Royal Decree of 21 November 2016 amending the Royal Decree of 16 March 2009 on the protection of deposits and life insurance by the Special Protection Fund for deposits and life insurance

FEDERAL PUBLIC SERVICE FINANCES
[C − 2016/03420]
21 NOVEMBER 2016. — Royal Decree amending the Royal Decree of 16 March 2009 concerning the protection of deposits and life insurance by the Special Protection Fund for deposits and life insurance

REPORT TO THE KING

Sire,

On 12 May 2016, the Belgian State Gazette published the Law of 22 April 2016 transposing Directive 2014/49/EU on deposit guarantee schemes and containing various provisions. That Directive is a recast of the previous Directive on deposit guarantee schemes (Directive 94/19/EC, amended by Directive 2009/9/EU) and modifies a number of existing rules or updates them with a view to better protection of the depositor and greater European harmonisation.

The Law of 22 April 2016 initially brought about modifications to the provisions on deposit protection contained both in the Law of 25 April 2014 on the status and supervision of credit institutions (hereinafter the “Banking Law”), and in the Royal Decree of 14 November 2008, the title of which was simultaneously adapted to Royal Decree of 14 November 2008 implementing the crisis measures provided for in the Law of 22 February 1998 laying down the organic statute of the National Bank of Belgium, as regards the establishment of the Guarantee Fund for Financial Services (hereinafter the “Royal Decree of 14 November 2008”).

Both the Banking Law and the Royal Decree of 14 November 2008 grant the King the competence to determine the application modalities of certain articles. This further implementation is regulated by the Royal Decree of 16 March 2009 concerning the protection of deposits and life insurance by the Special Protection Fund for deposits and life insurance (hereinafter the “Royal Decree of 16 March 2009”).

Directive 2014/49/EU and the consequent adaptations of the Banking Law and of the Royal Decree of 14 November 2008 by the Law of 22 April 2016 make it necessary to update this implementing decree of 2009.

The Royal Decree submitted for Your signature adapts provisions of the Royal Decree of 16 March 2009 relating to the practical modalities regarding the granting, calculation and payment of compensation and their financing.

The present Royal Decree is based in particular on the competence delegations contained in the Banking Law, Article 380, paragraph 1, Article 381, paragraphs 3 and 4, Article 381/1, Article 419/1 and Article 419/2, as well as in the Royal Decree of 14 November 2008, Article 3, Article 5, last paragraph, Article 5/1 and Article 8, § 1, last paragraph and 9, § 4, paragraph 4.

COMMENTARY ON THE ARTICLES

Preamble
The preamble has been amended in accordance with the observations of the Council of State.

Article 1
This article gives the European legal basis on which the Decree rests.

Article 2
The “Special Protection Fund for Deposits and Life Insurance” has become the “Guarantee Fund” following the amendment of the Royal Decree of 14 November 2008 by the Law of 22 April 2016 and has been repealed. This article therefore updates the title of the Royal Decree of 16 March 2009.

Article 3
This article modifies the definitions following the modifications made to the Royal Decree of 14 November 2008.

A definition of blocked deposits is added to clarify the exclusion referred to in Article 10, 11° of the draft. The European Directive uses the term “unavailable deposit” when the administrative authority has established that a credit institution no longer appears capable of repaying the deposit and does not appear likely to be able to do so in the near future, or when a judicial authority has, for reasons directly linked to the financial position of the credit institution, issued a ruling leading to the suspension of depositors’ rights to bring claims against that credit institution.

For this reason, the terminology used must be adapted. This will also ensure that the notion of “unavailable deposits”, as defined in the Directive, is not confused with the notion of “blocked deposits”. The latter are deposits that are unavailable for legal, judicial or contractual reasons.

The definitions of investment firm and insured deposits are added to clarify their scope with regard to the provisions on deposit protection in the Law of 6 April 1995 on the status and supervision of investment firms and with regard to the Banking Law.

The definition of investment firm was amended following the advice of the Council of State, in the sense that the “investment firms” referred to in Article 112 of the Law of 6 April 1995 on the status and supervision of investment firms are meant.

Article 4
The term “investment firm” does not include the management companies of collective investment undertakings and the management companies of alternative collective investment undertakings under Belgian law, in accordance with Article 112 of the Law of 6 April 1995. Given that this is a common section for all undertakings covered by deposit protection, the management companies of UCIs and AUCIs must be mentioned in the title.

Article 5
This article is intended to adapt the references, following the modifications of the various legislations, or to clarify the reference.

Article 6
This article modifies the terminology following the amendment of the Royal Decree of 14 November 2008.

Article 7
As a result of the Law of 22 April 2016, which replaces the Special Protection Fund with the Guarantee Fund, the new name of the Guarantee Fund must be inserted throughout the text.

Article 8
This article is intended to adapt the references.

Article 9
This article is intended to bring more clarity and coherence to the words used in the legislative texts concerning deposit guarantee.

Article 10
This concerns the adaptation of the words used following the amendment of the Royal Decree of 14 November 2008.

Article 11
The term “investment firm” does not include the management companies of collective investment undertakings and the management companies of alternative collective investment undertakings under Belgian law. Given that this is a common section for all undertakings covered by deposit protection, the management companies of UCIs and AUCIs must be mentioned in the title.

Article 12
The Banking Law, amended by the Law of 22 April 2016, now determines the time of intervention of the Guarantee Fund for credit institutions in Article 381. The intervention of the Guarantee Fund for other undertakings, with the exception of insurance companies, is laid down in the Law of 6 April 1995 on the status and supervision of investment firms, in Article 113. This article therefore further describes the moment of intervention by the Guarantee Fund for each type of undertaking.

This article is also intended to adapt the references.

This article was improved in accordance with the advice of the Council of State.

Article 13
Recital 20 of the Directive provides that the same coverage level must apply to all depositors, regardless of whether the currency of the Member State is the euro or not. The current provision must therefore be replaced as all currencies are now covered.

The reference to treasury bills is replaced by the notion of protected deposits referred to in Article 5, first paragraph, 1° and 2° of the Royal Decree of 14 November 2008, to obtain greater legal certainty.

Article 14
This article implements Article 4.8 of the Directive, which provides that the deposit guarantee scheme shall at all times and at its request, receive all information from its members necessary to prepare repayments to depositors, including the markings made in the context of eligible deposits.

Article 15
This article corrects an error in the current text of the Royal Decree of 16 March 2009. Indeed, it is not the funds of clients at a brokerage firm resulting from deposits intended for the acquisition of financial instruments or pending repayment, entrusted by clients to a portfolio management company or a management company of collective investment undertakings or a management company of alternative collective investment undertakings, that must be referred to, but rather the funds entrusted by clients to these latter companies.

Article 16
This article corrects an error in the Dutch text and also adapts the references.

Article 17
European Directive 2014/49 has explicitly formulated the categories of deposits excluded from protection by the Guarantee Fund. The categories of deposits excluded under current legislation must be brought into line with the categories of deposits excluded by the Directive.

Article 5 of the Royal Decree of 14 November 2008 authorises You to define the categories of funds and depositors excluded from the scope of protection by the Guarantee Fund.

Article 5(1) a) and e) of the Directive contains an exclusion of deposits made by other credit institutions acting in their own name and for their own account, and an exclusion of deposits made by investment firms, regardless of whether they act in their own name and for their own account.

Article 5(1) h) of the Directive excludes deposits made by collective investment undertakings. The management companies of collective investment undertakings are themselves a separate category of collective investment undertakings. It is therefore preferable to indicate the two forms of management companies.

The provisions concerning the exclusion of large undertakings, reproduced in Article 10, 1°, e) of the Royal Decree of 16 March 2009, must be deleted as they are not reproduced in Article 5 of the Directive.

The Directive provides in recital 31 that certain depositors, in particular governments and financial institutions, should not be eligible for deposit protection. The limited number of such depositors compared to all other depositors reduces the impact on financial stability if a credit institution fails. Furthermore, governments have much easier access to credit than citizens. Pursuant to Regulation (EU) No 549/2013 of the European Parliament and of the Council of 21 May 2013 on the European system of national and regional accounts in the European Union, the government sector (S.13) includes all institutional units that are non-market producers whose output is intended for individual or collective consumption, and which are financed by compulsory payments by units belonging to other sectors, and institutional units whose main activity is the redistribution of national income and wealth. The same criteria are used for foreign governments.

The option mentioned in Article 5(2) b) of the Directive, which allows Member States to protect deposits held by local authorities whose annual budget does not exceed 500,000 euros, has not been used.

The exclusions regarding the assets of directors, the assets of other group companies, and the assets linked to a favorable interest rate could no longer be maintained for credit institutions. The exclusion for other companies was deleted in the interest of coherence and clarity.

Article 5(1)(b) of the directive is transposed into provision 8°. This Article was completed with the exact title of the regulation, in accordance with the advice of the Council of State.

Article 18
New exclusion categories are added.

Directive 2014/49/EU defines a deposit as "a credit balance resulting from funds left on account or from temporary situations arising from normal banking transactions, which the credit institution must repay in accordance with the applicable legal and contractual conditions (...)" (Article 2.1.(3)).

Certain companies approved by the King as central depositories for financial instruments within the meaning of the coordinated Royal Decree No. 62 of 10 November 1967 concerning the custody of fungible financial instruments and the settlement of transactions on these instruments, or holding a license as an entity equivalent to a settlement institution in accordance with Article 36/26, § 7, of the Act of 22 February 1998 laying down the organic statute of the National Bank of Belgium, are furthermore approved as credit institutions under Belgian law.

As central depositories for financial instruments or entities equivalent to settlement institutions, these companies provide certain banking services only as ancillary to their activities as market infrastructure. They do not receive deposits from the public and do not finance the real economy.

Therefore, the deposits received by these entities in this context do not arise from normal banking activities within the meaning of Directive 2014/49/EU.

Article 19
This Article transposes Article 8(9) of the directive regarding deposits for which no transaction has taken place during the last 24 months at the time of repayment by the deposit guarantee scheme.

Articles 20 and 21
These Articles aim to harmonize the terminology used in both the Royal Decree of 16 March 2009 and the Banking Act.

Article 22
The King determines the method of repayment in accordance with Articles 5/1 and 6 of the Royal Decree of 14 November 2008.

This Article aims to adapt the methods and conditions of payment in accordance with the directive.

To avoid the interpretation that multiple interventions would be possible, the notion of category was deleted, as the repayment limit provided for in Article 6, § 1 of the Royal Decree of 14 November 2008 is fixed per depositor and per institution, regardless of the deposit category concerned.

Recital 24 and Article 7(5) of the directive provide that deposit guarantee schemes may offset the obligations of the depositor with his claims, if those obligations are due before or on the date of unavailability. The Royal Decree of 16 March 2009 is therefore amended in this sense for credit institutions. Legal or conventional debt offsetting for all obligations is maintained for companies other than credit institutions.

As a result of the dematerialization of securities, the provisions under 3° and 4° of Article 11 of the Royal Decree of 16 March 2009 must be deleted.

Article 7(7) of the directive provides that the deposit guarantee scheme repays interest on deposits that has accrued but not yet credited on the date on which the relevant administrative authority establishes that the credit institution is no longer able to repay the deposit, or in the event of bankruptcy, without exceeding the limit of 100,000 euros. There is therefore no longer any question of revenues or potential ancillary revenues, which must therefore be deleted from the Royal Decree of 16 March 2009.

The directive contains no indication regarding the fixation of the exchange rate. It only states that the exchange rate used is the exchange rate applicable on the date on which the relevant administrative authority establishes that the credit institution is no longer able to repay the deposit, or on the date of bankruptcy. The National Bank of Belgium publishes daily rates, which are the result of a daily consultation procedure between the central banks of Europe and the rest of the world. This allows obtaining an exchange rate that is not contestable.

Article 7(3) of the directive provides that if the depositor is not the beneficiary of the amounts on the account, it is the beneficiary who is covered by the guarantee, provided that the identity of that person has been established or can be established before the date on which the supervisor makes the aforementioned determination. This clarification must therefore be added.

The provision under 12° of Article 11 of the Royal Decree of 16 March 2009 is amended to respect the segregation obligation provided for in Article 61 of the Royal Decree of 3 June 2007 laying down detailed rules for the implementation of the directive concerning markets for financial instruments.

This article is also intended to adapt the references.

Article 23
This article is intended to adapt the references.

Article 24
This Article transposes Article 14(1) of the directive, which provides that the deposit guarantee scheme provides protection for depositors of branches established by their credit institutions in other Member States.

The concordance of the French and Dutch versions was checked, in accordance with the advice of the Council of State. The Council of State suggests checking the entire decree regarding the use of the concept "assets" and the concept "deposits." These terms are used in the Royal Decree of 14 November 2008 implementing the crisis measures provided for in the Act of 22 February 1998 laying down the organic statute of the National Bank of Belgium, regarding the establishment of the Guarantee Fund for financial services. For the coherence of the entire legislation on deposit protection, the terms used in the 2009 Royal Decree will be modified in a manner similar to the modifications that will be made in the future to other legislations.

Article 25
Article 4(10) of the directive provided for the introduction of stress tests on the mechanisms of the deposit guarantee scheme. To strengthen and secure the deposit guarantee scheme, the project submitted to you introduces for credit institutions the development of a manual, which will be controlled by the Guarantee Fund. This manual allows for the creation of an electronic file on the basis of which the Guarantee Fund will execute repayments. The stress tests allow for the evaluation of both this manual and the electronic file established in accordance with the manual. The practical and technical modalities for the development of the manual and the organization of these tests are delegated to the Minister of Finance. Furthermore, the Guarantee Fund may require the certification of the manual and/or the electronic file established in accordance with the manual when errors are discovered during a stress test. This certification must take place before the next test.

