Royal Decree of 23 January 1991 on State Debt Securities (Unofficial Coordination: 05/2009) — NBB — BE

23 JANUARY 1991

Royal Decree on State Debt Securities

(Belgian Monitor, 26 January 1991)

(Unofficial Coordination)

Last update: Royal Decree of 31 May 2009
(BM 12 June 2009)

CHAPTER I
Bearer securities, order securities and registered securities

Chapter I. [Individual or collective bearer securities issued exclusively abroad or subject to foreign law]

Heading replaced by Article 9 of the Royal Decree of 26 April 2007 - BM 9 July 2007 (effective 1 January 2014)

Section 1. Mentions on securities

Article 1

Bearer securities, order securities and registered securities shall bear the stamp of the Minister of Finance, as well as those of the General Administrator of the Treasury Administration and the official in charge of the direction of the State Debt Service. They shall be stamped with the seal of the Ministry of Finance and bear the visa of the Court of Audit.

Coupons shall bear the imprint of the control stamp of the State Debt.

[Individual or collective bearer securities issued exclusively abroad or subject to foreign law shall bear the stamp of the Minister of Finance, as well as those of the General Administrator of the General Treasury Administration and the Administrator of the "State Financing and Financial Markets" Administration of the General Treasury Administration. They shall be stamped with the seal of the Federal Public Service Finance and bear the visa of the Court of Audit. Coupons shall bear the imprint of the control stamp of the State Debt.]

First paragraph replaced by Article 10 of the Royal Decree of 26 April 2007 - BM 9 July 2007 (effective 1 January 2014)

Securities shall indicate the name of the loan they represent in whole or in part, the nominal value, the interest rate, the time and place of payment of interest and the redemption conditions, as well as, where applicable, the serial number.

[Securities shall indicate the name of the loan they represent in whole or in part, the nominal value, the interest rate, the time and place of payment of interest and the redemption conditions, as well as, where applicable, the serial number.]

Second paragraph replaced by Article 10 of the Royal Decree of 26 April 2007 - BM 9 July 2007 (effective 1 January 2014)

The issuance decree or the loan agreement may provide that the securities to be issued shall be signed by the Minister of Finance, by one or more competent officials or by the delegate of the State Cashier.

[The issuance decree or the loan agreement may provide that the securities to be issued shall be signed by the Minister of Finance or by one or more competent officials.]

Third paragraph replaced by Article 10 of the Royal Decree of 26 April 2007 - BM 9 July 2007 (effective 1 January 2014)

Section II - Payment

Article 2

Unless otherwise provided in the issuance decree or in the loan agreement, the interest and principal of the securities, whether bearer, order or registered, shall be paid by the National Bank of Belgium, acting as State Cashier, upon surrender of the due coupons and the redeemable security.

Upon payment, the holder of a security issued to order or registered must endorse it.

The holder of an order security is considered the lawful holder if he proves his right by an uninterrupted series of endorsements registered on the security or on an allonge, even if the last endorsement is in blank.

[The issuance decree or the loan agreement establishes the payment terms.]

Article replaced by Article 10 of the Royal Decree of 26 April 2007 - BM 9 July 2007 (effective 1 January 2014)

Article 3

Unless otherwise provided in the issuance decree or in the loan agreement, interest shall be barred by five years and capital by thirty years, from the date of maturity.

[Unless otherwise provided in the issuance decree or in the loan agreement, interest shall be barred by five years and capital by thirty years, from the date of maturity.]

Article replaced by Article 10 of the Royal Decree of 26 April 2007 - BM 9 July 2007 (effective 1 January 2014)

Section 3. Conversion of bearer securities into registered entries in a ledger or into dematerialized securities

Section 3. [...]

Section repealed by Article 11 of the Royal Decree of 26 April 2007 - BM 9 July 2007 (effective 1 January 2014)

Article 4

Bearer securities may be converted into registered entries when a ledger has been opened for the loan they represent.

