. The publication must be made within 30 days of the filing of damages against officials to whom the omission or delay would be attributable.
Art. 51. The acts, documents and decisions to be deposited in this chapter shall be subject to third parties only from the day of their filing or, where the publication is also prescribed in this chapter, from the day of their publication to the Annexes to the Belgian Monitor, unless the pension funding agency proves that these third parties had previously known. However, third parties may avail themselves of the acts, documents and decisions that have not been filed or published. For operations that occurred before the thirty-first day following that of publication, these acts, documents and decisions are not enforceable to third parties who prove that they were unable to know them.
In the event of a discrepancy between the text filed and the text published in the annexes of the Belgian Monitor, the latter is not opposable to third parties. However, they may avail themselves of it, unless the institution proves that they have been aware of the text filed.
CHAPTER III. - Accreditation and extension of approval
Art. 52. A professional pension institution may only carry out an activity referred to in section 2, 2° if it has been previously approved by the CBFA.
Art. 53. The application for approval is accompanied by the following information and documents:
1° the statutes and, where applicable, the act of constitution of the professional pension institution, indicating if applicable the date of publication to the annexes to the Belgian Monitor;
2° the data concerning the identification of members of operational bodies and advisers referred to in Article 24:
(a) for natural persons, names, names, domicile, date and place of birth and national registry number or any other national official register or passport number;
(b) for legal persons, the name, legal form, address of the head office, identification number in trade registers, legal persons or T.V.A., as well as identification data as referred to in (a), their permanent representatives.
3° the data concerning the professional qualifications or experiences of the persons referred to in the 2°, as well as, for the members of the operational bodies, the data on professional honesty;
4° the extent of the powers of the members of the operational bodies and the manner in which they are exercised;
5° the description of the management structure, administrative and accounting organization and internal control, as referred to in section 77;
6° the name of affiliate companies whose institution manages pension plans;
7° the main features of pension plans managed by the institution;
8° the funding plan referred to in section 86;
9° the evidence that the occupational pension institution has the margin of credit referred to in sections 87 and 88 where such a margin shall be constituted;
10° the declaration on the principles of the investment policy referred to in Article 95;
11° the other information and documents requested by the CBFA with a view to appraising the application for approval.
The CBFA sets out the form of the application for approval and the conditions to which it must respond.
Art. 54. If the applicant institution was, pursuant to the provisions of Title V, temporarily exempted from the approval and managed pension plans prior to the application, it will also include the following documents:
1° a detailed statement of the relevant technical provisions and placements at the time of the introduction of the request;
2° a statement of payable but not yet liquidated benefits;
3° its annual accounts for the last three completed exercises or, if not, those of the affiliate company.
If this institution was engaged in another activity prior to the application, the CBFA may require any information regarding its financial situation and operations of any kind to assess the application for approval.
Art. 55. The approval is granted separately for:
1° the activities referred to in Article 74, § 1^er1°, for pension benefits authorized in Belgium and for foreign pension plans other than those covered by 2°;
2° the activities referred to in Article 74, § 1^er, 2°, for pension benefits authorized in Belgium and for similar activities carried out abroad.
The professional pension institution approved for one of the activities referred to in paragraph 1^er which wishes to extend to the other activity, submitted to the CBFA a request to extend the accreditation. This request is accompanied by a file composed in accordance with sections 53 and 54.
Art. 56. The CBFA promptly acknowledges the request for approval or extension.
She decides on the application within three months of the introduction of a complete file and, at the latest, within nine months of receipt of the application.
Art. 57. Accreditation or extension may only be granted to a professional pension institution if it meets the conditions and rules established by or under the law.
Art. 58. The decision to grant or refuse the approval or extension is notified to the professional pension institution by registered letter to the position.
Art. 59. The decision to grant approval or extension is published by extract to the Belgian Monitor.
The list of registered professional pension institutions is published annually in the Belgian Monitor. It indicates for which two activities referred to in Article 55, paragraph 1^er, the institution is approved, as well as, where applicable, the Member States other than Belgium in which each institution carries out a cross-border activity.
The CBFA keeps this list up to date on its website.
Art. 60. The registered professional pension institution shall include in the documents that are known to affiliates and beneficiaries the following:
"Professional pension institution approved the...".
This is followed by the identification number assigned by the CBFA.
Art. 61. A registered professional pension institution has the ability to renounce the accreditation. The waiver is addressed to the CBFA, which finds it and sets the date of its effects. It is published in the Belgian Monitor.
The waiver of the licence will prohibit the continuation of the activities except for the management of pension plans for the benefit of affiliates or beneficiaries of these plans at the time of the waiver.
The professional pension institution that has renounced the accreditation shall remain subject to the provisions of this Act and its regulations and to the control of the CBFA until all its commitments are liquidated.
The CBFA shall inform the competent authorities of the Member States where the professional pension institution carries out a cross-border activity of the waiver of its approval.
CHAPTER IV. - Cross-border activity and activity in a non-member State of the European Economic Area
Section I^re. - Provisions common to cross-border activity and activity in a non-member State of the European Economic Area
Art. 62. A professional pension institution approved in Belgium may carry out a cross-border activity or activity in a non-member State of the European Economic Area under the conditions provided for in this chapter.
Art. 63. An institution may not engage in cross-border activity or an activity in a non-member State of the European Economic Area if its technical provisions are not fully covered for all managed pension plans.
For the purposes of paragraph 1^er, the institution cannot invoke the benefit of the transitional provisions of articles 157 to 173.
Section II. - Cross-border activity
Art. 64. The professional pension institution approved in Belgium that plans to carry out a cross-border activity notifies its intention to the CBFA.
This notification is accompanied by a file with the following elements:
1° the name of the host Member State;
2° the name of the affiliate company;
3° the main features of the pension plan to be managed for the affiliate;
4° any element requested by the CBFA to appreciate the application.
The record referred to in paragraph 2 is written in the legally imposed language. However, CBFA may, in agreement with the competent authorities of the host Member State, impose that all or part of this file be translated into the language of that Member State or in a language agreed between the CBFA and the competent authorities.
The notification may be filed together with the registration file referred to in section 53. However, CBFA may not make any decision regarding the notification prior to the issuance of the approval pursuant to section 59.
Art. 65. The CBFA may oppose the implementation of the institution's project if it finds that the administrative structures or the financial situation of the institution or the professional competence or experience of the members of its operational bodies are not compatible with the operations proposed in the host Member State.
This objection shall be notified to the institution by registered letter to the position, no later than three months after the receipt of the complete file including all the elements referred to in section 64, paragraph 2.
Art. 66. When the CBFA has no objection to the institution's project, it shall communicate to the competent authorities of the host Member State, within three months of its receipt, the file referred to in Article 64, paragraph 2, and shall inform the institution of the matter.
Art. 67. Within two months of the communication referred to in Article 66, the CBFA shall communicate to the institution the information that the competent authorities of the host Member State have transmitted to it regarding the provisions to which the professional pension institutions that operate in that Member State are subject to:
1° of social and labour law applicable to the management of the pension plan on behalf of the affiliate;
2° information requirements;
3° of rules of placement of representative values.
Art. 68. Upon receipt of the communication referred to in Article 67 or, in the absence of such a communication, upon the expiry of the period referred to in that communication, the institution may commence its activity in the Member State, in accordance with the provisions listed in Article 67.
Art. 69. The provisions of this section apply whenever the institution makes changes to the data referred to in section 64, paragraph 2.
Section III. - Activity in a State not a member of the European Economic Area
Art. 70. The professional pension institution approved in Belgium that plans to operate in a non-member State of the European Economic Area notifies its intention to the CBFA.
This notification is accompanied by a file with the following elements:
1° the name of the State in which the activity will be carried out;
2° the name of the affiliate company;
3° the main features of the pension plan to be managed for the affiliate;
4° any element requested by the CBFA to appreciate the application.
The record referred to in paragraph 2 is written in the legally imposed language. However, CBFA may, in agreement with the competent authorities of the State in which the activity will be carried out, impose that all or part of the case be translated into the language of that State or in a language agreed between the CBFA and the competent authorities.
The notification may be filed together with the registration file referred to in section 53. However, CBFA may not make any decision regarding the notification prior to the issuance of the approval pursuant to section 59.
Art. 71. CBFA may oppose the implementation of the institution's project if it finds that the administrative structures or the financial situation of the institution or the professional competence or experience of the members of its operational bodies are not compatible with the operations proposed in the State where it intends to exercise its activity.
CBFA may also oppose the implementation of the institution's project if the legislation or state situation in which the planned activity should be carried out does not allow it to exercise appropriate control over the professional pension institution.
This objection shall be notified to the institution by registered letter to the position, no later than three months after the receipt of the complete file including all the elements referred to in section 70, paragraph 2.
Art. 72. The institution may begin its activity in the State indicated upon receipt of the communication of the CBFA informing it that it has no objection to its project and, at the latest, on the expiry of the period referred to in Article 71, paragraph 3.
Art. 73. The provisions of this section apply whenever the institution makes changes to the data referred to in section 70, paragraph 2.
CHAPTER V. - Exercise of activity
Section I^re. - Retirement benefits authorized in Belgium
Art. 74. § 1^er. The pension benefits authorized in Belgium are:
1° the extra-legal benefits made, individually or collectively, in respect of retirement, death, disability and inability to work for the staff or leaders of one or more companies;
2° the extra-legal advantages constituted:
(a) in respect of retirement, death, disability and incapacity for self-employed persons, as referred to in Part II, Chapter 1, Section 4, of the Programme Act (I) of 24 December 2002;
(b) in respect of retirement, death, disability and incapacity for non-self-employed persons, as referred to in section 54 of the Compulsory Health Care Insurance Act, coordinated on 14 July 1994;
3° the benefits arising from the solidarity regimes referred to in Article 46 of the Programme Law (I) of 24 December 2002;
4° the benefits arising from the solidarity commitments referred to in articles 10 and 11 of the Act of 28 April 2003 on supplementary pensions and the tax system of such pensions and certain social security benefits;
§ 2. The provisions of Chapter V, Sections III to VI, Chapter VII, Sections II and III, Chapter VIII and Chapter IX shall not apply to pension benefits referred to in paragraphs 3 and 4 of § 1^er.
§ 3. For the purposes of this section, the persons referred to in section 32, paragraph 1 shall be defined by business leaders.^er, 1° and 2°, of the Income Tax Code 1992.
Art. 75. By derogation from section 74, this Act shall not:
1° the individual pension commitments granted by a company to persons referred to in Article 32, § 1^er, paragraph 4, of Royal Decree No. 38 of 27 July 1967 organizing the social status of independent workers, without a constitution for this purpose of a separate legal person;
2° the individual pension commitments that existed before 16 November 2003.
Art. 76. A professional pension institution may not manage death, disability or incapacity benefits, or plans and commitments under section 74, § 1^er, 3° and 4°, as an accessory to the management of pension benefits.
Section II. - Management structure and organization
Art. 77. The professional pension institution has a management structure, an administrative and accounting organization and an internal control appropriate to the activities it operates.
This structure, organization and internal control must enable it to carry out the planned operations and, in particular, the funding plan referred to in section 86. They cannot hinder the exercise of adequate control of the institution.
The institution shall, within the month, communicate to the CBFA any significant changes to the operating conditions, including those relating to the elements referred to in paragraph 1^er.
Art. 78. The professional pension institution may entrust to a third party, by contract of mandate or business contract, the exercise, on its own behalf, of one or more of its activities.
The institution is responsible for the choice and control of the activity of external service providers to which it appeals. In particular, it ensures that they have the necessary qualifications and professional experience.
The use of external service providers does not in any way diminish the responsibility of the institution or its organs.
The use of external service providers cannot hinder the exercise of adequate oversight of the institution.
Art. 79. The professional pension institution determines in its statutes or in a convention with the affiliate business(s) the rules of management and operation allowing a clear definition of the rights and obligations of the affiliate business(s).
The King sets out the terms and conditions for the application of this article.
Art. 80. § 1^er. The professional pension institution establishes a separate heritage for:
1° the activities referred to in Article 55, paragraph 1^er, 1°,
2° the activities referred to in Article 55, paragraph 1^er2°,
3° activities subject to at least one of the relief measures of Chapter VIII of this title, where the CBFA imposes a separate heritage;
4° the activities determined by the King by decree deliberated in the Council of Ministers.
