Act Amending Act Of 9 July 1975 On The Control Of The Business Of Insurance, The Law Of 22 March 1993 On The Status And Control Of Credit Institutions, Of The Law Of 6 April 1995 Relating To The Status Of Enterprises

Original Language Title: Loi portant modification de la loi du 9 juillet 1975 relative au contrôle des entreprises d'assurances, de la loi du 22 mars 1993 relative au statut et au contrôle des établissements de crédit, de la loi du 6 avril 1995 relative au statut des entreprises

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Posted the: 2005-08-26 Numac: 2005003649 SERVICE PUBLIC FÉDÉRAL FINANCES 20 June 2005. -Act on amendment of the law of 9 July 1975 on the control of insurance, of the law of 22 March 1993 on the status and control of credit institutions, the law of 6 April 1995 on the status of the investment firms and their control, intermediaries and investment and of the law of 20 July 2004 on certain forms of collective management of investment portfolios , and other miscellaneous provisions ALBERT II, King of the Belgians, bearing A all, present and future, hi.
The Chambers have adopted and we endorse the following: chapter I:. -Objective - Definitions Article 1. This Act regulates a matter referred to in article 78 of the Constitution.
S.
2. this Act in particular ensures the transposition of directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending Council directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 92/96/EEC 93/6/EEC and 93/22/EEC of the Council and directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council.
S. 3. for the purposes of this Act, it has to be understood by: 1 ° the "law on insurance": Act of 9 July 1975 on the control of insurance undertakings;
2 ° the "banking law": Act of 22 March 1993 on the status and control of credit institutions;
3 ° the "law concerning investment firms": Act of 6 April 1995 on the status of investment firms and their control, investment advisors and intermediaries;
4 ° "Act on certain forms of collective management of investment portfolios": the law of 20 July 2004 on certain forms of collective management of investment portfolios.
Chapter II supplementary supervision on financial services article groups
4 II is inserted in the Insurance Act a cool chapter, as follows: "chapter VIIter. Special provisions relating to the supplementary supervision of insurance companies Belgian forming part of a group of financial services section 91octies decies. § 1.
For the purposes of this article, there is to be understood by: 1 ° "group": a group of companies consists of a parent undertaking, its subsidiaries, companies in which the parent undertaking or its subsidiaries hold directly or indirectly a participation, as well as companies with which a consortium is formed and companies that are controlled by the latter or in which they have a stake;
2 ° "financial services group": a group that meets the following conditions: has) the group includes at least a regulated carrier having the quality of credit institution, business insurance or business investment, either at the head of the group, either as a subsidiary;
(b) if the undertaking at the head of group is a regulated utility, it is either the parent undertaking of a company owned by the financial sector, or by a company that holds directly or indirectly a participation in a company belonging to the sector, financial, or still a company forming a consortium with a company belonging to the financial sector;
(c) if the undertaking at the head of the group is not a regulated carrier, the activities of the group are mainly in the financial sector;
the King determines what is meant by "primarily";
(d) the Group operates both in the insurance sector in the banking or investment services sector;
(e) the activities of the group in the insurance sector and the activities of the group in the banking sector and the investment services sector are important; the King determines what is meant by "important";
3 ° "regulated business": a legal entity that is either an insurance undertaking as defined in article 91bis, 1 ° and 2 ° of the Act whether a credit institution as defined in article 1, paragraph 2, of the law of 22 March 1993 on status and control of credit institutions, or an investment firm as defined in article 44 of the law of 6 April 1995 on the status of the investment firms and to their control, intermediaries and investment advisers, is a such collective investment management company as defined in article 138 of the law of 20 July 2004 on certain forms of collective management of investment portfolios, and any other company incorporated under foreign law which, if it had its registered office in Belgium, would be required to obtain an authorisation to pursue the activity of business investment or collective investment management company;
4 ° "financial sector": a sector composed of one or more of the following companies: has) a regulated carrier having the quality of credit institution, a financial institution within the meaning of article 3, § 1, 5 °, of the law of 22 March 1993, a company of ancillary banking services within the meaning of article 1, paragraphs 5 and 23 of directive 2000/12/EC of 20 March 2000 relating to access to the activity of credit institutions and its exercise; These companies are part of the same financial sector, referred to as the "banking";
(b) a regulated carrier having the quality of insurance company, a company of reinsurance within the meaning of article 91bis, 3 °, of this Act, an insurance holding company within the meaning of article 91bis, 9 °, of this Act; These companies are part of the same financial sector, referred to as the "insurance industry";
(c) a regulated carrier having the quality of investment firm, a company that provides ancillary services within the meaning of article 46, 2 °, of the law of 6 April 1995, a financial institution within the meaning of article 46, 7 ° of the Act; These companies are part of the same financial sector, referred to as the "investment services sector";
(d) a mixed financial holding company;
5 ° "mixed financial holding company": one parent undertaking, other than an undertaking regulated, which is at the head of a group of financial services;
6 ° "parent undertaking", "Affiliate", "control", "consortium", "participation": the concepts within the meaning of the definitionqui given in the chapitreVIIbis of the present law, article 49 of the law of 22 March 1993 or article 95 of the Act of 6 April 1995.
§ 2. Belgian insurance companies that are part of a financial services group with at its head a regulated business, are subject to supplementary supervision at the level of the group in accordance with the provisions of this paragraph.
When a company regulated under Belgian law is at the head of a group of financial services, the supplementary group supervision is exercised by the CBFA.
The supplementary supervision focuses on the financial situation of the Group of financial services in general and on the solvency of the group in particular, on the corcentration of risk, intra-group transactions, as well as the internal control mechanisms and put risk management procedures in place for all the group.
The King determines the standards applicable in pursuance of paragraphs 2 and 3.
All group financial services companies that belong to the financial sector are included in the supplementary supervision of the group, according to the rules laid down by the King.
The King may extend the supplementary supervision of the group in other areas as well as to companies in the group not doing not part of the financial sector, in accordance with the European regulations.
The CBFA may prescribe regulated and unregulated companies that are included in the supplementary supervision of the group, communicated to all information useful for the exercise of the supplementary supervision of the group. The CBFA may, for the purpose of this monitoring, print or have, at the expense of the regulated undertaking concerned, by authorized Auditors or, if applicable, by foreign experts approved by it therefor, to verify on the spot, in all undertakings included in the supplementary supervision of the group, information it has received. The CBFA does or doesn't conduct an audit from an undertaking established in another Member State of the EEA European that after notifying the competent of that other State supervisory authority and unless the latter performs itself to this audit or allows that a reviewer or an expert there is. If the CBFA does not itself audit, it can nevertheless be involved, if it considers it desirable.
The supplementary group supervision does not control on an individual basis by the CBFA, companies included in this monitoring. The supplementary group supervision is not more prejudice based on social control and the supplementary supervision exercised in accordance with the other provisions of this Act.
The King may determine the conditions under which the Belgian companies that are part of a group of financial services and are included in the supplementary group supervision exercised by a foreign supervisory authority, may be required to provide

information to the supervisory authority for the exercise of the supplementary supervision of the Group and may be subject to audit on site, by this authority or by auditors or experts acting on behalf of it, information transmitted.
§ 3. Belgian insurance companies that are part of a financial services group with its a mixed financial holding company are subject to supplementary supervision at the level of the group.
The supplementary group supervision is exercised by analogous application of the provisions of § 2. In this case, the supplementary supervision also includes control, in terms of the need to ensure sound and prudent management, the shareholding of the joint financial company as well as the adequacy of the effective management of the mixed financial holding company.
The King may define and complete the terms of the supplementary supervision of the group, including specifying what other provisions of this Act are applicable to mixed financial companies.
§ 4. The King determines the rules of supplementary supervision of the group in accordance with the provisions of directive 2002/87/EC of 16 December 2002 on the supplementary supervision of credit institutions of business insurance and investment firms in a financial conglomerate and amending Council directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 92/96/EEC 93/6/EEC and 93/22/EEC of the Council and directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council.
