Royal Decree of 21 November 2016 on information obligations to depositors regarding deposit guarantee

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 Article 37 of the same Royal Decree is repealed.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: "also 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 miscellaneous 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 deadline 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 for under 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 grant."

Art. 57. This Decree takes effect from its publication in the Belgian State Gazette and applies to requests for repayment of a deposit that are pending at the time of its entry into force.

Art. 58. The Minister responsible for Finance is charged with the implementation of this Decree.

Given at Brussels, 21 November 2016.

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

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

REPORT TO THE KING

Sire,

The Royal Decree submitted for 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 miscellaneous provisions.

This provision empowers You to determine the content of the information that credit institutions must provide to depositors concerning the coverage of their funds under the Belgian deposit guarantee scheme.

In execution of this 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").

Pursuant to 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 this mission, the FSMA has the investigative and sanctioning powers provided for in the Law of 2 August 2002 on the supervision of the financial sector and financial services.

Art. 52. L'article 37 du même arrêté royal est abrogé.

Art. 53. L'article 38 du même arrêté royal est complété par les mots :
« ainsi que des informations sur leur construction historique ».

Art. 54. L'intitulé de la section 5 du même arrêté royal, est remplacé par ce qui suit : « Section 5. Dispositions finales et diverses ».

Art. 55. L'article 39 du même arrêté royal, modifié par l'arrêté royal du 1er juin 2011 est remplacé par ce qui suit :
« Art. 39. Le délai de communication des informations visées à l'article 14/1, § 1er, alinéa 2 est déterminé comme suit :
a) sept jours ouvrables jusqu'au 31 décembre 2018; b) cinq jours ouvrables pour la période du 1er janvier 2019 au 31 décembre 2020; c) quatre jours ouvrables pour la période du 1er janvier 2021 au 31 décembre 2023. ».

Art. 56. Dans le même arrêté royal, un article 39/1 est inséré,rédigé comme suit :
« Art. 39/1. Les dispositions de cet arrêté ne peuvent pas être invoquées dans le cadre de la protection qui est offerte sur base de l'article 382, alinéa 2 de la loi du 25 avril 2014 relative au statut et au contrôle des établissements de crédit, pour laquelle il est déterminé que le Roi, par un arrêté délibéré en Conseil des ministres, établit le montant, les modalités et les conditions d'octroi. ».

Art. 57. Le présent arrêté entre en vigueur le jour de sa publication au Moniteur belge, et s'applique aux demandes de remboursement d'un dépôt en cours au moment de son entrée en vigueur.

Art. 58. Le ministre qui a les Finances dans ses attributions est chargé de l'exécution du présent arrêté.

Donné à Bruxelles, le 21 novembre 2016.

PHILIPPE
Par le Roi :
Le Ministre des Finances,
J. VAN OVERTVELDT
SERVICE PUBLIC FEDERAL FINANCES

[C - 2016/03421]
21 NOVEMBRE 2016. — Arrêté royal relatif aux obligations d'information aux déposants en matière de garantie des dépôts

RAPPORT AU ROI

Sire,

L'arrêté royal soumis à Votre signature porte exécution de l'article 383 de la loi du 25 avril 2014 relative au statut et au contrôle des établissements de crédit (ci-après "loi du 25 avril 2014"), tel que modifié par la loi du 22 avril 2016 transposant la directive 2014/49/UE relative aux systèmes de garantie des dépôts et portant dispositions diverses.

Cette disposition Vous habilite à régler le contenu de l'information à procurer aux déposants par les établissements de crédit concernant la couverture de leurs avoirs résultant du système belge de garantie des dépôts.

En exécution de cette disposition, le présent arrêté définit les obligations d'information que doivent respecter les établissements de crédit de droit belge vis-à-vis de leurs déposants à propos du système belge de garantie des dépôts.

Ce faisant, le présent arrêté assure la transposition des articles 15, §§ 2 et 3, 16 et 19, § 2 de la directive 2014/49/UE du Parlement européen et du Conseil du 16 avril 2014 relative aux systèmes de garantie des dépôts (ci-après "directive 2014/49/UE").

Conformément à l'article 383, alinéa 3 de la loi du 25 avril 2014, la FSMA est l'autorité compétente pour veiller au respect du présent arrêté. Pour l'exercice de cette mission, la FSMA dispose des pouvoirs d'enquête et de sanctions prévus dans la loi du 2 août 2002 relative à la surveillance du secteur financier et aux services financiers.

BELGISCH STAATSBLAD — 30.11.2016 − Ed. 2 — MONITEUR BELGE 79065

Commentary on the articles

Article 2
This article describes the purpose of this Decree.

Article 3
This article contains a number of definitions that are useful for the application of this Decree.

The definition of the concept of "deposits" is central. This concept is defined with reference to the concept of "money deposits" in
Article 5, first paragraph, 1° and 2°, of the Royal Decree of 14 November 2008 implementing the crisis measures provided for in the Law of
22 February 1998 establishing the organic statute of the National Bank of Belgium, as regards the establishment of the Guarantee Fund for financial services (hereinafter "RD of 14 November 2008").

This definition covers the "insured deposits", including the registered savings certificates and the dematerialized and registered savings certificates on nominal accounts, as defined in Article 3, 68°, of the Law of 25 April 2014, as well as the money deposits held for the account of investors until they are used for the acquisition or repayment of financial instruments.