Article 26
The preparatory works of the Banking Act granted a broad scope to Article 44 of the Banking Act. This provision implies that membership in a deposit guarantee scheme and the obligations arising therefrom, particularly regarding contributions, form an integral part of the rules that constitute the legal status of the bank. If a credit institution no longer acts in accordance with these rules, the supervisor may take appropriate measures, namely recovery measures, and if necessary, the withdrawal of the license.

Article 27
The scope of the provision is expanded to include all types of companies. In addition, this article aims to delete the publication of the decision of the authority responsible for prudential supervision regarding the extension of the repayment period for interventions. The latter is no longer possible under the directive.

BELGISCH STAATSBLAD — 30.11.2016 − Ed. 2 — MONITEUR BELGE 79046

This article is also intended to adapt the references.

Article 23
This article is intended to adapt the references.

BELGISCH STAATSBLAD — 30.11.2016 − Ed. 2 — MONITEUR BELGE 79047

Article 28
Given that Article 8(6) of the Directive provides that the amount to be reimbursed is made available without the deposit guarantee scheme needing to be requested, the draft therefore provides for two different regimes for credit institutions and other undertakings. There is therefore no longer any reason to pay exclusively upon request.

Since the reimbursement periods under Articles 381 and 419 of the Banking Act are being gradually reduced to 7 days, the period for communicating data is also being gradually shortened to 3 days, with a transitional regime provided for in Article 54 of this draft.

The procedures related to the transmission of data and the content of the information are strengthened and secured.

Given the risks for the Guarantee Fund in the event of payment based on incorrect data, the certification of the electronic file or the data necessary for payment may be requested.

The provision under 7° has been improved in accordance with the advice of the Council of State.

Article 29
Article 8(6) of the European Directive provides for the making available of the amount to be reimbursed without it being necessary to submit an application. The draft therefore establishes a double regime: a reimbursement on its own initiative for the depositors of credit institutions, and a reimbursement following the submission of an application for other undertakings.

The Directive provides in Article 9(3) that Member States may limit the reimbursement period. This period will be determined by the Guarantee Fund, taking into account in particular the deadline for the submission by the Guarantee Fund of the claim against the defaulting undertaking.

Recital 41 of the Directive provides for the possibility of limiting the reimbursement period to allow the deposit guarantee scheme to exercise the rights into which it has stepped in before the date on which these rights must be registered in the context of the insolvency procedure.

The European Directive provides for an additional protection system for depositors when the Guarantee Fund fails to make the amount to be reimbursed available within a period of 7 working days. This additional protection allows the depositor to cover their living expenses. Article 419/1 of the Banking Act empowers You to determine the amount and the manner and conditions of granting this payment. This Article determines the amount to be made available and the procedure to be followed.

The use of language in correspondence between the deposit guarantee scheme and the depositor is regulated in Article 8(7) of the Directive, which is transposed into this draft.

This Article has been amended to mention the date and title of the "Banking Act", in accordance with the advice of the Council of State. Furthermore, the term "default" has been replaced by the reference to the Royal Decree of 14 November 2008, which covers the various hypotheses of intervention by the Guarantee Fund.

Article 30
For undertakings other than credit institutions, the submission of an application for intervention by the depositor remains required.

Furthermore, a transitional regime is introduced by Article 419/2 of the Banking Act, which is intended to temporarily maintain under the deposit guarantee scheme until their original maturity date, the bonds and other banking debt instruments which, before the date of entry into force of Article 419/2, were guaranteed by the deposit guarantee scheme and which have an original maturity date, if they were deposited or issued before 2 July 2014. For these bonds and securities, it is also necessary to submit an application and the documents justifying the protection must be provided.

Article 31
This Article provides for the introduction of electronic services as one of the means available to the depositor to submit their application for intervention.

Article 32
Article 8(5) of the Directive specifies various cases in which reimbursement may be delayed or extended for a certain duration. Given that these cases are listed exhaustively, the situations determined in the Decree and not intended by the Directive can only apply to undertakings other than banks.

Article 33
Given that applications for intervention are currently limited to undertakings that are not credit institutions, this is no longer a general application in the context of deposit protection.

Article 34
Article 381 of the Banking Act has transposed Articles 8(3) and 8(5) of the Directive and has empowered You to set the period within which reimbursement must take place, and for which cases reimbursement may be delayed.

Article 381 provides that reimbursement may be delayed when the amount to be reimbursed is considered to form part of a temporarily high balance. This situation will be dealt with in a separate Royal Decree discussed in the Council of Ministers, in accordance with Article 382 of the Banking Act. The draft submitted to You therefore does not apply to this situation.

Article 35
The Directive only provides for the possibility of refusing payment in the case of the offence of money laundering. A refusal resulting from infringements of other specific legal provisions must therefore not be retained. On the basis of the general legal principle of good faith, the refusal to pay in the event of false declarations is however retained.

Article 36
This Article is intended to adapt the references.

Article 37
A separate Royal Decree concerning the provision of information to depositors by credit institutions is being drawn up. The provisions related to it must therefore be repealed. Furthermore, management companies for UCITS and for SICAVs are prohibited from receiving, holding or keeping client funds (this prohibition is therefore broader than mere receipt). This clarification must therefore be made in the current text of the Royal Decree of 16 March 2009.

Article 38
This Article corrects an error in the current text of the Royal Decree of 16 March 2009.

Article 39
Article 8, § 1, third paragraph of the Royal Decree of 14 November 2008 empowers You to determine the method of payment of the entry fees of investment firms, credit institutions and insurance companies. This Article is intended to change the system for notifying the amount and to strengthen the content of the transmitted data.

Since the entry into force of the Law of 22 April 2016, the Protection Fund for Deposits and Financial Instruments no longer intervenes in deposit protection. Credit institutions and stock exchange companies must therefore communicate the data.

Article 8, § 1, 1°ter of the Royal Decree of 14 November 2008 provides that for credit institutions and investment firms, with the exception of wealth management and investment advice companies, the basis for annual contributions is formed by covered deposits as defined by Article 3, 68°, of the Law of 25 April 2014 on the status and supervision of credit institutions. This data must therefore be communicated to the Guarantee Fund to calculate the contribution. The retention of the communication of eligible deposits in addition to covered deposits is explained by the need for the National Bank of Belgium to obtain this data in order to monitor the "asset encumbrance" mechanism referred to in Article 110 of the Banking Act. This mechanism requires banks to maintain a degree of unencumbered assets based on their eligible deposits.

The quarterly calculation of the balances of covered deposits and eligible deposits is explained by the obligation incumbent on the Guarantee Fund to provide resolution authorities with the average amount of covered deposits of all their member credit institutions for the previous year, calculated quarterly in accordance with Article 16 of Delegated Regulation (EU) 2015/63 of the Commission of 21 October 2014 supplementing Directive 2014/59/EU of the European Parliament and of the Council as regards ex ante contributions to resolution financing arrangements.

The guidelines of the European Banking Authority provide for a procedure according to which improvements are implemented the following year at the next request for contribution. Improvements are therefore limited in time, to avoid any new calculations regarding errors made several years prior.

Article 40
This Article provides for the transposition of the introduction of cooperation between European deposit guarantee schemes, as intended in Article 14 of the Directive. This Article provides for the method of transfer from one deposit guarantee scheme to another when cooperation is established between two deposit guarantee schemes that have reached a level of protection comparable to that of the Guarantee Fund.

The Council of State proposes to replace the terms used in Article 40 regarding the transfer of an institution from one deposit guarantee scheme to another scheme of a Member State, to transpose Article 14, § 3 of Directive 2014/49/EU more accurately. This recommendation was not followed for two reasons. On the one hand, one must ensure that other Member States fulfill their own obligations. The initiative to pay the contribution must not come from the Belgian guarantee scheme but from the guarantee scheme of the other state where a new institution joins. On the other hand, it is possible that the financing mechanism in the new Member State is not similar (namely lower) to the Belgian one. In this case, there is no reason to pay this higher Belgian contribution.

Article 41
This Article is intended to adapt the references.

Article 42
The possibility of delaying reimbursement in order to proceed to the estimation referred to in this provision cannot be retained for credit institutions, given that the Directive has harmonized the conditions under which reimbursement can be delayed in Article 8.

Article 43
The new regulations for contributions are determined in Article 8 of the Royal Decree of 14 November 2008.

Article 44
This Article adapts references.

Article 45
This Article provides for the transposition of Article 11(6) of the Directive, which allows Member States to determine that the available financial resources may also be used to finance measures to secure depositors' access to covered deposits, including the transfer of assets and liabilities and the transfer of deposit portfolios, in the context of national insolvency procedures, provided that the costs borne by the deposit guarantee scheme are not higher than the net amount for compensating covered depositors at the relevant credit institution. This Article is also intended to adapt the references.

Article 46
This Article is intended to extend the scope of the amended provision to the management companies of UCITS and to those of SICAVs, given that these companies are not investment firms. This Article also adapts the references.

Article 47
The term "investment firm" does not include the management companies of collective investment undertakings.

Article 48
This Article extends the scope of the amended provision to the management companies of collective investment schemes, given that these companies are not investment firms. Foreign management companies of collective investment companies in securities, on the other hand, are excluded from protection pursuant to Article 112, third paragraph, of the Law of 6 April 1995 on the status and supervision of investment firms, even in the absence of an equivalent deposit guarantee scheme.

Article 49
This article is intended to bring the management companies of collective investment schemes within the scope of the amended provision, as these companies are not investment firms.

Article 50
This article amends the references.

Article 51
Given that the branch offices of portfolio management and investment advice companies and of management companies of collective investment schemes, pursuant to Article 112 of the Law of 6 April 1995 on the status and supervision of investment firms, are part of the deposit guarantee scheme, and considering that rights are always accompanied by obligations, these must be subject to the same financing system as the companies established in Belgium. These companies must not contribute in advance to the financing of the Guarantee Fund. When one of them, on the other hand, goes bankrupt, the others contribute via special annual contributions in order to repay the Guarantee Fund, regardless of which category of company has gone bankrupt.

Article 52
Pursuant to the Law of 12 May 2016, the Protection Fund for Deposits and Financial Instruments no longer intervenes in the management or establishment of the deposit guarantee scheme.

Article 53
This article is intended to add additional information to the annual report of the Cash Office for clarity.

Article 54
This article amends the heading of section 5, which now contains two provisions dealing with different matters.

Article 55
The current provision should no longer be retained as all insurance companies are now affiliated with the Guarantee Fund. A transitional arrangement is introduced for the period referred to in Article 14/1, § 1, second paragraph. This corresponds to the gradual shortening of the repayment period determined in Article 419 of the Banking Act. The wording of this article was revised for greater clarity, as requested by the Council of State.

Article 56
This article inserts a general limitation of the scope of the decree for temporary high account balances, the rules for which are detailed in a separate Royal Decree deliberated in the Council of Ministers.

Article 57
Given that the directive was to enter into force by 31 May 2016, the clear and precise provisions of the directive apply to applications pending with the Guarantee Fund at the time this decree takes effect.

I have the honour to be,
Sire,
Of Your Majesty, the very respectful and very faithful servant, The Minister of Finance, J. VAN OVERTVELDT

Article 48
This article includes in the scope of application of the modified provision the management companies of collective investment undertakings, these companies not being investment firms. On the other hand, foreign management companies of collective investment undertakings in securities are excluded from protection, even in the absence of an equivalent protection system, by virtue of Article 112, paragraph 3 of the Law of 6 April 1995 on the status and control of investment firms.

Article 49
This article aims to include in the scope of application of the modified provision the management companies of collective investment undertakings, these companies not being investment firms.

Article 50
This article aims to adapt the references.

Article 51
The branches of a portfolio management and investment advice company and of management companies of collective investment undertakings forming part of the deposit protection system by virtue of Article 112 of the Law of 6 April 1995 on the status and control of investment firms, and since rights go hand in hand with obligations, it is necessary to subject these companies to the same financing system as those established in Belgium. These companies must not contribute in advance to the financing of the Guarantee Fund. On the other hand, when one of them goes bankrupt, the others contribute by way of special annual contributions to reimburse the Guarantee Fund, regardless of the category of company that has defaulted.

Article 52
Following the Law of 12 May 2016, the Protection Fund for Financial Instruments no longer intervenes in the management or establishment of the deposit protection system.

Article 53
This article aims to add additional information to the annual report of the Cash Office for clarity.

Article 54
This article modifies the title of section 5, which now includes two provisions aiming at different things.

Article 55
The current provision should no longer be maintained, as insurance companies are all registered with the Guarantee Fund.
A transitional regime is established for the period referred to in Article 14/1, § 1, paragraph 2, corresponding to the gradual shortening of the repayment period provided for in Article 419 of the Banking Law.
The drafting of this article has been reviewed for greater clarity, as requested by the Council of State.

Article 56
This article inserts a general limitation of the scope of the decree to temporarily high deposits, the regime for which is detailed in a separate Royal Decree, deliberated in the Council of Ministers.

Article 57
The directive being required to enter into force by 31 May 2016, the applications pending at the Guarantee Fund at the time of entry into force of the present project are subject to the clear and precise provisions of the directive.

