belgiquelex.be - Carrefour Bank of Legislation

25 AVRIL 2014. - Act to amend the Act of 22 February 1998 establishing the organic status of the National Bank of Belgium, the Act of 2 August 2002 relating to the supervision of the financial sector and the financial services, the Act of 22 March 1993 relating to the status and control of the credit institutions, the Act of 9 July 1975 relating to the control of the insurance companies, the law of 16 February 2009 relating to the reinsurance, the law of 6 April 1995 relating to the status and control of the

PHILIPPE, King of the Belgians,
To all, present and to come, Hi.
The Chambers adopted and We sanction the following:
CHAPTER I^er.- General provisions
Article 1^er. This Act regulates a matter referred to in Article 78 of the Constitution.
Art. 2. Chapter IX partially transposes Directive 98/26/EC of 19 May 1998 on the final nature of the settlement in securities payment and settlement systems.
CHAPTER II. - Amendments to the Act of 22 February 1998
establishing the organic status of the National Bank of Belgium
Art. 3. In section 36/1 of the Act of 22 February 1998 establishing the organic status of the National Bank of Belgium, inserted by the Royal Decree of 3 March 2011 and amended by the Act of 27 November 2012 and by the Royal Decree of 12 November 2013, the following amendments are made:
1° the 13° is replaced by the following:
"13°. "Central share": a central counterpart as defined in Article 2, 1), Regulation (EU) No 648/2012 of the European Parliament and Council of July 4, 2012 on voluntarily derived products, central counterparties and central repositories;".
2° the article is completed by the 22°, 23° and 24° written as follows:
"22° "Regulation 648/2012": Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on products derived at will, central counterparties and central repositories;
23° "financial share": a counterparty as defined in section 2, 8) of Regulation 648/2012;
"24° "non-financial share": a consideration as defined in section 2, 9) of Regulation 648/2012. ".
Art. 4. In article 36/2, paragraph 1^er,of the same law, inserted by the Royal Decree of March 3, 2011 and amended by the law of November 27, 2012, the words "discharge bodies" are replaced by the words "central parties".
Art. 5. In section 36/10, § 3, of the same law, inserted by the Royal Decree of 3 March 2011, paragraph 1^er is completed by the words:
", except where the transactional regulation is proposed for offences under Articles 4, 5 and 7 to 11 of Regulation 648/2012 and that this publication would seriously disrupt financial markets or cause disproportionate prejudice to the central counterparties concerned or their members. "
Art. 6. In article 36/11, § 6, of the same law, inserted by the Royal Decree of 3 March 2011, a paragraph written as follows is inserted between paragraphs 1^er and 2:
"The penalties for offences under articles 4, 5 and 7 to 11 of Regulation 648/2012 are not made public in cases where their publication would seriously disrupt financial markets or cause disproportionate damage to the central counterparties concerned or their members. "
Art. 7. In section 36/14, 6°, of the same law, inserted by the Royal Decree of 3 March 2011, the words "discharge bodies or" are replaced by the words "central parties or organizations".
Art. 8. In Article 36/22, 23°, of the same law, inserted by the Royal Decree of 3 March 2011, the words "Article 36/25, § 2" are replaced by the words "Article 36/25, § 3".
Art. 9. The title of Chapter IV/2 of the Act, inserted by the Royal Decree of 3 March 2011, is replaced by the following:
"Dispositions relating to the accreditation, control and monitoring of central counterparties, the control of financial and non-financial counterparties under Regulation 648/2012 and the control of liquidation agencies and organizations assimilated to liquidation bodies".
Art. 10. In section 36/25 of the Act, inserted by the Royal Decree of 3 March 2011, the following amendments are made:
1° § 1^er is replaced by the following:
§ 1^er. Organizations approved as a central counterpart in their State of origin or recognized as such under Regulation 648/2012 may provide services as a central counterpart in Belgium or from Belgian territory. ";
2° § 2 is replaced by the following:
"§2. Pursuant to section 22 of Regulation 648/2012, the Bank is the designated competent authority to carry out the missions resulting from Regulation 648/2012 with respect to the accreditation, control and monitoring of central counterparties, without prejudice to the competences vested in the MSDS in section 22 of the Act of 2 August 2002. ";
3° § 3 is replaced by the following:
§ 3. The Bank agrees, in accordance with the provisions of Regulation 648/2012, the bodies established in Belgium that intend to offer services as a central counterpart. The Bank shall decide on the application for approval on the advice of the MSDS pursuant to section 22 of the Act of 2 August 2002.
