Royal Decree of 3 March 2011 implementing the evolution of the supervisory structures of the financial sector — NBB — BE

In response to the observation of the Council of State, the deadline by which the King must fix the entry into force of the provisions referred to in the second paragraph is set at 31 December 2015.

This is, Sire, the scope of the decree submitted to You.

The Deputy Prime Minister and Minister of Finance and Institutional Reforms, D. REYNDERS

The Minister of Justice,
S. DE CLERCK

The Minister of the Interior,
Ms. A. TURTELBOOM

The Minister of SMEs, Self-Employed,
Agriculture and Science Policy,
Ms. S. LARUELLE

The Minister of Pensions and Large Cities,
M. DAERDEN

The Minister of Climate and Energy,
P. MAGNETTE

The Minister for Entrepreneurship and Simplification,
V. VAN QUICKENBORNE

Notes
(1) HM Treasury, “A new approach to financial regulation: judgement, focus and stability”, July 2010.
(2) Financial Supervision Act

3 MARCH 2011. — Royal Decree concerning the evolution of the supervisory architecture for the financial sector

ALBERT II, King of the Belgians,
To all, present and future, Greeting.

Having regard to the Law of 2 August 2002 concerning the supervision of the financial sector and financial services, Article 14, § 1, 5°;

Having regard to the Law of 2 July 2010 amending the Law of 2 August 2002 concerning the supervision of the financial sector and financial services and the Law of 22 February 1998 establishing the organic statute of the National Bank of Belgium, and containing various provisions, Article 26, § 1;

Having regard to the Law of 6 January 2011 amending the Law of 2 July 2010 amending the Law of 2 August 2002 concerning the supervision of the financial sector and financial services and the Law of 22 February 1998 establishing the organic statute of the National Bank of Belgium, and containing various provisions, Article 2;

Having regard to the Decree-Law of 18 May 1945 establishing a Rent Fund;

Having regard to the Law of 16 March 1954 concerning the control of certain public utility institutions;

Having regard to the Law of 27 June 1963 establishing the holiday pay for the staff of certain public utility institutions;

Having regard to the Judicial Code;

Having regard to the Laws on the Council of State, coordinated on 12 January 1973;

Having regard to the Law of 9 July 1975 concerning the control of insurance companies;

Having regard to the Law of 6 August 1990 concerning health insurance funds and the national unions of health insurance funds;

Having regard to the Law of 4 December 1990 concerning financial transactions and financial markets;

Having regard to the Law of 2 January 1991 concerning the market for government debt securities and monetary policy instruments;

Having regard to the Law of 12 June 1991 concerning consumer credit;

Having regard to the Income Tax Code 1992;

Having regard to the Law of 11 January 1993 concerning the prevention of the use of the financial system for money laundering and terrorist financing;

Having regard to the Law of 22 March 1993 concerning the status and supervision of credit institutions;

Having regard to the Law of 6 April 1995 concerning the status and supervision of investment firms;

Having regard to the Law of 22 February 1998 establishing the organic statute of the National Bank of Belgium;

Having regard to the Companies Code;

Having regard to the Law of 2 August 2002 concerning the supervision of the financial sector and financial services;

Having regard to the Programme Law (I) of 24 December 2002;

Having regard to the Law of 11 April 2003 concerning the provisions established for the dismantling of nuclear power plants and for the management of fissile materials irradiated in these nuclear power plants;

Having regard to the Law of 28 April 2003 concerning supplementary pensions and the tax system for those pensions and for certain supplementary benefits regarding social security;

Having regard to the Law of 20 July 2004 concerning certain forms of collective management of investment portfolios;

Having regard to the Programme Law of 27 December 2004;

Having regard to the Law of 16 June 2006 on the public offer of investment instruments and the admission of investment instruments to trading on a regulated market;

Having regard to the Law of 27 October 2006 concerning the supervision of occupational retirement provision institutions;

Having regard to the Law of 1 April 2007 concerning insurance against damage caused by terrorism;

Having regard to the Law of 16 February 2009 on the reinsurance business;

Having regard to the Law of 21 December 2009 concerning the status of payment institutions, access to the business of payment service providers and access to payment systems;

Having regard to the Law of 26 April 2010 containing various provisions regarding the organization of supplementary health insurance;

Having regard to the Royal Decree of 12 June 1970 concerning compensation, in favor of the staff of public utility institutions, public law legal entities and autonomous public enterprises, for work accidents and for accidents on the way to and from work;

Having regard to the opinion of the European Central Bank, given on 28 January 2011;

Having regard to the opinion of the Inspector of Finance, given on 6 December 2010;

Having regard to the agreement of the Minister of Budget, dated 10 December 2010;

Having regard to opinion 49.120/2 of the Council of State, given on 20 January 2011, in application of Article 84, § 1, first paragraph, 1°, of the Laws on the Council of State, coordinated on 12 January 1973;

On the proposal of the Deputy Prime Minister and Minister of Finance, the Minister of Justice, the Minister of the Interior, the Minister of SMEs, Self-Employed, Agriculture and Science Policy, the Minister of Pensions, the Minister of Climate and Energy and the Minister for Entrepreneurship and Simplification and on the advice of the Ministers assembled in Council,

Have We decided and do We decide:

CHAPTER 1. — Amendments to the Decree-Law of 18 May 1945
establishing a Rent Fund

Article 1. In Article 2 of the Decree-Law of 18 May 1945 establishing a Rent Fund, the first paragraph, 3°, and the fifth and sixth paragraphs are repealed.

CHAPTER 2. — Amendments to the Law of 9 July 1975
concerning the control of insurance companies

Art. 2. Article 1 of the Law of 9 July 1975 concerning the control of insurance companies is supplemented with the following paragraph:

“Without prejudice to the powers conferred on the CBFA under Article 45, § 1, first paragraph, 3°, and § 2, of the Law of 2 August 2002, the Bank shall supervise compliance by insurance companies with the provisions of this Law.”

Art. 3. In Article 2 of the same Law, the following amendments are made:

1° in paragraph 1ter, inserted by the Law of 26 April 2010, the following amendments are made:
a) the first paragraph is repealed; b) in the former second paragraph, which becomes the first paragraph, the words “These companies” are replaced by the words “The mutual insurance societies, referred to in Articles 43bis, § 5 and 70, §§ 6, 7 and 8 of the Law of 6 August 1990 concerning health insurance funds and the national unions of health insurance funds,”; c) in the former fourth paragraph, which becomes the third paragraph, the words “the Bank, Finance and Insurance Commission” are replaced by the words “the Bank or the CBFA, each within its area of competence,”;

2° in paragraph 6, provision 12°bis is inserted, reading:

“12°bis “the Bank”: the National Bank of Belgium, referred to in the Law of 22 February 1998 establishing the organic statute of the National Bank of Belgium;”;

3° in paragraph 6, item 13°, last amended by the Law of 26 April 2010, the words ““the Bank” or” are inserted between the words “For the mutual insurance societies, the words” and the words ““the CBFA” shall be read as” and the words “21, § 1, second paragraph” are replaced by the words “21, § 1bis, second paragraph”;

4° paragraph 6 is supplemented with the provisions under 22° and 23°, reading:

“22°“the Law of 2 August 2002”: the Law of 2 August 2002 concerning the supervision of the financial sector and financial services;”

“23°“the Law of 22 February 1998”: the Law of 22 February 1998 establishing the organic statute of the National Bank of Belgium.”

Art. 4. In Articles 2, § 6, 16° and 17°, 3, § 1, first paragraph, 4, fourth and last paragraph, 6, last paragraph, 6bis, the former single paragraph, which becomes the second paragraph, 8, § 1, third and fourth dash, 9bis, 14, § 2, last paragraph, 14bis, § 4, § 5, third and last paragraph, 14ter, fourth and sixth paragraph, 15bis, § 1, first paragraph, 1°, b) and 5°, b), c) and e), 7°, a) and § 3, § 4, third and last paragraph, 16, § 3, fourth paragraph, 17, first paragraph, in the preamble and 1°, 2°, 3° and 5°, 17bis, 18, 19, § 2, second paragraph and § 3, first and second paragraph, 22, § 3 and § 4, 23, 23bis, § 1 to § 3 and § 4, second paragraph, § 5, § 6, § 7, § 8, 24, 25, 26, § 1, §§ 5 to 9, 27, 37bis, 37ter, 38, 40, 40bis, 40ter, 40quater, 40quinquies, 42, second paragraph, 43, §§ 1 and 2, 44, 46, second paragraph, 47, 48/1, 48/8, 48/10, 48/11, 48/12, § 2, first paragraph, 48/13, 48/15, 48/18, 50, 51, 53, 54, 55, 56, 57, 58, 60, 62, 66, 67, §§ 1 and 4, 68, §§ 1 and 2, 70, 72, § 1, 73, 74, 75, 76, 78, 90, 90bis, 91bis, 91ter, 91ter 1, 91quater, 91sexies, 91septies, 91octies, 91nonies, 91decies, 91undecies, 91terdecies, 91quaterdecies, 91quinquiesdecies, 91sexiesdecies, 91septiesdecies, 91octiesdecies of the same Law, the word “CBFA” or “Bank, Finance and Insurance Commission” is replaced by the word “Bank”.

Art. 5. In Chapter II of the same Law, an Article 2bis is inserted, reading:

“Art. 2bis. An insurance company under Belgian law that wishes to exercise its activities in Belgium and an insurance company that falls under the law of a state that is not a member of the European Economic Area and that wishes to exercise the insurance business in Belgium by means of a branch, must, before commencing them, obtain authorization from the Bank.”

Art. 6. Article 3, paragraph 1 of the same Law is supplemented with the following paragraph:

“The CBFA contributes to the compliance with this provision.”

Art. 7. In Article 4 of the same Law, the following amendments are made:

1° in the first paragraph, the words “by the Bank” are inserted between the words “The authorization is granted” and the words “to the companies that meet”;

2° in the second paragraph, the words “, on the advice of the CBFA referred to in Article 29” are deleted;

3° in the third paragraph, the words “The King determines” are replaced by the words “On the advice of the Bank, the King determines.”

Art. 8. In Article 5 of the same Law, the following amendments are made:

1° in the first paragraph, amended by the Law of 2 August 2002 and Royal Decree of 25 March 2003, the words “on the advice of the Bank and the CBFA, each within its area of competence,” are inserted between the words “by the King” and the words “established forms and conditions” and at the end of the same paragraph the word “CBFA” is replaced by the word “Bank”;

2° in the second paragraph, the provision under 7° is supplemented as follows: “on the advice of the Bank and the CBFA, each within its area of competence.”

Art. 9. In Article 6bis of the same law, replaced by the Law of 16 February 2009, a paragraph is inserted before the first paragraph, reading as follows:

"When the application for authorization comes from an insurance undertaking which is either the subsidiary of an undertaking authorized by the CBFA, or the subsidiary of the parent company of an undertaking authorized by the CBFA, or is under the control of the same natural or legal persons as an undertaking authorized by the CBFA, the Bank shall consult the CBFA before granting the authorization."

Art. 10. Article 7 of the same law is repealed.

Art. 11. Article 8 of the same law, replaced by the Royal Decree of 6 May 1997, is supplemented as follows:

"- on the opinion of the CBFA regarding the following matters:
1° the adequacy of the organization of the insurance undertaking, as referred to in Article 14bis, § 2, from the perspective of compliance with the rules referred to in Article 45, § 1, first paragraph, 3°, and § 2, of the Law of 2 August 2002; 2° the adequacy of the integrity policy of the insurance undertaking, as referred to in Article 14bis, § 3, third paragraph, from the perspective of compliance with the rules referred to in Article 45, § 1, first paragraph, 3°, and § 2, of the Law of 2 August 2002; 3° the professional reliability of the natural persons participating in the administration, management, or effective direction of the insurance undertaking, if they are proposed for such a function for the first time in a financial undertaking subject to the supervision of the Bank pursuant to Article 36/2 of the Law of 22 February 1998; 4° the statutes, from the perspective of compliance with Article 9, § 1, first paragraph, last sentence.

The CBFA shall provide its opinion on the aforementioned matters within a period of fourteen days calculated from the receipt by the Bank of the information and documents required under Article 4, fourth paragraph, and at the latest within two months after receipt of the request for opinion. Absence of an opinion within this period shall be considered as a positive opinion.

If the Bank does not take into account the opinion of the CBFA regarding the matters referred to in the first paragraph, this shall be stated along with the reasons for the deviation in the reasoning of the decision regarding the authorization application. The aforementioned opinion of the CBFA regarding points 1°, 2°, and 4° of the first paragraph shall be attached to the notification of the decision regarding the authorization application.

For the insurance undertakings to which it has granted authorization in accordance with the provisions of this chapter, the Bank shall make available to the CBFA the information referred to in Article 5, second paragraph, 1°, 2°, and Articles 5°, 11, 1°, 2°, and 3°, 6°, and 8°, 22, §§ 1 and 2, and 23, second paragraph, and any modifications thereto, to enable it to exercise the competences referred to in Article 45, § 1, 3°, and § 2, of the Law of 2 August 2002."

Art. 12. In Article 11, third paragraph of the same law, the words "The King may" are replaced by the words "On the opinion of the Bank, the King may".

Art. 13. In Article 12, § 2 of the same law, the words "on the opinion of the Bank" are inserted between the words "the King establishes" and the words "the rules referred to in § 1".

Art. 14. In Article 14 of the same law, replaced by the Royal Decree of 9 June 1981, the following changes are made:
1° in paragraph 2, fourth paragraph, and in the second paragraph of paragraph 2bis, inserted by the Royal Decree of 12 August 1994, the words "on the opinion of the Bank" are inserted between the words "by the King" and "to establish conditions"; 2° in paragraph 3, first and third paragraphs, the words "on the opinion of the Bank" are inserted after the words "by the King".

Art. 15. In Article 14bis of the same law, replaced by the Law of 16 February 2009, the following changes are made:
1° in the third paragraph of paragraph 3, the words "It takes" are replaced by the words "Without prejudice to Article 87bis of the Law of 2 August 2002, it takes"; 2° in paragraph 4, the words "an appropriate independent compliance function and an appropriate risk management function" are replaced by the words "an appropriate risk management function and, on the opinion of the CBFA, an appropriate independent compliance function."

Art. 16. In Article 14ter, sixth paragraph of the same law, inserted by the Law of 17 December 2008, the words "Article 64 of the Law of 2 August 2002" are replaced by the words "Article 12bis, § 2 of the Law of 22 February 1998".

Art. 17. In Article 15 of the same law, replaced by the Royal Decree of 12 August 1994, the following changes are made:
1° paragraph 1, third paragraph is replaced as follows:
"The Bank determines by means of a regulation established in accordance with Article 12bis, § 2 of the Law of 22 February 1998 the method of calculation of the solvency margin and the level it must reach in relation to the commitments of the insurance undertaking. The minimum of the margin to be constituted is at least equal to the absolute minimum of the guarantee fund, as determined by the Bank."; 2° in paragraph 2, second paragraph, the words "The King determines" are replaced by the words "On the opinion of the Bank, the King determines".

Art. 18. In Article 15bis of the same law, last amended by the Royal Decree of 26 May 2004, the following changes are made:
1° in paragraph 1, 1°, b), the word "he" is replaced by the word "she"; 2° in paragraph 4, last paragraph, replaced by the Law of 20 June 2005, the words "on the opinion of the Bank" are inserted between the words "that the King" and the words "allows with application of".

Art. 19. In Article 15ter of the same law, inserted by the Royal Decree of 12 August 1994, the words "on the opinion of the Bank" are inserted in the second paragraph between the words "The King determines" and the words "the absolute minimum of the guarantee fund".

Art. 20. In Article 16 of the same law, the following changes are made:
1° in paragraph 1, third paragraph, amended by the Royal Decree of 9 June 1981, the words "The King determines" are replaced by the words "On the opinion of the Bank, the King determines"; 2° in paragraph 2, first paragraph, last amended by the Law of 26 April 2010, the words "on the opinion of the Bank" are inserted between the words "the technical debts that the King" and the word "determines,"; 3° in paragraph 2, third paragraph, amended by the Royal Decree of 12 August 1994, the words "The King establishes" are replaced by the words "On the opinion of the Bank, the King establishes"; 4° in paragraph 2, fourth paragraph, last amended by the Law of 19 November 2004, the words "National Bank of Belgium" are replaced by the word "Bank" and the words ""Commission for the Banking and Financial Sector"" are replaced by the words "CBFA, the Bank".

Art. 21. In Article 17 of the same law, the following changes are made:
1° in the first paragraph, 2°, last amended by the Law of 19 November 2004, the words "National Bank of Belgium" are replaced by the word "Bank" and the words "Banking and Finance Commission" by the words "CBFA, the Bank"; 2° in the first paragraph, 4°, amended by the Law of 19 July 1991, the words "on the opinion of the Bank" are inserted between the words "determines the King" and the words "the rules".

Art. 22. In Article 18, second paragraph of the same law, the following changes are made:
1° the word "him" is replaced by the word "her"; 2° in the French version, the words "sur base des documents à lui communiqués" are replaced by the words "sur base des documents qui lui sont communiqués".

Art. 23. In Article 19 of the same law, the following changes are made:
1° paragraph 1, inserted by the Royal Decree of 12 August 1994, is supplemented as follows: ", on the opinion of the Bank and the CBFA, each for what concerns their respective competences. "

2° in paragraph 2, inserted by the law of 8 June 2007, the word "CBFA" is replaced by the word "Bank" in the first two sentences of the first paragraph, and the words "The CBFA makes its decision" are replaced by the words "The Bank brings its decision to the knowledge of the CBFA and makes it" in the third sentence.

Art. 24. In Article 20, first paragraph, of the same law, modified by the law of 16 February 2009, the words "on advice of the CBFA" are inserted between the words "by the King" and the words "certain disclosures contain".

Art. 25. In Article 21 of the same law, the following modifications are made:

1° a paragraph is inserted before the first paragraph, reading:

"§ 1. The Bank and the CBFA determine, each within its area of competence, the information that insurance undertakings must provide so that it can be verified whether the legal and regulatory provisions to which they are subject have been complied with. The Bank and the CBFA also determine, each within its area of competence, the reporting frequency and modalities for this information."

2° in the former first paragraph, which becomes paragraph 1bis, the following modifications are made:

a) in the first paragraph, last modified by the Royal Decree of 25 March 2003, the words "Insurance undertakings must" are replaced by the words "Without prejudice to paragraph 1, insurance undertakings must", the words "the Bank and" are inserted between the words "at another place previously approved by" and the words "the CBFA", and the last sentence is completed with the words "each within its area of competence";

b) in the second paragraph, modified by the Royal Decree of 25 March 2003, the words "the CBFA may" are replaced by the words "the Bank and the CBFA may, each within its area of competence";

c) in the third paragraph, last modified by the Royal Decree of 25 March 2003, the words "Bank or the" are inserted each time before the word "CBFA", the word "has" is replaced by the word "have" and the words "its task" are replaced by the words "their respective tasks";

d) in the fourth paragraph, modified by the Royal Decree of 25 March 2003, the words "The CBFA may" are replaced by the words "The Bank and the CBFA may, each within its area of competence";

e) in the fifth paragraph, last modified by the Royal Decree of 25 March 2003, the words "The CBFA may" are replaced by the words "The Bank and the CBFA may, each within its respective area of competence", the words "he may" are replaced by the words "they may" and the word "his" is replaced by the word "their";

f) in the sixth paragraph, last modified by the Royal Decree of 25 March 2003, the words "Bank and the" are inserted before the word "CBFA", and the words ", each within its area of competence," are inserted between the word "CBFA" and the words "upon simple request";

g) in the seventh paragraph, last modified by the Royal Decree of 25 March 2003, the words "'The CBFA may" are replaced by the words "The Bank and the CBFA may, each within its area of competence", the words "officers of its administration" by the word "staff members" and the word "him" by the word "them".

3° in the former paragraph 1bis, which becomes paragraph 1ter, the following modifications are made:

a) in the first paragraph, the words "the Bank and the CBFA may, each within its area of competence" are added after the words "If the provisions of Article 26 are applied to the insurance undertaking" in the preamble;

b) in the first paragraph, the words "the CBFA may" in the first dash and the words "he may" in the second dash are deleted;

c) in the first paragraph, third dash, modified by the Royal Decree of 25 March 2003, the words "the control referred to in § 1" are replaced by the words "the control referred to in § 1bis" and the words "The CBFA may" are replaced by the words "The Bank and the CBFA may";

d) the third paragraph, modified by the Royal Decree of 25 March 2003, is repealed;

4° paragraph 2 is repealed.

Art. 26. In Article 21octies of the same law, the following modifications are made:

1° in paragraph 1, the following modifications are made:

a) the words "the CBFA demands" are replaced by the words "the CBFA and the Bank demand, each within its area of competence";

b) the words "he establishes" are replaced by the words "they establish";

c) the paragraph is completed with the following sentence:

"They inform each other thereof."

2° in paragraph 2, replaced by the law of 17 June 2009, the following modifications are made:

a) in the first paragraph, the word "CBFA" is replaced by the word "Bank" and the word "he" by the word "they";

b) the first paragraph is completed with the following sentence:

"They inform the CBFA thereof."

c) in the second paragraph, the words "the Bank, on advice of" are inserted between the words "Without prejudice to the first paragraph, the" and the words "the CBFA";

d) in the third paragraph, the word "CBFA" is replaced each time by the word "Bank";

e) in the fourth paragraph, in the second sentence, the words "The CBFA brings" are replaced by the words "The Bank brings the CBFA and" and in the last sentence the word "CBFA" is replaced by the word "Bank";

3° paragraph 3 is repealed.

Art. 27. In Article 22 of the same law, the following modifications are made:

1° in paragraph 1, the following modifications are made:

a) in the first paragraph, last modified by the law of 16 February 2009, the words "the Bank and" are inserted between the words "Belgian insurance undertakings notify" and the words "the CBFA";

b) in the second paragraph, modified by the Royal Decree of 25 March 2003, the words "The CBFA may" are replaced by the words "The Bank and the CBFA may" and the word "him" by the word "her";

c) in the fourth paragraph, last modified by the Royal Decree of 25 March 2003, the words "the CBFA has declared" are replaced by the words "the CBFA and the Bank have declared";

2° in paragraph 2, the following modifications are made:

a) in the first paragraph, last modified by the Royal Decree of 25 March 2003, the words "the Bank and" are inserted between the words "Belgian and foreign undertakings notify" and the words "the CBFA";

b) in the second paragraph, modified by the Royal Decree of 25 March 2003, the words "he has taken note of, the CBFA opposes" are replaced by the words "they have taken note of, the Bank or the CBFA opposes, each within its area of competence";

3° in paragraph 4, third paragraph, inserted by Royal Decree of 22 February 1991, the words "The King may" are replaced by the words "On advice of the Bank, the King may".

Art. 28. In Article 23bis of the same law, inserted by the law of 31 July 2009, the following modifications are made in paragraph 4:

1° in the first paragraph, the following modifications are made:

a) in the preamble, the word "Commission for Banking, Finance and Insurance" is replaced by the word "Bank";

b) in the preamble, the words ", or, depending on the case, the CBFA," are inserted between the words "together with any other involved competent authority" and the words "if the candidate acquirer is one of the following persons";

c) in point a), the words ", or, depending on the case, by the CBFA," are inserted between the words "a license has been granted in another Member State" and the word "; or";

d) the third paragraph, modified by the Royal Decree of 25 March 2003, is repealed;

4° paragraph 2 is repealed.

2° in the second paragraph, the words “ or, as the case may be, by the CBFA.” are inserted after the words “ of the candidate acquirer ”; 3° in the third paragraph, the following amendments are made :
a) the words “ or the competences of the CBFA ” are inserted between the words “ of the supervisory authority for credit institutions, insurance undertakings, reinsurance undertakings, investment firms or management companies of collective investment undertakings of another Member State ” and the word “ , the ”; b) the words “ Commission bancaire, financière et des assurances ” are replaced by the word “ Banque ”.

Art. 29. In Article 26 of the same law, replaced by the law of 16 February 2009, the following amendments are made :
1° in paragraph 1, second paragraph, 2°, last paragraph, the words “ or the prohibition ” are inserted between the words “ the suspension ” and the words “ in the Belgian State Gazette ”; 2° paragraph 1 is supplemented by two paragraphs, worded as follows :
“ In the event of serious and systematic infringement of the rules referred to in Article 45, § 1, first paragraph, 3°, or § 2, of the law of 2 August 2002, the Bank may withdraw the authorization upon request of the CBFA, according to the procedure and rules laid down in Article 36bis of that same law. The Bank informs the CBFA of the measures taken on the basis of the preceding paragraphs. ”; 3° a new paragraph 2bis is inserted, worded as follows :
“ § 2bis. When the Bank becomes aware that an insurance undertaking has put in place a special mechanism with the aim or effect of promoting tax fraud by third parties, §§ 1 and 2 apply. ”; 4° a new paragraph 10 is inserted, worded as follows :
“ § 10. The Bank informs the CBFA of the decisions it has taken in accordance with paragraphs 1 and 7, and, where appropriate, keeps the CBFA informed of the handling of appeals against these decisions in accordance with paragraph 4. ”

Art. 30. In Article 26bis, paragraph 1, inserted by the law of 2 June 2010, the words “ CBFA, either on its own initiative, after having obtained the advice of the CBFA and of the Committee for systemic risks and systemically relevant institutions referred to in Article 88 of the law of 2 August 2002 concerning the supervision of the financial sector and financial services ” are replaced by the words “ Banque, either on its own initiative, after having obtained the advice of the Banque ”.

Art. 31. In Article 27, third paragraph of the same law, amended by Royal Decree of 25 March 2003, the words “ § 4 of the preceding article ” are replaced by the words “ Article 26, § 1 ”.

Art. 32. In Article 28 of the same law, most recently amended by the Royal Decree of 25 March 2003, the words “ the CBFA ” in the first sentence are each time replaced by the words “ the Banque or the CBFA, as the case may be ”, and “ He ” is replaced by the word “ She ” in the second sentence.

Art. 33. In Article 28ter, inserted by Royal Decree of 22 February 1991, of the same law, in paragraph 6, the words “ on advice of the Banque ” are inserted between the words “ as they are defined by the King ” and the words “ , the parties to the agreement ”.

Art. 34. In Chapter IV of the same law, the heading of Section I is replaced as follows :
“ The Banque and the CBFA ”.

Art. 35. Article 36 of the same law is repealed.

Art. 36. Article 37 of the same law, repealed by the law of 2 August 2002, is restored as follows :
“ Art. 37. With a view to efficient and coordinated supervision of insurance undertakings, the Banque and the CBFA conclude a protocol which is made known on their respective websites.
This protocol determines the modalities of the cooperation between the Banque and the CBFA in all cases where the law provides for an opinion, consultation, information or other contact between the two institutions or where consultation between the two institutions is necessary to ensure a uniform application of the legislation. ”

2° in the second paragraph, the words “ or, as the case may be, by the CBFA.” are inserted after the words “ of the candidate acquirer ”; 3° in the third paragraph, the following amendments are made :
a) the words “ , or the competences of the CBFA ” are inserted between the words “ of the supervisory authority for credit institutions, insurance undertakings, reinsurance undertakings, investment firms or management companies of collective investment undertakings of another Member State ” and the word “ , the ”; b) the words “ Commission bancaire, financière et des assurances ” are replaced by the word “ Banque ”.

Art. 29. In Article 26 of the same law, replaced by the law of 16 February 2009, the following amendments are made :
1° in paragraph 1, second paragraph, 2°, last paragraph, the words “ or the prohibition ” are inserted between the words “ the suspension ” and the words “ in the Belgian State Gazette ”; 2° paragraph 1 is supplemented by two paragraphs, worded as follows :
“ In the event of serious and systematic infringement of the rules referred to in Article 45, § 1, first paragraph, 3°, or § 2, of the law of 2 August 2002, the Banque may withdraw the authorization upon request of the CBFA, according to the procedure and rules laid down in Article 36bis of that same law. The Banque informs the CBFA of the measures taken on the basis of the preceding paragraphs. ”; 3° a new paragraph 2bis is inserted, worded as follows :
“ § 2bis. When the Banque becomes aware that an insurance undertaking has put in place a special mechanism with the aim or effect of promoting tax fraud by third parties, §§ 1 and 2 apply. ”; 4° a new paragraph 10 is inserted, worded as follows :
“ § 10. The Banque informs the CBFA of the decisions it has taken in accordance with paragraphs 1 and 7, and, where appropriate, keeps the CBFA informed of the handling of appeals against these decisions in accordance with paragraph 4. ”

Art. 31. In Article 27, third paragraph of the same law, amended by Royal Decree of 25 March 2003, the words “ § 4 of the preceding article ” are replaced by the words “ Article 26, § 1 ”.

Art. 34. In Chapter IV of the same law, the heading of Section I is replaced as follows :
“ The Banque and the CBFA ”.

Art. 35. Article 36 of the same law is repealed.

MONITEUR BELGE — 09.03.2011 — BELGISCH STAATSBLAD 15657

Art. 37. In Article 37bis of the same law, inserted by Royal Decree of 8 January 1993 and replaced by Royal Decree of 12 August 1994, the following amendments are made :
1° in paragraph 1, second paragraph and in paragraph 2, second paragraph, amended by the law of 16 June 2006, the word “ He ” is replaced by the word “ She ”; 2° in paragraph 1, third paragraph and in paragraph 2, third paragraph, amended by the Royal Decree of 25 March 2003, the word “ him ” is replaced by the word “ her ”; 3° in paragraph 1, fourth paragraph, amended by the Royal Decree of 25 March 2003, the first word “ his ” in the sentence is replaced by the word “ her ”;

Art. 38. In Article 38 of the same law, replaced by the law of 16 February 2009, in the first paragraph, the words “ Without prejudice to Article 87ter of the law of 2 August 2002 may ” are inserted before the words “ The task of the auditor as referred to in the Companies Code ” and the word “ may ” is deleted between the words “ the task of the auditor as referred to in the Companies Code ” and the words “ in an insurance undertaking under Belgian law ”.

Art. 39. In Article 40 of the same law, the words “ opinion of the Commission for Insurance and after ” are deleted.

Art. 40. In Article 40quinquies, second paragraph, of the same law, inserted by the law of 16 February 2009, the words “ Article 64 of the law of 2 August 2002 ” are replaced by the words “ Article 12bis, § 2 of the law of 22 February 1998 ”.

Art. 41. In Article 41 of the same law, the following amendments are made :
1° in paragraph 1, second paragraph, amended by the Royal Decree of 25 March 2003, the first sentence is supplemented as follows : “ which fall within the competences of the CBFA ” and the second sentence is deleted.
2° in paragraph 5, second paragraph, amended by the Royal Decree of 25 March 2003, the words “ The Government Commissioners at the CBFA, as well as the members of the Council of the CBFA ” are replaced by the words “ The members of the management committee of the CBFA ”.

Art. 42. In Article 42, third paragraph of the same law, most recently amended by the Royal Decree of 25 March 2003, the word “ CBFA ” is replaced by the word “ Banque ” and the sentence is supplemented with the words “ on advice of the CBFA ”.

Art. 43. In Article 43, paragraph 3 of the same law, most recently amended by the law of 17 December 2008, a new first paragraph is inserted, worded as follows :
“ The Banque informs the CBFA of its intention to withdraw the authorization. ”

Art. 44. In Article 44 of the same law, the following amendments are made :
1° in the second paragraph, most recently amended by the Royal Decree of 25 March 2003, the word “ He ” is replaced by the word “ She ”; 2° in the third paragraph, most recently amended by the Royal Decree of 25 March 2003, the word “ He ” is replaced by the word “ She ” and the word “ he ” by the word “ she ”.

Art. 45. In Article 46 of the same law, replaced by the law of 6 December 2004, the following amendments are made :
1° in the first paragraph, in the first sentence, the word “ CBFA ” is replaced by the word “ Banque ”; 2° in the first paragraph, in the second sentence, the words “ The CBFA sets ” are replaced by the words “ The Banque sets the CBFA and ”.

Art. 46. In Article 48/4 of the same law, inserted by the law of 6 December 2004, the following amendments are made :
1° in the first sentence and at the beginning of the second sentence, the word “ CBFA ” is replaced by the word “ Banque ”; 2° in the second sentence, the words “ the CBFA and at ” are inserted between the words “ and with all appropriate means co-operate ” and the words “ the competent authorities of all other Member States ”.

Art. 37. In Article 37bis of the same law, inserted by Royal Decree of 8 January 1993 and replaced by Royal Decree of 12 August 1994, the following amendments are made :
1° in paragraph 1, second paragraph and in paragraph 2, second paragraph, amended by the law of 16 June 2006, the word “ Il ” is replaced by the word “ Elle ”; 2° in paragraph 1, third paragraph, amended by the Royal Decree of 25 March 2003, the words “ il est saisi ” are replaced by the words “ elle est saisie ”, and in paragraph 2, third paragraph, amended by the Royal Decree of 25 March 2003, the words “ celui-ci est saisi ” are replaced by the words “ celle-ci est saisie ”; 3° in paragraph 1, fourth paragraph, amended by the Royal Decree of 25 March 2003, the words “ zijn beslissingen ” are, in the Dutch version, replaced by the words “ haar beslissingen ”.

Art. 38. In Article 38 of the same law, replaced by the law of 16 February 2009, the words “ Les fonctions de commissaire ” are, in the first paragraph, replaced by the words “ Sans préjudice de l’article 87ter de la loi du 2 août 2002, les fonctions de commissaire ”.

Art. 39. In Article 40 of the same law, the words “ Sur avis de la Commission des Assurances, la ” are replaced by the word “ La ”.

Art. 40. In Article 40quinquies, second paragraph, of the same law, inserted by the law of 16 February 2009, the words “ l’article 64 de la loi du 2 août 2002 ” are replaced by the words “ l’article 12bis, § 2, de la loi du 22 février 1998 ”.

Art. 41. In Article 41 of the same law, the following amendments are made :
1° in paragraph 1, second paragraph, amended by the Royal Decree of 25 March 2003, the first sentence is supplemented by the words “ qui relèvent des compétences de la CBFA ”, and the second sentence is deleted; 2° in paragraph 5, second paragraph, amended by the Royal Decree of 25 March 2003, the words “ Les Commissaires du Gouvernement auprès de la CBFA, de même que les membres du Conseil de la CBFA ” are replaced by the words “ Les membres du comité de direction de la CBFA ”.

Art. 42. In Article 42, third paragraph of the same law, most recently amended by the Royal Decree of 25 March 2003, the word “ CBFA ” is replaced by the word “ Banque ”, and the sentence is supplemented by the words “ sur avis de la CBFA ”.

Art. 43. In Article 43, paragraph 3 of the same law, most recently amended by the law of 17 December 2008, a paragraph worded as follows is inserted before the first paragraph :
“ The Banque informs the CBFA of its intention to withdraw the authorization. ”.

Art. 44. In Article 44 of the same law, the following amendments are made :
1° in the second paragraph, most recently amended by the Royal Decree of 25 March 2003, the word “ Il ” is replaced by the word “ Elle ”; 2° in the third paragraph, most recently amended by the Royal Decree of 25 March 2003, the word “ Il ” is replaced by the word “ Elle ” and the words “ qu’il ” are replaced by the words “ qu’elle ”.

Art. 45. In Article 46 of the same law, replaced by the law of 6 December 2004, the following amendments are made :
1° in the first paragraph, first sentence, the word “ CBFA ” is replaced by the word “ Banque ”; 2° in the first paragraph, second sentence, the words “ La CBFA portera immédiatement à la connaissance des autorités compétentes ” are replaced by the words “ La Banque portera immédiatement à la connaissance de la CBFA et des autorités compétentes ”.

Art. 46. In Article 48/4 of the same law, inserted by the law of 6 December 2004, the following amendments are made :
1° in the first and second sentences, the word “ CBFA ” is replaced by the word “ Banque ”; 2° in the second sentence, the words “ à la CBFA et ” are inserted between the words “ cette information ” and the words “ aux autorités compétentes de tous les autres Etats membres ”.

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Art. 47. In Article 48/12 of the same law, inserted by the law of 6 December 2004, the following amendments are made :
1° in paragraph 2, second paragraph, amended by the law of 27 October 2006, the words “ on advice of the Banque ” are inserted between the words “ determines the King ” and the words “ the powers and obligations of the liquidator ”; 2° in paragraph 3, the words “ The CBFA sets ” are replaced by the words “ The Banque sets the CBFA and ”.

Art. 48. In Article 48/13, second paragraph, of the same law, inserted by the law of 6 December 2004, the words “ The King determines ” are replaced by the words “ On advice of the Banque determines the King ”.

