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18 DECEMBER 2016. - An Act to organize the recognition and supervision of crowdfunding and to provide various financial arrangements

PHILIPPE, King of the Belgians,
To all, present and to come, Hi.
The House of Representatives adopted and sanctioned the following:
Part 1^er. - General provision
Article 1^er. This Act regulates a matter referred to in Article 74 of the Constitution.
Part 2. - Alternative financing
CHAPTER 1^er. - Scope and definitions
Art. 2. This title sets out the conditions for the accreditation and exercise of the activity of alternative financing platform, as well as the rules that these platforms and regulated companies must comply with in the provision of alternative financing services, as well as the monitoring of compliance with these provisions and the provisions of the orders and regulations made for its implementation.
Art. 3. § 1^er. This title is applicable to natural or legal persons who offer to provide or provide alternative financing services on Belgian territory, as an ordinary professional activity, whether complementary or incidental.
§ 2. Derogation from paragraph 1^er, this title is not applicable:
(a) the European Central Bank, the National Bank of Belgium and members of the European System of Central Banks;
(b) natural or legal persons who, as part of the alternative financing services offer, address only the following investors:
- legal persons or qualified investors; or
- less than 150 persons;
(c) natural or legal persons whose alternative financing services consist exclusively of broadcasting communications relating to offers of investment instruments provided that they have no direct or indirect interest in the outcome of these offers.
Art. 4. For the purposes of this title, it is necessary to hear by:
1° "alternative financing service": the service of making, through websites or by any other electronic means, the marketing of investment instruments issued by issuers, starters funds or by financing vehicles, in the context of an offer, whether public or not, without the provision of an investment service in respect of these investment instruments, with the exception, if any, of the following services:
- Investment Consulting Service;
- reception service and order transmission.
2° "alternative financing platform": any natural or legal person who offers to provide or provides alternative financing services on Belgian territory, as an ordinary, even complementary or incidental professional activity, and is not a regulated company;
3° "marketing": the presentation of an investment instrument, in any way, in order to induce an existing or potential investor to purchase or subscribe the relevant instrument;
4° "investment instruments": the instruments referred to in Article 4 of the Act of 16 June 2006 relating to public tenders for investment instruments and admissions of instruments for trading in regulated markets;
5° "broadcaster": the issuer of investment instruments whose main activity is to conduct a commercial, artisanal, liberal, real estate or industrial activity;
6° " starter fund": the fund referred to in Article 145²⁶ the Income Tax Code 1992;
7° "financing vehicle": the issuer of investment instruments that is not a collective investment agency, whose activity consists exclusively of taking participation in or granting loans to one or more issuers-entrepreneurs and whose financing is provided by investors who determine the issuer-entrepreneurs that they wish to finance through their investment in the vehicle, with the return of their investment only
8° "clients": clients of the alternative financing service provider, i.e. investors, on the one hand, and issuers-entrepreneurs, on the other;
9° "skilled investors": investors referred to in Article 10 of the Act of 16 June 2006 on public tenders for investment instruments and admissions of instruments for trading in regulated markets;
10° "regulated companies": the following companies:
(a) the credit institutions referred to in Article 1^er§ 3 of the Act of 25 April 2014 on the Status and Control of Credit Institutions and Scholarships;
(b) investment companies referred to in Article 3, § 1^erthe Act of October 25, 2016 on Access to Investment Services Delivery and Control of Portfolio Management and Investment Consulting Corporations;
11° "investment services": the services and activities referred to in Article 2, 1°, of the law of October 25, 2016;
12° "Investment consulting": the service defined in section 2, 9°, of the law of October 25, 2016;
13° "sustainable support": any instrument that allows a customer to store information that is addressed to him personally in a way that makes it easy to refer to it in the future for a period of time suitable for the purpose to which the information is intended and that allows the reproduction of the information stored in the same way;
14° "FSMA": the Autorité des services et des marchés financiers.
CHAPTER 2. - Status of alternative financing platform: conditions of accreditation and exercise of activity
Section 1^re - Accreditation and list
Art. 5. § 1^er. Without prejudice to section 30, natural or legal persons other than regulated companies intending to exercise the activity referred to in section 3 are required to obtain prior approval as an alternative funding platform to the MSDS.
§ 2. Regulated companies of Belgian law may exercise the activity referred to in Article 3 in full law, without prejudice to the possibility of taking investment services in accordance with their status.
Regulated companies shall notify FSMA of their intention to carry out the activity referred to in Article 3, in the form and manner provided for by FSMA.
As part of this activity, regulated companies adhere to the rules set out in Chapter III.
§ 3. FSMA grants approval as an alternative funding platform to those who apply for it and who meet the requirements set out in section 2.
The application for approval must include a record with any information and documents necessary to demonstrate compliance with the conditions set out in section 2. FSMA may specify the form and content of this file.
The applicant shall immediately notify the MSDS of any changes to the information or documents transmitted for the processing of the application for approval, without prejudice to the right of the MSDS to collect all the necessary information from the applicant or to request evidence.
§ 4. The MSDS will decide on the application for approval within three months of receipt of a complete file. FSMA notify the applicant by registered letter to the position.
Art. 6. § 1^er. FSMA holds a list of approved alternative financing platforms that the public can read on its website.
The list mentions for each alternative financing platform:
1° the data necessary for its identification;
2° the date of its approval;
3° the service(s) presumed: (a) marketing of investment instruments and, where applicable, (b) advisory service in investment and/or (c) reception and order transmission service;
4°, if any, the date of the delisting or suspension of its approval;
5° any other information that FSMA considers useful for correct public information.
The FSMA sets out the conditions for the deletion of the accreditation of an alternative financing platform to be removed from the list.
§ 2. FSMA holds a list of regulated companies that have notified their intention to carry out the activity referred to in section 3. This list of which the public can read on the FSMA website includes any information that FSMA considers necessary for correct public information.
Section 2. - Conditions of licence
Art. 7. Alternative financing platform activity is carried out in the form of a commercial company.
Art. 8. The central administration of an alternative financing platform must be established in Belgium.
Art. 9. § 1^er. Accreditation is subject to the communication of the identity of persons who directly or indirectly exercise control over the company that requests accreditation.
§ 2. Persons referred to in § 1^er must possess the qualities necessary to ensure a healthy and prudent management of society.
FSMA may consult with the National Bank of Belgium if it has reason to believe that it has information regarding the qualities of the persons concerned, due to its mission to control certain regulated companies. The National Bank of Belgium shall provide the information available to FSMA within fourteen days of the request for notice.
Art. 10. § 1^er. The members of the legal body of administration of the company and the persons responsible for the effective management are exclusively natural persons.
Effective management must be entrusted to at least two persons.
§ 2. Persons referred to in § 1^er cannot be found in any of the cases listed in section 20 of the Act of 25 April 2014 relating to the status and control of credit institutions.
§ 3. Persons referred to in § 1^er must always have the necessary professional honesty and expertise to exercise their function.
FSMA may consult with the National Bank of Belgium if it has reason to believe that it has information regarding the qualities of the persons concerned, due to its mission to control certain regulated companies. The National Bank of Belgium shall provide the information available to FSMA within fourteen days of the request for notice.
Art. 11. § 1^er. Accreditation as an alternative funding platform is subject to the existence of an adequate organization, taking into account the nature, volume and complexity of the activities carried out, as well as the risks associated with it, with a view to ensuring compliance with the provisions of this title and its enforcement orders, as well as with a view to monitoring the conditions set out in sections 21 and 145²⁶ the Income Tax Code 1992 to benefit from tax benefits related to investments made through the alternative financing platform.
In this context, the alternative financing platform must have an appropriate business continuity policy, particularly in terms of IT.
§ 2. On the advice of FSMA, the King may specify the condition referred to in § 1^er.
Art. 12. § 1^er. Accreditation is subject to the subscription of insurance covering the professional responsibility of the alternative financing platform, which meets the following conditions:
- the cover cannot be lower:
(i) to 750,000 euros per claim and per insurance year; or
(ii) if the alternative financing platform markets investment instruments issued by a financing vehicle or provides investment advisory services to Euro 1,250,000 per claim and per insurance year;
- if a deductible is provided, the deductible must be at least 10 per cent of the claim, with a maximum amount of Euro1,250 per claim;
- the amounts set out in this section are related to the evolution of the Consumer Price Index, the base index being December 2015;
- if the insurance is entered into for a specified period, its tacit renewal must be provided in the contract, without prejudice to the possibility of the resiliate by a notice period of at least three months;
- if the insurance is indeterminate, a minimum notice period of three months must be provided.
The King is empowered to adapt the form and content of this obligation, including the minimum amounts provided for in terms of coverage and deductible, through an order made in the opinion of FSMA.
Section 3. - Conditions of activity
Art. 13. Alternate financing platforms comply with the terms and conditions of approval set out in section 2.
They are required to report to FSMA any significant changes in the conditions of their initial approval.
Art. 14. Alternative financing platforms inform FSMA of any changes in control over the company. They transmit to the FSMA all the documents and information necessary to demonstrate that the persons concerned have the qualities necessary to ensure the sound and prudent management of society.
FSMA may consult with the National Bank of Belgium if it has reason to believe that it has information regarding the qualities of the persons concerned, due to its mission to control certain regulated companies. The National Bank of Belgium shall provide the information available to FSMA within fourteen days of the request for notice.
FSMA sends to the alternative financing platform a notice of the proposed amendments within sixty days of receipt of a complete file. These amendments may only take place if the FSMA has made a notice in compliance.
Art. 15. Alternative financing platforms inform FSMA of any proposal to appoint members of the legal body of administration and persons responsible for effective management.