I have the honour to be,
Sire,
Of Your Majesty, the very respectful and very faithful servant, The Minister of Finance, J. VAN OVERTVELDT

BELGIAN OFFICIAL JOURNAL — 30.11.2016 — Ed. 2 — MONITEUR BELGE 79051

ADVISORY OPINION 60.206/2 OF 10 OCTOBER 2016 OF THE COUNCIL OF STATE, LEGISLATION SECTION, ON A DRAFT ROYAL DECREE 'AMENDING THE ROYAL DECREE OF 16 MARCH 2009 CONCERNING THE PROTECTION OF DEPOSITS AND LIFE INSURANCE BY THE SPECIAL PROTECTION FUND FOR DEPOSITS AND LIFE INSURANCE' On 4 October 2016, the Council of State, Legislation Section, was requested by the Minister of Finance, responsible for Combating Tax Fraud, to provide an opinion within a period of five working days on a draft royal decree 'amending the royal decree of 16 March 2009 concerning the protection of deposits and life insurance by the Special Protection Fund for deposits and life insurance'. The draft was examined by the second chamber on 10 October 2016 . The chamber was composed of Pierre Vandernoot , chamber president, Luc Detroux and Wanda Vogel , State Councillors, Sébastien Van Drooghenbroeck and Jacques Englebert , assessors, and Bernadette Vigneron , clerk. The report was presented by Jean-Luc Paquet, first auditor . The concordance between the French and Dutch text of the opinion was checked under the supervision of Wanda Vogel . The opinion, the text of which follows, was given on 10 October 2016 . Pursuant to Article 84, § 1, first paragraph, 3°, of the coordinated laws on the Council of State, the request for an opinion must in particular indicate the reasons justifying the urgent nature thereof. In this case, that motivation in the letter with the request for an opinion reads as follows :
"Due to the urgency motivated by the need to resolve, as quickly as possible, the problems posed following the failure of an establishment that occurred between the time of the entry into force of the law of 22 April 2016, which amends the law of 25 April 2014 on the status and control of credit institutions and the royal decree of 14 November 2008 implementing the anti-crisis measures, and the modification of the execution decree by the present project, and thus preserve public confidence in the Belgian financial system." Since the request for an opinion was submitted on the basis of Article 84, § 1, first paragraph, 3°, of the coordinated laws on the Council of State, the Legislation Section, in accordance with Article 84, § 3, of the aforementioned coordinated laws, limits its examination to the legal basis of the draft, the competence of the author of the act and the prior formal requirements to be fulfilled. With regard to these three points, the draft gives rise to the following comments. Examination of the draft Preamble

In the second paragraph, more specific reference should be made to the first paragraph of Article 5/1 of the Royal Decree of 14 November 2008 'implementing the crisis measures provided for in the Law of 22 February 1998 establishing the organic status of the National Bank of Belgium, with regard to the establishment of the Guarantee Fund for financial services', since only that paragraph contains an authorization (1).
In the same paragraph, reference should not be made to the fourth paragraph of Article 6, § 2, of the same decree but to the fifth paragraph, which reads as follows: "The conditions, modalities and limits of this repayment are fixed by the King."
Still in the second paragraph, it is sufficient to refer to the fourth paragraph of Article 9, § 4, of the same decree, since the fifth paragraph does not contain an authorization.
A new paragraph must be inserted in the preamble mentioning the Royal Decree of 16 March 2009 'concerning the protection of deposits and life insurance by the Special Protection Fund for deposits and life insurance' which is amended by the draft decree (2).

ADVISORY OPINION 60.206/2 OF 10 OCTOBER 2016 OF THE COUNCIL OF STATE, LEGISLATION SECTION, ON A DRAFT ROYAL DECREE 'AMENDING THE ROYAL DECREE OF 16 MARCH 2009 RELATING TO THE PROTECTION OF DEPOSITS AND LIFE INSURANCE BY THE SPECIAL PROTECTION FUND FOR DEPOSITS AND LIFE INSURANCE' On 4 October 2016, the Council of State, Legislation Section, was invited by the Minister of Finance, responsible for Combating Tax Fraud to give an opinion, within a period of five working days, on a draft royal decree 'amending the royal decree of 16 March 2009 relating to the protection of deposits and life insurance by the Special Protection Fund for deposits and life insurance'. The draft was examined by the second chamber on 10 October 2016 . The chamber was composed of Pierre Vandernoot , chamber president, Luc Detroux and Wanda Vogel , State Councillors, Sébastien Van Drooghenbroeck and Jacques Englebert SEQ CHAPTER \h \r 1 , assessors, and Bernadette Vigneron , clerk. The report was presented by Jean-Luc Paquet, first auditor . The concordance between the French version and the Dutch version was verified under the control of Wanda Vogel . The opinion, the text of which follows, was given on 10 October 2016 . In accordance with Article 84, § 1, first paragraph, first paragraph, 3°, of the coordinated laws on the Council of State, the request for an opinion must specifically indicate the reasons justifying its urgent character. The letter states as follows:
"Due to the urgency motivated by the necessity to resolve, as quickly as possible, the problems posed following the failure of an establishment that occurred between the time of the entry into force of the law of 22 April 2016, which amends the law of 25 April 2014 on the status and control of credit institutions and the royal decree of 14 November 2008 implementing the anti-crisis measures, and the modification of the execution decree by the present project, and thus preserve public confidence in the Belgian financial system". As the request for an opinion is introduced on the basis of Article 84, § 1, first paragraph, first paragraph, 3°, of the coordinated laws on the Council of State, the section of legislation limits its examination to the legal basis of the draft, to the competence of the author of the act as well as to the accomplishment of the prior formalities, in accordance with Article 84, § 3, of the aforementioned coordinated laws. On these three points, the draft calls for the following observations. Examination of the draft Preamble

In paragraph 2, it is appropriate to mention more precisely paragraph 1
of Article 5/1 of the Royal Decree of 14 November 2008 'implementing the anti-crisis measures included in the Law of 22 February 1998 establishing the organic status of the National Bank of Belgium, insofar as concerns the creation of the Guarantee Fund for financial services' since this paragraph is the only one containing an authorization (1)
In the same paragraph, it is also necessary to cite, not paragraph 4 of
Article 6, § 2, of the same decree, but its paragraph 5, drafted as follows:
"The conditions, modalities and limitations of this repayment are fixed by the King".
Also in paragraph 2, it is sufficient to refer to paragraph 4 of Article 9,
§ 4, of the same decree because paragraph 5 does not contain an authorization.
It is necessary to insert in the preamble a new paragraph stating
the Royal Decree of 16 March 2009 'relating to the protection of deposits and life insurance by the Special Protection Fund for deposits and life insurance', which the draft decree intends to modify (2).

79052 BELGIAN OFFICIAL JOURNAL — 30.11.2016 — Ed. 2 — MONITEUR BELGE

Operative Part
Article 3
With regard to the proposed provision under 7°, the author of the draft should check whether the reference to Article 112 of the Law of 6 April 1995 'on the status and supervision of investment firms' included in the definition of the term "investment firms" indeed corresponds to its intention, since that Article 112 also relates to other companies, including credit institutions.

Article 12
In the introductory sentence of the French text, the words ", paragraph 2," should be omitted.

Article 17
The title of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 'on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012' should be mentioned in the proposed provision under 8° (Article 17, i), of the draft).

Article 24
In the French text of the proposed Article 13, the term "deposits" is used, while in the Dutch text of that article the term "assets" is used, which is the counterpart of the French term "avoirs".
The concordance between the two versions should be restored and apparently the term "deposits" ("dépôts") should preferably be used.
The entire decree being amended, and in particular Article 13/1 thereof, which is not amended, should be checked on this point.

Article 28
In the provision under 7°, the proposed paragraph must be preceded by the mention "§ 2" and not "§ 3".

Article 29

In the proposed Article 14/2, second paragraph, reference is made to "the banking law", while this is not the case, for example, in the third paragraph. The date and title of that law must be mentioned.
Instead of mentioning the case where a credit institution "fails to comply", it would be better to refer in the first paragraph of the proposed Article 14/2 to the cases mentioned in Article 6, § 1, first paragraph, of the Royal Decree of 14 November 1998 'implementing the crisis measures provided for in the Law of 22 February 1998 establishing the organic status of the National Bank of Belgium, with regard to the establishment of the Guarantee Fund for financial services', which article was last amended by the decree of 22 April 2016 (3)

Article 40
In order to transpose Article 14, paragraph 3, of Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 'on deposit guarantee schemes' more accurately, the words "is (...) authorized (...) to transfer" in the proposed Article 24/1, § 1, first paragraph, must be replaced by "transfers (...)" and in the following paragraph the words "can (...) take place" must be replaced by "takes place (...) only".

Article 55
The Legislation Section questions the relevance of the reference to "the date of entry into force of the provision inserting Article 39/1", which is followed in a rather unfortunate manner by another reference to "the date of entry into force of Article 14/8", since these two provisions apparently have nothing to do with the period determined in Article 14/1, § 1, second paragraph, of the Royal Decree of 16 March 2009.

Operative Part
Article 3
In the 7° draft, it is for the author of the draft to verify if the reference made to Article 112 of the Law of 6 April 1995 'on the status and control of investment firms' to define the notion of 'investment firms' corresponds well to its intention since that Article 112 also targets other companies, notably credit institutions.

Article 12
The words « , paragraph 2, » must be omitted in the introductory sentence of the French version.

Article 17
The title of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 'concerning prudential requirements applicable to credit institutions and investment firms and amending Regulation (EU) No 648/2012' must be cited in the 8° draft at point i).

Article 24
The proposed Article 13 uses the notion of « deposits » in its French version and that of « assets » (« tegoeden ») in its Dutch version.
The concordance between the two versions will be restored by prioritizing, it seems, the notion of « deposits » (« deposito's »).
The entire amended decree, notably its Article 13/1 not amended, will be verified on this point.

Article 28
In the 7°, the proposed paragraph must be preceded by the mention « § 2 », instead of « § 3 ».

Article 29

Contrary, for example, to its paragraph 3, the proposed Article 14/2, paragraph 2, refers to « the banking law ». This law must be mentioned by its date and title.
In paragraph 1 of the proposed Article 14/2, rather than evoking the hypothesis of the « failure » of a credit institution, it is preferable to refer to the hypotheses mentioned in Article 6, § 1, paragraph 1 of the Royal Decree of 14 November 1998 'implementing the anti-crisis measures included in the Law of 22 February 1998 establishing the organic status of the National Bank of Belgium, insofar as concerns the creation of the Guarantee Fund for financial services', last modified by the decree of 22 April 2016 (3).

Article 40
To transpose more faithfully Article 14, paragraph 3, of Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 'on deposit guarantee schemes', it is necessary to replace, in the proposed Article 24/1, § 1, paragraph 1, the words « is authorized to pay » by « transfers » and, in the following paragraph, the words « may intervene » by « takes place ».

Article 55
The legislation section wonders about the relevance of the reference to « the date of entry into force of the provision inserting Article 39/1 », followed in a somewhat incoherent manner by another to « the date of entry into force of Article 14/8 », these two provisions both appearing unrelated to the period provided for in Article 14/1, § 1, paragraph 2, of the Royal Decree of 16 March 2009.

BELGIAN OFFICIAL JOURNAL — 30.11.2016 — Ed. 2 — MONITEUR BELGE 79053

The references seem to lead to unnecessary complications; Article 39 as drafted must anyway be edited more clearly.

Note
(1) Principles of legislative technique - Guide for drafting legislative and regulatory texts, www.raadvstconsetat.be, tab "Legislative technique", recommendation 27.
(2) Ibid., recommendation 29.
(3) See in this sense opinion 58.685/2, given on 13 January 2016 on a draft that led to the Law of 22 April 2016 'transposing Directive 2014/49/EU on deposit guarantee schemes and containing various provisions', observation 2 under Article 23, Parl.St. Chamber 2015-16, no. 54-1656/001, 52 and 53.

The Clerk, The President,
B. Vigneron. P. Vandernoot.

21 NOVEMBER 2016. — Royal Decree amending the Royal Decree of 16 March 2009 concerning the protection of deposits and life insurance by the Special Protection Fund for deposits and life insurance

PHILIP, King of the Belgians,

To all who are now and hereafter will be, Our Greeting.

Having regard to the Law of 25 April 2014 on the status of and supervision of credit institutions, Article 380, first paragraph, amended by the Law of 22 April 2016, Article 381, third and fourth paragraphs, amended by the Law of 22 April 2016, Article 381/1, inserted by the Law of 22 April 2016, Articles 419/1 and 419/2, inserted by the Law of 22 April 2016;

Having regard to the Royal Decree of 14 November 2008 implementing the crisis measures provided for in the Law of 22 February 1998 establishing the organic status of the National Bank of Belgium, as regards the establishment of the Guarantee Fund for financial services, confirmed by Article 199 of the Programme Law of 22 December 2008, Articles 3, second paragraph, amended by the Law of 22 April 2016, 4, § 2, second and third paragraphs, amended by the Law of 22 April 2016, 5, third paragraph, amended by the Law of 22 April 2016, 5/1, first paragraph, inserted by the Law of 22 April 2016, 6, § 2, fifth paragraph, 8, § 1, last paragraph, and 9, § 4, fourth paragraph;

Having regard to the Royal Decree of 16 March 2009 concerning the protection of deposits and life insurance by the Special Protection Fund for deposits and life insurance;

Having regard to the opinion of the Financial Inspection, given on 9 August 2016;

Having regard to the agreement of the Minister of Budget, given on 29 September 2016;

Having regard to the urgency motivated by the need to find a solution as soon as possible to the problems arising from the failure of an institution that occurred between the time of entry into force of the Law of 22 April 2016, which amended the Law of 25 April 2014 on the status of and supervision of credit institutions and the Royal Decree of 14 November 2008 implementing the crisis measures, and the amendment of the implementing decree by the current draft, and to preserve public confidence in the Belgian financial system;

Having regard to opinion no. 60.206/2 of the Council of State, given on 10 October 2016, in application of Article 84, § 1, 3° of the Laws on the Council of State, coordinated on 12 January 1973;

On the proposal of the Minister of Finance;

We have decided and decide:

Article 1. This Decree partially transposes the provisions of Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes.