The Bank exercises control over compliance with the conditions of approval by a central counterparty and conducts the review and assessment of the central counterparties, in accordance with section 21 of Regulation 648/2012. ";
4° a § 3bis written as follows is inserted between § 3 and § 4:
" § 3bis. The Bank decides on interoperability agreements as governed by Part V of Regulation 648/2012. The Bank also ensures that the rules applicable to interoperability agreements are respected by central counterparties;
5° in § 4, the words "compensing bodies" are replaced by the words "central parts";
6° § 4 is supplemented by two paragraphs written as follows:
"The Bank controls the respect by central counterparties of the provisions of Chapters 1^er and 3 of Part IV of Regulation 648/2012, with the exception of section 33 of Regulation 648/2012 which falls within the competence of FSMA.
As part of Chapter 2 of Part IV of Regulation 648/2012, the Bank controls the admission criteria and their application under section 37 of Regulation 648/2012 to ensure that they are sufficient to control the risk to which these central counterparties are exposed, without prejudice to the competence of the MSDS under section 22, § 5, of the Act of 2 August 2002. ";
7° § 5 is replaced by the following:
§ 5. The Bank shall communicate to FSMA any relevant and useful information relating to the operational requirements set out in Chapter 1 of Part IV of Regulation 648/2012, with a view to enabling the MSDS to exercise its competence under section 31, paragraphs 1^er and 2 of Regulation 648/2012.
The Bank shall consult with the FSMA in the assessment of the professional honesty of natural persons who are called to be members of the legal body of administration of the central counterpart, the steering committee or, in the absence of a steering committee, natural persons who are called to be in charge of the effective management, if these persons are first proposed for such a function in a financial enterprise controlled by the Bank pursuant to section 36/2.
Any natural or legal person who decides either to acquire, directly or indirectly, qualified participation in a central counterpart, or to increase, directly or indirectly, his or her qualified participation in a central counterpart, must, under Regulation 648/2012, notify the Bank of his or her decision in advance. The Bank shall conduct the evaluation of this notification in accordance with the provisions of Regulation 648/2012 and upon consultation with the MSDS if the prospective purchaser is a regulated undertaking subject to the control of the MSDS.
The Bank shall make public the list referred to in section 32, paragraph 4 of Regulation 648/2012. ";
8° to § 6, the words "of the law of 22 February 1998 establishing the organic status of the National Bank of Belgium" are replaced by the words "of this Law".
9° § 7 is replaced by the following:
"§ 7. Pursuant to Article 22, paragraph 1, paragraph 2 of Regulation 648/2012, the Bank coordinates cooperation and exchange of information with the Commission, the European Financial Market Authority (AEMF), the competent authorities of other Member States, the European Banking Authority (EFA) and the relevant members of the European System of Central Banks (ESBC), in accordance with Articles 23, 24, 83 and 84 of Regulation 648/2012. ";
10° paragraphs 8 and 9 of section 36/25 of the Act are repealed.
Art. 11. In the same law, an article 36/25bis is inserted as follows:
"Art. 36/25bis. The Bank is competent to ensure compliance with Regulation 648/2012 by financial and non-financial considerations that fall under its control under section 36/2 of this Act.
The Bank is responsible for monitoring compliance by counterparties referred to in paragraph 1^er, of Part II of Regulation 648/2012 relating to the obligation of compensation, the obligation of declaration and the techniques of mitigation of the risks of non-compliant derivatives by a central counterparty as well as section 37, paragraph 3 of Regulation 648/2012 with respect to the financial resources and operational capacity required to exercise the compensatory member activity under Regulation 648/2012. ".
Art. 12. In the same law, an article 36/25ter is inserted as follows:
"Art. 36/25ter. Failure to comply with the provisions of Regulation 648/2012 and/or the arrangements made pursuant to that Act by a central counterpart, financial counterpart or non-financial counterpart that fall under the control of the Bank under section 36/2 of this Act may result in the application by the Bank of measures and the imposition of administrative and contractual fines provided for in this Act and the special laws applicable to the establishments that the Bank controls. "
Art. 13. In section 36/29 of the Act, inserted by the Royal Decree of 3 March 2011, the words "discharge or liquidation bodies" are replaced by the words "central parties, liquidation bodies".
