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25 DECEMBER 2016. - An Act to amend various security rights provisions (1)

PHILIPPE, King of the Belgians,
To all, present and to come, Hi.
The House of Representatives adopted and sanctioned the following:
CHAPTER 1^er. - General provision
Article 1^er. This Act regulates a matter referred to in Article 74 of the Constitution.
CHAPTER 2. - Amendments to the Act of 11 July 2013 amending the Civil Code with regard to security rights and repealing various provisions in this regard
Art. 2. In section 6 of the Act of 11 July 2013 amending the Civil Code with respect to security rights and repealing various provisions in this matter, section 1^er "File" is supplemented by a paragraph written as follows:
"This right of preference has the value of a privilege as referred to in section 12 of the mortgage law. ".
Art. 3. In Article 9 of the Act, the words "in the sense of Article 2, 3°, of the Act of April 6, 2010 relating to the practices of the market and the protection of the consumer" in paragraph 2 of Article 4 "Preve" are replaced by the words "in the sense of Article I.1, 2°, of Book I^er Economic Law Code".
Art. 4. In section 12 of the Act, the following amendments are made to section 7 "Object":
(a) paragraph 1^er is replaced as follows:
"The purpose of the pledge may be a tangible or intangible property, a furniture property by nature that has become a building by destination or a set of such assets, except for vessels and vessels and vessels registered in the meaning of Book II of the Commercial Code. ";
(b) in paragraph 4, the words "in the sense of Article 2, 3°, of the Act of 6 April 2010 on market practices and consumer protection" are replaced by the words "in the sense of Article I.1, 2°, of Book I^er Economic Law Code".
Art. 5. In section 17 of the Act, the following amendments are made to paragraph 2 of section 12 "Etendue":
(a) the words "in the sense of Article 2, 3°, of the Law of 6 April 2010 on market practices and consumer protection" are replaced by the words "in the sense of Article I.1, 2°, of Book I^er the Economic Law Code";
b) the words "of the principal" are replaced by the words "of the principal at the time of distribution or imputation".
Art. 6. In article 19 of the same law, article 14 "Reengagement" is supplemented by the words ", except authorization of the pledge grantor".
Art. 7. In section 20 of the Act, the following amendments are made to section 15 "Opposability":
(a) a paragraph to read is inserted between subparagraphs 1^er and 2:
"Registration in the gages register is excluded for a pledge of claims";
(b) the words "his representative" in former paragraph 3, becoming paragraph 4, are replaced by the words "his representative as referred to in section 3".
Art. 8. In section 32 of the Act, the following amendments are made to section 26 "Register of gages":
(a) paragraph 1^er is replaced by the following:
"The registration of a lease and a property reserve is carried out in the National Gages Register, known as the Gages Register, which is maintained at the general administration of the Federal Public Service Heritage Documentation Finance";
(b) Paragraph 2 is replaced by the following:
"The register of leases is a computerized system for the registration and consultation of leases and reserves of ownership, the modification, renewal, assignment or deletion of the registration of leases or reserves of property and the assignment of the rank of a registered lease. ";
(c) the words "The Mortgage Service referred to in paragraph 1^er"in the last former paragraph, becoming paragraph 4, are replaced by the words "The General Administration of Patrimonial Documentation of Federal Public Service Finance";
(d) the article shall be supplemented by a paragraph written as follows:
"Sections 27, 28, 32, 33, 34, 35, 36 and 37 apply by analogy to the registration of the property reserve."
Art. 9. In section 33 of the Act, in the Dutch version, the following amendments are made to section 27 "Authentificatia":
(a) in the title of Article 27, the word "Authentificatia" is replaced by the word "Authenticatia";
(b) paragraph 1^er is replaced by the following:
"Elke registratie, raadpleging, wijziging, vernieuwing, rowafstand of overdracht van een pand of verwijdering van geregerde panden vereist de authenticatie van de gebruiker van het pandregister. ";
(c) in paragraph 2, the word "authentificatia" is replaced by the word "authenticatia".
Art. 10. In section 34 of the Act, the words "renewal and deletion of data" in paragraph 1^er of Article 28 "Fees" are replaced by the words "renewal and deletion of data as well as the assignment of row or the assignment of a pledge".