Art. 49. In Article 48/18 of the same law, inserted by the law of 6 December 2004, the following amendments are made :
1° in the second paragraph, the sentence “ The CBFA informs the National Bank of Belgium thereof without delay. ” is deleted; 2° in the third paragraph, the words “ and after consultation of the National Bank of Belgium. To that end, the National Bank of Belgium sends the CBFA its opinion within ten days after being informed in accordance with the second paragraph. ” are deleted; 3° in the fourth paragraph, the sentence “ The CBFA sends the National Bank of Belgium a copy of this opinion. ” is deleted.

Art. 50. In Article 48/19 of the same law, inserted by the law of 6 December 2004, the words “ The King may ” in the second paragraph are replaced by the words “ On advice of the Banque, may the King ”.

Art. 51. In Article 51 of the same law, inserted by Royal Decree of 12 August 1994, the following amendments are made :
1° in the first paragraph, amended by the Royal Decree of 25 March 2003, in the first sentence the word “ he ” is replaced by the word “ she ” and in the second sentence the word “ He ” by the word “ She ” and the word “ he ” by the word “ she ”; 2° in the third paragraph, amended by the Royal Decree of 25 March 2003, the word “ his ” is replaced by the word “ her ” and the word “ he ” by the word “ she ”.

Art. 52. Article 52 of the same law is repealed.

Art. 53. In Article 53 of the same law, inserted by Royal Decree of 12 August 1994, in the first paragraph the word “ he ” is replaced by the word “ she ” and in the second paragraph the word “ He ” by the word “ She ”.

Art. 54. In Article 55 of the same law, inserted by Royal Decree of 12 August 1994, the following amendments are made in the second paragraph :
1° in the first sentence, the words “ Articles 51 and 52 ” are replaced by the words “ Article 51 of this law and Article 36/22, 12° of the law of 22 February 1998 ”; 2° in the second sentence, the words “ and the term of one month, referred to in Article 52, third paragraph, replaced by a term of eight days ” are deleted.

Art. 55. In Article 58, first paragraph of the same law, amended by the Royal Decree of 25 March 2003, the word “ he ” is replaced by the word “ she ”.

Art. 56. Article 59 of the same law is repealed.

Art. 57. In the preamble of Article 60, first paragraph of the same law, amended by the Royal Decree of 25 March 2003, the word “ he ” is replaced by the word “ she ”.

Art. 58. Article 64 of the same law, inserted by Royal Decree of 12 August 1994, is supplemented with a paragraph 3, worded as follows :
“ § 3. On advice of the CBFA, regarding its competences, and according to the modalities determined in this section, the Banque communicates to the enterprises referred to in § 1 which provisions are of general interest. ”.

Art. 59. In Article 65, first paragraph of the same law, amended by the Royal Decree of 25 March 2003, the words “ the Banque and ” are inserted between the words “ of the insurance mandatory in Belgium to ” and the words “ the CBFA communicate ”.

Art. 47. In Article 48/12 of the same law, inserted by the law of 6 December 2004, the following amendments are made :
1° in paragraph 2, second paragraph, amended by the law of 27 October 2006, the words “ , on advice of the Banque, ” are inserted between the words “ the King determines ” and the words “ the powers and obligations of the liquidator ”; 2° in paragraph 3, the words “ The CBFA informs without delay ” are replaced by the words “ The Banque informs without delay the CBFA and ”.

Art. 48. In Article 48/13, second paragraph, of the same law, inserted by the law of 6 December 2004, the words “ The King determines ” are replaced by the words “ The King determines, on advice of the Banque, ”.

Art. 49. In Article 48/18 of the same law, inserted by the law of 6 December 2004, the following amendments are made :
1° in the second paragraph, the sentence “ The CBFA informs the Banque nationale de Belgique sans délai. ” is deleted; 2° in the third paragraph, the words “ and after having consulted the Banque nationale de Belgique. To this end, the Banque nationale de Belgique communicates its opinion to the CBFA within ten days of the information received in accordance with the second paragraph. ” are deleted; 3° in the fourth paragraph, the sentence “ The CBFA transmits a copy of this opinion to the Banque nationale de Belgique. ” is deleted.

Art. 50. In Article 48/19 of the same law, inserted by the law of 6 December 2004, the words “ The King may ” are, in the second paragraph, replaced by the words “ The King may, on advice of the Banque, ”.

Art. 51. In Article 51 of the same law, inserted by Royal Decree of 12 August 1994, the following amendments are made :
1° in the first paragraph, amended by the Royal Decree of 25 March 2003, the words “ s’il ” are, in the first sentence, replaced by the words “ si elle ”, and the words “ Il peut également s’y opposer s’il a des raisons de douter ” are, in the second sentence, replaced by the words “ Elle peut également s’y opposer si elle a des raisons de douter ”; 2° in the third paragraph, amended by the Royal Decree of 25 March 2003, the words “ il est réputé” are replaced by the words “ elle est réputée ”.

Art. 52. Article 52 of the same law is repealed.

Art. 53. In Article 53 of the same law, inserted by Royal Decree of 12 August 1994, the word “ il ” is, in the first paragraph, replaced by the word “ elle ”, and the word “ Il ” is, in the second paragraph, replaced by the word “ Elle ”.

Art. 54. In Article 55 of the same law, inserted by Royal Decree of 12 August 1994, the following amendments are made to the second paragraph :
1° in the first sentence, the words “ Les articles 51 et 52 ” are replaced by the words “ L’article 51 de la présente loi et l’article 36/22, 12°, de la loi du 22 février 1998 ”; 2° in the second sentence, the words “ and the term of one month, referred to in Article 52, third paragraph, replaced by a term of eight days ” are deleted.

Art. 55. In Article 58, first paragraph of the same law, amended by the Royal Decree of 25 March 2003, the words “ s’il estime ” are replaced by the words “ si elle estime ”.

Art. 56. Article 59 of the same law is repealed.

Art. 57. In Article 60, first paragraph of the same law, amended by the Royal Decree of 25 March 2003, the word “ il ” is, in the introductory sentence, replaced by the word “ elle ”.

Art. 59. In Article 65, first paragraph of the same law, amended by the Royal Decree of 25 March 2003, the words “ to the Banque and ” are inserted between the words “ must communicate ” and the words “ to the CBFA ”.

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Art. 60. In Article 67 of the same law, inserted by Royal Decree of 12 August 1994, the following amendments are made:

1° In paragraph 2, amended by Royal Decree of 25 March 2003, the following amendments are made:
a) the word “CBFA” is replaced by the word “Bank”; b) the words “which, to its knowledge, are of general interest” are replaced by the words “referred to in Article 64, §§ 2 and 3”;

2° A paragraph 5 is inserted, worded as follows:
“§ 5. The Bank informs the CBFA, within the time limit referred to in § 2, of any new branch established in accordance with § 3, of the file referred to in § 1, and of any amendments thereto.”

Art. 61. Article 68 of the same law, inserted by Royal Decree of 12 August 1994, is supplemented with a paragraph 4, worded as follows:
“§ 4. The Bank informs the CBFA of any new file referred to in § 1 and of any amendments thereto.”

Art. 62. In Article 69 of the same law, inserted by Royal Decree of 12 August 1994, the following amendments are made:

1° In the first paragraph, amended by Royal Decree of 25 March 2003, the following amendments are made in the first sentence:
a) the words “or the Bank, each within its respective competence,” are inserted between the words “At the request of the CBFA” and the words “insurance undertakings are obliged”; b) the word “respective” is inserted between the words “which apply in Belgium to insurance undertakings and their activities and which fall within the” and the words “competence of the CBFA”; c) the words “and the Bank” are inserted between the words “competence of the CBFA” and the word “belong”;

2° In the second paragraph, amended by Royal Decree of 25 March 2003, the words “the CBFA may” are replaced by the words “the CBFA and the Bank may, within their respective competence,”;

3° In the third paragraph, amended by Royal Decree of 25 March 2003, the words “the Bank or to” are inserted between the words “obliged to provide to” and the words “the CBFA”;

4° In the fourth paragraph, amended by Royal Decree of 25 March 2003, the following amendments are made:
a) the words “The CBFA may” are replaced by the words “The CBFA and the Bank may”; b) the words “are” and “him” are replaced by the word “their”.

Art. 63. In Article 71 of the same law, inserted by Royal Decree of 12 August 1994, the following amendments are made:

1° In paragraph 1, the following amendments are made:
a) in the first paragraph, amended by Royal Decree of 25 March 2003, the words “the CBFA determines” are replaced by the words “the Bank or the CBFA determine”, the words “the competence of the CBFA” by the words “their respective competence”, the words “he urges” by the words “they urge” and the words “he determines” by the words “they determine”; b) a paragraph is inserted between the first and second paragraphs, worded as follows:
“The Bank and the CBFA mutually inform each other of their intention to apply the previous paragraph.”;

c) in the former second paragraph, amended by Royal Decree of 25 March 2003, which becomes the third paragraph, the words “the CBFA informs” are replaced by the words “the Bank or the CBFA, each within its competence, inform”;

d) in the former third paragraph, amended by Royal Decree of 25 March 2003, which becomes the fourth paragraph, the following amendments are made:
i. in the first sentence, the words “the CBFA may” are replaced by the words “the Bank and the CBFA may, each within its competence,” and the sentence is ended by inserting a period after the words “take appropriate measures to prevent further irregularities”;
ii. in the part of the first sentence that becomes the second sentence, the word “and,” is replaced by the words “In particular, the Bank and the CBFA may”;
iii. in the former second sentence, which becomes the third sentence, the words “The CBFA may” are replaced by the words “The Bank and the CBFA may”, the word “are” by the word “their” and the words “he determines” by the words “they determine”;

e) the paragraph is supplemented with two paragraphs, worded as follows:
“Article 26, § 2bis applies.
The Bank and the CBFA inform each other of the measures taken in application of the previous paragraphs.”;

2° In paragraph 2, the following amendments are made:
a) in the first paragraph, amended by Royal Decree of 25 March 2003, the following amendments are made:
i. in the first sentence, the words “the CBFA may” are replaced by the words “the Bank and the CBFA may” and the words “the competence of the CBFA” by the words “their respective competence”;
ii. in the second sentence, the words “Thus, it may” are replaced by the words “In particular, the Bank and the CBFA may”;
iii. in the third sentence, the words “It may” are replaced by the words “They may”, the word “are” by the word “their” and the words “he determines” by the words “they determine”;
b) in the second paragraph, amended by Royal Decree of 25 March 2003, the words “The CBFA informs” are replaced by the words “The Bank and the CBFA inform each other and”;

3° In paragraph 4, amended by Royal Decree of 25 March 2003, the words “The CBFA may” are replaced by the words “The CBFA and the Bank may”.

Art. 64. In Article 72, paragraph 2 of the same law, amended by Royal Decree of 25 March 2003, the word “CBFA” is replaced by the word “Bank” and the words “he takes” are replaced by the words “it informs the CBFA thereof and takes”.

Art. 65. Article 73/3, first paragraph, of the same law, inserted by the Law of 6 December 2004, is replaced as follows:
“When the competent authorities of the Member State of origin of an insurance undertaking inform the Bank of their decision to open a liquidation procedure or to adopt a recovery measure, the Bank informs the CBFA thereof.
The Bank and the CBFA may have a notice published in the Belgian State Gazette and in two daily newspapers or periodical publications with regional distribution.”

Art. 66. In Article 73/4 of the same law, inserted by the Law of 6 December 2004, the words “The CBFA may” are replaced by the words “The Bank and the CBFA may”.

Art. 67. In Article 74 of the same law, inserted by Royal Decree of 12 August 1994, paragraph 3 is supplemented with a paragraph, worded as follows:
“The Bank informs the CBFA of the requests for permission to transfer insurance contracts which it receives in application of § 1, as well as of its decision thereon.”

Art. 68. In Article 78quater, paragraph 3 of the same law, amended by Royal Decree of 25 March 2003, the following amendments are made:

1° In the first sentence, the words “the Bank and” are inserted between the words “are forwarded to” and the words “the CBFA”;

2° In the second sentence, the words “the CBFA its” are replaced by the words “the Bank and the CBFA their”;

3° In the third sentence, the words “the CBFA deems it desirable, may” are replaced by the words “the Bank or the CBFA deem it desirable, may”.

Art. 69. In Article 81 of the same law, last amended by the Law of 20 June 2005, the words “the CBFA may” are replaced by the words “the Bank or the CBFA, as the case may be, may”.

Art. 70. In Article 82, paragraph 1, first paragraph of the same law, last amended by the Law of 16 June 2006, the following amendments are made in the first sentence:

1° the words “or the Bank” are inserted between the words “When the CBFA” and the words “to an undertaking”;

2° the words “he may” are replaced by the words “it may”;

3° the words “a regulation of the CBFA” are replaced by the words “a regulation, as the case may be, of the CBFA or of the Bank”.

Art. 71. In Article 85, first paragraph of the same law, amended by the Law of 26 June 2000, the following amendments are made:

1° the words “or the Bank” are inserted between the words “make false statements to the CBFA” and the words “, to its officers or to persons authorized by him”;

2° the words “are” and “him” are replaced by the word “their”.

Art. 72. In Article 88 of the same law, the words “the Bank and” are inserted each time before the words “the CBFA” and the words “as the case may be” are inserted after the words “the CBFA”.

Art. 73. Article 89 of the same law is repealed.

Art. 74. In Article 90, paragraph 4, third paragraph of the same law, the words “Article 64 of the Law of 2 August 2002 concerning the supervision of the financial sector and financial services” are replaced by the words “Article 12bis, § 2 of the Law of 22 February 1998”.

Art. 75. In Article 90bis of the same law, inserted by the Law of 16 February 2009, two paragraphs are inserted between the third and fourth paragraphs, worded as follows:
“When it concerns the appointment of a person who is proposed for the first time for such a function in a financial undertaking supervised by the Bank in application of Article 36/2 of the Law of 22 February 1998, the Bank first consults the CBFA.
The CBFA communicates its opinion to the Bank within a period of one week from receipt of the request for opinion.”

Art. 76. In Article 91ter, paragraph 4 of the same law, amended by the Law of 19 November 2004, the words “The King appoints” are replaced by the words “On advice of the Bank, the King appoints”.

Art. 77. In the preamble of Article 91septies, paragraph 1, first paragraph of the same law, amended by Royal Decree of 25 March 2003, the word “he” is replaced by the word “she”.

Art. 78. In Article 91nonies of the same law, inserted by Royal Decree of 14 March 2001, in paragraph 2, the words “The King determines” are replaced by the words “On advice of the Bank, the King determines”.

Art. 79. In Article 91decies, paragraph 3, second paragraph of the same law, amended by Royal Decree of 25 March 2003, in the introductory sentence, the word “he” is replaced by the word “she” and in the second paragraph, the word “his” is replaced by the word “her”.

Art. 80. In Article 91undecies of the same law, inserted by the Royal Decree of 14 March 2001, the word "him" is replaced by the word "her".

Art. 81. In Article 91quaterdecies of the same law, inserted by the Royal Decree of 14 March 2001 and last amended by the Law of 31 July 2009, the word "he" is replaced by the word "they".

Art. 82. In Article 91septiesdecies, first paragraph of the same law, amended by the Royal Decree of 25 March 2003, the word "he" is replaced by the word "they".

Art. 83. Article 91octiesdecies of the same law, inserted by the Law of 20 June 2005, is supplemented with a paragraph 6, reading:

"§ 6. The King adopts the decisions referred to in this article on the advice of the Bank."

Art. 84. Articles 93 and 93bis of the same law are repealed.

Art. 85. The following amendments are made to Article 96 of the same law:

1° in paragraph 1, replaced by the Law of 27 October 2006, the following amendments are made:

a) in the first paragraph, the words "on the advice of the CBFA" are replaced by the words "on the advice of the Bank or the CBFA, each for what concerns its competencies";

b) in the second paragraph, amended by the Law of 26 April 2010, the words "Articles 2, § 1ter, and 36" are replaced by the words "Article 2, § 1ter";

c) in the third paragraph, the words "the Bank," are inserted between the words "The Minister of Economy may determine deadlines within which" and the words "the CBFA and the Insurance Commission";

2° in paragraph 2, the words "on the advice of the CBFA" are inserted between the words "the King is authorized, under the same conditions," and the words "to take the necessary decisions."

Art. 86. In Article 97 of the same law, the words ", on the advice of the Bank and the CBFA, each for what concerns their competencies," are inserted between the words "The King may" and the words "by a decision deliberated in the Council of Ministers."

Art. 87. In Article 98, first paragraph of the same law, the words "The King brings" are replaced by the words "On the advice of the Bank, the King brings".

Art. 88. Articles 99 and 100 of the same law are repealed.

CHAPTER 3. — Amendments to the Law of 6 August 1990 concerning sickness funds and national unions of sickness funds

Art. 89. In Article 52 of the Law of 6 August 1990 concerning sickness funds and national unions of sickness funds, last amended by the Law of 26 April 2010, the second and third paragraphs are replaced as follows:

"The Control Service concludes cooperation agreements with the CBFA and the National Bank of Belgium, regarding their respective competencies, concerning the matter of supplementary health insurance practiced by mutual aid societies referred to in Article 43bis, § 5 or in Article 70, §§ 6, 7, 8.

The cooperation agreements regulate, among other things, the exchange of information and the uniform application of the relevant legislation."

Art. 90. Article 55, last paragraph, of the same law, inserted by the Law of 26 April 2010, is replaced as follows:

"The Minister of Social Affairs and the Minister responsible for insurance may additionally jointly appoint an observer from the CBFA, on the proposal of this institution, as well as an observer from the National Bank of Belgium, on the proposal of this institution, for the matters referred to in Article 52, first paragraph, 11° and 12°."

Art. 91. In Article 59, second paragraph, 9°, of the same law, inserted by the Law of 26 April 2010, the words "and to the National Bank of Belgium" are inserted between the word "CBFA" and the words "regarding".

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CHAPTER 4. — Amendments to the Law of 4 December 1990 on financial transactions and financial markets

Art. 92. The following amendments are made to Article 220 of the Law of 4 December 1990 on financial transactions and financial markets:

1° in the second paragraph, 1°, the words "except in the cases referred to in Article 4, first and third paragraph, of the Law of 22 March 1993 on the status and supervision of credit institutions" are replaced by the words "subject to the exceptions referred to in Article 68bis, § 1, of the Law of 16 June 2006 on the public offer of investment instruments and the admission of investment instruments to trading on a regulated market";

2° the provision under 4° is replaced as follows:

"4° acting as a credit institution without having obtained a license in accordance with the Law of 22 March 1993 on the status and supervision of credit institutions, and acting as an investment firm without having obtained a license in accordance with the provisions of Book II and Book III of the Law of 6 April 1995 concerning the status and supervision of investment firms";

3° the provision under 5° is replaced as follows:

"5° carrying out intermediary activities within the meaning of Article 13 of the Law of 16 June 2006 on the public offer of investment instruments and the admission of investment instruments to trading on a regulated market, in violation of the rules provided for in the aforementioned law";

4° the provision under 6° is replaced as follows:

"6° the non-compliance, by a regulated company as referred to in Article 26 of the Law of 2 August 2002 concerning the supervision of the financial sector and financial services, of the conduct rules determined in or applied pursuant to Articles 27 to 28ter of the aforementioned law;"

5° the provision under 8° is replaced as follows:

"8° carrying out currency trading in violation of the provisions of Book III of the Law of 6 April 1995 concerning the status and supervision of investment firms";

6° in the fourth paragraph, the words "of the Commission for Banking, Finance and Insurance" are replaced by the words "of the National Bank of Belgium and the Commission for Banking, Finance and Insurance".

Art. 93. The following amendments are made to Article 221 of the same law:

1° in paragraph 1, the words "of the Commission for Banking and Finance" are replaced by the words "of the National Bank of Belgium, of the Commission for Banking, Finance and Insurance";

2° in paragraph 2, the words "of the Commission for Banking and Finance" are replaced by the words "of the National Bank of Belgium or of the Commission for Banking, Finance and Insurance".

CHAPTER 5. — Amendments to the Law of 2 January 1991 concerning the market for government debt securities and monetary policy instruments

Art. 94. In Articles 3 and 13 of the Law of 2 January 1991 concerning the market for government debt securities and monetary policy instruments, the words "Commission for Banking, Finance and Insurance" are each time replaced by the words "National Bank of Belgium".

CHAPTER 6. — Amendments to the Law of 12 June 1991 on consumer credit

Art. 95. In Article 75, § 6, of the Law of 12 June 1991 on consumer credit, last amended by the Law of 10 December 2009, the following amendments are made:

1° the first paragraph is replaced as follows:

"Credit institutions subject to the supervision of the National Bank of Belgium, as regulated by the Law of 22 March 1993 on the status and supervision of credit institutions, are deemed to comply with the conditions mentioned in § 1, in § 3, 1° to 1°ter and 3°, and in § 5.";

2° in the second paragraph, the words "Commission for Banking, Finance and Insurance" are replaced by the words "National Bank of Belgium".

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Art. 96. In Article 75bis, § 1, of the same law, last amended by the law of 10 December 2009, the words "Commission for the Banking, Finance and Insurance Sector" and the words "Commission for the Banking and Finance Sector" are each replaced by the words "National Bank of Belgium".

CHAPTER 7. — Amendments
to the Income Tax Code 1992

Art. 97. In Article 21, 5°, of the Income Tax Code 1992, last amended by the law of 27 December 2004, the words "on the advice of the Commission for the Banking, Finance and Insurance Sector" are replaced by the words "on the advice of the National Bank of Belgium and the Commission for the Banking, Finance and Insurance Sector, each within its area of competence".

Art. 98. In Article 269, third paragraph, b), second dash, of the same Code, last amended by the Royal Decree of 7 December 2007, the words "at a bank, a public credit institution, a stock exchange company or a savings bank subject to the control of the Commission for the Banking, Finance and Insurance Sector" are replaced by the words "at a credit institution or a stock exchange company subject to the supervision of the National Bank of Belgium".

CHAPTER 8. — Amendments to the law of 11 January 1993 on preventing the use of the financial system for money laundering and terrorist financing

Art. 99. Article 2, § 1, 1°, of the law of 11 January 1993 on preventing the use of the financial system for money laundering and terrorist financing, replaced by the law of 18 January 2010, is supplemented with the words ", hereinafter referred to as the Bank".

Art. 100. In Article 37 of the same law, the following amendments are made:
1° in paragraph 1, the second paragraph is replaced as follows:
"Furthermore, the Royal Decrees taken in application of the first paragraph are taken on the advice of the Bank and the Commission for the Banking, Finance and Insurance Sector when they concern persons, undertakings or matters that fall under their supervisory competence."; 2° in paragraph 2, the second paragraph is replaced as follows:
"Furthermore, the Royal Decrees taken in application of the first paragraph are taken on the advice of the Bank and the Commission for the Banking, Finance and Insurance Sector when they concern persons, undertakings or matters that fall under their supervisory competence."; 3° in paragraph 3, the words "and of the Commission for the Banking, Finance and Insurance Sector" are replaced by the words ", the Bank and the Commission for the Banking, Finance and Insurance Sector"; 4° in paragraph 4, second paragraph, the words "the Commission for the Banking, Finance and Insurance Sector" are replaced by the words ", the Bank and the Commission for the Banking, Finance and Insurance Sector"; 5° in paragraph 5, the words "the Bank and of" are inserted between the words "On the advice of" and the words "the Commission for the Banking, Finance and Insurance Sector".

CHAPTER 9. — Amendments to the law of 22 March 1993 on the status of and supervision over credit institutions

Art. 101. In Article 2 of the law of 22 March 1993 on the status of and supervision over credit institutions, last amended by the law of 25 February 2003, the following amendments are made:
1° in paragraph 1, 1°, the words "the National Bank of Belgium" and "the Rediscount and Guarantee Institute" are deleted; 2° in paragraph 1, 2°, the words "by Royal Decree No. 43 of 15 December 1934 concerning the control of capitalization companies or" are deleted; 3° in the preamble of paragraph 2, the words "Commission for the Banking, Finance and Insurance Sector" are replaced by the words "National Bank of Belgium"; 4° paragraph 2, second paragraph, 3° is replaced as follows:
"3° submit periodic reports on their activities to the National Bank of Belgium. This report, in particular regarding the total amount of their financial obligations related to outstanding electronic money, is drawn up according to the rules established by the National Bank of Belgium which determines the reporting frequency.".

Art. 102. In Article 3, § 1, 10°, in Article 6, § 1, last paragraph, in Article 7, in Article 8, first sentence, in Article 9, former first paragraph, which becomes the second paragraph, in Article 10, first paragraph, in Article 11, in Article 13, in Article 17, in Article 20, § 2, and § 5, sixth and seventh paragraphs, in Article 20bis, § 4, second paragraph, § 7, second paragraph, in Article 23, in Article 24, § 1, § 2, § 3, § 4, second paragraph, § 5, § 6, § 7, § 8, in Article 25, in Article 26bis, first, second, third and last paragraphs, in Article 27, in Article 28, in Article 30, in Article 31, in Article 32, in Article 33bis, in Article 34, in Article 35, former single paragraph, which becomes the first paragraph, in Article 36, in Article 37, in Article 38, in Article 39, former single paragraph, which becomes the first paragraph, in Article 41, in Article 43, in Article 44, second and fifth paragraphs, in Article 47, in Article 48, in Article 49, in Article 49bis, in Article 50, in Article 52, in Article 53, in Article 54, in Article 55, first paragraph, and former third paragraph, which becomes the fourth paragraph, and former fifth paragraph, which becomes the sixth paragraph, in Article 56, in Article 57, § 1, § 2 and § 3, in Article 58, in Article 60, in Article 61ter, in Article 64, in Article 65, first, second and third paragraphs, in Article 66, in Article 73, § 1 and § 2, in Article 74, in Article 75, § 2, first paragraph, § 5 and § 6, in Article 76, in Article 77, in Article 79, in Article 83, in Article 84, in Article 85, in Article 87, in Article 88, in Article 102, in Article 103, in Article 109/3, in Article 109/5, in Article 109/7, in Article 109/10, in Article 109/16, in Article 109/17, in Article 109/18, first paragraph, in Article 110bis2, in Article 110ter, in Article 110quater, in Article 152bis and in Article 157bis, of the same law, last amended by the law of 2 June 2010, the words "the CBFA" or "the Commission for the Banking, Finance and Insurance Sector" are replaced by the words "the Bank".

Art. 103. In Article 20bis, § 7, third paragraph, in Article 26bis, third paragraph, in Article 34, fourth paragraph, in Article 55, former third paragraph, which becomes the fourth paragraph, in Article 58, in Article 74, § 2, first paragraph, 3°, in Article 75, § 2, first paragraph and in Article 157bis, last paragraph, of the same law, last amended by the law of 15 May 2007, the words "the Commission" or "this Commission" are replaced by the words "the Bank".

Art. 104. Article 3, § 1 of the same law, last amended by the law of 2 May 2007 and supplemented by the law of 31 July 2009, is supplemented with the provisions under 15°, 16°, 17° and 18°, reading:
"15° the National Bank of Belgium: the entity referred to in the law of 22 February 1998 establishing the organic statute of the National Bank of Belgium, hereinafter referred to as 'the Bank'; 16° the law of 2 August 2002: the law of 2 August 2002 concerning the supervision of the financial sector and financial services; 17° the law of 6 April 1995: the law of 6 April 1995 on the status of and supervision over investment firms; 18° the law of 22 February 1998: the law of 22 February 1998 establishing the organic statute of the National Bank of Belgium."

Art. 105. Article 4 of the same law, last amended by the law of 16 June 2006, is repealed.

Art. 106. In Article 5 of the same law, the words ", 4" are deleted.

Art. 107. Article 5ter of the same law, inserted by the law of 25 February 2003, of which the existing text will form paragraph 2, is supplemented with a paragraph 1, reading:
"§ 1. The funds handed over to electronic money institutions in exchange for electronic money are not considered as deposits or other repayable funds if they are immediately exchanged for electronic money."

Art. 108. In Article 6 of the same law, last amended by the law of 15 May 2007, the following amendments are made:
1° in paragraph 1, second paragraph, 1°, the words, "the Rediscount and Guarantee Institute" are deleted; 2° in paragraph 1, second paragraph, 3°, the words "and the General Savings and Annuity Bank" and the words "the General Savings and Annuity Insurance also for" are deleted; 3° in paragraph 1, second paragraph, 4°, the words "the Municipal Credit Holding also" are deleted.

Art. 109. Article 8 of the same law, amended by the Law of 9 March 1999, is supplemented by an indented paragraph, reading as follows:

« When determining the conditions referred to in the first paragraph, the Bank takes into account the conditions imposed by the CBFA regarding the organization and procedures over which it exercises control in accordance with Article 45, § 1, first paragraph, 3°, and § 2, of the Law of 2 August 2002. »

Art. 110. In Article 9 of the same law, last amended by the Law of 16 February 2009, the following changes are made:

1° before the first paragraph, a paragraph is inserted, reading as follows:

« When the authorization application is submitted by a credit institution that is either the subsidiary of a management company for investment portfolios and investment advice or a management company for collective investment schemes under Belgian law, or the subsidiary of the parent company of such a company, or is under the control of the same natural or legal persons as such a company, the Bank consults the CBFA before taking a decision. »;

2° the former second paragraph, which becomes the third paragraph, is replaced as follows:

« The Bank also consults in advance the supervisory authorities referred to in the first or second paragraph for the purpose of assessing the suitability of shareholders and management in accordance with Articles 17 and 18, when such shareholder is an undertaking as referred to in the first or second paragraph and the person involved in the management of the credit institution is also involved in the management of one of the undertakings referred to in the first or second paragraph. These authorities shall communicate to each other all information relevant for the assessment of the suitability of the shareholders and persons involved in management referred to in this paragraph. ».

Art. 111. In the same law, Article 9bis is inserted, reading as follows:

« Art. 9bis. On the advice of the CBFA, the Bank decides on the authorization application, with regard to:

1° the adequacy of the organization of the credit institution, as referred to in Articles 20 and 20bis, from the perspective of compliance with the rules referred to in Article 45, § 1, first paragraph, 3°, and § 2, of the Law of 2 August 2002;

2° the adequacy of the integrity policy of the credit institution, as referred to in Article 20, § 3, third paragraph, from the perspective of compliance with the rules referred to in Article 45, § 1, first paragraph, 3°, and § 2, of the Law of 2 August 2002;

3° the professional reliability of the natural persons participating in the administration, management, or effective control of the credit institution, if they are proposed for such a function for the first time in a financial undertaking subject to the supervision of the Bank pursuant to Article 36/2 of the Law of 22 February 1998.

The CBFA provides its advice on the aforementioned matters within a period of fourteen days from the receipt by the Bank of the file referred to in Article 10, and no later than six months after receipt of the request for advice. Absence of advice within this period is considered as positive advice.

If the Bank does not take into account the advice of the CBFA on the matters referred to in the first paragraph, this shall be stated along with the reasons for the deviation in the reasoning of the decision on the authorization application. The aforementioned advice of the CBFA on points 1° and 2° of the first paragraph shall be attached to the notification of the decision on the authorization application. »

Art. 112. In the same law, Article 12, repealed by the Law of 2 August 2002, is replaced by a new Article 12, reading as follows:

« Art. 12. For credit institutions to which it has granted authorization, the Bank makes available to the CBFA the information referred to in Article 8 and any modifications thereto, to enable it to exercise the powers referred to in Article 45, § 1, 3°, and § 2, of the Law of 2 August 2002. »

Art. 113. In Article 20 of the same law, last amended by the Law of 17 December 2008, the following changes are made:

1° in paragraph 3, the second and third paragraphs are replaced as follows:

« Every credit institution takes the necessary measures to permanently have access to a suitable independent internal audit function.

Every credit institution develops a suitable integrity policy that is regularly updated. Without prejudice to Article 87bis of the Law of 2 August 2002, it takes the necessary measures to permanently have access to a suitable independent compliance function, to ensure compliance by the institution, its directors, effective management, employees, and agents with the legal rules concerning the integrity of the banking business. »;

2° paragraph 4 is replaced as follows:

«§ 4. The Bank may, without prejudice to the provisions of paragraphs 1, 2, and 3, specify what is meant by a suitable governance structure, suitable internal control, suitable independent internal audit function, suitable risk management function, and, on the advice of the CBFA, a suitable independent compliance function. »

3° paragraph 5, fourth paragraph, is replaced as follows:

« The Bank may, by regulation adopted in accordance with Article 12bis, § 2, of the Law of 22 February 1998, specify and supplement the elements in the above list on technical points. »

Art. 114. In Article 20bis of the same law, inserted by the Royal Decree of 27 April 2007, the following changes are made:

1° paragraph 1, third paragraph, first sentence, is replaced as follows:

« On the advice of the CBFA and the Bank, the King determines the relevant detailed rules and obligations. »;

2° paragraph 2, second paragraph, first sentence, is replaced as follows:

« On the advice of the CBFA and the Bank, the King determines the relevant detailed rules and obligations. »;

3° paragraph 4, last paragraph, is replaced as follows:

« The Bank publishes, on the advice of the CBFA, a policy statement in which it sets out the policy it follows regarding the outsourcing of portfolio management services to non-professional clients. »;

4° paragraph 5 is replaced as follows:

«§ 5. Every credit institution keeps records of all investment services and activities performed by it to enable the Bank and the CBFA to verify whether the institution complies with the provisions of this law, in particular whether the institution fulfills its obligations towards its clients or potential clients. »;

5° in paragraph 7, a new paragraph is inserted between the third and fourth paragraphs, reading as follows:

« The Bank makes this information available to the CBFA according to the modalities determined in Article 46ter. »;

6° paragraph 8 is replaced as follows:

«§ 8. The Bank and the CBFA, each within their respective competences, may establish further provisions of this article by regulation adopted in implementation of Article 12bis, § 2, of the Law of 22 February 1998 or Articles 49, § 3, and 64 of the Law of 2 August 2002. »

Art. 115. In Article 24 of the same law, as amended by the Law of 31 July 2009, the following changes are made:

1° in paragraph 4, the first paragraph is replaced as follows:

«§ 4. For the purpose of carrying out the assessment referred to in paragraph 3, the Bank cooperates in mutual consultation with every other competent authority concerned, or, as the case may be, with the CBFA, if the candidate acquirer is one of the following persons:

a) a credit institution, an insurance undertaking, a reinsurance undertaking, an investment firm, or a management company for collective investment schemes authorized in another Member State, or, as the case may be, by the CBFA;

b) the parent undertaking of one of the undertakings referred to in provision a); c) a natural or legal person who has control over one of the undertakings referred to in provision a); 2° in paragraph 4, paragraph 2, the words “or, as the case may be, by the CBFA.” are inserted after the words “of the candidate acquirer.”; 3° paragraph 4, third paragraph, is replaced as follows:

“Where the prudential assessment of a proposed acquisition falls within the competence of a competent supervisory authority in another Member State for credit institutions, insurance undertakings, reinsurance undertakings, investment firms or management companies of collective investment undertakings or within the competence of the CBFA, the Bank shall, as soon as possible, exchange with that supervisory authority all information that is relevant or of essential importance for the assessment. To that end, it shall provide that supervisory authority, upon request, all relevant information and, on its own initiative, all essential information.”

Art. 116. In Article 26bis of the same law, inserted by the Law of 15 May 2007, two paragraphs are inserted between the third and fourth paragraphs, worded as follows:

“When it concerns the appointment of a person who is proposed for the first time for the board, management or effective control of a financial undertaking supervised by the Bank pursuant to Article 36/2 of the Law of 22 February 1998, the Bank shall first consult the CBFA. The CBFA shall communicate its opinion to the Bank within a period of one week from receipt of the request for opinion.”

Art. 117. Article 35 of the same law, amended by the Law of 19 November 2004, is supplemented with a new paragraph, worded as follows:

“The Bank shall inform the CBFA of this notification within the same period insofar as the activities carried out abroad concern the provision of investment services.”

Art. 118. Article 39 of the same law is supplemented with a new paragraph, worded as follows:

“Within the same period, the Bank shall also notify the relevant information to the CBFA insofar as the activities carried out abroad concern the provision of investment services.”

Art. 119. In Article 43 of the same law, replaced by the Law of 15 May 2007, paragraph 5 is replaced as follows:

“§ 5. The regulations referred to in this article shall be adopted in accordance with Article 12bis, § 2, of the Law of 22 February 1998.”

Art. 120. In Article 44 of the same law, last amended by the Law of 15 May 2007, the following amendments are made:
1° the first paragraph is replaced as follows:

“Credit institutions shall periodically submit a detailed financial statement to the Bank. That statement shall be drawn up in accordance with the rules established by the Bank, which also determines the reporting frequency. Furthermore, the Bank may prescribe that other regular numerical data or explanations be provided to verify compliance with the provisions of this law or the decrees and regulations adopted to implement it.”; 2° the third paragraph is replaced as follows:

“Credit institutions shall file their annual accounts with the Bank.”; 3° the preamble of the fourth paragraph is replaced as follows:

“The King shall determine, on the advice of the Bank, according to which rules credit institutions :”; 4° the sixth paragraph is repealed.

