Law of 25 October 2016 on the status and supervision of stock exchange companies and containing various provisions — NBB — BE

FEDERAL PUBLIC SERVICE FINANCES
[C − 2016/03376]
25 OCTOBER 2016. — Law on the status and supervision of stock exchange companies and containing various provisions (1)

PHILIPPE, King of the Belgians,

To all, present and future, Greetings.

The Chamber of Representatives has adopted and We sanction the following:

CHAPTER 1. — General provision

Article 1. This law governs a matter referred to in Article 74 of the Constitution.

CHAPTER 2. — Amendments to the Law of 25 April 2014 on the status and supervision of credit institutions

Art. 2. In the title of the Law of 25 April 2014 on the status and supervision of credit institutions, the words "and stock exchange companies" are added.

Art. 3. In Article 1 of the same law, paragraphs 2 and 3 are replaced by the following:

"§ 2. This law aims to regulate, for the purpose of protecting the public savers, investors, and the solidity and good functioning of the financial system, the establishment, the activity, and the supervision of credit institutions and investment firms having the status of stock exchange companies, operating in Belgium as well as their possible resolution.

In this regard, it specifies the supervisory mission of the National Bank of Belgium, in its capacity as the national competent authority, notably within the framework of the Single Supervisory Mechanism.

Books I to XI as well as Annexes I to VI of this law ensure the partial transposition, limited to credit institutions, — of Directive 2013/36/EU; — of Directive 2011/89/EU of the European Parliament and of the Council of 16 November 2011 amending Directives 98/78/EC, 2002/87/EC, 2006/48/EC and 2009/138/EC as regards supplementary supervision of financial entities in a financial conglomerate ("FICOD I" Directive), hereinafter "the FICOD I Directive"; — of Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC and the European Parliament and Council Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU and the Regulations of the European Parliament and of the Council (EU) No 1093/2010 and (EU) No 648/2012, hereinafter "Directive 2014/59/EU"; — of Directive 2014/65/EU; — of Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes, hereinafter "Directive 2014/49/EU"; as well as — of Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor compensation schemes, hereinafter "Directive 97/9/EC".

Books I, XI and XII as well as Annexes I, II and IV to VI of this law ensure the transposition, limited to investment firms having the status of stock exchange companies, — of Directive 2013/36/EU; — of the FICOD I Directive; — of Directive 2014/59/EU; — of Directive 2014/65/EU; as well as — of Directive 97/9/EC.

§ 3. Credit institutions are defined as Belgian or foreign enterprises whose activity consists in receiving from the public money deposits or other repayable funds and granting credits for their own account.

Stock exchange companies are defined as investment firms under Belgian or foreign law whose activity consists notably in providing a) investment services consisting in:
— dealing in securities for own account;
— underwriting of financial instruments and/or placing of financial instruments on a firm commitment basis; — placing of financial instruments without a firm commitment basis; or — operation of a multilateral trading facility; and/or b) ancillary services consisting in:
— safekeeping and administration of financial instruments for the account of clients, including custody and related services such as cash and/or collateral management; — granting of credits or loans to an investor to allow him to execute transactions in one or more financial instruments, in which the company granting the credit or loan is involved; — foreign exchange services where these services are connected to the provision of investment services; or — services related to underwriting."

Art. 4. In Article 3 of the same law, last amended by the Law of 27 June 2016, the following amendments are made:

1° the provision under 4° is replaced by the following:
"4° the supervisor: the Bank or the European Central Bank, according to the division of powers established by or pursuant to the SSM Regulation, with regard to the supervision of credit institutions; the Bank with regard to the supervision of stock exchange companies;";

2° a provision under 8°/1 is inserted, reading:
"8°/1 Directive 2014/65/EU: the directive of the European Parliament and of the Council of 15 May 2014 concerning markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU;";

3° a provision under 8°/2 is inserted, reading:
"8°/2 Regulation No 600/2014: Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012;";

4° a provision under 8°/3 is inserted, reading:
"8°/3 Directive 2004/39/EC: Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC;";

5° in the provision under 10°, the words "or Directive 2014/65/EU" are inserted between the words "Directive 2013/36/EU" and the words "officially recognized is";

6° in the provision under 12°, the words "the credit institutions and the investment firms" are replaced by the words "the credit institutions or the investment firms";

7° a provision under 24°/1 is inserted, reading:
"24°/1 Law of 25 October 2016: the Law of 25 October 2016 concerning access to the investment services business and concerning the status of and supervision over portfolio management and investment advice companies;";

8° a provision under 25°/1 is inserted, reading:
"25°/1 tied agent: a tied agent within the meaning of Article 2, 25° of the Law of 25 October 2016;";

9° the provision under 33° is replaced by the following:
"33° investment firm: an investment firm within the meaning of Article 3, § 1 of the Law of 25 October 2016;";

10° the provision under 38° is replaced by the following:
"38° financial holding: a financial institution whose subsidiaries are exclusively or mainly one or more credit institutions, stock exchange companies or financial institutions, at least one of those subsidiaries being a credit institution or a stock exchange company, and which is not a mixed financial holding company;";

11° the provision under 41° is replaced by the following:
"41° financial institution: an enterprise that is not a credit institution or stock exchange company and whose main activity consists in acquiring participations or performing one or more of the activities referred to in points 2 to 12 and 15 of the list in Article 4;";

12° the provision under 46° is replaced by the following:
"46° critical functions: the activities, services or operations of a credit institution or a stock exchange company whose interruption is likely to lead to a disruption, in Belgium or in one or more other Member States, of services essential to the real economy, or to disrupt financial stability, due to the size, market share, interdependence with entities within and outside the group, the complexity or the cross-border activities of the credit institution or the stock exchange company or the group of which it is a part, with particular attention to the substitutability of those activities, services or operations;";

13° the provision under 50° is replaced by the following:
"50° recovery plan: a plan drawn up by a credit institution or a stock exchange company in accordance with Article 108 or Article 557, insofar as this Article 108 is declared applicable to the stock exchange companies referred to in Article 499, § 2;";

14° the provision under 51° is replaced by the following:
"51° resolution plan: a plan drawn up by the resolution authority for a credit institution or a stock exchange company in accordance with Article 226 or Article 581, insofar as this Article 226 is declared applicable to the stock exchange companies referred to in Article 499, § 2;";

15° in the provision under 53°, the words "a stock exchange company," are inserted between the words "a credit institution," and "a group";

16° the following amendments are made in the provision under 56°:
a) in the first sentence, the words "or a stock exchange company" are inserted between the words "of a credit institution" and the words "to maintain"; b) in the second sentence, the words "and for the stock exchange companies referred to in Book XII, Title II" are inserted between the word "credit institutions" and the words "these measures consist in:";

17° in the provision under 57°, the words "and for the stock exchange companies referred to in Book XII, Title II" are inserted between the word "credit institutions" and the words "are the resolution authority";

18° the following amendments are made in the provision under 59°:
a) in the first sentence, the words "or a stock exchange company" are inserted between the words "of a credit institution" and the words "under supervision"; b) in the second sentence, the words "and for the stock exchange companies referred to in Book XII, Title II" are inserted between the word "credit institutions" and the words "such a procedure corresponds";

19° in the provision under 60°, the words "or a stock exchange company" are inserted between the words "of a credit institution" and the words "according to a liquidation procedure";

20° in the provision under 61°, the words "and for the stock exchange companies referred to in Book XII, Title II" are inserted between the word "credit institutions" and the words "is the commercial court";

21° in the provision under 63°, the word "credit institution" is replaced by the word "institution";

22° the following amendments are made in the provision under 64°:
a) the words "or for the authorized activities of a stock exchange company" are inserted between the words "for the activities of a credit institution" and the words "; different registered offices"; b) the words "or a company" are inserted between the words "of an institution" and the words "with registered office";

23° in the provision under 66°, the words "or a brokerage company" are inserted between the words "a credit institution" and the words "that frequently";

24° in the provision under 67°, the following changes are made:
a) the words "or a brokerage company" are inserted between the words "a credit institution" and the words "is provided"; b) the words "or this brokerage company" are inserted between the words "of this credit institution" and the words "to be safeguarded";

25° a provision under 71° is inserted, reading:
"71° investment services and activities: the services and activities referred to in Article 2, 1° of the Law of 25 October 2016";

26° a provision under 72° is inserted, reading:
"72° ancillary services: the ancillary services as described in Article 2, 2° of the Law of 25 October 2016;";

27° a provision under 73° is inserted, reading:
"73° trading for own account: trading in one or more financial instruments with own capital, which results in the execution of transactions;";

28° a provision under 74° is inserted, reading:
"74° multilateral trading facility (Multilateral trading facility – MTF): a multilateral system operated by a brokerage company, a credit institution or a market operator that brings together various buying and selling interests of third parties regarding financial instruments – within this system and according to non-discretionary rules – in such a way that an agreement results in accordance with the provisions of Chapter II of the Law of 2 August 2002 or Title II of Directive 2014/65/EU;";

29° a provision under 75° is inserted, reading:
"75° third-party intermediary: an intermediary as referred to in Article 65/1, with which a credit institution or a brokerage company deposits client funds;";

30° a provision under 76° is inserted, reading:
"76° financial instrument: a financial instrument as referred to in Article 2, first paragraph, 1° of the Law of 2 August 2002."

Art. 5. In Article 4, second paragraph, of the same law, the words "the services and activities mentioned in Article 46, 1° and 2° of the Law of 6 April 1995" are replaced by the words "the services and activities mentioned in Article 2, 1° and 2° of the Law of 25 October 2016".

Art. 6. In Article 5, first paragraph, 4°, of the same law, the words "on the basis of the Law of 6 April 1995 and its implementing regulations" are replaced by the words "on the basis of the Law of 25 October 2016 and its implementing regulations".

Art. 7. In Article 20, § 1, 2°, of the same law, a point r/1) is inserted, reading:
"r/1) Article 107 of the Law of 25 October 2016;".

Art. 8. In Article 33, § 2, of the same law, the following changes are made:
1° the words "or of a management company for collective investment undertakings" are replaced by the words ", of a management company for collective investment undertakings or of a management company for alternative collective investment undertakings"; 2° in the French version, the words "et répondent aux exigences de la présente loi." at the end are replaced by the words ", et répondant aux exigences de la présente loi.".

Art. 9. Article 44 is supplemented with a paragraph, reading:
"Credit institutions that provide investment services and/or activities must also adhere to a collective investor protection scheme in accordance with Article 384/2 of this law."

Art. 10. In Article 47, fifth paragraph, b), at the end, of the same law, the words ", or Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 concerning markets in financial instruments." are replaced by the words "or Directive 2014/65/EU."

23° au 66°, les mots "ou une société de bourse" sont insérés entre les mots "un établissement de crédit" et les mots "qui, de façon organisée,";

24° au 67°, les modifications suivantes sont apportées :
a) les mots "ou à une société de bourse" sont insérés entre les mots "à un établissement de crédit" et les mots "dans le but de"; b) la phrase est complétée par les mots "ou de cette société de bourse";

25° il est ajouté un 71° rédigé comme suit :
"71° services et activités d’investissement, les services et activités qui sont visés à l’article 2, 1° de la loi du 25 octobre 2016;";

26° il est ajouté un 72° rédigé comme suit :
"72° services auxiliaires, les services auxiliaires tels que définis à l’article 2, 2° de la loi du 25 octobre 2016;";

27° il est ajouté un 73° rédigé comme suit :
"73° négociation pour compte propre, le fait de négocier, en engageant ses propres capitaux, un ou plusieurs instruments financiers en vue de conclure des transactions;";

28° il est ajouté un 74° rédigé comme suit :
"74° système multilatéral de négociation (Multilateral trading facility – MTF), un système multilatéral, exploité par une société de bourse, un établissement de crédit ou une entreprise de marché, qui assure la rencontre – en son sein même et selon des règles non discrétionnaires – de multiples intérêts acheteurs et vendeurs exprimés par des tiers pour des instruments financiers, d’une manière qui aboutisse à la conclusion de contrats conformément aux dispositions du Chapitre II de la loi du 2 août 2002 ou de Titre II de la Directive 2014/65/UE;";

29° il est ajouté un 75° rédigé comme suit :
"75° intermédiaire tiers, un intermédiaire, visé à l’article 65/1 auprès duquel un établissement de crédit ou une société de bourse dépose des avoirs de clients;";

30° il est ajouté un 76° rédigé comme suit :
"76° instrument financier, un instrument financier visé à l’article 2, alinéa 1er, 1° de la loi du 2 août 2002."

Art. 5. Dans l’article 4, alinéa 2, de la même loi, les mots "les services et activités mentionnés à l’article 46, 1° et 2°, de la loi du 6 avril 1995" sont remplacés par les mots "les services et activités mentionnés à l’article 2, 1° et 2° de la loi du 25 octobre 2016".

Art. 6. Dans l’article 5, alinéa 1er, 4°, de la même loi, les mots "sur base de la loi du 6 avril 1995 et de ses arrêtés d’exécution" sont remplacés par les mots "sur base de la loi du 25 octobre 2016 et de ses arrêtés d’exécution".

Art. 7. Dans l’article 20, § 1er, 2° de la même loi, il est inséré un r/1) rédigé comme suit :
"r/1) à l’article 107 de la loi du 25 octobre 2016;".

Art. 8. Dans l’article 33, § 2, de la même loi, les modifications suivantes sont apportées :
1° les mots "ou d’une société de gestion d’organismes de placement collectif" sont remplacés par les mots ", d’une société de gestion d’organismes de placement collectif ou d’une société de gestion d’organismes de placement collectif alternatifs"; 2° in fine, les mots "et répondent aux exigences de la présente loi." sont remplacés par les mots ", et répondant aux exigences de la présente loi.".

Art. 9. L’article 44 est complété par un alinéa rédigé comme suit :
"Lorsqu’il fournit des services et/ou des activités d’investissement, l’établissement de crédit doit en outre adhérer à un système collectif de protection des investisseurs conformément à l’article 384/2 de la présente loi."

Art. 10. Dans l’article 47, alinéa 5, b), in fine, de la même loi, les mots ", ou 2004/39/CE du Parlement européen et du Conseil du 21 avril 2004 concernant les marchés financiers." sont remplacés par les mots ", ou 2014/65/UE."

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Art. 11. Article 55 of the same law is replaced as follows:
"Art. 55. Without prejudice to Articles 77 and 78 of Regulation No. 575/2013, the own funds of credit institutions may not fall below the amount of the minimum capital determined in accordance with Article 17, first and third paragraphs."

Art. 12. In Article 62, § 6, of the same law, last amended by the Law of 18 December 2015, the words "Directive 2009/65/EC, in the institutions for investment in debt claims and" are replaced by the words "Directive 2009/65/EC and the institutions for investment in debt claims or in a collective investment undertaking governed by statutes within the meaning of the Law of 19 April 2014 concerning alternative collective investment undertakings and their managers, or".

Art. 13. In Article 65 of the same law, the existing text of which will form paragraph 3, the following changes are made:
1° a paragraph 1 and a paragraph 2 are inserted, reading:
"§ 1. A credit institution may use financial instruments belonging to a client in any manner provided that the client has given explicit prior consent for this.
The client's financial instruments may only be used under the conditions agreed to by the client.
§ 2. The King may, after advice from the Bank and the FSMA, establish the conditions and rules that the deposits of financial instruments made by clients with credit institutions must meet, as well as the conditions and rules for the actions that credit institutions may perform regarding these financial instruments, particularly regarding the consent referred to in paragraph 1. The King may in particular establish the detailed rules for granting the consent referred to in paragraph 1. Furthermore, the King may also develop rules for the organization, protection of, and information provided to clients regarding the receipt of these financial instruments by credit institutions and their deposit with other intermediaries.";

2° in paragraph 3, the last sentence is replaced as follows:
"It also takes appropriate measures to ensure that paragraphs 1 and 2 are complied with."

Art. 14. In Book II, Title II, Chapter III, Section III, Subsection II, of the same law, an Article 65/1 is inserted, reading:
"Art. 65/1. § 1. Credit institutions must keep all data and accounts necessary to enable them at any time to immediately distinguish the funds held for a client from the funds held for other clients, and from their own funds.
These data and accounts must be kept in such a way that they are always accurate and in particular reflect the financial instruments and funds held for clients.
Credit institutions must periodically verify whether their internal accounts and data correspond with those of any third-party intermediaries holding these funds.
§ 2. The King may, after advice from the Bank, establish the conditions and detailed rules for the requirements referred to in paragraph 1, as well as, more generally, requirements regarding the accounting organization and accounting rules for the deposit of financial instruments with credit institutions."

Art. 15. In Article 72 of the same law, last amended by the Law of 13 March 2016, paragraph 1 is replaced as follows:
"§ 1. Credit institutions may directly or indirectly grant loans, credits or guarantees:
1° to the members of their statutory governing body and the members of their management committee or, in the absence of a management committee, to the persons responsible for effective management; 2° to the persons referred to in Article 9 as well as to the members of their various bodies and to the persons participating in their effective management; 3° to the enterprises or institutions in which the persons referred to in 1° hold a qualifying participation or exercise a function as referred to in 1°, with the exception of the enterprises or institutions over which the credit institution or its parent company exercises control;

Art. 11. L’article 55 de la même loi est remplacé par ce qui suit :
"Art. 55. Sans préjudice des articles 77 et 78 du Règlement n° 575/2013, les fonds propres des établissements de crédit ne peuvent devenir inférieurs au montant du capital minimum fixé conformément à l’article 17, alinéas 1er et 3."

Art. 12. Dans l’article 62, § 6, de la même loi, modifié en dernier lieu par la loi du 18 décembre 2015, les mots "la directive 2009/65/CE, d’organismes de placement en créances," sont remplacés par les mots "la directive 2009/65/CE et aux organismes de placement en créances ou d’un organisme de placement collectif à forme statutaire au sens de la loi du 19 avril 2014 relative aux organismes de placement collectif alternatifs et à leurs gestionnaires,".

Art. 13. Dans l’article 65 de la même loi, dont le texte actuel formera le paragraphe 3, les modifications suivantes sont apportées :
1° il est inséré un paragraphe 1er et un paragraphe 2 rédigés comme suit :
"§ 1er. Tout usage par un établissement de crédit d’instruments financiers appartenant à un client requiert l’autorisation expresse et préalable de celui-ci. L’utilisation est limitée aux conditions auxquelles il a consenti.
§ 2. Le Roi peut définir, sur avis de la Banque et de la FSMA, les conditions et modalités auxquelles doivent répondre les dépôts d’instruments financiers effectués par des clients auprès d’établissements de crédit et les actes que peuvent poser les établissements de crédit concernant ces instruments financiers, notamment au regard du consentement visé au paragraphe 1er. Plus particulièrement, le Roi peut définir les modalités selon lesquelles le consentement prévu par le paragraphe 1er doit être donné. Le Roi peut encore déterminer les règles d’organisation et les règles de protection et d’information des clients afférentes à la réception d’instruments financiers par les établissements de crédit et leur dépôt auprès d’autres intermédiaires.";

2° au paragraphe 3, la dernière phrase est remplacée par ce qui suit :
"Il prend également des mesures adéquates pour veiller au respect des paragraphes 1er et 2."