As part of the information required under paragraph 1^er, alternative funding platforms provide the FSMA with all documents and information to enable it to assess whether the proposed individuals have the necessary professional honourability and expertise to perform their duties in accordance with Article 10.
Paragraph 1^er is also applicable to the proposal to renew the appointment of the persons referred to in the proposal and to the non-renewal of their appointment, revocation or resignation.
FSMA may consult with the National Bank of Belgium if it has reason to believe that it has information regarding the qualities of persons referred to in paragraph 1 because of its control mission of certain regulated companies.^er. The National Bank of Belgium shall provide the information available to FSMA within fourteen days of the request for notice.
Appointment of persons referred to in paragraph 1^er is subject to prior approval by the MSDS. It forwards its decision to the alternative financing platform within sixty days of receiving a complete file.
Alternative funding platforms inform FSMA of the possible division of tasks between the members of the legal body of administration, the persons responsible for the effective management, as well as significant changes in this division of tasks.
Art. 16. § 1^er. Alternative financing platforms cannot provide their customers with any investment services, except for the following services:
(a) the Investment Consulting Service;
b) the reception and order transmission service.
§ 2. If they provide investment services in accordance with § 1^erthey shall comply with the following conditions:
(i) comply with the rules of conduct provided for by or pursuant to the Financial Sector Supervision and Financial Services Act of 2 August 2002;
(ii) take these services only in connection with securities, or starter funds;
(iii) transmit orders only to the following companies:
- investment companies and Belgian credit institutions;
- branches established in Belgium of credit institutions and investment companies under the law of another Member State of the European Economic Area;
- credit institutions and investment companies under the law of another Member State of the European Economic Area that provide services in Belgium under the free provision of services;
- branches established in Belgium of investment companies or credit institutions that are registered in a third country.
Art. 17. Alternative financing platforms cannot at any time receive or keep cash or account funds or financial products owned by their customers or be in a debiting position with respect to their customers.
Alternative financing platforms may not have a mandate or power of attorney on an account of their customers.
Art. 18. Alternative financing platforms contribute to FSMA's operating costs in accordance with the terms and conditions established by the King in accordance with Article 56 of the Financial Sector Supervision and Financial Services Act of 2 August 2002.
Art. 19. § 1^er. Alternative financing platforms that plan to expand their activities in the territory of another State notify FSMA of their intention.
This notification includes information on planned activities, their financial impact and the consequences of these activities in terms of the organization of the company.
Within eight days of receiving this notification, the MSDS shall acknowledge receipt of the notification and indicate to the applicant whether its file is complete.
§ 2. If it considers, on the basis of information provided by application of § 1^er, paragraph 2, that the project will have a negative impact on the alternative financing platform, FSMA may oppose the project's implementation.
FSMA's decision is notified to the alternative funding platform by registered letter to the position within sixty days of receiving a complete file. If FSMA did not notify the alternative funding platform of a decision within this timeframe, it is deemed not to oppose the project.
Art. 20. § 1^er. Alternative financing platforms may also carry out other professional activities, provided:
1° that they are not likely to place them in a conflict of interest situation;
2° that they do not compromise their reputation; and
3° that they are separated from the activities of alternative financing platforms on an organizational and accounting basis.
In the exercise of these other professional activities, alternative financing platforms refrain from referring to their status as an alternative financing platform during their contacts with the public, except to ensure their reputation.
§ 2. On the advice of the FSMA, the King may specify the conditions referred to in § 1^er.
CHAPTER 3. - Rules applicable to the provision of alternative financing services
Section 1^re. - Scope of application
Art. 21. Unless otherwise provided, this chapter applies:
1° to alternative financing platforms;
2° to regulated companies where they carry out the activity referred to in section 3, where applicable in the provision of investment services.
Section 2. - General rules applicable to the provision of alternative financing services
Art. 22. § 1^er. When providing alternative financing services, the persons referred to in section 21 shall ensure that they act in an honest, equitable and professional manner that best serves the interests of their customers.
§ 2. All information, including advertising, that persons referred to in section 21 address potential investors or investors when providing alternative financing services, is correct, clear and not misleading. Advertising information is clearly identifiable as such.
If the investment is presented as giving tax benefits under sections 21 or 145²⁶ of the Income Tax Code 1992, the persons referred to in section 21 must take reasonable measures to ensure that the conditions provided for in these provisions for obtaining these benefits are well respected.
Art. 23. § 1^er. Prior to the provision of alternative financing services, the persons referred to in section 21 provide the following information to their customers on a sustainable basis:
(a) the complete identity and contact information of the alternative financing platform or regulated company, as the case may be, that provides alternative funding services;
(b) the status of the alternative financing platform or regulated enterprise, as the case may be, which provides alternative financing services, as well as the name and address of the competent authority which issued its approval;
(c) the cost of alternative financing services for customers, as well as a description of any remuneration, commissions and benefits received in the delivery of alternative financing services, as well as a description of the costs generated by the financing vehicles they market the investment instruments;
(d) a general description, if any, in summary form, of the policy followed by the alternative financing platform or the regulated company, as the case may be, with respect to conflicts of interest;
(e) a general description, possibly summarized, of the rules applicable to the provision of alternative financing services;
(f) a description of the criteria and procedures for selecting the projects of the issuers for their financing;
(g) where the investment is presented as giving tax benefits under sections 21 or 145²⁶ of the Income Tax Code 1992, information on the maximum amount of the tax benefit that the client could benefit in this case.
Any substantial change in the information provided is communicated to customers on a timely basis.
§ 2. In addition to providing alternative financing services, alternative financing platforms provide the following information to their customers on a sustainable basis:
(a) the prohibition of receiving and holding funds and investment instruments owned by their clients;
(b) the prohibition on providing investment services, with the exception of the Investment Consulting Service and the Receipt and Order Transmission Service.
If the alternative funding platform provides investment advisory services and/or receiving and ordering services, it specifies the conditions that apply to the provision of these services under section 16 and provides a general description, possibly in summary form, of the rules of conduct that are applicable to the provision of these services;
(c) the prohibition of having a mandate or power of attorney on the accounts of their clients.
Any substantial change in the information provided is communicated to customers on a timely basis.
Art. 24. The persons referred to in section 21 shall inform potential investors on the main characteristics of the categories of investment instruments that they market, so that they are reasonably able to understand the nature of the investment instrument, as well as the risks associated with it, including, where appropriate, the specific costs and risks related to investment in financing vehicles and in starter funds.
Art. 25. Prior to the provision of alternative financing services, persons referred to in section 21 must ask potential investors to provide information on their investment knowledge and experience in order to be able to determine whether the investment instruments they market are appropriate for them.
If they estimate, on the basis of information received in accordance with paragraph 1^er, that the investment instruments concerned are not appropriate for a potential investor, they warn it. This warning can be transmitted in a standardized form.
If the potential investor chooses not to provide the information referred to in paragraph 1^er, or if the information provided on its knowledge and experience is insufficient, the persons referred to in section 21 notify the potential investor that they cannot determine, because of this decision, whether the investment instruments offered are appropriate to the investor. This warning can be transmitted in a standardized form.
Art. 26. A file is made for each client, including any document probating the information collected in accordance with Article 25.
This file is retained for at least five years after termination of the contractual relationship.
Art. 27. § 1^er. The persons referred to in section 21 must take all reasonable measures to avoid conflicts of interest between themselves, including, where appropriate, those who control them, their leaders and employees, and investors or between investors and, if a conflict cannot be avoided, to identify and manage this conflict in order to avoid infringement of the interests of investors.
If the measures taken to manage a conflict of interest are not sufficient to ensure with reasonable certainty that the risk of harming the investor's interests will be avoided, the investor is informed, prior to providing the service, in a clear and sustainable manner, of the general nature and/or source of the conflict of interest. The information provided must be sufficiently detailed, in view of the investor's personal situation, so that the investor can make informed decisions about whether or not to continue to use the proposed services. If the investor decides not to use the proposed services for this reason, no compensation shall be payable in the investor's head.
§ 2. Regulated companies that have established a conflict of interest policy in the delivery of investment services must extend the implementation of this policy to conflicts of interest arising in the provision of alternative financing services.
Section 3. - Specific rules for financing vehicles
Art. 28. § 1^er. In the event that the financing vehicle is controlled or managed by the person referred to in section 21 who sells the investment instruments, or by a person related to the investment vehicle, the financing vehicle and the participation of the investment vehicle in the issuer(s)-entrepreneur(s) are managed in the exclusive interest of investors, if any considered separately by compartment, up to the disposal or liquidation of the participation.
In the event that the financing vehicle is not controlled or managed by the person referred to in section 21 who sells the investment instruments or by a related person, the investment instruments may only be marketed if the organization and operation of the financing vehicle allows to ensure that the management of the vehicle and its participation in the issuer(s)-entrepreneur(s) is carried out in the exclusive interest of investors, if any considered separately to be
In the case referred to in the preceding paragraph, the financing vehicle and the person who controls or manages the financing vehicle are also required to comply with the provisions of this paragraph with respect to investors.
In the cases referred to in the preceding paragraphs, the following particular provisions shall apply:
1° investor rights and obligations arising from their investment in the financing vehicle cannot be unilaterally altered by the financing vehicle.
Without prejudice to the provisions of the Bankruptcy Act of 8 August 1997 and the Business Continuity Act of 31 January 2009, the rights and obligations of the financing vehicle arising out of the loans granted to the contractor issuer may not be altered without the consent of the holders of the investment instruments issued by the financing vehicle, decide on the terms of quorum and majority referred to in sections 574 and 575 of the Corporate Code. Sections 570 to 580 of the Corporate Code are applicable by analogy.