The institution shall establish a separate heritage for the activities referred to in section 55, paragraph 1^er, 1°, and by affiliate if some of these activities benefit from one of the transitional provisions of Title V.
§ 2. The institution may establish one or more separate assets for one or more pension plans, including:
1° for cross-border activities, in particular in cases where the legislation of the host Member State imposes rules of placement different from those applicable to other activities of the institution;
2° for activities carried out in a non-member State of the European Economic Area.
§ 3. In the event of the creation of different distinct heritages, any undertaking or operation is, in respect of the counterparty, imputed unequivocally to one or more distinct heritages. Section 26, paragraphs 2 and 3, applies to offences under this provision.
Art. 81. § 1^er. The professional pension institution prepares annual accounts and an annual report for:
1° all its activities;
2° for each of the distinct heritages referred to in Article 80.
The accounting year is the calendar year.
§ 2. The King sets the rules for the preparation of annual accounts, the evaluation of the various balance sheets and the presentation of the institution's annual report.
It may determine the rules for the presentation of annual accounts and the annual report when the institution manages several pension plans. In addition, it may set out the conditions under which one or more pension plans are subject to separate annual accounts and annual reports. However, the activities referred to in Article 55, paragraph 1^er, 2°, can always be the subject of the same annual accounts and the same annual report.
Art. 82. The professional pension institution shall communicate to the CBFA no later than June 30 of each year its annual accounts and reports.
Art. 83. The professional pension institution retains the documents relating to the pension plans it manages at its statutory headquarters or at any other place previously approved by the CBFA.
Without prejudice to other legal provisions, the CBFA may, by regulation, set the time limit for the mandatory retention of the aforementioned documents.
Art. 84. A professional pension institution may not borrow or be in bond with third parties. It may, however, borrow exclusively for liquidity purposes and on a temporary basis.
The CBFA can determine the additional conditions to which these borrowings must meet.
Art. 85. A professional pension institution may not provide loans, in any form, to members of its organs and staff, except under the conditions permitted by the CBFA.
Section III. - Funding plan
Art. 86. The professional pension institution establishes a funding plan, if any, in agreement with each of the affiliates, which undertake to respect it.
This plan sets out, by pension plan and in detail, the method of calculating regular contributions that each affiliate pays to the institution for the purpose of:
1° to ensure adequate funding for the pension plan, taking into account the nature of the promised commitments and the risks involved;
2° to form its share of the required credit margin;
3° to bear costs of any kind, including, where applicable, acquisition costs.
The funding plan and its amendments are communicated to the CBFA in the month of their adoption.
The CBFA may require any amendments to safeguard the interests of affiliates and beneficiaries of the pension plan and ensure adequate and regular funding of the pension plan.
Section IV. - Marge of solvency
Art. 87. The professional pension institution that contracts performance bonds is a sufficient margin of credit for all its activities.
The King determines:
1° the method of calculating the solvency margin;
2° the absolute minimum it must reach;
3° the level it must achieve according to the commitments of the institution;
4° the elements that are taken into consideration in the constitution of the solvency margin and absolute minimum.
Art. 88. The professional pension institution that manages pension plans that provide benefits under section 55, paragraph 1^er, 1°, and contracting medium bonds is a sufficient margin of solvency with respect to all of its activities relating to death, disability and incapacity for work.
The professional pension institution that manages pension plans referred to in section 55, paragraph 1^er, 2°, and contracting medium bonds is a sufficient margin of solvency relative to all of its activities.
The institution that jointly manages pension plans that provide benefits under section 55, paragraph 1^er, 1° and 2°, applies the provisions of paragraphs 1^er and 2 respectively for each of these activities.
The King determines the method of calculating the credit margin, the level it must achieve according to the commitments of the denominational pension institution and the elements that are considered for its constitution.
Section V. - Technical requirements
Art. 89. The professional pension institution shall calculate and record, at least annually, as technical provisions, its obligations for the performance of pension plans, as well as for the application of the legal or regulatory provisions relating to these plans.
The technical provisions relate to both current and non-liquidated obligations, regardless of the country where the professional pension institution operates.
The amount of technical provisions is calculated by means of a sufficiently conservative actuarial valuation, taking into account all commitments made by the institution in respect of pension benefits and contributions that it manages, including when the pension plan covers biometric risks or provides either the return of investments or a given level of benefits.
This amount must be sufficient both to ensure that current pensions and benefits continue to be paid to their beneficiaries and to reflect the commitments arising from the pension rights accumulated by affiliates. Economic and actuarial assumptions for the evaluation of commitments are also chosen with caution, taking into account, where appropriate, an adequate margin for adverse variations.
The King defines the rules for calculating minimum technical provisions.
Section VI. - Values of representatives
Art. 90. The technical provisions referred to in section 89 relating to managed pension plans and the obligations deriving from the relevant legislative or regulatory provisions, as well as the technical debts determined by the King, are covered at any time by sufficient and appropriate assets belonging to the professional pension institution and assigned to the guarantee of the obligations referred to above, by separate assets.
These assets are listed below as representative values.
Art. 91. § 1^er. The representative values are placed in accordance with the precautionary principle and, in particular, in accordance with the following rules:
1° Assets must be best placed on the interests of affiliates and beneficiaries. In the event of a potential conflict of interest, the institution or entity that manages its portfolio shall ensure that the investment is made in the sole interest of affiliates and beneficiaries;
2° Assets must be placed to ensure the safety, quality, liquidity and profitability of the portfolio as a whole.
The representative assets of the technical provisions must also be placed in a manner appropriate to the nature and duration of the planned future pension benefits;
3° Assets must mainly be placed in regulated markets. Asset investments that are not negotiable in a regulated financial market must in any case remain at a prudent level;
4° derivatives investments are possible to the extent they contribute to a reduction in investment risk or facilitate effective portfolio management. They must be assessed with caution, taking into account the underlying asset, and included in the evaluation of the institution's assets. The institution must also avoid excessive exposure to the risks associated with a single counterparty and other derivative transactions;
5° Assets must be properly diversified to avoid excessive reliance on a particular asset, issuer or group of companies and risk concentrations across the portfolio.
Investments in assets from the same issuer or issuers of the same group shall not expose the institution to an excessive concentration of risks;
6° the instruments issued by the affiliate windscreen must not exceed 5% of the entire portfolio and, when the affiliate is owned by a group, the instruments issued by the companies belonging to the same group as the affiliate must not exceed 10% of the portfolio.
When the institution operates on behalf of several affiliate companies, the investment in instruments issued by these companies is done with caution, given the need for adequate diversification.
§ 2. In accordance with § 1^er, the King may determine the nature of the representative values, the rules for their location and assessment and, where applicable, the limits and conditions in which they are affected.
It may exempt the institutions from the application of § 1^er, 5° and 6°, with respect to investments in State bonds.
Art. 92. The professional pension institution shall deposit the representative values that may be deposited, either with the National Bank of Belgium or with a credit institution or an investment company that falls under the law of a Member State and whose accreditation permits a depositary activity.
Art. 93. The professional pension institution maintains a permanent inventory of the representative values of each separate heritage.
At any time, the total amount of representative values used in the permanent inventory must be at least equal to the amount of technical provisions.
When the representative values on the permanent inventory are unavailable for the coverage of the commitments because they are encumbered with a real right, they are reported in the permanent inventory and are not taken into account the amount not available in the calculation of the total referred to in paragraph 2.
Without prejudice to the application of section 97, the institution shall communicate the status of the permanent inventory of each separate heritage to the CBFA in accordance with the form, content, support, periodicity and time limit fixed by the CBFA.
Art. 94. By derogation from sections 7 and 8 of the Mortgage Act of 16 December 1851, all the representative values of the technical provisions referred to in section 90 and repeated in the permanent inventory prescribed by section 93 are, by separate heritage, reserved by priority to the fulfilment of the commitments to affiliates or beneficiaries of pension plans under this heritage.
For professional pension institutions referred to in section 119, the representative values referred to in paragraph 1^er corresponds to the representative values of the permanent inventory held by CBFA on the basis of the documents communicated by these institutions and duly registered for this purpose.
CHAPTER VI. - Statement on the principles of investment policy and information to be provided to affiliates and beneficiaries
Art. 95. The professional pension institution is developing a written statement on the principles of its investment policy. It reviews it at least every three years and immediately after any major change in the investment policy.
This statement contains, at a minimum, investment risk assessment methods, risk management techniques implemented and strategic asset allocation in relation to the nature and duration of pension obligations.
The institution communicates in the month any changes to the statement on the principles of the investment policy to the CBFA.
The CBFA may, by regulation, establish more specific rules with respect to the content and form of this declaration.
Art. 96. Affiliates and beneficiaries or, where appropriate, their representatives shall:
1° on request, the annual accounts and reports referred to in Article 81; where an institution is responsible for more than one plan, they receive those related to their particular pension plan;
2° within a reasonable time, any relevant information regarding possible amendments to the provisions of the pension plan.
The statement of principles underlying the investment policy, as referred to in section 95, shall be communicated at their request to affiliates and beneficiaries and/or, where appropriate, their representatives.
Each affiliate also receives detailed and substantial information on:
1° the level that pension benefits must reach, if applicable;
2° the level of benefits for termination of employment;
3° where the affiliate supports the investment risk, the range of possible investment options and the existing investment portfolio, with a description of the risks and costs associated with these investments;
4° the terms of transfer of pension rights to another professional pension institution in the event of termination of the employment contract.
Each year, affiliates receive brief information on the situation of the institution and the current level of financing their accumulated individual rights.
Upon retirement or when other benefits become payable, each recipient receives adequate information on the benefits due to the beneficiary and the payment options.
CHAPTER VII. - Exercise of control
Section I^re. - Exercise of control by the Banking, Financial and Insurance Commission
Art. 97. The CBFA determines by-law the nature, content, periodicity, time and support of the documents that the institution must transmit to it regularly for the purpose of carrying out its monitoring mission.
In addition, at the request of the CBFA, the professional pension institution, the members of its operational bodies and the persons responsible for its internal control, as well as the external advisers to whom they appeal, are required to provide any information on all matters relating to the institution and to issue any such material to it.
Art. 98. The Vocational Retirement Institution shall communicate to the CBFA at least three weeks before the meeting of the General Assembly the draft annual accounts and amendments to the Regulations, as well as the decisions that will be proposed at that meeting and that may affect the rights of affiliates or beneficiaries.
The CBFA may require that its comments on these projects be made available to the General Assembly.
These observations and the responses thereto must be included in the minutes of the General Assembly meeting.
The institution shall communicate to the CBFA within one month of their approval by the General Assembly or, if it fails, by the decision-making body, amendments to the Regulations, as well as decisions that may affect the rights of affiliates or beneficiaries.
Art. 99. The professional pension institution shall communicate to the CBFA the changes to the data referred to in section 53, paragraph 1^er2° to 4°.
Art. 100. CBFA can control the relationship between a professional pension institution and other institutions or businesses, including affiliate companies, where the following conditions are met:
1° the professional pension institution has transferred functions to these companies and institutions;
2° these relationships influence the financial situation of the professional pension institution or are of significant importance to the exercise of effective control.
This control may have no other purpose than the audit of the financial situation, the management structure and the administrative and accounting organization of the supervised professional pension institution, as well as the compliance by the controlled professional pension institution with commitments to pension plan affiliates or beneficiaries.
Art. 101. The CBFA may conduct on-site audits at the premises of the occupational pension institution and, where appropriate, with the undertakings and institutions referred to in section 100, to verify whether the activities are carried out in accordance with the provisions of or under this Act, as well as with the provisions of social, labour law and information of the affiliates and beneficiaries, whose control is within its jurisdiction. For this purpose, it may read and copy, without displacement, any information held by the above-mentioned companies and institutions.
CBFA may delegate members of its staff or experts mandated to do so and paid by it, who report to it.
Art. 102. No civil, criminal or disciplinary action may be brought or any professional sanction imposed against persons who have disclosed in good faith to the CBFA facts or documents relating to the control mission of the CBFA.