To this end and without prejudice to the provisions of Article 24, bearer securities must be surrendered, along with all interest coupons to fall due, at the counters of the State Cashier.

In addition to a declaration concerning the title of the entry and the payment of arrears and principal, the owner or his representative signs a slip regarding the surrender of the securities.

The State Cashier issues him a receipt.

When the conversion concerns bearer securities of which the Interprofessional Deposit and Transfer of Securities Fund is the depositary, the ledger service may give special instructions.

[Article 4]

Article repealed by Article 11 of the Royal Decree of 26 April 2007 - BM 9 July 2007 (effective 1 January 2014)

Article 5

When the issuance decree or the loan agreement so provides, bearer securities may be converted into dematerialized securities.

To this end, bearer securities must be surrendered, along with all interest coupons to fall due, by a participant in the securities clearing system of the National Bank of Belgium, at the counters of the State Cashier.

The applicant for the conversion signs a slip regarding the surrender of the securities, where he gives his instructions regarding the securities account to be credited in the securities clearing system of the National Bank of Belgium.

Upon receipt of the bearer securities and the documents referred to in paragraph 3, the agent of the State Cashier issues a receipt to the applicant.

For the conversion of bearer securities of which the Interprofessional Deposit and Transfer of Securities Fund is the depositary, the Treasury Administration may give special instructions.

[Article 5]

Article repealed by Article 11 of the Royal Decree of 26 April 2007 - BM 9 July 2007 (effective 1 January 2014)

Article 6

Unless it concerns a bond of a loan amortizable by draw, any publication of opposition against a bearer security, which takes place after the conversion of this security, is without effect.

With a view to the cancellation of the opposition referred to in the previous paragraph, the agent of the State Cashier issues to the National Office of Securities a certificate stating the date of surrender of the bearer securities as well as the name of the person who requested the conversion. On the basis of this document, the National Office of Securities cancels the opposition ex officio and notifies the opposer. A copy of this certificate is transmitted by the agent of the State Cashier to the Treasury Administration.

The opposer may have communicated to him by the participant in the securities clearing system of the National Bank of Belgium, whose name appears on the certificate, the identity of the person who surrendered the bearer securities he opposed.

[Article 6]

Article repealed by Article 11 of the Royal Decree of 26 April 2007 - BM 9 July 2007 (effective 1 January 2014)

Article 7

He who, in good faith, possesses a bearer security, put back into circulation after having been converted into a registered entry or into a dematerialized security, is not obliged to return it to the person who claims to have been involuntarily dispossessed before this security was converted into a registered entry or into a dematerialized security, and who, before this same moment, did not publish an opposition.

[Article 7]

Article repealed by Article 11 of the Royal Decree of 26 April 2007 - BM 9 July 2007 (effective 1 January 2014)

CHAPTER II.
Ledgers of the State Debt

Section 1. Registered entries

Article 8

A ledger is opened per category of securities having the same characteristics, for which the issuance decree or the loan agreement provides that they will or may have the form of registered entries in a State Debt ledger.

A ledger may consist of a computerized file.

Article 9

In a ledger are mentioned:

the name of the loan represented by the entries or of which they are part;
the serial numbers of the entries;
the identity of the holders of the entries;
the nominal amount of the entries;
the terms and place of payment of arrears and capital;
if it concerns a debt amortizable by draw, the numbers of the converted bearer securities;
if they comply with the provisions of this chapter, the pledge rights and other real rights, constituted by the holder of a registered entry.

The ledger service notes the clauses stipulated by a holder regarding the free disposition or the destination of his rights, when they are in conformity with Section II of this chapter.

Article 10

Only one holder per registered entry is admitted. However, entries are also authorized for the following natural persons jointly:

two spouses;
minors under the same guardianship;
usufructuaries and bare owners deriving their status from the same inheritance.

Article 11

The applicant for a registered entry signs a declaration concerning the title of the entry and the payment of arrears and principal.

The absence of indication regarding the mode of payment authorizes the ledger service to use the mode chosen by the same holder for another registered entry.