Art. 14. Dans le Livre II, Titre II, Chapitre III, Section III, Sous-section II, de la même loi, il est inséré un article 65/1 rédigé comme suit :
"Art. 65/1. § 1er. Les établissements de crédit doivent établir toutes les données et tenir tous les comptes nécessaires pour permettre de distinguer à tout moment et sans délai les avoirs détenus par un client déterminé de ceux détenus par d’autres clients ainsi que de leurs propres avoirs. Ces données et comptes doivent être établis et tenus d’une manière assurant la fidélité, et en particulier leur correspondance avec les instruments financiers et les fonds détenus par les clients. Les établissements de crédit doivent effectuer régulièrement des rapprochements entre leurs comptes et données internes et ceux de tout intermédiaire tiers auprès duquel ces avoirs seraient détenus. § 2. Le Roi peut définir, sur avis de la Banque, les conditions et modalités des exigences prévues au paragraphe 1er ainsi que, plus généralement, les exigences en matière d’organisation comptable et de règles comptables afférentes aux dépôts d’instruments financiers effectués auprès d’établissements de crédit."

Art. 15. Dans l’article 72 de la même loi, le paragraphe 1er, modifié en dernier lieu par la loi du 13 mars 2016, est remplacé par ce qui suit :
"§ 1er. Les établissements de crédit ne peuvent consentir, directement ou indirectement, des prêts, des crédits ou des garanties :
1° aux membres de leur organe légal d’administration et aux membres de leur comité de direction ou, en l’absence de comité de direction, aux personnes chargées de la direction effective; 2° aux personnes visées à l’article 9 ainsi qu’aux membres de leurs différents organes et aux personnes participant à leur direction effective; 3° aux entreprises ou institutions dans lesquelles les personnes visées aux 1° détiennent une participation qualifiée ou exercent une fonction visée au 1°, à l’exception des entreprises ou institutions sur lesquelles l’établissement de crédit ou son entreprise mère exerce le contrôle;

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4° to persons connected with the persons referred to in 1°, under the conditions, up to the amounts and with the guarantees applicable to their clientele. These loans, credits or guarantees must be explicitly notified within a timeframe that allows the legal management body to oppose them. Regardless of the body called upon to decide, members having a direct or indirect personal or functional interest may not sit.

The loans, credits and guarantees referred to in the first paragraph shall be notified to the supervisor according to the frequency and rules determined by him.

If these transactions are not concluded under normal market conditions, the supervisor may require the agreed conditions to be adapted as of the date on which these transactions took effect. Failing this, the members of the legal management body who took the decision are jointly liable to the establishment for the difference.

The notifications to the legal management body and to the supervisor referred to in the first and second paragraphs need not take place if the total of loans, credits or guarantees granted to a specific person, company or institution does not exceed the amount of 100,000 euros."

Art. 16. In Article 86, fifth paragraph, of the same law, the words "at the latest six weeks after receipt of the complete file" are replaced by the words "at the latest three months after receipt of the complete file".

Art. 17. In Book II, Title II, Chapter IV, Section V, Subsection I, of the same law, Article 88/1 is inserted, reading as follows:

"Art. 88/1. If the credit institution wishes to use linked agents established on the territory of another Member State to provide investment services and/or activities as well as ancillary services in that Member State, it shall notify the supervisor thereof and provide him with a program of activities, the domiciliation of correspondence in the Member State concerned, the identity details of the linked agents it intends to use, as well as a description of the intended use of those linked agents and of the organizational structure, indicating how the linked agents fit into it, with specification of the reporting lines and the names of the persons directly responsible for the linked agents.

Article 86, fourth and fifth paragraphs, shall apply.

Unless the supervisor opposes the implementation of the project, he shall communicate all the information referred to in the first paragraph to the competent authority of the Member State concerned within three months of receipt of the complete file with the information referred to in the first paragraph. The provisions of Title I of Book III of this law relating to branches shall apply to linked agents."

Art. 18. Article 89 of the same law is supplemented with a third paragraph, reading as follows:

"The first paragraph applies by analogy with regard to changes in the information referred to in Article 88/1, first paragraph."

Art. 19. In Article 90 of the same law, amended by the Law of 18 December 2015, of which the existing text of the first three paragraphs will form paragraph 1 and of which the last paragraph will form paragraph 3, a new paragraph 2 is inserted, reading as follows:

"§ 2. If the credit institution plans to use linked agents established in Belgium to provide investment services and/or activities as well as ancillary services on the territory of another Member State, it shall communicate the identity details of these agents to the Bank.

The Bank shall communicate this information to the competent authority of the host Member State at the latest one month after receipt thereof."

Art. 20. In Article 120, a), of the same law, the words "leveraged collective investment undertakings" are replaced by the words "AICBs that operate with significant leverage as referred to in Article 111 of Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012 supplementing Directive 2011/61/EU of the European Parliament and of the Council as regards exemptions, general operating conditions, depositaries, leverage, transparency and supervision".

Art. 21. In Article 121, § 1, 1°, of the same law, the words "in Article 46, 1°, 1., 2. and 4. to 8., and 2° of the Law of 6 April 1995" are replaced by the words "in Article 2, 1°, 2 and 4 to 8, and 2° of the Law of 25 October 2016".

Art. 22. In Article 126, § 2, second paragraph, of the same law, the words "in accordance with the Law of 6 April 1995" are replaced by the words "in accordance with the Law of 25 October 2016".

Art. 23. In Article 135 of the same law, the first paragraph is supplemented with the words ", as well as all recordings of telephone conversations or electronic communications or other overviews of data traffic that are in the possession of the credit institution."

Art. 24. In Article 136 of the same law, the words "In the framework of these inspections" are replaced by the words "In the framework of supervision and in particular of inspections".

Art. 25. In Book II, Title III, Chapter I of the same law, Article 136/1 is inserted, reading as follows:

"Art. 136/1. Without prejudice to Article 66, second paragraph, in the event of outsourcing, the supervisor may also exercise his inspection prerogatives as referred to in Article 135, second paragraph, with the companies to which credit institutions resort in their capacity as service providers (outsourcing), to verify whether the conditions under which those services are provided cannot undermine the compliance of credit institutions with their legal and regulatory obligations. The prerogatives referred to in Articles 136 and 140 may, by analogy, also be exercised with regard to those service providers.

The competent authorities of another Member State whose credit institutions falling under their supervisory jurisdiction resort to service-providing enterprises established in Belgium (outsourcing) may exercise the prerogatives referred to in the first paragraph with regard to those service providers, if necessary with the involvement of persons they empower for that purpose. Upon request, the supervisor may exercise his prerogatives on behalf of those authorities."

Art. 26. In Article 140, first paragraph, of the same law, the words "deposit protection" are replaced by the words "deposit and investor protection".

Art. 27. In Article 141, § 2, first paragraph, of the same law, the words "and 7°," are inserted between the words "Articles 143, § 1, 1°" and the words "and 148".

Art. 28. In Article 148 of the same law, the word "banking sector" is replaced by the words "banking and financial sector".

Art. 29. In Article 164 of the same law, the following changes are made:

1° in paragraph 1, 3°, the provision under c) is replaced as follows:

"c) a regulated company that is an investment firm, a company that provides ancillary services within the meaning of Article 2, 2° of the Law of 25 October 2016, a financial institution within the meaning of Article 2, 30° of the Law of 25 October 2016; these companies belong to the same financial sector, which is called the 'investment services sector';"

2° paragraph 2 is replaced as follows:

"§ 2. Without prejudice to Article 3 of this law and paragraph 1 of this article, for the purposes of consolidated supervision as included in Sections II and IV of this Chapter and its implementing decrees and regulations, the following are understood by:

1° parent credit institution in a Member State: a credit institution that has a credit institution, a stockbroking company or a financial institution as a subsidiary or that has a participation in a credit institution, stockbroking company or financial institution and is not itself a subsidiary of another credit institution or a stockbroking company to which a license has been granted in the same Member State, or of a financial holding or mixed financial holding established in the same Member State;"

2° Belgian parent credit institution: a credit institution under Belgian law that has as a subsidiary a credit institution, a stockbroking company or a financial institution, or that holds a participation in such a credit institution, stockbroking company or financial institution and is itself not a subsidiary of another credit institution or another stockbroking company with its registered office in Belgium, or of a financial holding or mixed financial holding with its registered office in Belgium;

3° EEA parent credit institution: a parent credit institution that is not a subsidiary of another credit institution or stockbroking company authorized in a Member State, or of a financial holding or mixed financial holding established in a Member State;

4° Belgian EEA parent credit institution: a parent credit institution under Belgian law that is not a subsidiary of another credit institution or stockbroking company authorized in a Member State, or of a financial holding or mixed financial holding established in a Member State;

5° financial parent holding in a Member State: a financial holding that is itself not a subsidiary of a credit institution or stockbroking company authorized in the same Member State, or of a financial holding or mixed financial holding established in the same Member State;

6° EEA financial parent holding: a financial parent holding that is not a subsidiary of a credit institution or stockbroking company authorized in a Member State, or of a financial holding or mixed financial holding established in a Member State;

7° Belgian EEA financial parent holding: a financial parent holding under Belgian law that is not a subsidiary of a credit institution or stockbroking company authorized in a Member State, or of a financial holding or mixed financial holding established in a Member State;

8° mixed financial parent holding in a Member State: a mixed financial holding that is itself not a subsidiary of a credit institution or stockbroking company authorized in the same Member State, or of a financial holding or mixed financial holding established in the same Member State;

9° EEA mixed financial parent holding: a mixed financial parent holding that is not a subsidiary of a credit institution or stockbroking company authorized in a Member State, or of a financial holding or mixed financial holding established in a Member State;

10° Belgian EEA mixed financial parent holding: a mixed financial parent holding under Belgian law that is not a subsidiary of a credit institution or stockbroking company authorized in a Member State, or of a financial holding or mixed financial holding established in a Member State;

11° EEA parent undertaking: a parent undertaking that is a credit institution or stockbroking company in a Member State and that is not a subsidiary of another credit institution or stockbroking company authorized in a Member State, or of a financial holding or mixed financial holding established in a Member State.";

3° in paragraph 3, 7°, the words "the Law of 6 April 1995," are replaced by the words "the Law of 25 October 2016, the Law of 19 April 2014 concerning alternative investment funds and their managers,".

Art. 30. In Article 166 of the same Law, the words ", with the exception of Articles 15, 16 and 17 of the said Regulation" are repealed.

Art. 31. In Article 167, § 3, of the same Law, the words "a credit institution, a financial institution or a management company for collective investment undertakings" are replaced by the words "a credit institution, a stockbroking company or a financial institution".

2° Belgian parent credit institution: a credit institution under Belgian law that has as a subsidiary a credit institution, a stockbroking company or a financial institution, or that holds a participation in such a credit institution, stockbroking company or financial institution, and is itself not a subsidiary of another credit institution or another stockbroking company having its registered office in Belgium or of a financial company or mixed financial company having its registered office in Belgium;

3° EEA parent credit institution: a parent credit institution that is not a subsidiary of another credit institution or stockbroking company authorized in a Member State or of a financial company or mixed financial company established in a Member State;

4° Belgian EEA parent credit institution: a parent credit institution under Belgian law that is not a subsidiary of another credit institution or stockbroking company authorized in a Member State or of a financial company or mixed financial company established in a Member State;

5° parent financial company in a Member State: a financial company that is not itself a subsidiary of a credit institution or stockbroking company authorized in the same Member State or of a financial company or mixed financial company established in the same Member State;

6° EEA parent financial company: a parent financial company that is not a subsidiary of a credit institution or stockbroking company authorized in a Member State or of another financial company or mixed financial company established in a Member State;

7° Belgian EEA parent financial company: a parent financial company under Belgian law that is not a subsidiary of a credit institution or stockbroking company authorized in a Member State or of another financial company or mixed financial company established in a Member State;

8° mixed parent financial company in a Member State: a mixed financial company that is not itself a subsidiary of a credit institution or stockbroking company authorized in the same Member State or of a financial company or mixed financial company established in the same Member State;

9° EEA mixed parent financial company: a mixed parent financial company that is not a subsidiary of a credit institution or stockbroking company authorized in a Member State or of a financial company or mixed financial company established in a Member State;

10° Belgian EEA mixed parent financial company: a mixed parent financial company under Belgian law that is not a subsidiary of a credit institution or stockbroking company authorized in a Member State or of a financial company or mixed financial company established in a Member State;

11° EEA parent undertaking: a parent undertaking that is a credit institution or stockbroking company in a Member State and that is not a subsidiary of another credit institution or another stockbroking company authorized in a Member State or of a financial holding company or mixed financial holding company established in a Member State.";

3° in paragraph 3, 7°, the words "the Law of 6 April 1995," are replaced by the words "the Law of 25 October 2016, the Law of 19 April 2014 concerning alternative collective investment undertakings and their managers,".

Art. 30. In Article 166 of the same Law, the words ", with the exception of Articles 15, 16 and 17 of said Regulation" are repealed.

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Art. 32. In Article 168, § 3, of the same Law, the words "their group of credit institutions" are replaced by the words "consolidated level".

Art. 33. In Article 171 of the same Law, the following modifications are made:

1° in paragraph 1, 2°, the words "3°, 4° and 5°" are replaced by the words "3° to 7° inclusive";

2° in paragraph 1, the provision under 3° is replaced as follows:
"3° if its parent undertaking is a financial parent holding in a Member State or a mixed financial parent holding in a Member State or an EEA financial parent holding or mixed EEA financial parent holding, with in the Member State of its registered office a subsidiary that is a credit institution or a stockbroking company, by the competent authority of that Member State;";

3° in paragraph 1, the provision under 4° is replaced as follows:
"4° if several financial holdings or mixed financial holdings, with head offices in different Member States, are parent undertakings of credit institutions or stockbroking companies in different Member States including a credit institution under Belgian law, and if a credit institution or stockbroking company is located in each of these other Member States, by the competent authority of the credit institution or stockbroking company with the highest total assets;";

4° in paragraph 1, the provision under 5° is replaced as follows:
"5° if several credit institutions or stockbroking companies in different Member States, including a credit institution under Belgian law, have the same financial holding or mixed financial holding as parent undertaking and if no authorization has been granted to any of these credit institutions or stockbroking companies in the Member State where the financial holding or mixed financial holding was established, by the competent authority for the credit institution or stockbroking company with the highest total assets. In the case of a credit institution, this shall be considered for the purposes of this Law as the credit institution supervised by an EEA financial parent holding or mixed EEA financial parent holding;";

5° paragraph 1 is supplemented by a provision under 6° and a provision under 7°, worded as follows:
"6° if its parent undertaking is an EEA parent undertaking, by the competent authority of the Member State where the EEA parent undertaking has its registered office;

7° if its parent undertaking is a financial parent holding in a Member State or a mixed financial parent holding in a Member State or an EEA financial parent holding or mixed EEA financial parent holding, with in the Member State of its registered office no subsidiary that is a credit institution or stockbroking company, by the supervisor.";

6° in paragraph 2, first paragraph, the words "3°, 4° and 5°" are replaced by the words "3° to 7° inclusive";

7° in paragraph 2, fourth paragraph, the words "without a credit institution under Belgian law being present in the consolidated group, the provisions applicable to credit institutions referred to in Article 165, 2°, shall apply mutatis mutandis to the aforementioned holding" are replaced by the words "without a credit institution or stockbroking company under Belgian law being present in the consolidated group, the provisions applicable to credit institutions referred to in Article 165, 2°, shall apply mutatis mutandis."

Art. 34. In Article 174 of the same Law, the following modifications are made:

1° in paragraph 1, first paragraph, the words "for the supervision of credit institutions that are subsidiaries of an EEA parent credit institution" are replaced by the words "for the supervision of subsidiaries of an EEA parent undertaking";

2° in paragraph 1, first paragraph, 1°, the words "the consolidated own funds of the group of credit institutions" are replaced by the words "the consolidated own funds at consolidated level" and the words "for each entity within the group of credit institutions" are replaced by the words "for each entity within the consolidated group";

Art. 32. In Article 168, § 3, of the same Law, the words "to their group of credit institutions" are replaced by the words "to the consolidated level".

Art. 33. In Article 171 of the same Law, the following modifications are made:

1° in paragraph 1, 2°, the words "3°, 4° and 5°" are replaced by the words "3° to 7°";

2° in paragraph 1, 3° is replaced as follows:
"3° if its parent undertaking is a parent financial company in a Member State or a mixed parent financial company in a Member State or a parent financial company in the EEA or a mixed parent financial company in the EEA, with in the Member State of its registered office, a subsidiary that is a credit institution or stockbroking company, by the competent authority of that Member State;";

3° in paragraph 1, 4° is replaced as follows:
"4° if several financial companies or mixed financial companies having their head offices in different Member States are the parent undertaking of credit institutions and stockbroking companies in different Member States, including a credit institution under Belgian law, and if there is a credit institution or stockbroking company in each of said Member States, by the competent authority of the credit institution or stockbroking company showing the highest total balance sheet;";

4° in paragraph 1, 5° is replaced as follows:
"5° if several credit institutions or stockbroking companies in different Member States, including a credit institution under Belgian law, have as parent undertaking the same financial company or mixed financial company and if none of these credit institutions or stockbroking companies has been authorized in the Member State in which the financial company or mixed financial company was established, by the competent authority for the credit institution or stockbroking company showing the highest total balance sheet. In the case of a credit institution, it shall be considered for the purposes of this Law as the credit institution supervised by a parent financial company in the EEA, or a mixed parent financial company in the EEA;";

5° paragraph 1 is supplemented by a 6° and a 7° worded as follows:
"6° if its parent undertaking is a parent undertaking in the EEA, by the competent authority of the Member State where the parent undertaking in the EEA has its registered office;

7° if its parent undertaking is a parent financial company in a Member State or a mixed parent financial company in a Member State or a parent financial company in the EEA or a mixed parent financial company in the EEA, without, in the Member State of its registered office, a subsidiary that is a credit institution or stockbroking company, by the supervisory authority.";

6° in paragraph 2, first paragraph, the words "3°, 4° and 5°" are replaced by the words "3° to 7°";

7° in paragraph 2, fourth paragraph, the words "without a credit institution under Belgian law appearing in the consolidated group, the provisions applicable to credit institutions referred to in Article 165, 2°, are applicable by analogy to the aforementioned company" are replaced by the words "without a credit institution or stockbroking company under Belgian law appearing in the consolidated group, the provisions applicable to credit institutions referred to in Article 165, 2°, are applicable by analogy."