§ 5. The CBFA may, in special cases, permit, to the achievement of the objectives of this article, derogations motivated the orders and regulations made under this article, provided that such derogations are application for all regulated firms who are in circumstances similar. Use of this option may not be contrary to the provisions of European law. » Art.
5 II is inserted in the title it, chapter III, section one of the banking law an article 49bis, worded as follows: «Article 49bis. § 1. For the purposes of this article, there is to be understood by: 1 ° "group": a group of companies consists of a parent undertaking, its subsidiaries, companies in which the parent undertaking or its subsidiaries hold directly or indirectly a participation, as well as companies with which a consortium is formed and companies that are controlled by the latter or in which they have a stake;
2 ° "financial services group": a group that meets the following conditions: has) the group includes at least a regulated carrier having the quality of credit institution, business insurance or business investment, either at the head of the group, either as a subsidiary;
b) if the undertaking at the head of group is a regulated utility, it is either of the parent undertaking of a company belonging to the financial sector, a company which holds, directly or indirectly, an interest in a company owned by the financial sector or even a company forming a consortium with a company belonging to the financial sector;
(c) if the undertaking at the head of the group is not a regulated carrier, the activities of the group are mainly in the financial sector;
(d) the Group operates both in the insurance sector in the banking or investment services sector;
(e) the activities of the group in the insurance sector and the activities of the group in the banking sector and the investment services sector are important;
The King determines that there is to be understood by "mainly" and "important";
3 ° "regulated business": a legal person who is either a credit institution as defined in article ter, paragraph 2, of this Act, is a business of such insurance as defined in article 91bis, 1. and 2 ° of the Act of 9 July 1975 on the control of insurance undertakings, or an investment firm as defined in article 44 of the law of 6 April 1995 on the status of the investment firms and their control the intermediaries and investment advisers, either a such collective investment management company as defined in article 138 of the law of 20 July 2004 on certain forms of collective management of investment portfolios, and any other company incorporated under foreign law which, if it had its registered office in Belgium, would be required to obtain an authorisation to pursue the activity of business investment or collective investment management company;
4 ° "financial sector": a sector composed of one or more of the following companies: has) a regulated carrier having the quality of credit institution, a financial institution within the meaning of article 3, § 1, 5 °, of the Act, a company of ancillary banking services within the meaning of article 1, paragraphs 5 and 23 of directive 2000/12/EC of 20 March 2000 relating to access to the activity of credit institutions and its exercise; These companies are part of the same financial sector, referred to as the "banking";
(b) a regulated carrier having the quality of insurance company, a company of reinsurance within the meaning of article 91bis, 3 °, of the law of 9 July 1975, an insurance holding company within the meaning of article 91bis, 9 °, of the same Act; These companies are part of the same financial sector, referred to as the "insurance industry";
(c) a regulated carrier having the quality of investment firm, a company that provides ancillary services within the meaning of article 46, 2 °, of the law of 6 April 1995, a financial institution within the meaning of article 46, 7 ° of the Act; These companies are part of the same financial sector, referred to as the "investment services sector";
(d) a mixed financial holding company;
5 ° "mixed financial holding company": one parent undertaking, other than an undertaking regulated, which is at the head of a group of financial services;
6 ° "parent undertaking", "Affiliate", "control", "consortium", "participation": the concepts within the meaning of the definition given in article 49 of this Act, to the chapitreVllbis of the law of 9 July 1975 or article 95 of the Act of 6 April 1995.
§ 2. Beige law credit institutions that are part of a financial services group with at its head a regulated business, are subject to supplementary supervision at the level of the group in accordance with the provisions of this paragraph.
When a company regulated under Belgian law is at the head of a group of financial services, the supplementary group supervision is exercised by the CBFA.
The supplementary supervision focuses on the financial situation of the Group of financial services in general and on the solvency of the group in particular, on the concentration of risk, intra-group transactions, as well as the internal control mechanisms and put risk management procedures in place for all the group.
The King determines the standards applicable in pursuance of paragraphs 2 and 3.
All group financial services companies that belong to the financial sector are included in the supplementary supervision of the group, according to the rules laid down by the King.
The King may extend the supplementary supervision of the group in other areas as well as to companies in the group not doing not part of the financial sector, in accordance with the European regulations.
The CBFA may prescribe regulated and unregulated companies that are included in the supplementary supervision of the group, communicated to all information useful for the exercise of the supplementary supervision of the group. The CBFA may, for the purpose of this monitoring, print or have, at the expense of the regulated undertaking concerned, by authorized Auditors or, if applicable, by foreign experts approved by it therefor, to verify on the spot, in all undertakings included in the supplementary supervision of the group, information it has received. The CBFA does or doesn't conduct an audit from an undertaking established in another Member State of the EEA European that after notifying the competent of that other State supervisory authority and unless the latter performs itself to this audit or allows that a reviewer or an expert there is. If the CBFA does not itself audit, it can nevertheless be involved, if it considers it desirable.
The supplementary group supervision does not control on an individual basis by the CBFA, companies included in this monitoring. Supplementary supervision of the group is no more prejudice based on social control and control on consolidated basis exercised pursuant to the other provisions of this Act.
The King may determine the conditions under which Belgian companies that are part of a group of financial services and are included in the supplementary group supervision exercised by a foreign supervisory authority, may be required to provide information to the supervisory authority for the exercise of the supplementary supervision of the Group and may be subject to verification on the spot by this authority or by auditors or experts mandated by it, transmitted information.
§ 3. Institutions

credit under Belgian law that are part of a group of financial services headed by a mixed financial holding company are subject to supplementary supervision at the level of the group.
The supplementary group supervision is exercised by analogous application of the provisions of § 2. In this case, the supplementary supervision also includes control, in terms of the need to ensure sound and prudent management, the shareholding of the joint financial company as well as the adequacy of the effective management of the mixed financial holding company.
The King may define and complete the terms of the supplementary supervision of the group, including specifying what other provisions of this Act are applicable to mixed financial companies.
§
4. The King determines the rules of supplementary supervision of the group in accordance with the provisions of directive 2002/87/EC of 16 December 2002 on the supplementary supervision of credit institutions of business insurance and investment firms in a financial conglomerate and amending Council directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 92/96/EEC 93/6/EEC and 93 / 22/EEC of the Council and directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council.