Art. 121. Article 45 of the same law is replaced as follows:

“Art. 45. The Bank shall periodically publish, at least four times a year, a total statement for credit institutions according to the rules it establishes after consulting credit institutions through their representative professional associations. This statement may be broken down based on the categories of institutions referred to in Article 13.”

Art. 122. In the same law, the heading of Title II, Chapter III, Section I is replaced as follows:

“Supervision by the Bank and the CBFA.”

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Art. 123. Article 46 of the same law, amended by the Law of 15 May 2007, is replaced as follows:

“Art. 46. The Bank shall ensure that each credit institution operates in accordance with the provisions of this law and the decrees and regulations adopted to implement it, without prejudice to the powers conferred on the CBFA under Article 45, § 1, first paragraph, 3°, and § 2 of the Law of 2 August 2002. The Bank shall assess in particular the adequacy of the management structure, administrative and accounting organization, and internal control of the credit institution, as referred to in Article 20, and the adequacy of the credit institution’s policy regarding its capital needs, as referred to in Article 43, § 2. It shall determine the frequency and scope of this assessment, taking into account the importance of the credit institution’s activities for the financial system, and their nature, size, and complexity, as well as the principle of proportionality. The assessment shall be updated at least once a year. The Bank may have all information provided to it regarding the organization, operation, position, and transactions of the credit institutions. It may carry out on-site inspections and take on-site knowledge and copies of any data held by the institution, 1° to verify compliance with the legal and regulatory provisions regarding the status of credit institutions and the accuracy and truthfulness of the accounting and annual accounts, as well as the statements and information submitted to it by the institution; 2° to verify the adequacy of the management structures, administrative and accounting organization, internal control, and the institution’s policy regarding its capital needs; 3° to ensure that the institution’s management is sound and prudent and that its position or transactions do not endanger its liquidity, profitability, or solvency.”

Art. 124. In Article 46bis of the same law, inserted by the Royal Decree of 27 April 2007, the words “Commission for Banking, Finance and Insurance” are replaced by the words “CBFA and the Bank.”

Art. 125. In the same law, Article 46ter is inserted, worded as follows:

“Art. 46ter. With a view to efficient and coordinated supervision of credit institutions, the Bank and the CBFA shall conclude a protocol which shall be published on their respective websites.
This protocol shall determine the modalities of cooperation between the Bank and the CBFA in all cases where the law provides for an opinion, consultation, information, or other contact between the two institutions, or where consultation between the two institutions is necessary to ensure uniform application of the legislation.”

Art. 126. In Article 49 of the same law, last amended by the Law of 15 May 2007, the following amendments are made:
1° in paragraph 2, the fourth paragraph is replaced as follows:

“For the purpose of consolidated supervision, the relevant credit institutions shall periodically submit a consolidated financial statement to the Bank. The Bank shall determine, after consulting credit institutions through their representative professional associations, the rules according to which this statement shall be drawn up and in particular the rules according to which the consolidation perimeter shall be determined, consolidation shall be applied, and how often these statements shall be submitted.”; 2° the article is supplemented with a paragraph 8, worded as follows:

“§ 8. The King shall adopt the decisions referred to in this article on the advice of the Bank.”

Art. 127. Article 49bis of the same law, last amended by the Law of 16 February 2009, is supplemented with a paragraph 6, worded as follows:

“§ 6. The King shall adopt the decisions referred to in this article on the advice of the Bank.”

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Art. 128. In Article 55 of the same law, last amended by the law of 16 February 2009, the following changes are made:

1° between the first and second paragraphs, a paragraph is inserted, reading:

"According to the modalities defined in Article 46ter, the Bank makes the information referred to in point 5° of the first paragraph available to the CBFA, to enable it to exercise the powers referred to in Article 45, § 1, 3° and § 2, of the law of 2 August 2002. ";

2° in the former third paragraph, which becomes the fourth paragraph, the words "as regulated by Article 74 of the law of 2 August 2002 concerning the supervision of the financial sector and financial services" are replaced by the words "as regulated by Articles 35 and 36/13 to 36/15 of the law of 22 February 1998";

3° in the former fifth paragraph, which becomes the sixth paragraph, the words "whether or not" are inserted before the words "at the request" and the words "of the National Bank of Belgium or" are deleted.

Art. 129. In Article 57 of the same law, last amended by the law of 31 July 2009, the following changes are made:

1° paragraph 1, second paragraph, 2°, is replaced as follows:

"2° suspend for the period it determines the direct or indirect exercise of the business of the institution in whole or in part, or prohibit it.

The members of the administrative and management bodies and the persons responsible for management who perform acts or take decisions despite the suspension or prohibition are jointly liable for the damage resulting therefrom for the institution or for third parties.

If the Bank has published the suspension or prohibition in the Belgian State Gazette, all acts and decisions contrary thereto are null and void.

The Bank may also order a credit institution to transfer the shares it holds in accordance with Article 32, §§ 4 and 5; Article 25, second paragraph, applies. ";

2° paragraph 4 is replaced as follows:

"§ 4. In the event of serious and systematic breach of the rules referred to in Article 45, § 1, first paragraph, 3°, or § 2, of the law of 2 August 2002, the Bank may revoke the authorization at the request of the CBFA, according to the procedure and rules defined in Article 36bis of that same law. ";

Art. 130. In Article 57bis of the same law, inserted by the law of 2 June 2010, in the preamble of paragraph 1, first paragraph, the words "CBFA, either on its own initiative, after having obtained the opinion of the CBFA and of the Committee for systemic risks and systemically relevant institutions referred to in Article 88 of the law of 2 August 2002 concerning the supervision of the financial sector and financial services" are replaced by the words "Bank, either on its own initiative, after having obtained the opinion of the Bank".

Art. 131. Article 59 of the same law, amended by the law of 19 November 2004, is replaced as follows:

"Art. 59. The Bank informs the CBFA of the decisions taken in accordance with Articles 56 and 57 and keeps the CBFA informed of the handling of appeals against these decisions.

It also informs the authorities supervising credit institutions of the other Member States of the European Economic Area where a credit institution under Belgian law has established a branch or carries out activities as referred to in Article 3, § 2 in the framework of the free provision of services. ";

Art. 132. Article 65 of the same law, last amended by the law of 17 December 2008, is supplemented with a fourth paragraph, reading:

"The Bank informs the CBFA of the elements in the information file relevant for the supervision of conduct-of-business rules. ";

Art. 133. Article 68 of the same law is replaced as follows:

"Art. 68. Within the limits set by the Bank, the branches referred to in Article 65 are subject to the same obligations and prohibitions regarding liquidity as credit institutions under Belgian law. ";

Art. 134. Article 70, second paragraph, of the same law is replaced as follows:

"The Bank communicates to the credit institutions referred to in Article 65 which provisions are, to its knowledge, of general interest. It obtains the opinion of the CBFA for this purpose. ";

Art. 135. Article 71 of the same law, last amended by the law of 15 May 2007, is replaced as follows:

"Art. 71. The credit institutions referred to in Article 65 transmit to the Bank, in the form and according to the frequency it determines, periodic reports for statistical purposes regarding the transactions carried out in Belgium by their branches established there. The provision of Article 44, second paragraph, applies mutatis mutandis.

The Bank may order the branches referred to in Article 65 to communicate to it, in the form and according to the frequency it determines, data of the same nature as that requested from credit institutions under Belgian law, regarding aspects for which the Bank is competent with regard to these branches.

The branches referred to in Article 65 may also be required to communicate to the Bank data that is requested from credit institutions under Belgian law. ";

Art. 136. The preamble of Article 72 of the same law is replaced as follows:

"The King determines, after opinion of the Bank, according to which rules the branches referred to in Article 65: ";

Art. 137. Article 73 of the same law is supplemented with a third paragraph, reading:

"§ 3. The CBFA supervises compliance with the conduct-of-business rules applicable to the branches by virtue of Article 26, 2°, of the law of 2 August 2002.

It has at its disposal the supervisory powers conferred upon it by Articles 33 to 35 of the law of 2 August 2002. ";

Art. 138. In Article 74 of the same law, last amended by the law of 16 February 2009, the following changes are made:

1° paragraph 2, first paragraph, 2°, last sentence, is replaced as follows:

"They may be ordered by the Bank, whether or not at the request of the European Central Bank, to confirm the data that the branches must provide to these authorities by application of Articles 69 and 71; ";

2° paragraph 2, third paragraph, is replaced as follows:

"They communicate to the managers of the branch the reports they address to the Bank in accordance with the first paragraph, 3°. For this communication, the confidentiality obligation applies as regulated by Article 35 of the law of 22 February 1998 and Article 74 of the law of 2 August 2002. They provide the Bank with a copy of the communications they address to these managers regarding aspects for which the Bank has supervisory competence. ";

Art. 139. In Article 75 of the same law, replaced by the Royal Decree of 27 April 2007, the following changes are made:

1° paragraph 1, first paragraph, is replaced as follows:

"§ 1. When the Bank, possibly based on information from the CBFA, has clear and demonstrable reasons to assume that a credit institution operating in Belgium through the free provision of services is violating obligations arising from provisions adopted to implement Directive 2004/39/EC, or that a credit institution with a branch in Belgium is violating obligations arising from provisions adopted to implement the aforementioned Directive whereby no powers are conferred upon the Bank or the CBFA, it informs the competent authority of the member state of origin of these findings. ";

2° in paragraph 1, second paragraph, the words "Commission for Banking, Finance and Insurance" are replaced by the words "Bank, possibly at the request of the CBFA";

3° in paragraph 2, between the first and second paragraphs, a new paragraph is inserted, reading:

"When the CBFA finds that a credit institution subject to another Member State of the European Economic Area and operating in Belgium through a branch or the provision of services,

Art. 134. L’article 70, alinéa 2, de la même loi est remplacé par ce qui suit :

« La Banque donne aux établissements de crédit visés à l’article 65 communication des dispositions qui, à sa connaissance, ont ce caractère. Elle recueille à cet effet l’avis de la CBFA. »

Art. 135. L’article 71 de la même loi, modifié en dernier lieu par la loi du 15 mai 2007, est remplacé par ce qui suit :

« Art. 71. Les établissements de crédit visés à l’article 65 transmettent à la Banque, dans les formes et selon la périodicité que celle-ci détermine, des rapports périodiques à des fins statistiques relatifs aux opérations effectuées, dans le pays, par leurs succursales établies en Belgique. Les dispositions de l’article 44, alinéa 2, s’appliquent par analogie.

La Banque peut imposer aux succursales visées à l’article 65 de lui transmettre, dans les formes et selon la périodicité qu’elle détermine, les informations de même nature que celles qui sont exigées des établissements de crédit de droit belge, dans les domaines de compétence de la Banque à l’égard de ces succursales.

Les succursales visées à l’article 65 peuvent également être tenues de communiquer à la Banque des informations qui sont exigées des établissements de crédit de droit belge. »

Art. 136. La phrase liminaire de l’article 72 de la même loi est remplacée par ce qui suit :

« Le Roi détermine, sur avis de la Banque, les règles selon lesquelles les succursales visées à l’article 65 : ».

Art. 137. L’article 73 de la même loi est complété par un paragraphe 3 rédigé comme suit :

« § 3. La CBFA veille au respect des règles de conduite qui s’appliquent aux succursales en vertu de l’article 26, 2°, de la loi du 2 août 2002.

Elle dispose à cet effet des pouvoirs de contrôle qui lui sont dévolus par les articles 33 à 35 de la loi du 2 août 2002. ».

Art. 138. À l’article 74 de la même loi, modifié en dernier lieu par la loi du 16 février 2009, les modifications suivantes sont apportées :

1° le paragraphe 2, alinéa 1er, 2°, dernière phrase, est remplacé par ce qui suit :

« Ils peuvent être chargés par la Banque, à la demande ou non de la Banque centrale européenne, de confirmer, de même, les informations que les succursales sont tenues de communiquer à ces autorités par application des articles 69 et 71; »

2° le paragraphe 2, alinéa 3, est remplacé par ce qui suit :

« Ils communiquent aux dirigeants de la succursale les rapports qu’ils adressent à la Banque conformément à l’alinéa 1er, 3°. Ces communications tombent sous le secret prévu par l’article 35 de la loi du 22 février 1998 et l’article 74 de la loi du 2 août 2002. Ils transmettent à la Banque copie des communications qu’ils adressent à ces dirigeants sur des questions rentrant dans le domaine de contrôle de la Banque. »

Art. 139. À l’article 75 de la même loi, remplacé par l’arrêté royal du 27 avril 2007, les modifications suivantes sont apportées :

1° le paragraphe 1er, alinéa 1er, est remplacé par ce qui suit :

« § 1er. Lorsque la Banque, se fondant le cas échéant sur des informations fournies par la CBFA, a des raisons claires et démontrables d’estimer qu’un établissement de crédit opérant dans le cadre du régime de la libre prestation de services en Belgique ou possédant une succursale en Belgique viole des obligations découlant de dispositions arrêtées en application de la Directive 2004/39/CE et que lesdites dispositions ne confèrent pas de pouvoirs à la Banque ou à la CBFA, elle en fait part à l’autorité compétente de l’Etat membre d’origine. »;

2° au paragraphe 1er, alinéa 2, les mots « Commission bancaire, financière et des assurances » sont remplacés par les mots « Banque, le cas échéant à la demande de la CBFA, »;

3° au paragraphe 2, un alinéa rédigé comme suit est inséré entre les alinéas 1er et 2 :

« Lorsque la CBFA constate qu’un établissement de crédit relevant d’un autre Etat membre de l’Espace économique européen et opérant en Belgique à l’intermédiaire d’une succursale ou par voie de prestation

if it does not comply with the legal and regulatory provisions applicable in Belgium within the competence of the CBFA, it urges the credit institution to, within the period it determines, remedy the situation found."; 4° paragraph 2, former second paragraph, which becomes the third paragraph, is replaced as follows:
« If, at the end of this period, the situation has not been remedied, the Bank or the CBFA, each within its area of competence, notifies its observations to the supervisory authorities of the home country of the institution. The CBFA keeps the Bank informed of its contacts with the relevant supervisory authorities."; 5° in paragraph 3, first and third paragraphs, the words « Commission for Banking, Finance and Insurance » are replaced by the words « Bank, if applicable at the request of the CBFA »; 6° paragraph 4 is replaced as follows:
«§ 4. In urgent cases where the time limits of the procedure regulated in §§ 2 and 3 cannot be applied, the Bank, if applicable at the request of the CBFA, may take all necessary precautionary measures to protect the interests of depositors and other clients of the branches. It immediately informs the Commission of the European Communities and the supervisory authorities of the home country of the institution and of the host countries of other branches. The Bank modifies or withdraws these measures when the Commission of the European Communities so instructs it in accordance with European law rules on the matter."; 7° the article is supplemented with a seventh paragraph, reading:
«§ 7. The Bank informs the CBFA of the measures it has taken applying §§ 2 to 6.
The CBFA informs the Bank of the measures it has taken regarding branches, applying Article 36 of the Law of 2 August 2002."; Art. 140. In Article 89 of the same law, the following amendments are made:
1° in the first paragraph, the words « Commission for Banking, Finance and Insurance and of the National Bank of Belgium » are replaced by the word « Bank »; 2° in the second paragraph, the words « National Bank of Belgium, the Discount and Guarantee Institute » are replaced by the word « Bank ». Art. 141. In Article 90 of the same law, amended by the Law of 6 April 1995, the words « Commission for Banking, Finance and Insurance and of the National Bank of Belgium » in the first paragraph are replaced by the word « Bank ». Art. 142. In Article 91 of the same law, last amended by the Royal Decree of 13 July 2001, the following amendments are made:
1° in paragraph 1 and paragraph 2, the words « National Bank of Belgium » are replaced by the word « Bank »; 2° paragraph 1, third paragraph, 2° is replaced as follows:
« 2° to the Belgian State and to the Annuities Fund »; 3° paragraph 3 is replaced as follows:
«§ 3. A remuneration is due to the Bank to cover the costs resulting from the collection and registration of data communicated to it pursuant to § 1.
The modalities of the remuneration mentioned in the first paragraph are determined by the Bank after consulting the institutions referred to in § 1, represented, if applicable, by their professional associations."; Art. 143. In Article 92 of the same law, last amended by the Law of 21 December 1994, the following amendments are made:
1° in the introductory phrase of the first paragraph, the words « National Bank of Belgium » are replaced by the word « Bank »; 2° the first paragraph, 3°, is repealed; 3° in the first paragraph, 4°, the words « National Bank of Belgium » are replaced by the word « Bank »; 4° in the last paragraph, the words « National Bank of Belgium » are replaced by the word « Bank ».

the services do not comply with the legal and regulatory provisions applicable in Belgium within the competence of the CBFA, it puts the credit institution on notice to remedy, within the period it determines, the situation found."; 4° in paragraph 2, the second paragraph, which becomes the third paragraph, is replaced by the following:
« If, at the end of this period, the situation has not been remedied, the Bank or the CBFA, each within its area of competence, notifies its observations to the supervisory authority of the home state of the institution. The CBFA keeps the Bank informed of its contacts with the relevant supervisory authority."; 5° in paragraph 3, first and third paragraphs, the words « Banking, Financial and Insurance Commission » are replaced by the words « Bank, if applicable at the request of the CBFA »; 6° paragraph 4 is replaced by the following:
«§ 4. In cases of urgency not allowing the time limits of the procedure regulated in §§ 2 and 3, the Bank, if applicable at the request of the CBFA, can take all precautionary measures suitable to protect the interests of depositors and other clients of the branch. It informs, without delay, the Commission of the European Communities and the supervisory authorities of the home state of the institution and of the states of establishment of other branches. The Bank modifies or revokes these measures when the Commission of the European Communities so instructs it in respect of the rules of European Community law on the matter."; 7° the article is supplemented with a paragraph 7 drafted as follows:
«§ 7. The Bank informs the CBFA of the measures it has taken by application of §§ 2 to 6.
The CBFA informs the Bank of the measures it has taken regarding branches, by application of Article 36 of the Law of 2 August 2002."; Art. 140. In Article 89 of the same law, the following modifications are made:
1° in the first paragraph, the words « Banking, Financial and Insurance Commission and of the National Bank of Belgium » are replaced by the word « Bank »; 2° in the second paragraph, the words « National Bank of Belgium, the Re-discounting and Guarantee Institute » are replaced by the word « Bank ». Art. 141. In Article 90 of the same law, amended by the Law of 6 April 1995, the words « Banking, Financial and Insurance Commission and of the National Bank of Belgium » are, in the first paragraph, replaced by the word « Bank ». Art. 142. In Article 91 of the same law, last amended by the Royal Decree of 13 July 2001, the following modifications are made:
1° in paragraph 1 and in paragraph 2, the words « National Bank of Belgium » are replaced by the word « Bank »; 2° in paragraph 1, third paragraph, the 2° is replaced by the following:
« 2° to the Belgian State and to the Annuities Fund; » 3° paragraph 3 is replaced by the following:
«§ 3. A remuneration is due to the Bank to ensure the coverage of costs resulting from the collection and recording of data communicated to it pursuant to § 1.
The modalities of the remuneration mentioned in the first paragraph are determined by the Bank after consulting the institutions referred to in § 1, represented, if applicable, by their professional associations."; Art. 143. In Article 92 of the same law, last amended by the Law of 21 December 1994, the following modifications are made:
1° in the introductory phrase of the first paragraph, the words « National Bank of Belgium » are replaced by the word « Bank »; 2° the first paragraph, 3°, is repealed; 3° in the first paragraph, 4°, the words « National Bank of Belgium » are replaced by the word « Bank »; 4° in the last paragraph, the words « National Bank of Belgium » are replaced by the word « Bank ». MONITEUR BELGE — 09.03.2011 — BELGISCH STAATSBLAD 15673

Art. 144. Article 93 of the same law is replaced as follows:
« Art. 93. The Bank may conduct investigations and expert appraisals and take on-site knowledge of any accounting or other document in the possession of an institution subject to this title pursuant to Article 91, § 1, first paragraph and second paragraph, 4°, to verify:
1° whether the information communicated to the Bank pursuant to this title is accurate and truthful; 2° whether the provisions of this title have been complied with."; Art. 145. In Article 94 of the same law, the words »National Bank of Belgium and of the Commission for Banking, Finance and Insurance » are replaced by the word « Bank ». Art. 146. In Article 104, § 1, of the same law, the following amendments are made:
1° in the provision under 1°, the words « Article 4 or » are deleted; 2° in the provision under 13°, the words « National Bank of Belgium » are replaced by the word « Bank ».
Art. 147. In Article 108, first and second paragraphs, of the same law the words « Commission for Banking, Finance and Insurance » are replaced by the words « Bank and of the CBFA, each for what concerns its competencies ».
Art. 148. Article 109, first paragraph, of the same law is replaced as follows:
« The Bank and the CBFA are authorized to intervene at any stage of the proceedings before the criminal court seized of an offense punished by this law, without having to prove the existence of any damage."; Art. 149. In Article 109/18 of the same law, inserted by the Law of 6 December 2004, the following amendments are made:
1° the second paragraph is replaced as follows:
« The request is addressed in writing to the Bank. The request is accompanied by the necessary documents for information."; 2° the third paragraph is replaced as follows:
« The Bank issues its opinion within fifteen days after receipt of the request for opinion. In case a procedure concerns a credit institution where the Bank suspects that significant developments may occur in the field of systemic risk or for which prior coordination with foreign authorities is required, the Bank has a longer period to issue its opinion, provided that the total period may not exceed thirty days. If the Bank considers it necessary to use this exceptional period, it notifies the judicial authority that must rule. The period available to the Bank to issue an opinion suspends the period within which the judicial authority must rule. If the Bank does not provide an opinion within the established period, the court may rule."; 3° the fourth paragraph is replaced as follows:
« The Bank provides its opinion in writing. It is delivered by any means to the clerk, who forwards it to the president of the commercial court and to the King's Prosecutor.
The opinion is added to the file.";
Art. 150. Article 147 of the same law is repealed.
Art. 151. Article 148 of the same law is repealed.
CHAPTER 10. — Amendments to the Law of 6 April 1995
on the status of and supervision of investment firms Art. 152. In Article 45bis of the Law of 6 April 1995 on the status of and supervision of investment firms, inserted by the Law of 2 August 2002 and amended by the Royal Decree of 27 April 2007, the words « Commission for Banking, Finance and Insurance » are replaced by the words « Bank and the CBFA ». Art. 153. In Article 46 of the same law, replaced by the Royal Decree of 27 April 2007, the following amendments are made:
a) in the provision under 19°, the words « or the foreign authority » are replaced by the words « , the Bank or the foreign authorities »; b) the provision under 30° is repealed; Art. 144. Article 93 of the same law is replaced by the following:
« Art. 93. The Bank may conduct investigations and expert appraisals and take knowledge, without moving, of any accounting document or other, in possession of the institutions subject to this title pursuant to Article 91, § 1, first paragraph and second paragraph, 4°, to verify:
1° the accuracy and sincerity of the information communicated to the Bank pursuant to this title; 2° the respect of the provisions of this title."; Art. 145. In Article 94 of the same law, the words « National Bank of Belgium and of the Banking, Financial and Insurance Commission » are replaced by the word « Bank ». Art. 146. In Article 104, § 1, of the same law, the modifications following are made:
1° in 1°, the words « Article 4 or » are deleted; 2° in 13°, the words « National Bank of Belgium » are replaced by the word « Bank ».
Art. 147. In Article 108, paragraphs 1 and 2, of the same law, the words « Banking, Financial and Insurance Commission » are replaced by the words « Bank and of the CBFA, each within its area of competence, ».
Art. 148. Article 109, paragraph 1, of the same law is replaced by the following:
« The Bank and the CBFA are authorized to intervene at any stage of the cause before the criminal jurisdiction seized of an offense punished by this law, without having to justify any damage."; Art. 149. In Article 109/18 of the same law, inserted by the Law of 6 December 2004, the following modifications are made:
1° the second paragraph is replaced by the following:
« The seizure of the Bank is written. It is accompanied by the documents necessary for its information."; 2° the third paragraph is replaced by the following:
« The Bank issues its opinion within fifteen days from receipt of the request for opinion. The Bank may, in the case of a procedure relating to a credit institution likely, according to its assessment, to present significant systemic implications or which requires prior coordination with foreign authorities, issue its opinion within a longer period, without however that the total period may not exceed thirty days. When it considers it necessary to use this exceptional period, the Bank notifies the jurisdiction called to rule. The period available to the Bank to issue an opinion suspends the period within which the jurisdiction must rule. In the absence of response from the Bank within the time limit, the court may rule."; 3° the fourth paragraph is replaced by the following:
« The opinion of the Bank is written. It is transmitted by any means to the clerk, who hands it to the president of the commercial court and to the King's Prosecutor. The opinion is added to the file."; Art. 150. Article 147 of the same law is repealed. Art. 151. Article 148 of the same law is repealed.
CHAPTER 10. — Modifications to the Law of 6 April 1995
regarding the status and supervision of investment firms Art. 152. In Article 45bis of the Law of 6 April 1995 regarding the status and supervision of investment firms, inserted by the Law of 2 August 2002 and amended by the Royal Decree of 27 April 2007, the words « Banking, Financial and Insurance Commission » are replaced by the words « Bank and of the CBFA ». Art. 153. In Article 46 of the same law, replaced by the Royal Decree of 27 April 2007, the following modifications are made:
a) in 19°, the words « or the designated foreign authority » are replaced by the words « , the Bank or the designated foreign authorities »; b) 30° is repealed; 15674 MONITEUR BELGE — 09.03.2011 — BELGISCH STAATSBLAD

c) the article is supplemented by the provisions under 40° to 44°, wording:
« 40° the code of conduct: the rules referred to in Articles 27 to 28bis of the Law of 2 August 2002; 41° the Bank: the National Bank of Belgium, referred to in the Law of 22 February 1998; 42° FSMA: the Financial Services and Pensions Authority (Commission for the Banking, Finance and Insurance sector), conform Article 45, § 1, first paragraph, 2°, of the Law of 2 August 2002, competent for the supervision of portfolio management and investment advisory companies; 43° supervisory authority: the Bank or the FSMA, depending on whether the supervision concerns stock exchange companies or portfolio management and investment advisory companies; 44° the Law of 22 February 1998: the Law of 22 February 1998 on the organic statute of the National Bank of Belgium. » Art. 154. In Articles 47, 48, 50, 51, 54, 59, 60, 62bis, § 5 and § 7, second paragraph, 67, 67bis, 68, 69bis, 70, § 4, 73, 74, 75, 76, 81, 82bis, 83, 84, first and second paragraphs, 85, 86, 87, 88, 89, 90, § 2, second paragraph, § 3 and § 6, 91, second paragraph, 95bis, § 2, seventh and eighth paragraphs, and § 5, 96, 98, 101, first paragraph, 4° and 5°, first sentence, 103, 104, 105, 107, 108, 109, 113, 114 and 115 of the same Law, the words « Commission for the Banking, Finance and Insurance sector » are replaced by the words « supervisory authority ».

Art. 155. Article 48 of the same Law, replaced by the Royal Decree of 27 April 2007, is supplemented with a paragraph, wording:
« When determining the conditions referred to in the first paragraph, the Bank, with regard to applications for authorization as a stock exchange company, takes into account the conditions that the FSMA imposes concerning the organization and the procedures which it supervises in accordance with Article 45, § 1, first paragraph, 3°, and § 2 of the Law of 2 August 2002. »

Art. 156. In Article 49 of the same Law, the following changes are made:
1° before the first paragraph, replaced by the Law of 16 February 2009, two paragraphs are inserted, wording:
« When the authorization application comes from a portfolio management and investment advisory company that is either the subsidiary of a stock exchange company, a credit institution, an insurance undertaking or a reinsurance undertaking under Belgian law, or the subsidiary of the parent company of a stock exchange company, a credit institution, an insurance undertaking or a reinsurance undertaking under Belgian law, or is under the control of the same natural or legal persons as a stock exchange company, a credit institution, an insurance undertaking or a reinsurance undertaking under Belgian law, the FSMA consults the Bank before taking a decision. When the authorization application comes from a stock exchange company that is either the subsidiary of a portfolio management and investment advisory company or a management company for collective investment undertakings under Belgian law, or the subsidiary of the parent company of a portfolio management and investment advisory company or a management company for collective investment undertakings under Belgian law, or is under the control of the same natural or legal persons as a portfolio management and investment advisory company or a management company for collective investment undertakings under Belgian law, the Bank consults the FSMA before taking a decision. »; 2° in the former first paragraph, which becomes the third paragraph, replaced by the Law of 16 February 2009, the word « FSMA » is replaced by the words « supervisory authority »; 3° the former second paragraph, which becomes the fourth paragraph, inserted by the Law of 20 June 2005, is replaced as follows:
« The supervisory authority also consults in advance the supervisory authorities referred to in the first to third paragraphs for assessing the suitability of shareholders and management in accordance with Articles 59 and 60, when such shareholder, depending on the case, is an enterprise referred to in the first, second or third paragraph, and the person involved in the management of the investment company is also involved in the management of one of the enterprises referred to, depending on the case, in the first, second or third paragraph. These authorities exchange all information relevant for assessing the suitability of the shareholders and persons involved in management referred to in this paragraph. »

c) l’article est complété par les 40°à 44° rédigés comme suit :
« 40° par règles de conduite : les règles visées aux articles 27 à 28bis de la loi du 2 août 2002; 41° par Banque : la Banque Nationale de Belgique, visée dans la loi du 22 février 1998; 42° par CBFA : la Commission bancaire, financière et des assurances, chargée, conformément à l’article 45, § 1er, alinéa1er,2°, de la loi du 2 août 2002, du contrôle des sociétés de gestion de portefeuille et de conseil en investissement; 43° par autorité de contrôle : la Banque ou la CBFA, selon qu’il s’agit du contrôle des sociétés de bourse ou du contrôle des sociétés de gestion de portefeuille et de conseil en investissement; 44° par loi du 22 février 1998 : la loi du 22 février 1998 fixant le statut organique de la Banque Nationale de Belgique. ».

Art. 154. Dans les articles 47, 48, 50, 51, 54, 59, 60, 62bis, § 5 et § 7, alinéa 2, 67, 67bis, 68, 69bis, 70, § 4, 73, 74, 75, 76, 81, 82bis, 83, 84, alinéas 1er et 2, 85, 86, 87, 88, 89, 90, § 2, alinéa 2, § 3 et § 6, 91, alinéa 2, 95bis, § 2, alinéas 7 et 8, et § 5, 96, 98, 101, alinéa1er,4° et 5°, première phrase, 103, 104, 105, 107, 108, 109, 113, 114 et 115 de la même loi, les mots « la Commission bancaire, financière et des assurances » sont remplacés par les mots « l’autorité de contrôle ».

Art. 155. L’article 48 de la même loi, remplacé par l’arrêté royal du 27 avril 2007, est complété par un alinéa rédigé comme suit :
« Lorsqu’il s’agit de demandes d’agrément en qualité de société de bourse, la Banque fixe les conditions visées à l’alinéa1er en tenant compte des conditions que la CBFA impose en ce qui concerne l’organisation et les procédures dont elle assure le contrôle conformément à l’article 45, § 1er, alinéa1er,3°, et § 2, de la loi du 2 août 2002. » .

Art. 156. A l’article 49 de la même loi, les modifications suivantes sont apportées :
1° deux alinéas rédigés comme suit sont insérés avant l’alinéa1er, remplacé par la loi du 16 février 2009 :
« Lorsque l’agrément est sollicité par une société de gestion de portefeuille et de conseil en investissement qui est soit la filiale d’une société de bourse, d’un établissement de crédit, d’une entreprise d’assurances ou d’une entreprise de réassurance de droit belge, soit la filiale de l’entreprise mère d’une société de bourse, d’un établissement de crédit, d’une entreprise d’assurances ou d’une entreprise de réassurance de droit belge, soit encore contrôlée par les mêmes personnes physiques ou morales qu’une société de bourse, qu’un établissement de crédit, qu’une entreprise d’assurances ou qu’une entreprise de réassurance de droit belge, la CBFA consulte la Banque avant de prendre sa décision. Lorsque l’agrément est sollicité par une société de bourse qui est soit la filiale d’une société de gestion de portefeuille et de conseil en investissement ou d’une société de gestion d’organismes de placement collectif de droit belge, soit la filiale de l’entreprise mère d’une société de gestion de portefeuille et de conseil en investissement ou d’une société de gestion d’organismes de placement collectif de droit belge, soit encore contrôlée par les mêmes personnes physiques ou morales qu’une société de gestion de portefeuille et de conseil en investissement ou qu’une société de gestion d’organismes de placement collectif de droit belge, la Banque consulte la CBFA avant de prendre sa décision. » ; 2° à l’alinéa1er, remplacé par la loi du 16 février 2009 et devenant l’alinéa 3, les mots « la CBFA » sont remplacés par les mots « l’autorité de contrôle »; 3° l’alinéa 2, inséré par la loi du 20 juin 2005 et devenant l’alinéa 4, est remplacé par ce qui suit :
« De même, l’autorité de contrôle consulte préalablement les autorités de contrôle visées aux alinéas 1er à 3 aux fins d’évaluer les qualités requises des actionnaires et des dirigeants conformément aux articles 59 et 60, lorsque l’actionnaire est une entreprise visée, selon le cas, à l’alinéa1er, 2 ou 3, et que la personne participant à la direction de l’entreprise d’investissement prend part également à la direction de l’une des entreprises visées, selon le cas, à l’alinéa1er, 2 ou 3. Ces autorités se communiquent mutuellement toutes informations utiles pour l’évaluation des qualités requises des actionnaires et des personnes participant à la direction visés au présent alinéa. »

MONITEUR BELGE — 09.03.2011 — BELGISCH STAATSBLAD 15675

Art. 157. In dezelfde wet wordt een artikel 49bis ingevoegd, luidende :
« Art. 49bis. Op advies van de CBFA beslist de Bank over de vergunningsaanvraag van een beursvennootschap, voor wat betreft :
1° het passend karakter van de organisatie van de beursvennootschap, als bedoeld in de artikelen 62 en 62bis, vanuit het oogpunt van de naleving van de regels bedoeld in artikel 45, § 1, eerste lid, 3°, en § 2, van de wet van 2 augustus 2002 moet waarborgen; 2° het passend karakter van het integriteitsbeleid van de beursvennootschap, als bedoeld in artikel 62, § 3, derde lid, vanuit het oogpunt van de naleving van de regels bedoeld in artikel 45, § 1, eerste lid, 3°, en § 2, van de wet van 2 augustus 2002 moet waarborgen; 3° de professionele betrouwbaarheid van de natuurlijke personen die deelnemen aan het bestuur, het beleid of de effectieve leiding van de beursvennootschap, indien zij voor het eerst voor dergelijke functie worden voorgedragen bij een financiële onderneming die met toepassing van artikel 36/2 van de wet van 22 februari 1998 onder het toezicht staat van de Bank. De CBFA verstrekt haar advies over voornoemde aangelegenheden binnen een termijn van veertien dagen te rekenen vanaf de ontvangst vanwege de Bank van het dossier bedoeld in artikel 50 en uiterlijk binnen de zes maanden na ontvangst van de adviesaanvraag. Afwezigheid van advies binnen deze termijn geldt als positief advies. Indien de Bank geen rekening houdt met het advies van de CBFA over de in het eerste lid bedoelde aangelegenheden, wordt dat met de redenen voor de afwijking vermeld in de motivering van de beslissing over de vergunningsaanvraag. Het voornoemde advies van de CBFA over de punten 1° en 2° van het eerste lid, wordt bij de kennisgeving van de beslissing over de vergunningsaanvraag gevoegd. »

Art. 158. In dezelfde wet wordt in de plaats van artikel 52, opgeheven bij de wet van 2 augustus 2002, een artikel 52 ingevoegd, luidende :
« Art. 52. Voor de beursvennootschappen waaraan zij een vergunning heeft verleend, stelt de Bank de gegevens bedoeld in artikel 48 en de eventuele wijzigingen daarin ter beschikking van de CBFA, om haar toe te laten de bevoegdheden bedoeld in artikel 45, § 1, 3° en § 2, van de wet van 2 augustus 2002 uit te oefenen. »

Art. 159. In artikel 53 van dezelfde wet worden de volgende wijzigingen aangebracht :
1° het eerste lid wordt vervangen als volgt :
« De toezichthoudende overheden stellen een lijst op van de beleggingsondernemingen waaraan krachtens deze titel een vergunning werd verleend. Die lijst en alle daarin aangebrachte wijzigingen worden op hun website in onderling overleg bekendgemaakt en ter kennis gebracht van de Commissie van de Europese Gemeenschappen. »; 2° het vijfde lid, ingevoegd bij de wet van 17 december 2008, wordt opgeheven.