Art. 34. In Article 174 of the same Law, the following modifications are made:

1° in paragraph 1, first paragraph, the words "of the supervision of credit institutions that are subsidiaries of an EEA parent credit institution" are replaced by the words "of the supervision of subsidiaries of an EEA parent undertaking in the EEA";

2° in paragraph 1, first paragraph, 1°, the words "of the consolidated level of own funds held by the group of credit institutions" are replaced by the words "of the consolidated level of the consolidated group" and the words "to each entity of the group of credit institutions" are replaced by the words "to each entity of the consolidated group";

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3° in paragraph 2, first paragraph, 1°, the words "the risk assessment of the group of credit institutions" are replaced by the words "the risk assessment on a consolidated basis"; 4° in paragraph 2, first paragraph, 2°, the words "of the group of credit institutions" are replaced by the words "on a consolidated basis"; 5° in paragraph 4, first paragraph, the words "supervision of a credit institution that is a subsidiary of an EEA parent credit institution" are replaced by the words "supervision of a subsidiary of an EEA parent institution".

Art. 35. The following changes are made to Article 178 of the same law:
1° in paragraph 2, the words "and of Regulation No. 575/2013" are replaced by the words ", of Regulation No. 575/2013 and of Directive 2014/65/EU"; 2° in paragraph 4, 1°, the words "on credit institutions that are subsidiaries" are replaced by the words "on subsidiaries".

Art. 36. In Article 179, first paragraph, of the same law, the words "credit institutions under Belgian law that are subsidiaries of an EEA parent credit institution" are replaced by the words "subsidiaries under Belgian law of an EEA parent institution".

Art. 37. Article 180 of the same law is amended as follows:
1° paragraph 1, first paragraph, is replaced as follows:
"§ 1. The supervisor cooperates closely with the competent authorities that have granted authorization to the entities included in consolidated supervision for the exercise of consolidated supervision. He may communicate or request confidential information from these competent authorities when such information is of essential importance or relevant for the performance of supervisory tasks assigned to him or to these competent authorities under Directive 2013/36/EU, Regulation No. 575/2013 and Directive 2014/65/EU. To this end, they shall mutually communicate upon request any relevant information and share on their own initiative any essential information." 2° in paragraph 2, first paragraph, the words ", a brokerage company" are inserted between the words "the financial solidity of a credit institution" and the words "or a financial institution"; 3° in paragraph 2, second paragraph, 2°, the words "credit institutions of the group" are replaced by the words "entities forming part of the consolidated set"; 4° in paragraph 2, second paragraph, 3°, the words "credit institutions or other entities of the group" are replaced by the words "entities forming part of the consolidated set" and the words "and brokerage companies" are inserted between the word "credit institutions" and the words "in the group".

Art. 38. In Article 181, third paragraph, of the same law, the words "credit institutions under Belgian law that are subsidiaries of an EEA parent credit institution" are replaced by the words "subsidiaries under Belgian law of an EEA parent institution".

Art. 39. In Article 182 of the same law, the words "a brokerage company," are inserted between the words "If a credit institution," and "a financial holding".

Art. 40. In the French text of Article 185, first paragraph, 2°, of the same law, the words "mixed financial holding company" are replaced by the words "mixed financial company".

Art. 41. In Article 210, § 1, 2°, of the same law, the words "as the case may be, Article 222 of this law, Article 327 of the Law of 13 March 2016 on the status and supervision of insurance or reinsurance undertakings or Article 96 of the Law of 6 April 1995." are replaced by the words "as the case may be, Articles 222 and 578 of this law, insofar as the latter declares Article 222 applicable to brokerage companies, or Article 327 of the Law of 13 March 2016 on the status and supervision of insurance or reinsurance undertakings."

Art. 42. In Article 212 of the same law, the article number "77," is inserted between the article number "71," and the article number "234, § 1".

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Art. 43. In Article 225, first paragraph, 5°, of the same law, the words "with application of Articles 77bis and 77ter of the Law of 6 April 1995" are replaced by the words "with application of Articles 65 and 65/1".

Art. 44. In Article 234, § 1, of the same law, last amended by the Law of 27 June 2016, the words "or one of the provisions of Articles 3 to 7, 14 to 17 and 24, 25 and 26 of Regulation No. 600/2014" are replaced by the words "or Regulation No. 600/2014".

Art. 45. The following changes are made to Article 236 of the same law:
1° in paragraph 1, the provision under 2° is replaced as follows:
"2° order the replacement of all or part of the members of the legal governing body of the institution within a period determined by him and, if no replacement takes place within this period, appoint one or more provisional administrators or managers in place of the full administrative and management bodies of the institution who have, alone or collectively, depending on the case, the powers of the replaced persons. The supervisor publishes his decision in the Belgian Official Gazette. When circumstances justify it, the supervisor may appoint one or more provisional administrators or managers without previously ordering the replacement of all or part of the leaders referred to in the first paragraph. With the consent of the supervisor, the provisional administrator(s) or manager(s) may convene a general meeting and determine its agenda. The supervisor may require, according to the modalities he determines, that the provisional administrator(s) or manager(s) report to him on the financial position of the institution and on the measures taken in the framework of their mission, as well as on the financial position at the beginning and at the end of this mission. The remuneration of the provisional administrator(s) or manager(s) is fixed by the supervisor and borne by the institution. The supervisor may replace the provisional administrator(s) or manager(s) at any time, either ex officio or at the request of a majority of shareholders or partners, when they demonstrate that the policy of those concerned no longer offers the necessary guarantees;" 2° in paragraph 1, a provision under 5°/1 is inserted, reading:
"5°/1 order the institution to transfer part or all of its business or its network. In that case, Articles 77, paragraph 1, 4°, and 78 apply if the transfer takes place between credit institutions or between such an institution and other financial institutions;" 3° in paragraph 2, the words "or when the seriousness of the facts justifies it" are inserted between the words "in extremely urgent cases" and the words "the measures as intended".

Art. 46. In Book II, Title VIII, Chapter VI, of the same law, Section VI is inserted, consisting of Article 281/1, reading:
"Section VI. — Competence regarding assets, rights, obligations, shares and other ownership instruments located in third countries Art. 281/1. § 1. When a resolution measure involves action being taken with regard to assets located in a third country or with regard to shares, other ownership instruments, rights or obligations governed by the law of a third country, the resolution authority may demand that:
1° the curator or other person exercising control over the credit institution in resolution and the recipient are obliged to take all necessary steps to ensure that the transfer, write-down, conversion or measure takes effect; 2° the curator or other person exercising control over the credit institution in resolution is obliged to hold the shares, other ownership instruments, assets or rights or to meet the obligations on behalf of the recipient until the transfer, write-down, conversion or measure takes effect;

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3° reasonable expenses that the recipient has lawfully incurred in implementing a measure required under points 1° and 2°, are reimbursed in one of the ways referred to in Article 272.

§ 2. When the resolution authority determines that, despite all necessary measures taken by the curator or other person as referred to in paragraph 1, point 1°, it is extremely unlikely that the transfer, conversion, or measure regarding certain assets in a third country or certain shares, other ownership instruments, rights, or obligations governed by the law of a third country will take effect, the resolution authority shall not proceed with the transfer, write-down, conversion, or measure in question. If the resolution authority has already ordered the transfer, write-down, conversion, or measure, such order is void with respect to the relevant assets, shares, ownership instruments, or obligations.”

Art. 47. In Title VIII of Book II of the same law, a Chapter VI/1 is inserted, consisting of Article 281/2, worded as follows:

“CHAPTER VI/1. — Power to enforce measures taken by other Member States

Art. 281/2. § 1. When a transfer of shares, other ownership instruments, or assets, rights, or obligations carried out under Directive 2014/59/EU by the resolution authority of another Member State includes assets located in Belgium, or rights or obligations governed by Belgian law, such transfer shall have effect in Belgium or under Belgian law.

§ 2. The resolution authority shall provide the resolution authority of another Member State referred to in paragraph 1, which has carried out or intends to carry out the transfer, with all reasonable assistance to ensure that the transfer of shares, other ownership instruments, or assets, rights, or obligations to the recipient complies with all applicable requirements.

§ 3. Shareholders, creditors, and third parties affected by the transfer of shares, other ownership instruments, assets, rights, or obligations referred to in paragraph 1 shall not be entitled to prevent, contest, or annul the transfer, even if such a right is provided for by the law applicable to the shares, other ownership instruments, rights, or obligations, without prejudice to the provisions of Chapter IX.

§ 4. When the resolution authority of another Member State exercises write-down or conversion powers, including with respect to equity instruments in accordance with Article 59 of Directive 2014/59/EU, and the eligible debts or relevant equity instruments of the institution under resolution include instruments or obligations governed by Belgian law or obligations owed to creditors established in Belgium, the principal amount of these obligations or instruments shall be reduced, or these obligations or instruments shall be converted, as a result of the exercise of the write-down or conversion powers by the resolution authority of the other Member State.

§ 5. Creditors affected by the exercise of the write-down or conversion powers referred to in paragraph 4 shall not be entitled to contest the reduction of the principal amount of the instrument or obligation or, as the case may be, the conversion thereof, without prejudice to the provisions of Chapter IX.

§ 6. In the event of a transfer of shares, other ownership instruments, or assets, rights, or obligations, including assets located in another Member State or rights or obligations governed by the law of another Member State, or in the event of the exercise of write-down or conversion powers, particularly with respect to additional equity instruments in accordance with Article 250, and where the eligible debts or relevant equity instruments of the institution under resolution include instruments or obligations governed by the law of another Member State or obligations owed to creditors established in another Member State, the following shall be determined by Belgian law:

1° the right of shareholders, creditors, and third parties to contest the transfer referred to above of shares, other ownership instruments, assets, rights, or obligations by lodging an appeal under Article 305;

2° the right of creditors to contest the reduction of the principal amount or the conversion of an instrument or obligation referred to in paragraph 4 by lodging an appeal under Article 305;

3° reasonable expenses incurred in good faith by the recipient entity in connection with the implementation of one of the measures required by points 1° and 2° are covered in one of the ways referred to in Article 272.”

Art. 47. In Title VIII of Book II of the same law, Chapter VI/1 is inserted, comprising Article 281/2, worded as follows:

“CHAPTER VI/1. — Power to enforce measures by other Member States

Art. 281/2. § 1. When a transfer of shares, other ownership instruments, or assets, rights, or obligations carried out under Directive 2014/59/UE by the resolution authority of another Member State includes assets located in Belgium or rights or obligations governed by Belgian law, such transfer shall have effect in Belgium or under Belgian law.

§ 2. The resolution authority shall provide the resolution authority of another Member State referred to in paragraph 1, which has carried out or intends to carry out the transfer, with all reasonable assistance necessary to ensure that the transfer of shares, other ownership instruments, or assets, rights, or obligations to the recipient complies with all applicable requirements.

§ 3. Shareholders, creditors, and third parties affected by the transfer of shares, other ownership instruments, assets, rights, or obligations referred to in paragraph 1 shall not be able to prevent, contest, or annul the transfer, even if such a right is provided for under the law applicable to these shares, other ownership instruments, rights, or obligations, without prejudice to Chapter IX.

§ 4. When the resolution authority of another Member State exercises write-down or conversion powers, particularly with respect to equity instruments in accordance with Article 59 of Directive 2014/59/UE, and the eligible debts or relevant equity instruments of the institution under resolution include instruments or obligations governed by Belgian law or obligations to creditors established in Belgium, the principal amount of these obligations or instruments is reduced, or these obligations or instruments are converted, as a result of the exercise of the write-down or conversion powers by the resolution authority of the other Member State.

§ 5. Creditors affected by the exercise of the write-down or conversion powers referred to in paragraph 4 shall not have the right to contest the reduction of the principal amount of the instrument or obligation or, as the case may be, the conversion of the instrument or obligation, without prejudice to Chapter IX.

§ 6. In the event of a transfer of shares, other ownership instruments, or assets, rights, or obligations, including assets located in another Member State or rights or obligations governed by the law of another Member State, or in the event of the exercise of write-down or conversion powers, particularly with respect to additional equity instruments in accordance with Article 250, and where the eligible debts or relevant equity instruments of the institution under resolution include instruments or obligations governed by the legislation of another Member State or obligations to creditors established in another Member State, the following elements are determined in accordance with Belgian law:

1° the right of shareholders, creditors, and third parties to contest the transfer, referred to above, of shares, other ownership instruments, assets, rights, or obligations, by lodging an appeal under Article 305;

2° the right of creditors to contest the reduction of the principal amount, or the conversion, of an instrument or obligation referred to in paragraph 4, by lodging an appeal under Article 305;

3° the safeguard measures referred to in Chapter VII for the aforementioned partial transfers of assets, rights, or obligations.”

Art. 48. Article 312 of the same law is supplemented by a fifth paragraph, worded as follows:

“§ 5. When a credit institution subject to the law of another Member State wishes to rely on connected agents established in Belgium to provide investment services and/or activities as well as ancillary services, paragraphs 1, 2, and 4 apply mutatis mutandis. For the purposes of this Title, these connected agents are treated as a branch of the credit institution. The Bank informs the FSMA of the elements in the information dossier relevant for the supervision of compliance with conduct rules and of the rules regarding connected agents.”

Art. 49. Article 313 of the same law is supplemented by a paragraph 3, worded as follows:

“§ 3. When a credit institution subject to the law of another Member State wishes to provide investment services or activities as well as ancillary services in Belgium through connected agents established in that other Member State, paragraph 1 applies mutatis mutandis.
The Bank publishes on its website the identity details of the connected agents that the credit institution intends to use.”

Art. 50. The following amendments are made to Article 329 of the same law:

1° in paragraph 1, first sentence, the words “under Directive 2004/39/EC” are replaced by the words “under Directive 2014/65/EU and Regulation No. 600/2014”;

2° in paragraph 1, second sentence, the last sentence is replaced as follows:

“The European Commission and the European Securities and Markets Authority are immediately informed of these measures.”;

3° in paragraph 1, a third sentence is inserted, worded as follows:

“In the case referred to in the second sentence, the supervisor may refer the matter to the European Securities and Markets Authority and request its assistance in accordance with Article 19 of Regulation No. 1095/2010.”;

4° in paragraph 2, the third sentence is repealed;

5° in paragraph 3, a third sentence is inserted, worded as follows:

“If, despite these measures, the infringements referred to in paragraph 2, first and second sentences, by a credit institution persist, the supervisor, where applicable at the request of the FSMA, after having informed the competent authorities of the home Member State, takes the necessary measures to protect depositors, investors, and other clients and the proper functioning of the markets.”;

6° in paragraph 4, the words “and the European Securities and Markets Authority” are inserted between the words “to the European Commission” and the words “, according to the frequency”, and the word “the latter” is replaced by the word “the former”.

Art. 51. In Article 333, § 4, of the same law, the words “or investors” are inserted between the words “for the protection of savers” and the words “or for sound and prudent policy”.

Art. 52. Article 336 of the same law, the existing text of which will form paragraph 1, is supplemented by a paragraph 2, worded as follows:

“§ 2. The Belgian branch of the credit institution may only receive financial instruments from clients if, upon the opening of insolvency proceedings against the credit institution in the third country, the legislation governing such proceedings recognizes the co-ownership right as referred to in Article 13, second sentence of Royal Decree No. 62 of 10 November 1967 concerning the deposit of fungible financial instruments and the settlement of transactions on these instruments, coordinated on 27 January 2004, for investors who have deposited their financial instruments with the Belgian branch or confers on

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3° les mesures de sauvegarde visées au Chapitre VII pour les transferts partiels d’actifs, de droits ou d’engagements susmentionnés.”

Art. 48. L’article 312 de la même loi, est complété par un paragraphe 5 rédigé comme suit :

“§ 5. Lorsqu’un établissement de crédit relevant du droit d’un autre État membre souhaite recourir à des agents liés établis en Belgique pour y fournir des services d’investissement et/ou exercer des activités d’investissement et proposer des services auxiliaires, les paragraphes 1er, 2 et 4 sont applicables par analogie. Pour les besoins du présent Titre, ces agents liés sont assimilés à une succursale de l’établissement de crédit. La Banque communique à la FSMA les éléments du dossier d’information qui sont pertinents pour le contrôle du respect des règles de conduite et des règles relatives aux agents liés.”

Art. 49. L’article 313 de la même loi est complété par un paragraphe 3 rédigé comme suit :

“§ 3. Lorsqu’un établissement de crédit relevant du droit d’un autre État membre souhaite fournir des services d’investissement ou exercer des activités d’investissement et proposer des services auxiliaires en Belgique par l’intermédiaire d’agents liés établis dans cet autre État membre, le paragraphe 1er est applicable par analogie. L’autorité de contrôle publie sur son site internet l’identité des agents liés auxquels l’établissement de crédit entend recourir.”

Art. 50. Dans l’article 329 de la même loi, les modifications suivantes sont apportées :

1° dans le paragraphe 1er, alinéa 1er, les mots “en application de la Directive 2004/39/CE” sont remplacés par les mots “en application de la Directive 2014/65/UE et du Règlement n° 600/2014”;

2° dans le paragraphe 1er, alinéa 2, la dernière phrase est remplacée par ce qui suit :

“La Commission européenne et l’Autorité européenne des marchés financiers sont informées sans délai de l’adoption de ces mesures.”;

3° dans le paragraphe 1er, il est inséré un alinéa 3, rédigé comme suit :

“Dans le cas visé à l’alinéa 2, l’autorité de contrôle peut saisir l’Autorité européenne des marchés financiers et demander son assistance conformément à l’article 19 du Règlement n° 1095/2010.”;

4° dans le paragraphe 2, l’alinéa 3 est abrogé;

5° dans le paragraphe 3, il est inséré un alinéa 3, rédigé comme suit :

“Si, en dépit de ces mesures, les manquements visés au paragraphe 2, alinéas 1er et 2, persistent dans le chef d’un établissement de crédit, l’autorité de contrôle, le cas échéant à la demande de la FSMA, prend, après en avoir informé les autorités compétentes de l’État membre d’origine de l’établissement de crédit, toutes les mesures appropriées pour protéger les déposants, les investisseurs et autres clients et pour préserver le bon fonctionnement des marchés.”;

6° dans le paragraphe 4, les mots “et à l’Autorité européenne des marchés financiers” sont insérés entre les mots “à la Commission européenne” et “, selon la périodicité fixée” et le mot “celle-ci” est remplacé par les mots “la première”.

