Source: https://www.global-regulation.com/translation/belgium/3031484/law-on-the-status-and-control-of-independent-financial-planners-and-the-provision-of-consultation-in-planning-by-regulated-companies-and-amending-the-.html
Timestamp: 2018-10-17 05:02:49
Document Index: 649452236

Matched Legal Cases: ['§ 1', '§ 2', '§ 3', '§ 1', '§ 2', '§ 3', '§ 4', '§ 1', '§ 2', 'art. 8', '§ 1', '§ 2', '§ 1', '§ 2', '§ 3', 'art. 15', '§ 1', '§ 2', '§ 2', '§ 1', '§ 2', '§ 1', 'art.\n22', '§ 1', '§ 2', '§ 3', '§ 1', '§ 2', '§ 1', '§ 2', '§ 3', '§ 1', '§ 2', '§ 1', '§ 2', '§ 1', '§ 2', '§ 3', '§ 2', '§ 1', '§ 2', 'art.\n34', '§ 1', '§ 2', '§ 3', 'art. 35', '§ 1', '§ 2', '§ 3', '§ 1', '§ 2', '§ 1', '§ 2', 'art. 40', '§ 1', '§ 2', '§ 3', '§ 4', '§ 5', 'art. 41', '§ 6', '§ 1', '§ 2']

Machine Translation of "Law On The Status And Control Of Independent Financial Planners And The Provision Of Consultation In Planning By Regulat..." (Belgium)
Law On The Status And Control Of Independent Financial Planners And The Provision Of Consultation In Planning By Regulated Companies And Amending The Code Of Corporations And Act Of 2 August 2002 On Supervision Of
Original Language Title: Loi relative au statut et au contrôle des planificateurs financiers indépendants et à la fourniture de consultations en planification par des entreprises réglementées et modifiant le Code des sociétés et la loi du 2 août 2002 relative à la surveillance du
Read the untranslated law here: http://www.ejustice.just.fgov.be/cgi/article_body.pl?numac=2014003225&caller=list&article_lang=F&row_id=700νmero=732&pub_date=2014-05-27&dt=LOI〈uage=fr&fr=f&choix1=ET&choix2=ET&fromtab=+moftxt&trier=publication&sql=dt+=+'LOI'&tri=pd+AS+RANK+
Posted the: 2014-05-27 Numac: 2014003225 FEDERAL finance PUBLIC SERVICE April 25, 2014. -Law on the status and control of independent financial planners and the provision of consultation in planning by regulated companies and amending the Code of corporations and the law of 2 August 2002 on the supervision of the financial sector and financial services (1) PHILIPPE, King of the Belgians, to all, present and to come, hi.
The Chambers have adopted and we endorse the following: chapter I:. -Scope and definitions Article 1. This Act regulates a matter referred to in article 78 of the Constitution.
S. 2. this Act lays down the conditions of approval and exercise of the activity of independent financial planner, as well as the rules of conduct that these independent financial planners and regulated companies must meet in the provision of consultations in financial planning to clients in retail, as well as the control of compliance with these provisions and the provisions of the decrees and regulations for its execution.
3 § 1. This Act is applicable to natural or legal persons who offer to provide, or provide on Belgian territory, as a professional activity usual, even supplementary or ancillary, financial planning consultations to retail clients.
§ 2. By way of derogation from paragraph 1, this Act, except for article 7, paragraph 1, 1 ° and paragraph 2, is not applicable: has) the European Central Bank, the National Bank of Belgium and member of the European system of central banks;
(b) to persons who provide consultations in financial planning exclusively for the account of a single family.
(c) legal entities that provide consultations in financial planning on behalf of companies related to them;
(d) to persons who provide consultations in financial planning in the context of another professional activity provided that this activity is not referred to in article 22, paragraph 2, and that it be governed by a code of conduct under the Act does not exclude the provision of such consultations.
S. 4. for the purposes of this Act, it has to be understood by: 1 ° "financial planning consultation": a consultation on optimisation, including structuring, planning at the time, of protection, of the legal organization or the transmission, the heritage of a customer, depending on needs and objectives expressed by this client, and excluding the provision of services of investment or any advice on transactions on individual financial products;
2 ° "retail customers": a retail client referred to in article 2, paragraph 1, 29 °, Act of 2 August 2002 on the supervision of the financial sector and financial services.