Art. 160. In artikel 62 van dezelfde wet, vervangen bij de wet van 15 mei 2007, worden de volgende wijzigingen aangebracht :
1° in paragraaf 2, vijfde lid, eerste zin, worden de woorden « kan de CBFA » vervangen door de woorden « kunnen de toezichthoudende overheden »; 2° in paragraaf 2, vijfde lid, wordt de zin « De CBFA maakt haar afwijkingsbeleid openbaar » vervangen als volgt :
« De toezichthoudende overheden maken, ieder voor de beleggingsondernemingen waarover zij toezicht houdt, hun afwijkingsbeleid openbaar. »; 3° in paragraaf 3, vierde lid, worden de woorden « Zij neemt de nodige maatregelen » vervangen door de woorden « Onverminderd artikel 87bis van de wet van 2 augustus 2002 neemt zij de nodige maatregelen »; 4° paragraaf 4 wordt vervangen als volgt :
«§ 4. De toezichthoudende overheden kunnen, onverminderd het bepaalde bij de paragrafen 1, 2 en 3, ieder voor de beleggingsondernemingen waarover zij toezicht houdt, nader bepalen wat moet worden verstaan onder een passende beleidsstructuur, een passende interne controle, een passende onafhankelijke interneauditfunctie, een passende risicobeheerfunctie en, na advies van de CBFA, een passende onafhankelijke compliancefunctie. »;

Art. 157. Dans la même loi, il est inséré un article 49bis rédigé comme suit :
« Art. 49bis. La Banque se prononce sur la demande d’agrément d’une société de bourse sur avis de la CBFA en ce qui concerne :
1° le caractère adéquat de l’organisation de la société de bourse, telle que visée aux articles 62 et 62bis, sous l’angle du respect des règles visées à l’article 45, § 1er, alinéa1er,3°, et § 2, de la loi du 2 août 2002; 2° le caractère adéquat de la politique d’intégrité de la société de bourse, telle que visée à l’article 62, § 3, alinéa 3, sous l’angle du respect des règles visées à l’article 45, § 1er, alinéa1er,3°, et § 2, de la loi du 2 août 2002; 3° l’honorabilité professionnelle des personnes physiques appelées à prendre part à l’administration, à la gestion ou à la direction effective de la société de bourse, si ces personnes sont proposées pour la première fois pour une telle fonction dans une entreprise financière contrôlée par la Banque par application de l’article 36/2 de la loi du 22 février 1998. La CBFA rend son avis sur les questions précitées dans un délai de quatorze jours à compter de la réception du dossier viséà l’article 50, qui lui aura été transmis par la Banque, et au plus tard dans les six mois de la réception de la demande d’avis. L’absence d’avis dans ce délai est considérée comme un avis positif. Si la Banque ne tient pas compte de l’avis de la CBFA sur les questions visées à l’alinéa1er, elle en fait état et en mentionne les raisons dans la motivation de la décision relative à la demande d’agrément. L’avis précité de la CBFA relatif aux points 1° et 2° de l’alinéa1er est joint à la notification de la décision relative à la demande d’agrément. »

Art. 158. Dans la même loi, à la place de l’article 52 abrogé par la loi du 2 août 2002, il est inséré un article 52 rédigé comme suit :
« Art. 52. Lorsque la Banque agrée une société de bourse, elle met à la disposition de la CBFA, de manière à lui permettre d’exercer les compétences visées à l’article 45, § 1er,3°, et § 2, de la loi du 2 août 2002, les informations visées à l’article 48, ainsi que toute modification apportée à ces informations. ».

Art. 159. A l’article 53 de la même loi, les modifications suivantes sont apportées :
1° l’alinéa1er est remplacé par ce qui suit :
« Les autorités de contrôle établissent une liste des entreprises d’investissement agréées en vertu du présent titre. Elles publient de façon concertée cette liste et toutes les modifications qui y sont apportées, sur leur site internet, et les notifient à la Commission des Communautés européennes. »; 2° l’alinéa 5, inséré par la loi du 17 décembre 2008, est abrogé.

Art. 160. A l’article 62 de la même loi, remplacé par la loi du 15 mai 2007, les modifications suivantes sont apportées :
1° au paragraphe 2, alinéa 5, première phrase, les mots « la CBFA peut » sont remplacés par les mots « les autorités de contrôle peuvent »; 2° au paragraphe 2, alinéa 5, la phrase « La CBFA rend publique sa politique de dérogation. » est remplacée par la phrase suivante :
« Les autorités de contrôle rendent publique leur politique de dérogation, chacune en ce qui concerne les entreprises d’investissement relevant de son contrôle. »; 3° au paragraphe 3, alinéa 4, les mots « Elles prennent les mesures nécessaires » sont remplacés par les mots « Sans préjudice de l’article 87bis de la loi du 2 août 2002, elles prennent les mesures nécessaires »; 4° le paragraphe 4 est remplacé par ce qui suit :
«§ 4. Les autorités de contrôle peuvent, sans préjudice des dispositions des §§ 1er, 2 et 3, préciser, chacune en ce qui concerne les entreprises d’investissement relevant de son contrôle, ce qu’il y a lieu d’entendre par structure de gestion adéquate, contrôle interne adéquat, fonction d’audit interne indépendante adéquate, fonction de gestion des risques adéquate et, sur avis de la CBFA, fonction de compliance indépendante adéquate. »;

15676 MONITEUR BELGE — 09.03.2011 — BELGISCH STAATSBLAD

5° in paragraph 5, the following amendments are made:
a) the fourth paragraph, inserted by the Law of 17 December 2008, is replaced as follows:
"The supervisory authorities may, each for the investment firms under its supervision, specify and supplement on technical points the elements listed above by regulation adopted in accordance with Article 64 of the Law of 2 August 2002 or Article 12bis, § 2 of the Law of 22 February 1998."; b) in the sixth paragraph, the words "Commission for Banking, Finance and Insurance" are replaced by the words "the relevant supervisory authority"; c) the seventh paragraph is replaced as follows:
"Information provided to the supervisory authority and the approved auditor shall be provided according to the modalities determined by the supervisory authority for the investment firms under its supervision."

Art. 161. In Article 62bis of the same law, inserted by the Royal Decree of 27 April 2007, the following amendments are made:
1° in paragraph 1, third paragraph, the words "Commission for Banking, Finance and Insurance" are replaced by the words "both supervisory authorities"; 2° in paragraph 2, second paragraph, the words "Commission for Banking, Finance and Insurance" are replaced by the words "supervisory authorities"; 3° in paragraph 4, second paragraph, the words "Commission for Banking, Finance and Insurance" are replaced by the words "supervisory authorities"; 4° paragraph 4, third paragraph is replaced as follows:
"The supervisory authorities shall publish, each for the investment firms under its supervision, and, with regard to stock exchange companies, on the advice of the CBFA, a policy statement setting out their policy on the outsourcing of portfolio management services for non-professional clients. This statement shall be made available on their respective websites."; 5° paragraph 7, third paragraph is replaced by two paragraphs, worded as follows:
"Information provided to the supervisory authority and the approved auditor shall be provided according to the modalities determined by the supervisory authority.
The Bank shall make this information available to the CBFA according to the modalities determined in Article 92, § 6."; 6° paragraph 8, inserted by the Royal Decree of 27 April 2007, is replaced as follows:
"§ 8. The supervisory authorities may, each for the investment firms under its supervision, establish further provisions of this article by regulation adopted in implementation of Articles 49, § 3, and 64 of the Law of 2 August 2002 or Article 12bis, § 2 of the Law of 22 February 1998.".

Art. 162. In Article 67, § 4 of the same law, the following amendments are made:
1° in the first paragraph, in the preamble, the words "or, as the case may be, with the other supervisory authority," are inserted between the words "competent authority" and the words "if"; 2° in the first paragraph, a), the words "by the other supervisory authority or by a competent authority" are inserted between the words "is granted" and the words "in another Member State"; 3° in the second paragraph, the words "or, as the case may be, by the CBFA." are inserted after the words "for the candidate acquirer."; 4° in the third paragraph, the words "or of the other supervisory authority" are inserted between the words "or management companies of collective investment undertakings," and "the supervisory authority exchanges".

Art. 163. In Article 69bis of the same law, inserted by the Law of 15 May 2007, the following amendments are made:
1° in the third paragraph, the words "this Commission" are replaced by the words "the supervisory authority"; 2° three paragraphs are inserted between the third and fourth paragraphs, worded as follows:
"When it concerns the appointment of a person who participates for the first time in the administration, management or effective direction of an institution under the supervision of one of the supervisory authorities, the one supervisory authority shall first consult the other supervisory authority. The other supervisory authority shall communicate its opinion to the one supervisory authority within one week after it was consulted by the latter.

Art. 164. In Article 70 of the same law, the following amendments are made:
1° in paragraph 2, second paragraph, the words "Commission for Banking, Finance and Insurance determines" are replaced by the words "supervisory authorities determine, each for the investment firms under its supervision"; 2° in paragraph 2, third paragraph, the words "Commission for Banking, Finance and Insurance fails" are replaced by the words "supervisory authorities fail".

Art. 165. In Article 77, § 4 of the same law, inserted by the Royal Decree of 27 April 2007, the words "the Bank and" are inserted between the words "on advice of" and the words "the CBFA,".

Art. 166. In Article 77bis, § 2 of the same law, the words "the Bank and" are inserted between the words "on advice of" and the words "the CBFA,".

Art. 167. In Article 77ter, § 2 of the same law, the word "CBFA" is replaced by the word "Bank".

Art. 168. In Article 79 of the same law, replaced by the Royal Decree of 27 April 2007, paragraph 4 is replaced as follows:
"§ 4. The supervisory authorities may supplement the provisions of this article with regulations adopted in application of Articles 49, § 3, and 64 of the Law of 2 August 2002 or Article 12bis, § 2 of the Law of 22 February 1998. These regulations may in particular determine the obligations incumbent on investment firms collaborating with linked agents."

Art. 169. In Article 80 of the same law, the words "Commission for Banking, Finance and Insurance" are replaced by the words "supervisory authorities".

Art. 170. In Article 82 of the same law, the words "Commission for Banking, Finance and Insurance" are replaced by the words "supervisory authorities".

Art. 171. Article 84 of the same law, replaced by the Royal Decree of 27 April 2007, is supplemented with a paragraph, worded as follows:
"Within the period referred to in the first paragraph, the Bank shall also communicate the relevant information to the CBFA when it concerns a branch of a stock exchange company."

Art. 172. Article 88 of the same law, replaced by the Royal Decree of 27 April 2007, is supplemented with a paragraph, worded as follows:
"Within the period referred to in the first paragraph, the Bank shall also communicate the relevant information to the CBFA when it concerns the free provision of services by a stock exchange company."

Art. 173. In Article 90 of the same law, replaced by the Law of 15 May 2007, the following amendments are made:
1° in paragraph 1, the words "Commission for Banking, Finance and Insurance determines" are replaced by the words "supervisory authorities determine, each for the investment firms under its supervision"; 2° in paragraph 4, the words "Commission for Banking, Finance and Insurance determines" are replaced by the words "supervisory authorities determine, each for the investment firms under its supervision," and in the last sentence, the word "determines" is replaced by the word "determine"; 3° paragraph 5 is replaced as follows:
"§ 5. The regulations referred to in this article shall be adopted in accordance with Article 64 of the Law of 2 August 2002 or Article 12bis, § 2 of the Law of 22 February 1998."

Art. 174. In Article 91, third paragraph of the same law, the words "Commission for Banking, Finance and Insurance" are replaced by the words "supervisory authorities".

Art. 175. The heading of section I of chapter III of title II of book II of the same law, amended by the Royal Decree of 22 December 1995, is replaced as follows:

« Supervision ».

Art. 176. The following amendments are made to article 92 of the same law:

1° the first paragraph, amended by the Royal Decree of 22 December 1995, which becomes paragraph 1, is replaced as follows:

«§ 1. The Bank ensures that every stockbroking company operates in accordance with the provisions of this law and the decrees and regulations taken to implement it, except as provided under § 2.»;

2° the second paragraph, inserted by the Law of 15 May 2007, which becomes paragraph 2, is replaced as follows:

«§ 2. Without prejudice to the powers conferred upon it by virtue of article 45, § 1, first paragraph, 3°, and § 2, of the Law of 2 August 2002, the CBFA ensures:

— that every portfolio management and investment advisory company operates in accordance with the provisions of this law and the decrees and regulations taken to implement it;

— that every investment firm providing the investment service « operating a multilateral trading facility » as referred to in article 46, 1°, 8., complies with the requirements of this law regarding this investment service;

— that article 77bis is respected.»;

3° in the third paragraph, inserted by the Law of 15 May 2007, of which the existing text will become paragraph 3, the words « Commission for Banking, Finance and Insurance » are replaced by the words « supervisory authority »;

4° the current text of the fourth and fifth paragraphs becomes paragraph 4;

5° the current text of the sixth paragraph becomes paragraph 5;

6° the seventh paragraph, which becomes paragraph 6, is replaced as follows:

«§ 6. With a view to efficient and coordinated supervision of investment firms, the Bank and the CBFA conclude a protocol which is made known on their respective websites.

This protocol determines the modalities of cooperation between the Bank and the CBFA in all cases where the law provides for an opinion, consultation, information or other contact between the two institutions, or where consultation between the two institutions is necessary to ensure uniform application of the legislation.»

Art. 177. In article 93 of the same law, the words « supervisory authority » are replaced by the word « Bank ».

Art. 178. In article 95, § 4, first paragraph of the same law, amended by the Law of 15 May 2007, a sentence is inserted between the first and second sentences, reading:

« This supervision is exercised by the Bank, unless there are among the subsidiaries no credit institutions, insurance companies or stockbroking companies, in which case the supervision is exercised by the CBFA. ».

Art. 179. The following amendments are made to article 95bis of the same law:

1° in paragraph 2, second paragraph, amended by the Law of 15 May 2007, the words « Commission for Banking, Finance and Insurance. » are replaced by the words « supervisory authority responsible for the supervision of the regulated company concerned. »;

2° in paragraph 3, second paragraph, the words « by the Bank » are inserted between the words « is exercised » and the words « with corresponding application ».

Art. 180. The following amendments are made to article 101 of the same law:

1° the first paragraph, 5°, is supplemented with the following sentence:

« For stockbroking companies, the Bank makes this information available to the CBFA according to the modalities determined in article 92, § 6. »;

2° in the fifth paragraph, last amended by the Law of 28 February 2002, the words « National Bank of Belgium » are replaced by the word « Bank ».

Art. 181. In article 104, § 1, of the same law, last amended by the Law of 2 June 2010, the following amendments are made:

1° in the first paragraph, the fourth dash is abolished;

2° the provision under 2° is replaced as follows:

« 2° for the period it determines, suspend or prohibit the direct or indirect exercise of the business of the investment firm, in whole or in part; this suspension may, to the extent determined by the supervisory authority, result in the full or partial suspension of the execution of ongoing contracts.

The members of the management and policy bodies and the persons responsible for management who perform acts or take decisions despite the suspension or prohibition are jointly liable for the damage resulting therefrom for the investment firm or for third parties.

If the supervisory authority has published the suspension or prohibition in the Belgian State Gazette, all acts and decisions contrary thereto are void.

The supervisory authority may also order an investment firm to transfer the participations it holds in accordance with article 76; article 67bis, second paragraph, applies; »;

3° in the last paragraph, the word « CBFA » is replaced by the words « supervisory authority »;

4° the paragraph is supplemented with a paragraph, reading:

« In case of serious and systematic violation of the rules referred to in article 45, § 1, first paragraph, 3°, or § 2, of the Law of 2 August 2002, the Bank, if it is competent with respect to the institution, may revoke the license upon request of the CBFA, according to the procedure and rules determined by article 36bis of that same law. ».

Art. 182. The following amendments are made to article 106 of the same law:

1° a paragraph is inserted before the first paragraph, reading:

« The Bank informs the CBFA of the decisions it has taken regarding stockbroking companies in accordance with articles 103 and 104 and keeps the CBFA informed of the handling of appeals against these decisions. »;

2° in the first paragraph, which becomes the second paragraph, the words « Commission for Banking, Finance and Insurance immediately informs the authorities » are replaced by the words « supervisory authorities immediately inform the authorities ».

Art. 183. The following amendments are made to article 111bis of the same law, inserted by the Law of 6 December 2004:

1° in the first to fourth paragraphs, the word « CBFA » is replaced by the words « supervisory authority »;

2° in the second paragraph, the sentence « The CBFA immediately informs the National Bank of Belgium thereof. » is abolished;

3° in the third paragraph, the words « and after consultation with the National Bank of Belgium » are abolished and the sentence « To this end, the National Bank of Belgium provides the CBFA with its opinion within ten days after being informed in accordance with the second paragraph. » is abolished;

4° in the fourth paragraph, the sentence « The CBFA provides the National Bank of Belgium with a copy of this opinion. » is abolished.

Art. 184. In article 137, 3°, of the same law, the provision under a) is replaced as follows:

« a) the National Bank of Belgium and the European Central Bank; »

Art. 185. In article 139, seventh paragraph, of the same law, the words « Commission for Banking, Finance and Insurance » are replaced by the word « CBFA ».

Art. 186. In article 139bis, first paragraph, 1° of the same law, the words « , the Rediscounting and Guarantee Institute » are abolished.

CHAPTER 11. — Amendments to the Law of 22 February 1998 on the Organic Statute of the National Bank of Belgium

Art. 187. In the Law of 22 February 1998 on the Organic Statute of the National Bank of Belgium, an article 12bis is inserted, reading:

« Art. 12bis. § 1. The Bank exercises supervision on financial institutions in accordance with this law and the special laws regulating supervision of these institutions.

§ 2. In the supervisory matters for which it is competent, the Bank may establish regulations to supplement the relevant legal or regulatory provisions concerning technical points.

Without prejudice to the consultation provided for in other laws or regulations, the Bank may, in accordance with the open consultation procedure, explain the content of any regulation it intends to adopt in a consultation note and publish it on its website to collect comments from interested parties.

These regulations only take effect after approval by the King and their publication in the Belgian State Gazette. The King may amend these regulations or establish the rules himself if the Bank has not adopted a regulation.

§ 3. The Bank exercises its supervisory mission exclusively in the general interest. The Bank, the members of its bodies, and its staff are not civilly liable for their decisions, non-interventions, acts, or conduct in the framework of the exercise of the Bank's legal supervisory mission, except in cases of fraud or gross negligence.

§ 4. The operating costs of the Bank relating to the supervision referred to in the first paragraph are borne by the institutions subject to its supervision, according to the detailed rules established by the King.

The Bank may entrust the Cadastre, Registration and Domains administration with the collection of unpaid contributions. »

Art. 188. In Article 17 of the same law, the words « and the College of Censors » are replaced by the words « , the College of Censors and the Sanctions Committee ».

Art. 189. In Article 19 of the same law, the following amendments are made:

1° point 3 is supplemented with the following sentence:
« It determines, in circulars or recommendations, all measures aimed at clarifying the application of the legal or regulatory provisions whose application the Bank monitors. »;

2° point 6 is replaced as follows:
« 6. It provides advice to the various authorities exercising a legislative or regulatory power on any draft legislative or regulatory act concerning the supervisory missions with which the Bank is or would be charged. »;

3° the article is supplemented with a point 7, worded as follows:
« 7. In urgent cases determined by the Governor, it may, except for the adoption of regulations, decide via written procedure or through a vocal telecommunications system, according to the detailed rules specified in the Bank's internal regulations. »

Art. 190. In Article 20 of the same law, the following amendments are made:

1° point 2, first paragraph, first sentence is supplemented with the words « , the supervisory policy regarding each sector under the supervision of the Bank, the Belgian, European and international developments in the field of supervision, and in general any development concerning the financial system under the supervision of the Bank, without having any competence to intervene at the operational level or to examine individual cases. »;

2° point 5 is repealed.

Art. 191. In Article 25, first sentence, of the same law, the words « member of the Sanctions Committee, » are inserted between the words « member of the Management Committee, » and the word « regent ».

Art. 192. In Article 26 of the same law, the following amendments are made:

1° paragraph 1, second paragraph, is replaced as follows:
« For functions and mandates in an institution subject to the supervision of the Bank pursuant to Articles 8, 12 or 12bis, the prohibitions provided for in the first paragraph remain valid for one year after their term of office for the Governor, the Vice-Governor and the other members of the Management Committee. »;

2° paragraph 2 is replaced as follows:
« § 2. The Regents and the majority of the censors may not be members of the administrative, management or supervisory bodies of an institution subject to the supervision of the Bank pursuant to Articles 8 or 12bis, nor exercise a managerial function in such an institution. »;

3° in paragraph 3, the first sentence is replaced as follows:
« The Board of Regents establishes, on the proposal of the Management Committee, the code of ethics to be observed by the members of the Management Committee and the staff of the Bank, as well as the control measures regarding compliance with this code. »

Art. 193. In Article 28 of the same law, the first sentence is supplemented with the words « , as well as an annual report on the Bank's activities regarding prudential supervision ».

Art. 194. Article 35 of the same law is replaced as follows:
« Art. 35. Except when they are summoned to testify in criminal cases, the Bank and the members and former members of its bodies and its staff are bound by professional secrecy and may not disclose to any person or authority the confidential information of which they became aware by virtue of their functions.

The first paragraph does not prejudice the disclosure of confidential information to third parties in the cases provided for by and under the law.

The Bank, the members of its bodies and its staff are exempt from the obligation referred to in Article 29 of the Code of Criminal Procedure.

The breaches of this article are punished by the penalties provided for in Article 458 of the Penal Code. The provisions of Book 1 of the Penal Code, including Chapter VII and Article 85, apply to the breaches referred to in this article.

This article in no way prevents the Bank, the members of its bodies and its staff, from complying with specific legal provisions, whether more restrictive or not, regarding professional secrecy, in particular when the Bank is tasked with collecting statistical information or with prudential supervision. ».

Art. 195. In the same law, a Chapter VI is inserted, worded as follows:

« CHAPTER IV/1
Provisions regarding the supervision of financial institutions
Section 1. — General Provisions

Art. 36/1. - Definitions: For the purposes of this Chapter and Chapter VII, the following shall be understood:

1° « the Law of 2 August 2002 »: the Law of 2 August 2002 concerning the supervision of the financial sector and financial services;

2° « financial instrument »: an instrument as defined in Article 2, 1° of the Law of 2 August 2002;

3° « credit institution »: an institution as referred to in Titles II to IV of the Law of 22 March 1993 on the status and supervision of credit institutions;

4° « electronic money institution »: an institution as referred to in Title IIbis of the Law of 22 March 1993 on the status and supervision of credit institutions;

5° « investment company with the status of stock exchange company »: an investment company as referred to in Book II of the Law of 6 April 1995 on the status and supervision of investment companies, which has a license as a stock exchange company or is authorized to provide investment services that, if provided by a Belgian investment company, would require a license as a stock exchange company;

6° « insurance company »: an company as referred to in the Law of 9 July 1975 concerning the supervision of insurance companies;

7° « reinsurance company »: an company as referred to in the Law of 16 February 2009 on the reinsurance business;

8° « mutual guarantee society »: a society as referred to in Article 57 of the Program Law of 10 February 1998 promoting self-employment;

9° « payment institution »: an institution as referred to in the Law of 21 December 2009 concerning the status of payment institutions, access to the activity of payment service providers and access to payment systems;

10° « regulated market »: a Belgian or foreign regulated market;

11° « Belgian regulated market »: a multilateral system operated and/or managed by a market operator that ensures or facilitates the trading of financial instruments between third parties on a regular basis, in accordance with the conditions laid down by this law. »

financial instruments - within this system and according to the non-discretionary rules of this system - brings together or facilitates the bringing together of such interests in such a way that a contract results concerning financial instruments that are admitted to trading under the rules and/or systems of the market, and which is authorized and operates regularly, in accordance with the provisions of Chapter II of the Law of 2 August 2002;

12° « foreign regulated market »: a market for financial instruments organized by a market operator whose State of origin is another Member State of the European Economic Area than Belgium, and which has been authorized in that Member State as a regulated market under Title III of Directive 2004/39/EC;

13° « clearing house »: any institution ensuring the conversion into a net claim through novation or the offsetting of reciprocal claims resulting from transactions on financial instruments or foreign exchange forward transactions;

14° « settlement institution »: any institution ensuring the settlement of orders for the transfer of financial instruments, rights relating to these financial instruments, or foreign exchange forward transactions, with or without cash settlement;

15° « CBFA »: the Banking, Finance and Insurance Commission, in German « Kommission für das Bank-, Finanz- und Versicherungswesen »;

16° « competent authority »: the Bank, the CBFA, or the authority designated by each Member State under Article 48 of Directive 2004/39/EC, unless otherwise specified in the Directive;

17° « Directive 2004/39/EC »: Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, amending Directives 85/611/EEC and 93/6/EEC of the Council and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC;

18° « CREFS »: the Committee on Systemic Risks and Systemically Relevant Financial Institutions.

Art. 36/2. - The Bank has the mission, in accordance with Article 12bis, the provisions of this chapter, and the special laws governing the supervision of financial institutions, to exercise prudential supervision over credit institutions, including electronic money institutions, investment firms with the status of stock exchange companies, insurance companies, reinsurance companies, mutual guarantee societies, clearing houses, settlement institutions, institutions assimilated to settlement institutions, and payment institutions.

By way of derogation from the preceding paragraph, the supervision of mutual societies referred to in Articles 43bis, § 5, and 70, §§ 6, 7, and 8, of the Law of 6 August 1990 concerning mutual funds and national unions of mutual funds, as well as their operations, falls under the competence of the Control Service for Mutual Funds and National Unions of Mutual Funds.

Art. 36/3. - § 1. Without prejudice to Article 36/2, the Bank also has the mission, in accordance with Articles 12 and 12bis and special laws governing the supervision of financial institutions,

1° to intervene in the detection of possible threats to the stability of the financial system, in particular by monitoring and assessing the strategic developments and risk profile of systemically relevant financial institutions;

2° to advise the federal government and the federal parliament on measures necessary or useful for the stability, proper functioning, and efficiency of the country's financial system;

3° to coordinate the management of financial crises;

4° to contribute to the missions of European and international institutions, organizations, and bodies in the fields described in 1° to 3°, and in particular to cooperate with the European Systemic Risk Board.

§ 2. The Bank determines, among the financial institutions referred to in Article 36/2, those that must be considered systemic and informs each of these institutions. From that moment, these institutions are required to communicate to the Bank the draft of their strategic decisions. The Bank may, within a period of two months from the receipt of a complete file supporting the strategic decision, oppose these decisions if it considers that they are contrary to the sound and prudent management of the systemically relevant financial institution or if they could seriously affect the stability of the financial system. It may use all powers conferred upon it by this law and the special laws governing the supervision of the concerned financial institutions.

By strategic decisions, we understand those decisions that have a certain importance and concern any investment, divestment, participation, or strategic cooperation relationship of the systemically relevant financial institution, in particular decisions to purchase or establish another institution, to establish a joint venture, to establish itself in another State, to conclude cooperation agreements, to contribute or acquire a business sector, to enter into a merger or a split.

The Bank may further determine which decisions are to be considered strategic and of certain importance for the application of this article. It makes these further determinations public.

§ 3. When the Bank considers that a systemically relevant financial institution has an inappropriate risk profile or when the institution's policy may have a negative impact on the stability of the financial system, it may impose specific measures on the concerned institution, including specific requirements regarding solvency, liquidity, risk concentration, and risk positions.

§ 4. Each systemically relevant financial institution provides the Bank with a report on the developments in its business activities, its risk position, and its financial position, to enable it to exercise the powers referred to in the previous paragraphs.

The Bank determines the content of the information it must receive, as well as the frequency and modalities of this reporting.

§ 5. Failure to comply with the provisions of this article may lead to the imposition of administrative fines, penalties, and/or criminal sanctions provided for in this law and the special laws applicable to the concerned financial institutions.

§ 6. The CBFA provides the Bank with the information it possesses and that is requested by the Bank for the execution of the missions as determined in this article.

Art. 36/4. - In the exercise of its missions referred to in Article 12bis, the Bank is not competent regarding tax matters. However, it reports to the judicial authorities the special mechanisms established by an institution under its prudential supervision with the aim or effect of promoting tax fraud by third parties, when it has knowledge that these special mechanisms constitute, for the institution itself as perpetrator, accomplice, or accessory, a tax offense punishable by criminal sanctions.

Art. 36/5. - § 1. In the cases determined by the law governing the concerned mission, the Bank may give prior written consent regarding a transaction. The Bank may make its consent subject to conditions it deems appropriate.

§ 2. The consent referred to in § 1 binds the Bank, except:

1° if it appears that the transactions it targets were described incompletely or incorrectly in the application for consent;

2° if these transactions are not executed in the manner presented to the Bank;

3° if the effect of these transactions is modified by one or more subsequent transactions resulting from which it appears that the transactions targeted by the consent no longer correspond to the description given in the application for consent;

4° if the conditions subject to which the consent was granted are not or no longer met.

§ 3. The King determines, on the advice of the Bank, the rules for the application of this article.

Art. 36/6. - The Bank creates and maintains a website. That website contains all regulations, acts, and decisions that must be published within the framework of its legal missions pursuant to Article 12bis, as well as all other data that the Bank deems appropriate to disseminate in the interest of these same missions.

Without prejudice to the method of publication prescribed by the applicable legal or regulatory provisions, the Bank determines any other methods of publication of the regulations, decisions, notices, reports, and other acts that it makes public.

Art. 36/7. - All notifications that the Bank or the minister must make by registered letter or with acknowledgment of receipt pursuant to the laws and regulations whose application the Bank controls may be made by bailiff's deed or by any other procedure determined by the King.

Section 2. — Sanction Commission

Art. 36/8. - § 1. The Sanction Commission rules on the imposition by the Bank of administrative fines and penalties provided for by the laws applicable to the institutions it supervises.

§ 2. The Sanction Commission consists of six members, designated by the King:
1° one State Councillor or honorary State Councillor, designated on the proposal of the First President of the Council of State; 2° one Councillor at the Court of Cassation or one honorary Councillor at the Court of Cassation, designated on the proposal of the First President of the Court of Cassation; 3° two magistrates who are not Councillors at the Court of Cassation nor at the Court of Appeal of Brussels; 4° two other members.

§ 3. The President is elected by the members of the Sanction Commission from among the persons mentioned in § 2, 1°, 2° and 3°.

§ 4. During the three years preceding their appointment, members of the Sanction Commission may not have been part of the Management Committee of the Bank, nor of the staff of the Bank, nor of the CSRSFI.

During their term of office, members may not exercise any function or mandate in an institution subject to the supervision of the Bank or in a professional association representing institutions subject to the supervision of the Bank, nor provide services for the benefit of a professional association representing institutions subject to the supervision of the Bank.

§ 5. The term of office of the members of the Sanction Commission is six years and is renewable. Members may only be removed from their office by the King if they no longer meet the requirements for the exercise of their office or have seriously failed in their duties.

If a seat of a member of the Sanction Commission becomes vacant for any reason, the replacement of that member shall be carried out for the remainder of the term of office.

§ 6. The Sanction Commission may validly decide when two of its members and its President are present and able to deliberate. When its President is prevented, it may validly decide when three of its members are present and able to deliberate.

Members of the Sanction Commission may not deliberate in a matter in which they have a personal interest that could influence their judgment.

§ 7. The King determines, in consultation with the management of the Bank, the amount of the allowance granted to the President and to the members of the Sanction Commission based on the files on which they will have deliberated.

§ 8. The Sanction Commission adopts its internal regulations and its rules of ethics.

Section 3. — Procedural rules for the imposition of administrative fines and penalties

Art. 36/9. - § 1. If the Bank, in the exercise of its statutory duties pursuant to Article 12bis, finds that there are serious indications of the existence of a practice that may give rise to the imposition of an administrative fine or a penalty, or if it is informed of such a practice following a complaint, the Management Committee decides to open an investigation and entrusts it to the auditor. The auditor conducts the investigation for and against.

The auditor is appointed by the Board of Regents from among the staff members of the Bank. In the exercise of his mission as auditor, he is completely independent.

For the exercise of his mission, the auditor may exercise all investigative powers entrusted to the Bank by the legal and regulatory provisions governing the matter concerned. He is assisted in conducting each investigation by one or more staff members of the Bank whom he chooses from among the staff members designated for this purpose by the Management Committee.

§ 2. At the end of the investigation and after the persons concerned have been heard or at least duly summoned, the auditor draws up a report which he transmits to the Management Committee.

Art. 36/10. - § 1. Based on the auditor's report, the Management Committee decides to close the file without action, propose a settlement, or refer the matter to the Sanction Commission.

§ 2. If the Management Committee decides to close a file without action, it notifies this decision to the persons concerned. It may make this decision public.

§ 3. If the Management Committee proposes a settlement, and if its proposal is accepted, the settlement is published in a non-nominative manner on the Bank's website.

The amounts to be paid in the context of settlements are collected for the benefit of the Treasury by the Administration of the Cadastre, Registration and Domains.

§ 4. If the Management Committee decides to refer the matter to the Sanction Commission, it sends a notification of the grievances, together with the investigation report, to the persons concerned and to the President of the Sanction Commission. If the Management Committee is of the opinion that the grievances may give rise to the imposition of a penalty, it expressly mentions this.

§ 5. If one of the grievances may constitute a criminal offense, the Management Committee informs the King's Prosecutor thereof. The Management Committee may decide to make its decision public.

When the King's Prosecutor decides to initiate criminal proceedings for the facts to which the notification of grievances relates, he informs the Bank thereof without delay. The King's Prosecutor may provide the Bank, ex officio or at the request of the latter, with a copy of all procedural documents relating to the facts that have been transmitted.

No appeal may be lodged against the decisions of the Management Committee taken pursuant to this Article.

Art. 36/11. - § 1. The persons to whom the grievances have been brought to notice have a period of two months to submit their written comments regarding the grievances to the President of the Sanction Commission. If the notification by the Management Committee states that the grievances may give rise to the imposition of a penalty, this period is reduced to eight calendar days. In special circumstances, the President of the Sanction Commission may extend these periods.

§ 2. The persons concerned may obtain a copy of the file documents from the Sanction Commission. They may be assisted or represented by a lawyer of their choice.

They may also request the recusal of a member of the Sanction Commission if they have doubts about his independence or impartiality. The Sanction Commission rules on this request by a reasoned decision.

§ 3. The Sanction Commission may, after an adversarial procedure and after consulting with the auditor, impose an administrative fine or penalties on the persons concerned. The Sanction Commission rules by a reasoned decision. No sanctions may be imposed without the person concerned or his representative having been heard or at least duly summoned.

During the hearing, the Management Committee is represented by the person of its choice and presents its comments.

§ 4. The amount of the fine or penalties is determined according to the seriousness of the offenses committed, and must be proportional to the benefits or profits possibly derived from these offenses.

§ 5. The decision of the Sanction Commission is served by registered letter to the persons concerned. The notification letter indicates the remedies, the competent authorities to take note of them, as well as the form and deadlines that must be respected; otherwise, the limitation period for bringing an action does not begin to run.

§ 6. The Sanction Commission makes its decisions public in a nominative manner on the Bank's website, unless this publication threatens to disrupt financial stability or cause disproportionate harm to the persons concerned or to the institutions to which they belong. In that case, the decision is published in a non-nominative manner on the Bank's website. If an appeal is lodged against the sanction decision, it is published in a non-nominative manner pending the outcome of the judicial proceedings.

The decisions of the Sanctions Committee are communicated to the Executive Committee prior to their publication.

Art. 36/12. - The administrative fines and penalty payments imposed by the Sanctions Committee that have become final, as well as the settlement agreements concluded before the criminal judge has finally ruled on the same facts, are credited against the amount of any criminal fine imposed for these facts against the same person.

Section 4. — Professional secrecy, exchange of information and cooperation with other authorities

Art. 36/13. - Without prejudice to Article 35, first paragraph, the Bank may communicate confidential information:
1° in cases where the communication of such information is prescribed or permitted by or pursuant to this law or the laws governing the tasks entrusted to the Bank; 2° to report criminal offenses to the judicial authorities; 3° in the context of administrative or judicial appeals against the acts or decisions of the Bank, and in the context of any other legal proceedings in which the Bank is a party; 4° in a summary or aggregated form so that individual natural or legal persons cannot be identified.

The Bank may make public the decision to report criminal offenses to the judicial authorities.