§
5. The CBFA may, in special cases, permit, to the achievement of the objectives of this article, derogations motivated the orders and regulations made under this article, provided that such derogations are application for all regulated firms who are in circumstances similar. Use of this option may not be contrary to the provisions of European law. » Art. 6. an article 95bis, worded as follows, is inserted in the Act concerning investment firms: «art.» 95bis. § 1. For the purposes of this article, there is to be understood by: 1 ° "group": a group of companies consists of a parent undertaking, its subsidiaries, companies in which the parent undertaking or its subsidiaries hold directly or indirectly a participation, as well as companies with which a consortium is formed and companies that are controlled by the latter or in which they have a stake;
2 ° "financial services group": a group that meets the following conditions: has) the group includes at least a regulated carrier having the quality of credit institution, business insurance or business investment, either at the head of the group, either as a subsidiary;
b) if the undertaking at the head of group is a regulated utility, it is either of the parent undertaking of a company belonging to the financial sector, a company which holds, directly or indirectly, an interest in a company owned by the financial sector or even a company forming a consortium with a company belonging to the financial sector;
(c) if the undertaking at the head of the group is not a regulated carrier, the activities of the group are mainly in the financial sector;
(d) the Group operates both in the insurance sector in the banking or investment services sector;
(e) the activities of the group in the insurance sector and the activities of the group in the banking sector and the investment services sector are important;
The King determines that there is to be understood by "mainly" and "important";
3 ° "regulated business": a legal entity that is either an investment firm as defined in article 44 of this Act, either a credit institution as defined in article 1, paragraph 2, of the law of 22 March 1993 on status and control of the credit institutions, or of such insurance undertaking as defined in article 91bis , 1 ° and 2 °, of the law of 9 July 1975 on the control of insurance undertakings, is a management company of undertakings for collective investment as defined in article 138 of the law of 20 July 2004 on certain forms of collective management of investment portfolios, and any other company incorporated under foreign law which, if it had its registered office in Belgium would be required to obtain an authorisation to pursue the activity of business investment or collective investment management company;
4 ° "financial sector": a sector composed of one or more of the following companies: has) a regulated carrier having the quality of credit institution, a financial institution within the meaning of article 3, § 1, 5 °, of the law of 22 March 1993, a company of ancillary banking services within the meaning of article 1, paragraphs 5 and 23 of directive 2000/12/EC of 20 March 2000 relating to access to the activity of credit institutions and its exercise;
These companies are part of the same financial sector, referred to as the "banking";
(b) a regulated carrier having the quality of insurance company, a company of reinsurance within the meaning of article 91bis, 3 °, of the law of 9 July 1975, an insurance holding company within the meaning of article 91bis, 9 °, of the same Act; These companies are part of the same financial sector, referred to as the "insurance industry";
(c) a regulated carrier having the quality of investment firm, a company that provides ancillary services within the meaning of article 46 (2), of this Act, a financial institution within the meaning of article 46, 7 ° of the Act; These companies are part of the same financial sector, referred to as the "investment services sector": d) a mixed financial holding company;
5 ° "mixed financial holding company": one parent undertaking, other than an undertaking regulated, which is at the head of a group of financial services;
6 ° "parent undertaking", "Affiliate", "control", "consortium", "participation": the concepts within the meaning of the definition given in article 95 of this Act, article 49 of the law of 22 March 1993 or the chapter VIIbis of the law of 9 July 1975.
§
2. Belgian investment firms which are part of a financial services group with at its head a regulated business, are subject to supplementary supervision at the level of the group in accordance with the provisions of this paragraph.
When a company regulated under Belgian law is at the head of a group of financial services, the supplementary group supervision is exercised by the CBFA.
The supplementary supervision focuses on the financial situation of the Group of financial services in general and on the solvency of the group in particular, on the concentration of risk, intra-group transactions, as well as the internal control mechanisms and put risk management procedures in place for all the group.
The King determines the standards applicable in pursuance of paragraphs 2 and 3.
All group financial services companies that belong to the financial sector are included in the supplementary supervision of the group, according to the rules laid down by the King.
The King may extend the supplementary supervision of the group in other areas as well as to companies in the group not doing not part of the financial sector, in accordance with the European regulations.
The CBFA may prescribe regulated and unregulated companies that are included in the supplementary supervision of the group, communicated to all information useful for the exercise of the supplementary supervision of the group. The CBFA may, for the purpose of this monitoring, print or have, at the expense of the regulated undertaking concerned, by authorized Auditors or, if applicable, by foreign experts approved by it therefor, to verify on the spot, in all undertakings included in the supplementary supervision of the group, information it has received. The CBFA does or doesn't conduct an audit from an undertaking established in another Member State of the EEA European that after notifying the competent of that other State supervisory authority and unless the latter performs itself to this audit or allows that a reviewer or an expert there is. If the CBFA does not itself audit, it can nevertheless be involved, if it considers it desirable.
The supplementary group supervision does not control on an individual basis by the CBFA, companies included in this monitoring. Supplementary supervision of the group is no more prejudice based on social control and control on consolidated basis exercised pursuant to the other provisions of this Act.
The King may determine the conditions under which Belgian companies that are part of a group of financial services and are included in the supplementary group supervision exercised by a foreign supervisory authority, may be required to provide information to the supervisory authority for the exercise of the supplementary supervision of the Group and may be subject to verification on the spot by this authority or by auditors or experts mandated by it, transmitted information.
§ 3. Belgian investment firms which are part of a financial services group with its a mixed financial holding company are subject to supplementary supervision at the level of the group.
The supplementary group supervision is exercised by analogous application of the provisions of § 2. Monitoring

complementary in this case includes the control, in terms of the need to ensure sound and prudent management, the shareholding of the joint financial company as well as the adequacy of the effective management of the mixed financial holding company.
The King may define and complete the terms of the supplementary supervision of the group, including specifying specifying what other provisions of this Act are applicable to mixed financial companies.
§
4. The King determines the rules of supplementary supervision of the group in accordance with the provisions of directive 2002/87/EC of 16 December 2002 on the supplementary supervision of credit institutions of business insurance and investment firms in a financial conglomerate and amending Council directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 92/96/EEC 93/6/EEC and 93/22/EEC of the Council and directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council.
§
5. The CBFA may, in special cases, permit, to the achievement of the objectives of this article, derogations motivated the orders and regulations made under this article, provided that such derogations are application for all regulated firms who are in circumstances similar. Use of this option may not be contrary to the provisions of European law. » CHAPTER III. -Other amendments to the Act on insurance, Banking Act, the Act concerning investment firms and act on certain forms of collective management of investment portfolios Section 1st.
-Amendments to the law on insurance art. 7. an article 6bis, worded as follows, shall be inserted in the Insurance Act: «art.» 6a. when approval is sought by an insurance undertaking which is is the subsidiary of another insurance undertaking, a credit institution, a business investment or a collective investment management company, authorised in another Member State of the European economic area, or of the mother of another business insurance company subsidiary, of a credit institution, a business investment or a collective investment management company registered in another Member State, is still controlled by the same natural or legal persons as another insurance business, as a credit institution, as an investment or as a collective investment management company, undertaking authorised in another Member State, the CBFA consulted before taking its decision, the authorities of those other Member States that control the insurance companies , the credit institutions or investment firms and the management of undertakings for collective investment companies approved under their law.
Similarly, the CBFA previously consult the supervisory authorities referred to in paragraph ter for the purposes of assessing the qualifications required of the shareholders and executives in accordance with articles 8 and 90, § 1, where the shareholder is a company referred to in the paragraph, and that the individual involved in the direction of the insurance company takes part also in the direction of one of the undertakings referred to in paragraph the ,. These authorities shall communicate to each other all information useful for the assessment of the qualifications of shareholders and persons participating in the direction referred to in this paragraph. » Art.
8 article 15bis, § 4, inserted by the royal decree of 12 August 1994 and replaced by the royal decree of 26 May 2004, of the Act is replaced by the following provision: "§ § 4 4» The available solvency margin is calculated after deduction of the following positions: 1 ° the own shares and the elements referred to the § 1, 5 °, 6 ° and 7 °, issued by the business of insurance and directly held by the insurance undertaking;
2 ° holdings in other insurance undertakings, reinsurance and holding companies insurance;
3 ° the holdings in a credit institution or a financial institution within the meaning of Act of 22 March 1993 on the status and control of credit institutions, in an investment firm or a financial institution within the meaning of Act of 6 April 1995 on the status of investment firms and their control, investment advisors and intermediaries , or in a management company of undertakings for collective investment within the meaning of the law of 20 July 2004 on certain forms of collective management of investment portfolios;
4 ° loans subordinated, instruments and claims referred to the § 1, 5 °, 6 ° and 7 °, issued by the undertakings listed in 2 ° in which the insurance undertaking holds a participation;
5 ° subordinated loans, instruments and debts issued by the undertakings listed in 3 ° in which the insurance undertaking holds a participation, these positions constituting, in the business said, of own funds elements taken into account for the control of compliance with the applicable to recent solvency requirements;
6 ° interests in mixed financial companies and the elements referred to 4 ° and 5 ° issued by mixed financial companies in which the insurance undertaking holds a participation.
Insurance undertakings subject to supplementary supervision referred to chapter VIIbis or section VIIter are exempt, for the calculation of the margin of solvency on social basis, to carry out the deductions referred to in paragraph 1, 2 ° to 6 °, if these deductions are items of own funds of companies that are included in the calculation of the position of the group for the purposes of the application of chapter VIIbis and VIIter.