Art. 51. Dans l’article 333, § 4, de la même loi, les mots “ou des investisseurs” sont insérés entre les mots “la protection des épargnants” et les mots “ou la gestion saine et prudente”.

Art. 52. L’article 336, de la même loi, dont le texte actuel formera le paragraphe 1er, est complété par un paragraphe 2, rédigé comme suit :

“§ 2. La succursale belge de l’établissement de crédit ne peut recevoir des instruments financiers de clients que si, en cas de procédure d’insolvabilité ouverte à l’encontre de l’établissement de crédit dans le pays tiers, le droit régissant cette procédure reconnaît le droit réel de copropriété prévu à l’article 13, alinéa 2 de l’arrêté royal n° 62 du 10 novembre 1967 relatif au dépôt d’instruments financiers fongibles et à la liquidation d’opérations sur ces instruments, coordonné le 27 janvier 2004, dans le chef des investisseurs ayant déposé leurs instruments financiers auprès de la succursale belge ou confère à

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have been deposited, or if this legislation grants the investor a right resulting from the deposit of the financial instruments, that a real right is formed on the basis of which he can exercise a claim for restitution of these financial instruments, excluding a mere claim right."

Art. 53. In Article 337 of the same law, the article number ", 136/1" is inserted between the article number "136" and the words "and 139 are".

Art. 54. In Article 345 of the same law, the following changes are made:
1° the first paragraph is supplemented with the words "or Regulation No. 600/2014"; 2° in the second paragraph, the words "Directive 2004/39/EC" are replaced by the words "Directive 2014/65/EU".

Art. 55. In Article 346 of the same law, the following changes are made:
1° in § 1, a), the words "or of Regulation No. 575/2013" are replaced by the words ", of Regulation No. 575/2013 or Regulation No. 600/2014"; 2° in § 4, the words "by the Administration of the Cadastre, Registration and Domains" are replaced by the words "by the General Administration of Collection and Recovery of the Federal Public Service Finance"; 3° in § 5, the words "Directive 2004/39/EC" are replaced by the words "Directive 2014/65/EU".

Art. 56. In Article 347 of the same law, the following changes are made:
1° in § 1, the words "or Regulation No. 600/2014" are inserted between the words "or under Regulation No. 575/2013" and the words "or if it establishes an infringement"; 2° in § 3, the words "by the Administration of the Cadastre, Registration and Domains" are replaced by the words "by the General Administration of Collection and Recovery of the Federal Public Service Finance"; 3° in § 5, the words "Directive 2004/39/EC" are replaced by the words "Directive 2014/65/EU".

Art. 57. Article 348 of the same law is supplemented with a paragraph 4, reading:
"§ 4. The financial intermediaries referred to in Article 2, 9° of the law of 2 August 2002 or those acting on behalf of such an intermediary, who use financial instruments of a client in any way for their own benefit or for the benefit of third parties without the authorization required under Article 65, § 1, shall be considered guilty of breach of trust and punished with the penalties provided for in Article 491 of the Penal Code."

Art. 58. In the same law, the heading of Book VIII is replaced as follows:
"BOOK VIII. INVESTOR AND DEPOSIT PROTECTION SCHEMES"

Art. 59. In Book VIII of the same law, Title I is inserted, consisting of Articles 380 to 384/1, with the heading:
"Title I. — Deposit Protection Scheme"

Art. 60. In Article 380, second paragraph, of the same law, the following changes are made:
1° in the French version, in the last sentence, the word "égale" is replaced by the word "équivalente"; 2° the last sentence is supplemented with the words ", as regards the covered assets and the established coverage level".

Art. 61. In Article 381, second paragraph, of the same law, last amended by the law of 22 April 2016, the words "a credit institution under Belgian law" are replaced by the words "a credit institution referred to in Article 380".

Art. 62. In Book VIII of the same law, Title II is inserted, which contains Articles 384/2 to 384/6, reading:
"Title II. — Investor Protection Scheme"

Art. 384/2. Every credit institution established in Belgium must participate in a collective investor protection scheme to which it contributes and which aims to award compensation to certain categories of investors when the bankruptcy of such an institution is declared or when the supervisor has taken the decision referred to in Article 384/3, second paragraph, with regard to such an institution. The first paragraph does not apply to branches of credit institutions subject to the law of another Member State. It does not apply either to branches of credit institutions subject to the law of a third country and whose obligations are covered by an investor protection scheme of that state at least equivalently as in the framework of the scheme referred to in the first paragraph, as regards the covered assets and the established coverage level. The Guarantee Fund manages the investor protection scheme.

Art. 384/3. The supervisor informs the Guarantee Fund as soon as possible in the event that it comes across problems that are likely to lead to the intervention of the investor protection scheme.
Except in cases where bankruptcy has been declared, the supervisor takes the decision establishing that a credit institution referred to in Article 384/2, for reasons directly related to its financial position, does not appear to be able to meet its obligations to investors for the repayment of the financial instruments held on their behalf or owed by the credit institution, and that the credit institution will not be able to do so in the foreseeable future. This finding is made as soon as possible and in any case no later than five working days after it is first established that the credit institution has failed to repay a financial instrument. The Fund ensures the compensation referred to in Article 384/4 within three months after the investor's claim has been accepted and the amount of that claim has been determined. The supervisor may extend this period by up to three months. This extension may only be granted in very exceptional circumstances and in specific cases. The credit institution, or, if it is bankrupt, the trustee, shall at all times and at the request of the Guarantee Fund communicate all data that the latter needs to award the compensation referred to in Article 384/4 to the investors. The King may determine the detailed rules for the exchange of data between the credit institution or trustee, on the one hand, and the Guarantee Fund, on the other. If doubts arise regarding the accuracy of the data received by the Guarantee Fund in implementation of the previous paragraph, the credit institution or the trustee shall verify it at its request and, if necessary, communicate the corrected data to the Guarantee Fund.

Art. 384/4. Without prejudice to any deductibles in accordance with European law, the investor protection scheme established by the Guarantee Fund provides, up to a maximum amount of 20,000 euros per investor and per credit institution participating in this scheme, for compensation for non-repayment of financial instruments held on behalf of the investors or owed by the credit institution, regardless of the currency in which the financial instruments are denominated.

Art. 384/5. The King determines what information the credit institutions must provide to investors regarding the coverage of their deposits under the aforementioned scheme.
The use for advertising purposes of the information referred to in the first paragraph is limited to the mere mention of the investor protection scheme that provides a guarantee for the financial instruments to which the advertisement relates. The King may allow additional information to be communicated. The FSMA supervises compliance with this article and the decisions taken to implement it. For the implementation of this task, it has the powers referred to in Articles 34, § 1, 1°, 35, §§ 1 and 2, 36, 36bis and 37 of the law of 2 August 2002.

Art. 384/6. The Guarantee Fund takes the necessary measures and arrangements to enable the branches of credit institutions subject to the law of another Member State to participate in the investor protection scheme it manages, in order to, within the limits of this scheme, supplement the guarantees provided by the scheme to which the institution participates in its state. If the branch that has used the possibility provided for in the first paragraph does not comply with its obligations towards the investor protection scheme, the Guarantee Fund, in cooperation with the supervisor, addresses the competent authority that granted the license to the credit institution of which the branch is a part. If the situation is not remedied within twelve months, the Guarantee Fund may, with the concurring opinion of this authority, exclude the branch after a notice period of twelve months. The forward commitments prior to

l’investisseur un droit à la suite du dépôt des instruments financiers qui est constitutif d’un droit réel permettant l’exercice d’une revendication sur ces instruments financiers, à l’exclusion d’un simple droit de créance."

Art. 53. Dans l’article 337 de la même loi, le numéro d’article ", 136/1" est inséré entre le numéro d’article "136" et les mots "et 139 sont".

Art. 54. Dans l’article 345 de la même loi, les modifications suivantes sont apportées :
1° l’alinéa 1er est complété par les mots "ou du Règlement n° 600/2014"; 2° à l’alinéa 2, les mots "Directive 2004/39/CE" sont remplacés par les mots "Directive 2014/65/UE".

Art. 55. Dans l’article 346, de la même loi, les modifications suivantes sont apportées :
1° au § 1er, a), les mots "ou du Règlement n° 600/2014" sont insérés entre les mots "du Règlement n° 575/2013" et le mot "ou;"; 2° au § 4, les mots "par l’Administration du Cadastre, de l’Enregistrement et des Domaines" sont remplacés par les mots "par l’Administration générale de la Perception et du Recouvrement au sein du Service Public Fédéral Finances"; 3° au § 5, les mots "directive 2004/39/CE" sont remplacés par les mots "Directive 2014/65/UE".

Art. 56. Dans l’article 347 de la même loi, les modifications suivantes sont apportées :
1° au § 1er, les mots "ou du Règlement n° 600/2014" sont insérés entre les mots "ou au Règlement n° 575/2013" et les mots "ou lorsqu’elle constate une infraction"; 2° au § 3, les mots "par l’Administration du Cadastre, de l’Enregistrement et des Domaines" sont remplacés par les mots "par l’Administration générale de la Perception et du Recouvrement au sein du Service Public Fédéral Finances"; 3° au § 5, les mots "directive 2004/39/CE" sont remplacés par les mots "Directive 2014/65/UE".

Art. 57. L’article 348 de la même loi est complété par un paragraphe 4, rédigé comme suit :
"§ 4. Sont considérés comme coupables d’abus de confiance et punis des peines prévues par l’article 491 du Code pénal, les intermédiaires financiers visés à l’article 2, 9°, de la loi du 2 août 2002 ou ceux agissant au nom d’un tel intermédiaire, qui utilisent d’une manière quelconque à leur profit personnel ou au profit de tiers, des instruments financiers appartenant à un client sans l’autorisation requise en vertu de l’article 65, § 1er."

Art. 58. Dans la même loi, l’intitulé du Livre VIII est remplacé par ce qui suit :
"LIVRE VIII. DES SYSTÈMES DE PROTECTION DES DÉPÔTS ET DES INVESTISSEURS"

Art. 59. Dans le Livre VIII de la même loi, il est inséré un Titre Ier, comportant les articles 380 à 384/1, intitulé comme suit :
"Titre Ier. — Du Système de protection des dépôts"

Art. 60. Dans l’article 380, alinéa 2, de la même loi, les modifications suivantes sont apportées :
1° dans la dernière phrase, le mot "égale" est remplacé par le mot "équivalente"; 2° la dernière phrase est complétée par les mots ", quant aux actifs couverts et au niveau de couverture prévu".

Art. 61. Dans l’article 381, alinéa 2, de la même loi, modifié en dernier lieu par la loi du 22 avril 2016, les mots "un établissement de crédit de droit belge" sont remplacés par les mots "un établissement de crédit visé à l’article 380".

Art. 62. Dans le Livre VIII de la même loi, il est inséré un Titre II, comportant les articles 384/2 à 384/6, rédigé comme suit :
"Titre II. — Du Système de protection des investisseurs

Art. 384/2. Les établissements de crédit établis en Belgique doivent participer à un système collectif de protection des investisseurs auquel ils contribuent et visant à accorder à certaines catégories d’investisseurs une indemnisation lorsque la faillite d’un tel établissement est prononcée ou lorsque l’autorité de contrôle a pris la décision visée à l’article 384/3, alinéa 2, à l’égard d’un tel établissement. L’alinéa 1er n’est pas applicable aux succursales d’établissements de crédit relevant du droit d’un autre État membre. Il n’est également pas applicable aux succursales d’établissements de crédit relevant du droit d’un pays tiers et dont les engagements sont couverts par un système de protection des investisseurs de cet État dans une mesure au moins équivalente à celle résultant du système visé à l’alinéa 1er, quant aux actifs couverts et au niveau de couverture prévu. Le Fonds de garantie assure la gestion et les opérations du système de protection des investisseurs.

Art. 384/3. L’autorité de contrôle informe dans les meilleurs délais le Fonds de garantie lorsqu’elle décèle des problèmes susceptibles de donner lieu à l’intervention du système de protection des investisseurs.
Sauf dans les cas où la faillite a été prononcée, l’autorité de contrôle prend la décision constatant que, pour des raisons liées directement à sa situation financière, un établissement de crédit visé à l’article 384/2 n’apparaît pas en mesure de remplir ses obligations à l’égard des investisseurs en matière de restitution des instruments financiers qui sont détenus pour leur compte ou dont l’établissement de crédit est redevable et que l’établissement de crédit ne sera pas en mesure de le faire dans un futur rapproché. Ce constat est fait dès que possible, et en tout état de cause au plus tard cinq jours ouvrables après avoir établi pour la première fois que l’établissement de crédit a omis de restituer un instrument financier. Le Fonds de garantie assure l’indemnisation visée à l’article 384/4 dans un délai de trois mois après que l’éligibilité et le montant de la créance de l’investisseur ont été établis. L’autorité de contrôle peut décider une prolongation ne dépassant pas trois mois. Cette prolongation ne peut être accordée que dans des circonstances très exceptionnelles et pour des cas particuliers. L’établissement de crédit ou, si celui-ci est en faillite, le curateur communique à tout moment et à la demande du Fonds de garantie, toutes les données dont ce dernier a besoin pour assurer l’indemnisation des investisseurs visée à l’article 384/4. Le Roi peut définir les règles relatives à l’échange des données entre l’établissement de crédit, ou le curateur, d’une part, et le Fonds de garantie, d’autre part. S’il y a un doute concernant l’exactitude des données que le Fonds de garantie a reçues en exécution de l’alinéa précédent, l’établissement de crédit ou le curateur les vérifie à sa demande et lui transfère, le cas échéant, les données corrigées.

Art. 384/4. Sans préjudice d’éventuelles franchises conformes au droit européen, le système de protection des investisseurs institué par le Fonds de garantie prévoit une indemnisation pour toute non-restitution d’instruments financiers qui sont détenus pour le compte des investisseurs ou dont l’établissement de crédit est redevable, jusqu’à un plafond de 20 000 euros par investisseur et par établissement de crédit adhérant à ce système, quelle que soit la devise dans laquelle les instruments financiers sont libellés.

Art. 384/5. Le Roi règle le contenu de l’information à procurer aux investisseurs par les établissements de crédit concernant la couverture de leurs avoirs résultant du système précité.
L’usage publicitaire des informations visées à l’alinéa 1er est limité à une simple mention du système de protection des investisseurs qui garantit les instruments financiers visés dans la publicité. Le Roi peut autoriser la communication d’informations complémentaires.
La FSMA veille au respect de l’application du présent article et des arrêtés pris pour son exécution. Pour l’exercice de cette mission de surveillance, elle dispose des compétences visées aux articles 34, § 1er, 1°, 35, §§ 1er et 2, 36, 36bis et 37 de la loi du 2 août 2002.

Art. 384/6. Le Fonds de garantie prend les mesures et dispositions nécessaires pour permettre aux succursales des établissements de crédit relevant du droit d’un autre État membre de participer au système de protection des investisseurs dont il assume la gestion, en vue de compléter, dans les limites de ce système, les garanties procurées par le système auquel l’établissement adhère dans son État. Si la succursale qui a fait usage de la faculté prévue par l’alinéa 1er ne remplit pas ses obligations envers le système de protection des investisseurs, le Fonds de garantie, en collaboration avec l’autorité de contrôle, en saisit l’autorité compétente qui a délivré l’agrément à l’établissement de crédit dont relève la succursale. À défaut de redressement de la situation, dans les douze mois, le Fonds de garantie peut, de l’avis conforme de cette autorité, exclure la succursale au terme d’un préavis de douze mois. Les engagements à terme antérieurs à

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months. The term commitments prior to exclusion remain covered by the protection scheme until they expire. Other assets held prior to exclusion remain covered for twelve months. The investors are notified by the branch office or, failing that, by the supervisor of the expiration of the coverage.”.

Art. 63. Article 418 of the same law is repealed.

Art. 64. In Book IX, Title III of the same law, inserted by the Royal Decree of 26 December 2016, an Article 419/3 is inserted, reading:

“Art. 419/3. For the purposes of Articles 384/2 to 384/6, the words “the Guarantee Fund” shall be understood as the Deposit and Financial Instruments Protection Fund acting pursuant to the Law of 17 December 1998 establishing a deposit and financial instruments protection fund and reorganizing the protection schemes for deposits and financial instruments, up to the date on which its tasks are transferred to the Guarantee Fund.”.

Art. 65. In Article 423 of the same law, inserted by the Royal Decree of 26 December 2015, the following amendments are made:

1° in the provision under 1°, the words “in the sense of Article 164, § 2, 3°,” are replaced by the words “in the sense of Article 164, § 2, 3°, and of Articles 574 and 575”;

2° in the provision under 2°, the words “in the sense of Article 164, § 2, 4°,” are replaced by the words “in the sense of Article 164, § 2, 4°, and of Articles 574 and 575”;

3° a provision under 2°/1 is inserted, reading:

“2°/1 EEA-parent stockbroking company, a parent stockbroking company that is not a subsidiary of another stockbroking company or credit institution authorized in another Member State, or of a financial holding or mixed financial holding established in one of the Member States;”;

4° a provision under 2°/2 is inserted, reading:

“2°/2 parent stockbroking company in a Member State, a stockbroking company that has as a subsidiary a stockbroking company, a credit institution or a financial institution, or that holds a participation in a stockbroking company, credit institution or financial institution and is itself not a subsidiary of another stockbroking company or credit institution authorized in the same Member State, or of a financial holding or mixed financial holding established in the same Member State;”;

5° the provision under 10° is replaced as follows:

“10° EEA-parent undertaking: an EEA-parent credit institution, an EEA-parent stockbroking company, a financial EEA-parent holding or a mixed financial EEA-parent holding;”;

6° the provision under 11° is replaced as follows:

“11° parent undertaking in a Member State: a parent credit institution in a Member State, a parent stockbroking company in a Member State, a financial parent holding in a Member State or a mixed financial parent holding in a Member State;”;

7° the provision under 21° is repealed.

Art. 66. In Article 424 of the same law, inserted by the Royal Decree of 26 December 2015, the following amendments are made:

1° the provision under 1° is replaced as follows:

“1° credit institutions subject to the law of a Member State;”;

2° a provision under 1°/1 is inserted, reading:

“1°/1 stockbroking companies subject to the law of a Member State and having a minimum capital of 730,000 euros in accordance with Article 28, paragraph 2 of Directive 2013/36/EU;”;

3° the provision under 5° is replaced as follows:

“5° branch offices in a Member State of credit institutions or stockbroking companies subject to the law of a third country.”.