If there are a number of classes of shares or shareholders in the capital of the issuer, the consent of the holders of the investment instruments issued by the financing vehicle, deciding on the terms and conditions of quorum and majority referred to in sections 574 and 575 of the Corporate Code, is required for the modification of their respective rights or the replacement of one class by another. Sections 570 to 580 of the Corporate Code are applicable by analogy.
The preceding paragraph does not apply in the event that the issuer is declared bankrupt, has signed an amicable agreement within the meaning of section 15 of the Business Continuity Act of January 31, 2009, or is subject to a procedure for judicial reorganization within the meaning of the Act;
2° during the duration of the investment in the financing vehicle, investors receive an annual detailed overview of the costs associated with the use of the financing vehicle;
3° during the duration of the investment in the financing vehicle, investors receive the same financial information regarding the issuer that they have chosen as investors in the issuer-entrepreneur of the same category as the financing vehicle;
4° the legal form adopted by the financing vehicle includes the limitation of investor liability to their contribution;
5° if the financing vehicle invests in several transmitters-entrepreneurs, each participation taken or loan granted to the same transmitter-entrepreneur must be housed in a separate compartment in the vehicle's heritage and be subject to adequate accounting treatment, the vehicle's accounting to be held by compartment.
Any undertaking and operation of the vehicle is, in respect of the counterparty, imputed unequivocally to one or more compartments. The consideration is duly informed.
By derogation from sections 7 and 8 of the Mortgage Act of 16 December 1851, the assets of a specified compartment exclusively meet investor rights in that compartment;
6° Variable remuneration may be granted to the financing vehicle or its officers provided that the criteria for awarding variable remuneration, or the portion of the variable remuneration, which depends on the results, are limited to the net result of the financing vehicle or one of its compartments, excluding unrealized surplus-values;
7° without prejudice to section 133 of the Corporate Code, the auditor or accountant of the issuer or the financing vehicle shall not maintain any relationship with the issuer or the financing vehicle that is likely to challenge their independence. In particular, they may not be a legal spouse or cohabitant, or a parent or ally up to the third degree of persons controlling or directly or indirectly having an interest in the issuer or the financing vehicle. In the event that the reviewer or accountant is a corporation, the corporation may not be related to the issuer or financing vehicle, or the person referred to in section 21.
§ 2. If the financing vehicle is a company related to the alternative financing service provider or is managed, directly or indirectly, by the alternative financing service provider, customers must be informed of it and specific measures must be taken in the event of conflicts of interest to customers.
If the financing vehicle is a company related to the issuer-entrepreneur or is directly or indirectly managed by the issuer-entrepreneur or by the directors or shareholders of the issuer-entrepreneur, the customers must be informed of it and specific measures must be taken in the event of conflicts of interest to customers.
Section 4. - Enabling the King
Art. 29. The King is empowered to establish, by order made on the advice of the FSMA, the rules for the performance of the rules referred to in this chapter, as well as additional rules for the purpose of ensuring the information and protection of customers' interests, including additional rules for the marketing of investment instruments issued by a financing vehicle.
CHAPTER 4. - Provision of alternative financing services by foreign companies
Art. 30. § 1^er. Persons under the right of other Member States of the European Economic Area, who wish to exercise the activity referred to in Article 3, must meet the following conditions:
1° be authorized to provide, in their Member State of origin, similar services to alternative financing services;
2° obtain prior approval as an alternative financing platform in accordance with Chapter II, subject to the following provisions:
(i) before deciding on the application for approval, FSMA shall consult, if any, the authorities in charge of control in the Member State of origin;
(ii) foreign platforms that have obtained the approval of the MSDS are listed in a special section of the list referred to in Article 6, § 1^er;
(iii) the condition under section 8 is not applicable;
(iv) if a branch is present in Belgian territory, the requirements for persons who exercise control over the company apply to the shareholders of the foreign law corporation, while the requirements for the leaders of the Belgian branch;
3° respect the provisions of this title in the exercise of their activities in Belgium, provided that:
(i) Article 19 is not applicable;
(ii) for the purposes of Article 20, the alternative financing platform shall mean the foreign company and the Belgian branch if the activity is carried out on Belgian territory through a branch.
Derogation from paragraph 1^er, credit institutions and investment companies under the law of another Member State of the European Economic Area, may exercise the activity referred to in Article 3. In this context, they respect the rules set out in chapter III.
The foreign companies concerned shall notify the FSMA beforehand of their intention to carry out the activity referred to in Article 3, in accordance with the forms and modalities provided for by the FSMA, if any through the control authority of the Member State of origin or the National Bank of Belgium. These foreign companies are listed in a special section of the list referred to in Article 6, § 2.
FSMA shall inform the companies concerned of the provisions of this title which, to its knowledge, are of general interest. These provisions of general interest are published on the FSMA website.
§ 2. Legal persons under the right of non-member states of the European Economic Area, who wish to exercise the activity referred to in Article 3, must meet the following conditions:
1° be submitted in their State of origin to a status enabling them to provide, in that State, similar services to alternative financing services;
2° have a branch in Belgium;
3° obtain prior approval for their branch in Belgium as an alternative financing platform in accordance with Chapter II, subject to the following provisions:
(i) before deciding on the request for approval of the branch, FSMA shall consult with the authorities responsible for the control in the State of origin, as appropriate;
(ii) branches that have obtained the approval of the MSDS are listed in a special section of the list referred to in section 6;
(iii) the condition provided for in Article 8 concerns activities in Belgium;
(iv) the requirements for persons who exercise control over the corporation apply to the shareholders of the foreign law corporation, while the requirements for the executives apply to the Belgian branch;
4° respect the provisions of this title in the exercise of their activities in Belgium, provided that:
(i) Article 19 is not applicable;
(ii) for the purposes of Article 20, the alternative financing platform is the Belgian branch and the foreign company.
CHAPTER 5. - Organization of oversight and administrative measures
Art. 31. FSMA is responsible for monitoring compliance with the provisions of this title and the orders and regulations made for its implementation.
FSMA may require all the information necessary to carry out its monitoring mission within the time it sets out with persons who offer or provide alternative financing services in Belgium. ADMSP may also conduct on-site inspections and be informed and informed of any data that the person offering to provide or provide alternative funding services has in his or her possession.
With a view to the proper application of this title and the measures taken pursuant to it, FSMA cooperates, if any, with the National Bank of Belgium when regulated companies under its control are concerned, as well as with the authorities of other States with similar competences to its own. FSMA may exchange confidential information with these authorities in accordance with the provisions of articles 75 and 77, paragraphs 1^er and 2 of the Financial Sector Supervision and Financial Services Act of 2 August 2002. FSMA informs them of any action taken under sections 32 to 35 with respect to companies under their control.
Art. 32. When FSMA finds that a Belgian or foreign alternative financing platform approved in accordance with Chapter II, including a branch of a foreign company, does not comply with the provisions of this title or the orders and regulations made for its execution, it identifies the breaches committed and continues to remedy these breaches within the time it fixes. It may extend this period.
It may prohibit during this period the exercise of all or part of the alternative financing activity and suspend the approval.
If, at the expiry of this period, the MSDS finds that it has not been remedied to the breaches, it may revoke accreditation as an alternative funding platform.
Art. 33. When FSMA finds that a regulated Belgian company or a foreign company referred to in Article 30, paragraph 1^er, paragraph 2 shall not, in the course of the performance of the activity referred to in section 3, comply with the rules set out in chapter III or in the orders and regulations made for the performance of the activity, identify the breaches committed and shall continue to correct those breaches within the time limit set by it. It may extend this period.
Art. 34. § 1^er. Without prejudice to the application of other measures provided for in this Title, the ADMDS may, in respect of a person who does not give any action to the person who is made under sections 32 or 33:
1° inflict a maximum of 250,000 euros per offence or a maximum of 5,000 euros per day of delay;
2° publicize the fact that no follow-up has been given to the stipulations that have been made.
§ 2. The offences imposed by FSMA pursuant to paragraph 1^er are recovered to the Treasury by Federal Public Service Finance.
CHAPTER 6. - Sanctions
Section 1^re. - Administrative sanctions
Art. 35. Without prejudice to other measures provided for in this title, FSMA may, where it finds an offence under this heading or the orders and regulations made for its execution, impose an administrative fine to the person concerned that may not be less than 2,500 euros, nor greater for the same fact or set of facts to 75,000 euros.
Fines imposed by FSMA pursuant to paragraph 1^er are recovered to the Treasury by Federal Public Service Finance.
Section 2. - Penal sanctions
Art. 36. § 1^er. Without prejudice to the application of more severe penalties under the Penal Code, will be punished by imprisonment from one month to one year and a fine of 50 euros to 10,000 euros or only one of these penalties that:
1° provides alternative financing services without having one of the statutes provided for in this title;
2° does not comply with the provisions of Articles 16, § 1^er, or 17.
§ 2. Without prejudice to the application of more severe penalties provided for in the Criminal Code, the penalty shall be imposed by imprisonment from eight days to three months and a fine of 200 euros to 2,000 euros or only one of these penalties, which, in a fraudulent intention:
1° fails to communicate to the FSMA changes in the information that is part of its accreditation file in accordance with the provisions of Chapter II;
2° fails to provide the FSMA with information required under section 14 or 15.
§ 3. Any person who refuses to provide the information and documents requested by the MSDS for the control of the application of this title and the orders and regulations made for the execution of this title or who opposes the investigative measures taken by the MSDS or who makes a false statement is liable to imprisonment for eight to fifteen days and to a fine of 100 euros to 1,000 euros or only one of these penalties.