Article 12

The extract of entry is issued to the holder or his representative.

Article 13

The ledger service may merge existing entries in the name of the same holder in the same ledger, provided that apart from the capital and the date of the entry, they do not differ from each other.

Section 2. Obstacles to the free disposition of registered entries and pledges

Article 14

Clauses providing for reversion of ownership, those which have the character of a donation when they have no other basis than the declaration of the parties, clauses of inalienability and non-seizure and, in general, those which are of a nature to impede the free disposition of registered entries, are not admitted in the title of these entries.

However, the text of the entries may mention their allocation as values representing technical reserves or provisions and, where applicable, their blocking.

Article 15

Registered entries may be pledged, exclusively for the benefit of the State, Ministry of Finance, or, regardless of the beneficiary, by virtue of an agreement to which the

where the National Bank of Belgium or the Discount and Guarantee Institute is a party or in the execution of which one of these two institutions intervenes.

Where the National Bank of Belgium or the Discount and Guarantee Institute is a party or in the execution of which one of these institutions plays a role.

Registered entries may also be pledged as administrative security received by the Deposit and Consignment Fund.

Registered entries may also be pledged as administrative security, received by the Deposit and Consignment Fund.

Upon prior request, the ledger service may authorize pledges for the benefit of public authorities or Belgian public establishments or for the benefit of financial institutions approved by the Banking and Finance Commission.

Upon prior request, the ledger service may accept pledges for the benefit of Belgian authorities or public institutions or for the benefit of financial institutions recognized by the Banking and Finance Commission.

The pledge right is mentioned in the title of the entry in the ledger. This mention includes the date on which it is made, the data allowing identification of the beneficiary of the pledge as well as the nominal amount pledged if it differs from the nominal amount of the entry.

In the text of the entry on the ledger, mention is made of the pledge right. This mention includes the date on which it was made, the data for identifying the beneficiary of the pledge as well as the nominal amount pledged if it differs from the nominal amount of the entry.

The civil or commercial pledge thus constituted is valid and enforceable against third parties without any other formality.

The pledge thus established, whether it is a civil pledge or a commercial pledge, is legally valid and can be asserted against third parties without any other formality.

The ledger service may split the entry where only part of the nominal amount is pledged into an entirely pledged entry and an unpledged entry.

The beneficiary of the pledge may request that the mention of their right in the ledger be attested on a copy or a copy of the pledge agreement and on the extract of the entry delivered to them.

The beneficiary of the pledge may request that the mention of their pledge right in the ledger be confirmed on a copy or a copy of the pledge agreement and on the extract of the entry provided to them.

Section 3. Transfer of Entries
Art. 16

Without prejudice to the provisions of Section IV of this chapter, the transfer of a registered entry in a ledger is recorded based on a declaration, signed by the holder or their special agent on a form made available to them by the ledger service, or based on any standardized procedure determined by the ledger service.

Without prejudice to the provisions of Section IV of this chapter, the registration of the transfer of a registered entry on the ledger is carried out if the entitled person or their special agent signs a declaration on a form made available by the ledger service or in accordance with any standardized procedure determined by the ledger service.

Art. 17

Without prejudice to the provisions of Article 24, the assignee has the enjoyment of the arrears from the first day of the period for which interest will be calculated at the next maturity.

Without prejudice to the provisions of Article 24, the assignee has the interest enjoyment from the first day of the period over which the interest will be calculated on the upcoming maturity date.

Section 4. Mutations of Entries
Art. 18

The consolidation of the ownership right of an entry following the death of the usufructuary is recorded in the ledger upon production of an authentic extract of the death certificate.

The union of the usufruct and bare ownership of an entry, following the death of the usufructuary, is recorded in the ledger upon production of an authentic extract of the death certificate.

Art. 19

Except as provided in Article 16 for transfers, other mutations of entries are recorded in a ledger only upon production of:

Except as provided in Article 16 regarding transfers, other mutations of entries in a ledger are registered upon production of:

1° a deed of notoriety, making all necessary findings regarding the status of the new owners and the extent of their respective rights. This deed of notoriety is issued either by a notary or by the justice of the peace of the canton in which the deceased holder was domiciled.