Section II. - Approved Commissioners and approved Review Companies
Art. 103. The professional pension institution entrusts one or more commissioners with the control of the financial situation, annual accounts and regularity under the law and the statutes, of the transactions to be found in the annual accounts.
The duties of Commissioner under paragraph 1^er shall be entrusted to one or more reviewers or to one or more review companies, members of the Institute of Business Reviewers, approved by the CBFA in accordance with section 105.
These revisers and revision companies, respectively, bear the title of a registered commissioner and a registered revision company.
The terms of reference of approved commissioners and approved review companies are three years. It's renouvable.
Professional pension institutions may designate qualified alternate commissioners who perform the functions of certified commissioners in the event of a permanent incapacity of their holder. The provisions of this Article and Article 104 shall apply to such substitutes.
Art. 104. Authorized revision companies perform the duties of an authorized commissioner under section 103 through an authorized commissioner that they designate in accordance with section 33 of the Act of July 22, 1953 creating an Institute of Business Resellers.
The provisions of this Act and the decrees made for its enforcement, which relate to the designation, functions, obligations and prohibitions of authorized commissioners and to sanctions, other than criminal, that are applicable to them, are applicable simultaneously to the authorized review companies and the authorized commissioners representing them.
A registered review company may designate an alternate representative from its eligible members to be designated.
Art. 105. The CBFA shall, under the approval of the Minister of Economy, determine the regulation of the approval of commissioners and revision companies referred to in this section.
The Institute of Corporate Resellers informs the CBFA of the initiation of any disciplinary proceedings against a registered commissioner or a registered revision company for failure to perform its duties with a professional pension institution, as well as any disciplinary action taken against a registered commissioner or an approved revision company and its reasons.
Art. 106. The designation of certified commissioners and qualified commissioners to professional pension institutions is subject to the prior agreement of the CBFA. This agreement is collected by the institution's body that makes the nomination proposal. In the event of the designation of an approved revision company, the agreement shall jointly deal with the company and its representative.
The same agreement is required for the renewal of the mandate.
Art. 107. The CBFA may, at any time, revoke, by a decision motivated by reasons for their status or the performance of their duties as an approved Commissioner or an approved revision corporation, as provided by or under this Act, the agreement given, in accordance with section 105, to an authorized Commissioner, an alternate Approved Commissioner or an approved revision corporation or a representative or alternate representative of such a corporation. This revocation puts an end to the functions of an authorized commissioner.
In the event of the resignation of an authorized commissioner, the CBFA and the professional pension institution are previously informed of this, as well as the reasons for the resignation.
Accreditation rules, for the surplus, the procedure.
In the absence of an alternate registered commissioner or an alternate representative of a registered corporation, the professional pension institution or the approved revision company shall, in accordance with section 105, be replaced within two months.
Art. 108. The approved Commissioner shall cooperate in the control exercised by the CBFA under its personal and exclusive responsibility and in accordance with this section, the rules of the profession and the instructions of the CBFA. To this end:
1° it ensures that the professional pension institution has adopted the appropriate administrative and accounting and internal control measures for compliance with laws, decrees and regulations relating to the legal status of professional pension institutions;
2° it certifies the technical provisions;
3° it confirms, with respect to the CBFA, that the periodic reports transmitted to it by the professional pension institution are complete, correct and established according to the rules applicable thereto;
4° it makes CBFA periodic reports or, at its request, special reports on the organization, activities and financial structure of the professional pension institution;
5° in the context of his mission to the professional pension institution or to a revisoral mission to the affiliate company or to a company whose professional pension institution has control in law or in fact, he makes an initiative to report to the CBFA as soon as he finds:
(a) decisions, facts or developments that significantly influence or influence the situation of the professional pension institution in the financial or accounting context of its administrative and accounting organization or internal control;
(b) decisions or facts that may constitute violations of the laws, decrees and regulations relating to the legal status of professional pension institutions, the statutes, this Act and the decrees and regulations made for its execution;
(c) other decisions or facts that are likely to result in refusal or reservation to certify accounts.
No civil, criminal or disciplinary action may be brought or any professional sanction imposed against an authorized commissioner who has made good faith an information referred to in paragraph 1^er.
The Approved Commissioner shall communicate to the directors of the Professional Retirement Institution the reports he or she sends to the FAA pursuant to paragraph 1^erFour. These communications fall under the secrecy of section 74 of the Act of 2 August 2002 on financial sector surveillance and financial services. It transmits to the CBFA copies of the communications it sends to these leaders, which deal with issues of interest to the control it has exercised.
Section III. - Designated actuaries
Art. 109. The professional pension institution shall designate one or more specialists in the Actarial sciences who shall provide an opinion on the funding plan, reinsurance and the amount of technical provisions.
The King sets out, on the proposal of the CBFA, the conditions to which these actuaries must meet with regard to both their designation and the exercise of their mission.
This section is not applicable to professional pension institutions whose pension plans do not cover biometric risks or provide for investment returns or a given level of benefits.
CHAPTER VIII. - Recovery measures
Section I^re. - General provisions
Art. 110. CBFA may, at any time, take any measures to safeguard the interests of affiliates and beneficiaries. For this purpose, it may take, inter alia, one or more of the measures covered by this chapter.
Art. 111. If the provisions of this chapter are applied to the professional pension institution, the CBFA may extend the request for information or documents referred to in section 97 and the on-site verification referred to in section 101:
1° to the affiliate company;
2° to any person, company or agency established in Belgium who has passed with the institution a management, reinsurance agreement or other agreement that could transfer its management.
This extension, which must be the subject of a reasoned decision, can only be subject to the audit of the financial situation of the supervised professional pension institution and the audit of its compliance with commitments to pension plan affiliates or beneficiaries.
Art. 112. When the competent authorities of another Member State in which a professional pension institution of Belgian law carries out a cross-border activity, notify the CBFA that this professional pension institution has breached the relevant requirements of social law and labour law of the host Member State in the matter of occupational pension, the CBFA shall, as soon as possible, take the most appropriate measures, including among those provided for in this Chapter and Chapter IX, for the purpose of an irregular retirement She advises the above authorities.
Section II. - Preventive measures
Art. 113. The CBFA may require that the professional pension institution submit a remediation plan for approval within the time limit it sets and, if necessary, the CBFA imposes such a plan in order to prevent a probable deficiency in terms of credit margin, technical provisions or representative values or where the rights of affiliates or beneficiaries are threatened due to the deterioration of the financial situation of the institution.
Art. 114. The remediation plan must be based on a study of the evolution of the institution's active and passive position that the plan will restore its financial situation.
The Commissioner referred to in section 103 and, where applicable, the actuary referred to in section 109 shall attest to the CBFA that the hypotheses taken into account in the study referred to in the preceding paragraph are reasonably justified in respect of the financial analysis and actuarial technique, respectively.
Art. 115. As part of the remediation plan, CBFA may require a more substantial credit margin than that calculated under sections 87 and 88.
The level of this additional requirement is determined based on the remediation plan referred to in section 113.
The CBFA can reduce the available credit margin elements, particularly if the market value of these items has changed significantly since the end of the last fiscal year.
CBFA may reduce the impact of reinsurance on the credit margin requirement where the content or quality of reinsurance contracts has undergone significant changes since the last fiscal year or where these contracts do not provide for any risk transfer or insignificant transfer.
Section III. - Recovery Plan
Art. 116. The CBFA requires the professional pension institution to submit a recovery plan for approval within the time limit it sets out when:
1° the institution no longer meets the requirements for the establishment of the credit margin, as defined by or under sections 87 and 88;
2° the institution no longer meets the requirements for the coverage of technical provisions by representative values and the rules of placement of technical provisions, in accordance with the provisions imposed by or under sections 90 and 91;
3° the total achievable assets of the institution do not allow to cover all of its commitments, including the creation of the credit margin.
The King may specify the conditions of application of this article.
Art. 117. Where the professional pension institution does not submit a recovery plan within the period referred to in section 116, the FAA imposes such a plan.
The CBFA may also require that the institution carry out the recovery plan within a time limit that it fixes, inter alia, where the institution's situation is severely deteriorated or where the solvency margin no longer reaches the minimum level defined under section 87.
Art. 118. The recovery plan may provide for an amendment to the funding plan referred to in section 86.
CBFA may also prescribe that, for a specified period, no redemption, loan or advance may be made without the express authorization given on a case-by-case basis.
CBFA can finally prescribe the total or partial transfer of the activity to another professional pension institution or to an insurance company.
Section IV. - Limitation and prohibition of the free disposition of assets
Art. 119. In each case in which it intervenes in accordance with this chapter, CBFA may restrict or prohibit the free disposition of the assets of the professional pension institution.
In the case of restriction or prohibition of the free disposition of assets, CBFA may impose one or more of the measures provided for in section 120.
Art. 120. § 1^er. The CBFA may, with respect to representative and real estate values, require that:
1° the assignment of representative securities and real estates shall be the subject of a written statement from the professional pension institution to the CBFA;
2° withdrawals or reductions are subject to the prior authorization of the CBFA.
§ 2. With respect to real estate values, CBFA may submit these values to a legal mortgage for the benefit of all affiliates or beneficiaries of pension plans.
The CBFA requires registration under the conditions set out in sections 82 to 87 of the Mortgage Act of 16 December 1851.
Registration may be taken at any time and must be taken in case of application of section 116.
Registration is terminated or reduced by the consent of the CBFA under the conditions provided for in sections 92 to 95 of the Act of 16 December 1851 referred to above.
The fees and fees for the registration, delisting and reduction that are borne by the CBFA are charged to the institution concerned.
In addition, the CBFA may, by registered letter to the position addressed to mortgage curators, oppose the cancellation or reduction of the mortgage granted by a third party to the benefit of the professional pension institution.
§ 3. With respect to securities that may be deposited, CBFA may:
1° for representative values deposited in Belgium on an uncovered deposit account, order the depositary agency to block the deposit account;
2° for other values that may be deposited, order the institution to deposit immediately on a special account and blocked by separate assets to the National Bank of Belgium or to a credit or investment company that falls under the right of a Member State and whose approval allows such depositary activity.
In addition, the following rules apply:
1° depositary bodies may only return the deposited values on the production of the authorization of the CBFA;
2° the deposit receipts must mention the assignment of the deposited values and the prohibition to dispose of them without the authorization of the CBFA;
3° depositary bodies and the professional pension institution shall be jointly and severally liable for any damage resulting from non-compliance with the obligations referred to in 1° and 2° of this paragraph;
4° CBFA shall inform depositary bodies of their obligations under this paragraph.
§ 4. For the representative values that are located in the territory of a Member State other than Belgium, the CBFA may invite the competent authorities of that Member State to take the necessary measures to restrict or prohibit their free disposition. CBFA is the assets to be subject to these measures.
§ 5. The King may set the rules on precautionary measures to which non-depository values may be submitted.
Art. 121. The representative securities that are the subject of the provisions of this section are elusive, except for the benefit of creditors with rights or privileges acquired in good faith under a formality completed prior to the assignment of such values.
Section V. - Faillite or dissolution of the affiliate
Art. 122. In the event of a bankruptcy or dissolution of an affiliate business, in the absence of a resuming of a third party's pension obligations, the pension plan for that affiliate is terminated.
Reserves acquired by affiliates, with the exception of annuitants, are entered on individual accounts that can no longer evolve according to the performance of the institution's assets. These reserves are, if any, increased in accordance with social legislation or labour law that applies.
The capital of the current annuity shall be paid to annuitants, calculated in accordance with the applicable rules of the pension plan.
If, at that time, the total reserves referred to in paragraph 2, and the capital referred to in paragraph 3, are not fully covered by assets, these reserves and capitals are reduced proportionally. Paragraph 2 and paragraph 3 shall apply to the amounts so collected.
The provisions of this Article shall not apply to affiliates concerned by the activities referred to in Article 55, paragraph 1^erTwo.
Section VI. - Other measures
Art. 123. The CBFA sets the time limit for the professional pension institution to remedy the situation, when it finds that:
1° the institution does not operate in accordance with the provisions of this Act and the orders and regulations made for its execution;
2° its management or financial situation is likely to challenge the successful completion of its commitments or offer insufficient guarantees in terms of creditworthiness, liquidity or profitability;
3° its management structures, administrative or accounting organization or internal control presents serious deficiencies;
4° the number of members of the professional pension institution or its operational bodies no longer reaches the minimum required by law.