The CBFA may exempt the insurance undertaking of the obligation of deduction referred to in paragraph 1, 2 ° to 6 °, where the detention of the elements in question is a transaction sanitation or rescue of the companies mentioned.
The CBFA may allow or impose on the company insurance to apply, instead of the deductions referred to in paragraph 1, 3 °, 5 ° and 6 °, one of solvency methods authorized by the King in execution of article 91 g decies of the Act.
The use of the accounting consolidation-based method is subject to the existence of an integrated management of the Group and integrated internal control of institutions that would be included in the control on consolidated basis. Any change in method requires the prior approval of the CBFA.
» Art. 9. in article 23bis of the Act, inserted by the law of 19 July 1991 and amended by the decrees of 12 August 1994 and March 25, 2003, it is inserted a § 1bis as follows: "§ 1bis.» If the purchaser is an insurance undertaking, a credit institution, an investment firm or a collective investment management company, authorised in another European economic area Member State, or the parent undertaking of such an undertaking of insurance, a such credit institution of such investment firm or a such collective investment management company, or a natural or legal person controlling such an insurance undertaking , a such credit institution, such investment firm or such collective investment management company, and if, as a result of the acquisition, the insurance undertaking in which the acquirer proposes to acquire a participation would become the subsidiary or would come under the control of this company, hotel or this company of the parent undertaking or the physical or legal person the CBFA shall consult on the purchaser, the supervisory authorities referred to in article 6bis. » Art. 10 A section 81 of the Act, renumbered by the royal decree of 12 August 1994 and amended by the royal decree of 25 March 2003, the words ", an insurance holding company, a mixed-activity insurance holding company or a mixed financial holding company" shall be inserted between the words "an insurance company" and "does not suite".
S. 11A article 82 of the same law, replaced by the law of 19 July 1991, renumbered by the royal decree of 12 August 1994 and amended by the laws of 26 June 2000 and 2 August 2002 and the royal decree of 25 March 2003, the following changes are made: 1 ° in the § 1, paragraph 1, "to an undertaking' shall be replaced by the words" an insurance company a holding company of insurance, an insurance holding company joint or a mixed financial holding company, established in Belgium, Belgian law or abroad ";
2 ° § 2 is replaced by the following provision: "§ § 2 2» II cannot be imposed administrative fines only after that the undertakings referred to the § 1 were heard in their defense, at least duly convened. » Art. 12. article 90 of the Act, replaced by the law of 19 July 1991, renumbered by the royal decree of 12 August 1994 and amended by the royal decree of 25 March 2003, is supplemented by the following paragraphs: "§ § 3 3» The articles of insurance undertakings may authorise the Board of Directors to delegate part or all of the powers referred to in article 522 § 1, paragraph 1, of the Code of corporations to a Steering Committee formed in his breast, he appoints and dismisses members and which it determines the remuneration.
However, this delegation cannot wear or on the determination of the policy

General, or on the acts reserved to the Board of directors by the other provisions of the same Code companies.
§ 4. Without prejudice to article 14bis, administrators or directors of an insurance undertaking and all persons who under any name and in any capacity whatsoever, shall take part in the administration or the management of the company may, in representation or non-insurance company, exercise warrants administrator or Manager or take part in the administration or the management to the breast of a commercial company or commercial a business of another form of Belgian or foreign or public institution Belgian or foreign law, business industrial, commercial or financial, to the conditions and within the limits laid down in this article.
External functions referred to in paragraph 1 are governed by internal rules that the insurance company must adopt and enforce to pursue the following objectives: 1 ° avoid that the performance of these duties by persons involved in the effective management of the insurance undertaking shall affect the availability required for the exercise of this direction;
2 ° prevent the occurrence of conflicts of interests as well as the risks involved in the exercise of these functions, especially in terms of insider trading on the part of the insurance undertaking;
3 ° ensure appropriate publicity of these functions.
The CBFA sets the terms of those obligations by way of Regulation subject to the approval of the King in accordance with article 64 of the Act of 2 August 2002 on the supervision of the financial sector and financial services.
If the CBFA remains in default to establish the regulation referred to in paragraph 3 or amend in the future, the King is entitled to take this regulation or to change.
Corporate officers appointed on presentation of the insurance undertaking shall be individuals who are involved in the effective management of the insurance undertaking or individuals designated by it.
Administrators not involved in the effective management of the insurance undertaking cannot be a Director of a company in which the company holds a participation if they do not participate in the day-to-day management of the company. However, this prohibition shall not apply, for a period limited to six years, appointed following the acquisition of a participation or the resumption of the activities of the society in which these same people participate in the actual direction.
Those involved in the effective management of the insurance undertaking cannot exercise a mandate with a participation in the day-to-day management that if it is a company referred to in article 32, § 4, of the law of 22 March 1993 on status and control of credit institutions, with which the insurance undertaking has close links, an undertaking for collective investment in statutory form or a management company of undertakings for collective investment within the meaning of the Act of 20 July 2004 on certain forms of collective management of investment portfolios, a company whose activity lies in the extension of the insurance activity, such a brokerage office or an office of regulation of claims, a heritage society in which such persons or their families hold, as part of the normal management of their heritage, a significant interest or a society in which these people are unique leaders and whose activity is confined to management services in the abovementioned companies or the activity of a heritage society.
Insurance companies shall notify without delay to the CBFA the functions performed outside the insurance undertaking by the persons referred to in paragraph 1, for the purposes of the control of the compliance with the provisions of this article.
§ 5. In the case of bankruptcy of an insurance undertaking, are void and without effect relatively grounded, payments made by this company, either in cash, or otherwise, to its directors or managers, as directors or other bonuses, during the two years preceding the time determined by the tribunal as being that of the cessation of payments.
Paragraph 1 does not apply if the tribunal recognizes that no fault serious and characterized these people contributed to the bankruptcy. » Art. 13A section 91bis of the Act, inserted by the royal decree of March 14, 2001 and amended by the royal decree of 25 March 2003, the law of 19 November 2004, the following changes are made: 1 ° 7 ° is replaced by the following provision: "participating company 7th: an undertaking which is either a parent undertaking or another undertaking which holds a participation. as well as any company with which a consortium as defined in article 10 of the Code of corporations is formed; ";
2 8 ° ° is replaced by the following provision: «8 ° business related: an undertaking which is either a subsidiary or other undertaking in which a participation is held, as well as any company with which a consortium as defined in article 10 of the Code of corporations formed; "
3 9 ° ° is replaced by the following provision: «9 ° insurance holding company: a mother whose main business is to acquire and hold participations in subsidiary undertakings, where those subsidiary undertakings are exclusively or mainly insurance undertakings, reinsurance undertakings or third-country insurance undertakings, one at least of such subsidiary undertakings being an insurance undertaking. , and which is not a mixed financial holding company within the meaning of article 91octies decies. »;
4 ° 10 ° is replaced by the following provision: "10 ° joint insurance holding company: one parent undertaking, other than an insurance undertaking, as an insurance company of a third country, a reinsurance undertaking, a holding company for insurance or a joint financial company, which has at least an insurance undertaking among its subsidiary undertakings;
S. 14 II is inserted in chapter Vllbis of the same Act, an Ibis section, read as follows: "Section Irebis - Belgian law Article 91ter insurance holding companies 1.» Notwithstanding the provisions of article 91ter, § 2: 1 ° the CBFA must be informed of the identity of the natural or legal persons who are planning to hold, directly or indirectly, a qualifying holding in an insurance holding company under Belgian law, as well as their intention to increase or reduce this participation; the provisions of article 23bis of the Act shall apply by analogy;
2 ° the effective management of a Belgian law insurance holding company must be entrusted to at least two people;
the persons responsible for the effective management, managers and general agents must possess the required professional repute and appropriate experience to perform these functions.
the provisions of article 90, §§ 2 to 5, shall apply by analogy. » Art. 15. article 91 c of the same Act, inserted by the royal decree of March 14, 2001 and amended by the royal decree of 25 March 2003, is replaced by the following provision: «art.» 91quater. the CBFA ensures that any undertaking subject to supplementary supervision insurance has procedures for management of risks as well as of appropriate internal control mechanisms, including appropriate systems information and accounting, in order to provide the data and information relevant to the exercise of supplementary supervision. These systems and procedures should enable to identify, measure and follow correctly the operations referred to in article 91octies. » Art. 16. article 91septies, § 2, paragraph 1, of the Act, inserted by the royal decree of March 14, 2001 and amended by the royal decree of 25 March 2003, is completed as follows: «If the CBFA does not itself audit, it can nevertheless be involved, if it deems it necessary.