Art. 36/14. - § 1. By way of derogation from Article 35, the Bank may also communicate confidential information:
1° to the European Central Bank and to other central banks and bodies with a similar mandate in their capacity as monetary authorities, as well as to other public authorities responsible for the supervision of payment and settlement systems; 2° within the limits of European directives, to the competent authorities of the European Union and of other Member States of the European Economic Area exercising one or more competences comparable to those referred to in Articles 36/2 and 36/3; 3° respecting European directives, to the competent authorities of third States exercising one or more competences comparable to those referred to in Articles 36/2 and 36/3, with which the Bank has concluded a cooperation agreement providing for the exchange of information; 4° to the CBFA; 5° to Belgian institutions or institutions of another Member State of the European Economic Area managing a deposit or investor protection scheme; 6° to clearing or settlement bodies for financial instruments authorized to provide clearing or settlement services for transactions in financial instruments carried out on a Belgian organized market, if the Bank considers that the communication of the information in question is necessary to ensure the regular functioning of these bodies with respect to shortcomings, even potential, of market participants on the relevant market; 7° within the limits of European directives, to market operators for the proper functioning, control and supervision of the markets they organize; 8° during civil or commercial proceedings, to the authorities and judicial officers involved in bankruptcy or judicial reorganization proceedings or analogous collective proceedings concerning institutions subject to the supervision of the Bank, with the exception of confidential information concerning the participation of third parties in rescue attempts prior to the initiation of these proceedings; 9° to auditors, company auditors and other persons responsible for the statutory audit of the accounts of institutions subject to the supervision of the Bank, of the accounts of other Belgian financial institutions or of similar foreign institutions; 10° to receivers, for the exercise of their duties as provided for in the laws governing the tasks entrusted to the Bank; 11° to the authorities and bodies supervising the persons responsible for the statutory audit of the annual accounts of institutions subject to the supervision of the Bank; 12° within the limits of European directives, to the reporters and staff of the Competition Service responsible for the investigation, as provided for in the law of 10 June 2006 on the protection of economic competition; 13° within the limits of European directives, to the approval board for stockbrokers as referred to in Article 21 of the law of 2 August 2002; 14° within the limits of European directives, to the Treasury administration, pursuant to the legal and regulatory provisions adopted for the implementation of measures concerning
financial embargoes; 15° within the limits of European directives, to independent actuaries of institutions exercising, pursuant to the law, a control task on those institutions, as well as to the bodies responsible for supervising those actuaries; 16° to the Work Accident Fund.

§ 2. The Bank may only communicate confidential information in accordance with § 1 on condition that the authorities or bodies to which it is addressed use that information for the performance of their duties, and that, regarding that information, they are subject to a professional secrecy obligation equivalent to that referred to in Article 35.

Furthermore, information originating from an authority of another Member State of the European Economic Area may only be disclosed in the cases referred to in 7°, 9°, 10°, 12°, and 16° of § 1, as well as to the authorities or bodies of third States in the cases referred to in 4°, 6° and 10° of § 1, with the explicit consent of that authority and, if applicable, only for the purposes for which that authority has consented.

§ 3. Without prejudice to the stricter provisions of the special laws applicable to them, the Belgian authorities and institutions referred to in § 1 are bound by professional secrecy as referred to in Article 35 regarding the confidential information they receive from the Bank pursuant to § 1.

Art. 36/15. - Article 35 applies to approved auditors, company auditors and experts regarding the information of which they have become aware in the context of the Bank's tasks or in the context of the verifications, expertises or reports that the Bank has instructed them to carry out or submit, in the context of its tasks as referred to in Articles 36/2 and 36/3.

The first paragraph and Article 78 of the law of 22 July 1953 establishing an Institute of Company Auditors and organizing public supervision of the profession of company auditor do not apply to the communication of information to the Bank that is prescribed or permitted by the legal or regulatory provisions governing the Bank's tasks.

Art. 36/16. - § 1. Without prejudice to Articles 35 and 36/13 to 36/15 and the provisions in special laws, the Bank cooperates in matters falling within its competence with foreign competent authorities exercising one or more competences comparable to those referred to in Articles 36/2 and 36/3.

§ 2. Without prejudice to the obligations arising for Belgium from European Union law, the Bank may, on the basis of reciprocity, conclude agreements with the competent authorities referred to in § 1 in order to establish how this cooperation is to be understood, including the manner in which supervisory tasks are to be distributed, the designation of a competent authority as supervisory coordinator, the manner of supervision by on-site inspections or otherwise, which cooperation procedures apply, as well as how the collection and exchange of information is organized.

Art. 36/17. - § 1. Without prejudice to the relevant provisions of Article 36/19, the following provisions apply in the context of the competences referred to in Articles 36/2 and 36/3 regarding mutual cooperation between the Bank and the other competent authorities referred to in Article 4, paragraph 1, 22) of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 concerning markets in financial instruments, and in Article 4, 4) of Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 concerning the access to the activity of credit institutions and the exercise thereof, in order to comply with the obligations arising from the aforementioned Directive 2004/39/EC:

1° Whenever necessary for the performance of their tasks, the Bank cooperates with the other competent authorities, using the powers conferred upon it, either pursuant to the aforementioned Directives, or by national legislation. The Bank has

national legislation. The Bank has in particular the powers conferred upon it by this law. The Bank assists the competent authorities of the other Member States. It exchanges information with the other competent authorities in particular and cooperates with them in investigative or supervisory activities, including on-site inspections, even if the practices thus investigated or verified do not constitute a breach of Belgian legislation.

2° The Bank shall immediately provide all information necessary for the purposes mentioned in 1°. To that end, in addition to the appropriate organizational measures for smooth cooperation as referred to in 1°, the Bank shall immediately take the necessary measures to collect the requested information. If, regarding the powers referred to in this paragraph, a request is addressed to the Bank to carry out an on-site inspection or conduct an investigation, it shall comply with this, within its powers, — by carrying out the inspection or investigation itself; — by allowing the authority that made the request or auditors or experts to carry out the inspection or investigation themselves.

3° The information exchanged in the framework of cooperation is subject to the professional secrecy imposed by Article 35. If the Bank provides information in the framework of cooperation, it may indicate that such information may only be forwarded with its express consent or for the purposes with which it has agreed. Likewise, when receiving information, the Bank must, in derogation of Article 36/14, respect the restrictions imposed on it by the foreign authority regarding the possibility of forwarding the information thus received.

4° When the Bank is convinced that acts contrary to the provisions of the aforementioned Directives are or have been carried out on the territory of another Member State, or that certain acts affect financial instruments traded on a regulated market in another Member State, it shall notify this as specifically as possible to the competent authority of the other Member State, as well as to the CBFA. If the Bank is informed by an authority of another Member State that such acts are being carried out in Belgium, it shall inform the CBFA thereof, take the necessary measures, and inform the notifying authority as well as the CBFA of the result of its intervention, and in particular, as far as possible, of important interim developments.

§ 2. In the implementation of § 1, the Bank may refuse to comply with a request for information, investigation, on-site inspection, or supervision if:
— complying with such requests could pose a threat to the sovereignty, security, or public order of Belgium, or — a judicial procedure has already been initiated in Belgium for the same facts and against the same persons, or — a final judgment has already been rendered against these persons for the same facts in Belgium. In these cases, it shall inform the requesting competent authority thereof, providing, if necessary, as detailed information as possible about the procedure or judgment in question.

§ 3. Regarding the powers referred to in § 1, without prejudice to the obligations incumbent upon it in judicial procedures of a criminal nature, the Bank may use the information it receives from a competent authority or from the CBFA solely to supervise compliance with the conditions for access to the activities of institutions subject to its supervision pursuant to Article 36/2, as well as to facilitate supervision, on an individual or consolidated basis, of compliance with the conditions for the exercise of this activity, to impose sanctions, in the framework of an administrative appeal procedure or of legal action brought against a decision of the Bank, and in the framework of the out-of-court mechanism for handling investor complaints. However, if the competent authority that provided the information consents, the Bank may use this information for other purposes or forward it to the competent authorities of other States.

§ 4. Paragraphs 1 and 2 are also applicable, under the conditions laid down in cooperation agreements, in the framework of cooperation with authorities of third States.

notamment à cet effet des pouvoirs qui lui sont attribués par la présente loi. La Banque prête son concours aux autorités compétentes des autres Etats membres. En particulier, elle échange des informations et coopère avec les autres autorités compétentes dans le cadre d’enquêtes ou d’activités de supervision y compris de vérification sur place et ce, même si les pratiques faisant l’objet d’une enquête ou vérification ne constituent pas une violation d’une règle en Belgique. 2° La Banque communique immédiatement toute information requise aux fins visées au 1°. A cet effet, outre les mesures organisationnelles appropriées en vue de faciliter le bon exercice de la coopération visée au 1°, la Banque prend immédiatement les mesures nécessaires pour recueillir l’information demandée. S’agissant des compétences visées au présent paragraphe, lorsque la Banque reçoit une demande concernant une vérification sur place ou une enquête, elle y donne suite dans le cadre de ses pouvoirs — en procédant elle-même à la vérification ou à l’enquête; — en permettant à l’autorité requérante ou à des contrôleurs des comptes ou experts de procéder directement à la vérification ou à l’enquête. 3° Les informations échangées dans le cadre de la coopération sont couvertes par l’obligation de secret professionnel visée à l’article 35. Lorsqu’elle communique une information dans le cadre de la coopération, la Banque peut préciser que cette information ne peut être divulguée sans son consentement exprès ou seulement aux fins pour lesquelles elle a donné son accord. De même, lorsqu’elle reçoit une information, la Banque doit, par dérogation à l’article 36/14, respecter les restrictions qui lui seraient précisées par l’autorité étrangère quant à la possibilité de communiquer l’information ainsi reçue. 4° Lorsque la Banque a la conviction que des actes enfreignant les dispositions des Directives précitées sont ou ont été accomplis sur le territoire d’un autre Etat membre, ou que des actes portent atteinte à des instruments financiers négociés sur un marché réglementé situé dans un autre Etat membre, elle en informe l’autorité compétente de cet autre Etat membre ainsi que la CBFA d’une manière aussi détaillée que possible. Si la Banque a été informée par une autorité d’un autre Etat membre de ce que de tels actes ont été accomplis en Belgique, elle en informe la CBFA, prend les mesures appropriées et communique à l’autorité qui l’a informée ainsi qu’à la CBFA les résultats de son intervention et notamment, dans la mesure du possible, les principaux développements provisoires de son action. § 2. Dans l’exécution du § 1er, la Banque peut refuser de donner suite à une demande d’information, d’enquête, de vérification sur place ou de surveillance lorsque :
— le fait de donner suite à une telle demande est susceptible de porter atteinte à la souveraineté, à la sécurité ou à l’ordre public de la Belgique, ou — une procédure judiciaire est déjà engagée pour les mêmes faits et à l’encontre des mêmes personnes en Belgique, ou — ces personnes ont déjà été définitivement jugées pour les mêmes faits en Belgique. Dans ces cas, elle en informe l’autorité compétente qui a présenté la demande en lui fournissant, le cas échéant, des informations aussi circonstanciées que possible sur la procédure ou le jugement en question. § 3. S’agissant des compétences visées au § 1er, sans préjudice des obligations lui incombant dans le cadre de procédures judiciaires à caractère pénal, la Banque ne peut utiliser les informations qu’elle a reçues d’une autorité compétente ou de la CBFA qu’aux fins de l’exercice du contrôle du respect des conditions d’accès à l’activité des établissements soumis à son contrôle en vertu de l’article 36/2 et pour faciliter le contrôle, sur une base individuelle ou consolidée, des conditions d’exercice de cette activité, pour infliger des sanctions, dans le cadre d’un recours administratif ou d’une action en justice intenté(e) à l’encontre d’une décision de la Banque, dans le cadre du mécanisme extrajudiciaire de règlement des plaintes des investisseurs. Toutefois, si l’autorité compétente communiquant l’information y consent, la Banque peut utiliser ces informations à d’autres fins ou les transmettre aux autorités compétentes d’autres Etats. § 4. Les paragraphes 1er et 2 sont également applicables, selon les conditions déterminées dans des accords de coopération, dans le cadre de la coopération avec des autorités d’Etats tiers. MONITEUR BELGE — 09.03.2011 — BELGISCH STAATSBLAD 15689

§ 5. The Bank is the authority that acts as a contact point to receive requests for data exchange or requests for cooperation in implementation of § 1, for what concerns its powers.
The Minister informs the European Commission and the other Member States of the European Economic Area thereof.

Art. 36/18. - Without prejudice to Articles 35 and 36/13 to 36/15, and the provisions in special laws, the Bank and the CBFA conclude cooperation agreements with the Control Service for the sickness funds and the national federations of sickness funds regarding the matter of supplementary health insurance provided by mutual aid societies referred to in Articles 43bis, § 5 and 70, §§ 6, 7 and 8, of the Law of 6 August 1990 concerning sickness funds and national federations of sickness funds. The cooperation agreements regulate in particular the exchange of information and the uniform application of the relevant legislation.

Section 5. — Investigative powers, criminal provisions and remedies

Art. 36/19. - Without prejudice to the investigative powers conferred upon it by the legal and regulatory provisions governing its tasks, the Bank may, in order to verify whether an operation or activity is covered by the laws and regulations whose application it is charged with supervising, require all necessary information from those who carry out the operation or exercise the activity in question and from any third party who makes or facilitates its execution or exercise.

The Bank has the same investigative power in order to verify, within the framework of a cooperation agreement concluded with a foreign authority and regarding the specific points indicated in the written request of this authority, whether an operation or activity carried out or exercised in Belgium is covered by the laws and regulations whose application this foreign authority is charged with supervising.

The person or institution concerned shall transmit this information within the time limit and in the form determined by the Bank.

The Bank may check or have checked in the books and documents of the interested parties the accuracy of the information communicated to it.

If the person or institution concerned has not provided the requested information upon expiration of the time limit set by the Bank, the Bank may, without prejudice to the other measures provided by law, after hearing or at least summoning the person or institution, impose the payment of a penalty payment which may not be less than 250 euros per calendar day, nor more than 50,000 euros, nor exceed 2,500,000 euros in total.

The penalty payments imposed pursuant to this article shall be collected for the benefit of the Treasury by the Cadastre, Registration and Domains administration.

Art. 36/20. - § 1. Shall be punished with imprisonment of one month to one year and a fine of 250 euros to 2,500,000 euros or with one of these penalties only:
— those who obstruct the Bank's investigations pursuant to this chapter or knowingly provide it with incorrect or incomplete information; — those who knowingly, by statements or otherwise, cause or allow it to appear that the operation or operations they carry out or intend to carry out are performed under the conditions determined in the laws and regulations whose application the Bank supervises, while these laws and regulations are not applicable to them or have not been respected.

§ 2. The provisions of Book I of the Penal Code, without exception of Chapter VII and of Article 85, apply to the offenses referred to in § 1.

Art. 36/21. - § 1. An appeal may be lodged with the Court of Appeal of Brussels against any decision of the Bank imposing a penalty payment or an administrative fine.

§ 2. Without prejudice to the special provisions determined by or pursuant to the law, the appeal period, under penalty of nullity, is 30 days.

The period for lodging an appeal begins with the notification of the disputed decision.

§ 3. The appeal referred to in § 1 must, under penalty of inadmissibility pronounced ex officio, be lodged by a signed petition filed with the registry of the Court of Appeal of Brussels in as many copies as there are parties.

§ 5. La Banque est l’autorité qui assure le rôle de point de contact chargé de recevoir les demandes d’échange d’informations ou de coopération en exécution du § 1er pour ce qui relève de ses compétences.
Le Ministre en informe la Commission européenne ainsi que les autres Etats membres de l’Espace économique européen.
Art. 36/18. - Sans préjudice des articles 35 et 36/13 à 36/15, et des dispositions prévues par des lois particulières, la Banque et la CBFA concluent des accords de coopération avec l’Office de contrôle des mutualités et des unions nationales de mutualités portant sur la matière de l’assurance maladie complémentaire pratiquée par les sociétés mutualistes visées aux articles 43bis, § 5, et 70, §§ 6, 7 et 8, de la loi du 6 août 1990 relative aux mutualités et aux unions nationales de mutualités. Les accords de coopération régissent entre autres l’échange d’informations et l’application uniforme de la législation concernée.
Section 5. — Pouvoirs d’investigation, dispositions pénales et voies de recours
Art. 36/19. - Sans préjudice des pouvoirs d’investigation qui lui sont confiés par les dispositions légales et réglementaires régissant ses missions, la Banque peut, afin de vérifier si une opération ou une activité est visée par les lois et règlements dont elle est chargée de contrôler l’application, requérir toutes informations nécessaires auprès de ceux qui réalisent l’opération ou exercent l’activité en cause et auprès de tout tiers qui en rend possible ou en facilite la réalisation ou l’exercice. La Banque a le même pouvoir d’investigation afin de vérifier, dans le cadre d’un accord de coopération conclu avec une autorité étrangère et quant aux points concrets indiqués dans la demande écrite de cette autorité, si une opération ou une activité réalisée ou exercée en Belgique est visée par les lois et règlements dont cette autorité étrangère est chargée de contrôler l’application. La personne ou l’établissement en question transmet ces informations dans le délai et la forme que la Banque détermine. La Banque peut procéder ou faire procéder, dans les livres et documents des intéressés, à la vérification de l’exactitude des informations qui lui ont été communiquées. Si la personne ou l’établissement en question n’a pas transmis les informations demandées à l’expiration du délai fixé par la Banque, la Banque peut, la personne ou l’établissement concerné ayant été entendu, sans préjudice des autres mesures prévues par la loi, imposer le paiement d’une astreinte qui ne peut être, par jour calendrier, inférieure à 250 euros ni supérieure à 50.000 euros, ni, au total, excéder 2.500.000 euros. Les astreintes imposées en application de cet article sont recouvrées au profit du Trésor par l’administration du Cadastre, de l’Enregistrement et des Domaines. Art. 36/20. - § 1er. Sont punis d’un emprisonnement d’un mois à un an et d’une amende de 250 euros à 2.500.000 euros ou d’une de ces peines seulement — ceux qui font obstacle aux investigations de la Banque en vertu du présent chapitre ou lui donnent sciemment des informations inexactes ou incomplètes; — ceux qui sciemment, par affirmation ou autrement, font croire ou laissent croire que la ou les opérations qu’ils effectuent ou se proposent d’effectuer sont réalisées dans les conditions prévues par les lois et règlements dont la Banque contrôle l’application, alors que ces lois et règlements ne leur sont pas applicables ou n’ont pas été respectés. § 2. Les dispositions du livre premier du Code pénal, sans exception du chapitre VII et de l’article 85, sont applicables aux infractions visées au § 1er. Art. 36/21. - § 1er. Un recours auprès de la cour d’appel de Bruxelles est ouvert contre toute décision de la Banque infligeant une astreinte ou une amende administrative. § 2. Sans préjudice des dispositions spéciales prévues par ou en vertu de la loi, le délai de recours, prescrit à peine de nullité, est de 30 jours. Le délai de recours court à compter de la notification de la décision attaquée. § 3. Les
recours visés au § 1er sont formés, à peine d’irrecevabilité prononcée d’office, par requête signée et déposée au greffe de la cour d’appel de Bruxelles en autant d’exemplaires que de parties à la cause. 15690 MONITEUR BELGE — 09.03.2011 — BELGISCH STAATSBLAD

Under penalty of inadmissibility, the petition must contain:
1° the indication of the day, month, and year; 2° if the petitioner is a natural person, his name, forenames, and residence; if the petitioner is a legal entity, its name, legal form, registered office, and the body representing it; 3° the mention of the decision subject to the appeal; 4° the statement of grounds; 5° the indication of the place, day, and time of the appearance set by the registry of the Court of Appeal; 6° the inventory of supporting documents submitted to the registry together with the petition.

The petition is brought to the knowledge of all parties summoned by the petitioner by the registry of the Court of Appeal in Brussels.

At any time, the Court of Appeal in Brussels may, of its own motion, summon any other persons whose situation is likely to be affected by the decision on the appeal.

The Court of Appeal sets the time limit within which the parties must exchange their written observations and file a copy with the registry. The Court also sets the date of the debates.

Each party may file its written observations with the registry of the Court of Appeal in Brussels and consult the file at the registry without having to appear in person.

The Court of Appeal in Brussels sets the deadlines for the submission of these observations. They are brought to the knowledge of the parties by the registry.

§ 4. The registry of the Court of Appeal in Brussels requests the Bank, within five days of the registration of the case on the list, to send the case file with the documents. The transmission must be carried out within five days of receipt of the request.

§ 5. The appeals referred to in § 1 have a suspensive effect on the decision of the Bank.

Art. 36/22. - An appeal to the Council of State may be lodged, according to an accelerated procedure established by the King:
1° by the applicant for authorization, against decisions taken by the Bank regarding authorization under Articles 10 and 11 of the Law of 22 March 1993 on the status and supervision of credit institutions. A similar appeal may be lodged if the Bank has not ruled within the time limits set in the first paragraph of the aforementioned Article 10. In this latter case, the appeal is treated as if the application had been rejected; 2° by the credit institution, against decisions taken by the Bank under the third paragraph of Article 34 of the aforementioned Law of 22 March 1993; 3° by the credit institution, against decisions taken by the Bank under Article 57, § 1, second paragraph, 1°, 1°bis, 2°, 3°, and 4°, and against similar decisions taken under Article 75, § 2, and Article 84 of the aforementioned Law of 22 March 1993. The appeal suspends the decision and its publication, unless the Bank, in case of serious danger to savers, has declared its decision enforceable despite any appeal; 4° by the applicant, against decisions taken by the Bank regarding authorization under Articles 50 and 51 of the Law of 6 April 1995 on the status and supervision of investment firms. A similar appeal may be lodged by the applicant if the Bank has not ruled within the time limits set in the first paragraph of the aforementioned Article 50. In this latter case, the appeal is treated as if the application had been rejected; 5° by the investment firm, against decisions taken by the Bank under Article 104, § 1, 1°, 1°bis, 2°, 3°, and 4°, of the aforementioned Law of 6 April 1995 or under the decrees referring to it. The appeal suspends the decision and its publication, unless the Bank, in case of serious danger to investors, has declared its decision enforceable despite any appeal; 6° by the applicant for registration and by the concerned company, against decisions by the Bank to refuse, suspend, or revoke registration, taken under Article 139 of the aforementioned Law of 6 April 1995 and its implementing measures. The appeal suspends the decision unless the Bank, for serious reasons, has declared its decision enforceable despite appeal; 7° by the applicant for authorization, against decisions taken by the Bank under Article 4 of the Law of 9 July 1975 concerning the supervision of insurance companies; a similar appeal may be lodged if the Bank has not ruled within the time limit set in the fourth paragraph of the aforementioned Article 4; in this latter case, the appeal is treated as if the application had been rejected upon the expiration of the time limit; 8° by the insurance company, against decisions to extend requests for information taken by the Bank under Article 21, § 1ter, of the aforementioned Law of 9 July 1975; 9° by the insurance company, against decisions to increase tariffs taken by the Bank under Article 21octies, § 2, of the aforementioned Law of 9 July 1975; 10° by the insurance company, against decisions taken by the Bank under Article 26, § 1, second
paragraph, 1°, 2°, 3°, and 4°, and §§ 5, 8, and 9 of the aforementioned Law of 9 July 1975; 11° by the insurance company, against decisions to revoke authorization taken by the Bank under Article 43 of the aforementioned Law of 9 July 1975; 12° by the insurance company, against decisions to object taken by the Bank under Articles 51, 55, and 58 of the aforementioned Law of 9 July 1975, or when the Bank has not communicated a decision within the time limit set in Article 51, second paragraph, of the same law; 13° by the applicant for authorization and by the authorized institution, against the decision by the Bank to refuse, suspend, or revoke authorization under Articles 3, 12, and 13 of the Law of 2 January 1991 concerning the market for government debt securities and monetary policy instruments, and under the decrees taken to implement it. The appeal suspends the decision unless the Bank, for serious reasons, has declared its decision enforceable despite appeal; 14° by the applicant for authorization, against decisions taken by the Bank under Articles 9 and 10, and against similar decisions taken under Article 59 of the Law of 16 February 2009 on the reinsurance business. A similar appeal may be lodged if the Bank has not ruled within the time limits set in the first paragraph of the aforementioned Article 9 and in the second paragraph of the aforementioned Article 59. In these cases, the appeal is treated as if the application had been rejected upon the expiration of the time limit; 15° by the reinsurance company, against decisions to object taken by the Bank under Article 32 of the aforementioned Law of 16 February 2009; 16° by the reinsurance company, against decisions taken by the Bank under Articles 47, § 1, second paragraph, 1°, 2°, 3°, and 4°, 48, §§ 1, 4, and 5, and 50, second paragraph, and against similar decisions taken under Articles 58, second paragraph, and 67 of the aforementioned Law of 16 February 2009; 17° by the reinsurance company, against decisions to revoke authorization taken by the Bank under Article 53, and against similar decisions taken under Article 67 of the aforementioned Law of 16 February 2009; 18° by the reinsurance company, against decisions taken by the Bank under Article 72, third and fourth paragraphs, of the aforementioned Law of 16 February 2009; 19° by the applicant for authorization, against decisions regarding authorization taken by the Bank under Article 8 of the Law of 21 December 2009 on the status of payment institutions, access to the business of payment service providers, and access to payment systems. A similar appeal may be lodged by the applicant if the Bank has not ruled within the time limits set in the third paragraph of the aforementioned Article 8. In this latter case, the appeal is treated as if the application had been rejected; 20° by the payment institution, against decisions taken by the Bank under Article 19, third paragraph, of the Law of 21 December 2009 on the status of payment
institutions, access to the business of payment service providers, and access to payment systems; 21° by the payment institution, against decisions taken by the Bank under Article 35, § 1, second paragraph, 1°, 2°, 3°, and 4°, and against similar decisions taken under Article 44 of the Law of 21 December 2009 on the status of payment institutions, access to the business of payment service providers, and access to payment systems;

access to payment systems. The appeal suspends the decision and its publication, unless the Bank, in the event of serious danger to payment service users, has declared its decision enforceable notwithstanding any appeal;

22° by the institution concerned, against the decisions taken by the Bank pursuant to Article 26, § 1, fourth paragraph, of the Law of 9 July 1975 concerning the supervision of insurance companies, Article 57, § 4, of the Law of 22 March 1993 on the status and supervision of credit institutions, and Article 104, § 1, last paragraph, and of the Law of 6 April 1995 on the status and supervision of investment firms;

23° by the license applicant, against the decisions taken by the Bank pursuant to Article 36/25, § 2;

24° by the license applicant, against decisions concerning licenses taken by the Bank pursuant to Article 4 of the Royal Decree of 26 September 2005 on the status of clearing houses and institutions assimilated to clearing houses. A same appeal may be lodged if the Bank has not ruled within the time limits set in the first paragraph of the aforementioned Article 4. In this latter case, the appeal is treated as if the application had been rejected;

25° by the clearing house or the institution assimilated to a clearing house, against the decisions taken by the Bank pursuant to Article 17 of the aforementioned Royal Decree of 26 September 2005;

26° by the clearing house or the institution assimilated to a clearing house, against the decisions taken by the Bank pursuant to Article 33, § 1, second paragraph, 1°, 1°bis, 2° and 3°, of the aforementioned Royal Decree of 26 September 2005 and against similar decisions taken by the Bank pursuant to Article 36 of the aforementioned Royal Decree of 26 September 2005. The appeal suspends the decision and its publication, unless the Bank, in the event of serious danger to clients or financial markets, has declared its decision enforceable notwithstanding any appeal.

Art. 36/23. - To request the application of criminal law, the Bank is authorized to intervene at any stage of the proceedings before the criminal court seized of an offense punished by this law or by a law that charges the Bank with supervising compliance with its provisions, without the Bank having to prove the existence of any damage. The intervention follows the rules applicable to a civil party.

Section 6. — Crisis Measures

Art. 36/24. - § 1. The King may, after advice from the Bank, in the event of a sudden crisis on financial markets or in the event of a serious threat of a systemic crisis, in order to limit its scope or consequences:

1° establish supplementary or derogatory regulations with respect to the Law of 9 July 1975 concerning the supervision of insurance companies, the Law of 2 January 1991 concerning the market for government debt securities and monetary policy instruments, the Law of 22 March 1993 on the status and supervision of credit institutions, the Law of 6 April 1995 on the status and supervision of investment firms, the Law of 2 August 2002 concerning supervision of the financial sector and financial services, Book VIII, Title III, Chapter II, Section III of the Companies Code, and Royal Decree No. 62 concerning the deposit of fungible financial instruments and the settlement of transactions on these instruments, coordinated by the Royal Decree of 27 January 2004;

2° establish a system providing for the granting of a State guarantee for obligations entered into by institutions subject to supervision under the aforementioned laws that He determines, or grant the State guarantee to certain claims held by such institutions;

3° establish a system, where applicable by means of regulations established in accordance with 1°, for granting the State guarantee for the repayment to partners who are natural persons of their share in the capital of cooperative companies, recognized in accordance with the Royal Decree of 8 January 1962 establishing the conditions for the recognition of national groupings of cooperative companies and cooperative companies, which are institutions subject to supervision under the aforementioned laws or of which at least half of the assets are invested in such institutions;

4° establish a system for granting coverage by the State for losses incurred on certain assets or financial instruments by institutions subject to supervision under the aforementioned laws;

5° establish a system for granting the State guarantee for obligations entered into by entities whose activity consists in acquiring and managing certain assets held by institutions subject to supervision under the aforementioned laws;

6° as well as granting the State guarantee for obligations entered into by Municipal Holding NV.

Royal decrees taken pursuant to the first paragraph, 1°, cease to have effect if they are not ratified by law within twelve months from their date of entry into force. The ratification takes effect retroactively to the date of entry into force of the royal decrees. Royal decrees taken on the basis of the first paragraph, 2° to 6°, are submitted to the Council of Ministers.

§ 2. Institutions subject to supervision under the supervision laws referred to in paragraph 1, first paragraph, 1° are, for the application of paragraph 1, first paragraph, 2° to 5°, financial holdings registered on the list referred to in Article 13, fourth paragraph, of the Law of 22 March 1993 on the status and supervision of credit institutions, mixed financial holdings, credit institutions, investment firms, and insurance companies, as well as their direct or indirect subsidiaries.

Art. 196. In the same law, a Chapter VII is inserted which reads as follows:

« CHAPTER IV/2
Provisions concerning the supervision of clearing houses and concerning the supervision of clearing/settlement institutions and institutions assimilated to clearing/settlement institutions

Art. 36/25. - § 1. The following institutions may, as clearing houses, provide clearing services regarding transactions on a Belgian regulated market or, on Belgian territory, provide such services regarding transactions on a foreign regulated market:

1° institutions with their registered office in Belgium that hold a license as a credit institution;

2° Belgian-established branches of foreign credit institutions;

3° institutions not established in Belgium that are subject in their country of origin to a status and supervision considered equivalent by the CBFA and the Bank.

§ 2. Clearing houses with their registered office in Belgium that do not hold a license as a credit institution, and that wish to provide clearing services regarding transactions on a Belgian or foreign regulated market, must obtain prior authorization from the Bank. Also, Belgian-established branches of a foreign clearing house that do not hold a license as a credit institution, wishing to provide clearing services regarding transactions on a Belgian or foreign regulated market, must obtain prior authorization from the Bank.

§ 3. The original clearing rules applicable in the context of §§ 1 and 2, as well as modifications to those rules, are subject to prior approval by the Bank, on the advice of the CBFA. The approval by the Bank, the original rules, and modifications to those rules are published in the Belgian State Gazette.

§ 4. The Bank is responsible for the prudential supervision of clearing houses.

§ 5. On the advice of the Bank and the CBFA, each within its respective competence, the King determines:

1° the conditions and procedures for granting the authorization and approval referred to in §§ 2 and 3, the cases in which this authorization may be revised or withdrawn and the applicable procedures, as well as what happens to the authorization in the event of a change of control, merger, division, or other restructuring of the clearing house;

2° the rules concerning the supervision exercised by the Bank on clearing houses that are not credit institutions as referred to in § 1, 1°;

3° minimum requirements regarding organization, operation, financial position, internal control, and risk management applicable to clearing institutions that are not credit institutions as referred to in § 1, 1°, as well as the rules regarding incompatibilities with other activities.

§ 6. The provisions of this article and the decrees taken to implement it do not prejudice the competences of the Bank as determined in Article 8 of the Law of 22 February 1998 establishing the organic statute of the National Bank of Belgium.

§ 7. With the approval of the Minister, the Bank may conclude agreements with competent foreign supervisory authorities, based on reciprocity, containing further rules for their cooperation in the field of supervision and mutual exchange of information.

§ 8. The King may extend the application of this article to the clearing of transactions on other organized markets.

§ 9. This article does not apply to the central banks of the Eurosystem, nor to the clearing institutions they manage.

Art. 36/26. - § 1. The following institutions may, as clearing institutions, provide clearing services for transactions on a Belgian regulated market or, on Belgian territory, provide such services for transactions on a foreign regulated market:

1° institutions with their registered office in Belgium that hold a license as a credit institution; 2° branches established in Belgium of foreign credit institutions; 3° institutions recognized as central depositaries pursuant to Royal Decree No. 62 of 10 November 1967 promoting the circulation of securities; 4° institutions designated by the King to provide clearing services for transactions in dematerialized securities pursuant to Article 468 of the Companies Code; 5° institutions not established in Belgium that are subject in their country of origin to a status and supervision considered equivalent by the CBFA and the Bank.

§ 2. The Bank is responsible for the prudential supervision of the clearing institution designated in Article 4 of the Law of 2 January 1991 concerning the market for government debt and monetary policy instruments, of the clearing institutions recognized as central depositaries pursuant to the aforementioned Royal Decree No. 62 of 10 November 1967, as well as of the institutions designated by the King to provide clearing services for transactions in dematerialized securities pursuant to Article 468 of the Companies Code. On the advice of the Bank, the King determines:

1° the rules regarding prudential supervision, including recovery measures, exercised by the Bank on the institutions referred to in § 1 that are not credit institutions established in Belgium; 2° the minimum requirements regarding organization, operation, financial position, internal control, and risk management applicable to the institutions referred to in § 1 that are not credit institutions established in Belgium.

§ 3. The provisions of this article and the decrees taken to implement it do not prejudice the competences of the Bank as determined in Article 8. On the advice of the Bank, the King may determine:

1° the standards for the supervision of clearing systems; 2° the obligation to provide information on the part of the clearing institution regarding information requested by the Bank; 3° constraint measures if the clearing institution no longer meets the imposed standards or if the obligation to provide information is not respected.

§ 4. With the approval of the Minister, the Bank may conclude agreements with competent foreign supervisory authorities, based on reciprocity, containing further rules for their cooperation in the field of supervision and mutual exchange of information.

§ 5. The King may extend the application of this article to the clearing of transactions on other organized markets.

§ 6. Before a decision is made regarding the opening of bankruptcy proceedings or a provisional deprivation of management within the meaning of Article 8 of the Bankruptcy Law of 8 August 1997 concerning a clearing institution referred to in § 1, 3° or 4°, the president of the commercial court addresses a request for advice to the Bank. The clerk transmits this request without delay. He informs the prosecutor of the King.

The Bank is requested in writing to give its advice. The necessary documents for information are attached to this request.

The Bank delivers its advice within fifteen days after receipt of the request for advice. If a procedure concerns a clearing institution with which the Bank suspects that significant developments may occur regarding systemic risk or for which prior coordination with foreign authorities is required, the Bank has a longer period to deliver its advice, provided that the total period does not exceed thirty days. If the Bank considers it necessary to use this exceptional period, it notifies the judicial body called upon to make a decision. The period available to the Bank to deliver an advice suspends the period within which the judicial body must make a decision. If the Bank does not provide an advice within the established period, the court may make a decision on the request.

The Bank provides its advice in writing. It is delivered by any means to the clerk, who forwards it to the president of the commercial court and to the prosecutor of the King.
The advice is added to the file.

§ 7. For the application of §§ 2 to 6, institutions established in Belgium whose business consists of the full or partial operational management of clearing services referred to in § 1 are equated with clearing institutions, even when these latter are credit institutions established in Belgium. The Bank designates the institutions that fall within the scope of this paragraph.

The institutions referred to in the first paragraph must obtain a license from the Bank. On the advice of the Bank and the CBFA, the King regulates, in particular, on both a consolidated and non-consolidated basis, the conditions and the procedure for the license and the maintenance of the license of these institutions by the Bank, including the conditions to be met by the persons exercising effective management and the persons holding a significant participation.