If, at the end of the period referred to in paragraph 1^er, the professional pension institution has not addressed the situation, the CBFA may take one or more of the following:
1st appoint a special commissioner;
2° prohibit or limit certain operations;
3° requiring the institution to entrust all or part of its activities to an external service provider;
4° transfer all or part of the activities of the institution to another professional pension institution or to an insurance company, which accepts the assignment;
5° to impose the replacement of the members of the operational bodies and, in the absence of execution within the time limit fixed, to replace one or more provisional managers to the operational bodies;
6° to impose that certain activities, which it designates, are subject to a separate heritage within the meaning of section 80;
7° revoke the approval.
Art. 124. The written, general or special authorization of the Special Commissioner is required for all acts and decisions of all organs of the institution and for those of those responsible for management. However, CBFA may limit the scope of operations subject to authorization.
The Special Commissioner may submit to the deliberation of the institution any proposal that he considers appropriate. The remuneration of the special commissioner is fixed by the CBFA and supported by the professional pension institution concerned.
Members of the operational bodies and management persons who perform acts or make decisions without obtaining the required authorization from the Special Commissioner are responsible in solidarity with the resulting harm to the professional pension institution, affiliates or beneficiaries.
If the CBFA has published to the Belgian Monitor the designation of the Special Commissioner and specifies the acts and decisions subject to its authorization, the acts and decisions taken without that authorization while it was required are null unless the Special Commissioner ratifies them. Under the same conditions, any decision of the General Assembly made without having obtained the required authorization from the Special Commissioner is null unless the Special Commissioner ratifies it.
The CBFA may designate an alternate commissioner.
Art. 125. Members of the operational bodies of the professional pension institution who perform acts or make decisions in violation of the prohibition or limitation referred to in Article 123, paragraph 2, 2°, and the subcontracting referred to in Article 123, paragraph 2, 3°, shall be jointly and severally liable for the damage caused to the institution, affiliates or beneficiaries.
If the CBFA published the prohibition or limitation to the Belgian Monitor, the acts and decisions referred to in alinèa 1^er They suck.
Art. 126. Articles 34, 36, 37, 38 and 39, § 1^er, 4°, of the Act of 28 April 2003 referred to above are not applicable to transfers referred to in Article 123, paragraph 2, 3°.
These transfers are opposable to affiliates, beneficiaries and other third parties by the publication to the Belgian Monitor of the CBFA decision imposing the transfer.
Art. 127. The appointment of the provisional manager(s) is published in the Belgian Monitor.
The provisional managers have, on their own or collegially, the powers of the replaced persons.
The remuneration of the interim manager(s) is fixed by the CBFA and supported by the professional pension institution.
CBFA may at any time revoke and replace the interim manager(s), either on its own or at the request of the professional pension institution, where it justifies that the management of the person concerned no longer has sufficient guarantees.
Art. 128. The CBFA's decisions referred to in sections 123 to 127 deviate from their effects on the professional pension institution on the date of their notification by registered letter and, in respect of third parties, on the date of their publication in accordance with these same articles.
Art. 129. The Court of First Instance shall, at the request of any person concerned, decide on the invalidity of articles 124, paragraph 4, and 125, paragraph 2.
The nullity action is directed against the professional pension institution. If there are serious grounds to justify it, the plaintiff may apply to refer the provisional suspension of the acts or decisions under attack. The order of suspension and the judgment pronouncing nullity produce their effects on all. In the event that the suspended act or decision has been published, the suspension order and the judgment pronouncing nullity are published in the same forms.
Where nullity is likely to infringe on the rights granted by affiliates, beneficiaries or third parties in respect of the professional pension institution, the court may declare invalidity in respect of such rights without effect, subject to the applicant's right to damages if applicable.
The action in nullity may no longer be brought after the expiration of a period of six months from the date on which the acts or decisions taken are enforceable against the person who invokes nullity or are known to him.
CHAPTER IX. - Revocation of accreditation
Art. 130. CBFA can revoke the accreditation when the professional pension institution:
1° does not use the registration within a period of twelve months, or ceased to operate for a period of more than six months or no longer meets the conditions of access;
2° seriously fails to comply with its obligations under this Act or its enforcement orders, particularly with regard to the establishment of the technical provisions referred to in sections 89 and 90 and their coverage by adequate and sufficient representative values;
3° was unable to carry out, within the time limits, the measures provided by the remediation plan referred to in section 113 or by the recovery plan referred to in section 116.
Accreditation is revoked in full right in the event of the dissolution of a professional pension institution.
Any decision to revoke the accreditation is notified to the professional pension institution and published by extract to the Belgian Monitor.
In the event of an ex officio revocation of the accreditation, the CBFA may, if it considers that the safeguarding of the rights of affiliates and beneficiaries requires it, have a notice in the daily newspapers it designates for five consecutive days, at the expense of the professional pension institution concerned, and to the Belgian Monitor. The date on which the revocation produces its effects is mentioned in this notice.
Art. 131. The revocation of the accreditation takes the liquidation of the professional pension institution.
CBFA may impose any measures to safeguard the rights of affiliates and beneficiaries. In particular, it may impose the transfer of rights and obligations arising from managed pension plans, as well as the representative values assigned to the guarantee of these obligations.
The institution whose approval has been revoked remains subject to the provisions of this Act and its implementing regulations and to the control of CBFA until all of its commitments are liquidated.
Art. 132. The CBFA may inform the competent authorities of the States where the professional pension institution carries out an activity of the revocation of the accreditation.
CBFA may impose, where appropriate with the assistance of these competent authorities, any measures to safeguard the rights of affiliates and beneficiaries.
CHAPTER X. - Transfer
Art. 133. § 1^er. A professional pension institution may transfer all or part of the rights and obligations resulting from the activity referred to in section 74, § 1^er, 1°, to another professional pension institution or an insurance company with respect to the rules set out in sections 34 to 38 of the Act of 28 April 2003 on supplementary pensions and the tax system of these and certain social security benefits.
§ 2. A professional pension institution may transfer all or part of the rights and obligations resulting from the activity referred to in section 74, § 1^er, 2°, to another professional pension institution or an insurance company with the prior agreement of the CBFA.
This transfer is opposable to affiliates, beneficiaries and other third parties by the publication of the CBFA agreement to the Belgian Monitor.
§ 3. A professional pension institution may transfer all or part of the rights and obligations arising from the activities carried out abroad, another professional pension institution or a licensed life insurance company, subject to the prior agreement of the CBFA, subject to provisions contrary to the legislation applicable to these pension plans.
CHAPTER XI. - Administrations and public bodies
Section I^re. - General provisions
Art. 134. For the purposes of this chapter:
1° Public administration: a public entity or a legal entity of public law that is not subject to the Act of 17 July 1975 on business accounting;
2° public body: a legal entity of public law that is subject to the Act of 17 July 1975 on business accounting.
Art. 135. For the purposes of this chapter, a pension plan is defined;
1° pension plans providing benefits under section 74;
2° pension plans providing legal pension benefits.
Pension plans referred to in paragraph 1^er, 2°, cannot be managed by an unregistered professional pension institution in Belgium. Assets and commitments related to this activity are confined, managed and organized separately from other activities of the professional pension institution without any possibility of transfer.
Section II. - Public administration
Art. 136. § 1^er. The provisions of this Act are not applicable to pension plans administered by public administrations or by legal persons, other than professional pension institutions, which they create for this purpose.
Public administrations and institutions created by them cannot engage in cross-border activity.
The internal or external institutions and services of the administrations referred to in this paragraph may not use the names "professional pension institution", "foresight institution", " pension funds" or " pension fund" under penalty of the penalties referred to in Article 151, paragraph 2.
§ 2. However, public administrations are allowed to entrust the management of their pension plans to a professional pension institution that they create if necessary. These institutions are subject to the provisions of this Act.
Section III. - Public bodies
Art. 137. The provisions of this Act apply to public bodies and professional pension institutions that are entrusted with the management of their pension plans.
Public bodies are authorized to establish a professional pension institution to comply with the provisions of this Act.
Art. 138. By derogation from section 137, the provisions of this Act are not applicable to the pension plans of public bodies with respect to the establishment of statutory pensions insofar as the State, region, community, province or commune bears the burden of benefits granted or expressly guarantees the termination of the commitments of these pension plans.
The public body shall inform affiliates and beneficiaries of the application of the preceding paragraph.
The internal or external institutions and services of the public bodies referred to in this Article shall not use the names "professional pension institution", "pre-vency institution", " pension funds" or " pension fund" under penalty of the penalties referred to in Article 151, paragraph 2.
These organizations and institutions cannot engage in cross-border activities.
Art. 139. This section applies to public bodies that:
- for all or part of their staff have a clean pension plan with respect to legal pensions;
- did not enter into a group insurance contract with an insurance company referred to in Article 2, § 1^erthe Act of 9 July 1975 on the control of insurance companies;
- did not entrust the management of their pension plan to a professional pension institution approved under Title II;
- do not benefit from the exemption referred to in section 138.
Public bodies referred to in paragraph 1^er, which have a personal pension plan for their staff with respect to statutory pensions, are permanently affiliated and irrevocably, according to the class to which they belong, either to the plan of new affiliates to the Agency referred to in section 1^erbis, d), of the Act of 6 August 1993 on the pensions of the appointed personnel of the local administrations, i.e. the pension plan established by the Act of 28 April 1958 on the pension of staff of certain public bodies and their beneficiaries.
This section is not applicable to public bodies that depend on a community, region or community commission or public bodies that, for a part of their staff, are affiliated to either the common system of local authorities referred to in section 1^erbis, c) of the Act of 6 August 1993 referred to above either to the regime of new affiliates to the office referred to in section 1^erbis, d), of this law.
PART III. - Professional pension institutions of a Member State other than Belgium
CHAPTER I^er. - General provisions
Art. 140. This title is applicable to professional pension institutions whose statutory headquarters or, failing a statutory seat, the central administration is established in another Member State and which manage pension schemes that are subject to Belgian law with respect to social legislation and relevant labour legislation in respect of occupational pension schemes.
Art. 141. The professional pension institutions referred to in this title may only carry out the activities referred to in Article 74 in Belgium and the activities arising therefrom.
These activities shall be in conformity with the provisions of this title, as well as with the provisions of Belgian social law and labour law applicable to the occupational pension plans they manage, including the provisions resulting from collective labour agreements.
CHAPTER II. - Authorization
Art. 142. A professional pension institution of a Member State other than Belgium may carry out a cross-border activity in Belgium provided that the competent authorities of its Member State of origin have forwarded to the CBFA a file containing at least the following information:
1° the name of the affiliate company;
2° the main features of the pension plan to be managed for the affiliate company.
Art. 143. Within two months of the receipt of the information referred to in Article 142, the CBFA shall communicate to the competent authorities of the Member State of origin the provisions of Belgian law which shall govern the management of the pension plan on behalf of the affiliate company in respect of:
1° of social and labour law;
2° information requirements;
3° if applicable, of the investment rules of the institution corresponding to the activities carried out in Belgium.
As soon as the competent authorities of its Member State of origin have forwarded the information referred to in the preceding paragraph or, in the absence of such communication, upon the expiry of the period provided for in paragraph 1^er, the professional pension institution can start its activities in Belgium.
Art. 144. The procedure referred to in this chapter shall apply when the professional pension institution amends the elements referred to in section 142.
Art. 145. CBFA shall notify the competent authorities of the Member States of origin of any major changes to the provisions referred to in Article 143, paragraph 1^er.
CHAPTER III. - Limitation of the investment of assets
Art. 146. The King may, if these provisions apply to professional pension institutions of Belgian law, impose that the assets of the professional pension institution corresponding to the activity carried out in Belgium are not placed:
1° to more than 5% in shares and other securities assimilated to shares, bonds, debt securities and other instruments of the monetary market and the capital market from the same company;
2° to more than 10% in shares and other securities assimilated to shares, bonds, debt securities and other instruments of the monetary market and the capital market from companies that are part of the same group.
In order to comply with this obligation, the CBFA asks the competent authorities of the Member State of origin to decide on the cantonment of assets and commitments of the Belgian cross-border activity of this professional pension institution.