» Art. 17. article 91 g, paragraph 3, of the Act, inserted by the royal decree of March 14, 2001 and amended by the royal decree of 25 March 2003, is replaced by the following subparagraph: "Belgian insurance undertakings shall communicate to the CBFA, in the frequency that it determines and at least once a year, all important transactions within the group."
S. 18A article 91 h of the Act, inserted by the royal decree of March 14, 2001 and amended by the royal decree of 25 March 2003, the following changes are made: 1 ° the § 1 the following subparagraph is added: "where an insurance undertaking Belgian participant is an undertaking linked with another undertaking of insurance, a reinsurance undertaking or an insurance holding company which is headquartered in another European economic area Member State to the CBFA may exempt the Belgian insurance undertaking from the requirement to calculate an adjusted solvency if the CBFA and the competent authority of the other State agree that the latter provides the supplementary supervision. »;
2 ° it is inserted a § 2A, as follows: "§ 2A.» Credit institutions and financial institutions within the meaning of Act of 22 March 1993 on the status and control of credit institutions, investment firms and financial institutions within the meaning of the law of 6 April 1995 relating to the status of enterprises

investment and their control, intermediaries and investment advisers, and management companies of undertakings for collective investment within the meaning of the law of 20 July 2004 on certain forms of collective management of investment portfolios, are, the conditions and the terms and conditions set forth below, included in the supplementary supervision of insurance undertakings in the calculation of the adjusted solvency (: a) if the parent undertaking or the undertaking that holds the participation is an insurance undertaking or an insurance holding company which is located at the head of a group of financial services subject to supplementary supervision in accordance with the provisions of chapter VIIter, the companies are exempt from supplementary supervision for the calculation of the solvency adjusted;
(b) if the parent undertaking or the undertaking that holds the participation is not at the head of a group of financial services within the meaning of section VIIter, the companies are included in the supplementary supervision for the calculation of the adjusted solvency; the CBFA may allow or require the use of one of the calculation methods specified in ter Vil chapter for financial services groups, or the application of the rule of deduction referred to in article 15A, § 4.
» Art. 19A article 91 decies of the same Act, inserted by the royal decree of March 14, 2001 and amended by the royal decree of 25 March 2003, the following changes are made: 1 ° to § 2, the words "article 8 § 1 of the royal decree of 6 March 1990 concerning the consolidated accounts of companies such as rendering applicable to the business of insurance and reinsurance by the royal decree of 13 February 1996 ' shall be replaced by the words"article 113 of the Code of corporations";
2 ° in § 4, paragraph 1, the words "in articles 13, 14 and 15 of the royal decree of 6 March 1990 supra, such as rendering applicable to the business of insurance and reinsurance by the royal decree of 13 February 1996' shall be replaced by the words"in articles 107, 108 and 109 of the royal decree of 30 January 2001 implementing the companies Code".
3 ° in § 4, paragraph 2, the words "article 13, paragraph 1, 1 ° of the royal decree of 6 March 1990 supra" are replaced by the words "article 107, paragraph 1, 10, of the royal decree of 30 January 2001 supra".
S. 20A article 91 k of the same Act, inserted by the royal decree of March 14, 2001, 'article 73 of the royal decree of 6 March 1990 supra, such as rendering applicable to the business of insurance and reinsurance by the royal decree of 13 February 1996' shall be replaced by the words "article 146 of the Code of corporations".
S. 21. article 91terdecies, § 2, of the Act, inserted by the royal decree of March 14, 2001, is supplemented by the following paragraph: "in the case of successive participations, the CBFA may allow the Belgian insurance company to be subject to the method of supplementary supervision only at the level of the ultimate corporate parent said Belgian company which is an insurance undertaking, a reinsurance undertaking an insurance holding company or an insurance of a third country company for which the CBFA is a supplementary supervision. » Art. 22A article 91 d decies, inserted by the royal decree of March 14, 2001 and amended by the royal decree of 25 March 2003, 'article 73 of the royal decree of 6 March 1990 supra, such as rendering applicable to the business of insurance and reinsurance by the royal decree of 13 February 1996' shall be replaced by the words "article 146 of the Code of corporations".
Section 2. -Amendments to the Banking Act s. 23 article 3, § 1, 5 °, paragraph 2 of the Banking Act, amended by the law of December 15, 2004, is replaced by the following paragraph: "for the purposes of articles 49 and 49bis, are assimilated to financial institutions, investment funds management companies, settlement institutions referred to in article 2, 17 °, of Act of 2 August 2002 on the supervision of the financial sector and financial services. as well as organizations whose activity is to ensure, in whole or in part, the operational management of services provided by such organizations of liquidation".
S. 24A article 9 of the Act, as amended by the Act of 19 November 2004, the following changes are made: 1 ° the current text, which will form the paragraph 1, is replaced by the following text: "when approval is sought by a credit institution which is a subsidiary of another credit institution, to an insurance company, a business investment or a collective investment management company. registered in another State member of the European economic area, the subsidiary of the parent of another credit institution undertaking, to an insurance company, a business investment or a collective investment management company, authorised in another Member State, is still controlled by the same natural or legal persons as an another credit institution, that an insurance company, a business investment or a collective investment management company authorized in another Member State, the CBFA consults before making its decision, the national authorities of those other Member States who control the credit institutions, the insurance, companies or investment firms and the management of undertakings for collective investment companies approved under their law. »;
2 ° article is supplemented by the following subparagraph: "Similarly, the CBFA previously consult the supervisory authorities referred to in paragraph 1(e), to assess the qualifications of the shareholders and executives in accordance with articles 17 and 18, where the shareholder is a company referred to in paragraph 1el and the individual involved in the direction of the credit institution takes part also in the direction of one of the companies referred to in ter. These authorities shall communicate to each other all information useful for the assessment of the qualifications of shareholders and persons participating in the direction referred to in this paragraph.
» Art. 25. article 24, paragraph 2, of the Act, as amended by the Act of 19 November 2004, is replaced by the following provision: "If the recipient is a credit institution, an insurance undertaking, investment firm or a collective investment management company, authorised in another European economic area Member State, or the parent of one such credit institution undertaking a such insurance company, of such an undertaking of investment or a such collective investment management company, or even a natural or legal person controlling such an establishment of credit, such a business of insurance, such investment firm or such collective investment management company, and if, as a result of the acquisition, the credit institution in which the acquirer proposes to acquire a participation would become the subsidiary or would come under the control of hotel This company this company, that parent firm or that person or entity, the CBFA la CBFA consulted, on the purchaser, the supervisory authorities referred to in article 9. » Art. 26 A section 49 of the Act, the following changes are made: 1 ° the § 1, 2 °, is replaced by the following text: ' 2 ° is meant by 'financial holding company' a financial institution the subsidiary undertakings are exclusively or mainly credit institutions or financial institutions, one at least of such subsidiaries being a credit institution, and which is not a financial holding company mixed within the meaning of article 49bis.» »;
2 ° § 5, paragraph 1 is replaced by the following subparagraph: "undertakings that control, solely or jointly with others, a credit institution, as well as the subsidiaries of these companies are required, if these companies and these subsidiaries are not in the scope of application of articles 2, 3 and 4 concerning the control on consolidated basis or within the scope of article 49bis concerning the supplementary supervision of group. to communicate to the CBFA and the competent foreign authorities the information and information relevant to the exercise of supervision of credit institutions that these companies control. » Art. 27 A section 102 of the Act, the words ", a financial holding company, a joint company within the meaning of article 1, point 22 of directive 2000/12/EC of 20 March 2000 or a mixed financial holding company" shall be inserted between the words "a Belgian or foreign credit institution" and "is not complied".