§ 4. Persons convicted of one of the offences referred to in paragraphs 1^er to 3 may be subject to the final or provisional closure of any part or all of the premises assigned to the provision of alternative financing services.
§ 5. All provisions of Book I of the Penal Code, including Chapter VII and Article 85, are applicable to offences covered by this Title.
CHAPTER 7. - Amendments, entry into force and transitional measures
Art. 37. In section 21 of the Income Tax Code 1992, last amended by the Act of 26 December 2015, the following amendments are made:
1° in 13°, (a), the words "or is a natural person who meets mutatis mutandis with the criteria of section 15 above" are repealed;
2° point 13°, e) is replaced by the following:
"(e) the crowdfunding platform, Belgian or under the law of another Member State of the European Economic Area, must be approved as an alternative financing platform by the Autorité des Services et Marchés Financiers or be operated by a Belgian regulated company or under the law of another Member State of the European Economic Area, whose status allows the exercise of such an activity, in accordance with the law of 18 December 2016 organizing the reconnaissance ";
3° on the 13°, is supplemented by a point (f), written as follows:
"(f) loans are granted to companies that begin either by taxpayers who subscribe to investment instruments that materialize these loans, issued by these companies as part of an offer for sale or subscription in accordance with the law of June 16, 2006 relating to the public offerings of investment instruments and to the admissions of investment instruments to the negotiations on regulated markets, or by a vehicle of financing referred to in the law of December 18, 2016 ";
4° the article is supplemented by a paragraph written as follows:
"The King determines how to prove that the conditions referred to in paragraph 1^er, 13°, are respected. ".
Art. 38. Article 145²⁶ the same Code, re-established by the Program Act of 10 August 2015 and amended by the Act of 18 December 2015, the following amendments are made:
1° to § 1^erParagraph 1^era, a, the words "through or not a crowdfunding platform approved by the Autorité des services et marchés financiers or by a similar authority of another Member State of the European Economic Area," are replaced by the words "either directly or through a crowdfunding platform,"
2° § 1^erParagraph 1^er, b, is replaced by the following:
"(b) new investment instruments issued by a financing vehicle referred to in the law of 18 December 2016 organizing the recognition and supervision of the crowdfunding and bringing various financial provisions, which the taxpayer has subscribed through a crowdfunding platform, provided that the financing vehicle directly invests payments from taxpayers, deducting, if any, from the indemnity for its intended role as an intermediary,^er, on the occasion of the formation of this corporation or an increase in capital within four years of its constitution and which are fully released. Transmitters of equity certificates are considered to be financing vehicles;"
3° to § 1^er, paragraph 1^er, a c, is inserted, as follows:
"(c) new shares acquired with cash contributions representing a fraction of the social capital of a public starter fund or a private starter pricaf, which meets the conditions set out in § 2, and which the taxpayer has subscribed on the occasion of the issuance of these shares. ";
4° to § 1^era paragraph shall be inserted between subparagraphs 1^er and 2, as follows:
"The crowdfunding platform referred to in paragraph 1^er is a Belgian platform or under the law of another Member State of the European Economic Area, which is approved as an alternative financing platform by the Autorité des services et marchés financiers or is operated by a Belgian regulated company or under the law of another Member State of the European Economic Area, whose status allows the exercise of such an activity, in accordance with the law of 18 December 2016 organizing the recognition and supervision of the finances. ";
5° in paragraph 3 becoming paragraph 4, the words "paragraph 2," are replaced by the words "paragraph 3,"
6° § 2, paragraph 1^er, is replaced as follows:
"§2. The public starter fund and the private starter pricaf referred to in § 1^erParagraph 1^er, c, are fixed-number investment companies listed on the list of public starters funds held by the Autorité des Services et Marchés Financiers and the list of private starters pricafs held by the Federal Public Service Finance. ";
7° in § 2, paragraph 2, the words "are represented by nominative parts." are replaced by the words "public starter and private starter pricaf are nominative. ";
8° to § 2, paragraph 3, the introductory sentence is replaced by the following:
"The public starter fund and the private starter pricaf invest the contributions, if any, after deduction of an allowance for their role as an intermediary, exclusively in the following investments and within the following limits:"
9° to § 2, paragraph 3, 1°, the words "of companies referred to in § 1^er," are replaced by the words "names representing a fraction of the social capital of the companies referred to in § 3, paragraph 1^er,"
10° to § 2, a paragraph shall be inserted between paragraphs 3 and 4, as follows:
"In the event of the creation of compartments by a public starter fund or a private starter pricaf, compliance with the provisions of the previous paragraph is verified for each separate compartment for which the tax reduction is awarded. ";
11° Paragraph 4, becoming paragraph 5, is replaced as follows:
"Parties in a public starter fund or in a private starter pricaf are only considered for tax reduction when it appears, as of December 31 of a taxable period, that the amounts collected were invested in new shares or shares within the limits and conditions specified in paragraph 3. The tax reduction is granted for the taxation year that is related to the tax period in which the December 31 date falls to which the investment condition referred to in paragraph 3 is met. ";
12° § 2 is supplemented by three paragraphs written as follows:
"In the event of an investment referred to in paragraph 3, 1°, during the 48-month period following the end of the tax period for which the tax reduction is granted, the following provisions shall apply:
1° in case the product of the alienation is less than 70 p.c. of the amount of the original investment, the amounts concerned shall not be reinvested;
2° where the proceeds of the alienation are between 70 p.c. and 100 p.c. of the amount of the original investment, the amounts concerned shall be reinvested in their entirety in new shares or nominal shares referred to in paragraph 3, 1°, within six months of the time of the alienation;
3° where the proceeds of the alienation are greater than the amount of the original investment, an amount equal to the amount of the original investment must be reinvested in new shares or nominal shares referred to in paragraph 3, 1°, within six months of the alienation.
Under "disposal of an investment", referred to in paragraph 7, it is also meant to close the liquidation of the corporation in which it was invested.
The reinvestment requirement referred to in paragraph 7 is not applicable in the event that the above-mentioned six-month period ends after a 48-month period after the end of the taxable period for which the tax reduction is granted. ";
13° to § 3, paragraph 1^er, 11°, the words "paragraph 1^er, a, by the taxpayer" are replaced by the words "paragraph 1^er, a and b, by the taxpayer or the financing vehicle respectively, and the words "a registered starter fund," by the words "a public starter fund or a private starter pricaf,"
14° to § 3, paragraph 2, the words "4° to 6° and 10°" are replaced by the words "4° to 6° and 10°",
15° to § 3, paragraph 3, 2°, the words "directly or through a registered starter fund" are replaced by the words "directly or through a financing vehicle, a public starter fund or a private starter pricaf,"
16° to § 3, paragraph 3, 3°, the words "of an approved starter fund" are replaced by the words "of a financing vehicle, a public starter fund or a private starter fund,"
17° § 3, paragraph 3, is completed with a 4° written as follows:
"4° to amounts allocated to the acquisition, directly or through a financing vehicle, a public starter fund or a private starter pricaf, of shares or shares of a company, in the form of a quasi-report referred to in sections 220, 396, 445 or 657 of the Corporate Code. ";
18° to § 3, paragraph 4, the words "The sums allocated to the release of new shares or shares or shares in a registered starters fund" are replaced by the words "Payments for shares referred to in § 1^erParagraph 1^era, investment instruments referred to in § 1^erParagraph 1^er, b, and parts referred to in § 1^erParagraph 1^er, c,"
19° to § 3, paragraph 5, the words "in consideration" are replaced by the words "in consideration, after deduction of the allowances referred to in § 1^erParagraph 1^er, b and § 2, paragraph 3, and any other costs associated with it. ";
20° to § 4, paragraph 1^erthe following modifications are made:
- the words "or shares in a registered starter fund" are replaced by the words "vised in § 1^erParagraph 1^era, or investment instruments referred to in § 1^erParagraph 1^er, b,"
- the words "the taxpayer produces" are replaced by the words "the corporation referred to in § 3, paragraph 1^eror the financing vehicle referred to in § 1^erParagraph 1^erb, provide to the taxpayer,"
- the words "the documents showing:" are replaced by the words "the evidence showing:";
21° to § 4, paragraph 1^er, first dash, the words ", and, if applicable, in § 2" are repealed;
22° to § 4, paragraph 1^er, second dash, the words "that it has acquired shares or shares or shares in a registered starters fund" are replaced by the words "that the taxpayer has acquired shares or shares or investment instruments";
23° § 4 is supplemented by a paragraph written as follows:
"Payments for shares referred to in § 1^erParagraph 1^er, c, are eligible for tax reduction provided that the public registered starters fund or the private starter pricaf referred to in § 1^erParagraph 1^er, c, provide the taxpayer, in support of its declaration to the tax of the natural persons of the taxable period in which the date of December 31, when the investment condition referred to in paragraph 2, paragraph 3, is satisfied, the evidence indicating:
- only the conditions specified in §§ 1^er 3 are filled;
- that the taxpayer has acquired shares during the specified tax period or a previous period and that they are still in possession at the end of that taxable period. ";
24° § 5, paragraph 1^er, is replaced as follows:
§ 5. Maintenance of the tax reduction referred to in § 1^er is subject to the condition that the corporation, the financing vehicle, the public starter fund or the private starter pricaf provide the taxpayer in support of its tax returns to the natural persons of the four taxable periods following the tax period for which the tax reduction is granted, proof that it is still in possession of the relevant shares referred to in § 1^erParagraph 1^era, of the relevant investment instruments referred to in § 1^erParagraph 1^er, b, or of the relevant parts referred to in § 1^erParagraph 1^erc. This condition shall no longer be met from the taxable period in which the taxpayer died. ";
25° in § 5, paragraph 2, the words "or shares in an approved starter fund" are replaced by the words "concerned in § 1^erParagraph 1^era, or the relevant investment instruments referred to in § 1^erParagraph 1^er, b," and the words "or for these shares in a registered starter fund," are replaced by the words "or investment instruments,"
26° to § 5, three paragraphs are inserted between paragraphs 2 and 3:
"when the relevant shares referred to in § 1^erParagraph 1^er, c, are the subject of an assignment, other than by death, within 48 months of the end of the taxable period for which the tax reduction is granted, the total tax relating to the income of the taxable period of the assignment, is increased by an amount equal to as many times one forty-eighth of the tax reduction actually obtained in accordance with § 1^er for these shares, that there remain whole months until the 48-month period expires.