Art. 67. In Article 426, § 2 of the same law, inserted by the Royal Decree of 26 December 2015, the words “in accordance with Article 108, § 2, second paragraph” are replaced by the words “in accordance with Article 110, § 2, second paragraph”.

Art. 68. In Article 470 of the same law, inserted by the Royal Decree of 26 December 2015, paragraph 1 is replaced as follows:

“§ 1. If a credit institution subject to the law of a third country or a parent undertaking subject to the law of a third country has subsidiaries in Belgium and in one or more other Member States or has two or more branch offices that are considered significant by Belgium and by one or more other Member States in light of the assessment criteria of Article 51, paragraph 1, second subparagraph of Directive 2013/36/EU, the resolution authority establishes a European resolution college together with the relevant foreign resolution authorities.”.

Art. 69. In Article 480 of the same law, inserted by the Royal Decree of 26 December 2015, the following amendments are made:

1° the provision under 1° is replaced as follows:

“1° assets of a credit institution or parent undertaking subject to the law of a third country, located in Belgium or subject to Belgian law;

2° the provision under 2° is replaced as follows:

2° rights or obligations of a credit institution subject to the law of a third country, recorded in its accounts by its branch office established in Belgium, subject to Belgian law, or in the case where claims related to such rights and obligations are enforceable in Belgium;”.

Art. 70. In Article 483 of the same law, inserted by the Royal Decree of 26 December 2015, the following amendments are made:

1° in the French text, the introductory sentence is replaced as follows:

“The resolution authority, after consulting foreign resolution authorities when a European resolution authority college is established, may, pursuant to Article 479, refuse to recognize or execute third-country resolution procedures if it considers:”;

2° the provision under 2° is replaced as follows:

“2° that a resolution measure under Article 484 concerning a Belgian branch office of a credit institution or stockbroking company subject to the law of a third country is necessary to achieve one or more resolution objectives;”.

Art. 71. In Article 484 of the same law, inserted by the Royal Decree of 26 December 2015, the following amendments are made:

1° paragraph 1 is replaced as follows:

“§ 1. The resolution authority is empowered to take a measure regarding a Belgian branch office of a credit institution or stockbroking company subject to the law of a third country if it is not the subject of a resolution procedure applying the law of the third country or if such procedure falls under Article 483. Article 287 applies to the exercise of this power.”;

2° in paragraph 2, the provision under 1° is replaced as follows:

“1° the Belgian branch office of a credit institution or stockbroking company subject to the law of a third country no longer meets, or is likely no longer to meet, the respective conditions for granting authorization and carrying out activities in Belgium imposed by Articles 333 and 336 and 603 and 605, and it is not expected that a private sector measure, a supervisory measure, or measures by the authorities of the relevant third country would ensure that the branch office meets the conditions again within a reasonable time frame, or would prevent the branch office’s failure;”.

Art. 72. The same law inserts a Book XII, containing Articles 486 to 622, reading:

“Book XII. — Stockbroking Companies

Title I. — Definitions – General Provisions

CHAPTER I. — Definitions

Art. 486. For the purposes of this Book and of the decisions and regulations taken to implement it, the following shall be understood:

1° small stockbroking company: a stockbroking company that meets the following two conditions:

a) total amount of financial instruments received in custody less than or equal to 5,000 euros during two consecutive financial years; and

b) the stockbroking company meets at least two of the following criteria:

— average number of employees during the relevant financial year of less than 250 persons;

— total balance sheet of less than or equal to 43,000,000 euros;

— annual net turnover of less than or equal to 50,000,000 euros.

The Bank may decide that a stockbroking company meeting the two conditions of the first paragraph cannot be regarded as a small stockbroking company due to, in particular, its internal organization and the nature, size, interdependence with entities within or outside the group, complexity, or cross-border nature of its activities;

2° a significant stockbroking company,

a) a systemically important stockbroking company; or

b) a stockbroking company that does not meet at least two of the following criteria:

— average number of employees during the relevant financial year of less than 250 persons;

— total balance sheet of less than or equal to 43,000,000 euros;

— annual net turnover of less than or equal to 50,000,000 euros.

The Bank may decide that a stockbroking company meeting at least two of the criteria referred to in b) can be regarded as a significant stockbroking company due to, in particular, its internal organization and the nature, size, interdependence with entities within or outside the group, complexity, or cross-border nature of its activities;

3° authority acting as contact point for Belgium: the FSMA in its capacity as competent authority designated as contact point applying Article 79, paragraph 1 of Directive 2014/65/EU.

CHAPTER II. — General Provisions

Art. 487. This Book regulates the establishment, activities, supervision, and possible resolution of the stockbroking companies referred to in Article 1, paragraph 3, second paragraph, operating in Belgium.

Art. 488. The provisions of Books II to X declared applicable apply by analogy.

When those provisions of Books II to X contain references to other provisions of those same Books or Annexes I, II, IV, V, and VI, those other provisions referenced also apply by analogy to the stockbroking companies, namely, taking into account any specific characteristics of stockbroking companies, in accordance with the provisions of this Book.

Art. 489. When the term “activities listed in Article 4” is used in a provision of Books II to X referenced in this Book, this term must be understood for the application of this provision to stockbroking companies as “investment services and/or activities as well as ancillary services.”

Similarly, when the term “significant in the sense of Article 3, 30°” is used in a provision of Books II to X referenced in this Book, this term must be understood for the application of this provision to stockbroking companies as “significant in the sense of Article 486, 2°.””.

Art. 490. This Book, together with the provisions of Title II of the Law of 25 October 2016, governs the matters referred to in Article 487, § 1.

Title II. — Stock exchange companies under Belgian law

CHAPTER I. — Access to the business

Section I. — License

Subsection I. — License requirement

Art. 491. In accordance with Article 6 of the Law of 25 October 2016 and regardless of where it exercises its activities, every stock exchange company under Belgian law must obtain a license before commencing its operations.

Subsection II. — Procedure

Art. 492. Article 8 applies, with the understanding that applicants must also indicate in their license application which investment services and/or activities and ancillary services referred to in Article 3, points 71° and 72°, and, where applicable, the service referred to in Article 499, § 2, fifth dash, they intend to provide. Furthermore, they clarify which categories of financial instruments these services and activities relate to.

Art. 493. Articles 9 and 10 apply.

Art. 494. Article 11 applies, with the understanding that:

1° the references in the said article to Articles 27, 32, 33, and 34 must be read as references to Articles 504, 506, 507, and 508;

2° paragraph 2 must be read as follows:

"If the Bank does not take into account the opinion of the FSMA on the matters referred to in paragraph 1, first sentence, this shall be stated in its decision on the license application, along with the reasons for the deviation. The aforementioned opinion of the FSMA regarding paragraph 1, first sentence, 1°, shall be attached to the notification of that decision."

Art. 495. § 1. The Bank grants a license to stock exchange companies that meet the conditions of Section II. It rules on the application within six months of the submission of a complete file.

The license decision indicates the investment services and activities as well as the ancillary services that the stock exchange company is authorized to perform.

Given the need for sound and prudent management of the stock exchange company, the Bank may limit the license of the stock exchange company to certain services or activities or to certain categories of financial instruments, and may also attach conditions to its license for performing certain services or activities or regarding certain financial instruments.

Decisions regarding licenses are notified to the applicants within fifteen days by registered letter or letter with acknowledgment of receipt.

§ 2. By way of derogation from paragraph 1, in the cases referred to in Article 15, paragraph 3, second and third sentences of Directive 2004/39/EC, the Bank may limit or suspend its decisions on the license applications of stock exchange companies under Belgian law that are subsidiaries of one or more parent companies subject to the law of one or more third countries, according to the rules and for the duration established by the Council of the European Union or the European Commission in application of those provisions.

Art. 496. Article 13 applies.

Section II — License conditions

Subsection I — General provisions

Art. 497. In addition to the conditions of this Section, the Bank also takes into account the ability of the applicant stock exchange company to meet the business conduct conditions referred to in Chapter II and to achieve its development objectives under the conditions necessary for the proper functioning of the financial system and for the safety of investors.

Subsection II — Company form

Art. 498. Article 16 applies.

Subsection III — Initial capital

Art. 499. § 1. To obtain a license, a capital of at least 250,000 euros is required.

The capital must be fully paid up to the minimum amount determined in the first sentence.

§ 2. Stock exchange companies must have a fully paid-up capital of at least 730,000 euros to:

— be able to carry out transactions in financial instruments for their own account; — take firm commitments on the issuance of financial instruments; — guarantee the placement of such issuances; — operate a Multilateral Trading Facility (MTF); — act as depositary for financial instruments of insurance companies, collective investment undertakings, or credit institutions, insofar as the latter act on behalf of their clients.

For the application of this provision, the following shall not be considered as carrying out transactions for own account:

1° holding positions in financial instruments outside the trading portfolio to invest own funds;

2° holding financial instruments for own account, provided that:

a) the positions result solely from the fact that the stock exchange company is unable to exactly hedge an received order;

b) the total market value of these positions does not exceed 15% of the initial capital of the stock exchange company;

c) the stock exchange company complies with the requirements imposed by Regulation No. 575/2013 and, where applicable, by or pursuant to Article 552, insofar as it declares Article 96, § 1, 1°, applicable to stock exchange companies exercising the activities referred to in Article 2, 1°, 3, and 6 of the Law of 25 October 2016, and Articles 554, 565, and 583, insofar as they declare Articles 98, 149, 150, and 234, § 2, 1°, applicable to stock exchange companies;

d) these positions have an incidental and provisional character and are strictly limited to the time necessary for the execution of the transaction in question.

§ 3. For existing companies applying for a license, issue premiums, reserves, and carried-forward results, with the exception of revaluation surpluses, are treated as capital for the application of paragraph 1.

Subsection IV. — Shareholders or partners

Art. 500. Article 18 applies.

Subsection V. — Management

Art. 501. Articles 19 and 20 apply.

Subsection VI. — Organization

Art. 502. Articles 21, 22, and 23 apply, with the understanding that the references in Article 21 to Articles 27, 32, 33, and 34 must be read as references to Articles 504, 506, 507, and 508.

Art. 503. Articles 24, 25, and 26 apply to stock exchange companies.

Art. 504. Without prejudice to the tasks of the statutory management body, stock exchange companies shall establish the following committees within this body:

1° an audit committee;

2° a risk committee;

3° a remuneration committee;

4° an appointment committee,

which shall be composed exclusively of members of the statutory management body who are not executive members thereof, and of which at least one member is independent within the meaning of Article 526ter of the Companies Code; a member may not sit on more than two of the aforementioned committees.

Art. 505. Articles 28, 29, 30, and 31 apply to stock exchange companies, with the understanding that the reference in Article 28 to Article 27 must be read as a reference to Article 504.

Art. 506. Articles 28, 30, and 504 do not detract from the provisions of the Companies Code regarding the audit committee and the remuneration committee in listed companies within the meaning of Article 4 of this Code.

Art. 507. § 1. Stock exchange companies that are not significant within the meaning of Article 486, 2°, are exempt from the obligation to establish the two committees referred to in Articles 30 and 31 within their statutory management body. These companies may also determine that a single committee shall perform the tasks of the committees referred to in Articles 28 and 29.

§ 2. If, in application of paragraph 1, no committees as referred to in 504 are established, the tasks assigned to those committees must be performed by the statutory management body as a whole. When the chairman of the statutory management body is an executive member due to a derogation permitted under Article 26, he shall not preside over the statutory management body when it acts in the capacity of one of the committees referred to in 504.

§ 3. The Bank may allow a stock exchange company that is a subsidiary or sub-subsidiary of a mixed financial holding company, an insurance holding company, a financial holding company, a credit institution, an insurance undertaking, a reinsurance undertaking, another investment firm, or a management company of collective investment undertakings or of alternative investment funds, to deviate wholly or partially from the provisions of this Subsection and may lay down specific conditions for granting such derogations, insofar as committees have been established within the relevant groups or subgroups within the meaning of Articles 28 to 31, which are competent for the relevant stock exchange company and meet the requirements of this law.

Art. 508. Articles 503 to 507 do not apply to small stock exchange companies within the meaning of Article 486, 1°.

Art. 509. Articles 35, 36, 37, 38, 39, and 40 apply.

Art. 510. Articles 41 and 42 apply.

Subsection VII. — Central Management

Art. 511. Article 43 applies.

Subsection VIII. — Investor protection

Art. 512. Every stock exchange company must join a collective investor protection scheme in accordance with Article 613 of this law.

CHAPTER II – Business conduct conditions

Section I – General provisions

Art. 513. Every stock exchange company must permanently meet the conditions laid down by or pursuant to Articles 497 to 512 and the conditions, where applicable, imposed in application of Article 495, § 1, third sentence.

It shall inform the Bank of any event that may impair compliance with the conditions imposed in application of Article 495, § 1, third sentence.

Section II. — Changes in capital structure

Art. 514. Article 46 applies.

Art. 515. § 1. Articles 47, 48, and 49 apply, with the understanding that the Bank is exclusively competent for the assessment referred to in these articles and that in this regard it has no obligation to notify the European Central Bank.

§ 2. At the request of the European Commission, the Bank shall inform it of any intention to acquire a participation, submitted pursuant to Article 46, by a parent company subject to the law of a third country in a Belgian stock exchange company, thereby making it its subsidiary.

The Bank limits or suspends the acquisition of a participation referred to in the first sentence in the cases, under the conditions, and for the duration determined in Article 15, paragraphs 3 and 5 of Directive 2004/39/EC.

Art. 516. Articles 50, 51, and 52 apply.

Art. 517. Article 53 applies, with the understanding that the Bank is exclusively competent for the assessment of the information referred to in this article and that in this regard it has no obligation to notify the European Central Bank.

Art. 518. Article 54 is applicable.

Section III. — General operating conditions

Sub-section I. — Minimum own funds

Art. 519. Without prejudice to Articles 77 and 78 of Regulation No. 575/2013, the own funds of stockbroking companies may not fall below the amount of the minimum capital determined in accordance with Article 499.

Sub-section II. — Management and leaders

Art. 520. Article 56 is applicable, provided that:
1° the periodic assessment carried out by the statutory management body also covers the effectiveness of the organizational arrangements referred to in Articles 528, 529, and 533; 2° the reference in Article 56, § 4, to Article 27 must be read as a reference to Article 504.

Art. 521. Article 57 is applicable, provided that Articles 8, § 8, second paragraph, and 4, § 2, of Annex I are not applicable.

Art. 522. Article 58 is applicable.

Art. 523. Article 59 is applicable, provided that:
1° the measures referred to in paragraph 1 and the report referred to in paragraph 2 also cover the effectiveness of the organizational arrangements referred to in Articles 528, 529, and 533; 2° the Bank makes the aforementioned report available to the FSMA according to the modalities determined under Article 138; 3° when applying the provisions of Annex I, account must be taken of the nature and specific characteristics of the stockbroking company's activities and of the fact that Article 8, § 8, second paragraph, and Article 4, § 2, of the aforementioned Annex are not applicable.

Art. 524. Articles 60 and 61 are applicable.

Art. 525. Article 62 is applicable, provided that when the Bank uses the possibility referred to in paragraph 7, it informs the European Securities and Markets Authority and the European Banking Authority thereof.

Sub-section III — Risk management

Art. 526. Article 63 is applicable, provided that account must be taken of the nature and specific characteristics of the stockbroking company's activities and that Article 8, § 8, second paragraph, and Article 4, § 2, of Annex I are not applicable.

Art. 527. Article 64 is applicable.

Art. 528. Article 65 is applicable.

Furthermore, when a stockbroking company holds funds belonging to clients, it must take appropriate measures to protect its clients' rights and to prevent the use for its own account of funds belonging to its clients.

Art. 529. Article 65/1 is applicable, provided that the authorization to the King referred to in paragraph 2 of the said article also covers the determination of the requirements regarding the accounting organization and accounting rules for the depositing of funds with stockbroking companies.

Sub-section IV. — Outsourcing

Art. 530. Article 66 is applicable.

Sub-section V. — Remuneration policy and its implementation

Art. 531. Articles 67, 68, 69, 70, and 71 are applicable.

Sub-section VI. — Operations subject to limitations or prohibitions, payments subject to nullity, and holding of client funds

Art. 532. Apart from the services and activities they are authorized to perform in accordance with their license and, without prejudice to Article 539, apart from activities that are ancillary to or directly linked to those services or activities, or that complement them, stockbroking companies may not carry out other activities unless authorized by the Bank.

Art. 533. § 1. Stockbroking companies may not receive money deposits from their clients, with the exception of sight deposits and renewable time deposits of a maximum of three months intended for the acquisition of financial instruments or which must be repaid. The duration of renewed time deposits may not exceed one year, unless a longer duration is necessary for the relevant deposits within the framework of a wealth management contract concluded with the client.

§ 2. The deposits referred to in paragraph 1 must be placed with one or more entities having the status of:
1° central bank;
2° credit institution subject to the law of another Member State; 3° credit institution subject to the law of a third country; 4° qualified money market fund.

The placement obligation referred to in the first paragraph does not apply to immediately callable funds, nor to funds callable within a maximum period of three business days, or to funds provided to cover client obligations.

The entities referred to in the first paragraph may not claim any right on the funds placed in a joint or individualized client account by virtue of their own claims against the stockbroking company that opened this account. Garnishee orders by the creditors of the stockbroking company on these accounts and their balances are also not permitted.

§ 3. If insolvency proceedings are opened against the stockbroking company, the funds placed in accordance with paragraph 2 in a joint client account or in an individualized account allowing the identification of individual clients, with the exception of deposits that could be reclaimed by their holders, are allocated by special privilege for the repayment of the deposits referred to in paragraph 1, excluding the deposits referred to in paragraph 2, second paragraph.

§ 4. The King may, after advice from the Bank and the FSMA, establish the conditions and rules to which money deposits placed by clients with stockbroking companies must comply, as well as the conditions and rules for the investments that stockbroking companies may make with these funds. These conditions and rules also cover the rules regarding organization, client protection, and information provision concerning the receipt of these funds by stockbroking companies and their investment with other intermediaries.

To protect client funds, the Bank may, after advice from the FSMA, in exceptional circumstances supplement the provisions established under the first paragraph via regulations established under Article 12bis, § 2 of the Law of 22 February 1998. The Bank immediately notifies the European Commission of all supplementary provisions it intends to impose under this paragraph, at least two months before their entry into force. The notification includes the reasoning for these supplementary provisions.