Art. 11. In section 35 of the Act, the following amendments are made to section 29 "Recording":
(a) the current article 29 becomes paragraph 1^er;
(b) in paragraph 2, the word "registration" is replaced by the word "registration";
(c) the article is supplemented by a paragraph 2 which reads as follows:
"§2. The seller is empowered, under the agreement in which the reservation of ownership clause is included, to register the said reservation of ownership by registering the data referred to in section 30 in the register of leases as set out in the letter referred to in section 69, in accordance with the terms set by the King after notice of the Privacy Commission.
The seller is responsible for any damage that would result from the recording of erroneous data.
The seller informs the buyer in writing of the registration.".
Art. 12. In section 36 of the Act, section 30 "Data to be mentioned" is replaced by the following:
"Art. 30. Data to be mentioned
§ 1^er. The recording of the pledge includes the following data:
1° the identity of the secured creditor or the representative referred to in Article 3:
(a) if it is a natural person, name, first name or first name, country, postal code and municipality of his or her principal residence, and, if available, business number; for lack of a company number, its national registry number, if the user is authorized to use this number in this chapter, and its date of birth;
(b) if it is a legal entity, its name, legal form, country, postal code and the municipality of the head office and, if available, its business number;
2° the identity of the gage component:
the data listed in 1°, (a) or (b), as applicable;
3° where applicable, the identity of the agent of the secured creditor or of the representative referred to in Article 3:
the data listed in 1°, (a) or (b), as applicable;
4° the designation of the encumbered property of the pledge being registered;
5° the designation of secured claims under registration;
6° the maximum amount to which claims are secured and which is the subject of registration;
7° the declaration of the secured creditor, the representative as referred to in Article 3 or their agent that the gagiste creditor or the representative is responsible for any damage resulting from the registration of incorrect data.
§ 2. The registration of the property reserve includes the following data:
1° the seller's identity:
the data listed in § 1^er, 1°, (a) or (b), as appropriate;
2° the buyer's identity:
the data listed in § 1^er, 1°, (a) or (b), as appropriate;
3° where applicable, the identity of the agent of the seller:
the data listed in § 1^er, 1°, (a) or (b), as appropriate;
4° the designation of the goods sold under the registration;
5° the designation of the unpaid purchase price for registration;
6° the declaration of the seller or its agent that the seller is responsible for any damage that would result from the registration of erroneous data. "
Art. 13. In section 37 of the Act, section 31 "Consultation" is replaced by the following:
"Art. 31. Consultation
§ 1^er. For recorded pledges, the following data are available:
1° the registration number;
2° the identity of the secured creditor or the representative referred to in Article 3;
3° the identity of the gage component;
4° where applicable, the identity of the agent of the creditor or of the representative referred to in Article 3;
5° the designation of the encumbered goods of the pledge having been registered;
6° the designation of secured claims that have been registered;
7° the maximum amount to which claims are secured and which has been registered;
8° the declaration of the creditor, the representative referred to in Article 3 or their agent that the creditor or representative is responsible for any damage that would result from the registration of incorrect data;
9° the date of registration.
§ 2. For a registered property reserve, the following data are available:
1° the registration number;
2° the identity of the seller;
3° the identity of the buyer;
4° where applicable, the identity of the agent of the seller;
5° the designation of goods sold that have been registered;
6° the designation of the unpaid purchase price that was registered;
7° the declaration of the seller or its agent that the seller is responsible for any damage that would result from the registration of erroneous data;
8° the date of registration."
Art. 14. In section 38 of the Act, the words "original registration" in the second paragraph of section 32 "Modification" are replaced by the words "original registration".
Art. 15. In section 39 of the Act, paragraph 2 of section 33 "Inaccurate data" is repealed.
Art. 16. In section 40 of the Act, section 34 "Access to the Register" is replaced by the following:
"Art. 34. Access to the registry
Every person has access to the register of the gages according to the terms fixed by the King.".
Art. 17. In section 41 of the Act, the following amendments are made to section 35 "Duration":
(a) the title of section 35 is replaced by the following:
"Duration and renewal"
(b) in paragraph 3, the words "an inscription" are replaced by the words "a recording";
(c) in paragraph 3 and in the last paragraph, in the Dutch version, the word "hernieuwing" is replaced by the word "vernieuwing";
(d) the following paragraphs shall be inserted between paragraph 3 and paragraph 4:
"This renewal may be total or partial and may, if applicable, be accompanied by a reduction in the maximum amount guaranteed and/or the importance of the goods given in pledges.