On the advice of the Bank, the King may, respecting the international obligations of Belgium, apply the rules set out in the first and second paragraphs wholly or partially to institutions established abroad whose business consists of the full or partial operational management of services provided by clearing institutions established in Belgium as referred to in § 1, even when these latter are credit institutions established in Belgium.

§ 8. This article does not apply to the central banks of the Eurosystem, nor to the clearing institutions or the institutions equated with clearing institutions that they manage.

Art. 36/27. - § 1. When an institution as referred to in Article 36/26, § 1, 3°, or an equated institution as referred to in Article 36/26, § 7, does not operate in accordance with the provisions of this law and the decrees and regulations taken to implement it, when its policy or its financial position threatens the proper fulfillment of its obligations or does not offer sufficient guarantees for its solvency, liquidity, or profitability, or when its management structures, its administrative or accounting organization, or its internal control present such serious deficiencies that the Belgian or international financial system could be jeopardized, the King may, by a decree adopted after deliberation in the Council of Ministers, either at the request of the Bank or on his own initiative, after advice from the Bank, establish any act of disposition, in favor of the State or any other Belgian or foreign public or private law person, in particular any transfer, sale, or contribution regarding:

1° assets, liabilities, or one or more business lines and, more generally, all or part of the rights and obligations of the institution concerned, including proceeding to the transfer of client assets consisting of financial instruments governed by the coordinated text of Royal Decree No. 62 regarding the deposit of fungible financial instruments and the clearing of transactions on these instruments, as well as the underlying securities held in the name of the institution concerned with depositaries, as well as proceeding to the transfer of the means, including computer means, necessary for the processing of transactions regarding these assets, and the rights and obligations regarding such processing;

2° shares with or without voting rights, representing or not representing the capital, issued by the clearing institution or the institution equated with it.

§ 2. The Royal Decree taken in application of paragraph 1 determines the compensation that must be paid to the owners of the goods or the holders of the rights to which the act of disposal determined in the Decree relates. If the acquirer designated by the Royal Decree is a person other than the State, the price that, according to the agreement concluded with the State, is due by the acquirer, shall be paid as compensation to the aforementioned owners or holders, according to the distribution key established in the same Decree.

A part of the compensation may be variable, insofar as this variable part is determinable.

§ 3. The Royal Decree taken in application of paragraph 1 is brought to the knowledge of the institution concerned. The measures provided for in this Decree are furthermore made known via a notice in the Belgian State Gazette.

As soon as it has received the notification referred to in the first paragraph, the institution loses the power of disposal over the assets to which the acts of disposal determined in the Royal Decree relate.

§ 4. It is not possible to declare the acts referred to in paragraph 1 unenforceable by virtue of Articles 17, 18 or 20 of the Bankruptcy Act of 8 August 1997.

Notwithstanding any contrary contractual provision, the measures adopted by the King in application of paragraph 1 may not have the effect of modifying the provisions of an agreement concluded between the institution and one or more third parties, nor of bringing such an agreement to an end, nor of granting any of the parties concerned the right to terminate the agreement unilaterally.

With regard to the measures adopted by the King in application of paragraph 1, no statutory or contractual approval clause or no statutory or contractual pre-emption right applies, no option to purchase by a third party applies, nor does any statutory or contractual clause preventing the modification of control over the institution concerned apply.

The King is authorized to take all other arrangements necessary to ensure the proper implementation of the measures taken on the basis of paragraph 1.

§ 5. The civil liability of the persons who act on behalf of the State or at its request in the context of the measures referred to in this article, and which has been incurred as a result of or with regard to their decisions, acts or actions in the context of these measures, is limited to cases of fraud or gross fault on their part. The existence or non-existence of a gross fault must be assessed on the basis of the concrete circumstances of the case in question, and in particular of the urgency with which those persons were confronted, of the practices on the financial markets, of the complexity of the case in question, of the threats to the protection of savings and of the risk of damage to the national economy resulting from the discontinuity of the institution concerned.

§ 6. All disputes to which the measures referred to in this article and the liability referred to in paragraph 5 could give rise fall within the exclusive jurisdiction of the Belgian courts, which apply exclusively Belgian law.

§ 7. For the purposes of the application of collective labour agreement No. 32bis concluded on 7 June 1985 in the National Labour Council, concerning the preservation of the rights of employees in the event of a change of employer resulting from the transfer of undertakings by agreement and regulating the rights of employees who are taken over upon takeover of assets after bankruptcy, the acts carried out by virtue of paragraph 1, 1°, are considered as acts carried out by the liquidation body or the body assimilated to it itself.

§ 8. Without prejudice to the general principles of law which he might invoke, the board of directors of the institution concerned may derogate from the statutory restrictions on its management powers if one of the situations referred to in paragraph 1 is of such a nature that it threatens to undermine the stability of the Belgian or international financial system. The board of directors draws up a special report justifying why this provision is applied, and setting out the decisions taken; this report is provided to the general meeting within two months.

Art. 36/28. - § 1. For the purposes of this article, the following shall be understood:

1° Royal Decree: the Royal Decree deliberated in the Council of Ministers taken in application of Article 36/27, § 1;

2° act of disposal: the transfer or the other act of disposal provided for in the Royal Decree;

3° court: the Court of First Instance in Brussels;

4° owners: the natural or legal persons who, on the date of the Royal Decree, are owners of the assets or shares or holders of the rights which constitute the subject matter of the act of disposal;

5° third-party acquirer: the natural or legal person, other than the Belgian State, who, according to the Royal Decree, will acquire the assets, shares or rights which constitute the subject matter of the act of disposal;

6° compensation: the compensation established by the Royal Decree for the benefit of the owners as consideration for the act of disposal.

§ 2. The Royal Decree enters into force on the day on which the judgment referred to in paragraph 8 is published in the Belgian State Gazette.

§ 3. The Belgian State must file a petition with the registry of the court in order to have it established that the act of disposal is in conformity with the law and that the compensation appears fair to it, taking into account in particular the criteria determined in paragraph 7, fourth paragraph.

Under penalty of nullity, this petition contains:

1° the identity of the liquidation body or the body assimilated to it concerned (hereinafter "the institution concerned");

2° where applicable, the identity of the third-party acquirer;

3° the justification of the act of disposal with regard to the criteria established in Article 36/27, § 1;

4° the compensation, the elements on the basis of which it was determined, in particular with regard to the variable part of which it would be composed and, where applicable, the key for distribution among the owners;

5° where applicable, the required authorizations from public authorities and all other suspensive conditions to which the act of disposal is subject;

6° where applicable, the price agreed with the third-party acquirer for the assets or shares which constitute the subject matter of the act of disposal, as well as the mechanisms for price revision or adjustment;

7° the statement of day, month and year;

8° the signature of the person representing the Belgian State or of the lawyer of the Belgian State.

A copy of the Royal Decree is attached to the petition.

The provisions of Part IV, Book II, Title Vbis of the Judicial Code, including Articles 1034bis to 1034sexies, are not applicable to the petition.

§ 4. The procedure initiated by the petition referred to in paragraph 3 excludes all other simultaneous or future appeals or legal actions against the Royal Decree or against the act of disposal, with the exception of the claim referred to in paragraph 11. By virtue of the filing of the petition, any other procedure, directed against the Royal Decree or the act of disposal, which would previously have been initiated and would still be pending before another ordinary or administrative court, becomes moot.

§ 5. Within seventy-two hours after the filing of the petition referred to in paragraph 3, the president of the court determines, by order, the day and time of the court session referred to in paragraph 7, which must take place within seven days after the filing of the petition. This order includes all the mentions determined in paragraph 3, second paragraph.

The order is brought to the knowledge of the Belgian State, of the institution concerned and, where applicable, of the third-party acquirer, by judicial letter through the registry. It is simultaneously published in the Belgian State Gazette. This publication constitutes notification to any other owners than the institution concerned.

The order is also published by the institution concerned on its website within twenty-four hours after the notification.

§ 6. The persons referred to in paragraph 5, second paragraph, may consult the petition referred to in paragraph 3 and the attachments free of charge at the registry, until the judgment referred to in paragraph 8 is pronounced.

2° act of disposal: the transfer or the other act of disposal provided for in the Royal Decree;

3° the court: the Court of First Instance of Brussels;

4° the owners: the natural or legal persons who, on the date of the Royal Decree, are owners of the assets, securities or shares or holders of the rights, constituting the subject matter of the act of disposal;

5° the third-party acquirer: the natural or legal person other than the Belgian State who, by virtue of the Royal Decree, is called upon to acquire the assets, securities or shares or rights, constituting the subject matter of the act of disposal;

6° the compensatory indemnity: the indemnity that the Royal Decree provides for in favour of the owners in consideration for the act of disposal.

§ 2. The Royal Decree enters into force on the day of the publication in the Moniteur belge of the judgment referred to in paragraph 8.

§ 3. The Belgian State files with the registry of the court a petition seeking to have it established that the act of disposal is in conformity with the law and that the compensatory indemnity appears fair, taking into account in particular the criteria provided for in paragraph 7, fourth paragraph.

Under penalty of nullity, the petition contains:

1° the identity of the liquidation body or the assimilated body concerned (hereinafter, "the concerned body");

2° where applicable, the identity of the third-party acquirer;

3° the justification of the act of disposal with regard to the criteria set out in Article 36/27, § 1;

4° the compensatory indemnity, the bases on which it was determined, in particular with regard to the variable part that would compose it and, where applicable, the distribution key among the owners;

5° where applicable, the authorizations from public authorities required and all other suspensive conditions to which the act of disposal is subject;

6° where applicable, the price agreed with the third-party acquirer for the assets, securities or shares constituting the subject matter of the act of disposal, and the mechanisms for revision or adjustment of this price;

7° the indication of day, month and year;

8° the signature of the person representing the Belgian State or of its lawyer.

A copy of the Royal Decree is attached to the petition.

The provisions of Part Four, Book Two, Title Vbis of the Judicial Code, including Articles 1034bis to 1034sexies, are not applicable to the petition.

§ 4. The procedure introduced by the petition referred to in paragraph 3 excludes all other appeals or actions, simultaneous or future, against the Royal Decree or against the act of disposal, with the exception of the request referred to in paragraph 11. The filing of the petition renders moot any other procedure, directed against the Royal Decree or the act of disposal, which would have been previously introduced and would still be pending before another judicial or administrative jurisdiction.

§ 5. Within seventy-two hours of the filing of the petition referred to in paragraph 3, the president of the court fixes, by way of order, the day and time of the hearing referred to in paragraph 7, which must take place within seven days following the filing of the petition. This order reproduces the entirety of the mentions provided for in paragraph 3, second paragraph.

The order is notified by the registry by judicial letter to the Belgian State, to the concerned body as well as, where applicable, to the third-party acquirer. It is simultaneously published in the Moniteur belge. This publication constitutes notification with regard to the owners other, where applicable, than the concerned body.

Within twenty-four hours of the notification, the concerned body also publishes the order on its Internet site.

§ 6. The persons referred to in paragraph 5, second paragraph may, until the pronouncement of the judgment referred to in paragraph 8, consult free of charge at the registry the petition referred to in paragraph 3 as well as its annexes.

§ 7. During the hearing fixed by the president of the court, as well as during any subsequent hearings that the court deems useful, the court hears the Belgian State, the institution concerned, the third acquirer if applicable, as well as the owners who voluntarily intervene in the procedure. In derogation from the provisions of Chapter II of Title III of Book II of Part IV of the Judicial Code, no other person than those referred to in the preceding paragraph may intervene in the procedure. After hearing the parties, the court verifies whether the disposal act is in conformity with the law and whether the compensation appears fair. The court takes into account the actual situation of the institution concerned at the time of the disposal act, in particular its financial situation as it was or would have been if no direct or indirect public aid had been granted. For the purpose of this paragraph, urgent liquidity advances and guarantees granted by a public law legal entity are assimilated to public aid. The court rules by a single judgment which is delivered within twenty days following the hearing fixed by the president of the court.

§ 8. The judgment by which the court establishes that the disposal act is in conformity with the law and that the compensation appears fair, serves as the deed of transfer of ownership of the assets and shares that constitute the subject matter of the disposal act, subject however to the suspensive conditions referred to in paragraph 3, second paragraph, 5°.

§ 9. No appeal, opposition, or third-party opposition is possible against the judgment referred to in paragraph 8. The judgment is notified by judicial letter to the Belgian State, the institution concerned, and, if applicable, the third acquirer, and is simultaneously published by extract in the Belgian State Gazette. This publication constitutes notification to any other owners than the institution concerned, and renders the disposal act opposable to third parties without further formality. The judgment is also published by the institution concerned on its website within twenty-four hours of notification.

§ 10. Following notification of the judgment referred to in paragraph 8, the Belgian State or, if applicable, the third acquirer, deposits the amount of compensation with the Deposit and Consignment Office, without any formality being required for this purpose. The Belgian State ensures that a notice confirming that the suspensive conditions referred to in paragraph 3, second paragraph, 5°, have been met is published in the Belgian State Gazette. From the publication referred to in the second paragraph, the Deposit and Consignment Office is required to pay to the owners, according to the manner determined by the King, the amount of the deposited compensation, without prejudice to any regular third-party attachments or objections against the deposited amount.

§ 11. The owners may bring an action before the court to revise the compensation, under penalty of forfeiture within two months from the publication in the Belgian State Gazette of the judgment referred to in paragraph 8. This action has no effect on the transfer of ownership of the assets or shares that constitute the subject matter of the disposal act. The action for revision is otherwise governed by the Judicial Code. Paragraph 7, fourth paragraph, applies.

Art. 36/29. - For the performance of its supervisory mission referred to in Articles 36/25 and 36/26 or to respond to requests for cooperation from competent authorities within the meaning of Article 36/14, § 1, 2° and 3°, the Bank has the following powers with regard to clearing or settlement institutions and institutions assimilated to settlement institutions:

a) it may have communicated to it any information and any document, in whatever form;

b) it may carry out on-site inspections and expertises, take knowledge and make a copy on-site of any document, database, and registration, and have access to any computer system;

c) it may ask the auditors or persons responsible for the control of the annual accounts of these entities, at the expense of these entities, to provide special reports on the subjects indicated by it;

d) when these entities are established in Belgium, it may require them to provide it with all useful information and documents regarding companies that are part of the same group and are established abroad.

Art. 36/30. - § 1. The Bank may order any clearing or settlement institution and any institution assimilated to a settlement institution to comply with the provisions of Articles 36/25 and 36/26 or their implementing decisions within the period set by it.

Without prejudice to the other measures provided by law, the Bank may, if the clearing or settlement institution or the institution assimilated to a settlement institution to which it has addressed an order under the application of the first paragraph, fails to comply upon expiration of the imposed period, and provided that that institution has been able to assert its means:

1° make public its position regarding the relevant failure;

2° impose the payment of a penalty which, per calendar day, may not be less than 250 euros, nor more than 50,000 euros, nor exceed in total 2,500,000 euros;

3° appoint a special auditor with respect to a clearing or settlement institution or an institution assimilated to a settlement institution, whose registered office is established in Belgium, whose authorization is required for the acts and decisions determined by the Bank.

In urgent cases, the Bank may take the measures referred to in the second paragraph, 1° and 3°, without prior order under the application of the first paragraph, provided that the institution has been able to assert its means.

§ 2. Without prejudice to the other measures provided by law, if, in accordance with Articles 36/9 to 36/11, it establishes an infringement of the provisions of Articles 36/25 and 36/26 or their implementing decisions, the Bank may impose an administrative fine on the offender which may not be less than 2,500 euros, nor for the same fact or set of facts more than 2,500,000 euros. When the infringement has provided a financial advantage to the offender, this maximum is increased to double the amount of this advantage and, in case of recidivism, to triple this amount.

§ 3. The penalties and fines imposed under § 1 or § 2 are collected for the benefit of the Treasury by the Administration of the Cadastre, Registration, and Domains.

Art. 36/31. - § 1. Those who carry out in Belgium clearing or settlement activities in financial instruments without being authorized pursuant to Articles 36/25 and 36/26 or if this authorization has been revoked; those who infringe the provisions established pursuant to Articles 36/25 and 36/26 and designated by the King in the relevant decisions; and those who prevent the investigations and expertises carried out by the Bank pursuant to this chapter, or knowingly provide it with incorrect or incomplete information, are punished by imprisonment of one month to one year and a fine of 50 euros to 10,000 euros or by one of these penalties only:

1° those who carry out in Belgium clearing or settlement activities in financial instruments without being authorized pursuant to Articles 36/25 and 36/26 or if this authorization has been revoked;

2° those who infringe the provisions established pursuant to Articles 36/25 and 36/26 and designated by the King in the relevant decisions;

3° those who prevent the investigations and expertises carried out by the Bank pursuant to this chapter, or knowingly provide it with incorrect or incomplete information.

§ 2. The provisions of Book I of the Penal Code, including Chapter VII and Article 85, apply to the infringements referred to in § 1. »

CHAPTER 12. — Modifications to the Companies Code

Art. 197. In Article 468, sixth paragraph, of the Companies Code, last amended by the law of 25 April 2007, the following modifications are made:

a) the words “Commission for Banking, Finance and Insurance” are replaced each time by the words “National Bank of Belgium”;

b) in the provision under 3°, the words “which were attributed to it by the law of 2 August 2002 concerning the supervision of the financial sector and financial services” are replaced by the words “which are attributed to it by the law.”.

CHAPTER 13. — Amendments to the Law of 2 August 2002 concerning the supervision of the financial sector and financial services

Art. 198. In the Law of 2 August 2002 concerning the supervision of the financial sector and financial services, the word “NBB” is replaced by the word “Bank” wherever it appears.

Art. 199. In Article 2, first paragraph, of the same Law, last amended by the Law of 2 July 2010, the following amendments are made:
a) in the provision under 1°, k), the words “on advice of the CBFA” are replaced by the words “on advice of the CBFA and the Bank”; b) the provision under 20°bis is inserted, reading:
“20°bis ‘the organic law of the Bank’: the Law of 22 February 1998 establishing the organic statute of the National Bank of Belgium;” c) in the provision under 28°, the words “on advice of the CBFA” are replaced by the words “on advice of the CBFA and the Bank”; d) the provisions under 39° and 40° are repealed.

Art. 200. In the same Law, last amended by the Law of 2 July 2010, the heading of Chapter II is supplemented with the words “and conduct rules”.

Art. 201. In Chapter II of the same Law, the heading of Section II, amended by the Royal Decree of 27 April 2007, is supplemented with the words “or whose value depends on a financial instrument issued or guaranteed by the State or Belgian public authorities”.

Art. 202. In Article 14 of the same Law, last amended by the Royal Decree of 27 April 2007, the following amendments are made:
1° in paragraph 1, the following amendments are made:
a) the preamble is replaced as follows:
“Regarding the financial instruments which He designates and which are issued or guaranteed by the State or Belgian public authorities, or the financial instruments which He designates and whose value depends on a financial instrument issued or guaranteed by the State or Belgian public authorities, the King, on advice of the Bank and the CBFA:
”; b) the paragraph is supplemented with the provision under 6°, reading:
“6° determine the manner in which the public is to be informed about the secondary market for these instruments.”
2° the article is supplemented with a paragraph 3, reading:
“§ 3. The CBFA is responsible for supervising the data regarding transactions carried out by market makers as referred to in Article 16 of the Royal Decree of 20 December 2007 concerning linear bonds, split securities, and treasury certificates, which these market makers communicate to the CBFA pursuant to their specifications. The CBFA keeps the General Administrator of the Treasury and the Debt Agency informed of the monthly volumes achieved by the market makers. The King also determines the modalities of this supervision, as well as the frequency and content of the communications to the General Administrator of the Treasury and to the Debt Agency.”

Art. 203. In Article 21, second paragraph, of the same Law, the words “the CBFA shares” are replaced by the words “The CBFA and the Bank share” and the word “would” is replaced by the word “would” (plural).

Art. 204. Article 22 of the same Law is repealed:

Art. 205. Article 23 of the same Law, last amended by the Law of 2 June 2010, is replaced as follows:
“Art. 23. Clearing houses and institutions treated as clearing houses in application of Article 36/26, § 7, of the Law of 22 February 1998 establishing the organic statute of the National Bank of Belgium:
— take appropriate organizational and administrative measures to prevent that conflicts of interest between the institution, its directors, senior management, employees, and agents, or an affiliated company, on the one hand, and its clients on the other, or between its clients themselves, would harm the interests of the latter; — keep records of the services and activities performed by them to enable the CBFA to verify whether they fulfill their obligations towards their clients or potential clients; — when holding financial instruments belonging to their clients, take appropriate measures to safeguard the rights of their clients in the event of their insolvency. They take appropriate measures to prevent financial instruments belonging to clients from being used for their own account, unless the concerned clients expressly consent.”

Art. 206. Articles 23bis and 23ter of the same Law, inserted by the Law of 2 June 2010, are repealed.

Art. 207. In Chapter II, Section 7, of the same Law, a Sub-section 1 is inserted, comprising Article 24 and reading “Sub-section 1. Use of a qualified intermediary”.

Art. 208. In Chapter II, Section 7, of the same Law, a Sub-section 2 is inserted, comprising Articles 25 and 25bis and reading “Sub-section 2. Market Abuse”.

Art. 209. In Chapter II, Section 7, of the same Law, a Sub-section 3 is inserted, comprising Articles 26 to 30 and reading “Sub-section 3. Conduct Rules”.

Art. 210. In Article 26 of the same Law, replaced by the Royal Decree of 27 April 2007, the following amendments are made:
1° the first paragraph, 1°, is supplemented with the words “except for what concerns the branches established by them in another Member State of the EEA; 2° the second paragraph is replaced as follows:
“The persons mentioned in the first paragraph and the persons to whom the provisions of this sub-section are declared applicable in whole or in part in implementation of Article 28ter, are designated in this sub-section as ‘regulated enterprises’.”

Art. 211. In Chapter II, Section 7, of the same Law, a Sub-section 4 is inserted, comprising Articles 31 and 32 and reading “Sub-section 4. Privilege of qualified intermediaries and clearing and settlement institutions, and trading exception”.

Art. 212. In Article 33 of the same Law, the words “without prejudice to the powers granted to the NBB by Article 8 of the Law of 22 February 1998 establishing the organic statute of the National Bank of Belgium and by Articles 22 and 23” are replaced by the words “without prejudice to the powers granted to the Bank by Articles 8, 63 and 64 of the organic law of the Bank”.

Art. 213. In Article 34, § 1, 1°, of the same Law, the words “market makers as referred to in Article 16 of the Royal Decree of 20 December 2007 concerning linear bonds, split securities, and treasury certificates,” are inserted between the words “members of a Belgian regulated market or MTF,” and the word “market enterprises”.

Art. 214. In Article 36, § 1, second paragraph, 3°, of the same Law, the words “or a clearing or settlement institution” are deleted.

Art. 215. In the same Law, an Article 36bis is inserted, reading:
“Art. 36bis. § 1. When the CBFA finds that a regulated enterprise referred to in Article 26, first paragraph, 1°, 3° and 5°, or an insurance company seriously violates the rules referred to in Article 45, § 1, first paragraph, 3°, or § 2, thereby harming the interests of the parties concerned, or when the organization of the enterprise presents serious shortcomings such that compliance with these rules cannot be ensured, the CBFA, without prejudice to Article 36, may set the time limit within which this situation must be remedied. If the enterprise referred to in the first paragraph is a credit institution, an insurance company, or a stock exchange company, the CBFA informs the Bank of the facts established regarding the concerned enterprise. § 2. If, at the end of this time limit, the situation has not been remedied, the CBFA may:
1° for the duration it determines, suspend entirely or partially the direct or indirect exercise of the business of the enterprise or prohibit it. In particular, it may prohibit the enterprise from continuing to offer certain investment services, banking services, or insurance services to its clients, or prohibit it from continuing to perform certain activities.”

services may no longer relate to certain financial instruments, investment products, or insurance products.

The members of the governing and policy-making bodies and the persons responsible for management who perform acts or take decisions despite the suspension or prohibition are jointly liable for the damage resulting therefrom for the company or for third parties.

If the CBFA has published the suspension or prohibition in the Belgian State Gazette, all acts and decisions contrary to it are null and void.

2° order the replacement of the concerned directors or managers of the company within the time limit determined by it, regarding credit institutions, stock exchange companies, and insurance companies, after consulting the Bank. The CBFA publishes its decision in the Belgian State Gazette.

3° in the event that a credit institution, an insurance company, or a stock exchange company seriously and systematically infringes the rules referred to in Article 45, § 1, first paragraph, 3°, or § 2, request the Bank to revoke the authorization, or revoke the authorization itself if it concerns another company subject to its supervision.

§ 3. Before taking measures against a credit institution, stock exchange company, or insurance company applying § 2, 1° and 2°, the CBFA informs the Bank of the measures it intends to take.

From the receipt of this notification, the Bank has a period of ten days to oppose the proposed measures. The Bank may only oppose the proposed measures if they are likely to compromise the stability of the financial system or if the CBFA intends to completely suspend or prohibit the business of the company. Upon expiration of the ten-day period, the Bank is deemed not to oppose the proposed measures.

The Bank justifies its decision to oppose the proposed measures and communicates it to the CBFA by all useful means. The Bank determines the period during which the proposed measures cannot be executed, without this period exceeding 30 days. This period may be extended with the consent of the CBFA.

In the absence of an agreement between the Bank and the CBFA, the Bank informs the CBFA, before the expiration of the aforementioned period, of the initiation of the arbitration procedure referred to in § 4.

If the Bank does not use the possibility provided for in the second or fourth paragraph, or if the arbitration panel decides that the measures proposed by the CBFA do not compromise financial stability, the CBFA may take the relevant measures applying § 2.

§ 4. The Bank initiates the arbitration procedure by formally notifying the CBFA. In the notification, it states the person it designates to sit on the arbitration panel.

Within five working days after receipt of this notification, the CBFA informs the Bank and the person designated by the Bank of the person it designates to sit on the arbitration panel.

The two designated persons jointly choose a third person to sit on the arbitration panel within five working days. They inform the Bank and the CBFA of their choice.

The members of the arbitration panel possess the necessary knowledge and experience, both regarding prudential supervision and regarding the rules referred to in Article 45, § 1, first paragraph, 3°, and § 2. They must not be in a situation where they have a personal or proprietary interest in the company concerned.

They may not be staff members or members of a body of the Bank or the CBFA.

Within two working days after receipt of the notification referred to in the third paragraph, the Bank and the CBFA may challenge a designated member of the arbitration panel insofar as there are serious indications that the person concerned does not meet the aforementioned conditions.

In such a case, a new member is designated within five working days according to the aforementioned procedure.

The arbitration panel decides within one month after it is fully constituted.

The decisions of the arbitration panel are binding and not subject to appeal.

The costs of the arbitration procedure form part of the operating costs of the Bank and the CBFA, each bearing half.

The modalities, operation, remuneration of the members, and procedures of the arbitration panel are determined in a protocol concluded for this purpose by the Bank and the CBFA.

Article 74 applies to the arbitrators regarding the information they have obtained in the framework of their duties.

§ 5. The Bank may only refuse to comply with the request of the CBFA formulated in accordance with § 2, 3°, to revoke the authorization, if that revocation is likely to compromise the stability of the financial system. The Bank justifies its decision not to comply with the request of the CBFA and notifies that decision to the CBFA within five days. The CBFA may appeal the decision of the Bank to the Minister within a period of fifteen days following receipt thereof. It informs the Bank of this. The Minister decides within one month from the receipt of the file. He communicates his reasoned decision to the CBFA and the Bank within a period of eight days."

Art. 216. In Article 41 of the same law, amended by the law of 2 June 2010, the provision under 1° is repealed.

Art. 217. Article 45 of the same law, most recently amended by the law of 2 July 2010, is replaced as follows:

« Art. 45. § 1. The CBFA has the mission, in accordance with this law and the special laws applicable to it:

1° to supervise compliance with the rules aiming at the protection of the interests of investors in transactions involving financial instruments and compliance with the rules ensuring the proper functioning, integrity, and transparency of financial instrument markets, and more specifically the rules referred to in Chapter II;

2° to ensure supervision on:

a. portfolio management companies and investment advisory companies, management companies of collective investment institutions, and exchange offices;

b. collective investment institutions;

c. companies and transactions referred to in the law of 4 August 1992 on mortgage credit;

d. companies and transactions referred to in the law of 12 June 1991 on consumer credit;

e. insurance and reinsurance intermediaries referred to in the law of 27 March 1995 concerning insurance and reinsurance intermediation and the distribution of insurance;

f. intermediaries in banking and investment services referred to in the law of 22 March 2006 concerning intermediation in banking and investment services and the distribution of financial instruments;

g. occupational pension institutions referred to in the law of 27 October 2006 concerning supervision of occupational pension institutions;

3° to supervise compliance by credit institutions, insurance companies, stock exchange companies, clearing institutions, settlement institutions, and institutions equivalent to settlement institutions, of the following provisions, insofar as they apply to them:

a. Chapter II, and the decrees taken for its implementation;

b. the law of 25 June 1992 on the land insurance contract;

c. the law of 27 March 1995 concerning insurance and reinsurance intermediation and the distribution of insurance;

d. the law of 22 March 2006 concerning intermediation in banking and investment services and the distribution of financial instruments;

e. Articles 3bis, 9, § 1, first paragraph, last sentence, 11, 3°, 6°, and 8°, 19, § 1, 19bis, 19ter, 20, 21octies, § 1 and § 2, third paragraph, 28ter to 28decies, 64, § 2, 65, 76, and 77 of the law of 9 July 1975 concerning the supervision of insurance companies and their implementing provisions;

f. Article 14bis of the law of 9 July 1975 concerning the supervision of insurance companies, Articles 20 and 20bis of the law of 22 March 1993 on the status and supervision of credit institutions, and Articles 62 and 62bis of the law of 6 April 1995 on the status and supervision of investment companies, from the angle of compliance with

objectives of compliance with the rules ensuring honest, fair and professional treatment of interested parties;

f. Article 77bis of the Law of 6 April 1995 on the status and supervision of investment firms;

4° to supervise compliance with:

a. Title II, Chapter 1, Section 4 of the Law Programme (I) of 24 December 2000 on supplementary pensions for self-employed persons;

b. the Law of 28 April 2003 on supplementary pensions and the tax system of those pensions and of certain supplementary benefits regarding social security;

5° to contribute to compliance with the rules intended to protect savers and investors against the unlawful offer or illegal supply of financial products or services;

6° to contribute to the financial education of savers and investors.

On the advice of the Bank and the CBFA, and in particular to take into account the state of European regulation in this area, the King may, for the implementation of the provisions referred to in the first paragraph, 3°, and for the supervision by the CBFA of compliance with those provisions by the institutions or persons referred to in the first paragraph, 2° or 3°, make a distinction between professional and non-professional interested parties or between certain categories of professional interested parties.

In derogation from points 3°, b, c, e and f of the first paragraph, the supervision of mutual insurance companies referred to in Articles 43bis, § 5 and 70, §§ 6, 7 and 8, of the Law of 6 August 1990 on sickness funds and national unions of sickness funds, as well as of their operations, falls within the competence of the Control Service for Sickness Funds and National Unions of Sickness Funds.

§ 2. In order to promote the honest, fair and professional treatment of interested parties, the King may, on the advice of the CBFA and the Bank, for the institutions and persons referred to in § 1, first paragraph, 2° and 3°, extend the rules referred to in § 1, first paragraph, 3°, with provisions relating to:

information obligations towards interested parties;
contractual obligations and conditions;
the obligation to act in the best interests of clients (duty of care);
arrangements relating to benefits linked to the services provided;
the provision of services via the internet;
advertising rules;
complaint handling;
transparency regarding prices, remuneration and costs;
accessibility of the services provided.

He may in particular determine different rules depending on whether it concerns professional or non-professional interested parties or between certain categories of professional interested parties.

§ 3. For the purposes of this article, "interested parties" means the clients and potential clients of the undertakings concerned, the policyholders, the insured persons and the beneficiaries of insurance contracts concluded with insurance undertakings.

§ 4. The provisions of Articles 36 and 37 apply in the event that the rules referred to in § 1, first paragraph, 3°, f and g, or the obligations imposed under § 2, are not complied with. »

Art. 218. In the same law, an Article 45bis is inserted, worded as follows:

« Art. 45bis. The CBFA and the Bank may agree on modalities of cooperation in the fields they determine. »

Art. 219. In Article 47 of the same law, amended by the Law of 27 April 2007, the words "the sanctions committee," are inserted between the words "the supervisory board," and the words "the management committee".

Art. 220. Article 48 of the same law, last amended by the Law of 2 July 2010, is replaced as follows:

« Art. 48. § 1. The tasks of the supervisory board are the following:

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1° to exchange views on general matters concerning the powers entrusted to the CBFA, the supervision of the undertakings under its supervision, and developments in the field of supervision of the Belgian, European and international financial markets;

2° to give opinions to the management committee regarding the general priorities concerning the CBFA's supervisory policy;

3° to provide opinions to the management committee on all matters concerning the preparation and implementation of its policy and in connection with all proposals regarding the supervisory fields entrusted to the CBFA;

4° on the proposal of the management committee and of the audit committee as referred to in the second paragraph, to approve the annual budget, the annual accounts and the part of the annual report concerning the supervisory board;

5° to propose to the King, on the proposal of the management committee, the general rules for the financing of the CBFA's activity at the expense of the undertakings subject to its supervision and through remuneration received for the examination of files concerning operations or products subject to its supervision;

6° to give an opinion to the King prior to the appointments referred to in Articles 49, § 6, 50, § 2 and 51, § 3;

7° to exercise general supervision over the CBFA.

In order to exercise the supervisory task referred to in the first paragraph, 7°, the board establishes from among its members an audit committee consisting of three members chosen from among the members who may not hold a participation within the meaning of Article 13 of the Companies Code in an undertaking subject to the permanent supervision of the CBFA, nor exercise a function or mandate in an undertaking subject to the permanent supervision of the CBFA or in a professional association representing the undertakings under the supervision of the CBFA.

The audit committee takes note of the internal audit reports and of the follow-up given to them by the management committee.

It communicates to the chairman of the management committee any useful recommendation.

It examines the budget and the annual accounts in draft form as drawn up by the management committee before they are approved by the board.

It reports annually to the board.

§ 2. The board is composed of ten to fourteen members who are not part of the management committee, nor of the CBFA staff.

The members are appointed by the King, on joint proposal of the Minister responsible for Finance, the Minister responsible for the Economy and the Minister responsible for Consumer Protection, for a renewable term of six years. During their term of office, the chairman of the supervisory board and at least half of the other members may not, in an undertaking subject to the permanent supervision of the CBFA, hold a participation within the meaning of Article 13 of the Companies Code, nor exercise a function or mandate in an undertaking subject to the permanent supervision of the CBFA or in a professional association representing the undertakings subject to the supervision of the CBFA. If a mandate as a member falls vacant for any reason, the member shall be replaced for the remainder of the term. In the absence of renewal of a sufficient number of mandates so that the board is validly composed, the members remain in office until the board meets for the first time in its new composition.

The board counts as many Dutch-speaking members as French-speaking members.

During the five years preceding their appointment, the members of the supervisory board may not have been part of any other body of the CBFA than the supervisory board, or of its staff.

§ 3. The board meets whenever the chairman of the supervisory board or four of its members deem it necessary and at least four times per year. The chairman of the supervisory board sets the agenda for the meetings. The board can only validly decide if the majority of its members are present. Decisions are taken by a majority of the votes cast. In the event of a tie, the vote of the chairman of the supervisory board is decisive.

§ 4. The King determines the amount of the attendance allowance granted to the members and to the chairman.

§ 5. The chairman of the supervisory board is elected from and by the members of the supervisory board. »

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Art. 221. In Article 48bis of the same law, inserted by the Law of 2 July 2010, the following amendments are made:

1° in § 1, first paragraph, the words “and the CSRSFI” are deleted;

2° in § 3, second paragraph, the words “nor hold securities of an undertaking subject to the permanent supervision of the CBFA, regardless of whether those securities represent the capital of that undertaking or not, nor” are deleted, the word “any” is replaced by the words “no”, and the last sentence is deleted;

3° in § 3, eighth paragraph, the words “establish procedural rules that will apply to” are replaced by the words “establish procedural rules and ethical rules for”.

Art. 222. Article 49 of the same law, last amended by the Law of 2 July 2010, is replaced as follows:

“Art. 49. § 1. The Management Committee is responsible for the management and administration of the CBFA and determines the orientation of its policy. It appoints and dismisses staff members and determines their remuneration as well as all other benefits. It takes decisions on all matters that are not expressly reserved by law to another body.

§ 2. The Management Committee determines the orientations and general priorities regarding supervisory policy, establishes an annual supervisory plan, and determines the measures that may be taken regarding each sector under the supervision of the CBFA.