S.
28 A section 103 of the Act, as amended by the laws of August 2, 2002 and November 19, 2004, the following changes are made: 1 ° to the § 1, paragraph 1, the words ", a financial company, a joint company referred to in article 102 or a mixed financial holding company" shall be inserted between the words "a credit institution" and "Belgian or foreigner established in Belgium" ((, and points a) and b), the word "it" is replaced by "he or she";
2 ° to the § 1, paragraph 3, the words "the institution" are replaced by the words "company";
"" 3 ° to § 2, the words ", a financial company, a joint company as referred to in article 102 or a mixed financial holding company," shall be inserted between the words "a credit institution" and "Belgian or foreigner established in Belgium".

S. 29 A section 104 of the Act, the following changes are made: 1 ° to the § 1, 5 °, the words ", 49bis, § 2, paragraph 7," shall be inserted between the words "paragraphs (b) and 2" and "or in articles 85 to 88";
2 ° to the § 1, 7 °, the words "49bis, § 2, paragraph 4 and last paragraph, § 3, paragraph 3, and § 4, ' shall be inserted between the words 'and § 6', and '72, 89 or 90".
Section 3 amendments to the law on investment firms article
30A article 46, 7 °, of the law concerning investment firms the following changes are made: 1 ° to the paragraph 1, the words "article 3, § 1, 5 ° ' shall be replaced by the words" article 3, § 1, 5 °, paragraph 1 ";
2 ° paragraph 2 is replaced by the following paragraph: "for the purposes of sections 95 and 95A, are assimilated to financial institutions, investment funds management companies, liquidation referred to in article 2, 17 °, of the law of 2 August 2002 on the supervision of the financial sector and financial services, as well as organizations whose activity is to ensure" in whole or in part, the operational management of services provided by such organizations of liquidation".
S.
31 A section 49 of the Act, the following changes are made: 1 ° the current text, which will form the paragraph, is replaced by the following text: "when approval is sought by an investment firm which is a subsidiary of another investment firm, of a credit institution, a business insurance or a collective investment management company, authorised in another European economic area Member State. , is the subsidiary of the parent of another investment firm undertaking, a credit institution, an insurance undertaking or of a collective investment management company, authorised in another Member State, is still controlled by the same natural or legal persons as another investment business, than a credit institution, as an insurance undertaking or as a collective investment management company authorized in another Member State, the CBFA consults before making its decision, the national authorities of those other Member States who control the investment firms, the credit institutions, the insurance companies and the management of undertakings for collective investment companies approved under their law. »;
2 ° article is supplemented by the following subparagraph: "Similarly, the CBFA previously consult the supervisory authorities referred to in paragraph 18' for the purpose of assessing the qualifications of the shareholders and executives in accordance with articles 59 and 60, where the shareholder is a company referred to in paragraph, and that the individual involved in the direction of the investment firm takes part also in the direction of one of the companies referred to in paragraph 1(e). ,. These authorities shall communicate to each other all information useful for the assessment of the qualifications of shareholders and persons participating in the direction referred to in this paragraph. » Art. 32. article 67, paragraph 2, of the Act is replaced by the following provision: "§ § 2 2» If the purchaser is an investment firm, a credit institution, an insurance undertaking or a collective investment management company, authorised in another European economic area Member State, or the parent undertaking of such an undertaking of investment, such credit institution, of such insurance undertaking or a such collective investment management company, or a natural or legal person controlling such investment firm , a such credit institution, such insurance undertaking or a such collective investment management company, and if, as a result of the acquisition, the investment firm in which the acquirer proposes to acquire a participation would become the subsidiary or would come under the control of this company, hotel or this company of the parent undertaking or the physical or legal person the CBFA shall consult on the purchaser, the supervisory authorities referred to in article 49. » Art. 33A section 95 of the Act, the following changes are made: 1 ° the § 1, paragraph 1, 2 °, is replaced by the following text: ' 2 ° is meant by "financial company" a financial institution whose subsidiary undertakings are exclusively or mainly one or more institutions of credit, investment firms or financial institutions, one at least of such subsidiaries being a credit institution or an investment firm. , and which is not a mixed financial holding company within the meaning of article 95bis. »;
2 ° to § 2, paragraphs 7 and 11 are repealed;
3 ° § 5, paragraph 1, is replaced by the following subparagraph: "undertakings that control, solely or jointly with others, an investment firm, as well as the subsidiaries of these companies are required, if these companies and these subsidiaries are not in the scope of application of articles 2, 3 and 4 concerning the control on consolidated basis or within the scope of article 95bis concerning the supplementary supervision of group. to communicate to the CBFA and the competent foreign authorities information and information relevant to the exercise of the supervision of investment firms that these firms control. » Art. 34 A section 108 of the Act, as amended by the Act of 22 December 1995, the following changes are made: 1 ° in the first sentence, the words ", a financial company, a joint company within the meaning of article I, paragraph 22, of directive 2000/12/EC of 20 March 2000 or a mixed financial holding company" shall be inserted between the words "an investment firm" and "has not complied".
2 ° in the second sentence, 'the investment firm' shall be replaced by the words "company".
S. 35 A section 109 of the Act, as amended by the law of 2 August 2002, the following changes are made: 1 ° in the § 1, paragraph, the words ", a financial company, a joint company referred to in section 108 or a mixed financial holding company," shall be inserted between the words "investment firm" and "a time";
2 ° to the § 1, paragraph 2, the words 'the investment firm' shall be replaced by the words "the undertaking concerned";
3 ° to § 2, the words ", a financial company, a joint company referred to in section 108 or a mixed financial holding company" are inserted between the words "to an investment firm" and "Belgian or foreign established in Belgium".»
S. 36 in article 148 of the Act, as amended by the law of August 10, 1998, the royal decree of July 13, 2001 and the law of August 3, 2002, the following changes are made: 1 ° in § 4, 4 ° is supplemented as follows: ", and 95A, § 2, paragraph 7";
2 ° in § 4, 6 °, the words ' 95A, § 2, paragraph 4 and last paragraph, § 3, paragraph 3, and § 4, ' shall be inserted between the words "and § 6", and "and 139".
Section 4. -Amendments to the Act on certain forms of collective management of investment portfolios s.
37. article 142 of the Act on certain forms of collective management of investment portfolios is supplemented by the following paragraph: "Similarly, the CBFA previously consult the supervisory authorities referred to in paragraph 1 for the purpose of assessing the qualifications of the shareholders and executives in accordance with articles 150 and 151, where the shareholder is a company referred to in paragraph 1 and that the individual involved in the direction of the collective investment management company takes part. also in the direction of one of the companies referred to in paragraph 1. These authorities shall communicate to each other all information useful for the assessment of the qualifications of shareholders and persons participating in the direction referred to in this paragraph. » Art. 38A article 159, § 2, of the Act, the words ", an insurance undertaking" shall be inserted between the words "an investment firm" and "or a credit institution".
S. 39A section 189 of the Act, the following changes are made: 1 ° the § 1, paragraph 1, 2 °, is replaced by the following paragraph: "2 ° is meant by"financial company"a financial institution the subsidiary undertakings are exclusively or mainly one or more credit institutions, investment firms, undertakings for collective investment management companies or financial institutions one at least of such subsidiaries being a credit institution, an investment firm or a collective investment management company, and which is not a mixed financial holding company within the meaning of article 49bis of the law of 22 March 1993, article 95A of the law of 6 April 1995 or article 91octies decies of the Act of 9 July 1975 on the control of insurance companies. »;
2 ° the § 1 paragraphs 2 and 3, is replaced by the following subparagraphs: 'enterprise groups including a credit institution, an investment firm or an insurance company are subject, with regard to the surveillance of the group, to the provisions of article 49 of the law of 22 March 1993, article 95 of the law of 6 April 1995 or chapter VIIbis of the law of 9 July 1975 supra.