This definition is the transposition into Belgian law of the definition of the concept of "deposit" in Article 2, paragraph 1, point 3), of Directive 2014/49/EU.

The definition of the concept of "depositor" is based on the relevant definition in Directive 2014/49/EU, namely the holder or, in the case of a joint account, each of the holders of a deposit. Both the professional and the non-professional clients of the credit institutions who are holders of a deposit within the meaning of this Decree are thus covered.

In the case of deposits on which at least two persons can claim rights as members of an association, a grouping or an undivided estate without legal personality, the status of "depositor" is recognized in accordance with the provisions taken for the implementation of Article 5, last paragraph, of the RD of 14 November 2008, which, with respect to that hypothesis, determine the amounts of the claims eligible for repayment, as well as the beneficiaries of the repayment.

The concept of "joint account" is defined in accordance with Article 2, paragraph 1, point 7), of Directive 2014/49/EU.

The definition of "durable medium" is identical to that in Article 2, 17°, of the Royal Decree of 25 April 2014 concerning certain information obligations when marketing financial products to non-professional clients (hereinafter "RD of 25 April 2014").

The concept of "bank brand" is defined in accordance with Article 7, paragraph 9, of Directive 2014/49/EU, with reference to the definition of that same concept in Directive 2008/95/EC of 22 October 2008 concerning the approximation of the laws of the Member States relating to trade marks.

Article 4
Article 4 clarifies the scope of the information obligations described in Chapter 2
of this Decree, which apply to credit institutions under Belgian law.

Those information obligations concern both the deposits they hold in Belgium, as well as the deposits they hold in other EEA Member States, where they carry out their activities through a branch or in the framework of the free provision of services. All deposits covered by the Belgian deposit protection scheme referred to in Article 380 of the Law of 25 April 2014 are covered.

Article 5
Article 5 provides for the partial transposition of Article 16, paragraph 2,
of Directive 2014/49/EU, on the basis of which the information to the depositors is provided on the basis of a model form, which in Belgian law is called "information sheet on deposit protection".

The form and content of that information sheet are standardized on the basis of the model form as an annex to Directive 2014/49/EU.
The information sheets on deposit protection must be prepared in accordance with the model as an annex to the Decree. All information referred to in the model must be stated and no additional information may be added.

Commentaire des articles

Article 2
Cet article énonce l'objet du présent arrêté.

Article 3
Cet article énonce un certain nombre de définitions utiles pour l'application du présent arrêté.

La définition de la notion de "dépôts" est centrale. Cette notion est définie par référence à la notion de "dépôts de fonds"énoncée à l'article 5, alinéa1er,1° et 2° de l'arrêté royal du 14 novembre 2008 portant exécution des mesures anti-crise reprises dans la loi du 22 février 1998 fixant le statut de la Banque nationale de Belgique, en ce qui concerne la création du Fonds de garantie pour les services financiers (ci-après "AR du 14 novembre 2008").

Cette définition vise les "dépôts assurés" dont les bons de caisse nominatifs et les bons de caisse dématérialisés et enregistrés à des comptes nominatifs, tels que définis à l'article 3, 68°, de la loi du 25 avril 2014, ainsi que les dépôts de fonds détenus pour le compte des investisseurs en attente d'affectation à l'acquisition d'instruments financiers ou en attente de restitution.

Cette définition constitue la transposition en droit belge de la définition de la notion de "dépôt"à l'article 2, § 1er, point 3) de la directive 2014/49/UE.

La notion de "déposant" est définie en conformité avec la définition de cette même notion dans la directive 2014/49/UE, à savoir la personne titulaire du dépôt ou, en cas de compte joint, chacune des personnes titulaires du dépôt. Tant les clients professionnels que les clients de détail des établissements de crédit qui sont titulaires d'un dépôt au sens du présent arrêté sont donc concernés.

Dans l'hypothèse de dépôts sur lesquels deux personnes au moins ont des droits en qualité de membres d'une association, d'un groupement ou d'une indivision non dotés de la personnalité juridique, la qualité de "déposant" sera reconnue conformément aux dispositions prises en exécution de l'article 5, dernier alinéa de l'AR du 14 novembre 2008 qui définissent, dans cette hypothèse, le montant des créances éligibles au remboursement, ainsi que la personne bénéficiaire du remboursement.

La notion de compte-joint est définie conformément à l'article 2, § 1er, point 7) de la directive 2014/49/UE.

La définition du "support durable" est identique à celle de l'article 2, 17° de l'arrêté royal du 25 avril 2014 imposant certaines obligations en matière d'information lors de la commercialisation de produits financiers auprès de clients de détail (ci-après "AR du 25 avril 2014").

La notion de "marque bancaire" est définie conformément à l'article 7, § 9 de la directive 2014/49/UE, par référence à la définition de cette même notion dans la directive 2008/95/CE du 22 octobre 2008 rapprochant les législations des Etats membres sur les marques.

Article 4
L'article 4 du présent arrêté précise le champ d'application des obligations d'information décrites dans le Chapitre 2 du présent arrêté, destinées aux établissements de crédit de droit belge.

Ces obligations d'information portent tant sur les dépôts qu'ils détennent en Belgique que sur les dépôts qu'ils détiennent dans d'autres Etats membres de l'Espace économique européen, dans lesquels ils exercent leurs activités par le biais d'une succursale ou en libre prestation de services. Sont en effet concernés tous les dépôts couverts par le système de protection de droit belge viséà l'article 380 de la loi du 25 avril 2014.