§ 3. On advice of the Supervisory Board, the Management Committee establishes the regulations referred to in Article 64. The Management Committee establishes, in circulars, recommendations, or codes of conduct, all measures to clarify the application of the legal or regulatory provisions whose application the CBFA monitors.

On advice of the Supervisory Board and the Consumer Council, established by the Royal Decree of 20 February 1964 establishing a Consumer Council, the Management Committee establishes, without prejudice to the powers of the Minister responsible for the Economy, regulations that, taking into account the interests of consumers of financial services, may provide for a prohibition or restrictive conditions concerning the marketing of retail investment products, or promote transparency regarding the pricing and administrative costs of such products. These regulations may supplement the relevant legal or regulatory provisions on technical points.

§ 4. The various authorities exercising legislative or regulatory power may request the opinion of the CBFA on any draft legislative or regulatory act concerning the supervisory missions with which the CBFA is or would be charged.

§ 5. The Management Committee takes note of developments and general questions on an economic, systemic, or structural level that may have an impact on the areas of competence of the CBFA, and of all questions concerning the application of legislation or regulation in the areas of competence of the CBFA.

§ 6. The Management Committee consists, in addition to the Chair, of three members.

The members of the Management Committee together comprise as many Dutch-speaking members as French-speaking members.

The members of the Management Committee are appointed by the King, on advice of the Supervisory Board, on joint proposal of the Minister responsible for Finance and the Minister responsible for Consumer Protection, for a renewable term of six years, and receive a remuneration and a pension at the expense of the CBFA, the amounts of which are determined by the King.

In the absence of reappointment, the members remain in office until the Management Committee first meets in its new composition.

If a mandate as a member falls vacant for any reason whatsoever, the member shall be replaced for the remainder of the mandate.

The members of the Management Committee must be Belgian.

On joint proposal of the Minister responsible for Finance, the Minister responsible for the Economy, and the Minister responsible for Consumer Protection, and on advice of the Supervisory Board, the King designates among the members of the Management Committee a Vice-Chair who belongs to the other language group than the Chair of the Management Committee.

The Management Committee designates from among its members or among the staff a representative who sits with a consultative vote in the management committee and in certain technical committees of the Work Accident Fund. Similarly, the management committee of the Work Accident Fund designates a representative who sits in one of the advisory committees referred to in Article 69 charged with handling files relating to work accident insurance.

§ 7. The Management Committee meets whenever the Chair of the Management Committee or two of its members deem it necessary and at least twelve times per quarter.

The Management Committee may only validly decide if half of its members are present. Decisions are taken by a majority of the votes cast. In the event of a tie, the vote of the Chair is decisive.

Minutes are drawn up of the deliberations of the Management Committee. The minutes are signed by all members present.

§ 8. In urgent cases, the Management Committee may delegate to one or more of its members the authority to decide on the application of Article 7, § 3, of this law, of Article 7 of the Royal Decree of 27 April 2007 on public takeover bids, and of Article 7 of the Royal Decree of 27 April 2007 on public squeeze-out bids.

Decisions taken on the basis of powers delegated under this paragraph are communicated to the Management Committee at the latest at its next ordinary meeting.

§ 9. The Management Committee conducts an open consultation at least once a year on the quality of the information provided by all or some of the institutions and undertakings to which all or some of the rules referred to in Article 45, § 1, first paragraph, 1°, and 51, concerning the protection of the interests of investors and savers, apply. This consultation takes place in accordance with Article 64, second paragraph.”

Art. 223. Article 50, paragraph 2, first paragraph of the same law, last amended by the Law of 27 April 2007, is replaced by the following provision:

“§ 2. The Chair of the Management Committee is appointed by the King, on advice of the Supervisory Board, and on joint proposal of the Minister responsible for Finance, the Minister responsible for the Economy, and the Minister responsible for Consumer Protection, for a renewable term of six years.”

Art. 224. Article 51 of the same law, last amended by the Royal Decree of 25 March 2003 and by the Law of 2 July 2010, is replaced as follows:

“Art. 51. § 1. The Secretary-General is responsible for the general administrative organization and the administrative management of the services of the CBFA, in accordance with the rules established in the internal regulations of the CBFA and under the collegiate authority of the Management Committee.

§ 2. The Secretary-General attends the meetings of the Management Committee with a consultative vote. He organizes the secretariat of the bodies of the CBFA.

§ 3. The Secretary-General is appointed by the King, on advice of the Supervisory Board, and on joint proposal of the Minister responsible for Finance and the Minister responsible for Consumer Protection, for a renewable term of six years.

His status, his remuneration, and his pension are determined by the King.

§ 4. The Management Committee makes the necessary resources available to the Secretary-General, both in terms of personnel and delegations as well as material resources, for the execution of the missions referred to in this article.

§ 5. The investigations referred to in Article 70 are conducted by the Secretary-General.

To that end, he holds the title of Auditor and exercises the powers assigned to the CBFA.”

Art. 225. In Article 52 of the same law, replaced by the Law of 2 July 2010, the words “of the members and the Chair of the Supervisory Board, of the members and the Chair of the Management Committee” are replaced by the words “of the members of the Supervisory Board, of the Chair and the members of the Management Committee”.

Art. 226. Article 53 of the same law, last amended by the law of 2 July 2010, is replaced as follows:

« Art. 53. Members of the Legislative Chambers, the European Parliament, the Community and Regional Parliaments, persons holding the status of Minister or State Secretary or member of a Community or Regional Government, and members of the cabinets of a member of the Federal Government or a Community or Regional Government may not hold the functions of Chairman of the Executive Committee, Secretary-General, member of the Supervisory Board, member of the Sanctions Commission, or member of the Executive Committee of the CBFA. These latter functions terminate by operation of law when the holder takes the oath for the exercise of the aforementioned functions or exercises such functions.

The Chairman of the Executive Committee, the members of the Executive Committee, and the Secretary-General may not exercise any function, personally or through a legal entity, in an undertaking subject to the permanent supervision of the CBFA or whose activities are subject to its supervision.

The prohibitions set out in paragraph 2 remain valid for one year after the end of the term. During this period and provided they do not exercise another full-time function during this period, the Chairman, the members of the Executive Committee, and the Secretary-General receive an annual salary equal to the annual salary they received in the context of their mandate.

The Supervisory Board may, on the advice of the Executive Committee, derogate from the prescribed prohibition for the relevant period after the end of the mandate when it establishes the absence of a significant influence of the intended activity on the independence of the person in question. »

Art. 227. In Article 54, first paragraph, of the same law, the words « proposed by the Executive Committee and approved by the Supervisory Board » are replaced by the words « which is established by the Executive Committee ».

Art. 228. In Article 55 of the same law, last amended by the law of 14 February 2005, the following changes are made:
1° the second paragraph is repealed;
2° the third paragraph, which becomes the second paragraph, is replaced as follows:

« The Executive Committee establishes the administrative and financial status of the statutory staff. »

Art. 229. In Article 56, first paragraph, of the same law, the following changes are made:
1° the words « whose activities are subject to its supervision » are replaced by the words « whose activities or products are subject to its supervision »; 2° the words « These costs include the costs relating to the advice, expertise and assignments entrusted to the CBFA » are replaced by the words « These costs include the costs relating to the advice, expertise and assignments entrusted to the CBFA, as well as the costs of the various advisory committees established by law in the areas of competence of the CBFA ».

Art. 230. Article 59 of the same law, amended by the Royal Decree of 25 March 2003, is replaced as follows:

« Art. 59. On the proposal of the Executive Committee, the Supervisory Board establishes the internal regulations of the CBFA. This regulation contains the essential rules regarding the functioning of the bodies. »

Art. 231. Article 61 of the same law, last amended by the law of 27 April 2007, is replaced as follows:

« Art. 61. § 1. With regard to third parties and in court, the CBFA is represented by the Chairman of the Executive Committee and, in his absence, by the Vice-Chairman or two members of the Executive Committee acting jointly.

The Executive Committee may delegate specific and limited representation powers to one or more of its members, assisted or not by a member of the CBFA staff. These delegation mandates are published on the CBFA website or in any other appropriate manner.

§ 2. Except for the adoption of regulations, the Executive Committee may, within the framework of the processing of individual files or not, delegate to one of its members the power to take any decision in matters of minor importance or relating to details.

Any delegation mandate may be revised or withdrawn at any time by the Executive Committee. The internal regulations of the CBFA specify the cases in which a delegation of powers may be granted and regulate the publicity to be given to these mandates. »

Art. 232. In Article 69 of the same law, the first paragraph is replaced as follows:

« The Executive Committee may establish advisory committees whose tasks, composition, and functioning it determines. »

Art. 233. In Article 74, first paragraph, of the same law, last amended by the law of 2 July 2010, the words « the Chairman of the Supervisory Board, » are deleted.

Art. 234. In Article 75, § 1, of the same law, last amended by the law of 2 July 2010, the following changes are made:
1° in the provision under 5°, the words « Article 45, § 1, 5° to 12° » are each replaced by the words « Article 45 »; 2° the provision under 19°, inserted by the law of 2 July 2010, is repealed; 3° the paragraph is supplemented with the provision under 20°, reading:

« within the limits of the European directives, to the Debt Agency in the framework of the supervision of market holders as referred to in Article 14, § 3, of this law ».

Art. 235. In Article 77bis of the same law, inserted by the Royal Decree of 27 April 2007, the words « Article 45, § 1, 1°, 3° and 4° » are replaced by the words « Article 45 ».

Art. 236. In Article 77quater of the same law, inserted by the law of 26 April 2010, the following changes are made:
1° the words « the CBFA and the Control Service for the Mutual Funds and the National Federations of Mutual Funds conclude a cooperation agreement » are replaced by the words « the Bank and the CBFA conclude cooperation agreements with the Control Service for the Mutual Funds and the National Federations of Mutual Funds »; 2° the words « The cooperation agreement regulates » are replaced by the words « The cooperation agreements regulate ».

Art. 237. In Chapter III of the same law, Section 8 is inserted, reading « Section 8. Compliance Officers ».

Art. 238. In Section 8 of Chapter III of the same law, inserted by Article 237, Article 87bis is inserted reading as follows:

« Art. 87bis. § 1. Investment firms, management companies for collective investment undertakings, credit institutions, and insurance companies under Belgian law, and branches established in Belgium of such institutions subject to the law of third countries, shall appoint one or more compliance officers for the purpose of ensuring compliance with the rules referred to in Article 45, § 1, first paragraph, 3°, and § 2, who possess the required professional integrity and appropriate knowledge and experience.

These persons carry out the following tasks under the responsibility of the effective management:
a) the monitoring and evaluation of the adequacy and efficiency of the policy, procedures, and measures aimed at ensuring compliance by the undertaking concerned and the relevant persons referred to in Article 45, § 1, first paragraph, 3°, and § 2; b) advising and assisting the relevant persons so that they comply with the aforementioned obligations.

The undertakings concerned shall inform the CBFA without delay of the appointment referred to in the first paragraph, as well as of any changes to the function of a compliance officer.

§ 2. The compliance officers who, within the undertakings concerned, are responsible for the tasks referred to in § 1 must be approved by the CBFA. The undertakings concerned shall submit an application for approval to the CBFA for this purpose.

By regulation as referred to in Article 64, the CBFA determines:
— the requirements regarding knowledge, experience, training, and professional integrity; — the modalities of the approval procedure.

The CBFA publishes on its website a list of the compliance officers it has approved with the undertakings concerned. »

§ 3. If a compliance officer no longer meets the recognition conditions, the CBFA may revoke the recognition based on a reasoned decision and after hearing the person concerned.
The CBFA may decide to make this revocation public by publishing it on its website.
§ 4. The provisions of Articles 36 and 37 apply in case of failure to comply with the obligations laid down in this article. »

Art. 239. In Chapter III of the same law, Section 9 is inserted, reading: « Section 9. Assistance of Auditors »

Art. 240. In Section 9 of Chapter III of the same law, inserted by Article 239, Article 87ter is inserted, reading as follows:

« Art. 87ter. § 1. The CBFA may, within the framework of the tasks assigned to it by Article 45, appoint an auditor accredited for this purpose by the CBFA to produce a report on the domains falling within its competence regarding:
— the adequacy of the organization of the companies and persons referred to in Article 45, § 1, 2° and 3°, in light of the rules referred to in Article 45, § 1, first paragraph, 3°, and § 2; — the compliance by the companies and persons concerned with the rules referred to in Article 45, § 1, first paragraph, 3°, and § 2. The accredited auditor has the following powers for this purpose:
a) he may have any information and any document, in whatever form, communicated to him, including information and documents relating to the relationship between the company and a specific client; b) he may carry out on-site inspections and expert appraisals, take knowledge of and make a copy of any document, database and registration, and have access to any computer system. The costs for the preparation of the report by the accredited auditor are borne by the company concerned.

§ 2. The CBFA lays down by regulation referred to in Article 64 the rules for the accreditation of and cooperation with auditors.
The accreditation regulation is issued after consultation with the accredited auditors through their representative professional association.
The Institute of Auditors informs the CBFA whenever a disciplinary procedure is initiated against an accredited auditor due to a failure in the performance of his duties at a company, as well as whenever a disciplinary measure is taken against an accredited auditor, stating the reasoning. The CBFA may at any time revoke the accreditation of the auditor concerned by a decision motivated by reasons related to his status or his assignment as an accredited auditor, as determined by or pursuant to this law. With this revocation, the assignment of the accredited auditor ends. »

Art. 241. In Chapter III of the same law, Section 10 is inserted, reading: « Section 10. Reporting ».

Art. 242. In Section 10, inserted by Article 241, Article 87quater is inserted, reading as follows:

« Art. 87quater. By regulation as referred to in Article 64, the CBFA may, with respect to the institutions referred to in Article 45, § 1, first paragraph, 2° and 3°, lay down rules regarding reporting that must be periodically submitted to the CBFA concerning the activities and services under its supervision. The CBFA may make a distinction between categories of institutions. These regulations are adopted after consultation with the institutions concerned through their professional associations. »

Art. 243. In the same law, Chapter IV, inserted by the law of 2 July 2010, which contains Articles 88 to 106, is repealed.

Art. 244. In Article 121, § 1, first paragraph, 4°, of the same law, last amended by the law of 22 December 2009, the following amendments are made:
1° the words « Article 103, § 1, third paragraph, or § 2, of the law of 22 March 1993 on the status of and supervision of credit institutions » are replaced by the words « Article 58quater, § 2, of the Programme Law (I) of 24 December 2002 »; 2° the words « Article 74, § 1, third paragraph, or § 2, of the law of 16 February 2009 on the reinsurance business » are replaced by the words « Article 49quater, § 2, of the law of 28 April 2003 concerning supplementary pensions and the tax system of those pensions and of certain supplementary benefits concerning social security »; 3° the words « Article 50, § 2, third paragraph, and § 3 of the law of 21 December 2009 on the status of payment institutions, access to the business of payment service providers, and access to payment systems » are repealed.

Art. 245. In Article 122 of the same law, last amended by the law of 2 July 2010, the following amendments are made:
1° the provisions under 1°, 4°, 5°, 6°, 9°, 11°, 13°, 14°, 15°, 16°, 20°, 34°, 35°, 36°, 37°, 38°; 40°, 41°, 42° and 43° are repealed; 2° in the provision under 7°, the words « concerning secondary markets, the status of and supervision of investment firms, intermediaries and investment advisors » are replaced by the words « concerning the status of and supervision of investment firms »; 3° the provision under 8° is replaced as follows:
« 8° by the investment firm, against the decisions taken by the CBFA pursuant to Article 104, § 1, 1°, 1°bis, 2°, 3° and 4°, of the aforementioned law of 6 April 1995 or the decisions referring to it. The appeal suspends the decision and its publication, unless the CBFA has declared its decision enforceable notwithstanding any appeal in case of serious danger to investors; »; 4° in the provision under 12°, the words « Article 21, § 1bis, of the aforementioned law of 9 July 1975 » are replaced by the words « Article 21, § 1ter, of the law of 9 July 1975 concerning the control of insurance companies »; 5° in the provision under 21°, the words « Article 134, second paragraph » are replaced by the words « Article 134, § 1, second paragraph »; 6° in the provision under 23°, the words « Article 134, third paragraph » are replaced by the words « Article 134, § 2 »; 7° the provision under 26° is replaced as follows:
« 26° by the management company of collective investment undertakings, against the decisions taken by the CBFA pursuant to Article 197, § 1, second paragraph, 1°, 1°bis, 2°, 3° and 4°, of the aforementioned law of 20 July 2004 or the decisions referring to it. The appeal suspends the decision and its publication, unless the CBFA has declared its decision enforceable notwithstanding any appeal in case of serious danger to investors; »; 8° in the provision under 27°, the words « 58quater » are replaced by the words « 58quater, § 1 »; 9° in the provision under 28°, the words « 49quater » are replaced by the words « 49quater, § 1 »; 10° the article is supplemented with the provision under 44°, reading:
« 44° by the regulated company or insurance company against the decisions taken by the CBFA pursuant to Article 36bis, § 2. »

Art. 246. In Article 123 of the same law, the following amendments are made:
1° paragraph 2 is repealed;
2° in paragraph 5, the words « or the Annuity Fund » are repealed; 3° in paragraph 7, the words « with the exception of the appeal lodged against a decision of the Annuity Fund imposing a penalty payment or an administrative fine in application of Article 2, sixth paragraph, of the Law Decree of 18 May 1945 » are repealed.

Art. 247. Article 127, first paragraph, of the same law is repealed.

Art. 248. Article 144, § 2 of the same law is repealed.

Art. 249. Article 148 of the same law is replaced by the following provision:

« Art. 148. Unless otherwise provided in this law, the King takes the decisions that He is required to take to implement this law, on the proposal of:
— the Minister responsible for Finance, the Minister responsible for Economy, the Minister responsible for Pensions and the Minister responsible for Consumer Protection, insofar as the provisions concern the matters referred to in Article 45, § 1, 6°; — the Minister responsible for Finance, the Minister responsible for Economy and the Minister responsible for Consumer Protection, insofar as the provisions concern the matters referred to in Article 45, § 1, 3°, 5° and § 2; — the Minister responsible for Finance and the Minister responsible for Economy, insofar as the provisions concern the matters referred to in Article 45, § 1, 2°), c), d) and e); — the Minister responsible for Finance and the Minister responsible for Pensions insofar as the provisions concern the matters referred to in Article 45, § 1, 2°), g), and 4°; — the Minister responsible for Finance, insofar as the provisions concern the matters referred to in Article 45, § 1, 1° and 2°), a), b) and f); — the Minister responsible for Finance and the Minister responsible for Consumer Protection for all other provisions.

CHAPTER 14. — Amendments to the law of 20 July 2004 concerning certain forms of collective management of investment portfolios

Art. 250. Article 3 of the law of 20 July 2004 concerning certain forms of collective management of investment portfolios is supplemented with the provisions under 34° and 35° reading:

« 34° « the Bank »: the National Bank of Belgium referred to in the law of 22 February 1998 establishing the organic statute of the National Bank of Belgium; 35° « the law of 22 February 1998 »: the law of 22 February 1998 establishing the organic statute of the National Bank of Belgium. »

Art. 251. In Article 38, § 3 of the same law, two paragraphs are inserted between the third and fourth paragraphs, reading:

« When it concerns the nomination of a person who participates for the first time in the management, policy or effective direction of a company under the supervision of the CBFA pursuant to Article 45, § 1, 2°, of the law of 2 August 2002, the CBFA first consults the Bank. The Bank communicates its opinion to the CBFA within a period of one week after receipt of the request for opinion. »

Art. 252. In Article 142 of the same law, the following amendments are made:
1° before the first paragraph, a paragraph is inserted, reading:

« When the license application comes from a management company of collective investment undertakings that is either the subsidiary of a stock exchange company, a credit institution, an insurance company or a reinsurance company under Belgian law, or the subsidiary of the parent company of a stock exchange company, a credit institution, an insurance company or a reinsurance company under Belgian law, or is under the control of the same natural or legal persons as a stock exchange company, a credit institution, an insurance company or a reinsurance company under Belgian law, the CBFA consults the Bank before taking a decision. »

2° in the third paragraph, the words " or second " are inserted three times between the words " in the first " and " paragraph ".

Art. 253. In Article 161bis of the same law, inserted by the law of 15 May 2007, a paragraph is inserted between the third and fourth paragraphs, worded as follows:

"When it concerns the nomination of a person who participates for the first time in the administration, management or effective direction of an undertaking supervised by the CBFA in accordance with Article 45, § 1, 2°, of the law of 2 August 2002, the CBFA shall first consult the National Bank. The National Bank shall communicate its opinion to the CBFA within a period of one week from receipt of the request for opinion."

CHAPTER 15. — Amendments to the law of 16 June 2006 on the public offering of investment instruments and the admission of investment instruments to trading on a regulated market

Art. 254. In the law of 16 June 2006 on the public offering of investment instruments and the admission of investment instruments to trading on a regulated market, Title XIIbis, entitled "Call on the public for repayable funds", is inserted, containing Article 68bis, worded as follows:

"Art. 68bis. § 1. Only the following persons and institutions may call on the public in order to collect money deposits or other repayable funds on demand, at term or with notice, and to receive such money deposits or repayable funds from the public:

1° credit institutions listed in the list referred to in Article 13 or Article 65 of the law of 22 March 1993 on the status and supervision of credit institutions, with the exception of electronic money institutions;

2° the National Bank of Belgium and the European Central Bank;

3° La Poste (Postcheque) and the Deposit and Consignment Fund;

4° stock exchange companies as referred to in Article 47 of the law of 6 April 1995 on the status and supervision of investment firms, for deposits received in accordance with Article 77, § 1, second paragraph, of the aforementioned law;

5° undertakings as referred to in Article 2, 2°, of the law of 22 March 1993 on the status and supervision of credit institutions, for capitalization transactions as referred to in that provision;

6° persons, undertakings and institutions that make offers for the sale of or subscription to investment instruments resulting in the receipt of repayable funds, in compliance with the provisions of this law;

7° national federations of sickness funds governed by the law of 6 August 1990 concerning sickness funds and national federations of sickness funds, for pre-marital savings as referred to in Article 7, § 4, of the aforementioned law;

8° persons and undertakings offering treasury bills to the public, in accordance with the law of 22 July 1991;

9° small companies, for the profits allocated to their employees as part of an investment savings plan, which they obtain in the form of loans granted by those employees in accordance with the law of 22 May 2001 concerning employee participation in the capital and profits of companies.

The King may establish criteria for determining the public nature of the transactions referred to in the first paragraph.

The first paragraph applies when persons or undertakings established in Belgium, from Belgian territory, call on the public and collect repayable funds from the public in Belgium and abroad.

Transfers of commercial bills, by endorsement or otherwise, are equated with the transactions referred to in the first paragraph involving the receipt of funds."

Art. 255. In Article 69 of the same law, provision 2°bis is inserted, worded as follows:

"2°bis anyone who calls on the public in order to collect money deposits or other repayable funds on demand, at term or with notice, and anyone who receives such money deposits or repayable funds from the public, without being authorized to do so by Article 68bis;".

CHAPTER 16. — Amendments to the law of 1 April 2007 concerning insurance against damage caused by terrorism

Art. 256. In Article 13 of the law of 1 April 2007 concerning insurance against damage caused by terrorism, the words "Commission for the Banking, Finance and Insurance Sector" are replaced by the words "National Bank of Belgium, referred to in the law of 22 February 1998 laying down the organic statute of the National Bank of Belgium, hereinafter 'the Bank'".

Art. 257. In Article 14 of the same law, the words "the Financial Stability Committee, referred to in Article 117, § 3 of the law of 2 August 2002 concerning the supervision of the financial sector and financial services" are replaced by the words "the Bank".

Art. 258. In Article 15 of the same law, the words "the Financial Stability Committee" are replaced by the words "the Bank".

CHAPTER 17. — Amendments to the law of 16 February 2009 on the reinsurance business

Art. 259. In Article 4 of the law of 16 February 2009 on the reinsurance business, the following amendments are made:

1° point 19°bis is inserted, worded as follows:

"19°bis 'the Bank': the National Bank of Belgium, referred to in the law of 22 February 1998 laying down the organic statute of the National Bank of Belgium;";

2° point 22° is added, worded as follows:

"22° the law of 22 February 1998: the law of 22 February 1998 laying down the organic statute of the National Bank of Belgium.".

Art. 260. In Articles 5, 6, 8, former first and second paragraphs, which become the second and third paragraphs, 9, 10, 11, 12, 15, 16, 18, 21, 24, §§ 1 to 3, § 4, second paragraph and §§ 5 to 8, 24/1, 25, 26, 27, 28, 30, 31, 32, 33, 34, 35, 37, 38, 39, 40, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 54bis, 56, 57, 58, 59, 60, 61, 63, 68, 71, 72, 73, 74, 78, 79, 80, 81, 82, 83, 84, 86, 87, 88, 89, 90, 91, 93, 94, 95, 96, 97, 98, 149, 150, § 2 of the same law, the word "CBFA" or the words "Commission for the Banking, Finance and Insurance Sector" are replaced by the word "Bank".

Art. 261. In Article 8 of the same law, the following amendments are made:

1° a new first paragraph is inserted, worded as follows:

"When the license application comes from a reinsurance undertaking which is either the subsidiary of an undertaking authorized by the CBFA, or the parent undertaking of an undertaking authorized by the CBFA, or is under the control of the same natural or legal persons as an undertaking authorized by the CBFA, the Bank shall consult the CBFA before granting the license.";

2° in the former second paragraph, which becomes the third paragraph, the words " the first paragraph " are replaced each time by the words " the preceding paragraphs ".

Art. 262. In the same law, Article 8bis is inserted, worded as follows:

"Art. 8bis. On the opinion of the CBFA, the Bank decides on the license application, regarding the professional reliability of the natural persons who participate in the administration, management or effective direction of the reinsurance undertaking, if they are proposed for the first time for such a function in a financial undertaking subject to the supervision of the Bank in application of Article 36/2 of the law of 22 February 1998.

The CBFA communicates its opinion to the Bank within a period of one week from receipt of the request for opinion."

Art. 263. In Articles 18, § 5, fourth paragraph, 25, § 2, third paragraph, 29 § 1, 46, second paragraph, 60, § 4, second paragraph of the same law, the words " Article 64 of the law of 2 August 2002 " are replaced by the words " Article 12bis, § 2 of the law of 22 February 1998 ".

Art. 264. In Article 20 of the same law, the following amendments are made:

1° in the second paragraph, the words " , on the opinion of the Bank, " are inserted between the words " The King determines " and the words " the calculation method and, if applicable, the minimum amount of these technical provisions ";

2° in the third paragraph, the words " , on the opinion of the Bank, " are inserted between the words " The King lays down " and the words " the formation of provisions for equalization and catastrophes ".

Art. 265. In Article 21 of the same law, the following amendments are made:

1° in paragraph 1, second paragraph, the words " , on the opinion of the Bank, " are inserted between the words " The King may " and the words " decide not to apply the requirements referred to in point e) to investments in government bonds ";

2° in paragraph 3, first paragraph, the words " , on the opinion of the Bank, " are inserted between the words " The King establishes " and the words " more detailed rules determining the conditions for the use, as assets to cover technical provisions ";

3° in paragraph 4, the words " , on the opinion of the Bank, " are inserted between the words " The King lays down " and the words " the rules for the localization and estimation of the covering values ".

Art. 266. In Article 22 of the same law, the words " The King determines " are replaced by the words " The Bank determines by way of regulation established in accordance with Article 12bis, § 2 of the law of 22 February 1998 ".

Art. 267. In Article 23 of the same law, the words " , on the opinion of the Bank, " are inserted between the words " The King determines " and the words " the components of the solvency margin that may be taken into account for the composition of the guarantee fund ".

Art. 268. In Article 24, § 4 of the same law, replaced by the law of 31 July 2009, the following amendments are made:

1° in the first paragraph, the following amendments are made:

a) in the preamble, the words " Commission for the Banking, Finance and Insurance Sector " are replaced by the word " Bank ";

b) in the preamble, the words " , or, depending on the case, the CBFA, " are inserted between the words " together with any other competent authority involved " and the words " if the candidate acquirer is one of the following persons ";

c) in point a), the words " , or, depending on the case, by the CBFA, " are inserted between the words " a license has been granted in another Member State " and the word " ; or "

2° in the second paragraph, the words " or, depending on the case, of the CBFA. " are inserted after the words " for the candidate acquirer. "

3° in the third paragraph, the following amendments are made:
a) the words “or the CBFA” are inserted between the words “an authority competent in another Member State for credit institutions, insurance undertakings, reinsurance undertakings, investment firms or management companies of collective investment undertakings” and the word “, exchanges”; b) the words “Bank, Financial and Insurance Commission” are replaced by the word “Bank”.

Art. 269. In Article 26 of the same law, two paragraphs are inserted between the third and fourth paragraphs, reading:
“Where it concerns the appointment of a person who is proposed for the first time for the administration, management or effective direction of a financial undertaking supervised by the Bank pursuant to Article 36/2 of the Law of 22 February 1998, the Bank shall first consult the CBFA. The CBFA shall communicate its opinion to the Bank within a period of one week from receipt of the request for opinion.”.

Art. 270. In Article 40, first paragraph, of the same law, the words “Without prejudice to Article 87ter of the Law of 2 August 2002” are inserted before the words “The duties of the commissioner as referred to in the Companies Code” and the word “may” is deleted between the words “the duties of the commissioner as referred to in the Companies Code” and “in a reinsurance undertaking governed by Belgian law”.

Art. 271. In Article 45, third paragraph, of the same law, the words “Article 74 of the Law of 2 August 2002 concerning the supervision of the financial sector and financial services” are replaced by the words “Article 35 of the Law of 22 February 1998”.

Art. 272. In Article 47 of the same law, a new paragraph 2bis is inserted, reading:
“§ 2bis. When the Bank becomes aware that a reinsurance undertaking has established a special mechanism with the aim or effect of promoting tax fraud by third parties, §§ 1 and 2 shall apply.”.

Art. 273. In Article 49, first paragraph, 3°, of the same law, the words “, on advice of the Bank,” are inserted between the words “the King” and the words “establish the rules”.

Art. 274. In Article 54bis of the same law, inserted by the Law of 2 June 2010, the following amendments are made:
1° in the second paragraph, the sentence “The CBFA shall inform the National Bank of Belgium thereof without delay.” is deleted; 2° in the third paragraph, the words “and after consulting the National Bank of Belgium. To this end, the National Bank of Belgium shall communicate its opinion to the CBFA within ten days of being informed in accordance with the second paragraph.” are deleted; 3° in the fourth paragraph, the sentence “The CBFA shall send a copy of this opinion to the National Bank of Belgium.” is deleted.

Art. 275. Article 58 is supplemented with the following paragraph:
“Article 47, § 2bis is applicable.”.

Art. 276. In Article 83, paragraph 4, of the same law, the words “The King establishes” are replaced by the words “On advice of the Bank, the King establishes”.

Art. 277. In Article 89, paragraph 2, of the same law, the words “The King determines” are replaced by the words “On advice of the Bank, the King determines”.

Art. 278. Article 98 of the same law is supplemented with a paragraph 6, reading:
“§ 6. The King shall adopt the decrees referred to in this article on advice of the Bank.”.

3° to the third paragraph, the following amendments are made:
a) the words “, or the competences of the CBFA” are inserted between the words “the supervisory authority in another Member State for credit institutions, insurance undertakings, reinsurance undertakings, investment firms or management companies of collective investment undertakings” and the word “, the”; b) the words “Bank, Financial and Insurance Commission” are replaced by the word “Bank”.

Art. 269. In Article 26 of the same law, two paragraphs drafted as follows are inserted between paragraphs 3 and 4:
“Where it concerns the appointment of a person who is proposed for the first time for the administration, management or effective direction of a financial undertaking supervised by the Bank pursuant to Article 36/2 of the Law of 22 February 1998, the Bank shall first consult the CBFA. The CBFA shall communicate its opinion to the Bank within a period of one week from receipt of the request for opinion.”.

Art. 270. In Article 40, first paragraph, of the same law, the words “The duties of the commissioner” are replaced by the words “Without prejudice to Article 87ter of the Law of 2 August 2002, the duties of the commissioner”.

Art. 272. In Article 47 of the same law, a paragraph 2bis drafted as follows is inserted:
“§ 2bis. When the Bank becomes aware that a reinsurance undertaking has established a special mechanism with the aim or effect of promoting tax fraud by third parties, §§ 1 and 2 shall apply.”.

Art. 273. In Article 49, first paragraph, 3°, of the same law, the words “, on advice of the Bank,” are inserted between the words “the King may” and the words “establish the rules”.

Art. 274. In Article 54bis of the same law, inserted by the Law of 2 June 2010, the following amendments are made:
1° in paragraph 2, the sentence “The CBFA shall inform the National Bank of Belgium thereof without delay.” is deleted; 2° in paragraph 3, the words “and after consulting the National Bank of Belgium. To this end, the National Bank of Belgium shall communicate its opinion to the CBFA within ten days of being informed in accordance with paragraph 2.” are deleted; 3° in paragraph 4, the sentence “The CBFA shall send a copy of this opinion to the National Bank of Belgium.” is deleted.

Art. 275. Article 58 is supplemented with a paragraph drafted as follows:
“Article 47, § 2bis is applicable.”.

Art. 276. In Article 83, paragraph 4, of the same law, the words “, on advice of the Bank,” are inserted between the words “the King establishes” and the words “the rules according to which”.

Art. 277. In Article 89, paragraph 2, of the same law, the words “, on advice of the Bank,” are inserted between the words “The King determines” and the words “the calculation method”.

Art. 278. Article 98 of the same law is supplemented with a paragraph 6 drafted as follows:
“§ 6. The King shall adopt the decrees referred to in this article on advice of the Bank.”.

MONITEUR BELGE — 09.03.2011 — BELGISCH STAATSBLAD 15717

Art. 279. In Article 151, § 1, of the same law, the words “, on advice of the Bank” are inserted between the words “The King may” and the words “, by a decision discussed in the Council of Ministers, adapt the provisions of this law”.

Art. 280. In Article 152 of the same law, the words “, on advice of the Bank,” are inserted between the words “The King may” and the words “adapt the references in the provisions of this law”.

CHAPTER 18. — Amendments to the Law of 21 December 2009 concerning the status of payment institutions, access to the business of payment service providers and access to payment systems

Art. 281. Article 4 of the Law of 21 December 2009 concerning the status of payment institutions, access to the business of payment service providers and access to payment systems, is supplemented with the provisions under 27° and 28°, reading:
“27° Law of 22 February 1998: Law of 22 February 1998 establishing the organic statute of the National Bank of Belgium; 28° the Bank: the institution referred to in the Law of 22 February 1998 establishing the organic statute of the National Bank of Belgium.”.

Art. 282. In Article 5, first paragraph, 4°, of the same law, the words “National Bank of Belgium” are replaced by the word “Bank”.

Art. 283. In Article 6, in Article 7, in Article 8, first, second and third paragraphs, in Article 9, in Article 12, in Article 14, in Article 16, in Article 17, in Article 18, in Article 19, in Article 20, in Article 21, § 1, § 3, and § 6, in Article 22, in Article 23, in Article 24, second and fourth paragraphs, in Article 25, in Article 26, in Article 27, in Article 28, in Article 30, in Article 31, in Article 32, in Article 33, first and third paragraphs, in Article 34, in Article 35, in Article 36, in Article 37, in Article 38, in Article 39, in Article 40, in Article 42, in Article 43, in Article 44, in Article 45, in Article 46, in Article 47, in Article 48, in Article 50 and in Article 57, first paragraph, of the same law, the word “CBFA” is replaced by the word “Bank”.

Art. 284. In the same law, an Article 7bis is inserted, reading:
“Art. 7bis. On advice of the CBFA, the Bank decides on the authorization request, regarding the professional reliability of the natural persons who participate in the administration, management or effective direction of the payment institution, if they are proposed for the first time for such a function in a financial undertaking supervised by the Bank pursuant to Article 36/2 of the Law of 22 February 1998. The CBFA shall communicate its opinion to the Bank within a period of one week from receipt of the request for opinion.”.

Art. 285. Article 8, fourth paragraph, of the same law, is repealed.

Art. 286. In Article 17, § 2, last paragraph, of the same law, the words “Article 64 of the Law of 2 August 2002, on advice of the National Bank of Belgium” are replaced by the words “Article 12bis, § 2, of the Law of 22 February 1998”.

Art. 287. Article 21, § 7, second paragraph, of the same law, is supplemented with the following sentence:
“The Bank shall inform the CBFA thereof when such payment institutions have been granted permission or when a payment institution that has obtained permission subsequently offers or performs foreign exchange operations.”.