CHAPTER IV. - Recovery measures
Art. 147. If the CBFA finds irregularities in the application of the rules referred to in Article 143, it shall immediately inform the competent authorities of the Member State of origin so that the latter, in coordination with the CBFA, take the necessary measures to ensure that the professional pension institution concerned puts an end to the irregularities found.
Art. 148. If, despite the measures taken by the competent authorities of the Member State of origin or because no appropriate measures have been taken in the Member State of origin, the professional pension institution continues to violate the applicable provisions of Belgian social law or labour law, the CBFA shall, after informing the competent authorities of the Member State of origin, the institution of the institution remains to remedy the situation observed within the fixed time limit.
If, at the end of this period, the CBFA, after having informed the competent authorities of the Member State of origin, may, in order to prevent or punish new irregularities, take the measures provided for in Part IV of this Act, as well as those provided for in Articles 58quater and 62 of the Programme Law of 24 December 2002 referred to above or in Articles 49quater and 54 of 2003
If necessary, the CBFA may, to the extent strictly necessary, prohibit the professional pension institution from providing its services to the affiliate company in Belgium.
The prohibition decision referred to in the previous paragraph must be brought to the attention of the professional pension institution concerned by registered letter to the position.
Without prejudice to articles 74 to 77 of the Act of 2 August 2002 on the supervision of the financial sector and financial services, CBFA may also enforce the provisions of this article at the request of any Belgian authority responsible for the control of the legal and regulatory provisions of Belgian social or labour law applicable to professional pension institutions.
PART IV. - Injunctions and sanctions
CHAPTER I^er. - Administrative orders and sanctions
Art. 149. § 1^er. Without prejudice to the other measures provided for in this Act, CBFA may set a time limit for a professional pension institution to:
1° it shall comply with specified provisions of this Act or any order made for its execution;
2° it must bring the necessary modifications to its management structure, administrative and accounting organization or internal control.
The injunction referred to in paragraph 1^er, 2°, is not applicable to professional pension institutions referred to in Part III of this Act.
§ 2. If a professional pension institution does not follow the injunctions referred to in § 1^er, CBFA may, on notice of one month and regardless of the other measures provided by law and regulations, disclose these injunctions:
1° to directors, directors, agents and shareholders of the affiliate company;
2° to the supervisory committee referred to in Article 41, § 2, of the Act of 28 April 2003 on supplementary pensions and the tax system of such pensions and certain social security benefits;
3° to the board of business or, if not, to the committee for prevention and protection at work or, if not, to the union delegation of the affiliate company;
4° to representatives of affiliates and beneficiaries of the pension plan;
5° to members and beneficiaries of the pension plan.
CBFA may, under the circumstances and conditions referred to in paragraph 1^er, make these injunctions public by way of the Belgian Monitor or by way of the press.
Where applicable, CBFA may, under the circumstances and conditions referred to in paragraph 1^erdisclose the relief plan referred to in section 116 to affiliates and beneficiaries affected by the plan's pension plan and to their representatives.
Communications and publication fees are charged to the institution.
Art. 150. If the professional pension institution remains in default on the expiry of the period referred to in section 149, the CBFA may impose a fine on it for a maximum of 1.875,000 euros per offence or a maximum of 2.500 euros per day of delay.
Without prejudice to other measures provided for in this Act or other laws and regulations, CBFA may, when it finds an offence under this Act or the measures taken pursuant to it, impose an administrative fine on a desecrated pension institution that may not be less than 2,500 euros or greater, for the same fact, at 1,875,000 euros.
The procedure for the imposition of sanctions under this section is governed by sections 70 to 73 of the Financial Sector Supervision and Financial Services Act of August 2, 2002.
Fines imposed under subparagraphs 1^er and 2 are recovered for the benefit of the Treasury by the administration of the Cadaster, the Recording and the Domains.
CHAPTER II. - Penal sanctions
Art. 151. Without prejudice to the provisions of Part V of this Act, shall be punished by imprisonment for one month to five years and by a fine of 25 to 2.500 euros, or by one of these penalties only, directors, officers and agents of an institution or company that have attempted to manage or manage a pension plan outside a professional pension institution authorized under Part II or authorized under Part II.
The same penalties are applicable to anyone making use of the name professional pension institution outside the conditions laid down in Article 6.
Art. 152. Without prejudice to the provisions of Part V shall be punished by imprisonment for one month to three years and a fine of 25 to 2,500 euros or only one of these penalties, the agents, brokers and intermediaries who intervened in the granting of the management of a pension plan to an institution not registered under Part II or not authorized under Part III.
Art. 153. A fine of 25 to 2,500 euros or one of these penalties shall be punished by imprisonment for one month to three years, only by directors, officers or agents who knowingly and voluntarily made inaccurate statements to the CBFA, its staff members or persons mandated by it, or who have refused to provide the information requested in accordance with this Act and the orders and regulations made for it.
The same penalties are applicable to directors, commissioners, executives or agents of companies and institutions that have not complied with their obligations under this Act or by the orders and regulations made for their performance.
Art. 154. All provisions of Book 1 of the Criminal Code, without exception of Chapter VII and Article 85, are applicable to offences under this Act.
Art. 155. Any information of the offence leader under this Act or any of the legislation referred to in section 25 against directors, actual officers, registered commissioners or designated actuaries of professional pension institutions and any information of the offence leader under this Act against any other natural or legal person shall be brought to the attention of the FAA by the judicial or administrative authority that is seized of it.
Any criminal action by the head of the offences referred to in paragraph 1^er, must be brought to the attention of the CBFA at the diligence of the Public Prosecutor's Office.
Art. 156. The CBFA is empowered to intervene in any event before the repressive court that is seized of an offence under this Act, without having to justify a damage.
PART V. - Transitional provisions
CHAPTER I^er. - Accreditation, registration and activity
Art. 157. The pension institutions and pension funds that have been approved pursuant to section 4 of the Act of 9 July 1975 on the control of insurance companies are, without prejudice to the provisions of this Chapter, approved in full right within the meaning of section 52.
Art. 158. § 1^er. The foresight institutions that have been registered with the CBFA pursuant to section 92 of the above-mentioned Act of 9 July 1975, as to be read under the Royal Decree of 14 May 1985 concerning the application to the foresight institutions of the Act of 9 July 1975 on the control of insurance companies, retain the registration and remain temporarily exempted from the approval.
Without prejudice to the provisions of this chapter, registration shall be terminated if the institution is in one of the cases referred to in section 130.
§ 2. The list of listed institutions is published annually to the Belgian Monitor as long as it takes. The CBFA keeps this list up to date on its website.
Until the time of their approval, registered institutions use one of the following for the purposes of section 60:
1° "Foresight institution registered in the CBFA under the n°..."
2° "professional pension institution registered with the CBFA under the n°...".
Art. 159. Section 76 is not applicable to professional pension institutions that, at the time of the entry into force of this provision, manage pension plans that provide for death, disability or incapacity benefits only as a principal measure.
Art. 160. By derogation from section 60, professional pension institutions may, within five years after the entry into force of the said section, continue to use, in the documents referred to by the article, the names of the pension funds, the pension institution or the pension fund, depending on the nature of their activities.
Art. 161. The professional pension institutions approved in Belgium that, at the time of the entry into force of Chapter IV of Part II of this Law, carry out a cross-border activity or activity in a non-member State of the European Economic Area may continue to carry out this activity. They have a period of four months from the entry into force of Chapter IV above to introduce the file referred to, as the case may be, in section 64, paragraph 2, or in section 70, paragraph 2.
Art. 162. Commissioners who were approved under section 38 of the Act of 9 July 1975 on the control of insurance companies shall retain the approval at the time of the entry into force of sections 103 to 108.
The actuaries that were designated on the basis of section 40bis of the above-mentioned Act of 9 July 1975 as to be read under section 15bis of the Royal Decree of 14 May 1985 concerning the application to the institutions of foresight of the Act of 9 July 1975 relating to the control of insurance companies remain designated at the time of the entry into force of section 109.
CHAPTER II. - Dispensing in prudential matters
Art. 163. Professional pension institutions operating in Belgium at 1^er January 1986, or manage pension plans that existed, at that same date, in a company, are exempted from the application of sections 89 to 94 for the portion of the obligations relating to years prior to that date and for which no provision has been recorded.
For the coverage of the portion of commitments relating to years prior to 1^er January 1986 and for which a provision was made, the values held at 1^er January 1986 by the institution or company are admitted as representative values upon request of the institution and for the duration fixed by the CBFA.
For plans managed within a company before 1^er January 1986, it may be taken into account, after the establishment of the professional pension institution, for the coverage of provisions relating to years prior to 1^er January 1986, a debt on the affiliate company.
Art. 164. By derogation from section 163, professional pension institutions that manage pension plans that existed within a company on 1^er January 1986 without contribution from affiliates and without provision of provisions are, until 1^er January 2012, exempted from the application of the provisions of sections 87 and 88, with respect to obligations relating to members who entered service before 1^er January 1986.
These institutions are exempted from the application of sections 89 to 94 for the part of the commitments relating to years prior to 1^er January 2007 and related to affiliates who entered service before 1^er January 1986, including with respect to adaptations and re-evaluations resulting from salary increases.
These exemptions do not relate to commitments related to the increase in benefits resulting from a change in the pension plan after 1^er January 1986.
Art. 165. Companies that manage a pension plan within them that existed in 1^er January 1986 without contribution from affiliates and without provisions create a professional pension institution before 1^er January 2008, unless the pension plan relates exclusively to affiliates who have left or were pensioned before 1^er January 2007.
The institution created pursuant to paragraph 1^er benefits from exemptions under section 164.
Art. 166. Institutions that manage pension plans organized by a sectoral collective labour agreement concluded before July 29, 1975 that binds all companies in this sector and expressly provides that the benefits awarded are paid as a dependant of the business' operating account without contribution from the affiliates benefit from the provisions of sections 163 to 165 on the understanding that the words "on 1^er January 1986" must be read as "the date on which the Act of July 9, 1975 on the control of insurance companies was applicable to them."
Art. 167. § 1^er. Institutions that have been approved as pension institutions to manage the pension plans of one or more public administrations may notify CBFA of their willingness to be exempted from the application of the provisions of this Act in accordance with the provisions of section 136, § 1^er.
The notification must be introduced before 1^er January 2007.
The notification is published to the Belgian Monitor by the CBFA.
§ 2. Institutions that have been approved as pension institutions to manage the pension plans of one or more public bodies may request exemption from the application of the provisions of this Act in accordance with the provisions of section 138.
The application must be filed with the CBFA before 1^er January 2007. The CBFA shall take action within four months of the application.
The application shall be refused if the institution does not provide evidence that the State, region, community, province or municipality bears the burden of benefits granted or expressly guarantees the termination of commitments, in accordance with Article 138, paragraph 1^er.
If the application is accepted, the CBFA decision is published in the Belgian Monitor.
Art. 168. § 1^er. Without prejudice to the provisions of sections 136 to 138, entities and legal persons of public law who, on the date of entry into force of the above-mentioned articles, have not entrusted the management of their pension plan to a professional pension institution, shall apply the provisions of this Act from 1^er January 2007.
The application for approval of the professional pension institution established to manage the pension plans referred to in this paragraph must be filed before 1^er January 2008, unless the pension plan relates exclusively to affiliates who have left or were pensioned before 1^er January 2007.
§ 2. Institutions created under § 1^er shall comply with the provisions of articles 87 and 88 before 1^er January 2012.
However, sections 87 and 88 are applicable to commitments related to the increase in benefits resulting from a change in the pension plan after 1^er January 2007.
§ 3. Article 163 is applicable to institutions referred to in § 1^er, being understood that the words "one 1^er January 1986 must be read as "one 1^er January 2007".
In addition, if the pension plan does not provide for the contribution of affiliates or the provision of provisions, these institutions are exempted from the application of sections 89 to 94 for the portion of the obligations relating to years prior to 1^er January 2007, including adaptations and revalorizations resulting from salary increases.
The waiver referred to in the preceding paragraph does not relate to obligations relating to the increase in benefits resulting from an amendment to the pension plan after 1^er January 2007.