Article 5
L'article 5 assure la transposition partielle de l'article 16, § 2 de la directive 2014/49/UE selon lequel les informations sont fournies aux déposants par le biais d'un formulaire-type, qualifié en droit belge de "fiche d'information sur la protection des dépôts".

La forme et le contenu de cette fiche d'information sont standardisés conformément au modèle de formulaire-type annexéà la directive 2014/49/UE.

Les fiches d'information sur la protection des dépôts doivent être établies conformément au modèle repris en annexe de l'arrêté. Toutes les informations énoncées dans le modèle doivent y être reprises et aucune information supplémentaire ne peut être ajoutée.

79066 BELGISCH STAATSBLAD — 30.11.2016 − Ed. 2 — MONITEUR BELGE

Article 6
Article 6 provides for the partial transposition of Article 16(2) of Directive 2014/49/EU. That article specifically provides that the information sheet on deposit protection must be provided to the depositor before the conclusion of a deposit contract.
The decree clarifies that this obligation also applies to the intermediaries (agents or brokers) of credit institutions, confirming the common law rule according to which those intermediaries must comply with the rules applicable to their principal. It is also clarified that the information sheet on deposit protection must be provided to depositors free of charge. No costs may therefore be charged to depositors in exchange for the handing over of that sheet. Paragraph 2 of Article 6 clarifies that the information sheet on deposit protection must also be provided free of charge to any potential depositor who requests it, in other words, even if no deposit contract is concluded after the provision of the sheet. Paragraph 3 of Article 6 introduces for depositors the obligation to confirm receipt of the information sheet on deposit protection. Such a receipt confirmation is indeed explicitly required by Article 16(2) of Directive 2014/49/EU. That receipt confirmation must take place at the moment when the information sheet is handed over to depositors in accordance with paragraph 1 of this Article, in other words, at the moment when the deposit contract is concluded. Such a receipt confirmation is not required for the annual provision of the information sheet in accordance with paragraph 4 of Article 6, nor when the information sheet, in accordance with paragraph 2 of Article 6, is handed over to a potential depositor who requests it, without a deposit contract being concluded thereafter. The model of the information sheet on deposit protection as an annex to this decree contains a specific section for the receipt confirmation. However, that receipt confirmation may be carried out in any other way, in particular when the deposit contract is concluded using a distance communication technique. By determining that the information sheet on deposit protection must be provided free of charge to depositors at least once a year, Article 6, paragraph 4, provides for the partial transposition into Belgian law of Article 16(4) of Directive 2014/49/EU.

Article 7
Article 7 determines how the information sheet on deposit protection must be provided to depositors.
Thus, this article provides for the partial transposition of Article 16(4) of Directive 2014/49/EU, which stipulates that information on deposit protection is made available in the manner prescribed by national legislation. The directive therefore does not clarify how the information sheet must be handed over to depositors and leaves the determination of those modalities to the national legislator.
Article 7 stipulates that the information sheet on deposit protection must be made available on a durable medium (preferably on paper) or via a website. In all cases where that information sheet is not handed over on paper, certain conditions must be met which are based on the existing conditions for the submission of the key investor information document when marketing units in a collective investment undertaking, or for the submission of the key saver information document when marketing regulated savings accounts.
If the credit institution or its intermediary uses a durable medium other than paper, the provision of information on that medium must fit into the context in which the credit institution or the intermediary and the depositor do business or are going to do business. Furthermore, the depositor must have explicitly opted for the provision of information on that other medium. The decree also determines the specific conditions in the event that the information is provided via a website, without being personally addressed to the depositor. Here, in particular, the cases are targeted where the information sheet on deposit protection would only be made available to a depositor on the website of the credit institution, without that person having access to a secure and personalized login to that website, or to the section of that website where all that information is published. In that case, the other conditions for the provision of information on a durable medium other than paper must be met. These modalities offer a certain flexibility, insofar as they provide for other ways of providing information than on paper. Furthermore, they constitute the transposition of Article 16(8) of Directive 2014/49/EU, which stipulates that, if a depositor uses internet banking, the information on deposit protection may be provided electronically, and that, if the depositor so requests, the information is provided on paper.

Article 8
Article 8 clarifies in which language the information on deposit protection must be provided to depositors. That article provides for the transposition of Article 16(4) of Directive 2014/49/EU, according to which the information is made available in either the language for which the depositor and the credit institution opted when opening the account, or in the official language or languages of the Member State where the branch is established.
In accordance with the directive, Article 8 establishes as a principle that the information sheet on deposit protection is made available in the language agreed by the depositor and the credit institution when the deposit contract was concluded. For deposits held by credit institutions under Belgian law in another EEA Member State, however, the information sheet on deposit protection may also be provided in the official language or languages of that Member State.

Article 9
Article 9 provides for the partial transposition of Article 16(3) of Directive 2014/49/EU, according to which depositors receive on their account statement a confirmation that their deposits are eligible deposits, including a reference to the model form.
Under that rule, each account statement that a credit institution hands over to its depositors in the context of the execution of a contract on eligible deposits within the meaning of the Act of 25 April 2014, explicitly states that these are eligible deposits, and contains a reference to the information sheet on deposit protection.

