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1.     Introduction

The public offer of investment instruments and their admission to trading on a regulated market used to be governed by the law of 16 June 2006 implementing the Directive 2003/71/EC of 4 November 2003 (the Law of 2006).

While mandatory disclosure of information is vital to protect investors and constitutes a necessary step towards completion of the so-called ‘EU Capital Markets Union’[1], the rules laid down in Directive 2003/17/EC led to divergent approaches across Europe and resulted in significant impediments to cross-border offers of securities, multiple listings on regulated markets and to EU consumer protection rules.

Therefore, the EU legislator repealed the Directive 2003/71/EC and adopted the Regulation 2017/1129 of the European Parliament and of the Council dated 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market (the “Prospectus Regulation”). The Prospectus Regulation imposes obligations having a direct effect on persons involved in the offering or listing of securities.

On 13 July, the amended settlement of € 1.3 billion reached between Ageas (former Fortis) and Deminor was declared binding by the Amsterdam Court of Appeal. It is the largest settlement of investors’ claims in Europe so far. 


On 15 May 2018, the Belgian Government filed a draft law concerning the implementation of a new specialised English-speaking court in Brussels: the Brussels International Business Court (“BIBC”).

The Belgian Parliament is currently reviewing the draft law. The Government intends to ensure the entry into force of the law on 1st January 2020 at the latest.

Le 1er juin 2018, les protocoles modificatifs de la Convention Benelux en matière de propriété intellectuelle (CBPI), adoptés en 2014, sont entrés en vigueur.[1]  A date de ce 1er juin, de nouvelles compétences ont été attribuées tant à la Cour de justice Benelux (CJ Benelux) (1) qu’à l’Office Benelux de la Propriété intellectuelle (OBPI) (2). En outre, un nouveau fondement aux procédures d’opposition, déjà applicable dans le cadre des oppositions aux marques de l’Union européenne, est désormais adopté au niveau Benelux (3). L’implémentation de la seconde directive d’harmonisation en matière de marque doit cependant être poursuivie et elle n’est pas encore en vigueur.

Même ne répondant pas à toutes les conditions légales, une clause de non-concurrence peut donner lieu à des indemnités en faceur du travailleur partant.

The FSMA recently released a short Q&A summarising the key steps and requirements of the process for a registration application as an insurance intermediary in Belgium[1]. This document, drafted in English, is intended to attract and inform potential newcomers, be them established insurance professionals fleeing the potential consequences of Brexit or new market entrants such as InsurTech companies.

This provides us with an opportunity to put our two-cents on the application process.

The transposition of the second Payment Services Directive (the “PSDII”) should have been completed on 13 January 2018. With a delay of a few months, a Belgian draft law implementing the PSDII rules of conduct into the Economic Law Code (the “Rules of Conduct (draft) Law”) has finally been released and is likely to be adopted in its final version very soon. 

Plus de quatre mois après son adoption par le Parlement bruxellois, l’ordonnance du 30 novembre 2017 réformant le Code Bruxellois de l’Aménagement du Territoire est parue le 20 avril 2018 au Moniteur belge.

S’il faudra encore patienter une année avant que l’essentiel des dispositions de cette réforme significative du droit de l’urbanisme et de l’aménagement du territoire entre en vigueur, le législateur bruxellois a toutefois jugé nécessaire d’en rendre immédiatement applicables certains volets. C’est le cas des nouveaux articles 275 et 276/1 touchant aux renseignements urbanistiques.

Le législateur justifie son choix dans les travaux préparatoires par l’urgence liée aux problèmes rencontrés actuellement par de nombreuses communes pour respecter les délais de délivrance des renseignements urbanistiques.

Last week, Simont Braun was delighted to see such an interest in the upcoming reform of the Belgian law of obligations, which is currently being analysed by the Council of State.

On 22 and 24 May, we hosted two seminars on this subject, where Rafaël Jafferali, who is a member of the expert group in charge of the recast, Paul Alain Foriers, Fanny Laune, Thomas Derval and Sander Van Loock went through the main aspects of the reform, making sure to explain the expected changes with pragmatism.