The renewal refers to the registration number to be renewed.
The mention of a renewed registration also indicates the date of the initial registration.".
Art. 18. In section 42 of the Act, section 36 "Registration" is replaced by the following:
"Art. 36. Total or partial cancellation of registration
§ 1^er. The secured creditor is obliged, in the event of payment of the secured debt, to ensure that the registration of the pledge is terminated.
If the secured creditor fails to proceed with this delisting, the delisting may be sought in court, without prejudice to any damages and interests.
§ 2. The gagiste creditor may cause partial cancellation of the pledge, either by the decrease in the maximum amount recorded in respect of which the receivables are secured or by the withdrawal of a portion of the goods on which the pledge is carried and which have been registered.
In the event of partial de-listing, the registry indicates, at the time of the consultation, both the initial and the partial de-listing record. ".
Art. 19. In section 43 of the Act, the following amendments are made to section 37 "Cession of receivable":
(a) in paragraph 1^er, the word "registration" is replaced by the word "registration";
(b) Paragraph 2 is supplemented as follows:
"The identity of the assignee is also indicated during the consultation. ".
Art. 20. In section 44 of the Act, section 38 "Street separation" is supplemented by two paragraphs written as follows:
"The registration of the assignment of rank shall be by the person who assigns his or her rank or representative as referred to in section 3 or their agent.
The consultation of a pledge registered in the Gages Register, if any, mentions a recorded assignment. ".
Art. 21. In Article 47 of the Act, the words "in the sense of Article 2, 3°, of the Act of April 6, 2010 relating to market practices and consumer protection" contained in Article 40, paragraph 2, "Previous" are replaced by the words "in the sense of Article I.1, 2°, of Book I^er Economic Law Code".
Art. 22. In section 54 of the Act, the words "as defined in section 2, 3, of the Act of 6 April 2010 on market practices and consumer protection" in paragraph 1^er of Article 46 "Constituting consumer" are replaced by the words "in the sense of Article I.1, 2°, of Book I^er Economic Law Code".
Art. 23. In section 55 of the Act, the words "as defined in section 2, 3, of the Act of 6 April 2010 on market practices and consumer protection" in paragraph 1^er of Article 47 "Non-consumer Constitution" are replaced by the words "in the sense of Article I.1, 2°, of Book I^er Economic Law Code".
Art. 24. In section 64 of the Act, the following amendments are made to section 56 "Registerment a posteriori":
1° in paragraph 2, the words "a one-year period" are replaced by the words "a one-month period";
2° between paragraph 3 and 4, a paragraph is inserted as follows:
"Interested persons who have not been notified within the meaning of paragraph 2, shall submit their application no later than three months from the end of the realization. ".
Art. 25. In section 66 of the Act, paragraph 1^er of Article 57 "Anteriority rule" is replaced by the following:
"The right of pledge has precedence over all newer rights to property leased, without prejudice to articles 21 to 26 of Book III, Title XVIII."
Art. 26. In section 70 of the Act, the words "Opposability by dispossession of receivables" are replaced by the words "Gage on receivables".
Art. 27. In Article 72 of the Act, the words "in the sense of Article 2, 3°, of the Act of April 6, 2010 relating to market practices and consumer protection" contained in Article 61, paragraph 2, "Proof" are replaced by the words "in the sense of Article I.1, 2°, of Book I^er Economic Law Code".
Art. 28. In article 73 of the same law, the words "on the assigned receivable" in section 62 "fiduciary breach as a security right" are replaced by the words "on the assigned receivable and that, whether or not that assignment is in accordance with the provisions of section 61, except where the assignor is a consumer within the meaning of Article I.1, 2°, of Book I^er Economic Law Code".
Art. 29. In Article 81 of the Act, the words "in the sense of Article 2, 3°, of the Act of April 6, 2010 relating to market practices and consumer protection" contained in Article 69, paragraph 2, "Ecrit" are replaced by the words "in the sense of Article I.1, 2°, of Book I^er Economic Law Code".
