Ministerial Decree of 7 December 2016 renewing the recognition of a centralized system for the lending and borrowing of financial instruments under articles 735 to 7312 of the Royal Decree/Income Tax Code 92

FEDERAL PUBLIC SERVICE FINANCE
[C − 2016/03445]
7 DECEMBER 2016. — Ministerial Decree renewing the recognition of a centralized system for the lending and borrowing of financial instruments taken in execution of articles 735 to 7312 of the Royal Decree/Income Tax Code 92 establishing the recognition conditions that a centralized system for the lending and borrowing of financial instruments integrated into a payment and settlement system for securities transactions must meet and the period during which the recognition can be granted

The Minister of Finance,

Having regard to article 261, third paragraph, of the Income Tax Code 1992 (ITC 92), introduced by article 54, 3°, of the law of 15 December 2004 concerning financial collateral and containing various provisions regarding real collateral agreements and loans relating to financial instruments;

Having regard to articles 735 to 7312 of the Royal Decree implementing the ITC 92 (RD/ITC 92), introduced by Royal Decree of 29 November 2000 establishing the conditions that a centralized system for the lending and borrowing of shares integrated into a payment and settlement system for securities transactions must meet and the period during which the recognition can be granted and amended by articles 2 to 9 of the Royal Decree of 20 January 2005 amending the RD/ITC 92 regarding withholding tax on income paid or granted in execution of real collateral agreements and loans relating to financial instruments;

Having regard to the Ministerial Decree of 1 October 2004 recognizing the centralized system for the lending and borrowing of financial instruments managed by Euroclear Bank as a centralized system for the lending and borrowing of shares within the meaning of article 735 of the RD/ITC 92;

Having regard to the fact that the aforementioned recognition was renewed by ministerial decrees of 20 November 2006 for a period of five years from 1 January 2007 to 31 December 2011, and of 25 November 2011 for an additional period of five years from 1 January 2012 to 31 December 2016;

Having regard to the application submitted by Euroclear Bank on 18 November 2016, to renew the recognition as a centralized system for the lending and borrowing of financial instruments within the meaning of article 735 of the RD/ITC 92 of the centralized system for the lending and borrowing of financial instruments managed by Euroclear Bank;

Having regard to the general terms and conditions applicable to the centralized system for the lending and borrowing of financial instruments, managed by Euroclear Bank, named ″Supplementary Terms and Conditions governing the Lending and Borrowing of Securities through Euroclear″, and supplemented by part II-D- Securities Lending and Borrowing of the ″ Operating Procedures of the Euroclear System ″;

Considering that the centralized system for the lending and borrowing of financial instruments managed by Euroclear Bank partially meets the conditions provided for in article 736 of the RD/ITC 92,

Decides :

Article 1. The centralized system for the lending and borrowing of financial instruments managed by Euroclear Bank is recognized as a centralized system for the lending and borrowing of financial instruments as referred to in article 261, third paragraph, of the ITC 92, to the extent that participants do not use contractual clauses that do not allow the conditions referred to in article 736 of the RD/ITC 92 to be respected.

Art. 2. This recognition is renewed for the period from 1 January 2017 to 31 December 2021, except in case of loss of recognition under the circumstances mentioned in articles 7310 and 7312 of the RD/ITC 92. The publication of this ministerial decree in the Belgian Official Gazette serves as notification.

Art. 3. It is the responsibility of the manager of the centralized system to inform its participants of :

• the date from which it no longer makes use of this recognition;

• the categories of financial instruments eligible for the centralized system for which the manager makes use of the recognition, and

• the clauses of the general terms and conditions that do not comply with the conditions referred to in article 736 of the RD/ITC 92.

Brussels, 7 December 2016.

J. VAN OVERTVELDT

BELGIAN OFFICIAL GAZETTE — 09.12.2016 — BELGIAN OFFICIAL GAZETTE 80887

80888 BELGIAN OFFICIAL GAZETTE — 09.12.2016 — BELGIAN OFFICIAL GAZETTE