§ 4. Professional pension institutions created by public legal persons before the entry into force of sections 136 to 138, may, under the agreement of the CBFA, benefit from the exemptions referred to in §§ 2 and 3 to a date prior to those referred to therein and at the earliest, 1^er September 2000.
Art. 169. The professional pension institutions that operate for the benefit of the executives of a company benefit from the provisions of Articles 163 to 165 for this activity, provided that the words "on 1^er January 1986 must be read as "one 1^er September 2000".
Art. 170. § 1^er. This Act applies to pension plans existing at 1^er January 2004 in the existence security funds subject to the law of January 7, 1958 concerning the existence security funds, from the first of the following two dates:
1° 1^er January 2007;
2° the date of entry into force of the collective labour agreement that adapts the pension plan to the Act of 28 April 2003 on supplementary pensions and the tax system of the supplementary pensions and certain social security benefits.
The application for the approval of the professional pension institution established to manage the pension plans referred to in this subsection must be filed no later than the expiry of a period of one year following the date referred to in paragraph 1^er.
§ 2. The security funds of existence referred to in § 1^erwho manage existing pension plans at 1^er January 2004, is exempted from the requirement to establish a professional pension institution, provided that this pension plan applies exclusively to the years of service before the date referred to in § 1^er, alinèa 1^er.
§ 3. Professional pension institutions that manage pension plans referred to in § 1^er have a period of five years from the date referred to in § 1^erParagraph 1^erto comply with the obligations of sections 87 and 88.
They are also exempted from the application of Articles 89 to 94 for the part of their commitments relating to years prior to the date referred to in § 1^erParagraph 1^er, including with respect to adaptations and re-evaluations resulting from salary increases.
These exemptions do not relate to commitments relating to the increase in benefits resulting from the collective labour agreement that adapts the pension plan to the Act of 28 April 2003 on supplementary pensions and the tax system of these benefits and certain social security benefits or an amendment to the pension regulations that comes after the date referred to in § 1^erParagraph 1^er.
Art. 171. § 1^er. Professional pension institutions that, at 1^er January 2006, manage pension plans in Belgium referred to in Article 55, paragraph 1^er2°, without being approved in accordance with Part II, Chapter III, may continue their activity notwithstanding the fact that they do not meet the obligations of Articles 87 to 94, subject to compliance with the provisions of this Article.
§ 2. Institutions referred to in paragraph 1^er file the application by 31 January 2006.
They receive a deadline expiring December 31, 2010 to comply with sections 87 and 88.
They shall:
- as at 31 December 2006, 1/5^e the credit margin to be established at that date;
- as at 31 December 2007, 2/5^e the credit margin to be established at that date;
- as at 31 December 2008, 3/5^e the credit margin to be established at that date;
- as at 31 December 2009, 4/5^e the credit margin to be established on that date.
§ 3. For the portion of commitments relating to prior years 1^er January 2006 and for which no provision has been made, the institutions referred to in § 1^er have a period expiring on December 31, 2025 to meet the requirements of sections 89 to 94, provided that they demonstrate, through a risk analysis accepted by the CBFA, that they will meet these requirements at the end of the aforementioned period.
The depreciation must intervene in such a way that the depreciated amount is never less than the amount that would result from constant depreciation over a period of 20 years. The extinction of this sub-financing cannot take place more slowly than the commitments to which it is linked.
§ 4. For the coverage of the portion of commitments relating to years prior to 1^er January 2006 and for which a provision has been made, the values held by the institution on that date are accepted as representative values upon request of the institution and for a period fixed by CBFA.
Art. 172. The exemptions referred to in articles 163, 164, paragraph 2, and 168, § 3, paragraph 1^er, depart at the same time as the commitments to which they are linked.
For each exemption referred to in the preceding paragraph, where the sum of the representative values and the amount of the exemption exceeds the amount of the commitments of the pension plan(s) concerned, calculated without deduction from that exemption, the exemption is reduced from the amount of that surplus.
Art. 173. § 1^er. The professional pension institutions that are exempted from the application of sections 89 to 94 are nevertheless required to send an annual report to the CBFA on all their commitments.
Payment transactions relating to the obligations covered by the exemption are included in a separate section of the annual accounts of the professional pension institution.
The CBFA may set out the terms of the annual report.
§ 2. Businesses and life security funds that, under sections 165 and 170, § 2, are exempt from the obligation to establish a professional pension institution must be registered with the CBFA before 1^er January 2008.
They are required to send an annual report to the CBFA on the pension plans they manage.
The CBFA can set out the terms and conditions for registration and annual report.
CHAPTER III. - Other transitional measures
Art. 174. Professional pension institutions formed in the form of a non-profit association or a mutual insurance association have up to 1^er January 2012 to become a pension fund organization governed by Chapter II of Part II of this Act.
The transformation is the subject of a decision of the general assembly of the non-profit association or the association of mutual insurance, taken by a majority of the members present or represented.
Immediately, after the transformation decision, the statutes of the pension funding agency are decided on the same terms.
This transformation does not result in any change in the legal personality of the professional pension institution that remains in its new form.
Until their transformation into a pension fund, these professional pension institutions are not subject to articles 9, paragraph 1^er and 3, 11, 12, 35, 36, 43, 44, 45, 46, paragraph 1^er, 1° to 2° and 4° to 7°, and 2 and 47 to 51.
Art. 175. Professional pension institutions that, on the date of entry into force of section 122, manage a pension plan of an affiliate company that has been declared bankrupt or dissolved, have a period of one year to comply with the provisions of this section.
PART VI. - Miscellaneous provisions
CHAPTER I^er. - Abrogatory and amendments
Section I^re. - Amendments to prudential control legislation
Art. 176. In Article 2, § 3, of the Act of 9 July 1975 on the control of insurance companies, last amended by the law of 27 December 2005, the 4° and 6° are repealed.
Art. 177. Section 9, § 2, of the Act, as amended by the Acts of 28 April 2003 and 27 December 2004, is repealed.
Art. 178. In section 38, paragraph 3, of the Act, the words "or non-profit associations" are deleted.
Art. 179. In section 48/12, § 2, paragraph 2, of the same law, inserted by the law of 6 December 2004, the words "or non-profit associations" are deleted.
Art. 180. Article 90, § 2, paragraph 2, of the Act, as amended by the Act of 19 July 1991 and the Royal Decree of 12 April 1984, is supplemented by an o), as follows:
“(o) to articles 151 to 154 of the Act of 27 October 2006 on the control of professional pension institutions. »
Art. 181. Article 96, § 1^erof the Act of 9 July 1975 referred to above, renumbered by the Royal Decree of 12 August 1994 and amended by the Royal Decree of 25 March 2003 and the Act of 20 June 2005, is replaced by the following provision:
« § 1^er. The King shall, on the advice of the CBFA and after the latter has requested the advice of the Insurance Commission, take the necessary orders for the execution of this Act. It sets, especially:
1° the rules for the assessment and performance account, as well as for the evaluation of the various posts of the assets and liabilities and for the presentation of separate management records;
2° the rules to be followed by companies in terms of participation in the benefits to the insured;
3° the obligations of insurers regarding the maintenance and communication of books, policies, accounting documents and other documents, to the mentions to be made in flyers, circulars, posters and other writings intended for the public.
Consultation with the Insurance Commission is not required with respect to the rules to be determined by the King pursuant to section 36.
The Minister of Economy may set deadlines that the CBFA and the Insurance Commission must issue their notice. Similarly, the CBFA may set a time limit that the Insurance Commission must issue its opinion. In case of non-compliance with any of these deadlines, the corresponding notice is no longer required. »
Art. 182. The Royal Decree of 14 May 1985 concerning the application to the institutions of the Act of 9 July 1975 on the control of insurance companies is repealed.
Art. 183. The Royal Decree of 5 April 1995 concerning the application of the Act of 9 July 1975 relating to the control of insurance companies to pension funds referred to in Article 2, § 3, 4°, of the aforementioned law is repealed.
Section II. - Amendments to the Financial Sector Supervision and Financial Services Act of 2 August 2002
Art. 184. Article 45, § 1^er, of the Act of 2 August 2002 on the supervision of the financial sector and services, as amended by the Royal Decree of 25 March 2003 and the Act of 20 July 2004, is supplemented by a 13°, as follows:
"13° to ensure compliance with the provisions of Parts I to V of the Act of 27 October 2006 on the control of professional pension institutions. »
Art. 185. In section 72, § 4, of the same law, as amended by the Royal Decree of 25 March 2003, the words "and section 26 of the Act of 9 July 1975 relating to the control of insurance companies" are replaced by the words ", in section 26 of the Act of 9 July 1975 relating to the control of insurance companies and in sections 119 to 121 of the Act of 27 October 2006 concerning the supervision of professional pension institutions".
Art. 186. Section 122 of the Act, inserted by the Act of 2 August 2002 and amended by the Royal Decree of 25 March 2003, and by the Act of 22 July 2004 and 15 December 2004 and 22 February 2006, are amended as follows:
1° to 12° to 15°, the words "or to the planning institution" are deleted each time;
2° the article is completed as follows:
"27° to the body and the legal person referred to in section 58quater of the Program Law (I) of 24 December 2002, against the measures taken by the CBFA under that section;
28° to the organization, the organizer and the legal person referred to in section 49quater of the Act of 28 April 2003 on supplementary pensions and the tax system of the supplementary pensions and certain benefits in respect of social security, against the measures taken by the CBFA under that same section;
29° to the applicant for approval, against decisions of refusal of approval made by the CBFA pursuant to section 56 of the Act of 27 October 2006 on the control of professional pension institutions;
30° to the professional pension institution, against the opposition decisions made by the CBFA pursuant to section 65 of the aforementioned Act of 27 October 2006;
31° to the professional pension institution, against the relief measures taken by the CBFA under sections 110 and 111 of the Act of 27 October 2006 referred to above;
32° to the professional pension institution, against the measures to revoke the accreditation of the CBFA under section 130 of the Act of 27 October 2006 referred to above;
33° to the professional pension institution, against the measures taken by the CBFA under section 148 of the Act of 27 October 2006 referred to above. »
Section III. - Amendments to the Programme Law (I) of 24 December 2002
Art. 187. Section 42 of the Program Law (I) of 4 December 2002, as amended by the Royal Decree of 25 March 2003 and the Acts of 22 December 2003 and 9 July 2004, are amended as follows:
1° to 2°, the words "subject to Article 2, § 1^er, or § 3, 4° and 5°, of the Act of 9 July 1975 relating to the control of insurance companies, are replaced by the words " referred to in Article 2, § 1^er or § 3, 5°, of the Act of 9 July 1975 relating to the control of insurance companies, or to article 2, 1°, of the Act of 27 October 2006 relating to the control of professional pension institutions";
2° the 11° is replaced by the following:
"11th Act of 27 October 2006: the Act of 27 October 2006 on the Control of Professional Retirement Institutions; »;
3° the 12° is replaced by the following provision:
"12° "the prudential control legislation": the Act of 9 July 1975 on the control of insurance companies and the Act of 27 October 2006 on the control of professional pension institutions, as well as their enforcement orders; »;
4° the article is completed as follows:
"13° "CBFA": the Banking, Financial and Insurance Commission, established by section 44 of the Act of 2 August 2002 on financial sector surveillance and financial services. »
Art. 188. In article 44, § 4, of the same law, as amended by the Act of 22 December 2003, the words "on the substances covered by this section and its enforcement orders and in particular" are inserted between the words "a relation" and the words "on the structure".
Art. 189. In section 46 of the Act, as amended by the Royal Decree of 25 March 2003, the following amendments are made:
1° to § 1^erthe words "in chapter VI" are replaced by the words "in subsection 6";
2° in § 3, the words "related to the substances covered by this section and its enforcement orders and in particular" are inserted between the words "a relation" and the words "on the structure".