Art. 30. In section 82 of the Act, the words "and 20" in section 70 "Real Subrogation, Transformation and Confusion" are replaced by the words ", 20 and 23, paragraph 1^er".
Art. 31. Section 97 of the Act is repealed.
Art. 32. Section 98 of the Act is repealed.
Art. 33. Section 99 of the Act is repealed.
Art. 34. Section 107 of the Act is replaced.
"Art. 107. § 1^er. The creditor who, prior to the coming into force of this Act, has entered a pledge in accordance with the Act of 25 October 1919 on the deposit of the trade fund, the deposit and pledge of the invoice, shall keep its rank if, within twelve months after the coming into force of this Act, he has registered a pledge on the encumbered assets.
Registrations that have not yet been registered in the Gages Registry in accordance with paragraph 1^er, may still be eradicated in accordance with section 4bis of the above-mentioned Act.
§ 2. A creditor who, prior to the coming into force of this Act, has entered a lien in accordance with the Act of 15 April 1884 on agricultural loans, retains its rank if, within twelve months after the coming into force of this Act, he has registered a pledge on encumbered assets.
Registrations that have not yet been registered in the Gages Registry in accordance with paragraph 1^er, may still be eradicated in accordance with sections 19 to 22 of the aforementioned Act.
§ 3. When the registration in the gages register is performed in the cases referred to in paragraphs 1^erParagraph 1^erand 2, paragraph 1^erin addition to the data mentioned in section 30, the date and reference of the existing registration should be mentioned. If the existing registration concerns a renewal, the date and reference of the initial registration must also be mentioned.
By derogation from section 35, this registration is only valid for the residual period of the 10-year period during which the registration of the deposit of the trade fund or agricultural privilege is valid. This registration is free of charge.
§ 4. Creditors who, prior to the coming into force of this Act, have become holders of a warrant or a cable referred to in the Act of 18 November 1862 establishing the warrant system, shall retain their rights after the coming into force of this Act.
§ 5. A power of attorney to establish a right of pledge in accordance with the Act of 25 October 1919 on the deposit of the trade fund, the deposit and pledge of the invoice or agricultural privilege in accordance with the Act of 15 April 1884 on agricultural loans also extends to the conclusion of a pledge agreement in accordance with this Act within the limits of the power of attorney.
§ 6. Creditors who, prior to the coming into force of this Act, have become holders of a pledge on intangible assets other than receivables shall retain their rights after the coming into force of this Act."
Art. 35. In chapter 5 of the Act, an article 107/1 is inserted as follows:
"Art.107/1. Until the last day of the twelfth month following the coming into force of this Act, the Mortgage Curator is required to issue to any applicant copies of the existing registrations of a pledge act made in accordance with the Act of 25 October 1919 on the deposit of the trade fund, the discount and payment of the dependant invoice of the persons designated in the written requisition, or a certificate stating that it does not exist.
Until the last day of the twelfth month following the coming into force of this Act, the Registrar of the Registration is required to issue to any applicant copies of the existing registrations of a lien made pursuant to the Act of 15 April 1884 on the dependant agricultural loans of persons designated in the written requisition, or a certificate stating that there is no registration. Sections 22 and 23 of the Act of 15 April 1884 remain applicable during that period. ".
Art. 36. In section 109, paragraph 1^er, of the same law, amended by the law of 26 November 2014, the words "1^er January 2017" are replaced by the words "1^er January 2018".