1° a deed of notoriety containing all necessary findings regarding the status of the new owners and the extent of their respective rights. This deed of notoriety is issued either by a notary or by the justice of the peace of the canton in which the deceased owner had their domicile.

2° and, if applicable, an authentic extract of the death certificate of the holder of the entry.

2° and, if applicable, an authentic extract of the death certificate of the entitled person of the entry.

If the holder of the entry had their residence abroad, the deed of notoriety or a certificate of ownership may be issued by the magistrates or public officers authorized by the laws of that country, or by a Belgian notary who has copies or extracts of the documents necessary for this purpose presented to them. If the certificate of ownership falls under foreign legislation, a certificate of custom issued by the competent authority and indicating the legal provision relied upon may be required.

If the entitled person of the entry had their residence abroad, the deed of notoriety or a certificate of ownership may be issued either by the magistrates or public officers authorized by the laws of that country for this purpose, or by a Belgian notary who has copies or extracts of all documents required for this purpose presented to them. If the certificate of ownership falls under foreign legislation, a certificate of custom issued by the competent authority may be required, indicating the applicable legal provision.

Art. 20

The mutation resulting from a judgment or ruling is recorded in the ledger upon production of a certified copy of this judgment or ruling and a certificate of non-opposition and non-appeal, issued by the clerk.

The transfer of an entry resulting from a judgment or ruling is recorded on the ledger upon production of a certified copy of this judgment or ruling and a certificate of absence of opposition and appeal, issued by the clerk.

Art. 21

The State cannot be held responsible for the registration in a ledger of the mutation of an entry, made upon production of a deed of notoriety or a copy of a judgment or ruling, submitted in accordance with Articles 19 and 20.

The State cannot be held liable for the registration, in a ledger, of the transfer of an entry that took place upon production of a deed of notoriety or a copy of a judgment or ruling in accordance with Articles 19 and 20.

Section 5. Conversion of registered entries into dematerialized securities exclusively registered in account
Art. 22

Registered entries may be converted into dematerialized securities exclusively registered in account, unless the issuance decree or loan agreement provides otherwise.

The holder or their special agent must submit a request for this purpose to the ledger service using a form made available by this service or a standardized procedure determined by the ledger service.

To this end, the entitled person or their special agent must submit an application to the ledger service on a form made available by that service or in accordance with a standardized procedure determined by the ledger service.

In the conversion request, it may be stipulated to deliver the converted securities to another person than the holder of the registered entry to be converted or their special agent.

In the conversion application, an order may be given to deliver the securities to a person other than the entitled person of the registered entry to be converted or their special agent.

Art. 23

[...] [...]

Section 6. Closing of Ledgers
Art. 24

Five working days before the interest maturity, the ledger is closed with regard to the arrears to fall due.

Five working days before an interest maturity date, the ledger is closed with regard to the interest to fall due.

For transfers recorded and pledges mentioned after this closure, the assignee has the enjoyment of the arrears only from the first day of the following interest period and the beneficiary of the pledge cannot assert rights on the next arrears to fall due.

For transfers recorded and pledges mentioned after this closure, the assignee has interest enjoyment from the first day of the next interest period and the pledge beneficiary cannot claim rights on the next interest to fall due.

[...] [...]

In the event of conversion of bearer securities into a registered entry after this closure, the coupon to fall due must be detached.

In the event of conversion after this closure of bearer securities into a registered entry, the coupon to fall due must be detached.

[...] [...]

Paragraph 4 repealed by Article 14, 3° of the Royal Decree of 26 April 2007 - MB 9 July 2007 (effective 1 January 2014)

Paragraph 4 repealed by Article 14, 3° of the Royal Decree of 26 April 2007 - BS 9 July 2007 (effective 1 January 2014)

After this closure, no conversion into dematerialized securities can be carried out, nor the conversion of dematerialized securities into a registered entry.