Enterprise groups comprising a collective investment management company and not including establishment

credit, business investment or insurance company, are subject to the provisions of this article. »;
3 ° to § 2, paragraphs 7 and 11 are repealed;
4 ° § 5, paragraph 1, is replaced by paragraph following: "companies that control, exclussivement or jointly with others, a management company of undertakings for collective investment, as well as the subsidiaries of these companies are required, if these companies and these subsidiaries do not fall within the scope of articles 2, 3 and 4 concerning the control on consolidated basis or within the scope of article 49 of the law of 22 March 1993. article 95A of the law of 6 April 1995 or article 91octies decies of the Act of 9 July 1975, to communicate to the CBFA and the competent foreign authorities information and information relevant to the exercise of supervision of undertakings for collective investment management companies that these companies control.
» Art. "" 40 A section 201 of the Act, the following changes are made: 1 ° in the first sentence, the words ", a financial holding company, a joint company within the meaning of article 1, point 22 of directive 2000/12/EC of 20 March 2000 or a mixed financial holding company" shall be inserted between the words "a collective investment management company" and "has not complied".
2 ° in the second sentence, "the collective investment management company" shall be replaced by the words "company".
S. 41A section 202 of the Act, the following changes are made: 1 ° in the § 1, paragraph 1, the words ", a financial company, a joint company as referred to in section 201 or a mixed financial holding company," shall be inserted between the words "a collective investment management company" and "a time";
2 ° to the § 1, paragraph 2, the words "the collective investment management company" shall be replaced by the words "the undertaking concerned";
3 ° to § 2, the words ", a financial company, a joint company referred to in section 201 or a mixed financial holding company" shall be inserted between the words "a collective investment management company" and the words "Belgian law or foreign law established in Belgium".
CHAPTER IV. -Provisions various arts. 42 article 4 of the Act on certain forms of collective management of investment portfolios is supplemented by the following paragraphs: "shall not be subject to the provisions of this Act or of the orders and regulations for its execution: 1 ° the companies the securities of which are or have been the subject of a public offering in Belgium and whose activity is principally for the control of other companies or joint control within the meaning of. articles 5 to 9 of the Code of corporations, or to hold from participations within the meaning of article 13 of the Code of corporations;
2 ° the companies has) whose titles are or have been the subject of a public offering in Belgium, when these titles are up to 90% of their nominal value of their accountable par and the price at which they are offered, or a different percentage to be determined by the King, guaranteed unconditionally and irrevocably by a European economic area Member State or by one of its regional or local;
and (b)) which are subject to specific legislation aimed at promoting investments in unlisted companies and who are required, under the law or their statutes to comply with disclosure requirements equivalent to those that are applicable in implementation of article 10, § 181, 1 ° to 3 °, of the law of 2 August 2002.
A company referred to in 1 ° of paragraph 3 may nevertheless request or retain the entry as a public collective investment to fixed number of shares that is investing in the assets referred to in article 7, paragraph 1, 5 °, 6 °, o ° and 9 °. » Art. 43 article 8, § 2, 2 °, of the Act, the words "or which are differentiated on the basis of other criteria determined by the King," are inserted between the words "or different commissions" and the words "excluding any differentiation in terms of participation in the results of the portfolio of investment or the compartment";.
S. 44. article 8, paragraph 3, of the Act is replaced by the following provision: "§ § 3 3» The statutes of a receivables investment company or the management regulations of a mutual fund in debt instruments stipulate that the profit of the company or Fund is distributed or reserved for later distribution or to cover risks of non-payment of debts. » Art. 45 article 11 of the Act is added as follows: ' § 5.Tout contribution is made in cash. ''
This provision applies not if the assets of a mutual fund registered in the list referred to in article 31 or if the basket of securities comprising an index, where the mutual fund rules provide that the investment of the latter policy is designed to reproduce a specific securities index.
§ 6. In case of dissolution, liquidation or restructuring of a mutual fund, the provisions of book IV, title IX or XI of the Code Book companies shall apply by analogy. » Art. 46 article 13, § 3, of the Act, the words "and the provision" shall be replaced by the words "and the mode of provision".
S. 47. in article 15, § 4, of the Act, the words "to the list" are replaced by the words "the list referred to in article 31".
S.
48A article 17, 1 °, of the Act, the words "referred to in article 7, paragraph 1, 2 ° to 6 ° and 9 °, ' shall be replaced by the words" referred to in article 7, paragraph 1, 2 ° to 9 °, ".
S. 49 A article 30, paragraph 1, first sentence, of the Act, the words "and which are effectively marketed." are inserted after the words "by orders and regulations for its execution". "
S. 50 A section 31 of the Act, the following changes are made: 1 ° to the paragraph 1, the word "annually" is inserted between the words "published" and the words "to the beige monitor";
2 ° the paragraph 1 is supplemented by the following provision: "changes to the list between two annual publications of the Moniteurbeige are made public at regular intervals on the CBFA web site".
S. 51 section 60 of the Act, the words "Within 15 working days of receipt of the complete dossier, the CBFA decides" are replaced by the words "Without prejudice to article 33, paragraph 2, the CBFA decides, within fifteen working days following receipt of the complete dossier,".
S. 52. article 62, paragraph 2, of the Act is repealed. The § 1, becomes the single paragraph of article 62.
S. 53A section 64 of the Act, the words "referred to in article 7, paragraph 1, 3 ° to 7 ° and 9 °, ' shall be replaced by the words" referred to in article 7, paragraph 1, 3 ° to 9 °, ".
S.
54A article 65, 3 °, of the Act, the words "referred to in article 7, paragraph 1, 3 ° to 5 ° and 7 °, ' shall be replaced by the words" referred to in article 7, paragraph 1, 3 ° to 9 °, ".
S. 55. in article 67, paragraph 3, of the Act, the words "article 7, paragraph 1, 5 °, 6 ° and 9 °" are replaced by the words "article 7, paragraph 1, 5 °, 6 °, 8 ° and 9 °".
S.
56 A section 68 of the Act, the words "with holders of securities of the investment company.
» are replaced by the words "with holders of securities of the mutual fund.".
S.
57 section 72 of the Act, the words "the Investment Corporation" are replaced on two occasions by the words "mutual fund".
S. 58 article 73, paragraph 2, of the Act, the words "a Belgian credit institution" are replaced by the words "a credit institution".
S. 59. article 74, 3 ° of the Act is replaced by the following provision: «3 ° the nature of costs as well as the mode of allocation of costs and commissions».
S.
60A section 76, § 1, paragraph 2, of the Act, the words "of its assets and liabilities and its results" are deleted.
S. 61A article 88, § 1, 2 °, of the Act, the words "at a frequency determined by the CBFA by regulation," shall be inserted between the words "with respect to the CBFA", and the words "annual reports",.
S.
62 A section 98, § 1, of the Act, the words "articles 11, §§ 1, 2 and 4," are replaced by the words "articles 11, §§ 1, 2, 4 and 5,".
S. 63A article 109, paragraph 1, of the same law, the word "intended" is deleted.
S. 64 A article 114, § 1st, of the Act, the words "articles 11, §§ 1, 2 and 4," are replaced by the words "articles 11, §§ 1, 2, 4 and 5,".
S. 65A article 128 of the Act, the words "and which are effectively marketed." are inserted after the words "by the orders and regulations for its execution." "
S. 66 A section 129 of the Act, the following changes are made: 1 ° to the paragraph 1, the word "annually" is inserted between the words "published" and the words "to the beige monitor";
2 ° the paragraph 1 is supplemented as follows: "changes made to the list between two annual publications thereof in the Moniteur belge are made public at regular intervals on the web site of the CBFA.