CHAPTER 3. - Amendments to the Act of 15 December 2004 on financial security rights with various tax provisions relating to security and lending conventions relating to financial instruments
Art. 37. In section 3 of the Financial Security Rights Act of 15 December 2004, which provides for a variety of tax provisions in respect of conventions constitutive of security rights and loans relating to financial instruments, as amended by the Royal Decree of 19 December 2010 and by the Act of 26 September 2011, the following amendments are made:
(a) in the 10th, first draw, the words "the Act of 22 March 1993 on the Status and Control of Credit Institutions" are replaced by the words "the Act of 25 April 2014 on the Status and Control of Credit Institutions" and the words "at Article 2, § 1^er, 1°, of the same law" are replaced by the words "in section 2, 1°, of the same law";
(b) in the 10th, second draw, the words "in the sense of the law of 4 August 1992 on mortgage credit" are replaced by the words "in the sense of Book VII, Title 4, Chapter 2, of the Economic Law Code";
(c) in the 10th, third dash, the words "in article 1^er, 4°, of the law of 12 June 1991 on consumer credit, are replaced by the words "in article I.9, 39°, of the Economic Law Code";
(d) in 11°, (a), the words "in the sense of the law of 22 March 1993 relating to the status and control of credit institutions" are replaced by the words "in the sense of the law of 25 April 2014 relating to the status and control of credit institutions";
(e) in 11°, (d), the words "in the sense of Part III of the Act of 20 July 2004 relating to certain forms of collective investment portfolio management" are replaced by the words "in the sense of Part 3 of the Act of 3 August 2012 on collective investment organizations that meet the requirements of Directive 2009/65/EC and debt investment agencies";
(f) in the 11th, (e), the words "in the sense of Part II of the Act of 20 July 2004 on certain forms of collective investment portfolio management" are replaced by the words "in the sense of Part 2 of the Act of 3 August 2012 on collective investment organizations that meet the requirements of Directive 2009/65/EC and debt investment agencies";
(g) in 12°, (a), the words "in the sense of the law of 4 August 1992 on mortgage credit" are replaced by the words "in the sense of Book VII, Title 4, Chapter 2, of the Economic Law Code";
(h) in 12°, (b), the words "in the meaning of the law of 12 June 1991 on consumer credit" are replaced by the words "in the meaning of Book VII, Title 4, Chapter 1^erthe Economic Law Code."
Art. 38. In section 4 of the Act, as amended by the Act of September 26, 2011, the following amendments are made:
(a) in paragraph 1^erParagraph 3 is replaced by the following:
"The possession of financial instruments registered in the account may be determined in particular by their registration to the credit of a special account opened on behalf of the grantor or beneficiary of the guarantee or a third party that holds the security right on behalf of the beneficiary. The fact that the assets given as collateral are recorded in the books of an intermediary does not deprive the intermediary of acting as a party with respect to these assets. When the financial instruments are credited to a special account opened on behalf of the beneficiary or a third party acting on behalf of the beneficiary, it shall not be infringed upon the obligation of possession or control if, until further order of the beneficiary or of the third party acting on behalf of the beneficiary, the grantor retains the rights of disposition defined in the security agreement. ";
(b) in paragraph 1^era sub-item is inserted between paragraphs 3 and 4:
"Financial instruments that do not appear in the form of securities or securities are subject to the same requirements as bank receivables. ";
(c) in paragraph 4, the words ", of Article 57 bis, § 1^erthe Act of 22 March 1993 on the Status and Control of Credit Institutions are repealed.
Art. 39. In section 4/1 of the Act, inserted by the Act of 26 September 2011 and amended by the Act of 3 August 2012, the following amendments are made:
(a) in paragraph 1^erthe words "Article 51, § 1^er, the Mortgage Credit Act is replaced by the words "Article 81quater of the Mortgage Act of 16 December 1851";
(b) in paragraph 2, the words "Article 27 of the Act of 12 June 1991 on consumer credit" are replaced by the words "Article VII.104 of the Economic Law Code" and the words "Article 74 of the Act of 6 April 2010 on market practices and consumer protection" are replaced by the words "Article VI.83 of the Economic Law Code".
Art. 40. In section 5 of the Act, paragraph 2 is replaced by the following:
"The representative may exercise all the rights and prerogatives that normally return to the beneficiaries on whose behalf he acts. These rights are part of the heritage of beneficiaries. "
Art. 41. Section 7 of the Act, as amended by the Act of September 26, 2011, is replaced by the following:
§ 1^er. Except as expressly provided for in §§ 2 to 4, Article 1328 and Book III, Title XVII, of the Civil Code are not applicable to wages on financial instruments, cash and bank accounts.
§ 2. The following articles of Book III, Title XVII, of the Civil Code apply to the gage referred to in Article 4: Articles 1, 5, 6, 8, 9, 10, paragraph 1^er, 11, paragraphs 1^er and 3, 13, 23, paragraphs 1^er and 3, 57, paragraph 1^er60, paragraphs 2 and 3, 63, 64, 65, 66 and 67.
§ 3. Financial instruments, bank accounts or cash that are not transferable under the law or because of their nature can no longer be pledged.