Art. 14. Article 36/30, § 1^er, of the same law, inserted by the Royal Decree of 3 March 2011, the following amendments are made:
1° to paragraph 1^er, the words "any compensation or liquidation organization" are replaced by the words "any central counterparty to any liquidation organization";
2° in paragraph 2, the words "the compensation or liquidation body" are replaced by the words "the central counterparty, the liquidation agency";
3° in paragraph 2, 3°, the words "of a clearing or liquidation body" are replaced by the words "of a central counterparty, of a liquidation body".
CHAPTER III. - Amendments to the Act of 2 August 2002
Financial Sector Monitoring and Financial Services
Art. 15. Article 2, paragraph 1^er, the Act of August 2, 2002 on financial sector oversight and financial services, which was last amended by the Royal Decree of November 12, 2013, the following amendments are made:
1° to 1°, g) and j), the words "recognized compensation bodies" are replaced each time by the words "recognized central counterparties".
2° the 16° is replaced by the following:
"16° "central part": a central counterpart as defined in Article 2, 1), Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on products derived at will, central counterparties and central repositories;
3rd paragraph 1^er is completed by 46°, 47° and 48° written as follows:
"46° "Regulation 648/2012": Regulation (EU) No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on voluntary derivatives, central counterparties and central repositories;
47° "financial share": a company as defined in section 2, 8) of Regulation 648/2012;
48° "non-financial share": a company as defined in section 2, 9) of Regulation 648/2012.
Art. 16. The title of chapter II, section 6 of the Act is replaced by the following: "Filing bodies, central counterparties and provisions relating to the control of financial and non-financial counterparties under Regulation 648/2012".
Art. 17. Section 22 of the Act, repealed by the Royal Decree of 3 March 2011, is reinstated in the following wording:
"Art. 22. § 1^er. When the Bank approves a central counterpart in accordance with Article 36/25, § 3, of the Bank's Organic Law, the Bank shall make available to the MSDS the information referred to in Article 17, paragraph 2 of Regulation 648/2012 that is useful for the exercise of its powers and any changes to that information which would be subsequently communicated to it.
§ 2. The opinion of the MSDS referred to in Article 36/25, § 3, of the Bank's organic law shall include:
(a) the appropriateness of the organization of the central counterpart, from the angle of respect for the rules referred to in Article 45, § 1^erParagraph 1^er, 1° and 3°, and § 2;
(b) the adequacy of the integrity policy of the central counterpart, in the context of compliance with the rules referred to in Article 45, § 1^erParagraph 1^er, 1° and 3°, and § 2;
(c) the professional honesty of natural persons called to be members of the legal body of administration of the central counterpart, the steering committee or, in the absence of a steering committee, natural persons called to be in charge of the effective management, if these persons are first proposed for such a function in a financial enterprise controlled by the Bank pursuant to section 36/2 of the Act of 22 February 1998.
FSMA renders its notice no later than the month of receipt of the notice request on the basis of the information referred to in paragraph 1^er. The absence of an opinion within this period is considered to be a positive opinion.
If the Bank does not consider the ADMSP's opinion on the issues referred to in paragraph 1^er, it refers to and mentions the reasons for the decision on the application for approval. ADM's opinion on paragraphs 1 (a) and (b)^er is attached to the notification of the decision relating to the application for approval referred to in section 17, paragraph 2 of Regulation 648/2012.
§ 3. FSMA participates in the college referred to in section 18 of Regulation 648/2012. The notice in the college does not prejudice the competence of the MSDS under section 36/25, § 3, of the Bank's organic law.
§ 4. The ADMF is associated with the review and evaluation of its jurisdiction under section 21 of Regulation 648/2012.
§ 5. FSMA controls and monitors the central counterparties established in Belgium from the perspective of its competence. In particular, without prejudice to the Bank's powers under section 36/25, § 4 of the Bank's organic law, FSMA ensures that the central counterparties established in Belgium comply with section 33 of Chapter I of Regulation 648/2012, Chapter II of Regulation 648/2012, and section 48 of Regulation 648/2012 to the extent that the protection of the assets and positions of the members concerned is satisfied.
§ 6. In accordance with section 29, paragraph 3, of Regulation 648/2012, a central counterparty shall make available to the ADMSP, upon request, the information referred to in paragraphs 1 and 2 of section 29 above.
§ 7. Where a central counterpart informs the Bank of a change in its governing bodies in accordance with section 31, paragraph 1^er of Regulation 648/2012, the Bank shall consult with the FSMA to allow it to assess the professional honesty of the members of the legal body of administration of the central counterpart and the members of the steering committee or, in the absence of a steering committee, of the persons responsible for the effective management, if these persons are first proposed for such a function in a financial enterprise controlled by the Bank pursuant to section 36/2 of the Law of the Bank. ".