3 ° "regulated": has) credit institutions referred to in article 1, § 3, of the Act of April 25, 2014 the status and control of credit institutions;
b) investment firms referred to in article 44 of the law of 6 April 1995 on the status and control of investment firms;
c) insurance undertakings subject to the law of 9 July 1975 on the control of insurance undertakings;
d) institutions for occupational retirement provision referred to in article 2, paragraph 1, 1 °, of the Act of October 27, 2006 control of institutions for occupational retirement provision;
e) insurance intermediaries referred to in article 5, 20 °, of the law of April 4, 2014 on insurance;
f) intermediaries in banking and investment referred to in article 4, 2 °, of the law of 22 March 2006 on intermediation in banking services and investment services and the distribution of financial instruments;
(g) undertakings for collective investment and management of mutual funds companies, referred to respectively in articles 3, 1 °, and 3, 10 °, of the law of August 3, 2012 on certain forms of collective management of investment portfolios;
h) managers of undertakings for collective investment alternative, as referred to in article 3, 13 °, of the law of April 19, 2014 on alternative collective investment undertakings and their managers.
For the purposes of this Act, the King may: has) extend the concept of 'controlled undertaking', in order to include companies whose regulatory status would be created after the entry into force of this Act;
(b) adapt the above-mentioned legal references If these come to be modified;
4 ° "control": the control referred to in section 1 of chapter II of title II of the Code of corporations.
5 ° "collaborators": employees of the person providing consultations in financial planning, whether or not incurred in the bonds of a contract of employment;
6 ° "FSMA": services and the financial markets authority.
CHAPTER II. -Status of independent financial planner: conditions of approval and the activity, requirement of independence Section 1st.
-Registration, list, and protection of the independent financial planner title s.
5 § 1. Without prejudice to article 34, the persons or entities other than regulated companies who intend to engage in the activity referred to in article 3 are required to obtain prior approval as the independent financial planner to the FSMA.
§ 2. Without prejudice to article 7, regulated companies under Belgian law may, to the extent where their status does not, practise of right as referred to in article 3.
The exercise of this activity, regulated companies must respect the rules of conduct laid down in chapter III.
§ 3. The FSMA grants an approval as the independent financial planner to persons who so request and which fulfil the conditions laid down in section 2.
The King is empowered to establish, on the advice of the FSMA, forms and the conditions under which any application for registration must satisfy, the list of documents to be transmitted to demonstrate compliance with the conditions laid down in section 2, as well as treatment modalities by the FSMA of applications for approval.
The applicant shall immediately communicate any changes to the information or documents transmitted to the processing of an application for approval to the FSMA, without prejudice to the right of the FSMA to gather all necessary information with him or her claim of the supporting documents.
§ 4. The FSMA to decide on the request for approval within three months from the receipt of the complete dossier. The FSMA shall notify its decision to the applicant by registered letter to the post.
S. 6. the FSMA maintains a list of authorized independent financial planners that the public can take notice on its web site.
The list mentions for each independent financial planner: 1 ° the data necessary for its identification.
2 ° the date on which its approval was issued;
3 ° the mention that he worked as a person physical or as a commercial company, and in the latter case, the form of the company;
4 ° where appropriate, the date of the radiation or the suspension of its licence;
5 ° any other information than the FSMA considers useful for correct information to the public.
The FSMA establishes the conditions in which the mention of the cancellation of the approval of an independent financial planner is removed from the list.
S. 7 § 1. Without prejudice to paragraph 2, only independent financial planners accredited by the FSMA in accordance with this Act and the regulated may: 1 ° stand towards the public in Belgium as "financial planners" or make use of similar names;
2 ° to be State, in any form whatsoever, the provision of consultations in financial planning to retail clients.
§ 2. Only independent financial planners accredited by the FSMA pursuant to this Act may: 1 ° stand towards the public in Belgium as "independent financial planners" or make use of similar names;
2 ° stand towards the public in Belgium as being independent in the exercise of their activity of financial planning with respect to retail customers;
3 ° use the words "financial planner" or similar words in their name or commercial name.