§ 4. A pledge on financial instruments, bank accounts or cash is constituted by the agreement between the grantor of the pledge and the secured creditor and is enforceable to third parties where the applicable conditions provided for in Article 4, § 1^er, are filled.
§ 5. Marginal appeals and equivalent financial instruments, cash or bank receivables substituted in the course of a contract to the assets initially constituting the plate follow the same regime as those assets initially issued as pledges. In the case of bank accounts, the grantor's right to collect the product does not affect the guarantee made for the benefit of the beneficiary. ".
Art. 42. In Article 10, § 1^er, of the same law, as amended by the Act of 25 April 2014, the words "in accordance with Article 2075, paragraph 2, of the Civil Code" are replaced by the words "in accordance with Article 60, paragraph 2, of Book III, Title XVII, of the Civil Code".
Art. 43. In Article 11, § 1^er, of the same law, in the Dutch version, the word "Voorzover" is replaced by the words "Voor zover".
Art. 44. In Article 12, § 1^er, of the same law, replaced by the law of September 26, 2011, the words "Article 1328 and the provisions of Book III, Title XVII, of the Civil Code and the provisions of Book I^erTitle VI of the Commercial Code is replaced by the words "Article 1328 and the provisions of Book III, Title XVII, of the Civil Code and the provisions of Articles 7 to 10 of this Law".
Art. 45. In Article 13 of the Act, the words "of Book I^erTitle VI of the Commercial Code is replaced by the words "sections 7 to 10 of this Act".
Art. 46. In Article 15, § 2, the words "and the margin or substitution appeal operations referred to in Articles 7, § 2, 12, § 1^erParagraph 2, 13, § 1^er, paragraphs 2 and 3, and 16" are replaced by the words "and the margin or substitution appeal operations referred to in Articles 7, § 5, 12, § 1^erParagraph 2, 13, § 1^erparagraphs 2 and 3 and 16".
CHAPTER 4. - Amendments to the Act of 3 August 2012 on various measures to facilitate the mobilization of claims in the financial sector
Art. 47. In section 2 of the Act of 3 August 2012 on various measures to facilitate the mobilization of claims in the financial sector, the following amendments are made:
(a) in 5°, (b), the words "in accordance with section 108 of the Act of 20 July 2004 on certain forms of collective investment portfolio management" are replaced by the words "in accordance with section 108 of the Act of 3 August 2012";
(b) the 6th is replaced by the following:
"6° "the law of 25 April 2014": the law of 25 April 2014 relating to the status and control of credit institutions";
(c) 6° /1 and 6° /2, as follows, are inserted between 6° and 7°:
"6° /1 "the Act of 3 August 2012": the Act of 3 August 2012 on collective investment organizations that meet the requirements of Directive 2009/65/EC and debt-referred agencies;
6° /2 "the law of 11 July 2013": the law of 11 July 2013 amending the Civil Code with regard to security rights in securities; and "
Art. 48. In section 4 of the Act, the words "as defined in section 50 of the Act of 4 August 1992 relating to mortgage credit" are replaced by the words "as defined in section 81ter of the mortgage law of 16 December 1851".
Art. 49. In section 5 of the Act, the words "Without prejudice to sections 51 to 53 of the Act of 4 August 1992 on mortgage credit" are replaced by the words "Without prejudice to sections 81ter to 81undecies of the mortgage law of 16 December 1851".
Art. 50. In section 6 of the Act, the following amendments are made:
(a) in paragraph 1^erthe words "to services referred to in Article 3, § 2, of the Law of 22 March 1993" are replaced by the words "to services referred to in Article 4 of the Law of 25 April 2014";
(b) in paragraph 4, 2°, the words "Article 27 of the Act of 12 June 1991 on consumer credit" are replaced by the words "Article VII.104 of the Economic Law Code".