After this closure, no conversion into dematerialized securities can be permitted, nor a conversion of dematerialized securities into a registered entry.

Art. 25

Five working days before the capital maturity, the ledger is closed. After this closure, no transfer can be recorded anymore; no mention of pledge can be made and no conversion can be carried out anymore.

Five working days before the maturity date of the capital, the ledger is closed. After this closure, no transfer can be registered anymore, no mention of pledge can be made and no conversion can be carried out anymore.

Art. 25bis

For the application of Articles 24 and 25, 22 July and the days referred to in Article 35, where the ledger service is accessible to the public, are considered working days.

For the application of Article 24 and 25, 22 July and the days referred to in Article 35, on which the ledger service is open to the public, are considered working days.

Art. 26

The issuance decree or loan agreement may fix for the closing of the ledger a date other than that determined by this section.

The issuance decree or loan agreement may fix for the closing of the ledger a time other than that determined in this section.

Section 7. Payment of arrears and redeemable capitals
Art. 27

The arrears and redeemable capitals of registered entries are paid exclusively through the intervention of the Postal Checks Office or under the conditions determined by the Minister of Finance.

The interest payments and redeemable capitals of registered entries are paid exclusively via the Postal Checks Office or under the conditions determined by the Minister of Finance.

Art. 28

The arrears and redeemable capitals of registered entries that have been subject to a garnishment are paid to the Deposit and Consignment Fund to preserve the rights of the person to whom they belong. This payment is liberatory for the Treasury. It prevents prescription.

The interest payments and redeemable capitals of registered entries, on which garnishment has been placed, are deposited in the Deposit and Consignment Fund to preserve the rights of the person to whom the amounts belong. This deposit is liberatory for the Treasury. It prevents prescription.

Art. 29

Unless otherwise provided by the issuance decree or loan agreement, arrears prescribe after five years and capital after thirty years from the date of maturity.

Unless otherwise provided in the issuance decree or loan agreement, interest payments prescribe after five years and capital after thirty years from the maturity date.

Section 8. Powers. Legalization of signatures. Documents issued abroad. Deposit and service of documents
Art. 30

Powers to be submitted to the ledger service must take the form of special powers of attorney. They may be given by private deed.

Powers to be submitted to the ledger service must be special powers of attorney. They may be granted by private deed.

Powers of attorney are replaced by decisions when they concern entries in the name of a Region, a Community, a local authority or a public establishment.

Powers of attorney are replaced by decisions when they concern entries in the name of a Region, a Community, a local authority or a public institution.

Art. 31

If arrears are paid for ten consecutive years to another person than the holder of the entry, the ledger service may require the production of a certificate of life of the holder of the entry. If this proof cannot be provided, the payment of arrears is suspended.

If interest payments are paid for ten consecutive years to another person than the entitled person of the entry, the ledger service may require the production of a certificate of life of the entitled person of the entry. If this proof cannot be provided, the payment of interest payments is suspended.

Art. 32

Documents relating to an entry in the name of legal persons must be signed by persons authorized for this purpose in accordance with the constitutive deeds or statutes. These must produce an extract of the decision of the board of directors or the competent body from which their powers of representation result.

Documents relating to an entry in the name of a legal person must be signed by persons authorized for this purpose in accordance with the deed of incorporation or the statutes. These persons must produce an extract of the decision of the board of directors or of the competent body, from which their representation powers appear.

Art. 33

Unless they are contained in a public deed or signed at the ledger service, declarations of transfer, conversion requests, and powers of attorney must be signed, legalized by the municipal authority, by the holder of the registered entry or their special agent.

Unless they are contained in a public deed or signed at the ledger service, declarations of transfer, conversion requests, and powers of attorney must be provided with the signature, legalized by the municipal authority, of the entitled person of the registered entry or of their special agent.

If the signatory resides abroad, the legalization is done in accordance with the provisions of Article 34.