Art. 2. The title of the Royal Decree of 16 March 2009 concerning the protection of deposits and life insurance by the Special Protection Fund for deposits and life insurance is replaced as follows:

"Royal Decree concerning the protection of deposits and life insurance by the Guarantee Fund for financial services".

These references seem to constitute unnecessary complications; the drafting of Article 39 in draft will in any case be reviewed for greater clarity.

Note
(1) Principles of legislative technique – Guide for drafting legislative and regulatory texts, www.raadvst—consetat.be, tab "Legislative technique", recommendation no. 27.
(2) Ibid., recommendation no. 29.
(3) See in this sense opinion 58.685/2 given on 13 January 2016 on a project that became the Law of 22 April 2016 'transposing Directive 2014/49/EU on deposit guarantee schemes and containing various provisions', observation no. 2 formulated on Article 23, Parl. Doc., Chamber, 2015-2016, no. 54-1656/001, pp. 52 and 53.

The Clerk, The President,
B. Vigneron. P. Vandernoot.

21 NOVEMBER 2016. — Royal Decree amending the Royal Decree of 16 March 2009 relating to the protection of deposits and life insurance by the Special Protection Fund for deposits and life insurance

PHILIPPE, King of the Belgians,

To all, present and future, Greeting.

Having regard to the Law of 25 April 2014 relating to the status and supervision of credit institutions, Article 380, paragraph 1, amended by the Law of 22 April 2016, Article 381, paragraphs 3 and 4, amended by the Law of 22 April 2016, Article 381/1, inserted by the Law of 22 April 2016, Articles 419/1 and 419/2, inserted by the Law of 22 April 2016;

Having regard to the Royal Decree of 14 November 2008 implementing the anti-crisis measures included in the Law of 22 February 1998 establishing the organic status of the National Bank of Belgium, as regards the creation of the Guarantee Fund for financial services, confirmed by Article 199 of the Programme Law of 22 December 2008, Articles 3, paragraph 2, amended by the Law of 22 April 2016, 4, § 2, paragraphs 2 and 3, amended by the Law of 22 April 2016, 5, paragraph 3, amended by the Law of 22 April 2016, 5/1, paragraph 1, inserted by the Law of 22 April 2016, 6, § 2, paragraph 5, 8, § 1, last paragraph, and 9, § 4, paragraph 4;

Having regard to the Royal Decree of 16 March 2009 relating to the protection of deposits and life insurance by the Special Protection Fund for deposits and life insurance;

Having regard to the opinion of the Financial Inspection, given on 9 August 2016;

Having regard to the agreement of the Minister of Budget, given on 29 September 2016;

Having regard to the urgency motivated by the necessity to resolve as quickly as possible the problems posed following the failure of an establishment that occurred between the time of entry into force of the Law of 22 April 2016, which amended the Law of 25 April 2014 relating to the status and supervision of credit institutions and the Royal Decree of 14 November 2008 implementing the anti-crisis measures, and the amendment of the implementing decree by the present draft, and thus preserve public confidence in the Belgian financial system;

Having regard to opinion no. 60.206/2 of the Council of State, given on 10 October 2016, in application of Article 84, § 1, paragraph 1, 3° of the Laws on the Council of State, coordinated on 12 January 1973;

On the proposal of the Minister of Finance;

We have decreed and decree:

Article 1. This Decree partially transposes Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes.

Art. 2. The title of the Royal Decree of 16 March 2009 relating to the protection of deposits and life insurance by the Special Protection Fund for deposits and life insurance is replaced by the following:

"Royal Decree relating to the protection of deposits and life insurance by the Guarantee Fund for financial services".

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Art. 3. In Article 1 of the Royal Decree of 16 March 2009, as amended by the Royal Decree of 1 June 2011, the following changes are made:
a) the provision under 1° is replaced as follows: "1° Royal Decree of 14 November 2008: the Royal Decree of 14 November 2008 implementing the crisis measures included in the Law of 22 February 1998 establishing the organic status of the National Bank of Belgium, as regards the creation of the Guarantee Fund for financial services;"; b) the provision under 2° is replaced as follows: "2° Guarantee Fund: the Guarantee Fund for financial services established by Article 3 of the Royal Decree of 14 November 2008;"; c) the provision under 3° is repealed; d) under 6°, 7° and 8° the following provisions are inserted:
"6° blocked deposits: deposits that are unavailable for legal, judicial or conventional reasons; 7° investment firms: the investment firms referred to in Article 112 of the Law of 6 April 1995 on the status and supervision of investment firms; 8° guaranteed deposits: the covered deposits as defined by Article 3, 68° of the Law of 25 April 2014 on the status and supervision of credit institutions.".

Art. 4. The title of section 2 of the same Royal Decree is replaced as follows: "Conditions under which and manner in which compensation is granted to clients of credit institutions and investment firms and of management companies of collective investment undertakings and management companies of alternative collective investment undertakings under Belgian law and of insurance companies".

Art. 5. In Article 2 of the same Royal Decree, as amended by the Royal Decree of 1 June 2011, the following changes are made:
a) the words "these provisions" are replaced by the words "the provisions of this section"; b) in the provision under 1°, the words "Article 110 of the Law of 22 March 1993" are replaced by the words "Article 380 of the Law of 25 April 2014"; c) in the provision under 2° the words "Article 112 of the Law of 6 April 1995 on the status of and supervision of investment firms" are replaced by the words "Article 47, § 1, 1° of the Law of 6 April 1995 on the status and supervision of investment firms"; d) in the French text in the provision under 3° the word "fortune" is replaced by the word "portfolio"; e) in the provision under 3° the words "Article 112 of the Law of 6 April 1995 on the status of and supervision of investment firms" are replaced by the words "Article 47, § 1, 2° of the Law of 6 April 1995 on the status and supervision of investment firms"; f) the provision under 4° is replaced as follows: "4° the management companies of collective investment undertakings and the management companies of alternative collective investment undertakings referred to in Article 112 of the Law of 6 April 1995 on the status of and supervision of investment firms, insofar as these companies are authorized to provide the investment service of individual portfolio management"; g) in the provision under 5° the words "Annex 1 of the Royal Decree of 22 February 1991 laying down the general regulation concerning the supervision of insurance companies" are replaced by the words: "Annex II of the Law of 13 March 2016 on the status and supervision of insurance or reinsurance companies".

Art. 6. In the title of sub-section 2 of section 2 of the same Royal Decree, the words "the advertising ban" are replaced by the words "the advertising restriction".

Art. 7. In the title of sub-section 2 of section 2, in Article 3, first paragraph, as amended by the Royal Decree of 1 June 2011, in Article 4, as amended by the Royal Decree of 1 June 2011, in Article 5, second paragraph, as amended by the Royal Decree of 1 June 2011, in Article 11, third paragraph, in Article 12, in Article 14, as amended by the Royal Decree of 1 June 2011, in Article 14/1, § 1, first and third paragraphs, inserted by the Royal Decree of 1 June 2011, in Article 14/3, inserted by the Royal Decree of 1 June 2011, in Article 14/4, 2°, inserted by the Royal Decree of 1 June 2011, in Article 14/6, first and second paragraphs, inserted by the Royal Decree of 1 June 2011,

Art. 3. At Article 1 of the Royal Decree of 16 March 2009, as amended by the Royal Decree of 1 June 2011, the following modifications are made:
a) 1° is replaced by the following: "1° Royal Decree of 14 November 2008: the Royal Decree of 14 November 2008 implementing the anti-crisis measures included in the Law of 22 February 1998 establishing the organic status of the National Bank of Belgium, as regards the creation of the Guarantee Fund for financial services;"; b) 2° is replaced by the following: "2° Guarantee Fund: the Guarantee Fund for financial services created by Article 3 of the Royal Decree of 14 November 2008;"; c) 3° is repealed; d) 6°, 7° and 8° are inserted, drafted as follows:
"6° blocked deposits: deposits that for legal, judicial or conventional reasons are unavailable; 7° investment firms: the investment firms referred to in Article 112 of the Law of 6 April 1995 relating to the status and supervision of investment firms; 8° insured deposits: the covered deposits, as defined by Article 3, 68°, of the Law of 25 April 2014 relating to the status and supervision of credit institutions.".

Art. 4. The title of section 2 of the same Royal Decree is replaced by the following: "Conditions and modalities of intervention vis-à-vis clients of credit institutions and investment firms and of management companies of collective investment undertakings and of management companies of alternative collective investment undertakings of Belgian law and of insurance companies".

Art. 5. At Article 2 of the same Royal Decree, as amended by the Royal Decree of 1 June 2011, the following modifications are made:
a) the words "the present provisions" are replaced by the words "the provisions of this section"; b) in 1°, the words "Article 110 of the Law of 22 March 1993" are replaced by the words "Article 380 of the Law of 25 April 2014"; c) in 2°, the words "Article 112 of the Law of 6 April 1995 relating to the status and supervision of investment firms" are replaced by the words "Article 47, § 1, 1° of the Law of 6 April 1995 relating to the status and supervision of investment firms"; d) in the French text, in 3°, the word "fortune" is replaced by the word "portfolio"; e) in 3°, the words "Article 112 of the Law of 6 April 1995 relating to the status and supervision of investment firms" are replaced by the words "Article 47, § 1, 2° of the Law of 6 April 1995 relating to the status and supervision of investment firms"; f) 4° is replaced by the following: "4° to management companies of collective investment undertakings and management companies of alternative collective investment undertakings, referred to in Article 112 of the Law of 6 April 1995 relating to the status and supervision of investment firms, insofar as these companies are authorized to provide the investment service of individual portfolio management"; g) in 5°, the words "Annex 1 of the Royal Decree of 22 February 1991 laying down the general regulation relating to the supervision of insurance companies" are replaced by the words: "Annex II of the Law of 13 March 2016 relating to the status and supervision of insurance and reinsurance companies".

Art. 6. In the title of sub-section 2 of section 2 of the same Royal Decree, the words "the advertising ban" are replaced by the words "the advertising restriction".

Art. 7. In the title of sub-section 2 of section 2, at Article 3, paragraph 1, as amended by the Royal Decree of 1 June 2011, at Article 4, as amended by the Royal Decree of 1 June 2011, at Article 5, paragraph 2, as amended by the Royal Decree of 1 June 2011, at Article 11, paragraph 3, at Article 12, at Article 14, as amended by the Royal Decree of 1 June 2011, at Article 14/1, § 1, paragraphs 1 and 3, inserted by the Royal Decree of 1 June 2011, at Article 14/3, inserted by the Royal Decree of 1 June 2011, at Article 14/4, 2° inserted by the Royal Decree of 1 June 2011, at Article 14/6, paragraphs 1 and 2, inserted by the Royal Decree of 1 June 2011, at Article 14/7, inserted by the Royal Decree of 1 June 2011, at Article 15, as amended by the Royal Decree of 1 June 2011,

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From 1 June 2011, in Article 14/7, inserted by the Royal Decree of 1 June 2011, in Article 15, amended by the Royal Decree of 1 June 2011, in Article 16, amended by the Royal Decree of 1 June 2011, in Article 17, amended by the Royal Decree of 1 June 2011, in Article 19, last amended by the Royal Decree of 1 June 2011, in Article 20, amended by the Royal Decree of 1 June 2011, in Articles 21 and 22, in Article 23 § 1, first and second paragraphs, amended by the Royal Decree of 1 June 2011, in Article 24, first, second, fourth and fifth paragraphs, last amended by the Royal Decree of 27 June 2012, in Article 25, amended by the Royal Decree of 1 June 2011, in Article 26, first and third paragraphs, amended by the Royal Decree of 1 June 2011, in Article 27, second paragraph, amended by the Royal Decree of 1 June 2011, in Article 28, § 1 and 2, amended by the Royal Decree of 1 June 2011, in Article 29, § 3, in Article 30, first and second paragraphs, amended by the Royal Decree of 1 June 2011, in the French text of Article 30, third paragraph, in Article 32, amended by the Royal Decree of 1 June 2011, in Article 33, amended by the Royal Decree of 1 June 2011, Article 38, the word "Fonds" is replaced each time by the word "Garantiefonds".

Art. 8. In Article 3 of the same Royal Decree, replaced by the Royal Decree of 1 June 2011, the words “Annex 1 of the Royal Decree of 22 February 1991 laying down the General Regulations concerning the supervision of insurance undertakings” are replaced by the words “Annex II of the Law of 13 March 2016 on the status and supervision of insurance or reinsurance undertakings”.