Art. 18. In the same law, an article 22bis is inserted as:
"Art. 22bis. FSMA is competent to ensure compliance with Part II of Regulation 648/2012 by financial and non-financial counterparties that do not fall under the Bank's control under section 36/25 bis of the Bank's organic law. ".
Art. 19. In the same law, an article 22ter is inserted as follows:
"Art. 22ter. The provisions of sections 36 and 37 of this Act apply in the event of non-compliance with the obligations and prohibitions arising out of Regulation 648/2012 and the provisions made on or in accordance with Regulation 648/2012, as well as in the event of a breach of the measures taken by the MSDS under the latter by the financial and non-financial counterparties that fall under the control of the MSDS under section 22bis. ".
Art. 20. In the same Act, an article 22quater is inserted as follows:
"Art. 22quater. FSMA is competent to perform the specific monitoring tasks that EMA may delegate in accordance with Regulation 648/2012. ".
Art. 21. In Article 23quater, § 1^er, of the same law, inserted by the Royal Decree of 27 April 2007 and renumbered by the law of 2 June 2010, the words "to the liquidation and compensation bodies" are replaced by the words "to the liquidation and compensation systems".
Art. 22. In Chapter II, section 7, of the Act, the title of subsection 4, inserted by the Royal Decree of March 3, 2011, is replaced by the following: "Privilege of qualified intermediaries and liquidation agencies, and exception of play".
Art. 23. In section 31 of the Act, last amended by the Royal Decree of 19 December 2010, the following amendments are made:
1° § 2 is replaced by the following:
"§2. The liquidation agencies have a privilege on the financial instruments, funds, currencies and other rights they hold as having a participant's own in the liquidation system that they manage. This privilege guarantees any debt of the organization on the participant who was born on the occasion of the liquidation of subscriptions of financial instruments or transactions on financial instruments or term transactions on foreign currency, including claims arising out of loans or advances. The same organizations also have a privilege on the financial instruments, funds, currencies and other rights they hold as having clients of a participant in the liquidation system that they manage. This privilege exclusively guarantees the organization's claims on the participant born on the occasion of the liquidation of subscriptions of financial instruments or transactions on financial instruments or of currency-term transactions carried out by the participant on behalf of clients, including claims arising out of loans or advances. "
2° to § 4, paragraph 1^er, the words "and compensation or liquidation bodies" are replaced by the words "and liquidation agencies";
3° in § 4, paragraph 3, the words "the compensation or liquidation body" are replaced each time by the words "the liquidation body";
4° to § 4, paragraph 4, the words "to compensation or liquidation bodies" are replaced by the words "to liquidation bodies".
Art. 24. In section 33 of the Act, amended by the Royal Decree of 3 March 2011 and by the Act of 30 July 2013, the words "by articles 8, 63 and 64 of the Bank's organic law" are replaced by the words "by articles 8, 12bis, 36/25 and 36/26 of the Bank's organic law".
Art. 25. In section 34 of the Act, replaced by the Act of 2 May 2007 and amended by the Royal Decree of 3 March 2011 and by the Act of 30 July 2013, the following amendments are made:
1° to § 1^er, 1°, the words "discharge or liquidation bodies" are replaced by the words "central counterparties, liquidation bodies";
2° in § 4, paragraph 2, the words "to the compensation and liquidation bodies, as well as to the "are replaced by the words "to the central counterparties, to the liquidation bodies and to the".
Art. 26. In section 36bis of the Act, inserted by the Royal Decree of 3 March 2011, the following amendments are made:
1° to § 1^erParagraph 1^er, the word "or" between the words "seen to article 26, paragraph 1^er, 1°, 3° and 5°, "and "an insurance company" is deleted and the words "or a central counterpart" are inserted between the words ", an insurance company" and the words "seriously violate the rules referred to in Article 45, § 1^erParagraph 1^er, 3°, or §2,
2° to § 1^er, paragraph 2, the words ", a central counterpart" are inserted between the words "an insurance company" and the words "or a trading company";
3° to § 2, 1°, the words ", central counterpart services" are inserted between the words "bank services" and "or insurance services to its customers";
4° to § 2, 2°, the words ", of a central counterpart" are inserted between the words "a stock exchange corporation" and the words "or an insurance company";
5° to § 2, 3°, the words ", of a central counterpart" are inserted between the words "of an insurance company" and the words "or a stock exchange company";
6° to § 3, paragraph 1^er, the words ", of a central counterpart" are inserted between the words "a stock exchange corporation" and the words "or an insurance company".
