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Star Wars – The Evolving SPACs Galaxy

Star Wars – The Evolving SPACs Galaxy
04/11/2020

The first Special Purpose Acquisition Companies (SPACs) emerged in the US some time ago (1990s). Since then, there have been several waves of SPACs, and their rippling effects have certainly reached Europe in the meantime.

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Un nouvel outil pour les services des relations investisseurs : l'identification des actionnaires

Un nouvel outil pour les services des relations investisseurs : l'identification des actionnaires
29/10/2020

Aujourd'hui, une société cotée en bourse ne connait ses petits actionnaires que s'ils détiennent des actions nominatives ou s'ils participent à l'assemblée générale.

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Brexit – ESMA clarifies its position on trade reporting in a no-deal climate

Brexit – ESMA clarifies its position on trade reporting in a no-deal climate
26/02/2019

In a bid to clarify the reporting obligations of trading data following a no-deal Brexit, the European Securities and Markets Authority (“ESMA”) has published a statement providing guidance on how trading data between the United Kingdom and the European Union should be handled.

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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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