Art. 190. Section 48 of the Act provides the following amendments:
1° § 1^er, paragraph 2, is supplemented as follows:
"4° the current level of financing of acquired reserves and the guarantee referred to in Article 47, paragraph 2;
5° the amount of contributions paid in the past year, split by benefit;
6° where applicable, the information relating to the beneficiary participation determined by the King;
7° where applicable, the amount of the affiliate's dependant surcharges in the previous accounting year;
8° if applicable, the guaranteed interest rate in the previous year. »;
2° to § 3, paragraph 2, 1°, (b) and 2°, the words "capitalized at the maximum reference rate for long-term insurance transactions fixed by the Enforcement Orders of 9 July 1975" are replaced by "capitalized at the rate fixed by the King";
3° in § 3, a third paragraph is inserted as follows:
"As long as the King has not taken the orders referred to in § 3, paragraph 2, 1 (b) and 2°, the interest rate is 3.75 per cent. »;
4° it is added a § 4, written as follows:
“§4. Upon retirement or when other benefits become payable, the pension agency shall inform the beneficiary or his or her beneficiaries of the benefits that are due and the corresponding payment options. »
Art. 191. Article 49, § 1^erin the same law, the words "as long as the pension agreement expressly provides" are inserted after the words "60 years".
Art. 192. In section 51 of the Act, a paragraph is inserted between paragraphs 2 and 3, as follows:
"The transfer referred to in paragraph 2 is limited to the portion of the reserves that has not been subject to an advance or pledge or that has not been affected as part of the replenishment of a mortgage."
Art. 193. It is inserted in Part II, Chapter I^erSection 4, Sub-section 5, of the Act, section 52bis, as follows:
"The pension organization shall prepare a written statement on the principles of its investment policy. It reviews it at least every three years and immediately after any major change in the investment policy.
This statement contains, at a minimum, investment risk assessment methods, risk management techniques implemented and strategic asset allocation in relation to the nature and duration of pension obligations.
In the month, the organization communicates any changes to the statement on the principles of investment policy to the CBFA.
The CBFA may, by regulation, establish more specific rules with respect to the content and form of this declaration. »
Art. 194. Article 53 of the same law, of which the current text will form § 1^er, is supplemented by § 2, which reads as follows:
Ҥ2. The pension organization shall, upon request, issue to affiliates, their rights holders or their representatives:
1° the declaration on the principles underlying the investment policy referred to in Article 52 bis;
2° the annual accounts and reports of the pension organization, as well as, where applicable, the annual accounts and reports of the affiliate pension plan;
3° where the affiliate supports the investment risk, the range of possible investment options and the existing investment portfolio, with a description of the risks and costs associated with these investments.
The CBFA may specify by regulation the content and form of the information referred to in this paragraph. »
Art. 195. It is inserted in the same law an article 58bis, which reads as follows:
"Art. 58bis. With a view to monitoring compliance with the provisions of this section and its enforcement orders, pension agencies and legal entities involved in the implementation of the solidarity regimes communicate to the CBFA the list of pension agreements and solidarity regimes they manage, as well as information on the commitments managed by the CBFA.
CBFA sets out the periodicity, content and support of the communication referred to in paragraph 1^er. »
Art. 196. It is inserted in the same law an article 58ter, which reads as follows:
"Art. 58ter. At the request of the CBFA, pension bodies and legal persons concerned with the execution of a solidarity regime submit any information and provide any documents for the monitoring of compliance with the provisions of this section and its enforcement orders. The information and documents referred to in this subparagraph are written in the legally imposed language.
For the same purpose, CBFA may conduct on-site inspections or take a copy of any information in possession of the pension agency, after having, if any, informed the competent authorities of the Member State of origin.
For the same purpose, agents, brokers or intermediaries are required to provide CBFA, upon request, with any information they hold concerning pension agreements or solidarity regimes under this Act.
The CBFA may, for the execution of the three preceding paragraphs, delegate members of its staff or independent experts mandated to do so, who report to it. »
Art. 197. An article 58quater is included in the same Act, which reads as follows:
"Art. 58quater. § 1^er. If the CBFA finds that the bodies and legal persons referred to in section 58ter do not comply with the provisions of this section or its enforcement orders, it shall set the time limit in which it must be corrected.
If, at the end of this period, the situation has not been resolved, CBFA may, regardless of the other measures provided by or under the law, disclose its injunctions to affiliates and beneficiaries of pension agreements or their representatives.
The CBFA may, under the conditions provided for in this article, make public its injunctions by the Belgian Monitor or by the press.
The communications and publication fees are borne by the pension agency or the corporation to which the injunction is addressed.
§ 2. If the bodies and persons referred to in Article 58ter remain in default on the expiry of the period referred to in § 1^er, the CBFA may, after the institution or person has been heard or at least summoned, impose a fine on it for a maximum of 1.875,000 euros per offence or a maximum of 2.500 euros per day of delay.
§ 3. The procedure for the imposition of sanctions under this section is governed by sections 70 to 73 of the Financial Sector Supervision and Financial Services Act of August 2, 2002.
The fines imposed under § 2 are recovered for the benefit of the treasury by the administration of the Cadaster, the Recording and the Domains. »
Art. 198. Article 59, paragraph 1^er, of the same law, as amended by the Royal Decree of 25 March 2003, the words "The commissioners authorized, appointed in accordance with Article 38 of the Law of 9 July 1975, and the actuaries designated in accordance with Article 40bis of the same Law" are replaced by the words "The commissioners authorized and the actuaries designated in accordance with the legislation of prudential control".
Art. 199. Article 62, paragraph 1^er, of the same law, as amended by the Royal Decree of 25 March 2003, the words "from 1,000 to 10,000 euros" are replaced by the words "from 25 to 250 euros".
Art. 200. Section 80 of the Act, as amended by the Royal Decree of 25 March 2003, is replaced by the following provision:
"Art. 80. The King shall, on the joint proposal of the Minister of Pensions, the Minister for Average Class and the Minister of Economy, and after the advice of the Commission on the Free Companion of Independents, the Council for the Free Companion of Independents and the CBFA, take the necessary orders to carry out this section.
The King may, in particular, regulate:
1° the minimum conditions for pension and solidarity obligations, including the conditions for disability and disability benefits;
2° the obligations of pension organizations with respect to the transparency and information of affiliates and beneficiaries;
The competent ministers may set deadlines for the Commission, the Council and the CBFA to issue their opinions. In case of non-compliance with any of these deadlines, the corresponding notice is no longer required. »
Section IV. - Amendments to the Act of 28 April 2003 on supplementary pensions and the tax system and certain social security benefits
Art. 201. Article 3, § 1^erthe following amendments are made to the Act of 28 April 2003 on supplementary pensions and the tax system and certain social security benefits:
1° 11°, b), is replaced by the following provision:
"(b) where the organizer is an employer:
- the expiration of the employment contract other than by death or retirement,
- the transfer of the worker in the context of a transfer of business, establishment or part of business or establishment to another business or other establishment resulting from a conventional assignment or a merger where the worker's pension plan is not transferred. »;
2° the 16° is replaced by the following provision:
"16th pension agency: an organization referred to in Article 2, § 1^er or § 3, 5°, of the law of 9 July 1975 or article 2, 1°, of the law of 27 October 2006 relating to the supervision of professional pension institutions, responsible for the execution of the pension undertaking; »;
3° the 19° is replaced by the following provision:
"19° the Act of 27 October 2006: the Act of 27 October 2006 on the Control of Professional Retirement Institutions; »;
4° the 20° is replaced by the following provision:
"20° prudential control legislation: the Act of 9 July 1975 on the control of insurance companies and the Act of 27 October 2006 on the control of professional pension institutions, as well as their enforcement orders; »;
5° the article is completed as follows:
"21°" the CBFA: the Banking, Financial and Insurance Commission, established by section 44 of the Act of 2 August 2002 on financial sector surveillance and financial services. »
Art. 202. Article 5, § 3, paragraph 2, of the Act is replaced by the following provision:
"Paragraph 1^er does not apply to pension commitments of entities and legal entities of public law that, pursuant to sections 134 to 138 of the Act of 27 October 2006 on the supervision of professional pension institutions, must not entrust the management of their pension plans to a professional pension institution. »
Art. 203. The following amendments are made to section 11 of the Act:
1° to § 1^er, 2° the words "without a company council, without a committee for prevention and protection at work and" are inserted, between the words "companies" and "without".
2° to § 2, paragraph 2, of the French version, the word "business" is replaced by the word "employer".
Art. 204. Article 12, § 1^er, from the same law the words "without a company council, without a committee for prevention and protection at work and" are inserted, between the words "business" and "without".
Art. 205. In Article 14, § 3, paragraph 2, of the same Act, the words "and for pension commitments referred to in Article 21" are inserted between the words "defined contributions" and the words ", a differentiation".
Art. 206. In section 15 of the Act, the first sentence is supplemented by the words "or under section 12".
Art. 207. Article 16, § 1^erparagraph 1^er is supplemented by the words "or under section 12".
Art. 208. Section 18 of the Act is replaced by the following provision:
"Art.18. The King determines the minimum acquired reserves in the event that the pension commitment, in respect of retirement or survival pensions in the event of death after retirement, is "defined contributions". »
Art. 209. In section 19, the following amendments are made:
1° to § 2, first dash, the words "in the enforcement orders of the law of 9 July 1975" are replaced by the words "by the King";
2° in § 3, first dash, the words "in the enforcement orders of the law of 9 July 1975" are replaced by the words "by the King";
3° to § 4, § 1^er, the words "imposed for the calculation of the minimum reserve pursuant to the law of 9 July 1975" are replaced by the words "imposed by the King for the calculation of the minimum reserve";
4° in § 5, in the Dutch text, the words "of met het loon" are replaced by the words "in met het loon".
Art. 210. In section 24 of the Act, the following amendments are made:
1° to § 1^er, the words "capitalized at the maximum reference rate for long-term insurance transactions, fixed by the enforcement orders of the law of 9 July 1975" are replaced by the words "capitalized at the rate fixed by the King";
2° to § 2, paragraph 1^er, the words "capitalized at the maximum base rate for long-term insurance transactions, fixed by the Enforcement Orders of 9 July 1975, decreased by 0.5%" are replaced by the words "capitalized at the rate fixed by the King";
3° in § 3, it is inserted before the current text, which will form the second paragraph, a new paragraph, as follows:
"As long as the King has not taken the orders referred to in §§ 1^er and 2, paragraph 1^erthe interest rates are 3.75 per cent and 3.25 per cent respectively. »
Art. 211. In section 26 of the Act, as amended by the Royal Decree of 27 June 2006, the following amendments are made:
1° § 1^er is completed by a 5°, as follows:
"5° the current level of financing of acquired reserves and the guarantee referred to in Article 24. »;
2° to § 3, paragraph 2, 2°, (a), the words "Article 32, § 2, 3°, (a)" are replaced by the words "Article 32, § 1^er3°, a)";
3° it is added a § 5, written as follows:
“§ 5. Upon retirement or when other benefits become payable, the pension agency shall inform the beneficiary or his or her beneficiaries of the benefits that are due and the corresponding payment options. »;
4° it is added a § 6, as follows:
“§ 6. The pension agency to which the affiliate, upon its release, transfers its reserves under Article 32, § 1^er, 2°, and the pension agency that is designated by the worker in accordance with section 33, provide at least once a year to the person concerned a pension sheet that contains at least the following data:
1° the amount of reserves;
2° the amount of benefits and the date on which they are payable;
3° the variable elements that are taken into account in calculating the amounts referred to in points 1° and 2°;
4° the amount of the reserves of the previous year.
Pension agencies shall provide, upon request, a history of the data referred to in paragraphs 1 and 2 of paragraph 1^er. "
Art. 212. Article 27, § 1^erin the same law, the words "as long as the pension regulations or pension agreements expressly provide for it" are inserted after the words "60 years".
Art. 213. Article 28, § 1^er, from the same law, the word "specified" is replaced by the word "paid".
Art. 214. The following amendments are made to section 32 of the Act:
1° to § 2, paragraph 2, the words " referred to in Article 2, § 3, 6°, of the Law of 9 July 1975" are replaced by the words " referred to in Article 2, 1°, of the Act of 27 October 2006 relating to the control of occupational pension instiutions".
2° it is added a § 5, written as follows:
“§ 5. Section 27 of this Act applies to reservations that are transferred under § 1^erTwo. »
Art. 215. Section 33 of the Act is supplemented by the following paragraph:
"Section 27 of this Act applies to the contract entered into under this section with the pension agency designated for that purpose. »
Art. 216. The following amendments are made to section 39 of the Act:
1° § 1^er is completed by a 5°, as follows:
"5° the declaration on the principles underlying the investment policy referred to in section 41bis. »;
2° in § 3, the words "or § 2" are inserted between the words " § 1^er and the words ", the employer."