Article 10
This article provides for the transposition of Article 7(9) of Directive 2014/49/EU.
Thus, credit institutions that carry out their activities under different bank brands must clearly inform depositors thereof. Furthermore, depositors must also be informed that the coverage level of 100,000 euros determined in Article 382 of the Act of 25 April 2014 applies to all deposits they hold with the credit institution, and regardless of the different bank brands used by the credit institution.
Article 7(9) of the directive stipulates that this information is mentioned on the model form provided to the depositor.
The information sheet on deposit protection as an annex to this decree also explicitly mentions the different bank brands under which the credit institution carries out its activities. The provision of that information sheet and any updates thereof to the depositor should therefore be sufficient to comply with the information obligation mentioned in this article.

Article 11
Paragraph 1 of Article 11 provides for the transposition of Article 16(6), first paragraph, of Directive 2014/49/EU. The FSMA is also informed of the planned operation to enable it to exercise its supervision on the compliance with that provision. Paragraph 2 regulates the possible consequences of mergers, conversions of subsidiaries into branches or similar operations regarding the coverage level enjoyed by depositors of those institutions. Thus, this paragraph provides for the transposition of Article 16(6), second paragraph, of Directive 2014/49/EU. It is possible that one of the aforementioned operations results in the total amount of eligible deposits held by the same depositor with a credit institution exceeding the coverage level of 100,000 euros, while that coverage level was not reached before the operation in question. In that case, the depositor must be given the opportunity to withdraw or transfer the part of those deposits that exceeds the coverage level to another credit institution, without any costs being charged to him for that purpose. Similarly, the

charged accordingly. Furthermore, the depositor must not be disadvantaged by such withdrawal or transfer, implying that interest, loyalty premiums, or any other type of remuneration or benefit acquired on the date of the notice must remain due to them.

Article 12

Article 12 provides for the transposition of Article 16, paragraph 7, of Directive 2014/49/EU. That provision of the Directive refers to situations where a credit institution no longer participates in or is excluded from the national deposit guarantee scheme. Under Belgian law, membership in the deposit guarantee scheme is a licensing requirement for credit institutions, meaning this provision applies only if the license of a credit institution is revoked or withdrawn.

Article 13

Article 13 provides for the transposition of Article 19, paragraph 2, of Directive 2014/49/EU.

The new definition of “guaranteed deposits” in Article 3, point 68°, of the Law of 25 April 2014 now excludes bonds and certain other banking debt instruments that were previously covered by the Belgian deposit guarantee scheme. Only bearer cash certificates and dematerialized cash certificates registered in nominative accounts remain covered. The other debt instruments no longer meet the definition of a deposit in Article 2, paragraph 1, point 3), of Directive 2014/49/EU.

The legislator has used the option provided for in Article 19, paragraph 1, of Directive 2014/49/EU by establishing, in Article 419/2 of the Law of 25 April 2014, a transitional regime for these financial instruments, provided they have an original maturity date, were deposited or issued before 2 July 2014, and were covered by the deposit guarantee scheme before 12 May 2016, the date of entry into force of this provision. Under these conditions, the existing protection of bonds and other banking debt instruments issued before 2 July 2014 remains valid until their original maturity date.

Article 19, paragraph 2, of Directive 2014/49/EU requires that depositors be correctly informed about the deposits, categories of deposits, or other instruments that will no longer be covered by a deposit guarantee scheme as of 3 July 2015.
To ensure that the relevant depositors are correctly informed, Article 13 imposes an obligation on Belgian credit institutions to notify in writing the holders of bonds and other banking debt instruments that were covered by the deposit guarantee scheme before 12 May 2016 and do not benefit from the transitional provision of Article 419/2 of the Law of 25 April 2014, that their instruments are no longer covered by the Belgian deposit guarantee scheme.

Credit institutions appear best placed to inform the relevant depositors, as they possess the data necessary to identify the depositors concerned among their clients.

Articles 14 and 15

These articles define the information obligations applicable to credit institutions under the law of third countries that have established a branch in Belgium.

Deposits made at certain of these branches established in Belgium are covered by the Belgian deposit protection scheme. In accordance with Article 380, second paragraph, of the Law of 25 April 2014, this concerns branches of credit institutions whose obligations are not covered by a deposit protection scheme in their home state to at least the same extent as under the corresponding Belgian deposit protection scheme.

Pursuant to Article 14 of this decree, these credit institutions must provide the information required by this decree to their depositors in the same manner, thereby ensuring the harmonization of information provided to depositors covered by the Belgian deposit protection scheme.

Article 15 defines the applicable information obligations for credit institutions under the law of a third country that have established a branch in Belgium and whose obligations are covered by a deposit protection scheme in their home state to at least the same extent as under the corresponding Belgian deposit protection scheme.

In accordance with Article 380, second paragraph, of the Law of 25 April 2014, deposits made at the Belgian branches of these institutions are not covered by the Belgian deposit protection scheme. They are, in fact, covered by the deposit protection scheme in their home state.

Nevertheless, Article 15 of this decree requires these institutions to provide their depositors in Belgium with all useful information regarding the deposit guarantee schemes applicable to deposits made at their Belgian branches. This information must be formulated clearly and comprehensibly and made available in either the language chosen by the depositor and the credit institution when the deposit contract was concluded, or in one of the official languages of Belgium.

In this way, Article 15 of this decree transposes Article 15, paragraphs 2 and 3, of Directive 2014/49/EU.