Art. 9. In Article 4, amended by the Royal Decree of 1 June 2011, in Article 5, second paragraph, last amended by the Royal Decree of 1 June 2011, in Article 7, in Article 9, amended by the Royal Decree of 1 June 2011, in Article 11, first paragraph, 2° and 9°, in Article 14/1, § 1, 2°, inserted by the Royal Decree of 1 June 2011, in Article 20, amended by the Royal Decree of 1 June 2011, in Article 21, in Article 24, first and second paragraphs, last amended by the Royal Decree of 27 June 2012, in Article 25, amended by the Royal Decree of 1 June 2011, in Article 26, first paragraph, in Article 28, § 1, 2°, amended by the Royal Decree of 1 June 2011, in Article 29, § 1, first paragraph, § 2, first paragraph and § 3, 1°, last amended by the Royal Decree of 1 June 2011, in Article 30, fourth and fifth paragraphs, in Article 33, amended by the Royal Decree of 1 June 2011, the words “Royal Decree” are replaced each time by the words “Royal Decree of 14 November 2008”.

Art. 10. In Article 4 of the same Royal Decree, replaced by the Royal Decree of 1 June 2011, the words “the advertising prohibition referred to in Article 6, eighth paragraph” are replaced by the words “the advertising restriction referred to in Article 6, § 4”.

Art. 11. The heading of sub-section 3 of section 1 of the same Royal Decree is replaced as follows: “Compensation in the event of default of a credit institution or an investment firm or of a management company for collective investment undertakings or of a management company for alternative collective investment undertakings under Belgian law or of an insurance undertaking”.

Art. 12. In Article 5 of the same Royal Decree, last amended by the Royal Decree of 1 June 2011, the following amendments are made:
a) in the first paragraph, the words “The Fund provides financial compensation to the clients of a credit institution or an investment firm as referred to in Article 2, 1° to 4°, within the limits, under the conditions and in the manner established in the Royal Decree and in the following articles” are replaced by the words “The Guarantee Fund provides financial compensation to the clients of a credit institution or an investment firm or of a management company for collective investment undertakings or of a management company for alternative collective investment undertakings as referred to in Article 2, 1° to 4°, within the limits, under the conditions and in the manner established in the Royal Decree of 14 November 2008 and in the following articles:”; b) in the first paragraph, the provision under 2° is replaced as follows: “2° for credit institutions, when the supervisor has taken a decision in accordance with Article 381, second paragraph of the Law of 25 April 2014 on the status and supervision of credit institutions;”; c) in the first paragraph, a provision under 3° is inserted, reading: “3° for investment firms or management companies for collective investment undertakings or management companies for alternative collective investment undertakings under Belgian law, when the supervisor has taken a decision in accordance with Article 113 of the Law of 6 April 1995 on the status and supervision of investment firms.”; d) in the second paragraph, the words “in Article 6, sixth paragraph” are replaced by the words “in Article 6, § 2, fourth paragraph”.

Art. 13. Article 6 of the same Royal Decree, amended by the Royal Decree of 1 June 2011, is replaced as follows: “Without prejudice to the provisions of the Royal Decree of 14 November 2008 and the following articles, the funds of clients with a credit institution are eligible for repayment in the context of deposit protection, when they result from the deposits referred to in Article 5, first paragraph, 1° and 2° of the Royal Decree of 14 November 2008.”.

Art. 14. In the same Royal Decree, an Article 6/1 is inserted, reading: “Art. 6/1. In accordance with Article 381/1 of the Law of 25 April 2014 on the status and supervision of credit institutions, credit institutions indicate in their electronic registration system whether a deposit is eligible for repayment by the deposit guarantee system. This information must be available at all times and upon request by the Guarantee Fund, to prepare the repayment of depositors or to carry out evaluations or stress tests.”.

Art. 15. Article 8 of the same Royal Decree is replaced as follows: “Art. 8. Without prejudice to the provisions of the Royal Decree of 14 November 2008 and the following articles, the funds entrusted to a company as referred to in Article 2, 3° and 4° by a client who acted in good faith and without knowledge of the prohibition for those companies to receive, hold or keep deposits from clients, are eligible for repayment in the context of deposit protection.”.

Art. 16. In Article 9 of the same Royal Decree, amended by the Royal Decree of 1 June 2011, the following amendments are made:
1° in the Dutch text, in the second paragraph, the word “taxen” is replaced by the word “taksen”; 2° in the second paragraph, the words “determined in Article 6, third and fourth paragraphs” are replaced by the words “determined in Article 6, § 2, first and second paragraphs”.

Art. 17. In Article 10 of the same Royal Decree, the following amendments are made:
a) the provision under 1°, a) is replaced as follows: “a) credit institutions under Belgian or foreign law acting in their own name and for their own account and investment firms under Belgian or foreign law;”; b) in the provision under 1°, b), the words “Article 3, § 1, 5° of the Law of 22 March 1993” are replaced by the words “Article 3, § 1, 41° of the Law of 25 April 2014 on the status and supervision of credit institutions”; c) the provision under 1°, c) is replaced as follows: “c) Belgian companies falling under the Law of 13 March 2016 on the status and supervision of insurance or reinsurance undertakings, pension funds and institutions and foreign companies with a similar activity in the insurance and pension sector;”; d) the provision under 1°, d) is replaced as follows: “d) Belgian and foreign management companies for collective investment undertakings and management companies for alternative collective investment undertakings”;

From 1 June 2011, in Article 16, amended by the Royal Decree of 1 June 2011, in Article 17, amended by the Royal Decree of 1 June 2011, in Article 19, last amended by the Royal Decree of 1 June 2011, in Article 20, amended by the Royal Decree of 1 June 2011, in Articles 21 and 22, in Article 23, § 1, paragraphs 1 and 2, amended by the Royal Decree of 1 June 2011, in Article 24, paragraphs 1, 2, 4 and 5, last amended by the Royal Decree of 27 June 2012, in Article 25, amended by the Royal Decree of 1 June 2011, in Article 26, paragraphs 1 and 3, amended by the Royal Decree of 1 June 2011, in Article 27, paragraph 2, amended by the Royal Decree of 1 June 2011, in Article 28, § 1 and 2, amended by the Royal Decree of 1 June 2011, in Article 29, § 3, in Article 30, paragraphs 1 and 2, amended by the Royal Decree of 1 June 2011, in the French text of Article 30, paragraphs 1, 2 and 3, in Article 31, last amended by the Royal Decree of 1 June 2011, in Article 32, amended by the Royal Decree of 1 June 2011, in Article 33, amended by the Royal Decree of 1 June 2011, Article 38 of the same Royal Decree, the word “Fonds” is replaced each time by the words “Fonds de garantie”.

Art. 9. In Article 4, amended by the Royal Decree of 1 June 2011, in Article 5, paragraph 2, last amended by the Royal Decree of 1 June 2011, in Article 7, in Article 9, amended by the Royal Decree of 1 June 2011, in Article 11, paragraph 1, 2° and 9°, in Article 14/1, § 1, 2°, inserted by the Royal Decree of 1 June 2011, in Article 20, amended by the Royal Decree of 1 June 2011, in Article 21, in Article 24, paragraphs 1 and 2, last amended by the Royal Decree of 27 June 2012, in Article 25, amended by the Royal Decree of 1 June 2011, in Article 26, paragraph 1, in Article 28, § 1, 2°, amended by the Royal Decree of 1 June 2011, in Article 29, § 1, paragraph 1, § 2, paragraph 1 and § 3, 1°, last amended by the Royal Decree of 1 June 2011, in Article 30, paragraphs 4 and 5, in Article 33, amended by the Royal Decree of 1 June 2011, of the same Royal Decree, the words “Royal Decree” are replaced each time by the words “Royal Decree of 14 November 2008”.

Art. 10. In Article 4 of the same Royal Decree, replaced by the Royal Decree of 1 June 2011, the words “the advertising prohibition referred to in Article 6, paragraph 8” are replaced by the words “the advertising restriction referred to in Article 6, § 4”.

Art. 11. The heading of sub-section 3 of section 1 of the same Royal Decree is replaced as follows: “Interventions in the event of default of a credit institution or an investment firm or of a management company for collective investment undertakings or of a management company for alternative collective investment undertakings under Belgian law or of an insurance undertaking”.

Art. 12. In Article 5 of the same Royal Decree, last amended by the Royal Decree of 1 June 2011, the following amendments are made:
a) in paragraph 1, the words “The Fund intervenes financially, within the limits, under the conditions and in the manner defined in the Royal Decree and in the following articles, in favor of the clients of a credit institution or an investment firm referred to in Article 2, 1° to 4°” are replaced by the words: “The Guarantee Fund intervenes financially, within the limits, under the conditions and in the manner defined in the Royal Decree of 14 November 2008 and in the following articles, in favor of the clients of a credit institution or an investment firm or of a management company for collective investment undertakings or of a management company for alternative collective investment undertakings referred to in Article 2, 1° to 4°”; b) in paragraph 1, 2° is replaced as follows: “2° for credit institutions, when the supervisory authority has taken a decision in accordance with Article 381, paragraph 2 of the Law of 25 April 2014 on the status and supervision of credit institutions;”; c) in paragraph 1, a provision under 3° is inserted, reading: “3° for investment firms or management companies for collective investment undertakings or management companies for alternative collective investment undertakings under Belgian law, when the supervisory authority has taken a decision in accordance with Article 113 of the Law of 6 April 1995 on the status and supervision of investment firms.”; d) in paragraph 2, the words “in Article 6, paragraph 6” are replaced by the words “in Article 6, § 2, paragraph 4”.

Art. 13. Article 6 of the same Royal Decree, amended by the Royal Decree of 1 June 2011, is replaced as follows: “Without prejudice to the provisions of the Royal Decree of 14 November 2008 and the following articles, the assets of clients with a credit institution are eligible for repayment in the context of deposit protection, when they result from the deposits referred to in Article 5, paragraph 1, 1° and 2° of the Royal Decree of 14 November 2008.”.

Art. 14. In the same Royal Decree, an Article 6/1 is inserted, reading: “Art. 6/1. In accordance with Article 381/1 of the Law of 25 April 2014 on the status and supervision of credit institutions, credit institutions indicate in their electronic registration system whether a deposit is eligible for repayment by the deposit protection system. This information must be available at all times and upon request by the Guarantee Fund, to prepare the repayment of depositors or to carry out evaluations or stress tests.”.

Art. 15. Article 8 of the same Royal Decree is replaced as follows: “Art. 8. Without prejudice to the provisions of the Royal Decree of 14 November 2008 and the following articles, the assets entrusted by a client to a company referred to in Article 2, 3° and 4° in good faith ignorance of the prohibition imposed on those companies to receive, hold or keep deposits from clients, are eligible for repayment in the context of deposit protection.”.

Art. 16. In Article 9 of the same Royal Decree, amended by the Royal Decree of 1 June 2011, the following amendments are made:
1° in the Dutch text, in paragraph 2, the word “taxen” is replaced by the word “taksen”; 2° in paragraph 2, the words “determined in Article 6, paragraphs 3 and 4” are replaced by the words “determined in Article 6, § 2, paragraphs 1 and 2”.

Art. 17. In Article 10 of the same Royal Decree, the following amendments are made:
a) 1°, a) is replaced as follows: “a) credit institutions under Belgian or foreign law acting in their own name and for their own account and investment firms under Belgian or foreign law;”; b) in 1°, b), the words “Article 3, § 1, 5°, of the Law of 22 March 1993” are replaced by the words “Article 3, § 1, 41° of the Law of 25 April 2014 on the status and supervision of credit institutions”; c) 1°, c) is replaced as follows: “c) Belgian companies governed by the Law of 13 March 2016 on the status and supervision of insurance or reinsurance undertakings, pension funds and institutions and foreign companies having a similar activity in the insurance and pension sector;”; d) 1°, d) is replaced as follows: “d) management companies for collective investment undertakings and management companies for alternative collective investment undertakings, Belgian and foreign”;

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e) the provision under 1°, e) is repealed; f) the provision under 2° is replaced as follows: “2° deposits made by public authorities. By public authorities are meant the entities that, on the date of the failure, are covered by the sector or sub-sectors of general government (S.13) of the European System of Accounts established by Regulation (EU) No 549/2013 of the European Parliament and of the Council of 21 May 2013 on the European system of national and regional accounts in the European Union, as well as the entities that, on the date of the failure, are classified in the sector or sub-sectors of general government (S.13) in the national accounts of their country according to European legislation;”; g) the provisions under 3°, 4° and 5° are repealed; h) in the provision under 6°, the words “Article 1 of Council Directive 91/308/EEC of 10 June 1991 on prevention of the use of the financial system for the purpose of money laundering” are replaced by the words “Directive 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing”;”; i) the provision under 8° is replaced as follows: “8° with regard to credit institutions, own funds within the meaning of Article 4, paragraph 1, point 118), of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012;”.

Art. 18. Article 10 of the same Royal Decree is supplemented by the provisions under 9°, 10°, 11° and 12°, which read as follows:

“9° funds arising from deposits made with companies recognized as credit institutions and which are either recognized by the King as a central counterparty for financial instruments within the meaning of the coordinated Royal Decree No 62 of 10 November 1967 concerning the deposit of fungible financial instruments and the settlement of transactions on these instruments, or have a license as an institution equivalent to a clearing house in accordance with Article 36/26, § 7, of the Law of 22 February 1998 laying down the organic statute of the National Bank of Belgium;

10° deposits whose holder was never identified pursuant to Article 7, § 1 of the Law of 11 January 1993 on prevention of the use of the financial system for the purpose of money laundering and terrorist financing or, for deposits at branches established by institutions and enterprises under Belgian law in other Member States, pursuant to similar national legislation, when they have become unavailable;

11° electronic money and funds received in exchange for electronic money;

12° deposits that can only be released in accordance with national law for the purpose of repaying a loan for private real estate provided by the credit institution or by another institution holding the deposit.”

