De Commissie voor handels- en economisch recht van de Kamer heeft in tweede lezing het ontwerp van het nieuwe Wetboek van vennootschappen en verenigingen aangenomen.

Hier vindt u een overzicht van de voornaamste wijzigingen door Paul Alain Foriers, een van de vier deskundigen benoemd door het Ministerie van Justitie: pdfLa réforme du Code des sociétés - Quelques questions importantes (alleen beschikbaar in het Frans).

Voor meer informatie over de hervorming, aarzel niet om contact op te nemen met Paul Alain Foriers, Sandrine Hirsch of Nikita Tissot.

 

Although the Insurance Distribution Directive (“IDD”) was supposed to be implemented on 1st October 2018 at the latest, the Belgian transposition law was only adopted on 14 November 2018. This implementation law is characterised by an expected dose of gold-plating together with a few surprising good news for the industry. In this news, we give our two-cent on the upcoming changes we thought were the most interesting to the industry – and hopefully the less boring to read about. 

  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 the 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. 

On Tuesday 23 October, Sandrine Hirsch, Partner in our Corporate M&A department, gave a lecture on the obligations related to the new UBO Register at a workshop organised by the association “Avocats en droit boursier et financier/Advocaten in het beurs- en financieel recht”, in the presence of Mrs Annika Agemans from the SPF Finances/FOD Financiën.

Sandrine’s presentation is available here (in French).

Do not hesitate to contact her for more guidance on this matter: Dit e-mailadres wordt beveiligd tegen spambots. JavaScript dient ingeschakeld te zijn om het te bekijken.

 

 

One of the biggest threats associated with virtual currencies (or cryptocurrencies) is their potential use for money laundering and terrorist financing purposes. With the adoption of the 5th Anti-Money Laundering Directive ( “AMLD5”) on 30 May 2018, the European Union attempts, amongst other things, to address this issue.  

Numerous articles compare different European countries or compare Europe and the US when it comes to financial regulation, the IPO market or the types of FinTech applications that are easily adopted (or not) by the public. We decided to take a look in a different direction and together with the Japanese law firm Keiwa Sogo Law Offices, Simont Braun’s Digital Finance team examined the FinTech trends in both Belgium and Japan. Interesting resemblances, but also surprising differences came out from this analysis and showed that there are different means to the same end, especially when it comes to payments.  

Verenigingen en stichtingen ontsnappen niet aan de golf van hervormingen: het Wetboek van Economisch Recht heeft er reeds voor gezorgd dat ondernemingen failliet verklaard kunnen worden en het is nu zaak hen te voorzien van een nieuwe set van regels, deels gemeenschappelijk met vennootschappen.

Wat zijn de wijzigingen die aangekondigd worden door het Wetboek van vennootschappen en verenigingen, dat momenteel ter bespreking voorligt in het Parlement?

Update - 4 oktober 2018

1. De Wet van 18 september 2017 die de 4de Europese richtlijn van 20 mei 2015 inzake de voorkoming van witwassen van geld heeft omgezet (richtlijn 2015/849/EU) heeft tevens het register van uiteindelijke begunstigden ingevoerd, het zg. « UBO-register » (Ultimate Beneficial Ownership). Het koninklijk besluit van 30 juli 2018 betreffende de werkingsmodaliteiten van het UBO-register werd op 14 augustus 2018 gepubliceerd en zal op 31 oktober 2018 in werking treden.

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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.