Under the word "cession" referred to in paragraphs 2 and 3, the closing of the liquidation of the company in which it was invested, the financing vehicle, the public starter fund or the private starter pricaf.
When the winding-up is the result of the bankruptcy declaration of the corporation in which it was invested, the condition referred to in paragraph 1^er shall no longer be respected from the taxable period in which the termination of the winding-up due to bankruptcy declaration took place. ";
27° to § 5, paragraph 3, becoming paragraph 6, is replaced by the following:
"In addition, the tax reduction for the acquisition of shares in a public starter fund or a private starter pricaf, referred to in § 1^erParagraph 1^er, c, is maintained only if the obligations referred to in § 2, paragraph 6, are met. ";
28° to § 5, paragraph 4, becoming paragraph 7, is replaced by the following:
"If the obligations referred to in § 2, paragraph 6, are not met after the six-month period referred to in § 2, paragraph 6, the total tax, relating to the income of the tax period in which it is found that the public starter fund or private starter pricaf has not complied with these obligations, is increased by an amount equal to as many times one forty-eighth of the tax reduction actually obtained in accordance with § 1^er for these shares that there remain whole months from the beginning of the six-month period referred to above until the end of the 48-month period. ";
29° to § 5, paragraph 6 becoming paragraph 9, the words "of the year" and the words "effectively obtained for shares or shares or for shares in this registered starters fund in accordance with § 1^er that there remain whole months from the date on which the condition is not met until the end of the 48-month period." are replaced by the words "of the taxable period" and the words "effectively obtained in accordance with § 1^er for such shares or shares, or investment instruments, that there remain whole months from the date on which the condition is not fulfilled until the 48-month period expires. ";
30° in the Dutch text of § 6, paragraph 1^erthe word "beoogde" is deleted;
31° to § 6, paragraph 2, the words "accredited starter foundations" are replaced by the words "public starter foundations or a private starter pricaf" and the words "at § 2, paragraph 3", are replaced by the words "at § 2, paragraphs 3 and 6".
Art. 39. Article 45, § 1^erof the Financial Sector Supervision and Financial Services Act of August 2, 2002, which was last amended by the Act of October 25, 2016, the following amendments are made:
1° to paragraph 1^er, 2°, the two existing points h., entitled "independent financial planners covered by the Act of 25 April 2014 relating to the status and control of independent financial planners and the provision of financial planning consultations by regulated companies" and "the lenders and credit intermediaries referred to in Book VII, Title 4, Chapter 4 of the Economic Law Code" respectively are renamed by points i. and j.;
2° to paragraph 1^er, 2°, a point k. is inserted, as follows:
"k. alternative financing platforms referred to in Part II of the Act of 18 December 2016 organizing the recognition and supervision of crowdfunding and bringing various financial provisions";
3° to paragraph 1^er, 3°, a point k. is inserted, as follows:
"k. Title II of the law of 18 December 2016 organizing the recognition and supervision of crowdfunding and bringing various financial provisions".
Art. 40. Article 121, paragraph 1^erParagraph 1^er, 4°, of the same law, last amended by the law of June 29, 2016, the words ", of section 34 or of section 35 of the law of December 18, 2016 organizing the recognition and supervision of the crowdfunding and bearing various provisions in matters of finances" are added between the words "articles XV.31/3 or XV.66 of Book XV of the Economic Law Code", and the words "so other than"
Art. 41. Article 18, § 1^er, of the Act of 16 June 2006 on Public Offerings of Investment Instruments and Admissions of Investment Instruments in Regulated Markets, last amended by the Act of 25 April 2014, is supplemented by a point (k), which reads as follows:
"(k) investment instruments, with the exception of the investment instruments referred to in Article 4, § 1^er, 2° to 9°, provided that each investor can follow the public offer for a maximum of 5,000 euros, that the total amount of the offer is less than 300,000 euros, that a document containing information on the amount and nature of the instruments offered, as well as on the reasons and modalities of the offer be made available to investors, that the investment instruments are marketed, in the framework of the provision of alternative financing services ".
Art. 42. to Article 55, § 2, of the same Act, last amended by the Act of 25 April 2014, the following amendments are made:
1° 2° is replaced by the following:
"2° in the event of an offer not in a public nature, referred to in Article 3, § 2, (a) or (b)";
2° the 3° is repealed.
Art. 43. Section 56, paragraph 2, of the Act, last amended by the Act of 17 July 2013, is supplemented by a d), which reads as follows:
"(d) to use the services of an alternative financing service provider in order to market its investment instruments in accordance with Part II of the Act of 18 December 2016 organizing the recognition and supervision of crowdfunding and providing various financial arrangements".
Art. 44. In section 110 of the Act of April 19, 2014 on alternative collective investment organizations and their managers, the following amendments are made:
1° the current text of paragraph 1^er form paragraph 1^er and the current text of paragraph 2 shall form paragraph 3;
2° it is inserted a paragraph 2, which reads as follows:
"§2. Managers covered in this chapter whose activities are to manage:
1° one or more public starter funds, as referred to in Article 145²⁶ the Income Tax Code 1992; and
2° where applicable, one or more non-public OPCAs,
are, in addition to articles 62 to 67 and 73 to 83, also not subject to the following provisions:
(a) Article 22, except paragraph 5;
(b) Article 43;
(c) Articles 51 to 59;
(d) Articles 68 to 72; and
(e) Articles 84 to 89. ";
3° in paragraph 3, the word "They" is replaced by the words "Managers referred to in this article".
Art. 45. Section 180 of the Act is supplemented by a paragraph 3, which reads as follows:
§ 3. Public starter funds referred to in Article 145²⁶ the Income Tax Code 1992, which fall within the scope of section 106, are not subject to the following provisions:
1° Article 201, 5°;
2° Article 208; and
3° articles 216 to 220. ".
Art. 46. Article 184, § 2, paragraph 1^er of the same law, a 6° is inserted, as follows:
"6° the statutes of a fixed capital investment company provide for the possibility of creating different categories of shares, in accordance with Article 196/1. "
Art. 47. In section 196 of the Act, the following amendments are made:
1° Paragraph 3 is supplemented by two paragraphs, as follows:
"By derogation from paragraph 1^erthe social capital of the public starter funds referred to in Article 145²⁶ the Income Tax Code 1992, cannot be less than the amount referred to in section 439 of the Corporate Code.
In the event of the creation of compartments within the siaf, the portion of the capital represented by the shares of the class concerned cannot be less than the amount referred to in paragraph 1^er and 2."
2° Paragraph 4 is supplemented by a paragraph, which reads as follows:
"In the case of a multi-compartment scaf,
1° Articles 616 to 619, 633 and 634 of the Corporate Code apply with respect to each compartment individually;
2° for the purposes of sections 444, 582, 598, 602 and 606 of the Corporate Code, the accounting pair and the intrinsic value of the shares are determined by compartment exclusively."
Art. 48. In the same Act, article 196/1 is inserted, as follows:
§ 1^er. A sicaf belonging to the categories designated by the King on the advice of the FSMA, may, if the statutes provide, create different categories of shares each corresponding to a separate part, or compartment, of the heritage. In this case, the creation of each compartment gives rise to a public offer of the category of representative parts of the said part of the heritage.
§ 2. In accordance with the equality of participants and the provisions of the Corporate Code, the statutes provide for the method of charging fees for the entire investment company and per compartment, as well as the method of exercising the right to vote, approval of the annual accounts and granting the discharge to directors and commissioners by the general assembly.
§ 3. In the event of dissolution, liquidation, merger or any other reorganization of compartments of a scaf, the provisions of Book IV, Title IX, or Book XI of the Company Code are applicable by analogy to the compartments.
Each compartment of a sicaf is liquidated separately, without giving rise to the liquidation of another compartment. Only the liquidation of the last compartment results in the winding-up of the siaf.
§ 4. The rights of participants and creditors relating to a compartment or born in connection with the formation, operation or liquidation of a compartment are limited to the assets of that compartment.
In the event of the creation of different compartments in the heritage, any undertaking or operation is, in respect of the counterparty, imputed unequivocally to one or more compartments. The directors shall be jointly and severally liable, either to the investment corporation or to third parties, for any damages arising out of breaches of the provisions of this paragraph.
By derogation from sections 7 and 8 of the Mortgage Act of 16 December 1851, the assets of a specific compartment are exclusively entitled to the rights of participants in this compartment and to the rights of creditors whose debt was born in connection with the establishment, operation or liquidation of that compartment.
Rules relating to judicial reorganization and bankruptcy are applied in a compartment without such a reorganization or bankruptcy may result in the reorganization of the judicial system or the bankruptcy of the other compartments or investment society. Creditors may contractually limit or waive their right to request the dissolution, liquidation or bankruptcy of the compartments or the investment company itself. ".