Art. 19. In the same Royal Decree, an Article 10/1 is inserted which reads as follows:

“Art. 10/1. No reimbursement shall take place if no transaction concerning the deposit has taken place during the last 24 months and the value of the deposit is lower than the administrative costs of the Guarantee Fund with which such a reimbursement would be associated. The Minister of Finance determines the amount of the administrative costs of the reimbursement.”

Art. 20. In the Dutch text, in Article 11, first paragraph, 12°, in Article 11, second paragraph, amended by the Royal Decree of 22 July 2010, Article 14, amended by the Royal Decree of 1 June 2011, in Article 14/1, § 1, first paragraph, inserted by the Royal Decree of 1 June 2011, in Article 14/3, inserted by the Royal Decree of 1 June 2011, in Article 14/7, inserted by the Royal Decree of 1 June 2011, in Article 29, § 1, second paragraph, last amended by the Royal Decree of 1 June 2011, in Article 29, § 2, second paragraph, last amended by the Royal Decree of 1 June 2011, of the same Royal Decree, the word “deficiency” is replaced by the words “the failure”.

Art. 21. In the Dutch text, in Article 11, fourth paragraph, 3°, in Article 29, § 1, first paragraph, amended by the Royal Decree of 1 June 2011, in Article 29, § 2, first paragraph, amended by the Royal Decree of 1 June 2011, of the same Royal Decree, the words “the deficiency” are replaced by the words “the failure”.

e) le 1°, e) est abrogé; f) le 2° est remplacé par ce qui suit : « 2° les dépôts effectués par des autorités publiques. Par autorités publiques on entend les entités qui sont visées, à la date de la défaillance, par les secteur ou sous-secteurs des administrations publiques (S.13) du Système Européen des Comptes élaboré par le Règlement (UE) 549/2013 du Parlement européen et du Conseil du 21 mai 2013 relatif au système européen des comptes nationaux et régionaux dans l’Union européenne, et les entités qui sont classées, à la date de la défaillance dans les secteur ou sous-secteurs des administrations publiques (S.13) dans les comptes nationaux de leur pays selon la législation européenne; »; g) les 3°, 4° et 5° sont abrogés; h) dans le 6°, les mots « l’article 1 de la Directive 91/308/CEE du Conseil du 10 juin 1991 relative à la prévention de l’utilisation du système financier aux fins du blanchiment de capitaux » sont remplacés par les mots « la Directive 2015/849 du Parlement européen et du Conseil du 20 mai 2015 relative à la prévention de l’utilisation du système financier aux fins du blanchiment de capitaux ou du financement du terrorisme »; i) le 8° est remplacé par ce qui suit : « 8° pour ce qui est des établissements de crédit, les fonds propres au sens de l’article 4, paragraphe 1, point 118), du règlement (UE) n° 575/2013 du Parlement européen et du Conseil du 26 juin 2013 concernant les exigences prudentielles applicables aux établissements de crédit et aux entreprises d’investissement et modifiant le règlement (UE) n° 648/2012; ».

Art. 18. L’article 10 du même arrêté royal est complété par les 9°, 10°, 11° et 12° rédigés comme suit :
« 9° les avoirs découlant des dépôts effectués auprès de sociétés qui sont agréées en qualité d’établissement de crédit et sont soit agréées par le Roi en qualité de dépositaire central d’instruments financiers au sens de l’arrêté royal n° 62 coordonné du 10 novembre 1967 relatif au dépôt d’instruments financiers fongibles et à la liquidation d’opérations sur ces instruments, soit disposent d’un agrément en qualité d’organisme assimilé à un organisme de liquidation, conformément à l’article 36/26, § 7, de la loi du 22 février 1998 fixant le statut organique de la Banque Nationale de Belgique; 10° les dépôts dont le titulaire n’a jamais été identifié en vertu de l’article 7, § 1 de la loi du 11 janvier 1993 relative à la prévention de l’utilisation du système financier aux fins du blanchiment des capitaux et du financement du terrorisme ou, pour les dépôts auprès des succursales créées par des établissements et entreprises de droit belge dans d’autres États membres, en vertu des législations nationales similaires lorsqu’ils sont devenus indisponibles; 11° la monnaie électronique et les fonds reçus en échange de monnaie électronique; 12° les dépôts qui ne peuvent être débloqués conformément au droit national que dans le seul but de rembourser un emprunt contracté pour l’achat d’un bien immobilier privé auprès d’un établissement de crédit ou d’un autre établissement détenant le dépôt. »

Art. 19. Dans le même arrêté royal, il est inséré un article 10/1 rédigé comme suit :
« Art. 10/1. Aucun remboursement n’est effectué si aucune opération concernant ce dépôt n’a eu lieu durant les vingt-quatre derniers mois et si la valeur du dépôt est inférieure aux frais administratifs qu’engendrerait ce remboursement pour le Fonds de garantie. Le Ministre des Finances détermine le montant des frais administratifs engendrés par un remboursement. ».

Art. 20. Dans le texte néerlandais, à l’article 11, alinéa 1er, 12°, à l’article 11, alinéa 2, modifié en dernier lieu par l’arrêté royal du 22 juillet 2010, à l’article 14, modifié par l’arrêté royal du 1er juin 2011, à l’article 14/1, § 1er, alinéa 1er, inséré par l’arrêté royal du 1er juin 2011, à l’article 14/3, inséré par l’arrêté royal du 1er juin 2011, à l’article 14/7, inséré par l’arrêté royal du 1er juin 2011, à l’article 29, § 1, alinéa 2, modifié en dernier lieu par l’arrêté royal du 1er juin 2011, à l’article 29, § 2, alinéa 2, modifié en dernier lieu par l’arrêté royal du 1er juin 2011, du même arrêté royal, le mot “deficiëntie” est à chaque fois remplacé par les mots “het in gebreke blijven”.

Art. 21. Dans le texte néerlandais, à l’article 11, alinéa 4, 3°, à l’article 29, § 1, alinéa 1er, modifié par l’arrêté royal du 1er juin 2011, à l’article 29, § 2, alinéa 1, modifié par l’arrêté royal du 1er juin 2011, du même arrêté royal, les mots “de deficiëntie” sont remplacés à chaque fois par les mots “het in gebreke blijven”.

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Art. 22. In Article 11 of the same Royal Decree, amended by the Royal Decree of 22 July 2010, the following amendments are made:
a) in the first paragraph, the provision under 1° is replaced as follows:
“1° all claims of the same client on the same credit institution or the same investment firm or on the same management company of collective investment undertakings or on the same management company of alternative investment funds or on the same bankruptcy estate which are eligible for reimbursement under the deposit protection are added up for the application of the limit set in Article 6, § 1 of the Royal Decree of 14 November 2008. In the event of an intervention by the Guarantee Fund in favor of an enterprise referred to in Article 2, 2° to 4°, the amount of the reimbursement is determined after legal or contractual set-off with the debts of that client. In the event of an intervention by the Guarantee Fund in favor of an enterprise referred to in Article 2, 1°, only the obligations of the depositor towards the credit institution that have become due on or before the date on which the bankruptcy was declared or when the supervisor took the decision mentioned in Article 381, second paragraph of the Law of 25 April 2014 on the statute and supervision of credit institutions are taken into account in the calculation of the reimbursable amount, and provided that the set-off is possible in accordance with the legal and contractual conditions applicable to the contract between the credit institution and the depositor. If the calculation of the reimbursable amount takes into account the obligations of the depositor towards the credit institution, the depositor shall be informed thereof by the credit institution before the conclusion of the contract. The Minister of Finance may determine the obligations of depositors to be taken into account for the calculation of the reimbursable amount;”; b) in the first paragraph, 2°, the words “in Article 6, first paragraph” are replaced by the words “in Article 6, § 1”; c) in the first paragraph, the provisions under 3° and 4° are repealed; d) in the first paragraph, 5°, the words “expired or accrued income and the value of their possible ancillary income” are replaced by the words “expired or accrued interest”; e) in the first paragraph, 6°, the words “based on the average market rate on the last market day before the day on which the circumstances described in Article 5 occurred” are replaced by the words “based on the exchange rate, published by the National Bank of Belgium, applicable on the date on which the circumstances described in Article 5 occurred”; f) in the first paragraph, the provision under 9° is supplemented with the words “, for the date on which a relevant supervisor makes the finding referred to in Article 381, second paragraph of the Law of 25 April 2014 on the statute and supervision of credit institutions or in Article 113 of the Law of 6 April 1995 on the statute and supervision of investment firms, or the date on which this institution or this enterprise was declared bankrupt in case of bankruptcy”; g) in the first paragraph, 10°, the words “at the time” are replaced by the words “on the
date”; h) in the first paragraph, 11°, the words “the credit institution,” are repealed; i) in the first paragraph, 12°, the words “Law of 6 April 1995” are replaced by the words “Law of 6 April 1995 on the statute and supervision of investment firms”; j) in the second paragraph, the words “Law of 6 April 1995” are replaced by the words “Law of 6 April 1995 on the statute and supervision of investment firms”; k) the second paragraph is supplemented with the following sentence: “In that case, the share of each client in the funds on the joint client accounts opened by the brokerage company with the institution acting as custodian is determined proportionally based on the amount for which the clients can demonstrate that this was deposited with the brokerage company.”; l) the third paragraph is repealed.

Art. 23. In Article 12 of the same Royal Decree, the words “Article 61 of the aforementioned Law of 22 March 1993” are replaced by the words “Article 239 of the aforementioned Law of 25 April 2014”.

Art. 22. Dans l’article 11 du même arrêté royal, modifié par l’arrêté royal du 22 juillet 2010, les modifications suivantes sont apportées :
a) dans l’alinéa 1er, le 1° est remplacé par ce qui suit :
« 1° toutes les créances d’un même client sur le même établissement de crédit ou la même entreprise d’investissement ou sur la même société de gestion d’organismes de placement collectif ou sur la même société de gestion d’organismes de placement collectif alternatifs ou sur la même masse faillite, qui sont éligibles au remboursement au titre de la protection des dépôts, sont additionnées en vue de l’application de la limite fixée à l’article 6, § 1 de l’arrêté royal du 14 novembre 2008. En cas d’intervention par le Fonds de garantie en faveur des entreprises visées à l’article 2, 2° à 4°, le montant du remboursement est déterminé après compensation légale ou conventionnelle avec les dettes de ce client. En cas d’intervention du Fonds de garantie en faveur d’un établissement visé à l’article 2, 1°, il est seulement tenu compte pour le calcul du montant remboursable des obligations qui sont dues par le déposant à l’égard de l’établissement de crédit à la date ou avant la date à laquelle la faillite a été prononcée ou lorsque l’autorité de contrôle a pris la décision mentionnée à l’article 381, alinéa 2 de la loi du 25 avril 2014 relative au statut et au contrôle des établissements de crédit, et dans la mesure où la compensation est possible conformément aux conditions légales et contractuelles qui sont applicables au contrat entre l’établissement de crédit et le déposant. Si le calcul du montant remboursable tient compte des obligations du déposant à l’égard de l’établissement de crédit, le déposant en est tenu informé par l’établissement de crédit avant la conclusion du contrat. Le Ministre des Finances peut déterminer les obligations du déposant dont il faut tenir compte pour le calcul du montant remboursable; »; b) dans l’alinéa 1er, 2°, les mots « fixée à l’article 6, alinéa 1er » sont remplacés par les mots « fixée à l’article 6, § 1er »; c) dans l’alinéa 1er, le 3° et le 4° sont abrogés; d) dans l’alinéa 1er, 5°, les mots « des revenus échus ou courus et de la valeur de leurs éventuels accessoires » sont remplacés par les mots « des intérêts échus ou courus »; e) dans l’alinéa 1er, 6°, les mots « au taux moyen du marché au dernier jour de marché précédant le jour de la survenance des circonstances décrites à l’article 5 » sont remplacés par les mots « au taux de change, publié par la Banque Nationale de Belgique, en vigueur à la date à laquelle sont survenues les circonstances décrites à l’article 5 »; f) dans l’alinéa 1er, le 9° est complété par les mots « , avant la date à laquelle une autorité de contrôle concernée fait le constat visé à l’article 381, alinéa 2 de la loi du 25 avril 2014 relative au statut et au contrôle des établissements de crédit ou à l’article 113 de la loi du 6 avril 1995 relative au statut et au contrôle des entreprises d’investissement, ou la date à laquelle cet établissement ou cette entreprise a été déclaré en faillite en cas de faillite »; g) dans l’alinéa 1er, 10°, les mots « à la date » sont remplacés par les
mots « avant la date »; h) dans l’alinéa 1er, 11°, les mots « l’établissement de crédit, » sont abrogés; i) dans l’alinéa 1er, 12°, les mots « loi du 6 avril 1995 » sont remplacés par les mots « loi du 6 avril 1995 relative au statut et au contrôle des entreprises d’investissement »; j) dans l’alinéa 2, les mots « loi du 6 avril 1995 » sont remplacés par les mots « loi du 6 avril 1995 relative au statut et au contrôle des entreprises d’investissement »; k) l’alinéa 2 est complété par la phrase suivante : « Dans ce cas la part relative de chaque client dans les avoirs inscrits sur les comptes clients globaux, ouverts par la société de bourse auprès de l’établissement dépositaire, est déterminée par application d’une règle proportionnelle en fonction du montant pour lequel les clients peuvent prouver qu’il a été déposé à la société de bourse. »; l) l’alinéa 3 est abrogé.