S. 67. in article 130 of the Act, the following changes are made: 1 paragraph 1 °, 3 °, the words "and its simplified prospectus" are inserted after the words "its prospectus";
2 ° to paragraph 2, the words "a law credit institution

Belgian"are replaced by the words"a credit institution"and the words", in french, in Dutch or German"are deleted;
3 ° to paragraph 3, the words "the relevant legislative and regulatory provisions" shall be replaced by the words ' legislation in this field"or the regulations in the matter that the King can stop;
4 ° article is complemented by article next: 'The King may determine additional rules with respect to the documents that are submitted to the CBFA in accordance with paragraph ter, as well as with regard to the language and the mode of publication in Belgium of the information that must be broadcast in the Member State where the undertaking for collective investment is located.'
S. 68 A section 135 of the Act, including the current text will form the § 1, § 2, worded as follows is added: "§ § 2 2» (When a mutual fund securities subject to a public offer referred to in article 3, 1 °, a) or (b)), made at an early date or subject simultaneously in another Member State of the European economic area of an offer for sale or auction or an admission to official listing of a stock exchange, for which a prospectus was prepared and published in accordance with the national provisions adopted in implementation of directive 2001/34/EC
or of directive 89/298/EEC, after having been approved by the competent authority of that other State Member, this prospectus may, in the cases determined by the King and subject to any translation, be used in Belgium, without inserting additional information and without further approval or new control.
The prospectus approved by the competent authority of the other Member State is, however, to ensure its dissemination in Belgium, complete with regard to the information specific to the Belgian market, relating in particular to the tax status of income, financial institutions that provide financial services in Belgium as well as the mode of publication of the notice for the public.
The prospectus referred to in paragraph 1, supplemented as appropriate in accordance with paragraph 2, is submitted to the CBFA fifteen days at least before the beginning of the offer for the purposes of the control referred to in paragraph 2.
The King determines the terms and the procedure relating to the application of this paragraph. ».
S. 69A article 176, § 1, of the Act, the following changes are made: 1 ° to the paragraph 1, item 3 ° is repealed;
2 ° paragraph (2) is repealed.
S. 70A article 181, of the Act, paragraphs 1 and 2 shall be replaced by the following paragraph: "in the case referred to in article 180, the benefit of mutual recognition organized by article 6ter of the directive 85/611/EEC is open to only management companies of undertakings for collective investment that are management companies designated by organizations for collective investment under Belgian law that invest in the category of authorized investments referred to in article 7 paragraph 1, 12. » Art.
71 A of section 207 of the Act, the following changes are made: 1 ° 1 °, is replaced by the following provision: "(those publicly offering securities of an undertaking for collective investment Belgian referred to in article 4, paragraph 1, 1 °, a), while it is not registered in accordance with article 28 or while Belgian public mutual fund registration or accreditation as a public investment company has been cancelled or revoked. ", or in disregard of a measure of suspension referred to in articles 90, paragraph 1, 91, paragraph 2, first sentence, or 92, § 1, paragraph 2, 3 °;"
2 ° in the Dutch text of 3 °, of the Act, the words "collectief beleggingsfonds" are replaced by the words "gemeenschappelijk beleggingsfonds".
S. 72 A article 234, § 2, of the Act, the following changes are made: 1 ° to paragraph 2, the words ", up to their inclusion in the list referred to in article 31 of this Act" are replaced by the words ", until December 31, 2005 or later to be determined by the King, until";
2 ° in paragraph 3, first sentence, the "77" figure is inserted between the numbers "76" and the words "and 80".
S.
73A article 235, § 2, paragraph 2, of the Act, the number "77" is inserted between the number "72" and the words "and 80".
S. 74A article 236, § 2, paragraph 4, first sentence, of the Act, the number "77" is inserted between the numbers "76" and the words "and 80".
S. 75. Section 239 of the Act is supplemented by the following paragraph: ' by way of derogation from paragraph 2, the undertakings for collective investment of foreign law, and, where appropriate, their compartments, which at the date of July 20, 2004 are included in the list referred to in article 137 of the above-mentioned Act of 4 December 1990 and that, pursuant to paragraph 2. , are subject to the application of section 236 of the Act, are authorized to retain, even after February 13, 2007, the rules relating to their investment policy as they existed prior to the date of entry into force of the Act of the... on modification of the law of 9 July 1975 on the control of insurance undertakings, of the law of 22 March 1993 on status and control of credit institutions Act of 6 April 1995 on the status of investment firms and their control, intermediaries and investment advisers, and the law of 20 July 2004 on certain forms of collective management of investment portfolios.
Any changes that the undertakings for collective investment, making use of this possibility, want to make to the rules relating to their investment policy or the investment policy of the abovementioned compartments, must aim to ensure greater compliance of these rules with the provisions of part II of this Act and of the orders and regulations adopted in implementation thereof. Collective investment undertakings which make use of this possibility may not make use of the possibility referred to in article 236, § 2, paragraph 3, of this Act. They are inscribed on the list referred to in article 129 of this act as soon as they meet, with the exception of the rules on investment policy, to the provisions of article 236, § 3, of this Act. » Art. 76 article 242, paragraph 2, of the Act, the number "106" is inserted between the words "articles" and the figure "115, § 6".
S. 77. article 242, paragraph 2, of the Act, in that it repeals, on the date of entry into force of this law, articles 137 and 141, § 1, of Act of 4 December 1990 on financial transactions and the financial markets is reported.
S.
78. article 96 § 1 of the Insurance Act, as amended by the Act of November 30, 1935, renumbered by the royal decree of 12 August 1994 and amended by the royal decree of 25 March 2003, is supplemented by the following paragraph: 'the consultation of the Commission of insurance is not required for what is rules to be established by the King in application of article 36.'
S.
79. article 62 of Act of 4 August 1992 on mortgage credit, amended by the royal decree of 25 March 2003, is supplemented by the following paragraph: 'the consultation of the Commission of insurance is not required for what is rules to be established by the King in accordance with article 41.'
S. 80. article 14 of the law of 27 March 1995 on insurance mediation and distribution of insurance is supplemented by the following paragraph: «the consultation of the Commission of insurance is not required with regard to rules to be fixed by the King in application of article 10, 7 °.»
S. 81. article 39 of the law concerning investment, repealed by the law of 2 August 2002, firms is restored in the following wording: 'the CBFA is responsible for the control of compliance with articles 36 to 38. For the execution of this mission, it has powers that are attributed to him by articles 34 to 37 of Act of 2 August 2002 on the supervision of the financial sector is financial services. » Chapter V. - provisions binding and entry into force article 82. the King has powers to him by the provisions of chapter II of this Act, on the joint proposal Ministers who have the finance and economy in their attributions.
S. 83. with the exception of articles 42 to 81, the provisions of this Act are applicable from the financial years commencing January 1, 2005 or after that date.
Articles 78 to 80 shall take effect January 1, 2004.
Section 81 comes into force the day of its publication in the Moniteur belge.
Promulgate this Act, order that it self under the seal of the State and published by le Moniteur.
Given in Brussels, on 20 June 2005.
ALBERT by the King: the Deputy Prime Minister and Minister of finance, D. REYNDERS the Minister of the economy, M. VERWILGHEN Scellé of the seal of the State: the Minister of Justice, Ms. L. ONKELINX _ Note (1) Session 2004 - 2005 House of representatives: Parliamentary papers: Bill, no. 51 - 1713/1. -Amendments (Nos. 51-1713/2.-report of the Commission, no. 51 - 1713 / 3)
-Text adopted by the Commission, No 51-1713/4.
Text adopted in plenary meeting and transmitted to the Senate, no. 51-1713/5.
Parliamentary Annals. -Discussion and adoption. Meeting of May 26, 2005.
Senate: Parliamentary Documents. -Draft transmitted by the House of representatives, no. 3-1208/1. -Project not referred by the Senate.

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