Droit boursier


European Systemic Risk Board on liquidity and leverage risks in investment funds

European Systemic Risk Board on liquidity and leverage risks in investment funds
22/02/2018

On 14 February 2018, the European Systemic Risk Board (ESRB) published a Recommendation addressed to the European Securities and Markets Authority (ESMA) and the EU Commission on actions to address systemic risks related to liquidity mismatches and the use of leverage in investment funds.

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Taxe boursière : applicable désormais aussi aux opérations à l’étranger !

Taxe boursière : applicable désormais aussi aux opérations à l’étranger !
07/04/2017

Jusqu’au 31 décembre 2016, la taxe boursière était en principe due uniquement sur les opérations avec intervention d’un intermédiaire professionnel établi en Belgique. Mais depuis le 1er janvier 2017, les transactions pour lesquelles l’ordre est donné à un intermédiaire établi à l’étranger sont également soumises à cette taxe. Cette extension du champ d’application engendre différents problèmes de mise en œuvre et d’interprétation, tant pour les donneurs d’ordre belges que pour les intermédiaires financiers étrangers.

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The new Belgian REIF - Ready for 'take-off'

The new Belgian REIF - Ready for 'take-off'
10/01/2017

The Royal Decree containing the regulatory framework for the new Belgian Real Estate Investment Fund (“REIF”) has finally been published in the Belgian Official Gazette. Belgian and international real estate investors can start implementing their Belgian REIF(‘s) from December 2016.

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Leveraged CFD and binary options banned from Belgian market

Leveraged CFD and binary options banned from Belgian market
11/08/2016

In furtherance to our eAlert on the “Distribution of certain derivative financial instruments to retail clients: a prospective ban?”, the Financial Services and Markets Authority’s (“FSMA”) Regulation on the distribution of derivatives contracts (the “Regulation”) was approved by a Royal Decree dated 21 July 2016. 

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 Market Abuse Regulation has entered into force

Market Abuse Regulation has entered into force
05/07/2016

As of 3 July 2016, the new Market Abuse Regulation (MAR) has entered into force in Belgium and across Europe. It repeals and replaces the existing regime of the Market Abuse Directive and its implementing legislation.

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Mrs. Elke Janssens

Proposal for a New Regulation Repealing the Prospectus Directive
15/12/2015

On 30 November 2015, the European Commission published a proposal to replace the existing Prospectus Directive (Directive 2003/71/EC) with a regulation. The proposal for the new Prospectus Regulation forms part of the European Commission's plan to establish a Capital Markets Union by 2019. The proposed regulation covers the entire life-cycle of companies, from the start-up stage until maturity as frequent issuers on regulated markets, while striking a balance between eliminating unnecessary administrative burdens for issuers and ensuring investor protection through the provision of adequate information. According to the Commissioner for Capital Markets Union Jonathan Hill, the proposed Prospectus Regulation "will make the system simpler, cheaper and quicker".

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Tijdsbeperkingen in aandeelhoudersovereenkomsten inzake een NV

Tijdsbeperkingen in aandeelhoudersovereenkomsten inzake een NV
20/10/2015

Een aantal bepalingen in een aandeelhoudersovereenkomst zijn aan strikte wettelijke voorwaarden onderworpen, naast uiteraard de voorwaarden die gelden voor alle overeenkomsten. Eén van die specifieke voorwaarden betreft de verplichte beperking in tijd.

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The Securities Litigation Review

The Securities Litigation Review
20/07/2015

The sources of Belgian securities law are relatively widespread. These sources include several federal acts and royal decrees, as well as specific regulations and guidelines issued by the Financial Services and Markets Authority (FSMA).

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Mr. Ivan Peeters

EMIR Implementing Act and Act introducing Book VII of the Code of Economic Law published today
28/05/2014

Today, the Belgian Act of 25 April 2014 amending various financial legislation in view of Regulation 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (the “EMIR Implementing Act”) and the Act of 19 April 2014 on the introduction of Book VII “Payment Services and Credit” Code of Economic Law (the “Act introducing Book VII of the Code of Economic Law”) were published in the Belgian Official Journal.

 

EMIR contains new EU regulations with respect to Over the Counter (OTC) derivatives. The purpose of EMIR is to improve transparency and reduce the risks associated with the (OTC-) derivatives market. As a result of EMIR, OTC derivatives contracts will either have to be centrally cleared through central counterparties (“CCPs”) or will be subject to risk mitigation measures to be taken by the relevant counterparties. Details of every derivative transaction will have to be reported to a so- called trade repository. A trade repository is an entity that will centrally collect the reports of derivative transactions in a transaction register. It is expected that the trade repositories will provide regulators and supervisors with a better view of the (OTC-) derivatives market.

Whereas the provisions of EMIR are directly applicable in all EU member states, without having to be implemented into national legislation, the EMIR Implementing Act adapts the current Belgian regulatory and supervisory framework to EMIR’s provisions. In addition to (technical) amendments throughout various financial laws, the EMIR Implementing Act applies the Belgian “Twin Peaks” supervisory architecture to the financial sector and also to OTC derivatives, central counterparties, and trade repositories.

The EMIR Implementing Act designates the National Bank of Belgium (the “NBB”) as the competent authority for the authorisation and prudential oversight of CCPs established in Belgium (including, but not limited to, most organisational requirements, fit & proper character of management, requirements in respect of qualified holdings in CCPs, exposure management, margin requirements, liquidity risk management, collateral requirements, ...). The detection of systemic risks and the supervision of clearing, reporting, and risk mitigation requirements under Title II of EMIR are also within the remit of the NBB.

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Adaptation des obligations des sociétés cotées en matière d’information périodique

Adaptation des obligations des sociétés cotées en matière d’information périodique
02/05/2014

En cette fin de législature, le gouvernement réduit les obligations d’information pesant sur les sociétés cotées.

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