Art. 217. The following amendments are made to section 41 of the Act:
1° to § 1^er, first sentence, the words " referred to in Article 2, § 3, 6° of the Law of 9 July 1975" are replaced by the words " referred to in Article 2, 1°, of the Act of 27 October 2006 on the Control of Professional Retirement Instiutions";
2° § 1^er, paragraph 2, is supplemented by the following sentence:
"In addition, staff representatives may also be designated among members of their representative organizations of workers. »;
3° to § 2, paragraph 2, the words "of the report referred to in Article 42" are replaced by the words "of the declaration on the principles underlying the investment policy referred to in Article 41bis and of the report referred to in Article 42, § 1^er. »
Art. 218. It is inserted in chapter VIII of the same law an article 41bis, as follows:
"Art. 41bis. The pension agency prepares a written statement on the principles of its investment policy. It reviews it at least every three years and immediately after any major change in the investment policy.
This statement contains, at a minimum, investment risk assessment methods, risk management techniques implemented and strategic asset allocation in relation to the nature and duration of pension obligations.
In the month, the organization communicates any changes to the statement on the principles of investment policy to the CBFA.
The CBFA may, by regulation, establish more specific rules with respect to the content and form of this declaration. "
Art. 219. Article 42 of the same law, of which the current text will form § 1^er, is supplemented by § 2, which reads as follows:
“§2. Persons referred to in § 1^er provide affiliates, their rights holders or their representatives, upon request:
1° the declaration on the principles underlying the investment policy referred to in Article 41bis;
2° the annual accounts and reports of the pension organization, as well as, where applicable, those relating to the pension plan concerned;
3° where the affiliate supports the investment risk, the range of possible investment options and the existing investment portfolio, with a description of the risks and costs associated with these investments.
The CBFA may specify by regulation the content and form of the information referred to in this paragraph. »
Art. 220. It is inserted in the same law an article 49bis, which reads as follows:
"Art. 49bis. In order to monitor compliance with the provisions of this title and its enforcement orders, pension agencies and legal persons concerned with the implementation of the solidarity commitments shall communicate to the CBFA the list of pension commitments and solidarity commitments they manage, the identification of the organizers concerned, and the information relating to the commitments managed by the CBFA.
CBFA sets out the periodicity, content and support of the communication referred to in paragraph 1^er. »
Art. 221. It is inserted in the same law an article 49ter, which reads as follows:
"Art. 49ter. At the request of the CBFA, pension agencies, organizers and legal persons concerned with the implementation of the solidarity commitments submit all information and provide all documents for the monitoring of compliance with the provisions of this Act and its enforcement orders. The information and documents referred to in this subparagraph are written in the legally imposed language.
For the same purpose, CBFA may conduct on-site inspections at the Belgian headquarters of the organizations, organizers and legal entities referred to in paragraph 1^er, or take a copy of any information in their possession, after having, as appropriate, informed the competent authorities of the Member State of origin.
For the same purpose, agents, brokers or intermediaries are required to provide CBFA, upon request, with any information they hold regarding pension plans or solidarity commitments under this Act.
The CBFA may, for the execution of the three preceding paragraphs, delegate members of its staff or independent experts mandated to do so, who report to it. »
Art. 222. Article 49quater is inserted in the same Act, which reads as follows:
"Art. 49quater. § 1^er. If the CBFA finds that the bodies, organizers and legal persons referred to in section 49ter do not comply with the provisions of this Act or its enforcement orders, it shall set the time limit in which it must be corrected.
If, at the end of this period, the situation has not been resolved, the CBFA may, regardless of the other measures provided by or under the law, disclose its injunctions:
1° to the organizer;
2° to the supervisory board referred to in section 41;
3° to the board of business or, if not, to the committee for prevention and protection at work or, if not, to the union delegation;
4° to representatives of affiliates and beneficiaries of the pension plan;
5° to members and beneficiaries of the pension plan.
CBFA may, under the conditions provided for in this article, make its public injunctions through the Belgian Monitor or through the press.
Communications and publication fees are charged to the recipient of the injunctions.
§ 2. If the bodies and persons referred to in Article 49ter remain in default on the expiry of the period referred to in § 1^er, the CBFA may, after the institution or person has been heard or at least summoned, impose a fine on it for a maximum of 1.875,000 euros per offence or a maximum of 2.500 euros per day of delay.
§ 3. The procedure for the imposition of sanctions under this section is determined by sections 70 to 73 of the Financial Sector Supervision and Financial Services Act of August 2, 2002.
The fines imposed under § 2 are recovered for the benefit of the treasury by the administration of the Cadaster, the Recording and the Domains. »
Art. 223. In section 50 of the Act, amended by the Royal Decree of March 25, 2003, the words "incorporated in accordance with section 10" are deleted.
Art. 224. Article 51, paragraph 1^er, of the same law, as amended by the Royal Decree of March 25, 2003, the words "Agreed commissioners, designated in accordance with section 38 of the law of July 9, 1975, and the actuaries designated in accordance with section 40bis of the same law" are replaced by the words "Agreed commissioners and actuaries designated in accordance with the regulation of prudential control".
Art. 225. It is inserted in the same law an article 56bis, which reads as follows:
"Art. 56bis. When the pension commitment, in respect of pension and/or survival pensions in the event of death after retirement, relates to the payment of a defined benefit that does not take into account the years of service specified, the benefit that at any time serves as a basis for the calculation of the reserve acquired, is, by exception to Article 19, §§ 2, 3 and 5, equal, until December 31, 2006 included, to the pension benefit
Unless the pension regulations provide for acquired reserves a derogatory calculation as referred to in paragraph 1^er, the organizers may unilaterally, until December 31, 2006, inclusive, adapt the pension benefits that, in accordance with the pension regulations or the pension agreement, serve as the basis for the calculation of the acquired reserves, so that the reserve calculated on the basis of these benefits coincides with the minimum reserve.
The adjustments to pension benefits referred to in paragraph 2 do not apply to benefits paid or reserves transferred prior to the date of publication to the Belgian Monitor of the Act of 27 October 2006 relating to the supervision of professional pension institutions. "
Art. 226. Section 110 of the Act, as amended by the Royal Decree of 25 March 2003, is replaced by the following provision:
"Art. 110. The King shall take, on the joint proposal of the Ministers who have the Pensions and the Economy in their powers or, with respect to section 24, on the proposal of the Minister who has the Pensions in his powers, and after the advice of the Commission des Pensions Complementaires, the Council of Pensions Complementary and the CBFA, the orders necessary for the execution of this Act.
The King may, in particular, regulate:
1° the minimum conditions for pension and solidarity commitments, including conditions for disability and disability benefits;
2° the obligations of pension organizations with respect to the transparency and information of affiliates and beneficiaries;
3° the allocation of the pension organization's assets in the event of a repeal of the pension commitment or where such assets are no longer required to manage the pension commitment.
The competent ministers may set deadlines for the Commission, the Council and the CBFA to issue their opinions. In case of non-compliance with any of these deadlines, the corresponding notice is no longer required. »
CHAPTER II. - Enforcement measures
Art. 227. The King may, on the proposal of the Minister who has the Economy in his or her powers and by order deliberately in the Council of Ministers, make all or part of the provisions of titles II to V, with the exception of articles 87 and 88, of this Act and of the decrees taken for their execution applicable to the activities in the field of professional pension offered by the Belgian insurance companies and the branches of European insurance companies referred to by §^er, the Act of 9 July 1975 on the control of insurance companies.
Assets and commitments related to these activities are confined, managed and organized separately from other activities of the insurance company without any possibility of transfer.
Royal order referred to in paragraph 1^er determines the articles of the Act of 9 July 1975 referred to above which are not applicable to such activities.
Art. 228. § 1^er. On the proposal of the Minister who has the Economy in his powers, the King shall take the necessary decrees for the execution of Titles I^er articles 227 and 231.
The King specifically fixes:
1° the rules to be followed by professional pension institutions in terms of participation in profits for the benefit of affiliates;
2° the obligations of professional pension institutions relating to the maintenance and communication of books, records and other documents, to the mentions to be made in brochures, circulars, posters and other writings intended for the public.
It may also provide for notifications to be made in accordance with the provisions of Parts I^er V, procedures equivalent to the recommended letter.
§ 2. The King may, for the development of the decrees referred to in this article, provide for different rules depending on the nature and risk of the activities of the professional pension institutions concerned.
§ 3. Orders referred to in this section shall be taken on the prior notice of CBFA and after the CBFA has requested the advice of the Insurance Commission established by section 41 of the Act of 9 July 1975 on the control of insurance companies.
The Insurance Commission may, on matters covered by this section, issue its notices of initiative. It also renders an opinion on any matter submitted to it by the Minister having the prudential control of professional pension institutions in his or her powers.
The Minister who has the Economy in his or her powers may set deadlines for which CBFA and the Insurance Commission must issue their notice. Similarly, the CBFA may set a time limit that the Insurance Commission must issue its opinion. In case of non-compliance with any of these deadlines, the corresponding notice is no longer required.
Art. 229. The King shall, on the proposal of the Minister of Justice, take the enforcement orders of sections 49 and 50.
Art. 230. The King may, on the joint proposal of Ministers who have the Economy, Pensions and Average Class in their responsibilities, coordinate the provisions:
1° of this Act;
2° of Part II, Chapter I^erSection IV of the Programme Law (I) of 24 December 2002;
3° of the Act of 28 April 2003 on supplementary pensions and the tax system and certain social security benefits;
and the provisions that would have expressly or implicitly amended the above-mentioned laws at the time the coordination is established.
To this end, He may, inter alia:
1° amend the order, numbering and, in general, the presentation of the provisions to be coordinated;
2° amend the references contained in the provisions to be coordinated, with a view to aligning them with the new numbering;
3° amend the drafting of the provisions to be coordinated in order to ensure their consistency and to unify the terminology, without prejudice to the principles enshrined in these provisions.
The coordination will bear the title determined by the King.
Art. 231. The King may, on the proposal of the Minister who has the Economy in his powers and by order deliberately in the Council of Ministers, adapt the provisions of Titles I^er to V, as well as Article 227 to the obligations arising for Belgium of international agreements or treaties.
Art. 232. The King may, in the laws and decrees other than those referred to in the other provisions of this chapter, replace the words "Article 2, § 3, 4°, of the Act of 9 July 1975 relating to the control of insurance companies" and the words "Article 2, § 3, 6°, of the Act of 9 July 1975 relating to the control of insurance companies" with the words "Article 2, 1°, of the law of 27 October 2006
Art. 233. The CBFA informs the European Commission of the major difficulties in the implementation of Directive 2003/41/EC of the European Parliament and the Council of 3 June 2003 on the activities and monitoring of professional pension institutions.
CHAPTER III. - Entry into force and final disposition
Art. 234. The King shall fix the effective date of each of the provisions of this Act, with the exception of:
1° of articles 189, 199, 211, 2°, 213, 216, 2°, and 225, which produce their effects on 1^er January 2004;
2° of articles 1^er2, 6, 151, paragraph 2, 181, 188, 191, 192, 200, 201, 1°, 203 to 206, 212, 214, 215, 223, 226 and 227 to 234, which come into force on the day of the publication of this Act to the Belgian Monitor.
Promulgate this law, order that it be clothed with the seal of the State and published by the Belgian Monitor.
Given in Brussels, 27 October 2006.
ALBERT
By the King:
Minister of Pensions,
B. TOBBACK
Minister of Economy,
Mr. VERWILGHEN
Minister of Average Class,
Mrs. S. LARUELLE
Seal of the state seal:
The Minister of Justice,
Ms. L. ONKELINX
____
Note
(1) Session 2005-2006.
House of Representatives.
Documents. - Bill, 51-2534. - Amendments, 51-2534 N^bones 2 to 4. - Report, 51-2534 - No. 5. - Text adopted by commission 51-2534 - No. 6. - Text adopted in plenary and transmitted to the Senate, 51-2534 - No. 7.
Report integral. - 13 July 2006.
Senate.
Documents. - Project not referred to by the Senate, 3-1810 - No. 1.