If the person signing resides abroad, the legalization is done in accordance with the provisions of Article 34.

The legislation of the signature is not required for legal, statutory or conventional representatives of a legal person, when a specimen of their signature is deposited with the ledger service.

The legalization of the signature is not required for legal, statutory or conventional representatives of a legal person if a specimen of their signature was deposited with the ledger service.

At the ledger service, identity is established by means of the identity card or passport.

The ledger service establishes identity by means of the identity card or passport.

Art. 34

Unless there is an international agreement on the abolition of the legalization of public deeds, documents and documents relating to entries in a ledger that have been issued abroad must be legalized by a Belgian diplomatic or consular agent. If they are not drawn up in one of the national languages, a translation by a Belgian sworn translator whose signature is legalized by the President of the Court of First Instance may be required.

Unless there is an international agreement abolishing the legalization of public deeds, documents and documents relating to entries in a ledger that have been issued abroad must be legalized by a Belgian diplomatic or consular official. If they are not drawn up in one of the national languages, a translation by a Belgian sworn translator whose signature is legalized by the President of the Court of First Instance may be required.

Art. 35

The deposit of documents and documents as well as the service and communications relating to entries in the ledgers must be made at the Ministry of Finance, Treasury Administration, ledger service, Avenue des Arts 30, 1040 Brussels, on the dates and opening hours of the offices to the public, that is to say every day from 9 am to 11:30 am and from 2 pm to 4 pm, with the exception of Saturdays, Sundays, public holidays, the afternoon of 22 July, 2 and 15 November, 26 December and other holidays, announced by the Minister of Public Service, in compensation for certain public holidays that coincide with a Saturday or a Sunday.

The documents and documents, as well as the service and notifications relating to entries in the ledgers, must be submitted to the Ministry of Finance, Treasury Administration, ledger service, Arts Lane 30, 1040 Brussels, during the office days and hours from 9 o'clock to 11.30 o'clock and from 14 o'clock to 16 o'clock, except on Saturdays, Sundays and public holidays, the afternoon of 22 July, 2 and 15 November, 26 December and other holidays, announced by the Minister of Civil Service as compensation for certain public holidays that fall on a Saturday or on a Sunday.

CHAPTER III.

Dematerialized Securities
Section 1. Approval of account keepers
Art. 36

The institutions referred to in Article 3, § 2, 1° and 3°, of the law of 2 January 1991 relating to the market for public debt securities and to monetary policy instruments, which wish to hold dematerialized securities accounts for third parties, must before commencing these activities, have an approval from the Banking, Finance and Insurance Commission.

The institutions referred to in Article 3, § 2, 1° and 3°, of the law of 2 January 1991 concerning the market for government debt securities and monetary policy instruments, which wish to maintain accounts of dematerialized securities for third parties, must before commencing these activities, possess a license from the Banking, Finance and Insurance Commission.

Each approval for the holding of dematerialized securities accounts for third parties is granted by the Banking, Finance and Insurance Commission and maintained on condition that the institution fulfills the conditions and continues to fulfill them and respects the obligations prescribed by the law, this decree and the rules taken in execution of the law, and continues to respect them.

Each license for maintaining accounts of dematerialized securities for the account of third parties, is granted by the Banking, Finance and Insurance Commission and maintained on condition that the institution fulfills the conditions and continues to fulfill them and respects the obligations prescribed by the law, this decree and the rules taken in execution of the law, and continues to respect them.

The application for approval is accompanied by a program of activities meeting the conditions set by the Banking, Finance and Insurance Commission in which are indicated in particular the volume of operations envisaged as well as the structure of the organization of the company and its close links with other persons.

Applicants must provide all information necessary for the assessment of their application.

The license application is accompanied by a program of activities that meets the conditions set by the Banking, Finance and Insurance Commission and in which in particular the scope of the intended operations as well as the organizational structure of the company are mentioned and the close ties it has with other persons. Applicants must provide all information necessary to be able to assess their application.