Art. 288. In Article 24 of the same law, the following amendments are made:
1° the first paragraph is replaced as follows:
“Payment institutions shall periodically submit a detailed financial statement to the Bank. That statement shall be drawn up in accordance with the rules established by the Bank, which also determines the reporting frequency. Furthermore, the Bank may prescribe that other numerical data or explanations be provided regularly to verify compliance with the provisions of this law or the decrees and regulations taken to implement it.”;

1° to paragraph 3, the words “on advice of the CBFA and of the National Bank of Belgium” are replaced by the words “on advice of the Bank”; 2° the fifth paragraph is repealed; 3° in the former sixth paragraph, which becomes the fifth paragraph, the words “National Bank of Belgium” are replaced by the word “Bank”.

Art. 289. In Article 33 of the same law, the following amendments are made:
1° in the third paragraph, the words “as regulated by Article 74 of the Law of 2 August 2002” are replaced by the words “as regulated by Article 35 of the Law of 22 February 1998”; 2° the fifth paragraph is replaced as follows:
“They may be ordered by the Bank, at the request of the European Central Bank, to confirm that the data which these payment institutions must provide to these authorities have been drawn up completely, accurately and in conformity with the applicable rules.”.

Art. 290. In Article 35, paragraph 1, second paragraph, 4°, of the same law, the sentence “Before revoking the authorization of a payment institution on the grounds that the continuation of the business constitutes a threat to the stability of the payment system, the CBFA shall consult the National Bank of Belgium.” is deleted.

Art. 291. In Article 37, last sentence, of the same law, the words “in accordance with the Law of 2 August 2002” are deleted.

Art. 292. In Article 41 of the same law, the following amendments are made:
1° in the first sentence of the first paragraph, the words “CBFA according to the frequency determined by it on advice of the National Bank of Belgium” are replaced by the words “Bank according to the frequency determined by it”; 2° in the introductory phrase of the second paragraph, the words “on advice of the CBFA and of the National Bank of Belgium” are replaced by the words “on advice of the Bank”.

Art. 293. In Article 43, § 2, 2°, of the same law, the words “of the National Bank of Belgium or” are deleted.

Art. 294. In Article 47, § 1, first paragraph, of the same law, the words “Chapter III, Section 6, of the Law of 2 August 2002” are replaced by the words “Articles 35 and 36/13 to 36/15 of the Law of 22 February 1998”.

Art. 295. In Article 48, first paragraph, of the same law, the words “and the National Bank of Belgium” are deleted.

Art. 296. In Article 57, second paragraph, second, third and fourth sentences, of the same law, the word “CBFA” is replaced by the word “Bank”.

CHAPTER 19. — Amendments to the Law of 26 April 2010
concerning various provisions regarding the organization of supplementary health insurance

Art. 297. In Article 57, § 3, first paragraph, first sentence, of the Law of 26 April 2010 concerning various provisions regarding the organization of supplementary health insurance, the words “Bank, Financial and Insurance Commission” are replaced by the words “National Bank of Belgium”.

Art. 298. In Articles 57 to 64 of the same law, the word “CBFA” is replaced by the word “Bank”.

CHAPTER 20. — Provisions concerning institutions for occupational retirement provision and the supervision of these institutions
Section 1. — Amendments to the Law of 22 February 1998 establishing the organic statute of the National Bank of Belgium

Art. 299. Article 36/1 of the Law of 22 February 1998 establishing the organic statute of the National Bank of Belgium, as inserted by this Decree, is supplemented with the provision under 19°, reading:
“19° ‘institution for occupational retirement provision’: an institution as referred to in Article 2, 1° of the Law of 27 October 2006 concerning the supervision of institutions for occupational retirement provision.”.

1° to paragraph 3, the words “on advice of the CBFA and of the National Bank of Belgium” are replaced by the words “on advice of the Bank”; 2° paragraph 5 is repealed; 3° in paragraph 6, which becomes paragraph 5, the words “National Bank of Belgium” are replaced by the word “Bank”.

Art. 289. In Article 33 of the same law, the following amendments are made:
1° in paragraph 3, the words “organized by Article 74 of the Law of 2 August 2002” are replaced by the words “organized by Article 35 of the Law of 22 February 1998”; 2° paragraph 5 is replaced as follows:
“They may be ordered by the Bank, at the request of the European Central Bank, to confirm that the information that payment institutions are required to communicate to these authorities is complete, correct and established according to the applicable rules.”.

Art. 290. In Article 35, § 1, paragraph 2, 4°, of the same law, the sentence “Before revoking the authorization of a payment institution on the grounds that the continuation of the activities of such institution represents a threat to the stability of the payment system, the CBFA shall consult the National Bank of Belgium.” is deleted.

Art. 291. In Article 37, last sentence, of the same law, the words “in accordance with the Law of 2 August 2002” are deleted.

Art. 292. In Article 41 of the same law, the following amendments are made:
1° in paragraph 1, first sentence, the words “CBFA, according to the frequency determined by it, on advice of the National Bank of Belgium” are replaced by the words “Bank, according to the frequency determined by it”; 2° in the introductory phrase of paragraph 2, the words “on advice of the CBFA and of the National Bank of Belgium” are replaced by the words “on advice of the Bank”.

Art. 293. In Article 43, § 2, 2°, of the same law, the words “of the National Bank of Belgium or” are deleted.

Art. 294. In Article 47, § 1, paragraph 1, of the same law, the words “Chapter III, Section 6, of the Law of 2 August 2002” are replaced by the words “Articles 35 and 36/13 to 36/15 of the Law of 22 February 1998”.

Art. 295. In Article 48, paragraph 1, of the same law, the words “and of the National Bank of Belgium” are deleted.

Art. 296. In Article 57, paragraph 2, second, third and fourth sentences, of the same law, the word “CBFA” is replaced by the word “Bank”.

CHAPTER 19. — Amendments to the Law of 26 April 2010
concerning various provisions regarding the organization of supplementary health insurance

Art. 297. In Article 57, § 3, paragraph 1, first sentence, of the Law of 26 April 2010 concerning various provisions regarding the organization of supplementary health insurance, the words “Bank, Financial and Insurance Commission” are replaced by the words “National Bank of Belgium”.

Art. 298. In Articles 57 to 64 of the same law, the word “CBFA” is replaced by the word “Bank”.

CHAPTER 20. — Provisions concerning
occupational retirement institutions and their supervision
Section 1 — Amendments to the Law of 22 February 1998 establishing the organic statute of the National Bank of Belgium

Art. 299. Article 36/1 of the Law of 22 February 1998 establishing the organic statute of the National Bank of Belgium, as inserted by this Decree, is supplemented with a 19° drafted as follows:
“19° ‘occupational retirement institution’: the institution referred to in Article 2, 1°, of the Law of 27 October 2006 concerning the supervision of occupational retirement institutions;”.

MONITEUR BELGE — 09.03.2011 — BELGISCH STAATSBLAD 15719

Art. 300. In article 40 of the same law, as inserted by this decree, the words « professional pension institutions » are inserted between the words « reinsurance undertakings, » and the words « mutual guarantee societies ».

Art. 301. Article 60 of the same law, as inserted by this decree, is supplemented with provisions 27° to 31°, reading:

« 27° by the license applicant, against decisions refusing a license taken by the Bank pursuant to article 56 of the Law of 27 October 2006 concerning the supervision of professional pension institutions; 28° by the professional pension institution, against opposition decisions taken by the Bank pursuant to article 65 of the aforementioned Law of 27 October 2006; 29° by the professional pension institution, against recovery measures taken by the Bank pursuant to articles 110 and 111 of the aforementioned Law of 27 October 2006; 30° by the professional pension institution, against decisions revoking the license taken by the Bank pursuant to article 130 of the aforementioned Law of 27 October 2006; 31° by the professional pension institution, against measures taken by the Bank pursuant to article 148 of the aforementioned Law of 27 October 2006. »

Section 2. — Modifications to the Law of 2 August 2002 concerning the supervision of the financial sector and financial services

Art. 302. In article 45, § 1, 2°, of the Law of 2 August 2002 concerning the supervision of the financial sector and financial services, last amended by this decree, point g. is repealed.

Art. 303. In article 122 of the same law, last amended by this decree, points 29 to 33 are repealed.

Section 3. — Modifications to the Program Law (I) of 24 December 2002

Art. 304. Article 42 of the Program Law (I) of 24 December 2002, last amended by the Law of 24 July 2008, is supplemented with provision 14°, reading:

« 14° the Bank: the National Bank of Belgium, referred to in the Law of 22 February 1998 establishing the organic statute of the National Bank of Belgium. »

Art. 305. Article 58quater of the same law, inserted by the Law of 27 October 2006, is supplemented with paragraph 4, reading:

«§ 4. The CBFA informs the Bank of the decisions it takes, applying §§ 1 and 2, regarding a pension institution subject to the supervision of the Bank. »

Section 4. — Modifications to the Law of 28 April 2003 concerning supplementary pensions and the tax system for those pensions and certain supplementary social security benefits.

Art. 306. Article 3, § 1, of the Law of 28 April 2003 concerning supplementary pensions and the tax system for those pensions and certain supplementary social security benefits, amended by the Law of 27 October 2006, is supplemented with provision 22°, reading:

« 22° the Bank: the National Bank of Belgium, referred to in the Law of 22 February 1998 establishing the organic statute of the National Bank of Belgium. »

Art. 307. Article 49quater of the same law, inserted by the Law of 27 October 2006, is supplemented with paragraph 4, reading:

«§ 4. The CBFA informs the Bank of the decisions it takes, applying §§ 1 and 2, regarding a pension institution subject to the supervision of the Bank. »

Section 5. — Modifications to the Law of 27 October 2006 concerning the supervision of professional pension institutions

Art. 308. Article 2, first paragraph, of the Law of 27 October 2006 concerning the supervision of professional pension institutions is supplemented with provision 18°, reading:

« 18° the Bank: the National Bank of Belgium, referred to in the Law of 22 February 1998 establishing the organic statute of the National Bank of Belgium. »

Art. 309. Article 3, § 1, of the same law is supplemented with a paragraph, reading:

« The CBFA contributes to the compliance with this provision. »

Art. 310. In articles 4, 22, 31, 34, 37, 38, 52 to 56, 59 to 61, 64 to 67, 70 to 72, 77, 80, 82 to 86, 93 to 95, 97, 98 to 103, 105 to 120, 123 to 128, 130 to 133, 142, 143, 145, 146, 148/1 to 150, 153, 155, 156, 158, § 1 and § 2, first paragraph, 163, 167, 168, 171, 173, 228 and 233 of the same law, last amended by the Law of 6 April 2010, the word « CBFA » is replaced by the word « Bank » in each instance.

Art. 311. In articles 48, 92 and 120, § 3, first paragraph, 2°, of the same law, the words « National Bank of Belgium » are replaced by the word « Bank » in each instance.

Art. 312. Article 5 of the same law is repealed.

Art. 313. In article 56 of the same law, a paragraph is inserted between the first and second paragraphs, reading:

« The Bank informs the CBFA of the application and communicates the information referred to in article 53, first paragraph, 2°, 6° and 7°. »

Art. 314. Article 58 of the same law is supplemented with a paragraph, reading:

« The Bank informs the CBFA of its decision. »

Art. 315. In article 101 of the same law, the words « , and in accordance with the provisions of social and labor law and regarding information provision to members and beneficiaries, the supervision of which falls within its competence » are repealed.

Art. 316. In article 108, third paragraph, of the same law, the words « article 74 of the Law of 2 August 2002 concerning the supervision of the financial sector and financial services » are replaced by the words « article 35 of the Law of 22 February 1998 establishing the organic statute of the National Bank of Belgium ».

Art. 317. Article 110 of the same law is supplemented with a paragraph, reading:

« The Bank informs the CBFA of the measures referred to in this chapter that it takes regarding a professional pension institution. »

Art. 318. Article 130 of the same law, amended by the Law of 6 May 2009, is supplemented with paragraph 4, reading:

«§ 4. The Bank informs the CBFA of the withdrawal or automatic expiration of the authorization. »

Art. 319. Article 131, second paragraph, of the same law is supplemented with the following sentence:

« The Bank informs the CBFA of the measures it imposes. »

Art. 320. Article 142 of the same law is supplemented with a paragraph, reading:

« The Bank informs the CBFA of each new file referred to in the first paragraph. »

Art. 321. In article 143 of the same law, a paragraph is inserted between the first and second paragraphs, reading:

« Regarding the provisions referred to in the first paragraph, 1° and 2°, the Bank obtains the opinion of the CBFA. »

Art. 322. In article 147 of the same law, the following modifications are made:
1° the words « the CBFA establishes irregularities » are replaced by the words « the Bank or the CBFA, each within its area of competence, establishes irregularities »; 2° the words « it imposes them » are replaced by the words « they impose them »; 3° the words « with the CBFA » are replaced by the words « with the Bank or the CBFA ».

Art. 323. In article 148 of the same law, the following modifications are made:
1° the first paragraph is replaced as follows:

« If the professional pension institution, despite the measures taken by the competent authorities of the home Member State or because the home Member State has not taken appropriate measures, continues to infringe the applicable provisions of Belgian social and labor law, the Bank or the CBFA, each within its area of competence, after having informed the competent authorities of the home Member State, urges the institution to remedy the established situation within the time limit they determine. »; 2° in the second paragraph, the words « the CBFA may » are replaced by the words « the Bank or the CBFA, each within their competencies, may »; 3° in the third paragraph, the words « the CBFA may » are replaced by the words « the Bank or the CBFA may »; 4° the article is supplemented with a paragraph, reading:

« The Bank and the CBFA inform each other of the notices of default they issue applying the first paragraph and of the measures they take applying the second, third and fifth paragraphs. »

Art. 324. Article 149 of the same law is supplemented with paragraph 3, reading:

«§ 3. The Bank informs the CBFA of the notices of default it issues to a professional pension institution applying § 1 and of the notifications and publications it carries out applying § 2. »

Art. 325. In article 150 of the same law, the following modifications are made:
1° in the third paragraph, the words « articles 70 to 73 of the Law of 2 August 2002 concerning the supervision of the financial sector and financial services » are replaced by the words « articles 36/9 to 36/12 of the Law of 22 February 1998 establishing the organic statute of the National Bank of Belgium »; 2° the article is supplemented with a paragraph, reading:

« The Bank informs the CBFA of the fines imposed applying the first and second paragraphs. »

Art. 326. In article 158, § 2, second paragraph, of the same law, the word « CBFA » is replaced by the words « National Bank of Belgium » in each instance.

Art. 327. In article 228, § 3, of the same law, the following modifications are made:
1° in the first paragraph, the words « and after the latter has requested the opinion of the Insurance Commission, established by article 41 of the Law of 9 July 1975 concerning the supervision of insurance undertakings, » are repealed; 2° the second paragraph is repealed; 3° the former third paragraph, which becomes the second paragraph, is replaced as follows:

« The minister responsible for the Economy may determine the time limit within which the Bank must issue its opinion. In case of non-compliance with that time limit, the opinion in question is no longer required. »

CHAPTER 21. — Transitional and miscellaneous provisions

Art. 328. For the application of this chapter, the following are understood:

— « Law of 22 February 1998 »: the Law of 22 February 1998 establishing the organic statute of the National Bank of Belgium; — « Law of 2 August 2002 »: the Law of 2 August 2002 concerning the supervision of the financial sector and financial services; — « Bank »: the National Bank of Belgium as referred to in the Law of 22 February 1998 establishing the organic statute of the National Bank of Belgium; — « CBFA »: the Banking, Finance and Insurance Commission as referred to in article 44 of the Law of 2 August 2002 concerning the supervision of the financial sector and financial services; — « CSRSFI »: the Committee for Systemic Risk and Systemically Relevant Financial Institutions, as referred to in article 88 of the aforementioned Law of 2 August 2002; — « date of transfer »: the date as referred to in article 351, first paragraph, of this decree.

Art. 329. For the application of the legal and regulatory provisions under which this decree transfers supervisory competence to the Bank, administrative decisions taken by the CBFA and the CSRSFI before the date of transfer shall continue to have effect after that date as if they had been taken by the Bank, until such time as they are, if necessary, revised or revoked by the Bank.

The time limits in the context of procedures initiated before the CBFA or the CSRSFI shall continue to run uninterrupted in respect of the Bank.

Art. 330. Decrees, regulations, circulars and communications concerning matters for which supervisory competence is transferred to the Bank by this decree shall remain in force until they are amended or repealed. Where the CBFA or the CSRSFI are mentioned in these texts regarding their competences transferred to the Bank by this decree, "Bank" shall be read instead of "CBFA".

Art. 331. In the provisions as amended by this decree, as well as in any other legal provision, the words "Commission for the Banking, Finance and Insurance Sector" and the word "CBFA" shall be replaced respectively by the words "Financial Services and Markets Authority" and the word "FSMA".

In decrees, regulations, circulars and communications in which the CBFA is mentioned by virtue of its competences resulting from this decree, the words "Commission for the Banking, Finance and Insurance Sector" and the word "CBFA" shall be read respectively as "Financial Services and Markets Authority" and "FSMA".

Art. 332. Until the appointment of the members of the executive committee in accordance with Article 49, § 6, of the Law of 2 August 2002, as amended by Article 222 of this decree:

— the executive committee of the CBFA shall be validly composed of the chairman and the member of the executive committee who are both ending their current term of office; by derogation from Article 49, § 7, second paragraph, last sentence, of the same Law, the vote of the chairman shall not be decisive in this situation;

— in the absence of the chairman of the executive committee, the CBFA shall be represented before third parties and in court by the aforementioned member of the executive committee.

Art. 333. Upon the establishment of the Sanctions Committee referred to in Article 48bis of the Law of 2 August 2002 inserted by the Law of 2 July 2010, the term of office of five of the members shall be limited to 3 years.

Upon the establishment of the Sanctions Committee referred to in Article 36/8 of the Law of 22 February 1998, inserted by Article 195 of this decree, the term of office of three of the members shall be limited to 3 years. The King shall determine which members' terms of office are thus limited.

Art. 334. Auditors recognized in accordance with the CBFA Regulation of 21 February 2006 concerning the recognition of auditors and audit firms shall, as long as they remain recognized under the aforementioned regulation, be recognized by operation of law for the performance of the tasks set out in Article 87ter of the Law of 2 August 2002.

Art. 335. The CBFA shall draw up a statement of debts, claims and disputes as of the date of transfer relating to the competences transferred to the Bank, to the members of its executive committee who are integrated into the Bank in accordance with Article 337, and to the staff members who are transferred to the Bank in accordance with Article 336. This statement shall be certified by its auditor.

The disputes transferred to the Bank include disputes relating to the competences of the former Insurance Control Office which were abolished in the interim regarding financial enterprises.

The financial obligations, including the costs of legal defense, resulting either from the exercise by the CSRSFI of its supervisory tasks, or from the disputes referred to in the first paragraph, or from disputes relating to the exercise of competences transferred to the Bank which arose after the date of transfer but have their origin in facts that occurred before the date of transfer and which would not be adequately covered by provisions or reserves also transferred, shall be charged by the Bank to the enterprises under its supervision, in accordance with Article 12bis of the Law of 22 February 1998. The amount of these financial obligations shall be apportioned among the supervised enterprises in proportion to their contribution to the operating costs of the Bank which is or must be collected pursuant to the Royal Decree taken in execution of Article 12bis, § 4, of the Law of 22 February 1998.

By derogation from the preceding paragraphs, the CBFA shall remain responsible for the management of any disputes relating to staff members, whether pending on the date of transfer or arising after that date but having their origin in the employment relationship with the CBFA.

Any financial obligations resulting from these disputes and not adequately covered by the relevant provisions or reserves transferred by the CBFA shall be charged by the Bank to the enterprises under its supervision, in accordance with Article 12bis of the Law of 22 February 1998. The amount of these financial obligations shall be apportioned among the supervised enterprises in proportion to their contribution to the operating costs of the Bank which is or must be collected pursuant to the Royal Decree taken in execution of Article 12bis, § 4, of the Law of 22 February 1998.

Art. 336. For the implementation of the administrative reorganization referred to in Article 26, § 1, 3°, of the Law of 2 July 2010, the staff members of the CBFA who, on the day before the date of transfer, are primarily responsible for the tasks assigned to the Bank, including the relevant legal, administrative and IT support, shall be automatically and by operation of law transferred to the Bank on that date. Staff members who, on the date of transfer, are seconded to international institutions or organizations, are on long-term sick leave, or are on career break, and who immediately before the secondment or suspension of their work duties were primarily responsible for the tasks assigned to the Bank, shall also be automatically and by operation of law transferred to the Bank.

The names of the staff members transferred to the Bank pursuant to the preceding paragraph shall be included in a list established within the Committee for the Preparation of the New Supervisory Architecture, referred to in Article 26, § 2, of the aforementioned Law of 2 July 2010.

The list shall be accompanied by all information required by the Bank so that, from the date of transfer, the administration concerning the transferred staff members can be managed.

Furthermore, the CBFA shall transfer the individual files of the staff members identified in accordance with the first paragraph, as well as, where applicable, any claims that these staff members may have brought against it which have not been settled by the date of transfer.

The Bank shall keep these files available to the CBFA in case the latter needs them for the management of disputes or with regard to the tax administration or the social security administration.

Art. 337. § 1. On the date of transfer, the members of the executive committee of the CBFA appointed pursuant to Article 49, § 6, of the Law of 2 August 2002 and falling under the application of Article 30, first paragraph, second and fourth indent, of the internal regulations of the CBFA of 31 May 2007, as approved by Royal Decree of 7 June 2007, shall be integrated into the Bank to advise the executive committee on the integration within the Bank of the competences and staff members that it assumes from the CBFA, for a period corresponding to the remaining term of their mandate as members of the executive committee of the CBFA on the eve of the transfer. They shall bear the title of special mandate holders.

They shall retain the benefit of the salary and pension as determined by the King pursuant to Article 49, § 6, of the Law of 2 August 2002. The King may extend the period referred to in the first paragraph by a non-renewable period of one year.

Without prejudice to Article 53 of the Law of 2 August 2002, they shall be subject to the provisions of Article 25 and Article 26, §§ 1 and 3, of the Law of 22 February 1998. For the purpose of monitoring compliance with the provisions of the code of conduct, they shall be treated as members of the executive committee of the Bank.

By derogation from Article 36/9, § 1, second paragraph of the Law of 22 February 1998, as inserted by this decree, one of the special mandate holders may be appointed as an auditor.

§ 2. The mandate of the members of the executive committee of the CBFA who exercise a mandate as director at the Bank and the mandate of the members of the executive committee of the CBFA who, pursuant to § 1, are integrated into the Bank as special mandate holders, shall terminate by operation of law on the date of transfer. Article 53, §§ 3 and 4, of the Law of 2 August 2002 shall apply to the persons concerned.

Art. 338. § 1. The CBFA is responsible for the administration regarding retired personnel members who were employed on the basis of an employment contract at the time preceding their retirement.

It passes on to the Bank an amount equal to half of the annual financial costs relating to these personnel members.

The Bank distributes this amount among the institutions subject to its supervision pursuant to Article 12bis of the Law of 22 February 1998 proportionally to their contribution to the operating costs of the Bank which has been or must be collected pursuant to the Royal Decree taken in execution of Article 12bis, § 4, of the aforementioned Law of 22 February 1998.

§ 2. For the benefit of the personnel members referred to in Article 336, first paragraph, who are employed on the basis of an employment contract and their potential beneficiaries, the Bank concludes a group insurance agreement offering the same coverage as that provided for by the group insurance agreement for the personnel in force at the CBFA on the date of transfer. The individual reserves of the personnel members referred to in Article 336 corresponding to the group insurance regulations of the CBFA as they exist on the date of transfer, as well as a proportional part of the reserves present in the financing fund, are transferred to the group insurance that the Bank will conclude pursuant to this article.

§ 3. The Bank assumes, towards the members of the management committee of the CBFA who are integrated into the Bank pursuant to Article 337, the pension obligations as they result on the date of transfer from the Royal Decree taken in application of Article 49, § 6, of the Law of 3 August 2002.

The CBFA transfers to the Bank the individual reserves corresponding to the rights of the members of its management committee who are integrated into the Bank pursuant to Article 337, as these rights are, on the date of transfer, fixed by the King in application of the aforementioned Article 49, § 6.

Art. 339. § 1. The statutory personnel members of the CBFA who are not transferred to the Bank pursuant to Article 336 retain their status, their method of remuneration, their benefits in kind and their pension scheme.

§ 2. Without prejudice to Article 26, § 1, of the Law of 2 July 2010 modifying the Law of 2 August 2002 concerning the supervision of the financial sector and financial services and the Law of 22 February 1998 establishing the organic statute of the National Bank of Belgium, and containing various provisions, the management committee of the Bank is competent to establish the administrative and pecuniary statutes of the statutory personnel members transferred in application of Article 336, first paragraph.

§ 3. For the statutory personnel members referred to in the first paragraph of Article 336 who were appointed definitively on the day before the transfer, the retirement and survival pensions are governed by the Law of 28 April 1958 concerning the pension of the personnel of certain public interest bodies and their beneficiaries.

§ 4. If the aggregated amount of the contributions paid respectively by the CBFA and the Bank pursuant to Article 12, § 2 of the aforementioned Law of 28 April 1958 is less than the cost of the pensions paid during that same year for the services rendered to the Insurance Control Office, the CBFA and the Bank by the former personnel members of the aforementioned institutions, the CBFA and the Bank must each pay to the Public Sector Pension Service an amount expressed as a percentage, fixed by the King by decree after consultation in the Council of Ministers, of the difference between the aforementioned pension cost chargeable to them and the amount of the contributions paid.

The aforementioned pension cost chargeable to the Bank is determined by multiplying the total cost of the pensions paid for the services referred to in the previous paragraph by a fraction whose numerator is the sum of the salaries paid to the statutory personnel transferred to the Bank the month preceding the date of transfer, and whose denominator is the sum of the salaries paid that same month to all the statutory personnel of the CBFA.

The aforementioned pension cost chargeable to the CBFA is determined by multiplying the total cost of the pensions paid for the services referred to in the first paragraph by a fraction whose numerator is the sum of the salaries paid to the statutory personnel not transferred to the Bank the month preceding the date of transfer, and whose denominator is the sum of the salaries paid that same month to all the statutory personnel of the CBFA.

This amount must be collected by the Treasury no later than thirty days after the notification by the Pension Administration of the amount to be deposited by the Bank and the CBFA.

§ 5. The CBFA remains however solely liable for any shortfall in the amount of the contributions paid by it pursuant to Article 12, § 2 of the aforementioned Law of 28 April 1958 relative to the cost of the pensions paid for the services referred to in the previous paragraph, during a year or, prorata temporis, a fraction of a year preceding the date of transfer.

The CBFA charges this possible shortfall to the categories of enterprises previously subject to the supervision of the Insurance Control Office, proportionally to the contributions received by the latter from the CBFA for the year 2010 and pursuant to the Royal Decree of 22 May 2005.

Art. 340. Articles 187 and 188 of the Program Law of 27 December 2004 are repealed.

Art. 341. In Article 1, § 1, 3° of the Law of 27 June 1963 establishing the holiday allowance for the personnel members of certain public interest institutions, the words "and of the National Bank of Belgium" are inserted between the words "Banking, Financial and Insurance Commission," and the words "concerning the personnel transferred from the Insurance Control Office".

Art. 342. In Article 605bis of the Judicial Code, inserted by the Law of 2 August 2002 and modified by the Law of 12 May 2004, the words "in Articles 120, 121, 123 and 125 of the Law of 2 August 2002 concerning the supervision of the financial sector and financial services" are replaced by the words "in Articles 120, 121 and 123 of the Law of 2 August 2002 concerning the supervision of the financial sector and financial services and in Article 36/21 of the Law of 22 February 1998 establishing the organic statute of the National Bank of Belgium".

Art. 343. In Article 2, I, 2° of the Royal Decree of 12 June 1970 concerning compensation, in favor of the personnel members of public interest institutions, public law legal entities and autonomous government companies, for work accidents and for accidents on the way to and from work, the words "and of the National Bank of Belgium" are inserted between the words "Banking, Financial and Insurance Commission" and the words "concerning the personnel transferred from the Insurance Control Office".

Art. 344. In Article 30, § 2bis, of the Laws on the Council of State, coordinated on 13 January 1973, inserted by the Law of 2 August 2002, the following modifications are made:

1° in the first paragraph, the words "in Article 122 of the Law of 2 August 2002 concerning the supervision of the financial sector and financial services" are replaced by the words "in Article 122 of the Law of 2 August 2002 concerning the supervision of the financial sector and financial services and in Article 36/22 of the Law of 22 February 1998 establishing the organic statute of the National Bank of Belgium";

2° in the third paragraph, the words "He may fix different rules for the appeals referred to in Article 122 of the aforementioned Law of 2 August 2002" are replaced by the words "He may fix different rules for the appeals referred to in Article 122 of the aforementioned Law of 2 August 2002 and in Article 36/22 of the aforementioned Law of 22 February 1998";

3° in the fourth paragraph, the words "the management committee of the CBF" are replaced by the words "the management committee of the CBFA or of the National Bank of Belgium, depending on the case".

Art. 345. For the implementation of Articles 12bis, § 4 of the Law of 22 February 1998 and 56 of the Law of 2 August 2002, the Royal Decree of 22 May 2005 concerning the coverage of the operating costs of the CBFA, taken in execution of Article 56 of the Law of 2 August 2002 concerning the supervision of the financial sector and financial services, and in execution of various legal provisions concerning the missions of the CBFA, applies until it is eventually repealed or replaced, subject to the provisions of Article 346.

Art. 346. § 1. Without prejudice to Article 345, the aforementioned Royal Decree of 22 May 2005 is applied as follows for the coverage of the operating costs of the CBFA for the financial year 2011:

1° without prejudice to Articles 5, 6, 22 and 23 of the aforementioned Royal Decree of 22 May 2005, the CBFA calls for contributions from insurance companies, credit institutions, stock exchange companies, clearing houses that are not credit institutions,

branches in Belgium of foreign clearing houses that are not credit institutions and of the Belgian law public limited liability company "Interprofessional Securities Deposit and Giro Bank", as calculated in accordance with Articles 2, 10, 11 and 13 of the aforementioned Royal Decree of 22 May 2005 prorata temporis for the part of the year 2011 preceding the date of the transfer;

2° the contributions due to the CBFA under Articles 5 and 22 of the aforementioned Royal Decree are calculated on the basis of the sum of the contributions due to the CBFA pursuant to § 1, 1° and to the Bank pursuant to § 2, 1° and serve in particular to cover the operating costs related to the supervision of compliance with the rules referred to in Article 45, § 1, first paragraph, 3° and § 2 of the Law of 2 August 2002;

3° after the transfer of the staff members referred to in Article 336, § 1, the number of CBFA staff members, calculated in accordance with Article 1 of the Royal Decree of 22 May 2005 and expressed in full-time equivalents, may be increased to a maximum of 275 staff members;

4° the calculations referred to in Articles 8, 9, 25 and 26 of the aforementioned Royal Decree of 22 May 2005 are applied over two separate periods: the first running from 1 January 2011 to the date of the transfer, and the second running from the date of the transfer to 31 December 2011. The CBFA's auditor certifies the calculations.

§ 2 For the implementation of Article 12bis, §4, of the Law of 22 February 1998 for the financial year 2011, the following provisions apply:

1° the contributions due by application of Articles 2, 10, 11 and 13 of the aforementioned Royal Decree of 22 May 2005 are called for by the Bank prorata temporis, for the part of the year 2011 running from the date of the transfer, as an advance on the contributions that will be due to it under the Royal Decree taken in implementation of Article 12bis of the Law of 22 February 1998.

To enable the Bank to proceed with the calling of the contributions referred to in 1°, the CBFA communicates to it the amount of the individual contributions of the concerned enterprises.

2° The Bank may charge the enterprises referred to in 1° with exceptional supervision costs and charges that it had to incur under the provisions of Article 21, § 1, fourth and fifth paragraphs, of the Law of 9 July 1975 concerning the supervision of insurance undertakings, under the provisions of Articles 46, fifth paragraph, 2° and 3°, and 48, first paragraph, of the Law of 22 March 1993 on the status and supervision of credit institutions, under Articles 92, fifth paragraph, 2° and 3°, 94, first paragraph of the Law of 6 April 1995 on the status and supervision of investment firms, under the provisions of Chapter 7 of the Law of 2 February 1998, or for the reprocessing of information transmitted by supervised enterprises in a non-standardized form. The contribution due under this article is paid within one month following the payment request by the Bank.

3° If the total amounts collected by the Bank on the basis of 1° and 2°, possibly increased by other contributions or revenues collected for the exercise of the tasks referred to in Article 12bis of the Law of 22 February 1998, as inserted by this Decree, as calculated on 31 December 2011, are greater than the contributions due by the concerned categories of enterprises under the Royal Decree taken in implementation of the aforementioned Article 12bis, the Bank refunds the surplus to the categories of enterprises referred to in 1°, according to the modalities determined in the Royal Decree taken under the aforementioned Article 12bis.

4° If the total amounts collected by the Bank on the basis of 1° and 2°, possibly increased by other contributions or revenues collected for the exercise of the tasks referred to in Article 12bis of the Law of 22 February 1998, as inserted by this Decree, as calculated on 31 December 2011, are less than the contributions due by the concerned categories of enterprises under the Royal Decree taken in implementation of the aforementioned Article 12bis, the Bank calls upon the categories of enterprises referred to in 1° for the difference, according to the modalities determined in the Royal Decree taken under the aforementioned Article 12bis.

Art. 347. In Article 1, category C, of the Law of 16 March 1954 concerning the supervision of certain public interest institutions, last amended by the Law of 3 April 2003, the words "Commission for Banking, Finance and Insurance" are deleted.

Art. 348. As long as the King has not implemented Chapter 20 "Provisions concerning occupational pension institutions and the supervision of these institutions", the CBFA informs the Bank of the decisions it takes, regarding a pension institution under the supervision of the Bank, by application of Article 58quater, §§ 1 and 2, of the Programme Law (I) of 24 December 2002, or by application of Article 49quater, §§ 1 and 2, of the Law of 28 April 2003 concerning supplementary pensions and the tax system of those pensions and of certain supplementary social security benefits.

Art. 349. As long as the CBFA and the Bank have not set up their own organization for the activities that were merged pursuant to Article 118 of the Law of 2 August 2002, repealed by Article 23 of the Law of 2 July 2010, and pursuant to the Royal Decree of 17 September 2003, taken to implement that provision, the service agreements concluded between the Bank and the CBFA for those activities remain applicable until 31 March 2012. Both institutions may agree that this date be brought forward or postponed for all or part of those service agreements.

Art. 350. In Article 4, § 1, first paragraph, of the Law of 11 April 2003 concerning the provisions established for the dismantling of nuclear power plants and for the management of fissile materials irradiated in these nuclear power plants, replaced by the Law of 25 April 2007, the following changes are made:

1° the third dash is repealed;

2° the fifth dash, which becomes the fourth, is replaced as follows:

" - two representatives of the National Bank of Belgium or their substitutes. "

CHAPTER 22. — Entry into force

Art. 351. § 1. This Decree enters into force on 1 April 2011.

§ 2. By derogation from the first paragraph, the following provisions take effect from the date of publication of this Decree:

— Article 220, insofar as it replaces Article 48, § 2 and § 5, of the Law of 2 August 2002;

— Article 222, insofar as it replaces Article 49, § 6, of the Law of 2 August 2002, provided that the Royal Decree taken in implementation of this last provision enters into force no earlier than 1 April 2011.

By derogation from the first paragraph, the King determines no later than 31 December 2015 the date of entry into force of:

— Articles 1, 202, 213, 234, 3°, 246 and 248;

— Article 45, § 1, 2°, d. of the Law of 2 August 2002 concerning the supervision of the financial sector and financial services, as inserted by this Decree;

— Chapter 20 "Provisions concerning occupational pension institutions and the supervision of these institutions". The Bank and the CBFA draw up a report no later than 31 December 2013 in which they provide the King with guidance on the entry into force of this Chapter.

Art. 352. Our Ministers are charged, each insofar as he is concerned, with the implementation of this Decree.

Given at Brussels, 3 March 2011.

ALBERT
By the King:

The Deputy Prime Minister and Minister of Finance and Institutional Reforms, D. REYNDERS

The Minister of Justice,
S. DE CLERCK

The Minister of the Interior,
Mrs. A. TURTELBOOM

The Minister of SMEs, Self-employed,
Agriculture and Science Policy,
Mrs. S. LARUELLE

The Minister of Pensions and Large Cities,
M. DAERDEN

The Minister of Climate and Energy,
P. MAGNETTE

The Minister for Enterprise and Simplification,
V. VAN QUICKENBORNE

Lineage: No known changes