Art. 49. Section 236 of the Act is supplemented by a paragraph written as follows:
"The King may, by order taken on the advice of the MSDS, declare paragraph 1^er not applicable to public starter funds, as referred to in Article 145²⁶ Income Tax Code 1992. ".
Art. 50. Section 251 of the Act is supplemented by a paragraph written as follows:
"The King may, by order made on the advice of FSMA, declare all or part of the provisions of this subsection not applicable to public starters funds, as referred to in Article 145²⁶ Income Tax Code 1992. These exceptions are defined by taking duly into account the interests of participants. ".
Art. 51. In section 253 of the Act, the words "in section 105 of the Corporate Code" are replaced by the words "in sections 93, 93/1, 97 and 105 of the Corporate Code".
Art. 52. In section 288 of the Act, the following amendments are made:
1° in paragraph 1^er, the words "The articles 195, paragraph 1^er and 196, §§ 1^er, 3 and 4" are replaced by the words "Articles 195, paragraph 1^er, 196, §§ 1^er, 3 and 4, and 196/1, § 1^er, first sentence, 2 and 4";
2° a paragraph 5 is inserted, as follows:
§ 5. In the event of the dissolution, liquidation or restructuring of compartments of a fixed-number investment company of institutional units, the provisions of Book IV, Title IX or Book XI of the Corporate Code are applicable by analogy to compartments.
Each compartment of a fixed-number investment company is liquidated separately, without giving rise to the liquidation of another compartment. Only the liquidation of the last compartment leads to the liquidation of the investment company.".
Art. 53. Article 297, § 1^erthe following amendments are made to the Act:
1° the words "The articles 195, paragraph 1^er and 196, §§ 1^er, 3 and 4" are replaced by the words "Articles 195, paragraph 1^er, 196, §§ 1^er3 and 4 and 196/1, § 1^er, first sentence, 2 and 4";
2° a paragraph 4 is inserted, as follows:
§ 4. In the event of the dissolution, liquidation or restructuring of compartments of a fixed-number privately owned investment company, the provisions of Book IV, Title IX or Book XI of the Corporate Code are applicable by analogy to the compartments.
Each compartment of a fixed-number private investment company is liquidated separately, without giving rise to the liquidation of another compartment. Only the liquidation of the last compartment leads to the liquidation of the investment company.".
Art. 54. Section 299 of the Act is supplemented by a paragraph, which reads as follows:
"Articles 196, § 3, paragraph 3 and § 4, and 196/1 are applicable to private pricafs that meet the conditions specified by the King, by decree taken on the advice of FSMA. ".
Art. 55. In Article 300, § 3, of the same Law, the words "in Article 93, paragraph 2" are replaced by the words "in Articles 93, paragraphs 2 and 93/1, paragraph 2".
Art. 56. Section 307 of the Act, the current text of which will form paragraph 1^er, is supplemented by paragraph 2, as follows:
"§2. Management companies that fall within the scope of section 106 and whose sole activity is to manage one or more public starter funds referred to in section 145²⁶ the Income Tax Code 1992, and, where applicable, one or more non-public OCAs, are not subject to the following provisions:
1st Article 319;
2° Article 332; and
Article 333.".
Art. 57. In section 334 of the Act, a paragraph 2/1 is inserted, as follows:
§ 2/1. By derogation from paragraph 2, Article 319 does not apply to foreign management companies that fall within the scope of Article 3, paragraph 2 of Directive 2011/61/EU and whose sole activity in Belgium is to manage one or more public starter funds referred to in Article 145²⁶ the Income Tax Code 1992, and, where applicable, one or more non-public OCAs."
Art. 58. In section 335 of the Act, paragraph 1^er/1 is inserted, as follows:
§ 1^er/1. Derogation from paragraph 1^erArticle 333 does not apply to foreign management companies that fall within the scope of Article 3, paragraph 2 of Directive 2011/61/EU and whose sole activity in Belgium is to manage one or more public starter funds referred to in Article 145²⁶ Income Tax Code 1992. ".
Art. 59. The King shall exercise the powers conferred on him by the provisions of this title on a joint proposal by the Minister who has the Finance in his powers, the Minister who has the Economy and Consumers in his powers and the Minister who has the Middle Class and SMEs in his duties.
Art. 60. § 1^er. This title comes into force on the first day of the second month following that of its publication to the Belgian Monitor, excluding sections 37 and 38 that are applicable from the 2017 taxation year.
§ 2. Individuals and legal entities other than regulated companies that, on the date of entry into force of this Title, carry out the activity referred to in section 3 are authorized to continue this activity on an interim basis until the ADMSP has made a decision on the application for approval. The persons concerned shall notify the MSDS of this activity within two months of the entry into force of this title, in accordance with the forms and modalities provided by the MSDS. They are listed under a special section of the list referred to in Article 6, § 1^er, indicating the provisional nature of their authorization. In order to retain this provisional authorization, the persons concerned will have to file a complete application for approval pursuant to section 5 within four months of the entry into force of this title.
§ 3. Regulated companies of Belgian law who, at the date of entry into force of this Title, carry out the activity referred to in Article 3 shall notify the FSMA of the exercise of this activity within two months of the entry into force of this Title in accordance with the forms and modalities provided for by FSMA.
§ 4. Foreign companies referred to in Article 30, § 1^er, paragraph 2 which, at the date of entry into force of this title, exercise the activity referred to in Article 3 shall notify the exercise of this activity to the MSDS within two months of the entry into force of this title, in accordance with the forms and modalities provided for by the MSDS, if applicable through the control authority of the Member State of origin or the National Bank of Belgium.
Part 3. - Non-resident tax
Art. 61. In section 228 of the Income Tax Code 1992, inserted by the Act of 13 December 2012, subsection 3 is replaced by the following:
§ 3. The tax is also taxed on profits or profits referred to in sections 24, paragraph 1^er, 1°, 25, 2°, 27, paragraph 1, 1° and 2°, and 28, paragraph 1^er2° and 3°, which are not referred to in paragraphs 1^er and 2 from any provision of services provided to:
- a resident of the Kingdom in a professional activity that generates profits or profits;
- a taxpayer subject to corporate tax;
- a legal person referred to in section 220; or
- a Belgian establishment,
in respect of which the service provider is directly or indirectly in any interdependence.
Paragraph 1^er is applicable only to the extent that:
- whether these revenues are taxable in Belgium in accordance with a preventive convention on double taxation;
- the taxpayer does not provide proof that these revenues are actually taxed in the State of which he is a resident when there is no preventive double taxation agreement. ".
Art. 62. Section 61 comes into force on 1^er July 2016.
Part 4. - Abolition of the Aging Fund
CHAPTER 1^er. - Amendments to the Act of 5 September 2001 guaranteeing continuous reduction of public debt and creation of an Aging Fund
Art. 63. The title of the Act of September 5, 2001 guaranteeing a continuous reduction in public debt and the creation of an Aging Fund, as amended by the Acts of December 20, 2005, December 23, 2009 and December 26, 2015, is replaced by the following:
"An Act to establish a Study Committee on Ageing and to establish a note on Ageing".
Art. 64. The Dutch title of Chapter II of the Act is replaced by the following:
"HOOFDSTUK II. - De Vergrijzingsnota.
Art. 65. The Dutch title of section 1^reChapter II of the Act is replaced by the following:
"Afdeling I. - Inhoud van de Vergrijzingsnota".
Art. 66. In articles 3, 4 and 5 of the same law, in the Dutch text the word "Zilvernota" is each time replaced by the word "Vergrijzingsnota".
Art. 67. The Aging Fund, referred to as the Fund, is abolished.
Art. 68. The Director General of the Treasury Board of SPF Finance is responsible for closing the accounts and finalizing the Fund's closing report. The Minister who has the Finance in his duties submits them to the Court of Auditors for control, and to the Government and the Legislative Chambers for information.
The possible costs of the Fund after it is abolished are borne by the general budget of expenditure.
Art. 69. All assets and liabilities of the Fund are transferred without consideration to the State.
Section 2. - Amendments and abrogations
Art. 70. When the Fund is abolished, sections 2, paragraphs 2, 2° to 4°, 3, 5°, 12 to 35 forming Chapter III, 40 and 41 of the Act of 5 September 2001 guaranteeing a continuous reduction of public debt and the creation of an Aging Fund are repealed.
Art. 71. In Article 127, § 5, of the Law of 21 December 1994 on social and various provisions, inserted by the Law of 5 September 2001, the words "guaranteed guarantee of a continuous reduction of public debt and creation of an Aging Fund" are replaced by the words "to create a Study Committee on Ageing".
Art. 72. Article 131, § 1^erParagraph 2 of the Program Act of 8 April 2003 is repealed.
Art. 73. In Article 46, 5°, of the Law of 22 May 2003 on the organization of the budget and accounting of the Federal State, in the Dutch text the word "Zilvernota" is replaced by the word "Vergrijzingsnota".
Art. 74. Section 42 of the Act of 24 July 2008 on various provisions (I), as amended by the Act of 21 December 2013, is repealed.
Section 3. - Entry into force
Art. 75. The provisions of Part 4 come into force on 1^er January 2017.
Part 5. - Removal of the ela guarantee
Art. 76. The last sentence of Article 9, paragraph 2, of the Act of 22 February 1998 establishing the organic status of the National Bank of Belgium, inserted by the law of 15 October 2008, is repealed.
Art. 77. The provisions of Title 5 come into force on the day of their publication in the Belgian Monitor.
Part 6. - Caisse nationale des Calamités
Art. 78. For the years 2016 to 2019, an amount of 11,860,300 euros from the annual insurance tax, as provided for in sections 173 to 183 of Title V, Book II of the Code of Miscellaneous Fees and Taxes, is allocated to the financing of the Caisse Nationale des Calamités through the allocation fund 66.80.B.