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

ADVICE 60.182/2 OF 26 OCTOBER 2016 FROM THE COUNCIL OF STATE, LEGISLATION SECTION, REGARDING A DRAFT ROYAL DECREE ‘ON THE INFORMATION OBLIGATIONS TO BE PROVIDED TO DEPOSITORS REGARDING DEPOSIT GUARANTEE’

On 30 September 2016, the Council of State, Legislation Section, was requested by the Minister of Finance, responsible for Combating Fiscal Fraud, to provide an opinion within a period of thirty days on a draft royal decree ‘on the information obligations to be provided to depositors regarding deposit guarantee’. The draft was examined by the second chamber on 26 October 2016. The chamber was composed of Pierre Vandernoot, chamber president, Luc Detroux and Wanda Vogel, State Councillors, and Anne-Catherine Van Geersdaele, clerk. The report was presented by Jean-Luc Paquet, first auditor. The concordance between the French and Dutch versions of the advice was verified under the supervision of Wanda Vogel. The advice, the text of which follows, was given on 26 October 2016.

Since the request for advice was submitted based on Article 84, paragraph 1, first paragraph, 2°, of the coordinated laws on the Council of State, the Legislation Section limits its examination to the legal basis of the draft, the competence of the author of the act, and the fulfillment of prior formal requirements, in accordance with Article 84, paragraph 3, of the aforementioned coordinated laws.

Regarding these three points, the draft gives rise to the following comments.

Examination of the Draft

Preamble

The draft is primarily based on the authorization granted by the first paragraph of Article 383 of the Law of 25 April 2014 ‘on the status and supervision of credit institutions’, so the first paragraph of the preamble of the draft must be supplemented in this sense (1).

Although the proposed decree determines “what information credit institutions must provide to depositors regarding the coverage of their funds under” the deposit protection scheme referred to in that first paragraph, the draft contains no provision based on the following paragraph, according to which it is permitted to provide supplementary information to complement the mere mention of the deposit guarantee scheme to which the use of the aforementioned information for advertising purposes must be limited.

Consequently, the words “amended by the Law of 22 April 2016” must be omitted, as the first paragraph of Article 383 was not amended by that law.

That said, the proposed royal decree does not only concern the “content [...] of the information that credit institutions must provide to depositors regarding the coverage of their funds” under the deposit protection scheme. Regarding the other aspects of the draft, it can rely on the general executive power entrusted to the King by Article 108 of the Constitution.

Consequently, a new first paragraph must be inserted in the preamble referring to this latter constitutional provision.

Dispositive Part

Article 3

In point 1°, specific reference must be made to Article 5, first paragraph, 1° and 2°.

Article 6

Pursuant to Article 16, paragraph 2, of Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 ‘on deposit guarantee schemes’, the information for the depositor must be provided to them “before the conclusion of a contract concerning the receipt of deposits” and the model form included in Annex I to the Directive must be used for this purpose.

Article 6, § 1, second paragraph, of the draft provides that this information may be provided “immediately after the conclusion of the deposit contract (...) when the conclusion of that contract is carried out using a distance communication technique whereby the information sheet cannot be provided to the depositor before the conclusion of the contract”.

In accordance with the Directive, no such deviation from the principle that information must be provided before the contract is concluded is permitted. Such a deviation is also not necessary, as, taking into account Article 16, paragraph 4, of the same Directive, according to which the information to be provided “is made available in the manner prescribed by national legislation”, Article 7 of the draft provides that the information sheet may be provided on any other durable medium than paper or via a website.

The provision should therefore be omitted. Article 7, § 3, should be adjusted in the event that the contract is concluded at the request of the depositor using a distance communication technique, by stipulating that, on the one hand, the potential depositor must have previously agreed that the information be provided on a medium other than paper, and on the other hand, that this information must be actually accessible to them before the contract is concluded.

Article 8

Article 16, paragraph 4, of the Directive states as follows:
“4. The information referred to in paragraph 1 shall be made available in the manner prescribed by national legislation in either the language agreed upon by the depositor and the credit institution when the bank account was opened, or the official language or languages of the Member State where the branch is established.”

Article 8 of the draft does not correctly transpose this provision. It is not clear from that article in which language the information sheet is made available when the depositor and the credit institution have not jointly opted to use “in the context of their business relationship” a specific language, whereas the Directive stipulates that the language agreed upon when the bank account was opened must be used, which language may differ from the language used “in the context of the business relationship”.

The provision must be revised.
The same observation applies to Article 15.

Article 16

The date of entry into force must be supplemented. That date may in no case be set to a date preceding the publication of the proposed decree in the Belgian State Gazette.

