Law of 5 September 2018 amending provisions of the law of 22 February 1998 on the organic statute of the National Bank of Belgium and the law of 2 August 2002 on financial sector supervision regarding appeals against certain decisions of the FSMA and the NBB concerning financial instruments and central securities depositories

FEDERAL PUBLIC SERVICE FINANCES [C - 2018/13546] 5 SEPTEMBER 2018. — Law amending the provisions of the law of 22 February 1998 fixing the organic statute of the National Bank of Belgium and of the law of 2 August 2002 concerning the supervision of the financial sector and financial services regarding the appeal that may be lodged against certain decisions of the FSMA and of the NBB concerning financial instruments and central securities depositories

PHILIP, King of the Belgians,

To all whom these presents shall come, Greeting.

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

CHAPTER 1. — General provision

Article 1. This law regulates a matter referred to in Article 78 of the Constitution.

CHAPTER 2. — Amendments to the law of 22 February 1998 fixing the organic statute of the National Bank of Belgium

Art. 2. In Article 36/22 of the law of 22 February 1998 fixing the organic statute of the National Bank of Belgium, inserted by the Royal Decree of 3 March 2011 and lastly amended by the law of 27 April 2018, the following amendments are made:

1° provisions 24°, 25° and 26° are repealed;

2° provisions 26°/1, 26°/2, 26°/3, 26°/4 and 26°/5 are inserted, worded as follows:

“26°/1 by the license applicant, against the decisions taken by the Bank pursuant to Articles 17 and 55 of Regulation 909/2014. A same appeal may be lodged if the Bank has not ruled within the time limits set in the eighth paragraph of the aforementioned Article 17. In this latter case, the appeal is treated as if the application had been rejected;

26°/2 by the license applicant, against the decisions taken by the Bank pursuant to Article 36/26/1, § 5 or § 6. A same appeal may be lodged if the Bank has not ruled within the time limits set in the aforementioned Article. In this latter case, the appeal is treated as if the application had been rejected;

26°/3 by the central securities depository, against the decisions taken by the Bank pursuant to Article 23, paragraph 4 of Regulation 909/2014 and by the entity providing support to a central securities depository or by the depositary bank, against the similar decisions taken by the Bank pursuant to Article 36/26/1, § 5 or § 6;

26°/4 by the central securities depository, against the decisions taken by the Bank pursuant to Articles 20 and 57 of Regulation 909/2014 and by the entity providing support to a central securities depository or by the depositary bank, against the similar decisions taken by the Bank pursuant to Article 36/26/1, § 5 or § 6. The appeal suspends the decision and its publication, unless the Bank, in case of serious danger to clients or financial markets, has declared its decision executable notwithstanding any appeal;

26°/5 by the central securities depository, against the decisions taken by the Bank pursuant to Article 36/30/1, § 2, 3° to 6°, and by the entity providing support to a central securities depository or by the depositary bank, against the similar decisions taken by the Bank pursuant to Article 36/26/1, § 5 or § 6. The appeal suspends the decision and its publication, unless the Bank, in case of serious danger to clients or financial markets, has declared its decision executable notwithstanding any appeal.”;

3° in provision 35°, the words “Articles 36/3, § 5, 36/19, fifth paragraph and 36/30, § 1, second paragraph, 2° of this law” are replaced by the words “Articles 36/3, § 5, 36/19, fifth paragraph, 36/30, § 1, second paragraph, 2°, and 36/30/1, § 2, 2°, of this law”.

CHAPTER 3. — Amendment to the law of 2 August 2002 concerning the supervision of the financial sector and financial services

Art. 3. In Article 122, 44°, of the law of 2 August 2002 concerning the supervision of the financial sector and financial services, inserted by the Royal Decree of 3 March 2011, the words “, central securities depository, entity providing support to a central securities depository, depositary bank, central counterparty” are inserted between the words “by the regulated undertaking” and the words “or insurance undertaking”.

CHAPTER 4. — Entry into force

Art. 4. This law enters into force on the tenth day following its publication in the Belgian State Gazette, with the exception of Article 2, 1°, the entry into force date of which is determined by the King, and no later than 1 January 2020.

We proclaim this law, order that it be sealed with the State Seal and published in the Belgian State Gazette.

Given in Brussels, 5 September 2018.

PHILIP

By the King:

The Minister of Finance, J. VAN OVERTVELDT

Sealed with the State Seal:

The Minister of Justice, K. GEENS

Note (1) Chamber of Representatives (www.dekamer.be) Documents: K 54-3178 Full report: 17 July 2018.