Part 7. - Professional accounting
Art. 79. Article 275⁷ the Income Tax Code, 1992, inserted by the Act of 17 May 2007 and replaced by the Act of 26 December 2015, the following amendments are made:
1° to paragraph 2, b, the words "(a) to (p) included" are replaced by the words "(a) to (s) included";
2° paragraph 3, b, is replaced by the following:
"(b) 1 p.c. of the gross amount of compensation before deduction of personal social security contributions for employers referred to in paragraph 2, (b).
2° Where these employers are meeting the criteria set out in Article 15, §§ 1^er 6 of the Code of Societies are natural persons who meet mutatis mutandis according to the criteria of Article 15, §§ 1^er to 6, this percentage is increased to 1.12 p.c.
3° Employers of workers within the scope of the Joint Commissions and Subcommissions listed in Article 1^er, 1°, (a) to (p), of the Royal Decree of 18 July 2002 on measures to promote employment in the non-marchand sector, must immediately affect an amount equal to three quarters of the dispensation of the professional pre-payment to the financing of the Maribel Social funds. This amount must be paid by the employer to the appropriate Receiver at the same time as the Professional Account to be paid to the Consolidated Revenue Fund. The treasury transfers the amounts received to the National Social Security Office, which distributes them among the Maribel Social Funds beneficiaries."
Art. 80. Section 79 affects remuneration paid or awarded from 1^er April 2016.
Part 8. - Procedure
Art. 81. In article 346, paragraph 5, of the same code, inserted by the law of 30 June 2000, the words "by registered letter to the post" were replaced by the words "in writing".
Art. 82. In section 352bis of the same code, inserted by the law of 30 June 2000, the words "by registered letter to the post" were replaced by the words "in writing".
Art. 83. In the French text of article 366, paragraphs 2 and 3, of the Income Tax Code 1992, inserted by the program law of 27 December 2004 and amended by the law of 27 April 2016, the words "director of contributions" are replaced by the words "adviser general of the administration in charge of the establishment of income taxes".
Part 9. - Recovery
CHAPTER 1^er. - Adaptation of the reference to section 400 in sections 402 and 407 of the Income Tax Code 1992
Art. 84. In section 402 of the Income Tax Code 1992, last amended by the Act of 10 August 2015, the following amendments are made:
1° in paragraph 1^erthe words "the works referred to in Article 400, 1°" are replaced by the words "the works referred to in Article 400, paragraph 1^er, 1°
2° in paragraph 2, the words "work referred to in Article 400, 1°" are replaced by the words "work referred to in Article 400, paragraph 1^er, 1°
3° in paragraph 8, the words "article 400, 1°, a," and the words "article 400, 3°" are replaced by the words "article 400, paragraph 1^er, 1°, a," and the words "article 400, paragraph 1^er3°.
Art. 85. In article 407 of the same Code, replaced by the Royal Decree of 26 December 1998, the words "article 400, 1°" are replaced by the words "article 400, paragraph 1^er1°.
Art. 86. Articles 84 and 85 come into force on the day of their publication in the Belgian Monitor.
CHAPTER 2. - Amendment of Article 443bis, § 2 of the Income Tax Code 1992
Art. 87. Section 443bis, § 2, of the Income Tax Code 1992, inserted by the Program Law (I) of 22 December 2003, is replaced by the following:
"§2. The period referred to in paragraph 1^er may be interrupted:
1° in the manner provided for in Articles 2244 et seq. of the Civil Code, excluding Article 2244, § 2;
2° by a waiver of the prescribed time;
3° by sending by the Receiver, by registered letter to the post, a summation to pay containing an extract from the article of the role and a copy of the executive. The delivery of the part to the universal postal service provider is notified from the next third working day. When the recipient does not have a home known in Belgium or abroad, this summation to pay is sent by registered letter to the public prosecutor of the King of Brussels. The recommended shipping fee is charged to the recipient.
In the event of an interruption of the prescription, a new prescription that may be interrupted in the same manner is acquired five years after the last act or interim treatment of the previous prescription if there is no proceeding in court. ".
CHAPTER 3. - Supplement to section 156 of the Program Law (I) of 29 March 2012 with regard to the competence to perform the acts and formalities inherent in the collective insolvency proceedings
Art. 88. Section 156 of the Program Law (I) of 29 March 2012 is supplemented by a paragraph, which reads as follows:
"In addition, in the collective insolvency proceedings in which a receiver of the Federal Public Service Finance or the Belgian State, Federal Public Service Finance intervenes, the acts and formalities inherent in the collective insolvency proceedings may be performed on behalf of the Belgian State by the receiver concerned or any other official of the Federal Public Service Finance. ".
Part 10. - separate Impositions and movable preaccount
Art. 89. Section 171, 3° quater, of the Income Tax Code 1992, repealed by the Act of 26 December 2015, is reinstated in the following wording:
"3° quater at the rate of 15 p.c., the dividends distributed by a fixed capital investment corporation referred to in sections 195, paragraph 1^er, and 288, § 1^er, the Act of April 19, 2014 on alternative collective investment organizations and their managers, which is the exclusive purpose of collective placement in the category "real property" referred to in section 183, paragraph 1^er, regulated by the said law, by a similar investment company referred to in Part III, Book I, Title III, of the said law or by a regulated real estate company, that this investment company or this regulated real estate company publicly offers its securities in Belgium or not, as long as an exchange of information by the Member State concerned is organized under Article 338 or a similar regulation,
Where real property is not exclusively allocated or intended for health-care and housing units, or is only affected for a portion of the taxable period, only the proportion of the time and area actually allocated to care, housing or health care is considered to determine the percentage referred to in paragraph 1^er.
The King shall determine the terms and conditions for the administration of proof of the above conditions.".
Art. 90. Article 269, § 1^er, 3°, of the same Code, repealed by the law of 26 December 2015, is reinstated in the following wording:
"3° to 15 p.c. for dividends distributed by a fixed capital investment corporation referred to in sections 195, paragraph 1^er, and 288, § 1^er, the Act of April 19, 2014 on alternative collective investment organizations and their managers, which is the exclusive purpose of collective placement in the category "real property" referred to in section 183, paragraph 1^er, regulated by the said law, by a similar investment company referred to in Part III, Book I, Title III, of the said law or by a regulated real estate company, that this investment company or this regulated real estate company publicly offers its securities in Belgium or not, as long as an exchange of information by the Member State concerned is organized under Article 338 or a similar regulation,
Where real property is not exclusively allocated or intended for health-care and housing units, or is only affected for a portion of the taxable period, only the proportion of the time and area actually allocated to care, housing or health care is considered to determine the percentage referred to in paragraph 1^er.
The King shall determine the terms and conditions for the administration of proof of the above conditions.".
Art. 91. Sections 89 and 90 apply to income paid or awarded from 1^er January 2017.
Part 11. - Electronic exchange of data on mortgages and individual life insurance
Art. 92. In Part VII, Chapter III, Section II, of the Income Tax Code 1992, an article 323/1 is inserted as follows:
"Art. 323/1. § 1^er. Where an institution or credit organization, or an insurance company, issues a certificate to obtain a tax benefit referred to in section 145¹, 2° and 3°, 145²⁴§ 3, 145³⁷ to 145⁴², 145⁴⁶ter to 145⁴⁶quinquies, 526, § 2, and 539, it is obligated to provide the administration with data on individual life insurance contracts, mortgages and loan contracts referred to in Article 2 of the Economic Recovery Act of 27 March 2009.
With respect to tax certificates issued to obtain tax reductions referred to in section 145²⁴§ 3, paragraph 1^er applies only to mortgage agreements concluded for a minimum period of ten years.
§ 2. The communication referred to in paragraph 1^er must be done within the time and form determined by the King. The King also determines the data to be submitted.
§ 3. For the sole purpose of complying with the obligations of paragraph 1^er, credit institutions and organizations and insurance companies referred to in paragraph 1^er have the authority to collect, process and communicate the identification number to the National Register of Physical Persons, as well as the identification number assigned by the Social Security Bank referred to in Article 4 of the Act of January 15, 1990 on the institution and organization of a Social Security Bank, with a view to identifying clients.
Where the above-mentioned identification number of a client is already in possession of the credit institutions and organizations and insurance companies referred to in paragraph 1^er for other purposes, it may be used for compliance with the obligation referred to in subsection 1^er".
Art. 93. This title is applicable to certificates that must be issued with respect to payments from the 2017 taxation year in order to obtain a tax benefit referred to in sections 145¹, 2° and 3°, 145²⁴§ 3, 145³⁷ to 145⁴², 145⁴⁶ter to 145⁴⁶quinquies, 526, § 2, and 539 of the Income Tax Code 1992. ".
Part 12. - Diamant diet
Art. 94. In section 67 of the Program Law of August 10, 2015, a 5° is inserted as follows:
"5° cost of returning diamonds sold: expenses, as long as they relate to the diamond trade, as defined in Article 96. II. A, paragraph 1^er, of the Royal Decree of 30 January 2001 implementing the Code of Companies and, with respect to the tax of natural persons, determined by the addition of purchase invoices relating to the purchase of diamonds during the tax period concerned, with the correction of a possible variation of the stocks. ".
Art. 95. In section 68 of the Act, the following amendments are made:
1° paragraph 1^erParagraph 2 is replaced by the following:
"In respect of registered diamond merchants, exclusively with respect to the turnover from the diamond trade, by derogation from sections 23, § 2, 1°, 183 and 235 of the Income Tax Code 1992, the taxable result of the diamond trade is calculated taking into account a return price of the diamonds sold that is determined flatly based on the turnover of the diamond trade. ";
2° in paragraph 1^er, paragraph 3, the word "package" is repealed and the words "on the basis of the cost of returning diamonds sold determined in a lump sum" are inserted between the words "for the trade of diamonds" and the words "is called";
Paragraph 3 is repealed.