BELGIAN STATE GAZETTE — 30.11.2016 − Ed. 2 — MONITEUR BELGE 79071

Annex
The annex must bear the heading: “Annex to the Royal Decree of [date] on the information obligations to depositors regarding deposit guarantee”.
The Clerk, The President,
A.-C. Van Geersdaele. P. Vandernoot.
Note
(1) Principles of legislative technique - Guide for drafting legislative and regulatory texts, www.raadvstconsetat.be, tab “Legislative technique”, recommendation 27, points b) and c).
21 NOVEMBER 2016. — Royal Decree on the information obligations to depositors regarding deposit guarantee PHILIPPE, King of the Belgians, To all who are now and hereafter shall be, Greeting.
Having regard to the Constitution, Article 108; Having regard to the Law of 25 April 2014 on the status and supervision of credit institutions, Article 383, first paragraph; Having regard to the opinion of the Financial Inspection, given on 8 July 2016; Having regard to the agreement of the Minister of Budget, given on 29 September 2016; Having regard to opinion 60.182/2 of the Council of State, given on 26 October 2016, in application of Article 84, § 1, first paragraph, 2°, 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:
CHAPTER I. — General provisions
Article 1. This decree provides for the partial transposition of Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes.
Art. 2. This decree imposes certain information obligations to be observed with regard to depositors concerning the deposit guarantee.
Art. 3. For the purposes of this decree, the following terms shall be understood as:
1° deposits: monetary deposits as referred to in Article 5, first paragraph, 1° and 2°, of the Royal Decree of 14 November 2008; 2° deposit contract: agreement under which a client may make deposits or subscribe to deposits; 3° depositor: the holder or, in the case of a joint account, each of the holders of a deposit; 4° joint account: an account opened in the name of two or more persons or regarding which two or more persons have rights that can be exercised by the signature of one or more of those persons; 5° durable medium: any instrument that enables the depositor to store information addressed personally to him in a manner that makes this information accessible for future use during a period adapted to the purpose for which the information can serve, and that allows unchanged reproduction of the stored information; 6° Guarantee Fund: Guarantee Fund for financial services established in accordance with Article 3 of the Royal Decree of 14 November 2008; 7° the Belgian deposit guarantee system: the collective deposit protection scheme referred to in Article 380 of the Law of 25 April 2014, organized by the Guarantee Fund; 8° bank brand: brand within the meaning of Article 2 of Directive 2008/95/EC of the European Parliament and of the Council of 22 October 2008 on the approximation of the laws of the Member States relating to trade marks, under which a credit institution carries out its activities; 9° information sheet on deposit protection: the information sheet established in accordance with Article 5 of this decree; 10° Law of 25 April 2014: the Law of 25 April 2014 on the status and supervision of credit institutions; 11° Royal Decree of 14 November 2008: 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, regarding the establishment of the Guarantee Fund for financial services.
CHAPTER 2. — Information obligations regarding the deposit protection scheme in respect of credit institutions under Belgian law
Art. 4. The provisions of this chapter apply to credit institutions under Belgian law as referred to in Article 380 of the Law of 25 April 2014, with regard to deposits held in Belgium or in a Member State of the European Economic Area.
Art. 5. Every credit institution draws up an information sheet on deposit protection, the form and content of which are in accordance with the model sheet as annex to this decree.
Art. 6. § 1. The information sheet on deposit protection is provided free of charge to depositors by the credit institution or its intermediary in banking and investment services before the conclusion of a deposit contract.
§ 2. The information sheet on deposit protection is also provided free of charge to any potential depositor who requests it.
§ 3. Depositors acknowledge receipt of the information sheet on deposit protection at the moment it is provided to them in accordance with paragraph 1.
§ 4. Without prejudice to the preceding paragraphs, the information sheet on deposit protection is provided free of charge to depositors at least once a year.
Art. 7. § 1. The information sheet on deposit protection is provided to depositors in one of the following ways:
a) on paper; b) on another durable medium, if the conditions in paragraph 2 are met, provided that the depositor can obtain the information sheet free of charge on paper upon simple request; c) via a website, if the conditions in paragraph 3 are met, provided that the depositor can obtain the information sheet free of charge on paper upon simple request. § 2. A durable medium other than paper is only permitted if:
a) the provision of that information on that medium fits within the context in which the credit institution or intermediary and the depositor conduct or will conduct business; and b) the depositor to whom the information must be provided, when faced with the choice between providing information on paper or on that other durable medium, explicitly chooses the provision of information on that other medium. § 3. When the information sheet on deposit protection is made available via a website, and the information it contains is not addressed personally to the depositor, the following cumulative conditions must also be met:
a) the provision of the information sheet via a website fits within the context in which the credit institution or intermediary and the depositor conduct or will conduct business; b) the depositor to whom the information sheet must be provided, when faced with the choice between providing information on paper or via a website, explicitly chooses the provision of information via the website; c) the depositor is informed of the web address and the location on the website where he can access the information sheet; d) the information on the information sheet regarding deposit protection is updated; e) the information sheet is continuously accessible via the website for as long as the depositor reasonably needs to analyze that information sheet. § 4. For the purposes of this article, the provision of the information sheet via a website or via electronic messages is deemed to fit within the context in which the credit institution or intermediary and the depositor conduct or will conduct business, if the latter has regular access to the internet. Regular access to the internet is deemed proven if the depositor has provided an email address to conduct business. Art. 8. The information sheet on deposit protection is made available in the language agreed upon by the depositor and the credit institution when the deposit contract was concluded. For deposits held by a credit institution under Belgian law in another Member State of the European Economic Area, the information sheet on deposit protection may also be provided in the official language or languages of that Member State. Art. 9. Each account statement provided by the credit institution to depositors in the context of the execution of a contract for eligible deposits within the meaning of Article 3, 69°, of the Law of 25 April 2014, explicitly states that these are eligible deposits. That statement includes a reference to the information sheet on deposit protection. Art. 10. Credit institutions that carry out their activities under different bank brands clearly inform depositors thereof. Depositors are also informed of the fact that the coverage level provided for in Article 382 of the Law of 25 April 2014 applies to the total of the deposits they hold with the credit institution.

The information shall be stated on the information sheet regarding deposit protection and, where applicable, must be updated.

Art. 11. § 1. In the event of mergers, conversions of subsidiaries into branches, or similar operations, credit institutions shall notify the FSMA and their depositors at least one month before the legal effects of such operations take effect.