Art. 27. In Article 45, § 1^erParagraph 1^er, 3°, of the same law, replaced by the Royal Decree of March 3, 2011, and last amended by the law of July 30, 2013, the words "discharge bodies" are replaced by the words "central parties".
Art. 28. Section 61 of the Act, replaced by the Royal Decree of 3 March 2011, is supplemented by a paragraph 3, which reads as follows:
§ 3. The steering committee may delegate to one or more of its members or to one or more members of the staff designated by it, the power to represent the FSMA within the colleges, committees or other groups established by or under European legislation and to which the FSMA is required to participate, as well as, within the limits defined by the steering committee, the power to rule on decisions to be taken or votes to be expressed for the FSMA in other panels or panels. These delegations may at any time be reviewed or revoked by the steering committee."
Art. 29. In Article 75, § 1^er, 7°, of the same law, as amended by the Royal Decree of 3 March 2011, the words "disbursement or liquidation bodies" are replaced by the words "central parties or liquidation bodies" and the words "and counterparties" are inserted between the words "in order to guarantee the regular functioning of these bodies" and the words "in relation to breaches".
CHAPTER IV. - Amendments to the Act of 22 March 1993
Status and control of credit institutions
Art. 30. In section 103 of the Act of 22 March 1993 on the Status and Control of Credit Institutions, which was last amended by the Act of 15 May 2007, the following amendments are made:
1° to § 1^erParagraph 1^er is completed by (c) as follows:
"(c) [he or she] shall comply with the provisions of Title II of Regulation No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on products derived by means of a voluntary, central counterparties and central repositories. ";
2° to § 2, the words "or when it finds an offence to the provisions of Part II of Regulation No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on products derived from a voluntary basis, the central counterparties and the central repositories" are inserted between the words "or measures taken in execution of it" and the words ", inflict on a credit institution".
CHAPTER V. - Amendments to the Act of 9 July 1975
on the control of insurance companies
Art. 31. In Article 82, § 1^erParagraph 1^er, from the Act of 9 July 1975 on the control of insurance companies, last amended by the Royal Decree of 3 March 2011, the words "or with Regulation No. 648/2012 of the European Parliament and the Council of 4 July 2012 on products derived by default, the central counterparties and the central referentials" are inserted between the words "so that they apply in good standing with the law".
CHAPTER VI. - Amendments to the law
16 February 2009 on reinsurance
Art. 32. In section 74 of the Reinsurance Act of 16 February 2009, as amended by the Royal Decree of 3 March 2011, the following amendments are made:
1° to § 1^erParagraph 1^er is completed by (c) as follows:
"(c) it must comply with the provisions of Title II of Regulation No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on products derived from the voluntary, central counterparties and central repositories. ";
2° to § 2, the words "or when it finds an offence to the provisions of Part II of Regulation No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on products derived from a voluntary basis, the central counterparties and the central repositories are inserted between the words "or measures taken in execution of it" and the words ", inflict on a reinsurance company".
CHAPTER VII. - Amendments to the Act of 6 April 1995
relating to the status and control of investment companies
Art. 33. In section 109 of the Act of 6 April 1995 on the Status and Control of Investment Businesses, last amended by the Act of 30 July 2013, the following amendments are made:
1° to § 1^erParagraph 1^er is completed by (c) as follows:
"(c) it must comply with the provisions of Title II of Regulation No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on products derived from a voluntary basis, central counterparties and central repositories";
2° to § 2, the words "or when it finds an offence to the provisions of Title II of Regulation No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on products derived from the voluntary, the central counterparties and the central repositories" are inserted between the words "or the measures taken in execution of the latter" and the words ", inflict on an investment company".
CHAPTER VIII. - Amendments to the Act of 21 December 2009 relating to the status of payment institutions and electronic currency institutions, access to the activity of payment service provider, electronic currency issuance activity and access to payment systems
Art. 34. In section 50 of the Act of 21 December 2009 relating to the status of payment establishments and electronic currency establishments, access to the activity of payment service provider, electronic currency issuance activity and access to payment systems, as amended by the Royal Decree of 3 March 2011, the following amendments are made:
1° to § 2, paragraph 1^er is completed by (c) as follows:
"(c) it must comply with the provisions of Part II of Regulation No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on products derived from a voluntary basis, central counterparties and central repositories. ";
2° to § 3, the words "or when it finds an offence to the provisions of Part II of Regulation No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on products derived by means of a voluntary means, the central counterparties and the central repositories" are inserted between the words "or measures taken in execution of it" and the words ", inflict on a payment institution".