Art. 96. Section 69 of the Act is replaced by the following:
"Art. 69. If the registered diamond merchant, in addition to its turnover from the diamond trade, also receives income from other activities or assets to which the Diamond Regime does not apply, the merchant must hold separate accounts for all of these activities, in a way that unequivocally highlights the total revenue realized from the diamond trade and that leads to the correct attribution of these costs. ".
Art. 97. In section 70 of the Act, the following amendments are made:
1° in paragraph 1^erthe words "at 0.55 p.c." were replaced by the words "taking into account the cost of the diamonds sold equivalent to 97.9 p.c."
Paragraph 2 is replaced by the following:
"§2. By derogation from section 49 of the Income Tax Code 1992, in the event of the application of the Diamant Plan, the following professional fees are not deductible:
1° the reductions in value on stocks in line II. E of the results account;
2° as long as they relate to the transformation of rough diamonds that are the property of the merchant in recorded diamonds that transforms them or makes them transform into a cut diamond:
- remuneration of tailors;
- splitting remuneration:
- sawmill remuneration;
- chemical expenditure;
- expenses for abrasion of slices;
- mill rental expenses;
- depreciation on diamond processing machines;
- charges of interest paid on borrowings contracted specifically for the financing of machines for the processing of diamonds;
- the gross remuneration of workers, with the exception of the remuneration of workers;
- expenses incurred or borne by the owner of the diamonds for the transformation by third parties of the rough diamonds purchased by that merchant into diamonds in cut diamonds.
If a diamond worker, in addition to the transformation of the rough diamonds that he holds into clean stocks, transforms diamonds held in stock by traders into third-party diamonds, on the basis of work in a way or under another service delivery contract, then the processing expenditures made in the course of this service delivery, and the processing expenses made for the processing of diamonds that he holds in clean stocks, are divided into numbers. ";
3° in paragraph 4, paragraph 3 is repealed;
Paragraph 5 is replaced by the following:
§ 5. With respect to the determination of the taxable result of a corporation, or a Belgian establishment, the amount of the taxable net income determined under this section, if any, is increased with the positive difference between the reference remuneration defined in this paragraph for a business officer and the remuneration of the highest corporate officer within the Belgian company or institution, recovered in the expenses of the taxable period.
This reference remuneration is fixed on the basis of sales from the diamond trade and amounts to:
- EUR 19,645 for sales up to a maximum of EUR 1,620,720;
- 32,745 EUR for sales of more than 1,620,720 EUR up to a maximum of 8,103,595 EUR;
- 49 110 EUR for sales of more than 8 103 595 EUR up to a maximum of 16 207 190 EUR;
- 65,485 EUR for sales of more than 16,207,190 EUR up to a maximum of 32,414,380 EUR;
- 81 855 EUR for sales of more than 32 414 380 EUR up to a maximum of 48 621 570 EUR;
- 98,225 EUR for sales of more than 48,621,570 EUR.
For the purposes of this section, "business manager" means the natural person performing a function as referred to in section 32, paragraph 1^er, 1° or 2°, of the Income Tax Code 1992.
Each Belgian company or establishment registered as a diamond merchant, is considered to have a company leader so that for each Belgian company or establishment registered as a diamond merchant, the positive difference between the reference pay and the pay borne in charge of the taxable period is added once.
If a corporation acts as a business leader in a corporation or an establishment registered as a diamond merchant, the requirement in respect of the remuneration of a minimum business officer is met if the registered diamond merchant pays the minimum amount required to the corporation or institution, and that the corporation or institution shall, at a minimum, remit the amount of the remuneration required to a natural person in the head of which the remuneration is taxable as a professional income to the personal tax.
The provisions of Article 178, § 3, paragraph 1^er, 2°, of the Income Tax Code 1992 shall apply to the amounts referred to in this paragraph. ";
5° the article is supplemented by a paragraph 6, which reads as follows:
§ 6. The taxable net professional income of the diamond trade determined under this section is always at least 0.55 p.c. of the turnover derived from the diamond trade, if any increased from the positive difference determined in § 5, paragraph 1^erof this article.
This minimum taxable net income cannot be reduced by the deduction for risk capital, the deduction of the deferred risk capital deduction or the deferred loss deduction.
The requirement in this subsection is not applicable if the net bookable profit of the taxable period is less than 0.55 p.c. of the turnover from the diamond trade due to theft, bankruptcy of a customer or bankruptcy of the registered diamond merchant concerned.".
Art. 98. In section 72 of the Act, the following amendments are made:
1st paragraph 1^er is replaced by the following:
"The provisions of this chapter come into force from the 2017 taxation year. ";
2° Paragraph 2 is repealed.
Art. 99. Article 70, § 6, paragraph 1^erthe same law is supplemented by the following sentence:
"For the 2017 taxation year, this percentage of 0.55 p.c. is replaced in a single and exclusively way by 0.65 p.c.".
Part 13. - Collaborative economy
Art. 100. Section 90 of the Income Tax Code 1992, last amended by the Act of 1^er July 2016, the following amendments are made:
1/ in paragraph 2, the words "and its national registry number within the meaning of Article 2, paragraph 2, or Article 2bis, paragraph 3, of the Act of 8 August 1983 organizing a national register of natural persons" are inserted between the words "and which mentions at least the identity of the service provider" and the words ", the description of the services rendered";
2/ Paragraph 2 is supplemented by the following sentence:
"The use of the national number is limited for the purpose of establishing the said document."
Art. 101. Section 100 is applicable to revenues that are paid to the assigned from 1^er July 2016.
Part 14. - Tax and social regulation
Art. 102. In Article 2, 4°, of the Act of July 21, 2016 to establish a permanent system of fiscal and social regulation, the words "under Article 227, 2°, of the same Code;" are replaced by the words "under Article 227, 2° and 3°, of the same Code;".
Art. 103. In chapter 4 of the Act of 21 July 2016 to establish a permanent system of fiscal and social regulation, a section 1/1 entitled "Competition of the Contact-regularization Point", which includes an article 18/1, read as follows:
"Art. 18/1. A "contact-regularization point" assigned to it by this Act is created within the "anticipated tax decisions" service.
He is placed under the supervision of the college referred to in Article 2 of the Royal Decree of 13 August 2004 concerning the creation of the "anticipated tax decisions" service within the Federal Public Service Finance.
The decisions of the College made under this Article shall be adopted in accordance with Article 3, paragraph 1^er, the Royal Decree of 13 August 2004 concerning the creation of the "anticipated tax decisions" service within the Federal Public Service Finance. ".
Art. 104. Section 55 of the Act of 20 July 2006 on various provisions is repealed.
Art. 105. Articles 102, 103 and 104 come into force on 1^er August 2016.
Art. 106. In the programme law of 10 August 2015, an article 71/1 is inserted as follows:
"Art. 71/1. The King is required to present to the House of Representatives at least every five years from the date of entry into force of the Diamant Regime a performance assessment report generated by the Regime in order to control the reliability of the percentage of the gross margin determined by the cost of return of the diamonds sold under section 70, § 1^er".
Part 15. - Confirmation of Royal Orders
Art. 107. Confirmed with effect on the date of their respective entry into force:
1° the Royal Decree of 2 December 2015 amending RA/CIR 92 with respect to the investment deduction for digital investments;
2° the Royal Decree of 16 December 2015 amending, in the matter of professional pre-payment, the AR/CIR 92;
3° the Royal Decree of 18 December 2015 of execution of Article 2, § 1^er, 13°, b), paragraph 2, of the Income Tax Code 1992.
Part 16. - Work contract flexi-job
Art. 108. Article 38, § 1^erParagraph 1^er, 29°, of the Income Tax Code 1992, inserted by the Act of 16 November 2015 and amended by the Act of 26 December 2015, is replaced by the following:
"29° the remuneration paid or awarded in accordance with a flexi-job contract referred to in Article 3, 4°, of the Act of 16 November 2015 on various provisions in social matters, provided that these are actually subject to the special contribution of 25 p.c. provided for in Article 38, § 3sexdecies, of the law of 29 June 1981 establishing the general principles of social security of workers".
Art. 109. Section 108 is applicable to compensation paid or awarded in accordance with a flexi-job contract from 1^er October 2016.
Part 17. - Transformation of the Gemeentelijk Havenbedrijf Antwerpen (autonomous communal port system of Antwerp) into an anonymous public law society
Art. 110. In article 180, 2°, of the Income Tax Code 1992, replaced by the law of 27 December 2006 and amended by the law of 21 December 2013, the words "the autonomous communal port authorities Antwerp and Ostend, the anonymous public law company Havenbedrijf Gent" were replaced by the words "the autonomous communal port authorities of Ostende, the anonymous public law companies Havenbedrijen".
Art. 111. Article 110 produces its effects from the date of transformation of the harbour authority of Antwerp to an anonymous public law company.
Part 18. - Foreign Affairs
Single chapter. - Amendment of the Programme Law (I) of 27 December 2006
Art. 112. In the Program Law (I) of 27 December 2006, the title of Chapter II of Title IX is supplemented by the words "and the Domaine de Val Duchesse".
Art. 113. In article 272 of the same law, the words "and the Domaine de Val Duchesse" are inserted between the word "Egmont" and the word "il".
Given in Brussels on 18 December 2016.
PHILIPPE
By the King:
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: K54-2072