The FSMA may, for reasons of business secrecy or financial stability, authorize that the information be provided to depositors within a shorter period.

§ 2. Depositors whose eligible deposits at a credit institution exceed the coverage level defined in Article 382 of the Law of 25 April 2014 as a result of the operation of which they are notified pursuant to the first paragraph of paragraph 1, may, during a period of three months from the date of such notification, withdraw or transfer the portion of those deposits exceeding the coverage level to another credit institution, without any costs being charged to them. The interest, loyalty bonuses, or any other type of remuneration or benefit acquired as of the date of notification shall be due to them.

Art. 12. Credit institutions that are no longer covered by the deposit guarantee system shall notify their depositors thereof within one month.

Art. 13. Credit institutions shall notify in writing the holders of bonds and other banking debt instruments that were covered by the deposit guarantee system before 12 May 2016, and which do not benefit from the transitional provision of Article 419/2 of the Law of 25 April 2014, that their securities are no longer covered by the Belgian deposit guarantee system.

CHAPTER 3. — Information obligations regarding the deposit protection scheme in respect of credit institutions subject to the law of a third country

Art. 14. Credit institutions subject to the law of a third country, which have established a branch in Belgium, and whose obligations are covered by the Belgian deposit protection scheme, shall provide their depositors with the information required by this decree in the manner specified in this decree.

Art. 15. Credit institutions subject to the law of a third country, which have established a branch in Belgium, and whose obligations are covered by a deposit protection scheme of that third country in a manner at least equivalent to that resulting from the corresponding Belgian deposit protection scheme, shall provide their depositors in Belgium with all useful information concerning the guarantee schemes applicable to the deposits of current and potential depositors at that branch.

This information shall be made available in either the language agreed upon by the depositor and the credit institution when the deposit contract was concluded, or in one of the official languages of Belgium, and shall be formulated clearly and understandably.

CHAPTER 4. — Final provisions

Art. 16. This decree shall enter into force two months after its publication in the Belgian State Gazette, with the exception of Article 9, which shall enter into force four months after that same publication.

Art. 17. The Minister responsible for Finance is charged with the implementation of this decree.

Given at Brussels, 21 November 2016.

FILIP

By the King:

The Minister of Finance,
J. VAN OVERTVELDT

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Annex to the Royal Decree of 21 November 2016 on the obligations regarding information to be provided to depositors on deposit guarantees

INFORMATION SHEET ON DEPOSIT PROTECTION

Deposits made at [name of the credit institution to be filled in] are protected by:

The Guarantee Fund (BE)

Coverage limit: 100,000 euros per depositor and per credit institution (1)

[if applicable:] The following bank brands are part of your credit institution [list all bank brands operating under the same license].

If you have several deposits at the same credit institution:

All your deposits at the same credit institution are added together, and the limit of 100,000 euros is applied to the total amount (1).

If you have a joint account with another person(s):

The limit of 100,000 euros applies to each depositor separately (2).

Repayment period if a credit institution can no longer meet its obligations:

20 working days (3)

Currency of repayment: Euro

Contact: Guarantee Fund for Financial Services Federal Public Service Finance General Administration of the Treasury Arts Lane 30 B–1040 Brussels Tel.: 32.2.574.78.40 Fax: 32.2.579.69.19 E-mail: garantiefonds.thesaurie@minfin.fed.be

More information [including regarding the deposits for which and the depositors for whom protection applies]: Website: http://garantiefonds.belgium.be/nl

Acknowledgment of receipt by the depositor (4): .../.../...

Additional Information

(1) General coverage limit
If a deposit is unavailable because a credit institution cannot meet its financial obligations, depositors are reimbursed by a deposit guarantee system. The reimbursement amounts to a maximum of 100,000 euros per person and per credit institution. This means that all deposits at the same credit institution are added together to determine the covered amount. If, for example, a depositor has a savings account with 90,000 euros and a current account with 20,000 euros, they will receive a reimbursement of only 100,000 euros.

[if applicable] This method is also applied if a credit institution operates under different bank brands. [name of the credit institution that accepted the deposit to be filled in] also operates under the following bank brand(s) [list all other bank brands of the same credit institution to be filled in]. This means that all deposits accepted by one or more of these bank brands are covered up to 100,000 euros.

Under certain conditions, the following deposits are covered for more than 100,000 euros:
These are specifically (i) deposits resulting from real estate transactions regarding private residential properties, (ii) deposits related to certain life events of a depositor and serving certain social objectives, and (iii) deposits based on the payout of insurance benefits or compensation for damages caused by criminal activities or wrongful convictions.

For more information: http://garantiefonds.belgium.be/nl

(2) Coverage limit for joint accounts
For joint accounts, the limit of 100,000 euros applies to each depositor separately. For deposits on a joint account, reimbursement is granted based on the share belonging to each rightful owner of those funds. Without special provisions, the account is divided equally among the rightful owners. For deposits on an account where two or more persons can claim rights as members of an association, grouping, or undivided estate without legal personality, these deposits are combined and treated as a deposit made by a single depositor for the calculation of the 100,000 euro limit, unless the members can individually claim rights on the funds in that account and the identity of each of them can be established.

(3) Repayment
The competent deposit guarantee system is the Guarantee Fund for Financial Services.
Website: http://garantiefonds.belgium.be/nl

The Guarantee Fund will reimburse your deposits up to 100,000 euros within a period of 20 working days, which will gradually be reduced to a period of 7 working days at the latest in 2024.