CHAPTER IX. - Amendments to the Act of 28 April 1999 to transpose Directive 98/26/EC of 19 May 1998 on the final nature of the regulation into the payment and settlement systems of securities transactions
Art. 35. Article 8, § 1^er, of the Act of 28 April 1999 to transpose Directive 98/26/EC of 19 May 1998 on the final nature of the Regulation into the systems of payment and settlement of securities transactions, as amended by the Act of 26 September 2011, is supplemented by a paragraph written as follows:
"When a system operator has provided a guarantee to another system operator in relation to an interoperable system, its rights to the guarantee it has provided are not affected by insolvency proceedings against the system operator who has received them. ".
CHAPTER X. - Amendments to the Financial Security Act of 15 December 2004 and with various tax provisions relating to real-life security agreements and loans relating to financial instruments
Art. 36. In Article 10, § 1^er, from the Financial Security Act of 15 December 2004 and bringing various tax provisions in respect of security agreements and loans relating to financial instruments, the words "disbursement and liquidation bodies" are replaced by the words "liability agencies".
Art. 37. In Article 17, § 3, of the same Law, the words "or the compensation or liquidation body" are replaced by the words ", the central counterparty or the liquidation body".
CHAPTER XI. - Miscellaneous provisions
Art. 38. Any reference to the Belgian legal compensation bodies covered by the law of 2 August 2002 contained in any other legal provisions, decrees or regulations must be read as directed to "central parties" within the meaning of this Act.
Art. 39. The Royal Decree of 12 November 2013 amending various laws for the partial transfer of Directive 2010/78/EU of 24 November 2010 with regard to the competences of the European supervisory authorities (European Banking Authority, European Insurance and Professional Pension Authority and European Financial Markets Authority) is confirmed with effect on the date of its entry into force.
Art. 40. § 1^er. In order to comply with the obligations of the Belgian State under European legislation and in particular the texts that would result from the proposal of the European Parliament and the Council on the improvement of the regulation of securities transactions in the European Union and the central securities depositaries (DCT) and amending Directive 98/26/EC (hereinafter referred to as "the DCT Regulation"), the King may, on the advice of the FSMA and the Bank, take a deliberate decision on all measures
1° to organize in Belgian law the status of the central custodians of securities as referred to in the DCT Regulations and, in particular, to arrange an obligation of prior accreditation to the exercise of the activities of DCT, the conditions of granting and the procedures of such approval, the obligations inherent in that status with respect to the conditions of the exercise of the activity, the control regime, and to provide for the measures of recovery, breaches,
2° to designate, in accordance with Regulation DCT, one or more competent authorities for the approval, supervision and control of central securities depositaries, and for the control of compliance with other provisions of Regulation DCT;
3° to organize, where appropriate, the division of competence between the designated authorities and to determine their respective roles in the missions relating to the accreditation, supervision and control of the central securities depositaries and to the compliance with the other provisions of the DTC Regulations;
4° more generally, ensure the effective application of the provisions of the DCT Regulation in Belgian law.
§ 2. Decisions taken pursuant to paragraph 1^er Directive on the regulation of the securities of the State Bank of Belgium, the Act of 2 August 2002 on the supervision of the financial sector and the financial services, the Act of 2 January 1991 on the market of the securities of the public debt and the instruments of monetary policy, the Act of 22 July 1991 on the notes of cash and the certificates of deposit, Book VIII, They cease to produce their effects if they have not been confirmed by law within two years of the date of their entry into force.
Confirmation produces its effects on the effective date of the Orders. The powers granted to the King by this paragraph expire 30 June 2015.
Promulgation of this law, let us order that it be clothed with the seal of the State and published by the Belgian Monitor.
Given in Brussels on 25 April 2014.
PHILIPPE
By the King:
Minister of Economy,
J. VANDE LANOTTE
The Minister of Justice,
Ms. A. TURTELBOOM
Minister of Finance,
K. GEENS
Seal of the state seal:
The Minister of Justice,
Ms. A. TURTELBOOM
____
Note
House of Representatives
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