It takes a decision regarding the application within three months after receipt of a complete file. This decision is communicated by registered letter or with acknowledgment of receipt.

Art. 37
Legal entities referred to in Article 3, § 2, 1° and 3°, of the aforementioned Law of 2 January 1991 other than a credit institution, an investment firm or a branch established in Belgium of a foreign credit institution or investment firm, which wish to hold dematerialized securities accounts for third parties, must in order to obtain approval in accordance with Article 36 of this Royal Decree meet the conditions as described in Articles 58 to 63, 66, 67, 69, 70, 75, 90 and 91 of the Law of 6 April 1995 relating to the status of investment firms and their supervision, intermediaries and placement advisers.

Furthermore, institutions governed by foreign law referred to in Article 3, § 2, 3°, must in particular:
1° prove that the authority of the country of origin which is competent to grant approval for holding securities has granted them such approval, by means of supporting documentation; 2° be subject to guiding principles governing the exercise of their activity and to prudential supervision which meets internationally accepted minimum standards; the possibilities for information exchange between the Banking, Financial and Insurance Commission and the competent authorities of the state whose law governs the institution must not hinder the exercise of supervision in conformity with this Royal Decree.

Art. 38
Institutions referred to in Article 3, § 2, 1° and 3°, of the aforementioned Law of 2 January 1991 which have obtained approval referred to in Article 36 from the Banking, Financial and Insurance Commission are entered on the list of institutions which have obtained approval to hold dematerialized securities accounts for third parties. The Banking, Financial and Insurance Commission publishes this list annually in the Belgian Monitor.

Art. 39
The institution referred to in Article 3, § 2, 1° to 3°, of the aforementioned Law of 2 January 1991 which holds accounts must inform clearly, at its request, each holder of a dematerialized securities account of the regime applicable to the claim on his securities in the event of liquidation, bankruptcy or similar proceedings regarding its assets.

Art. 40
[...]

Section 2. Maintenance of Accounts

Art. 41
The accounting of any account keeper referred to in Article 3, § 2, 1° and 3°, of the aforementioned Law of 2 January 1991 must include a record of all its operations, assets, claims, debts and commitments in dematerialized securities, as well as its long and short positions in these securities, in accordance with the usual rules of double-entry bookkeeping, hereinafter referred to as "securities accounting".

Any transaction in dematerialized securities involving movement of funds or movement of claims or debts to be recorded in general accounting shall be subject to simultaneous entries in securities accounting and general accounting.

Art. 42
Unless otherwise provided in the issue decree or the loan agreement, the securities accounting of dematerialized securities is kept at nominal value, in the currency in which the security is denominated.

Art. 43
The securities accounting must be designed and organized in such a way that it allows at any time to reflect the situation of the account keeper, broken down according to:
a) the securities concerned; b) the legal relationship under which the security is held, to be received or delivered, or was entrusted or received, according to the distinctions provided for in Article 44; c) the debtor or creditor of the securities in question.

To this end, each securities transaction, for the maintenance of the securities accounting, is subject to a codification of the type aaaa/bbbb/cccc, in which:
aaaa represents the identification of the security; bbbb refers to the basic legal relationship, which is the subject of the accounts provided for in Article 44; cccc identifies the debtor or creditor of the security in question.

In the securities accounting:
the title clearing system of the National Bank of Belgium is considered, as appropriate, as debtor or creditor of the securities in question; the own position of the account holder in the security in question is accounted for on a debtor or creditor account, depending on whether this position is short or long.