Art. 51. In section 7 of the Act, the following amendments are made:
(a) Paragraph 1^er is replaced by the following:
§ 1^er. Without prejudice to article 271/8, paragraph 1^erof the Act of August 3, 2012, when a bank debt is transferred to or by a credit institution, financial institution or a mobilization agency, articles 1328 of the Civil Code, VII.103 of the Economic Law Code, 8 of Book II, Title I^er, chapter II, of the Commercial Code, as well as article 23, paragraph 2, of Book III, title XVII, section 1^re, Civil Code does not apply to this assignment. These same provisions do not apply to the pledge of a receivable for the benefit of or by such establishment or agency. ";
(b) Paragraph 2 is replaced by the following:
"§2. Without prejudice to article 271/8, paragraph 2, of the Act of 3 August 2012, when a bank debt is transferred to or by a credit institution, financial institution or an organization of mobilization, the assignee acquires, by mere respect for the requirements of Book III, Title VI, Chapter VIII of the Civil Code, all rights arising out of the insurance agreements which the assignor has as a guarantee for or in relation to the receivables assigned. A pledge of these same rights for the benefit of or by such an institution, agency or special patrimony is the result of mere compliance with the provisions of section 7 of the Financial Security Act. ";
(c) in paragraph 3, paragraph 1^erthe second sentence is repealed;
(d) the article shall be supplemented by a paragraph 4 and a paragraph 5, as follows:
§ 4. The provisions of Article 5 and Article 3, § 3, shall apply by analogy with respect to the registered pledges or whose registration is contemplated in accordance with Book III, Title XVII, Section 2, of the Civil Code and the terms "registration" or "registrant" refer to the registration provided in that section.
§ 5. When one or more secured claims are, prior to registration, transferred to or by a credit institution, a financial institution or a mobilization agency, a pledge or privilege registered in accordance with section 107, paragraph 1^er or 3, of the Act of 11 July 2003 amending the Civil Code in respect of security rights and repealing various provisions in this matter may, at the option, be registered either on behalf of the assignor or on behalf of the assignor and the assignee or on behalf of the assignee alone. Regardless of the choice of the registration method, the assignee shall have rights under the pledge in respect of the receivable(s) that is (are) assigned to the assignee(s) and may exercise such rights in respect of the assignor who consents to the pledge and in respect of third parties. ".
Art. 52. In Article 8, § 2, of the same Law, the words "Article 64/20, § 2, of the Law of 22 March 1993" are replaced by the words "Article 15, § 2, of Schedule III to the Law of 25 April 2014".
Art. 53. In section 9 of the Act, the following amendments are made:
(a) in paragraph 1^er, the words "in accordance with Article 64/20, § 2, of the Law of 22 March 1993" are replaced by the words "in accordance with Article 15, § 2, of Schedule III to the Law of 25 April 2014";
(b) in paragraph 3, the words "in accordance with the provisions of Article 64/20, § 2, the Act of 22 March 1993 and the relevant enforcement orders, taken on the basis of Article 64/20, § 3, of the Act of 22 March 1993" are replaced by the words "in accordance with the provisions of Article 15, § 2, of Schedule III to the law of 25 April 2014 and of the decrees of execution of § 2
CHAPTER 5. - Amendments to the Registration, Mortgage and Registry Code
Art. 54. In section 29 of the Code of Registration, Mortgage and Registry Rights, the words "in the registers of mortgage preservatives, or in the registers for registration of agricultural privilege," are replaced by the words "in the registers of mortgage preservatives".
Art. 55. In the title I, Chapter IV, section VI, of the same Code, the words ", money on trade funds or agricultural privileges" are repealed.
Art. 56. Section 88 of the Code, replaced by the Program Act of 27 December 2004, is replaced by the following:
"Art. 88. The mortgage constitutions on a ship that is not intended by nature for shipping are subject to a fee of 0.50 p.c.".
Art. 57. In section 89 of the same Code, replaced by the Act of 23 December 1958, the words ", gage or privilege are constituted" are replaced by the words "is constituted".
Art. 58. In section 91 of the same Code, replaced by the Act of 27 December 2004, the words "by means of trade or agricultural privilege" are repealed.
Art. 59. In section 92¹ the same Code, replaced by the law of December 23, 1958 and renumbered by Royal Decree No. 12 of April 18, 1967, the words ", gage or agricultural privilege" are repealed.
Art. 60. In section 922 of the same Code, inserted by Royal Decree No. 12 of 18 April 1967 and replaced by the Act of 27 December 2004, the word "or" is inserted before the words "a mortgage on a ship" and the words ", a pledge on a trade fund or an agricultural privilege" are repealed.
Art. 61. In section 93 of the same Code, replaced by Royal Decree No. 12 of 18 April 1967, the words ", gage or agricultural privilege" are repealed.