Art. 534. Stockbroking companies may not directly or indirectly grant loans or credits, with the exception of:
1° the loans and credits referred to in Article 2, 2°, 2, of the Law of 25 October 2016; 2° advances to companies in which the stockbroking company holds a participation, as a reinvestment of its own funds; 3° the lending of financial instruments; 4° loans to stockbroking companies and companies managing regulated markets, provided that they are partners or members thereof.

Art. 535. Without prejudice to Article 534, Article 72 is applicable, provided that the amount of 100,000 euros referred to in paragraph 1, fourth paragraph, is reduced to 25,000 euros.

Art. 536. Article 73 is applicable.

Art. 537. § 1. Stockbroking companies may only rely on intermediaries in banking and investment services established in Belgium who are duly registered in accordance with Article 5, § 1, of the Law of 22 March 2006 concerning the intermediation in banking and investment services and the distribution of financial instruments.

If they wish to use associated agents established in another Member State, stockbroking companies must ensure that these persons are registered in the register referred to in Article 29(3) of Directive 2014/65/EU in the Member State concerned. They must ensure compliance with the restrictions applicable to associated agents in the Member State concerned.

§ 2. Stockbroking companies that collaborate with associated agents remain fully and unconditionally liable for any act or omission by these associated agents acting on their behalf, in particular when they allow these associated agents to carry out transactions involving clients' funds and/or financial instruments.

Stockbroking companies must ensure that the associated agents with whom they collaborate disclose the capacity in which they act before conducting business with a client.

§ 3. Stockbroking companies must monitor the activities of their associated agents. They must take adequate measures to prevent the negative consequences that the possible additional activities of the associated agents could have on the activities carried out by these agents on behalf of the stockbroking companies.

§ 4. The Bank may supplement the provisions of this article by regulations adopted pursuant to Article 12bis, § 2, of the Law of 22 February 1998. These regulations may in particular determine the obligations applicable to stockbroking companies that use associated agents.

Subsection VII. — Disclosure of information on the situation of the stockbroking company

Art. 538. Article 75 is applicable.

Section IV. — Changes to the programme of activities and special transactions

Subsection I. — Changes to the programme of activities

Art. 539. Article 76 is applicable.

Art. 540. When changes to the programme of activities aim to expand the activities of the stockbroking company in order to offer additional services and/or activities as referred to in Article 3, 71° and 72°, for which it does not yet have authorization, the stockbroking company must submit an application for extension of its authorization in accordance with Article 492. Article 493, insofar as it declares Article 10 applicable to stockbroking companies, Articles 494 to 496, and Article 7 of the Law of 25 October 2016 are applicable.

Subsection II. — Strategic decisions, investment decisions, and mergers and transfers between stockbroking companies

Art. 541. Article 77 is applicable, with the understanding that the first paragraph, 2°, must be read as follows:

"Decisions to acquire capital-representative securities of an undertaking whose activities are not covered by Article 3, 71° and 72°, for an amount of at least 100,000 euros or an amount equal to 5% of the stockbroking company's equity."

Art. 542. Article 78 is applicable.

Subsection III. — Opening or acquisition of subsidiaries abroad

Art. 543. Any stockbroking company intending to acquire or establish, directly or through the intermediary of a financial holding company or a mixed financial holding company, a subsidiary abroad that carries out an activity referred to in Article 4 or Article 3, 71° and 72°, must notify the Bank of this intention. This notification must include information on the activities, organization, shareholding structure, and management of the undertaking concerned.

Subsection IV — Exercise of activities abroad

Art. 544. Article 86 is applicable, with the understanding that:

1° the activities referred to in the first paragraph must be understood as the investment services and/or activities and ancillary services referred to in Article 3, 71° and 72°;

2° the programme of activities referred to in the second paragraph must in particular mention the financial instruments, investment services and/or activities, as well as ancillary services that the branch intends to carry out, and whether the branch intends to use associated agents.

If they wish to use associated agents established in another Member State, stockbroking companies must ensure that these persons are registered, in the Member State concerned, in the register referred to in Article 29(3) of Directive 2014/65/EU. They must ensure compliance with the limitations applicable to associated agents in the Member State concerned.

§ 2. Stockbroking companies that collaborate with associated agents assume full and unconditional responsibility for any act performed or omission committed by these associated agents when acting on their behalf, in particular when they authorize these associated agents to carry out operations concerning clients' funds and/or financial instruments.

Stockbroking companies must ensure that the associated agents with whom they collaborate indicate the capacity in which they act before dealing with a client.

§ 3. Stockbroking companies are required to monitor the activities of their associated agents. They must take adequate measures to avoid that the possible complementary activities of the associated agents have a negative impact on the activities exercised by these agents on behalf of the stockbroking companies.

§ 4. The Bank may supplement the provisions of this article by regulations adopted pursuant to Article 12bis, § 2, of the Law of 22 February 1998. These regulations may in particular determine the obligations incumbent on stockbroking companies using associated agents.

Subsection VII. — Disclosure of information on the situation of the stockbroking company

Art. 538. Article 75 is applicable.

Section IV. — Changes to the programme of activities and special transactions

Subsection I. — Changes to the programme of activities

Art. 539. Article 76 is applicable.

Art. 540. When changes to the programme of activities aim to extend the activities of the stockbroking company in order to provide additional services and/or activities referred to in Article 3, 71° and 72°, which are not yet covered by its authorization, the stockbroking company must submit an application for extension of its authorization in accordance with Article 492. Article 493, insofar as it makes Article 10 applicable to stockbroking companies, Articles 494 to 496, and Article 7 of the Law of 25 October 2016 are applicable.

Subsection II. — Strategic decisions, investment decisions, and mergers and transfers between stockbroking companies

Art. 541. Article 77 is applicable, with the understanding that the first paragraph, 2°, must be read as follows:

"Decisions to acquire capital-representative securities of an undertaking whose activity is not covered by Article 3, 71° and 72°, for an amount of at least 100,000 euros or an amount reaching 5% of the stockbroking company's equity."

Art. 542. Article 78 is applicable.

Subsection III. — Opening or acquisition of subsidiaries abroad

Art. 543. The stockbroking company that plans to acquire or create, directly or through the intermediary of a financial company or a mixed financial company, a subsidiary abroad exercising an activity referred to in Article 4 or Article 3, 71° and 72°, must notify its intention to the Bank. This notification must be accompanied by information on the activities, organization, shareholding, and management of the company concerned.

Subsection IV — Exercise of activities abroad

Art. 544. Article 86 is applicable, with the understanding that:

1° the activities referred to in the first paragraph must be read as the investment services and/or activities and ancillary services referred to in Article 3, 71° and 72°;

2° the programme of activities referred to in the second paragraph must in particular specify the financial instruments, investment services and/or activities, as well as ancillary services that the branch intends to provide or exercise, and whether the branch plans to use associated agents.

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Art. 545. Article 87 is applicable, with the understanding that the Bank provides detailed information to the competent authority of the host Member State regarding the investor protection scheme to which the stockbroking company participates in accordance with Article 613. Any changes to this information are communicated by the Bank to the competent authority of the host Member State.

Art. 546. Articles 88 and 88/1 are applicable.

Art. 547. Article 89 is applicable, including regarding the information referred to in Article 544, 2°, and 545.

Art. 548. § 1. Any stockbroking company that, without establishing a branch, wishes for the first time on the territory of another Member State to carry out all or part of the investment services and/or activities or ancillary services referred to in Article 3, 71° and 72°, which it is authorized to carry out in Belgium, or wishes to expand its offer of services or activities, must provide the Bank with the following information:

1° the Member State where it intends to carry out activities;

2° a programme of activities specifying in particular which investment services and/or activities and ancillary services it intends to carry out, regarding which financial instruments it wishes to provide services, as well as whether it plans to use associated agents established in Belgium on the territory of the Member State, in which case it communicates the identity details of those associated agents to the Bank.

§ 2. Article 90 is applicable, with the exception of paragraph 1, first paragraph.

Art. 549. Article 91 is applicable.

Art. 550. In the event of a change to any of the information provided in accordance with Article 548, the stockbroking company must notify the Bank in writing, at least one month before the change takes place.

The Bank notifies the competent authority of the host Member State and, if applicable, the FSMA of the change.

Section V. — Regulatory standards and obligations

Subsection I. — Prospective management of equity and liquidity

Art. 551. Article 94 is applicable.

Subsection II. — Overall requirement for a tier 1 common equity buffer

Art. 552. Articles 95 and 96 are applicable to stockbroking companies carrying out the activities referred to in Article 2, 1°, 3, and 6 of the Law of [FSMA] 2016.

Subsection III — Macroprudential or systemic risk

Art. 553. Article 97 is applicable.

Subsection IV. — Regulatory power of the Bank

Art. 554. Article 98 is applicable.

Subsection V. — Measures aimed at reconstituting tier 1 common equity

Art. 555. Articles 99 to 105 are applicable, including all provisions of Annex V.

Section VI. — Periodic information disclosure and accounting rules

Art. 556. Articles 106 and 107 are applicable.

Section VII. — Recovery plans

Art. 557. Articles 108 to 116, with the exception of Article 110, § 2, are applicable to the stockbroking companies referred to in Article 499, § 2.

CHAPTER III. — Supervision of stockbroking companies

Section I. — Supervision by the Bank and the FSMA

Art. 558. § 1. The Bank ensures that each stockbroking company operates in accordance with the provisions of this law, its implementing decrees and regulations, and directly applicable European regulations, without prejudice to the powers conferred on the FSMA under Article 45, § 1, first paragraph, 3°, and § 2, of the Law of 2 August 2002.

Art. 545. Article 87 is applicable, with the understanding that the Bank communicates detailed information to the competent authority of the host Member State regarding the investor protection system to which the stockbroking company is affiliated in accordance with Article 613. In the event of a modification of this information, the Bank notifies the competent authority of the host Member State.

Art. 546. Articles 88 and 88/1 are applicable.

Art. 547. Article 89 is applicable, including regarding the information referred to in Article 544, 2°, and 545.

Art. 548. § 1. The stockbroking company that wishes, without establishing a branch, to provide or exercise for the first time on the territory of another Member State all or part of the investment services and/or activities or ancillary services referred to in Article 3, 71° and 72°, which it is authorized to provide or exercise in Belgium, or wishes to extend the range of services provided or activities exercised, must communicate the following information to the Bank:

1° the Member State in which it intends to operate;

2° a programme of activities mentioning, in particular, the investment services and/or activities as well as the ancillary services it intends to provide, the financial instruments on which its services must focus, and whether it plans to use associated agents established in Belgium on the territory of the Member State, in which case it communicates the identity of these associated agents to the Bank.

§ 2. Article 90 is applicable except for paragraph 1, first paragraph.

Art. 549. Article 91 is applicable.

Art. 550. In the event of a modification of one of the information communicated in accordance with Article 548, the stockbroking company must notify the Bank in writing, at least one month before implementing said modification.

The Bank informs the competent authority of the host Member State and, if applicable, the FSMA of the modification.

Section V. — Regulatory standards and obligations

Subsection I. — Prospective management of equity and liquidity

Art. 551. Article 94 is applicable.

Subsection II. — Overall requirement for a tier 1 common equity buffer

Art. 552. Articles 95 and 96 are applicable to stockbroking companies exercising the activities referred to in Article 2, 1°, 3, and 6 of the Law of [FSMA] 2016.

Subsection III. — Macroprudential or systemic risk

Art. 553. Article 97 is applicable.

Subsection IV. — Regulatory power of the Bank

Art. 554. Article 98 is applicable.

Subsection V. — Measures aimed at reconstituting tier 1 common equity

Art. 555. Articles 99 to 105 are applicable, including all provisions of Annex V.

Section VI. — Periodic information disclosure and accounting rules

Art. 556. Articles 106 and 107 are applicable.

Section VII. — Recovery plans

Art. 557. Articles 108 to 116, with the exception of Article 110, § 2, are applicable to the stockbroking companies referred to in Article 499, § 2.

CHAPTER III. — Supervision of stockbroking companies

Section I. — Supervision exercised by the Bank and by the FSMA

Art. 558. § 1. The Bank ensures that each stockbroking company operates in accordance with the provisions of this law, the decrees and regulations adopted for its implementation, as well as directly applicable European regulations, without prejudice to the powers conferred on the FSMA under Article 45, § 1, first paragraph, 3°, and § 2, of the Law of 2 August 2002.

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§ 2. Article 134, § 2 is applicable.

Art. 559. Articles 135, 136, 136/1, 137, 138, 139, and 140 are applicable.

Section II. — Prudential supervision procedure

Subsection I. — Prudential supervision programme

Art. 560. Article 141 is applicable.

Subsection II. — Prudential review and evaluation procedure

Art. 561. Article 142 is applicable.

When an exemption is granted under Article 15 of Regulation No. 575/2013, the requirements set out in Article 142 apply to the supervision of the stockbroking company on an individual basis.

Art. 562. Without prejudice to Regulation No. 575/2013, Article 143 is applicable.

Subsection III. — Examination of internal approaches and methods

Art. 563. Articles 144, 145, 146, and 147 are applicable.

Subsection IV. — Stress tests

Art. 564. Article 148 is applicable.

Subsection V. — Prudential measures

Art. 565. Articles 149, 150, 151, 152, and 153 are applicable.

Subsection VI. — Stockbroking companies with similar risk profiles

Art. 566. Article 154 is applicable.

Section III. — Supervision of activities exercised in another Member State

Subsection I. — Definitions

Art. 567. Article 155 is applicable.

Subsection II. — Supervision of activities

Art. 568. Article 156 is applicable.

Subsection III. — Exceptional measures

Art. 569. When the competent authorities of another Member State in which a stockbroking company under Belgian law has established a branch, or exercises investment services and/or activities or ancillary services as referred to in Article 3, 71° and 72°, in the context of the free provision of services, notify the Bank that the legal provisions applicable in that Member State and over which they exercise supervision in implementation of Directive 2014/65/EU are being violated, the Bank must take, as soon as possible, all appropriate measures, in particular those referred to in Articles 234 to 236, or have such measures taken, in order to remedy this situation.

The Bank must communicate these measures without delay to the competent authority of the host Member State.

Subsection IV. — Cooperation

Art. 570. Article 158 is applicable.

Subsection V. — Significant branches

Art. 571. Articles 159, 160, and 161 are applicable to stockbroking companies that have authorization to provide the services mentioned in Article 2, 1°, 3, and 6, of the Law of 25 October 2016.

Subsection VI. — On-site inspections

Art. 572. Article 162 is applicable.

Section IV. — Group supervision

Subsection I. — Consolidated supervision of stockbroking companies

Art. 573. Stockbroking companies under Belgian law that are part of a consolidated group that also includes a credit institution under Belgian law, and with the parent undertaking:

1° a parent credit institution under Belgian law; or

§ 2. Article 134, § 2 is applicable.

Art. 559. Articles 135, 136, 136/1, 137, 138, 139, and 140 are applicable.

Section II. — Prudential supervision process

Subsection I. — Prudential supervision programme

Art. 560. Article 141 is applicable.

Subsection II. — Prudential review and evaluation procedure

Art. 561. Article 142 is applicable.

When a dispensation is granted on the basis of Article 15 of Regulation No. 575/2013, the requirements provided for in Article 142 apply to the supervision of the stockbroking company on an individual basis.

Art. 562. Without prejudice to Regulation No. 575/2013, Article 143 is applicable.

Subsection III. — Examination of internal approaches and methods

Art. 563. Articles 144, 145, 146, and 147 are applicable.

Subsection IV. — Stress tests

Art. 564. Article 148 is applicable.

Subsection V. — Prudential measures

Art. 565. Articles 149, 150, 151, 152, and 153 are applicable.

Subsection VI. — Stockbroking companies presenting similar risk profiles

Art. 566. Article 154 is applicable.

Section III. — Supervision of activities exercised in another Member State

Subsection I. — Definitions

Art. 567. Article 155 is applicable.

Subsection II. — Supervision of activities

Art. 568. Article 156 is applicable.

Subsection III. — Exceptional measures

Art. 569. When the competent authorities of another Member State in which a stockbroking company under Belgian law has established a branch, or exercises investment services and/or activities or ancillary services referred to in Article 3, 71° and 72°, in the framework of the free provision of services, bring to the attention of the Bank violations of the legal provisions applicable in that Member State under their control in execution of Directive 2014/65/EU, the Bank must take or have taken, without delay, any appropriate measure, in particular those referred to in Articles 234 to 236, to ensure that the situation of non-compliance is remedied.

The Bank must communicate these measures without delay to the competent authority of the host Member State.

Subsection IV. — Cooperation

Art. 570. Article 158 is applicable.

Subsection V. — Significant branches

Art. 571. Articles 159, 160, and 161 are applicable to stockbroking companies that are authorized to provide the services mentioned in Article 2, 1°, 3, and 6, of the Law of 25 October 2016.

Subsection VI. — On-site supervision

Art. 572. Article 162 is applicable.

Section IV. — Group supervision

Subsection I. — Supervision on a consolidated basis of stockbroking companies

Art. 573. Stockbroking companies under Belgian law that are part of a consolidated group also comprising a credit institution under Belgian law, and having as the parent undertaking:

1° a parent credit institution under Belgian law; or

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2° a financial mother holding in a Member State or a mixed financial mother holding in a Member State, are, for their consolidated basis supervision, subject to the provisions of Book II, Title III, Chapter IV, Section II and Section IV.
The references in Article 168, § 1, to Articles 27, 32, 33 and 34 must be read as references to Articles 504, 506, 507 and 508.

Art. 574. For Belgian law stock exchange companies that are part of a consolidated group that also includes a Belgian law credit institution and with a Belgian law stock exchange company as the parent undertaking, the provisions of Book II, Title III, Chapter IV, Section II and Section IV apply by analogy for their consolidated basis supervision.

The references in Article 168, § 1, to Articles 27, 32, 33 and 34 must be read as references to Articles 504, 506, 507 and 508.

Art. 575. For Belgian law stock exchange companies that are part of a consolidated group that does not include a Belgian law credit institution and with a parent undertaking:
1° a Belgian law stock exchange company, or
2° a financial mother holding in a Member State or a mixed financial mother holding in a Member State, the provisions of Book II, Title III, Chapter IV, Section II and Section IV apply by analogy for their consolidated basis supervision.

The references in Article 168, § 1, to Articles 27, 32, 33 and 34 must be read as references to Articles 504, 506, 507 and 508.