Art. 23. Dans l’article 12 du même arrêté royal, les mots « l’article 61 de la loi précitée du 22 mars 1993 » sont remplacés par les mots « l’article 239 de la loi précitée du 25 avril 2014 ».

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Art. 24. Article 13 of the same Royal Decree, amended by the Royal Decree of 1 June 2011, is replaced as follows:

“Art. 13. Deposits placed at the branches of a credit institution established under Belgian law, in another Member State, are repaid on an equal footing with deposits originating from commitments of Belgian head offices and agencies, within the limit set by Article 382 of the Law of 25 April 2014 on the status and supervision of credit institutions.”.

Art. 25. In the same Royal Decree, Article 13/2 is inserted, reading as follows:

« Art. 13/2. § 1. Every credit institution draws up a manual describing the procedure allowing the creation of an electronic file containing the data referred to in Article 14/1, § 1, first and third paragraphs.
This manual also contains a list of contact persons.
The credit institution makes this manual available to the Guarantee Fund and reports any substantive changes to this procedure without delay. The Guarantee Fund may require adaptations to this procedure if it is deemed insufficient or inefficient.
The Minister of Finance determines all practical modalities regarding the drawing up of the manual referred to in the preceding paragraphs.
§ 2. The Guarantee Fund may at any time request the credit institution to provide an electronic file of the guaranteed deposits or a sample of the data for the purpose of carrying out evaluations or stress tests referred to in Article 380, fifth paragraph, of the Law of 25 April 2014 on the status and supervision of credit institutions. The Minister of Finance determines all practical modalities regarding the organization of these stress tests, in accordance with the guidelines established by the European Banking Authority. ».

The Guarantee Fund may require the certification of the manual and of the data included in the electronic file of the guaranteed deposits by the approved auditors, the approved audit firm, or the statutory auditor. The costs of this certification are charged to the concerned participant.

Art. 26. In the same Royal Decree, Article 13/3 is inserted, reading as follows:

“Art. 13/3. The breaches of these provisions, which the Minister of Finance determines pursuant to Article 13/2 and which the Guarantee Fund believes to have established during these stress tests, are reported to the National Bank of Belgium.”.

Art. 27. In Article 14 of the same Royal Decree, amended by the Royal Decree of 1 June 2011, the following amendments are made:
a) the words “, listed company or investment firm referred to in Article 2, 3° and 4°” are replaced by the words “or an enterprise referred to in Article 2, 2° to 4°”; b) the sentence “The Fund also publishes the decision of the authority responsible for prudential supervision to extend the deadline for payment of the compensation, in the Belgian State Gazette and on its website.” is repealed.

Art. 28. In Article 14/1 of the same Royal Decree, inserted by the Royal Decree of 1 June 2011, the following amendments are made:
1° in paragraph 1, first paragraph, the words “the correct data” are replaced by the words “the electronic file drawn up in accordance with Article 13/2 or the correct data,”; 2° paragraph 1, first paragraph, 3°, is replaced as follows: “3° in the event, the existence of blocked deposits and the legal, judicial or conventional reasons for this blocking;”; 3° paragraph 1, first paragraph, 4° is repealed; 4° in paragraph 1, second paragraph, the word “seven” is replaced by the word “three”; 5° in paragraph 1, third paragraph, the words “the unavailability of the credit referred to in the first paragraph, 3°” are replaced by the words “the blocking of the credit referred to in the first paragraph, 3°”; 6° in paragraph 1, the fourth paragraph is replaced as follows: “The notification of the data referred to in the first to third paragraphs to the Guarantee Fund is carried out according to the technical standard and the detailed specifications that the Minister of Finance determines uniformly.”; 7° paragraph 2 is replaced as follows:
“§ 2. The Guarantee Fund may require that the data included in the electronic file of the guaranteed deposits or the data necessary to pay the interventions be certified by the approved auditors, the approved audit firm, or the statutory auditor. The costs of this certification are charged to the concerned participant.”.

Art. 29. Article 14/2 of the same Royal Decree, inserted by the Royal Decree of 1 June 2011, is replaced as follows:

“Art. 14/2. For the credit institutions referred to in Article 2, 1°, in the event that a situation arises as described in Article 6, § 1, first paragraph, of the Royal Decree of 14 November 2008, the Guarantee Fund repays the guaranteed deposits on its own initiative within the framework of deposit protection.
The Guarantee Fund determines the end date by which depositors whose deposits have not been repaid nor recognized within the time limits set in Article 381, third paragraph, of the Law of 25 April 2014 on the status and supervision of credit institutions and in Article 14/8, can request the repayment of their deposits. The amount that constitutes the subject of a repayment under Article 419/1 of the Law of 25 April 2014 on the status and supervision of credit institutions amounts to a maximum of 3,000 euros. An application must be addressed to the Guarantee Fund using a form specifically provided for this purpose. Correspondence between the Guarantee Fund and the depositor is conducted:
a) in the official language of the Union institutions used by the credit institution where the guaranteed deposit is held to communicate in writing with the depositor; or b) in the official language or languages of the Member State where the guaranteed deposit is held.
If a credit institution operates directly in another Member State without having established branches there, the information is provided in the language chosen by the depositor when opening the account.”.

Art. 30. In Article 14/3 of the same Royal Decree, inserted by the Royal Decree of 1 June 2011, the following amendments are made:
1° the words “3° and 4°” are replaced by the words “2° to 4°”; 2° the article is supplemented with a paragraph reading: “Holders of bonds and other banking debt instruments that remain temporarily guaranteed by the Guarantee Fund in accordance with Article 419/2 of the Law of 25 April 2014 on the status and supervision of credit institutions, must submit an application for intervention to the Guarantee Fund and submit the supporting documents.”.

Art. 31. In Article 14/4 of the same Royal Decree, inserted by the Royal Decree of 1 June 2011, the following amendments are made:
a) the words “within the framework of deposit protection” are replaced by the words “referred to in Article 14/3”; b) in the provisions under 1° and 2°, the words “forms drawn up by the Fund” are replaced by the words “forms drawn up, or electronic services made available by the Guarantee Fund”.

Art. 32. In Article 14/5 of the same Royal Decree, inserted by the Royal Decree of 1 June 2011, the following amendments are made:
a) the words “Notwithstanding the time limit referred to in Article 110bis 2, § 1, third paragraph, of the Law of 22 March 1993 on the status and supervision of credit institutions and Article 113, § 1, fourth paragraph, of the Law of 6 April 1995 on the status and supervision of investment firms, the Fund may:” are replaced by the words “Notwithstanding the time limit referred to in Article 113, § 1, fourth paragraph, of the Law of 6 April 1995 on the status and supervision of investment firms, the Guarantee Fund may in the event of the failure of a company referred to in Article 2, 2° to 4°:”; b) in the provision under 1°, the words “a credit institution,” are repealed;

c) point 2° is replaced as follows: “2° if the applicant for an intervention under Article 14/3 fails to provide the requested information for the examination of their application for intervention, or in case of doubt regarding the accuracy of the information on which that application is based, the Fund shall suspend the payment of the intervention, respectively until the requested information is provided or until proof is furnished that the aforementioned information is accurate.”

Art. 33. In Article 14/6, first paragraph, of the same Royal Decree, inserted by the Royal Decree of 1 June 2011, the words “in the context of the protection of deposits” are replaced by the words “referred to in Article 14/3”.

Art. 34. In the same Royal Decree, Article 14/8 is inserted, worded as follows:

“Art. 14/8. Without prejudice to the period referred to in Article 381, third paragraph, of the Law of 25 April 2014 on the status and supervision of credit institutions, in the event of the failure of a credit institution as referred to in Article 2, 1°, the Guarantee Fund ensures that the reimbursable amount is available within a period of three months, if the depositor is not the beneficiary.

Without prejudice to the period referred to in Article 381, third paragraph, of the Law of 25 April 2014 on the status and supervision of credit institutions, in the event of the failure of a credit institution as referred to in Article 2, 1°, the reimbursement may be deferred in the following cases:

1° if it is uncertain whether a person is entitled to receive a reimbursement;

2° if the deposit is the subject of a dispute or of restrictive measures imposed by national governments or international bodies;

3° if the deposit has not undergone any transaction in the past 24 months;

4° if the amount to be reimbursed is to be paid by the deposit guarantee scheme of the Member State of origin.”

Art. 35. In Article 21 of the same Royal Decree, the words “or would have committed fraud, in particular in connection with this scheme or with the applicable laws and decrees for credit institutions, investment firms or insurance companies, or for the relationships between those institutions and firms and their clientele” are repealed.

Art. 36. In Article 22 of the same Royal Decree, the words “Article 1 of Council Directive 91/308/EEC of 10 June 1991 on prevention of the use of the financial system for the purpose of money laundering” are replaced by the words “Directive 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing”.

Art. 37. In Article 23 of the same Royal Decree, last amended by the Royal Decree of 1 June 2011, the following changes are made:

a) in paragraph 1, first paragraph, the words “, the management companies of collective investment undertakings and the management companies of alternative investment funds” are inserted between the words “investment firms” and the words “and insurance companies”;

b) in paragraph 1, second paragraph, the words “Articles 14/4 and 16” are replaced by the words “Articles 14/2, 14/4 and 16”;

c) paragraph 2 is replaced as follows:

“§ 2. Without prejudice to the restriction on the use of information for advertising purposes, as provided for in Article 6, § 4 of the Royal Decree of 14 November 2008, insurance companies are required to inform actual or potential clients in writing and in the language determined in accordance with Article 16 of the coverage resulting from the relevant protection scheme, the main features of that scheme, and the address of the Guarantee Fund.”

d) paragraph 3 is replaced as follows:

“§ 3. Portfolio management and investment advisory firms, the management companies of collective investment undertakings, and the management companies of alternative investment funds shall state in the contracts and agreements concluded with clients the prohibition imposed on them to receive, hold, or keep client funds.”

Art. 38. The heading of sub-section 3 of section 2 is replaced as follows: “Sub-section 4 – Financing of interventions”.

Art. 39. The following changes are made to Article 24 of the same Royal Decree, last amended by the Royal Decree of 27 June 2012:

1° in the second paragraph, the words “Annex 1 of the Royal Decree of 22 February 1991 laying down the general regulations concerning the supervision of insurance companies” are replaced by the words: “Annex II of the Law of 13 March 2016 on the status and supervision of insurance or reinsurance undertakings”;

2° the third paragraph is replaced by the following: “By 20 January of each year at the latest, credit institutions and securities companies shall communicate to the Guarantee Fund the amount, calculated quarterly on 31 March, 30 June, 30 September, and 31 December, of the guaranteed deposits and of the eligible deposits, both those referred to in Article 3, 69° of the Law of 25 April 2014 on the status and supervision of credit institutions and those referred to in Article 389, § 2 of the same Law.”;

3° the fifth paragraph is supplemented by a sentence, worded as follows: “Errors in the determination of the calculation base must be communicated to the Guarantee Fund as soon as possible, so that it can take them into account in the next request for contributions. These corrections are only possible for the preceding year.”

Art. 40. In the same Royal Decree, Article 24/1 is inserted, worded as follows:

“Art. 24/1. § 1. If a credit institution no longer participates in the Guarantee Fund and joins another deposit guarantee scheme of a Member State, the Guarantee Fund is authorized to transfer the contributions paid in the twelve months prior to the termination of participation, with the exception of extraordinary contributions under Article 9 of the Royal Decree of 14 November 2008, to the other deposit guarantee scheme, to the extent that this scheme has a similar financing arrangement.

If part of the activities of a credit institution are transferred to another Member State and thus fall under another deposit guarantee scheme, the transfer determined in the previous paragraph may only take place pro rata to the amount of guaranteed deposits transferred to the other deposit guarantee scheme.

§ 2. If a credit institution intends to switch from the Guarantee Fund to another deposit guarantee scheme, it must notify its intention at least six months in advance. During this period, the credit institution remains obligated to pay both periodic contributions and extraordinary contributions to the Guarantee Fund in accordance with the Royal Decree of 14 November 2008.”

Art. 41. In Article 25 of the same Royal Decree, amended by the Royal Decree of 1 June 2011, the words “Annex 1 of the Royal Decree of 22 February 1991 laying down the general regulations concerning the supervision of insurance companies” are replaced by the words “Annex II of the Law of 13 March 2016 on the status and supervision of insurance or reinsurance undertakings”.

Art. 42. The following changes are made to Article 26 of the same Royal Decree, amended by the Royal Decree of 1 June 2011:

1° in the first paragraph, the words “, for the undertakings referred to in Article 2, 2° to 4°” are inserted between the words “deposit protection scheme” and the words “or the life insurance protection scheme”;

2° in the first paragraph, the words “Article 6, first paragraph” are replaced by the words “Article 6, § 1”;

3° in the first paragraph, the words “institution or company” are replaced by the word “undertaking”;

4° the second paragraph is replaced by a paragraph, worded as follows: “The Guarantee Fund may defer the payment of reimbursements until it has proceeded with the estimates provided for in the first paragraph.”