CHAPTER 6. - Other amendments
Section 1^re. - Changes to the mortgage law
Art. 62. In section 20, 5°, paragraph 3, of the mortgage law, the word "agricoles," is inserted between the word "companies" and the word "industrial".
Art. 63. In Article 81quater, § 1^er, 2°, of the same law, as amended by the law of 26 October 2015, the words "in the sense of the law of 25 April 2014 relating to the status and control of credit institutions" are replaced by the words ", a credit institution under the law of another Member State or a branch of a credit institution under the law of a third country within the meaning of the law of 25 April 2014 relating to the status and control of credit institutions".
Section 2. - Amendments to the coordinated Royal Decree No. 62 concerning the deposit of fungible financial instruments and the liquidation of transactions on these instruments
Art. 64. Article 7, § 1^erParagraph 1^er, Royal Decree No. 62, coordinated on the deposit of fungible financial instruments and the liquidation of transactions on these instruments, is replaced by the following:
"A pledge on fungible financial instruments is constituted in accordance with the Financial Security Act of 15 December 2004 and is subject to various tax provisions in respect of security agreements and loans relating to financial instruments. The financial instruments given in pledges are identified by their nature without number specification.".
Section 3. - Amendments to the Act of 2 January 1991 on the public debt market and monetary policy instruments
Art. 65. Article 7 of the Act of 2 January 1991 on the public debt market and monetary policy instruments, as amended by the Act of 15 December 2004, paragraphs 1^er and 2 are replaced by the following:
"A pledge on dematerialized securities is constituted in accordance with the Financial Security Act of 15 December 2004 and has various tax provisions in respect of security rights conventions and loans relating to financial instruments. ".
Section 4. - Amendments to the Corporate Code
Art. 66. Article 470, paragraph 1^er, the Corporations Code is replaced by the following:
"A pledge on dematerialized securities is constituted in accordance with the Financial Security Act of 15 December 2004 and has various tax provisions in respect of security rights conventions and loans relating to financial instruments. "
Section 5. - Amendments to the Act of 3 August 2012 on collective investment organizations that meet the requirements of Directive 2009/65/EC and debt-referral institutions
Art. 67. In section 271/8 of the Act of 3 August 2012 on collective investment organizations that meet the requirements of Directive 2009/65/EC and debt-taking institutions, the following amendments are made:
(a) in paragraph 1^er, the first sentence beginning with the words "When a receivable is assigned" and ending with the words "are not applicable to that assignment" is replaced by the following:
"When a debt is assigned by or to a collective investment agency in receivables within the meaning of this Act, Article 1328 of the Civil Code and Article VII.103 of the Economic Law Code, Article 8 of Book II, Part I^er, Chapter II, of the Commercial Code and section 23, paragraph 2, of the Act of 11 July 2013 amending the Civil Code with respect to security rights in respect of securities are not applicable to that assignment";
(b) in paragraph 2, the words "of formalities prescribed by the provisions of Book III, Title XVII of the Civil Code or Book I^erTitle VI of the Commercial Code is replaced by the words "the provisions of section 7 of the Financial Security Act of 15 December 2004.
Section 6. - Amendments to the Act of April 19, 2014 on alternative collective investment organizations and their managers
Art. 68. Section 513 of the Act of April 19, 2014 on alternative collective investment organizations and their managers is repealed.
CHAPTER 7. - Transitional provision
Art. 69. The right of 0.5 p.c., collected in accordance with section 88 of the Code of Registration, Mortgage and Registry Rights before the coming into force of section 56 of this Act, shall be deductible from the right under section 87 of the same Code when a mortgage is later constituted for the security of the same debt.
CHAPTER 8. - Entry into force
Art. 70. This Act comes into force on the day of the coming into force of the Act of 11 July 2013 amending the Civil Code with respect to security rights and repealing various provisions in this respect with the exception of sections 31 to 33 and section 68, which come into force on the tenth day following 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 on 25 December 2016.
PHILIPPE
By the King:
Minister of Justice,
K. GEENS
Minister of Finance,
J. VAN OVERTVELDT
Seal of the state seal:
Minister of Justice,
K. GEENS
____
Note
(1) House of Representatives
(www.lachambre.be)
Documents 54-2138.
Full report: December 15, 2016.