Art. 576. The consolidated basis supervision of Belgian law stock exchange companies as referred to in Article 575 is exercised by the Bank.

Sub-section II. Supplementary conglomerate supervision

Art. 577. For Belgian law stock exchange companies:
the provisions of Book II, Title III, Chapter IV, Section III and Section IV apply by analogy for their supplementary conglomerate supervision:
1° which head a financial conglomerate; or
2° with a mixed financial holding in a Member State as parent undertaking

Section V. — Auditing supervision

Art. 578. Articles 220, 221, 222, 223 and 224 apply.

Art. 579. Article 225 applies, provided that:
1° with regard to the cases referred to in Article 225, first paragraph, 4°, a) to c), the approved auditors must also report to the Bank facts or decisions of which they have become aware in the performance of one of the tasks referred to in this article at an undertaking that has close links with the stock exchange company where they perform that task; 2° the report referred to in Article 225, first paragraph, 5°, must also relate to the adequacy of the measures taken by the stock exchange company to safeguard client funds in application of Article 533 and of the implementing measures taken by the King on the basis of this provision.

Art. 580. Article 225/1 applies.

CHAPTER IV. — Resolution plans

Art. 581. Articles 226 to 232 apply to the stock exchange companies referred to in Article 499, § 2.

CHAPTER V. — Withdrawal of authorization

Art. 582. Article 233 applies, provided that the decision to withdraw and the reasons therefor are brought to the knowledge of the European Securities and Markets Authority by the Bank.

CHAPTER VI. — Recovery measures

Section I. — Mandatory measures

Art. 583. Article 234 applies.

Section II. — Implementation of the recovery plan

Art. 584. Article 235 applies to the stock exchange companies referred to in Article 499, § 2.

Section III. — Exceptional recovery measures

Art. 585. Article 236 applies, provided that the Bank takes the decision to revoke and that this decision and the reasons therefor are brought to the knowledge of the European Securities and Markets Authority by the Bank.

Art. 586. Article 237 applies.

Art. 587. Article 238 applies.

CHAPTER VII. — Resolution of stock exchange companies

Art. 588. Articles 242 to 311 apply to the stock exchange companies referred to in Article 499, § 2.

Title III. — Stock exchange companies under foreign law

CHAPTER I. — Introductory provision

Art. 589. For the purposes of this Title, "foreign stock exchange companies" means undertakings under foreign law, whether the law of a Member State or a third country, which are, in accordance with the law under which they fall, authorized to provide services and activities as referred to in Article 1, § 3, second paragraph, in their home Member State.

CHAPTER II. — Branches and activities in the framework of the free provision of services in Belgium of foreign stock exchange companies subject to the law of another Member State

Section I. — Access to the business in Belgium

Art. 590. § 1. In accordance with Article 10 of the Law of 25 October 2016, foreign stock exchange companies subject to the law of another Member State and which, under their national law in their home Member State, are authorized to provide investment services and/or activities as well as ancillary services, may commence these activities by establishing a branch as soon as the Bank has notified them by registered letter or letter with acknowledgment of receipt of their registration as a branch of a foreign stock exchange company of another Member State.

This notification is made no later than two months after the competent authority of the home Member State of the foreign stock exchange company has communicated the information file required under European law provisions in this regard. If the stock exchange company does not receive notification within the set period, it may nevertheless open the branch and commence the aforementioned activities, provided it informs the authority acting as contact point for Belgium thereof.

Ancillary services may only be provided in Belgium together with an investment service and/or an investment activity.

§ 2. The Bank informs the FSMA of the elements in the information file that are relevant for the supervision of compliance with the rules falling under its competence.

§ 3. Paragraphs 1 and 2 apply by analogy to foreign stock exchange companies subject to the law of another Member State and which wish to use established related agents in Belgium to provide investment services and/or activities as well as ancillary services. The provisions of this Chapter relating to branches apply to these related agents.

Art. 591. § 1. In accordance with Article 11 of the Law of 25 October 2016, foreign stock exchange companies subject to the law of another Member State and which, under their national law in their home Member State, are authorized to provide investment services and/or activities as well as ancillary services, may commence these activities in Belgium under the regime of the free provision of services, as soon as the competent authority of the home Member State has sent the notification required under European law provisions in this regard to the authority acting as contact point for Belgium.

Ancillary services may only be provided in Belgium together with an investment service and/or an investment activity.

§ 2. Paragraph 1 applies by analogy to foreign stock exchange companies subject to the law of another Member State and which wish to provide investment services or activities as well as ancillary services in Belgium using related agents established in that other Member State.

The Bank publishes on its website the identity details of the related agents on which the company intends to rely.

Section II. — Business conduct

Art. 592. The following provisions apply without prejudice to the rules established by or under the Law of 2 August 2002 and without prejudice to other provisions conferring powers on the Bank with regard to the branches referred to in Article 590 and the companies referred to in Article 591:
1° Article 527, which relates to transactions carried out by a branch; 2° Article 533, § 3, insofar as the branches referred to in Article 590 opt, with the agreement of the competent authority of the home Member State, to comply with the rules for the investment of money deposits laid down in Article 533, § 2, and the decisions taken to implement Article 533.

Section III. — Periodic information provision and accounting rules

Art. 593. Articles 317 and 318 apply, provided that the references in the said articles to Article 312 must be understood as references to Article 590.

Section IV. — Supervision of the branches

Sub-section I. — The Bank in its capacity as the home Member State authority

Art. 594. The branches referred to in Article 590 are subject to the supervision of the Bank for the purposes referred to in Articles 592 and 593, insofar as the matters referred to in these provisions fall within the competence of the Bank. Article 558 and Article 559, insofar as the latter article declares Articles 135, 136 and 139 applicable to stock exchange companies, apply to that extent.

Art. 595. Article 320 applies.

Art. 596. Article 321 applies.

Sub-section II. — Significant branches

Art. 597. Articles 322 and 323 apply to foreign stock exchange companies that have a license to provide the services mentioned in Article 2, 1°, 3 and 6 of the Law of 25 October 2016.

Sub-section III. — On-site inspection

Art. 598. Articles 324, 325 and 326 apply, provided that the references in the said articles to Articles 312, 315 and 319 must be understood as references to Articles 590, 592 and 594.

Section V. — Exceptional measures

Art. 599. Article 329 applies, provided that paragraph 5 does not apply to foreign stock exchange companies.

Art. 600. Article 330 applies.

Section VI. — Branches and service provision activities in Belgium of foreign stock exchange companies not subject to Directive 2014/65/EU

Art. 601. Articles 590 to 600 do not apply to foreign stock exchange companies subject to the law of another Member State and which fall outside the scope of Directive 2014/65/EU on the basis of Article 2, paragraph 1, points l) and m), and Article 3 of that directive.

The provisions of Chapter III apply to the branches and the service provision activities in Belgium of those companies.

CHAPTER III. — Branches in Belgium of Foreign Stockbroking Companies from Third Countries

Art. 602. The provisions of this Chapter do not prejudice the application of Articles 46 to 49 of Regulation No. 600/2014 and of Articles 13 and 14 of the Law of 25 October 2016.

Section I. — Access to the Business in Belgium

Art. 603. § 1. Foreign stockbroking companies subject to the law of a third country must, before opening a branch to provide investment services or activities in Belgium, obtain authorization from the Bank.

In this regard, the following articles apply:

1° Articles 491, 492, 493, insofar as the latter declares Article 9 applicable to stockbroking companies, as well as Articles 495, 496, and 497, with the understanding that:
— the reference to Article 493, insofar as it declares Article 9 applicable to stockbroking companies, applies to the foreign stockbroking company under which the branch operates; — the foreign stockbroking company must have obtained authorization in its country of origin to carry out the activities included in its program of activities;

2° Article 498, with the understanding that Article 498 applies to the foreign stockbroking company under which the branch operates. However, authorization may be granted to branches of institutions with legal personality that are not commercial companies;

3° Article 499 §§ 1 and 2, where the initial capital is replaced by an endowment the amount of which the Bank may determine, by regulation adopted pursuant to Article 12bis, § 2, of the Law of 22 February 1998, as well as the components and conditions for the corresponding assets, notably from the perspective of their location in Belgium;

4° Articles 500 to 502, insofar as they declare Articles 18 to 22 applicable to stockbroking companies, with the understanding that the reference to Article 500 applies to the stockbroking company under which the branch operates and the reference to Articles 501 and 502 applies to the branch in Belgium;

5° Article 512, insofar as the foreign stockbroking company cannot demonstrate that the obligations of its Belgian branch are covered at least to the same extent by an investor protection scheme of its country of origin as by the Belgian investor protection scheme, with respect to the covered assets and the established coverage level.

§ 2. The provisions of Article 333, §§ 2, 3, 4, and 5, apply.

Section II. — Business Operations

Art. 604. Article 335 applies, with the understanding that the references in the said article to Articles 45, 55, and 333 must be construed as references to, respectively, Articles 513, 519, and 603.

In addition, the following articles apply:

1° Article 46; if the Bank has reason to believe that the influence exerted by natural or legal persons directly or indirectly holding a qualifying participation in the foreign stockbroking company may jeopardize the sound and prudent management of that company, it may, without prejudice to the other measures provided for by this law, suspend or revoke the authorization of the branch for the duration it determines; Article 236, § 1, 4° and 6°, and § 3, apply to such decisions;

2° Articles 532 to 534, 537 to 539, 559, insofar as the latter declares Article 137 applicable to stockbroking companies and Article 28quater of the Law of 2 August 2002.

Art. 605. § 1. The foreign stockbroking company must hold seizeable assets in Belgium in an amount corresponding to the amount of funds, as referred to in Article 615, second paragraph, received by the branch, unless it demonstrates that it meets the following conditions:

1° the insolvency law of the third country ensures that creditors who have deposited their funds with the Belgian branch receive the same treatment as creditors who have deposited their funds with a foreign stockbroking company in the third country; and

2° if insolvency proceedings are opened against the foreign stockbroking company in the third country, the law governing such proceedings grants investors who have deposited funds with the Belgian branch a ranking that offers similar protection to that provided in Article 533, § 3.

§ 2. The Belgian branch of the foreign stockbroking company may only receive financial instruments from clients if, in the event of insolvency proceedings being opened against the foreign stockbroking company in the third country, the law governing such proceedings recognizes the proprietary right as referred to in Article 13, second paragraph, of Royal Decree No. 62 of 10 November 1967 concerning the deposit of fungible financial instruments and the settlement of transactions on these instruments, coordinated on 27 January 2004, for investors who have deposited their financial instruments with the Belgian branch, or if such law grants the investor a right resulting from the deposit of the financial instruments that constitutes a proprietary right on the basis of which he may exercise a claim for the return of these financial instruments, excluding a mere claim right.

Section III. — Supervision

Art. 606. Articles 337, 338, and 339 apply, with the understanding that Article 134, referred to in Article 337, must be read as a reference to Articles 134, § 2, and 558.

Section IV. — Revocation, Exceptional Measures, Sanctions

Art. 607. Article 340 applies, with the understanding that the Bank takes into account the protection of investors.

Title IV. — Penalty Payments and Other Coercive Measures

Art. 608. Articles 345 and 346 apply, with the understanding that the reference to Article 315 in Article 346 must be read as a reference to Article 592.

Title V. — Sanctions

CHAPTER I. — Administrative Fines

Art. 609. Article 347 applies.

CHAPTER II. — Criminal Sanctions

Art. 610. Articles 348, 349, 350, 351, and 352 apply, with the understanding that, in Article 348, § 1, 2°, the words “who operates the business of a credit institution as referred to in Article 7 or Book III, Title II” must be construed as “who operates the business of a stockbroking company as referred to in Article 491 or in Book XII, Title III, Chapter III”.

Title VI. — Rules of Private International Law Regarding Restructuring Measures and Liquidation Procedures

Art. 611. Articles 353 to 377 apply, with the understanding that the references in the said articles to Article 90 must be construed as references to Article 548.

Title VII. — Substantive Law Aspects of Liquidation Procedures

Art. 612. Articles 378 to 379/1 apply.

Title VIII. — Investor Protection Scheme

Art. 613. Article 384/2 applies.

Art. 614. Article 384/3 applies, with the understanding that:

1° the first, third, fourth, and fifth paragraphs also relate to compensation under the fund deposits aspect referred to in Article 615, second paragraph.

2° the second paragraph must be read as follows:
“Unless bankruptcy has been declared, the Bank takes the decision establishing that a stockbroking company referred to in Article 613, for reasons directly related to its financial position, does not appear to be able to repay the fund deposits or meet its obligations to investors regarding the repayment of financial instruments held for their account or owed by the stockbroking company, and that the stockbroking company will not be able to do so in the foreseeable future. This finding is made as soon as possible and in any case no later than five working days after it has first been established that the stockbroking company has failed to repay due and payable fund deposits or a financial instrument.”

Art. 615. Article 384/4 applies with regard to the financial instruments component of the investor protection scheme established by the Guarantee Fund.

The cash deposits component of the investor protection scheme established by the Guarantee Fund provides, up to a maximum amount of 100,000 euros per investor and per brokerage company participating in this scheme, for the repayment of cash deposits held on behalf of investors intended for the acquisition of financial instruments or to be repaid, regardless of the currency in which they are denominated, provided that these cash deposits are not already covered by the deposit protection scheme referred to in Articles 380 to 384/1.

Art. 616. Article 384/5 applies, with the understanding that the first sentence of the second paragraph must be read as follows:

"The use for advertising purposes of the information referred to in paragraph 1 is limited to the mere mention of the investor protection scheme that guarantees the cash deposits or the financial instruments to which the advertisement relates."

Art. 617. Article 384/6 applies.

Title IX. — Amending Provisions

Art. 618. Articles 495, § 2, and 515, § 2, are repealed on the date set out in Article 93, paragraph 1, second paragraph of Directive 2014/65/EU for the entry into force of the national provisions transposing the said directive.

Title X. — Transitional Provisions

Art. 619. Until the date provided for in Article 93, paragraph 1, second paragraph, of Directive 2014/65/EU for the entry into force of the national provisions transposing the said directive, all references in this Act to this directive shall be read as references to Directive 2004/39/EC.

Art. 620. For the purposes of Articles 613 to 617 of this Act, the words "the Guarantee Fund" shall be understood as the Special Protection Fund for deposits, life insurance and capital of approved cooperative companies and the Protection Fund for deposits and financial instruments, according to their respective tasks set out in the Royal Decree of 14 November 2008 implementing the crisis measures provided for in the Act of 22 February 1998, with regard to the establishment of the Guarantee Fund for financial services, and in the Act of 17 December 1998 establishing a protection fund for deposits and financial instruments and reorganizing the protection schemes for deposits and financial instruments.

Art. 621. For the period from the date of entry into force of this Book to 31 December 2018, Article 1 of Annex IV, declared applicable by Article 552, applies according to the modalities specified in this article.

The Tier 1 common equity capital conservation buffer rate, expressed as a percentage of the total risk exposure amount of a brokerage company, calculated in accordance with Article 92, § 3, of Regulation No 575/2013, is equal to:

1) 0.625% for the period from the entry into force of this Book to 31 December 2016;
2) 1.25% for the period from 1 January 2017 to 31 December 2017;
3) 1.875% for the period from 1 January 2018 to 31 December 2018.

Art. 622. For the period from the date of entry into force of this Book to 31 December 2018, Articles 13 and 14 of Annex IV, declared applicable by Article 552, apply according to the following modalities:

1) on the date of entry into force of this Book, 25% of the requirement established in accordance with Article 13, § 2, of Annex IV must be met;
2) on 1 January 2017, 50% of the requirement established in accordance with Article 13, § 2, of Annex IV must be met;
3) on 1 January 2018, 75% of the requirement established in accordance with Article 13, § 2, of Annex IV must be met."

CHAPTER 3. — Final, Amending, Transitional and Repealing Provisions

Section 1. — Final Provision

Art. 73. The King may make adjustments to the provisions of other legislation referring to the provisions of the Act of 6 April 1995 or its implementing decrees, to bring them into conformity with the provisions of this Act or the decrees and regulations taken for its implementation.

Section 2. — Amending Provisions

Subsection 1. — Amendment of the Act of 2 January 1991 concerning the market for government debt securities and monetary policy instruments

Art. 74. In Article 13, § 2, of the Act of 2 January 1991 concerning the market for government debt securities and monetary policy instruments, last amended by the Act of 25 April 2014, the following amendments are made:

1° in the provision under 1°, the words "the Act of 25 April 2014 on the status of and supervision over credit institutions" are replaced by the words "the Act of 25 April 2014 on the status of and supervision over credit institutions and brokerage companies"; 2° in the provision under 2°, the words "by the Act of 6 April 1995 concerning the status of and supervision over investment firms, intermediaries and investment advisors," are replaced by the words "by Book XII of the Act of 25 April 2014 on the status of and supervision over credit institutions and brokerage companies;".

Subsection 2. — Amendments to the Act of 22 February 1998 establishing the organic statute of the National Bank of Belgium

Art. 75. In Article 12ter, § 1 of the Act of 22 February 1998 establishing the organic statute of the National Bank of Belgium, last amended by the Act of 25 April 2014, the words "the Act of 25 April 2014 on the status of and supervision over credit institutions" are replaced by the words "the Act of 25 April 2014 on the status of and supervision over credit institutions and brokerage companies".

Art. 76. In Article 21ter, § 5 of the same Act, inserted by the Act of 25 April 2014, the words "of the Act of 25 April 2014 on the status of and supervision over credit institutions" are replaced by the words ", Book XI and Articles 581 and 588 of the Act of 25 April 2014 on the status of and supervision over credit institutions and brokerage companies".

Art. 77. In Article 36/1 of the same Act, last amended by the Act of 13 March 2016, the following amendments are made:

1° in the provision under 3°, the words "the Act of 25 April 2014 on the status of and supervision over credit institutions" are replaced by the words "the Act of 25 April 2014 on the status of and supervision over credit institutions and brokerage companies"; 2° in the provision under 5°, the words "as referred to in Book II of the Act of 6 April 1995 concerning the status of and supervision over investment firms" are replaced by the words "as referred to in Book XII of the Act of 25 April 2014 on the status of and supervision over credit institutions and brokerage companies"; 3° in the provision under 12°, the words "of Directive 2004/39/EC" are replaced by the words "of Directive 2014/65/EU"; 4° in the provision under 16°, the words "Article 48 of Directive 2004/39/EC" are replaced by the words "Article 67 of Directive 2014/65/EU"; 5° the provision under 17° is replaced as follows:

""Directive 2014/65/EU": Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU;".