As long as this period has not been reduced to a maximum of 7 working days, the Guarantee Fund will ensure that depositors have access to an appropriate amount of their guaranteed deposits within five working days of their request to cover living costs. For more information: http://garantiefonds.belgium.be/nl

If you have not received reimbursement within the aforementioned period, you must contact the deposit guarantee system yourself, as the period for submitting a reimbursement request may be limited. For more information: http://garantiefonds.belgium.be/nl

(4) Acknowledgment of receipt
There is no acknowledgment of receipt upon the annual sending of the information sheet.

Other important information

In general, all depositors, both individuals and businesses, are covered by the deposit guarantee system. Certain exceptions apply to certain deposits or depositors. These exceptions are listed on the website of the competent deposit guarantee system. Your credit institution will also inform you, upon request, whether certain deposits are eligible or not. If a deposit is eligible, the credit institution will also confirm this on your account statements.

Seen to be attached to Our Decree of 21 November 2016.

FILIP

By the King:

The Minister of Finance,
J. VAN OVERTVELDT

---

Annex to the Royal Decree of 21 November 2016 on information obligations for depositors regarding deposit guarantees

INFORMATION SHEET ON DEPOSIT PROTECTION

The protection of deposits made at [name of the credit institution] is ensured by:

The Guarantee Fund (BE)

Coverage limit: 100,000 EUR per depositor and per credit institution (1)

[if applicable:] The following bank brands are part of your credit institution [insert all bank brands operating under the same license].

If you have several deposits at the same credit institution:

All your deposits at the same credit institution are added together, and the total is capped at 100,000 EUR (1).

If you hold a joint account with one or more other persons:

The limit of 100,000 EUR applies to each depositor separately (2).

Repayment period in case of failure of the credit institution:

20 working days (3)

Currency of repayment: Euro

Correspondent: Guarantee Fund for Financial Services Federal Public Service Finance General Administration of the Treasury Arts Avenue 30 BE – 1040 Brussels Tel.: 32.2.574.78.40 Fax: 32.2.579.69.19 E-mail: fondsdegarantie.tresorerie@minfin.fed.be

To find out more [including regarding the types of deposits and depositors covered by protection]: Website: http://fondsdegarantie.belgium.be/fr

Acknowledgment of receipt by the depositor (4) Date: ..../..../...

Additional Information

(1) General coverage limit
If a deposit is unavailable because a credit institution is unable to honor its financial obligations, depositors are reimbursed by a deposit guarantee system. The reimbursement is capped at 100,000 EUR per person and per credit institution. This means that all deposits at the same credit institution are added together to determine the coverage level. If, for example, a depositor holds a savings account with a balance of 90,000 EUR and a current account with a balance of 20,000 EUR, their reimbursement will be limited to 100,000 EUR.

[if applicable] This method will also be applied when a credit institution operates under multiple bank brands. [insert the name of the credit institution that accepted the deposit] also operates under the following bank brand(s): [insert all other bank brands of the credit institution concerned]. This means that all deposits accepted by one or more of these bank brands benefit from a maximum coverage of 100,000 EUR.

Under certain conditions, the following deposits are covered beyond 100,000 EUR:
These are deposits (i) resulting from real estate transactions regarding private residential properties, (ii) deposits related to certain life events of a depositor and serving certain social objectives, and (iii) deposits resulting from the payment of insurance benefits or compensation awarded to victims of criminal offenses or judicial errors.

To find out more:
http://fondsdegarantie.belgium.be/fr

(2) Coverage limit for joint accounts
In the case of joint accounts, the limit of 100,000 EUR applies to each depositor. Deposits held on a joint account are reimbursed according to the shares belonging to the persons having rights to those funds. In the absence of special provisions, the account is distributed equally among the rightful owners. However, deposits on an account where at least two persons have rights as members of an association, grouping, or undivided estate without legal personality are, for the calculation of the 100,000 EUR limit, grouped and treated as if they were made by a single depositor, unless the members can individually exercise rights on the funds in the account and the identity of each of them can be established.

(3) Repayment
The competent deposit guarantee system is the Guarantee Fund for Financial Services.
Website: http://fondsdegarantie.belgium.be/fr

It will reimburse your deposits up to 100,000 EUR within a maximum period of 20 working days, which will progressively be reduced to a period of 7 working days at the latest in 2024.

As long as this period has not been reduced to a maximum of 7 working days, the Guarantee Fund will ensure that depositors have access to a sufficient amount of their guaranteed deposits to cover the cost of living within five working days following a request. To find out more: http://fondsdegarantie.belgium.be/fr

If you have not been reimbursed within these deadlines, please contact the deposit guarantee system, as the deadline for submitting a reimbursement request may be limited. To find out more: http://fondsdegarantie.belgium.be/fr

(4) Acknowledgment of receipt
There is no acknowledgment of receipt upon the annual sending of the information sheet.

Other important information

In general, all depositors, whether individuals or businesses, are covered by the deposit guarantee system. The exceptions applicable to certain types of deposits or depositors are indicated on the website of the competent deposit guarantee system. Your credit institution will also inform you, upon request, whether certain deposits are eligible or not. If a deposit is eligible, the credit institution will also confirm this on your account statements.

Seen to be attached to Our Decree of 21 November 2016.

PHILIPPE

By the King:

The Minister of Finance,
J. VAN OVERTVELDT