Art. 44
The chart of accounts must, at a minimum, provide for the following distinctions:

Debtor Accounts
National Bank of Belgium (NBB) Title Clearing System and other account keepers: (third-party securities)

Securities not eligible for automatic lending via the NBB title clearing system
Securities eligible for automatic lending via the NBB title clearing system
Securities automatically lent via the NBB title clearing system

NBB Title Clearing System and other account keepers (own securities)

Securities not eligible for automatic lending via the NBB title clearing system
Securities eligible for automatic lending via the NBB title clearing system
Securities pledged as collateral for automatic loans via the NBB title clearing system
Other pledged securities
Securities automatically lent via the NBB title clearing system

Other lent securities
Securities to be received pursuant to retrocession Securities to be received

Securities subscribed
Securities purchased
Securities exchanged
Other transactions
Own portfolio (Short position)

Creditor Accounts
Third-party securities (other account keepers or investors):

Securities not eligible for automatic lending via the NBB title clearing system
Securities eligible for automatic lending via the NBB title clearing system
Securities pledged in favor of the account keeper
Other pledged securities
Securities automatically lent via the NBB title clearing system
Borrowed securities
Securities to be retroceded
Securities to be delivered
Securities subscribed
Securities sold
Securities purchased (to be delivered to clients)
Securities exchanged
Other transactions
Own portfolio (Long position).

Art. 45
The account keeper referred to in Article 3, § 2, 1° and 3°, of the aforementioned Law of 2 January 1991 opens in the name of other account keepers and investors for whom he holds dematerialized securities in his own name, one or more securities accounts.

Any operation that creates rights in favor of an account holder or modifies them shall be subject to an entry to his account as soon as the right is established.

After each operation charged to this account, a statement of account is sent to the holder.

Section 3. Payment of Interest and Repayable Capital

Art. 46
§ 1. The account keeper referred to in Article 3, § 2, 1° and 3°, of the aforementioned Law of 2 January 1991 must credit the cash account of the holder of the dematerialized securities with the amount of accrued interest and repayable capital, on the same day that his own cash account has been credited irrevocably and definitively. He must allow the holder to dispose of these funds from the day of this credit. He must furthermore assign to this credit the value date of the day on which the issuer of the securities made the payment of this interest or capital.

§ 2. When the day on which the account keeper's cash account was credited does not correspond to a banking business day, the account keeper may defer the making available of funds to the next following banking business day, without prejudice to the application of the other provisions of § 1 of this Article. For the application of this paragraph, a banking business day is understood as a day on which the entirety of banking activity is exercised in the country where the account keeper is established or, if the situation may differ within the same country, on the territory of the public entity where the account keeper is established.

Section 4. Conversion of Dematerialized Securities Exclusively Registered in Account into Registered Entries in a State Debt Ledger

Art. 47
Dematerialized securities exclusively registered in account may be converted into registered entries in a State Debt Ledger, unless the issue decree or the loan agreement provides otherwise.

The owner of the securities to be converted transmits to the title clearing system, through his account keeper, a signed conversion request, as well as the declaration referred to in Article 11, first paragraph.

The registration request may stipulate that the securities must be registered in the name of a person other than the owner of the dematerialized securities to be converted.

The conversion request may be replaced by a standardized procedure established by the National Bank of Belgium.

The conversion takes effect, by debiting the account, in the title clearing system of the National Bank of Belgium, of the participant whose own securities are being converted, or who is the account keeper of the owner of the securities to be converted or of the institution that holds the account of the latter.

The State Cashier hands over a receipt as soon as this account debit has taken place.

Art. 48
[...]

Section 5. Communication of Aggregate Data

Art. 49
Every account keeper must communicate to the National Bank of Belgium, quarterly, a statistical statement of all its holdings in dematerialized securities, using the form whose model is determined in the annex to this Royal Decree.

This form, duly completed, must reach the National Bank of Belgium no later than the fifteenth banking business day of the month following that to which the form relates.

Section 6. Remuneration Due to the National Bank of Belgium for Services of the Title Clearing System

Art. 50
The National Bank of Belgium is authorized to collect from participants in the title clearing system it organizes, a remuneration intended to cover the costs of setting up and operating this system.

The possible application of penalties, borne by defaulting participants, may also be provided for.

Annex

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Annexes 1 and 2 replaced by Article 1 of the Royal Decree of 31 May 2009 - MB 12 June 2009

[ ]
Annexes 1 and 2 replaced by Article 1 of the Royal Decree of 31 May 2009 - BS 12 June 2009