Art. 78. In Article 36/2, fifth paragraph of the same Act, last amended by the Act of 13 March 2016, the following amendments are made:

1° in the provision under a), the words "and of the European Insurance and Occupational Pensions Authority" are replaced by the words ", of the European Insurance and Occupational Pensions Authority and, where appropriate, of the European Securities and Markets Authority"; 2° in the provision under b), the words "and by the European Insurance and Occupational Pensions Authority" are replaced by the words ", by the European Insurance and Occupational Pensions Authority and, where appropriate, by the European Securities and Markets Authority".

Art. 79. In Article 36/3, § 2, first paragraph, last amended by the Act of 13 March 2016, the words ", brokerage companies" are inserted between the words "with the exception of credit institutions" and the words "and insurance and reinsurance undertakings".

Art. 80. In Article 36/6, § 2, 2°, last amended by the Act of 13 March 2016, the words "the Act of 25 April 2014 on the status of and supervision over credit institutions" are replaced by the words "the Act of 25 April 2014 on the status of and supervision over credit institutions and brokerage companies".

Art. 81. In Article 36/14, § 1 of the same Act, last amended by the Act of 13 March 2016, the following amendments are made:

1° in the provision under 1°, second paragraph, the words "in the sense of Article 3, 66° of the Act of 25 April 2014 on the status of and supervision over credit institutions or in the sense of Article 95, §§ 5bis and 5ter, of the Act of 6 April 1995 concerning the status of and supervision over investment firms" are replaced by the words "in the sense of Article 3, 65° of the Act of 25 April 2014 on the status of and supervision over credit institutions and brokerage companies"; 2° the provision under 5° is supplemented with the words "and to the body responsible for financing arrangements for resolution".

Art. 82. In Article 36/17, § 1 of the same Act, last amended by the Royal Decree of 12 November 2013, the words "in Article 4, paragraph 1, 22) of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 concerning markets in financial instruments, and in Article 4, 4) of Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 concerning the access to the activity of credit institutions and the exercise thereof, in order to comply with the obligations arising from the aforementioned Directive 2004/39/EC" are replaced by the words "in Article 4, paragraph 1, point 26) of Directive 2014/65/EU and in Article 3, paragraph 1, point 36) of Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and on the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC, in order to comply with the obligations arising from the aforementioned Directive 2014/65/EU".

Art. 83. In Article 36/24 of the same Act, last amended by the Act of 13 March 2016, the following amendments are made:

1° in paragraph 1, 1°, the words "the Act of 25 April 2014 on the status of and supervision over credit institutions, the Act of 6 April 1995 concerning the status of and supervision over investment firms" are replaced by the words "the Act of 25 April 2014 on the status of and supervision over credit institutions and brokerage companies, the Act of 25 October 2016 concerning access to the investment services business and concerning the status of and supervision over asset management companies and investment advice firms"; 2° in paragraph 2, the words "of the Act of 25 April 2014 on the status of and supervision over credit institutions" are replaced by the words "of the Act of 25 April 2014 on the status of and supervision over credit institutions and brokerage companies".

Art. 84. In Article 36/34, § 3, first paragraph, of the same law, inserted by the Law of 25 April 2014, the words "the Bank takes into account the recommendations of the European Systemic Risk Board (ESRB), as well as" are replaced by the words "the Bank takes into account the recommendations of the European Systemic Risk Board (ESRB), which it declares applicable, where appropriate, by regulations adopted pursuant to Article 12bis, § 2, according to the modalities it determines. The Bank also takes into account".

Subsection 3. — Amendments to the Law of 28 April 1999 implementing Directive 98/26/EC of 19 May 1998 on the finality of settlement in payment and securities settlement systems

Art. 85. In Article 1/1, first paragraph, 1°, third dash, of the Law of 28 April 1999 implementing Directive 98/26/EC of 19 May 1998 on the finality of settlement in payment and securities settlement systems, inserted by the Law of 26 September 2011, the words "the European Commission" are replaced by the words "the European Securities and Markets Authority".

Subsection 4. — Amendments to the Law of 21 December 2009 on the status of payment institutions and electronic money institutions, access to the business of payment service providers and to the activity of issuing electronic money, and access to payment systems

Art. 86. In Article 4 of the Law of 21 December 2009 on the status of payment institutions and electronic money institutions, access to the business of payment service providers and to the activity of issuing electronic money, and access to payment systems, last amended by the Law of 19 April 2014, the following amendments are made:

1° in the provision under 20°, the word "banking law" is replaced by the words "Law of 25 April 2014";

2° the provision under 22° is replaced as follows:
"22° Law of 25 April 2014: Law of 25 April 2014 on the status and supervision of credit institutions and stockbroking companies;".

Art. 87. In Article 5, 1° of the same law, last amended by the Law of 25 April 2014, the following amendments are made:

1° the words "Articles 312 or 313 of the banking law" are replaced by the words "Articles 312 and 313 of the Law of 25 April 2014";

2° the words "Article 333 of the banking law" are replaced by the words "Article 333 of the Law of 25 April 2014".

Art. 88. In Article 7, 8° of the same law, last amended by the Law of 25 April 2014, the words "within the meaning of Article 3, 29°, of the banking law" are replaced by the words "within the meaning of Article 3, 29°, of the Law of 25 April 2014".

Art. 89. In Article 13, § 3 of the same law, last amended by the Law of 25 April 2014, the word "banking law" is replaced by the words "Law of 25 April 2014".

Art. 90. In Article 21 of the same law, last amended by the Law of 25 April 2014, the following amendments are made:

1° in paragraph 4, the second paragraph is replaced as follows:
"The funds that payment institutions receive from payment service users in the context of payment services are not deposits or other repayable funds within the meaning of Article 1, § 3, first paragraph of the Law of 25 April 2014, nor electronic money.";

2° paragraph 5 is replaced as follows:
"§ 5. Payment institutions may not receive deposits or other repayable funds within the meaning of Article 1, § 3, first paragraph of the Law of 25 April 2014, nor issue payment instruments in the form of electronic money.";

3° paragraph 7 is replaced as follows:
"§ 7. When a payment institution offers or performs foreign exchange transactions as referred to in Article 102, second paragraph, of the Law of 25 October 2016 concerning access to the investment services business and concerning the status of and supervision over portfolio management companies and investment advice companies, Article 103 of that law is not applicable to it.

Without prejudice to the first paragraph, the payment institutions concerned are, with regard to the aforementioned activity consisting in performing foreign exchange transactions, included in the list of exchange offices registered in Belgium with the mention 'payment institution performing transactions as referred to in Article 102, second paragraph, of the Law of 25 October 2016 concerning access to the investment services business and concerning the status of and supervision over portfolio management companies and investment advice companies'. To this end, the Bank informs the FSMA when it has granted a license to such a payment institution or when a payment institution to which it has granted a license subsequently offers or performs foreign exchange transactions.".

Art. 91. In Article 22, § 1, b), 3° of the same law, the words "within the meaning of Article 77, § 2, of the Law of 6 April 1995 on the status and supervision of investment firms" are replaced by the words "within the meaning of Article 533, § 2, 4° of the Law of 25 April 2014".

Art. 92. In Article 28, first paragraph of the same law, last amended by the Law of 25 April 2014, the word "banking law" is replaced by the words "Law of 25 April 2014".

Art. 93. In Article 32, third paragraph of the same law, last amended by the Law of 25 April 2014, the word "banking law" is replaced by the words "Law of 25 April 2014".

Art. 94. In Article 48, § 1, 2° of the same law, last amended by the Law of 25 April 2014, the word "banking law" is replaced by the words "Law of 25 April 2014".

Art. 95. In Article 57, third paragraph of the same law, last amended by the Law of 25 April 2014, the word "banking law" is replaced by the words "Law of 25 April 2014".

Art. 96. In Article 58, second paragraph, the words "pursuant to Article 139 of the Law of 6 April 1995 on the status and supervision of investment firms" are replaced by the words "pursuant to Article 103 of the Law of 25 October 2016 concerning access to the investment services business and concerning the status of and supervision over portfolio management companies and investment advice companies".

Art. 97. In Article 59, 1° of the same law, last amended by the Law of 25 April 2014, the following amendments are made:

1° the words "Articles 312 or 313 of the banking law" are replaced by the words "Articles 312 and 313 of the Law of 25 April 2014";

2° the words "Article 333 of the banking law" are replaced by the words "Article 333 of the Law of 25 April 2014".

Art. 98. In Article 62, § 1, 8° of the same law, last amended by the Law of 25 April 2014, the words "within the meaning of Article 3, 29°, of the banking law" are replaced by the words "within the meaning of Article 3, 29°, of the Law of 25 April 2014".

Art. 99. In Article 68, § 3 of the same law, last amended by the Law of 25 April 2014, the word "banking law" is replaced by the words "Law of 25 April 2014".

Art. 100. In Article 73, § 1 of the same law, the word "banking law" is replaced by the words "Law of 25 April 2014" each time.

Art. 101. In Article 77, §§ 4 and 5 of the same law, last amended by the Law of 25 April 2014, the words "within the meaning of Article 1 of the banking law" are replaced by the words "within the meaning of Article 1, § 3, first paragraph of the Law of 25 April 2014".

Art. 102. In Article 100, 2° of the same law, last amended by the Law of 25 April 2014, the word "banking law" is replaced by the words "Law of 25 April 2014".

Art. 103. In Article 105, § 1, 2° of the same law, last amended by the Law of 25 April 2014, the word "banking law" is replaced by the words "Law of 25 April 2014".

Sub-section 5. — Amendments to the Law of 13 March 2016 on the status and supervision of insurance or reinsurance undertakings

Art. 104. The following amendments are made to Article 15 of the Law of 13 March 2016 on the status and supervision of insurance or reinsurance undertakings:

1° the provision under 10° is replaced as follows:

"10° "Law of 25 October 2016": the Law of 25 October 2016 on access to the investment services business and concerning the status and supervision of portfolio management companies and investment advisory companies";

2° the provision under 14° is replaced as follows:

"14° "Law of 25 April 2014": the Law of 25 April 2014 on the status and supervision of credit institutions and stock exchange companies";

3° the provision under 47° is replaced as follows:

"47° "investment firm": an investment firm within the meaning of Article 3, § 1 of the Law of 25 October 2016";

4° in the provision under 48°, the words "or stock exchange company" are inserted between the words "which is not a credit institution" and the word "is";

5° in the provision under 91°, the words ", stock exchange companies" are inserted between the word "credit institutions" and the words "or financial institutions".

Art. 105. In Article 338, first paragraph, 9°, c) of the same law, the words "within the meaning of Article 46, 2°, of the Law of 6 April 1995, a financial institution within the meaning of Article 46, 29°, of that same law" are replaced by the words "within the meaning of Article 3, 72°, of the Law of 25 April 2014, a financial institution within the meaning of Article 3, 41°, of that same law".

Art. 106. The following amendments are made to Article 340 of the same law:

1° in the provision under 8°, the words "the Law of 6 April 1995" are replaced by the words "the Law of 25 October 2016";

2° in the provision under 11°, the words "of the Law of 25 April 2014, Article 95 of the Law of 6 April 1995" are replaced by the words "or Articles 573 to 576 of the Law of 25 April 2014, Article 59 of the Law of 25 October 2016".

Art. 107. In Article 489, § 1 of the same law, the words "Article 96 of the Law of 6 April 1995" are replaced by the words "Article 578 of the Law of 25 April 2014".

Art. 108. In Article 603, § 4 of the same law, the words "by the Administration of the Cadastre, the Registration and the Domains" are replaced by the words "by the General Administration of Collection and Recovery of the Federal Public Service Finance".

Art. 109. In Article 604, § 3 of the same law, the words "by the Administration of the Cadastre, the Registration and the Domains" are replaced by the words "by the General Administration of Collection and Recovery of the Federal Public Service Finance".

Section 3. — Transitional provisions

Art. 110. § 1. The royal decrees and regulations of the Bank and all other acts of a regulatory nature adopted in implementation of the Law of 6 April 1995 with regard to stock exchange companies remain applicable insofar as the provisions of this law provide for the general or specific legal authorizations necessary for these regulatory acts and their content is not contrary to this law.

§ 2. The authorizations and derogations granted by the Bank and all acts of individual scope adopted previously on the basis of the aforementioned Law of 6 April 1995 or of the regulatory acts adopted for its implementation remain valid, unless they are revoked or modified in accordance with this law.

Art. 111. Without prejudice to Article 508 of the Law of 25 April 2014, inserted by Article 72, stock exchange companies that hold a license on the date of entry into force of this law must establish a management committee in accordance with Article 503 of the Law of 25 April 2014, inserted by Article 72, no later than 31 December 2017.

Art. 112. Without prejudice to Articles 507 and 508 of the Law of 25 April 2014, inserted by Article 72, stock exchange companies that hold a license on the date of entry into force of this law must establish the committees referred to in Article 504 of the Law of 25 April 2014, inserted by Article 72, no later than 31 December 2017.

Art. 113. By way of derogation from Article 525 of the Law of 25 April 2014, inserted by Article 72, insofar as this Article 62, § 5, applies to stock exchange companies, a member of the statutory governing body of a stock exchange company who does not participate in the effective management of that stock exchange company and who is appointed following the acquisition of a participation or the takeover of the activities of a company in which that same person participates in the effective management, may continue to exercise the mandate he holds within that latter company on the date of entry into force of this law until its expiry, insofar as that mandate is not exercised for longer than 6 years after the aforementioned acquisition or takeover.

Art. 114. By way of derogation from Article 525 of the Law of 25 April 2014, inserted by Article 72, insofar as this Article 62, § 6, of the Law of 25 April 2014 applies to stock exchange companies, the members of the management committee or, in the absence of a management committee, the persons who participate in the effective management of a stock exchange company, may exercise a mandate that involves participation in the daily management of a company of which they are the sole leaders and whose business is limited to providing management services to the companies referred to in Article 62, § 6, of the Law of 25 April 2014 or to that of a holding company, for a period of three years from the date of entry into force of this law.

Art. 115. Article 1 of Annex II, as declared applicable to stock exchange companies by Article 531 of the Law of 25 April 2014, inserted by Article 72, applies only with regard to services provided from 1 January 2016.

Art. 116. Loans, credits or guarantees granted before the entry into force of this law and which do not comply with the provisions of Article 535 of the Law of 25 April 2014, inserted by Article 72, insofar as this Article 72, § 2, of the Law of 25 April 2014 is declared applicable to stock exchange companies, must be terminated no later than twelve months after the date of entry into force of this law.

Art. 117. The obligation to draw up a recovery plan as referred to in Article 557 of the Law of 25 April 2014, inserted by Article 72, insofar as this Article 108 of the Law of 25 April 2014 applies to stock exchange companies as referred to in Article 499, § 2, of the Law of 25 April 2014, inserted by Article 72, must be fulfilled within the period set in the regulation adopted pursuant to Article 112 of the Law of 25 April 2014, as declared applicable to those stock exchange companies by the aforementioned Article 557 of the Law of 25 April 2014.

Art. 118. The obligation to draw up a resolution plan as referred to in Article 581 of the Law of 25 April 2014, inserted by Article 72, insofar as this Article 226 of the Law of 25 April 2014 applies to stock exchange companies as referred to in Article 499, § 2, of the Law of 25 April 2014, inserted by Article 72, must be fulfilled within the period set in the royal decree adopted pursuant to Article 227, § 2, of the Law of 25 April 2014, as declared applicable to those stock exchange companies by the aforementioned Article 581 of the Law of 25 April 2014.

Art. 119. Until the date of entry into force of Articles 50 and 51 of Directive 2013/36/EU in accordance with Article 151 of that directive:

1° in Article 161, as declared applicable by Article 571 of the Law of 25 April 2014, inserted by Article 72, to stock exchange companies that may provide the services mentioned in Article 2, 1°, 3 and 6 of the Law of 25 October 2016:

a) in paragraph 1, first sentence, the words "to facilitate cooperation under Articles 158 and 160" are replaced by the words "to facilitate reaching a joint decision on the designation of a branch as significant in application of Article 159 and the exchange of information";

b) in paragraph 2, the words "as referred to in Articles 134, § 2, and 156, § 2, as well as with the obligations referred to in Article 160" are replaced by the words "as referred to in Article 156, § 2, as well as with the obligations referred to in Article 160".

2° Article 325 of the Law of 25 April 2014, as declared applicable to stock exchange companies by Article 598 of the Law of 25 April 2014, inserted by Article 72, must be read as follows:

"After having notified the competent authority of the home Member State of the foreign stock exchange company, the Bank may carry out on-site inspections to verify the extent to which the activities of the branch in Belgium are in compliance with the applicable provisions of this Chapter."

CHAPTER 4. — Entry into force

Art. 120. This law enters into force on the tenth day following its publication in the Belgian Official Journal.

However,

1° Articles 17, 18, 19, 48, 49, 77, 3° to 5° and 82 enter into force on the date set in Article 93, paragraph 1, second paragraph of Directive 2014/65/EU for the entry into force of the national provisions transposing the said directive;

2° the following provisions of Book XII of the Law of 25 April 2014, as inserted by Article 72, enter into force on the date of entry into force of Articles 50 and 51 of Directive 2013/36/EU in accordance with Article 151 of this directive:

a) Article 570 of the Law of 25 April 2014, insofar as this Article 158, §§ 2 to 5, of the Law of 25 April 2014 applies to stock exchange companies;

b) Article 571 of the Law of 25 April 2014, insofar as this Article 160, §§ 3 and 4, of the Law of 25 April 2014 applies to stock exchange companies that may provide the services mentioned in Article 2, 1°, 3 and 6 of the Law of 25 October 2016;

c) Article 572 of the Law of 25 April 2014, insofar as this Article 162, §§ 3 and 4, of the Law of 25 April 2014 applies to stock exchange companies;

d) Article 596 of the Law of 25 April 2014, insofar as this Article 321, of the Law of 25 April 2014 applies to stock exchange companies;

e) Article 597 of the Law of 25 April 2014, insofar as this Article 323, of the Law of 25 April 2014 applies to stock exchange companies that hold a license to provide the services mentioned in Article 2, 1°, 3 and 6 of the Law of 25 October 2016.

Given in Brussels, 25 October 2016.

FILIP

By the King:

The Minister of Finance,
J. VAN OVERTVELDT

Sealed with the Seal of the State:

The Minister of Justice,
K. GEENS

Note

(1) Chamber of Representatives (www.dekamer.be)

Documents: 54-2058

Sub-section 5. — Amendments to the Law of 13 March 2016 on the status and supervision of insurance or reinsurance undertakings

Section 3. — Transitional provisions

CHAPTER 4. — Entry into force

Lineage: No known changes