On 3 June 2020, ESMA published a Consultation Paper (“CP” which is available here) on draft guidelines for outsourcing to cloud service providers.
The health crisis caused by Covid-19 and the economic and social consequences it has for banks oblige these financial institutions to inform their regulator of the specific measures, both internal and external, that they implement to address the situation.
Pursuant to an agreement between the Belgian Federal State, the National Bank of Belgium and the financial sector (represented by Febelfin), Belgian financial institutions have undertaken to grant payment deferrals to those experiencing coronavirus-related repayment problems.
Be aware of the increased risk of default by debtors. With the spread of the virus, there is a heightened risk of financial difficulties leading to default or potentially
On 17 October 2019, the CJ issued its judgment in case Argenta Spaarbank (C-459/18). The case deals with the calculation of the notional interest deduction (deduction for capital risk) in the case of a Belgian company that has a Netherlands permanent establishment the income of which is exempt under the double tax treaty signed between those countries. The CJ concluded that there is no actual difference between how the deduction applies to domestic and foreign permanent establishments.
A l’heure actuelle, lorsque l’on souhaite effectuer une saisie sans connaître la banque auprès de laquelle le débiteur a ouvert un compte, elle est pratiquée simultanément auprès des plus grands établissements bancaires belges en espérant y trouver quelque chose.
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The European Commission has underlined the importance for companies to publish sufficient, reliable and comparable sustainability-related information to effectively direct capital towards sustainable investments.
As recently communicated in the Belgian media, Belgians with the American nationality risk losing their Belgian bank accounts because of the strict application of the U.S. FATCA-legislation. In application of the FATCA (Foreign Account Tax Compliance Act), which is also applicable in relation to U.S. citizens residing in Belgium, financial institutions outside the U.S. (such as Belgian banks), must provide specific data to the U.S. Tax Authorities (IRS) about the bank accounts of these American nationals
An Act dated 22 April 2019 amends the Banking Act of 25 April 2014 on the status and supervision of credit institutions and brokerage firms in order to introduce a banker's oath and a disciplinary regime.