Art. 43. Article 27, first paragraph, of the same Royal Decree is repealed.

Art. 44. In Article 28 of the same Royal Decree, amended by the Royal Decree of 1 June 2011, the following changes are made:

a) in paragraph 1, 1°, the words “Article 24 with the exception of the part of the contributions that is used in execution of Article 27, first paragraph to repay the advance of the Cash Box” are replaced by the words “Article 8, § 1, first paragraph, 1° or 1° bis of the Royal Decree of 14 November 2008;”

b) in paragraph 2, 1°, the words “second paragraph” are repealed.

Art. 45. In Article 29 of the same Royal Decree, last amended by the Royal Decree of 1 June 2011, the following amendments are made:

1° in paragraph 1, first paragraph, the words “Article 6, first paragraph,” are replaced by the words “Article 6, § 1”;

2° paragraph 1 is supplemented with a paragraph, worded as follows: “The costs for the measures, authorized by Article 380, first paragraph of the Law of 25 April 2014 on the status and supervision of credit institutions and intended for securing the guaranteed deposits in the context of a bankruptcy of the relevant credit institution, may not exceed the net amount for the compensation of covered depositors at the relevant credit institution.”;

3° in paragraph 2, the words “Article 6, first paragraph,” are replaced by the words “Article 6, § 1”;

4° in paragraph 3, 1°, the words “Article 9, § 2” are replaced by the words “Article 9, § 3”;

Art. 46. In Article 30 of the same Royal Decree, amended by the Royal Decree of 1 June 2011, the following amendments are made:

1° in the first paragraph, the sentence “The investment firms referred to in Article 2, 3° and 4°, repay the Fund, via the special annual contributions determined in Article 9, § 3, second paragraph, of the Royal Decree, the interventions that the Fund has made in accordance with Article 6, first paragraph, of the Royal Decree and Articles 5, 8, 10, 11, 13, 14, 14/3 to 14/6, 21 and 22, due to the default of one of those investment firms.”, is replaced by the sentence “The investment firms and management companies of collective investment schemes and management companies of alternative collective investment schemes referred to in Article 2, 3° and 4°, repay the Guarantee Fund, via the special annual contributions determined in Article 9, § 4, sixth paragraph, of the Royal Decree of 14 November 2008, the interventions that the Guarantee Fund has made in accordance with Article 6, § 1 of the Royal Decree of 14 November 2008 and Articles 5, 8, 10, 11, 13, 14, 14/3 to 14/6, 21 and 22, due to the default of one of those firms.”;

2° in the Dutch text of the third paragraph, the words “the Cash” are replaced by the words “the Guarantee Fund”;

3° in the third paragraph, the word “investment firms” is replaced by the word “firms”;

4° in the fourth paragraph, the words “Article 9, § 3, second paragraph” are replaced by the words “Article 9, § 4, sixth paragraph”;

5° in the fifth paragraph, the words “Article 9, § 3, second paragraph, 1°” are replaced by the words “Article 9, § 4, sixth paragraph, 1°,”.

Art. 47. In the heading of Section 3, the words “and management companies of collective investment schemes” are inserted between the word “investment firms” and the words “which fall under the law of another State”.

Art. 48. In Article 31 of the same Royal Decree, last amended by the Royal Decree of 1 June 2011, the following amendments are made:

a) in the provision under 2°, the words “and management companies of collective investment schemes” are inserted between the words “investment firms” and the words “which fall under States”;

b) in the provision under 2°, the word “Protection Fund” is replaced by the word “Guarantee Fund”.

Art. 49. In Article 32 of the same Royal Decree, last amended by the Royal Decree of 1 June 2001, the words “or the management company of collective investment schemes” are inserted between the word “investment firm” and the words “or the competent authority”.

Art. 50. In Article 33 of the same Royal Decree, amended by the Royal Decree of 1 June 2011, the following amendments are made:

1° the words “Article 6, first paragraph,” are replaced by the words “Article 6, § 1”;

2° the words “, up to a maximum of 100,000 euros per client” are repealed.

Art. 51. In Article 35 of the same Royal Decree, the word “29” is replaced by the word “30”.

b) in paragraph 2, 1°, the words “second paragraph,” are repealed.

Art. 45. In Article 29 of the same Royal Decree, last amended by the Royal Decree of 1 June 2011, the following amendments are made:

1° in paragraph 1, first paragraph, the words “Article 6, first paragraph” are replaced by the words “Article 6, § 1”;

2° paragraph 1 is supplemented by a paragraph worded as follows: “The cost of the measures authorized by Article 380, first paragraph of the Law of 25 April 2014 on the status and supervision of credit institutions, and intended to preserve the insured deposits in the context of the bankruptcy of the credit institution concerned, cannot exceed the net amount of the compensation of guaranteed depositors in the credit institution concerned.”;

3° in paragraph 2, the words “Article 6, first paragraph” are replaced by “Article 6, § 1”;

4° in paragraph 3, 1°, the words “Article 9, § 2” are replaced by “Article 9, § 3”.

Art. 46. In Article 30 of the same Royal Decree, amended by the Royal Decree of 1 June 2011, the following amendments are made:

1° in the first paragraph, the sentence “The investment firms referred to in Article 2, 3° and 4°, repay the Fund, by way of special annual contributions fixed in Article 9, § 3, second paragraph, of the Royal Decree, the interventions that the Fund has made in accordance with Article 6, first paragraph, of the Royal Decree and Articles 5, 8, 10, 11, 13, 14, 14/3 to 14/6, 21 and 22, and which find their cause in the failure of one of these investment firms.” is replaced by the sentence “The investment firms and management companies of collective investment schemes and management companies of alternative collective investment schemes referred to in Article 2, 3° and 4°, repay the Guarantee Fund, by way of special annual contributions fixed in Article 9, § 4, sixth paragraph, of the Royal Decree of 14 November 2008, the interventions that the Guarantee Fund has made in accordance with Article 6, § 1, of the Royal Decree of 14 November 2008 and Articles 5, 8, 10, 11, 13, 14, 14/3 to 14/6, 21 and 22, and which find their cause in the failure of one of these firms.”;

2° in the Dutch text of the second paragraph, the words “the Cash” are replaced by the words “the Guarantee Fund”;

3° in the second paragraph, the words “investment firms” are replaced by the word “firms”;

4° in the fourth paragraph, the words “Article 9, § 3, second paragraph” are replaced by the words “Article 9, § 4, sixth paragraph”;

5° in the fifth paragraph, the words “Article 9, § 3, second paragraph, 1°” are replaced by the words “Article 9, § 4, sixth paragraph, 1°”.

Art. 47. In the heading of Section 3, the words “and management companies of collective investment schemes” are inserted between the words “investment firms” and the words “falling under the law of another State”.

Art. 48. In Article 31 of the same Royal Decree, last amended by the Royal Decree of 1 June 2011, the following amendments are made:

a) in 2°, the words “and management companies of collective investment schemes” are inserted between the words “investment firms” and the words “falling under States”;

b) in 2°, the words “Protection Fund” are replaced by the words “Guarantee Fund”.

Art. 49. In Article 32 of the same Royal Decree, amended by the Royal Decree of 1 June 2001, the words “or the management company of collective investment schemes” are inserted between the words “the investment firm” and the words “, or the competent authority”.

Art. 50. In Article 33 of the same Royal Decree, replaced by the Royal Decree of 1 June 2011, the following amendments are made:

1° the words “Article 6, first paragraph” are replaced by the words “Article 6, § 1”;

2° the words “, up to a maximum of 100,000 euros per client” are repealed.

Art. 51. In Article 35 of the same Royal Decree, the word “29” is replaced by the word “30”.

79064 BELGIAN OFFICIAL JOURNAL — 30.11.2016 — Ed. 2 — MONITEUR BELGE

Art. 52. Article 37 of the same Royal Decree is repealed.

Art. 53. Article 38 of the same Royal Decree is supplemented with the words: “as well as information on their historical structure”.

Art. 54. The heading of Section 5 of the same Royal Decree is replaced as follows: “Section 5. Final provisions and various provisions”.

Art. 55. Article 39 of the same Royal Decree, amended by the Royal Decree of 1 June 2011, is replaced as follows:

“Art. 39. The communication period for the information referred to in Article 14/1, § 1, second paragraph is determined as follows:
a) seven working days until 31 December 2018; b) five working days for the period running from 1 January 2019 to 31 December 2020; c) four working days for the period running from 1 January 2021 to 31 December 2023.”.

Art. 56. In the same Royal Decree, an Article 39/1 is inserted, worded as follows:

“Art. 39/1. The provisions of this Decree cannot be invoked in the context of the protection provided on the basis of Article 382, second paragraph of the Law of 25 April 2014 on the status and supervision of credit institutions, for which it is determined that the King, by a Royal Decree deliberated in the Council of Ministers, establishes the amount, modalities and conditions of granting.”.

Art. 57. This Decree takes effect from its publication in the Belgian Official Journal and applies to deposit repayment requests pending at the time of its entry into force.

Art. 58. The Minister competent for Finance is charged with the execution of this Decree.

Given at Brussels, 21 November 2016.

PHILIP
By the King:
The Minister of Finance,
FEDERAL PUBLIC SERVICE FINANCES
J. VAN OVERTVELDT

*
[C — 2016/03421]
21 NOVEMBER 2016. — Royal Decree on the obligations regarding information to be provided to depositors about deposit guarantee

REPORT TO THE KING

Sire,

The Royal Decree submitted to Your signature for signature gives effect to Article 383 of the Law of 25 April 2014 on the status and supervision of credit institutions (hereinafter “Law of 25 April 2014”), as amended by the Law of 22 April 2016 transposing Directive 2014/49/EU on deposit guarantee schemes and containing various provisions.

This provision authorizes You to determine the content of the information that credit institutions must provide to depositors regarding the coverage of their funds within the framework of the Belgian deposit guarantee scheme.

In implementation of that provision, this Decree defines the information obligations that credit institutions under Belgian law must comply with towards their depositors regarding the Belgian deposit guarantee scheme.

Thus, this Decree provides for the transposition of Articles 15, paragraphs 2 and 3, 16 and 19, paragraph 2, 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”).

In accordance with Article 383, third paragraph, of the Law of 25 April 2014, the FSMA is the competent authority for supervising compliance with this Decree. For the execution of that mission, the FSMA has the investigation and sanction powers referred to in the Law of 2 August 2002 concerning the supervision of the financial sector and financial services.

Art. 52. Article 37 of the same Royal Decree is repealed.

Art. 53. Article 38 of the same Royal Decree is supplemented by the words: “as well as information on their historical structure”.

Art. 54. The heading of Section 5 of the same Royal Decree is replaced as follows: “Section 5. Final provisions and various provisions”.

Art. 55. Article 39 of the same Royal Decree, amended by the Royal Decree of 1 June 2011 is replaced as follows:

“Art. 39. The deadline for communicating the information referred to in Article 14/1, § 1, second paragraph is determined as follows:
a) seven working days until 31 December 2018; b) five working days for the period from 1 January 2019 to 31 December 2020; c) four working days for the period from 1 January 2021 to 31 December 2023.”.

Art. 56. In the same Royal Decree, an Article 39/1 is inserted, worded as follows:

“Art. 39/1. The provisions of this Royal Decree cannot be invoked in the context of the protection offered on the basis of Article 382, second paragraph of the Law of 25 April 2014 on the status and supervision of credit institutions, for which it is determined that the King, by a Royal Decree deliberated in the Council of Ministers, establishes the amount, modalities and conditions of granting.”.

Art. 57. This Royal Decree enters into force on the day of its publication in the Belgian Official Journal, and applies to deposit repayment requests pending at the time of its entry into force.

Art. 58. The Minister who has Finance in his attributions is charged with the execution of this Royal Decree.

Given at Brussels, 21 November 2016.

PHILIPPE
By the King:
The Minister of Finance,
J. VAN OVERTVELDT
FEDERAL PUBLIC SERVICE FINANCES

[C — 2016/03421]
21 NOVEMBER 2016. — Royal Decree on information obligations to depositors regarding deposit guarantee

REPORT TO THE KING

Sire,

The Royal Decree submitted to Your signature gives effect to Article 383 of the Law of 25 April 2014 on the status and supervision of credit institutions (hereinafter “Law of 25 April 2014”), as amended by the Law of 22 April 2016 transposing Directive 2014/49/EU on deposit guarantee schemes and containing various provisions.

This provision empowers You to regulate the content of the information to be provided to depositors by credit institutions concerning the coverage of their assets resulting from the Belgian deposit guarantee scheme.

In execution of this provision, this Royal Decree defines the information obligations that credit institutions under Belgian law must respect towards their depositors regarding the Belgian deposit guarantee scheme.

In doing so, this Royal Decree ensures the transposition of Articles 15, §§ 2 and 3, 16 and 19, § 2 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”).

In accordance with Article 383, second paragraph, of the Law of 25 April 2014, the FSMA is the competent authority to ensure compliance with this Royal Decree. For the exercise of this mission, the FSMA has the investigation and sanction powers provided for in the Law of 2 August 2002 on the supervision of the financial sector and financial services.

BELGIAN OFFICIAL JOURNAL — 30.11.2016 — Ed. 2 — MONITEUR BELGE 79065

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