Section 2. -Conditions for registration art. 8. the business of independent financial planner is carried in person physical or in the form of a commercial company.
S. 9. the central administration of an independent financial planner should be in Belgium.
S. 10. the application for registration includes a financial plan over three years, the form and content are determined by the King on the advice of the FSMA.
S. 11 § 1. If the request for approval as the independent financial planner is made by a company, the approval is subject to the disclosure of the identity of persons who directly or indirectly exercise control over the company.
§ 2. The persons referred to in paragraph 1 must have the necessary qualifications against the need to ensure a sound and prudent management of the company.
The FSMA may consult the National Bank of Belgium if it has reason to believe that it has, because of its
mission control of some regulated companies, information concerning the qualifications of the persons concerned. The National Bank of Belgium communicates the information at its disposal to the FSMA within the period of fourteen days from the request for an opinion.
S. 12 § 1.
If the request for approval as the independent financial planner is made by a company, the members of the statutory body of the company and the persons responsible for the effective management must exclusively be natural persons.
§ 2. The independent financial planner carrying in person physical and persons referred to in paragraph 1, of the same collaborators authorised to represent the financial planner independent in the provision of financial planning consultations, only can be found in one of the cases listed in article 20 of the Act of April 25, 2014, on the status and control of credit institutions.
§ 3. The persons referred to in paragraphs 1 and 2, must have at all times the required professional repute and expertise appropriate to the exercise of their function.
The FSMA may consult the National Bank of Belgium if it has reason to believe that it has, because of its control mission of some regulated companies, information concerning the qualifications of the persons concerned. The National Bank of Belgium communicates the information at its disposal to the FSMA within the period of fourteen days from the request for an opinion.
S. 13. the quality of independent financial planner approval is subject to the existence of an adequate organization for compliance with the provisions of this Act and its implementing orders.
The King is empowered to determine the scope of this condition on the advice of the FSMA.
S. 14. the approval is subject to the insurance covering professional liability of the independent financial planner.
The King is empowered to determine the form and content of this obligation on the advice of the FSMA.
Section 3. -Conditions for the exercise of activity art. 15 § 1. Independent financial planners meet at all times the conditions for approval laid down in section 2.
They are obliged to report any significant changes concerning the conditions of their initial approval to the FSMA.
§ 2. Independent financial planners shall ensure compliance by their collaborators from the provisions of this Act and its implementing orders.
3. Independent financial planners should adopt an internal code of conduct meeting the conditions laid down by the King on the advice of the FSMA and ensure compliance with the code by their collaborators and, in the case of a corporation, by their directors and senior managers.
S. 16. in the case of a corporation, independent financial planners previously inform the FSMA of any change in control of the company. They shall transmit to the FSMA all documents and information required for the purpose of demonstrating that the persons concerned have the necessary qualifications against the need to ensure a sound and prudent management of the company.
The FSMA transmits to the independent financial planner an opinion on changes within a period of sixty days from receipt of a complete dossier. These changes can take place if the FSMA issued a favourable opinion.
S. 17. independent financial planners shall previously inform the FSMA of any proposal for the designation of employees entitled to represent them in the provision of financial planning consultations and, in addition, in the case of a corporation, of any proposal for the appointment of members of the legal Board of Directors and persons responsible for the effective management.
Within the framework of the information required under paragraph 1, independent financial planners shall communicate to the FSMA all documents and information to assess whether the nominees have the required professional repute and the appropriate expertise in the performance of their duties in accordance with article 12.
Paragraph 1 is also applicable to the proposal for renewal of the appointment or designation, as appropriate, individuals are referred to as well as to the non-renewal of their appointment, their dismissal or resignation.
The FSMA may consult the National Bank of Belgium if it has reason to believe that it has, because of its control mission of some regulated companies, information concerning the qualifications of the persons concerned.
The National Bank of Belgium communicates the information at its disposal to the FSMA within the period of fourteen days from the request for an opinion.
The appointment or designation, as the case, persons referred to in paragraph 1 is subject to the prior approval of the FSMA. It transmits to the independent financial planner decision within a period of sixty days from receipt of a complete dossier.
In the case of a corporation, independent financial planners shall inform the FSMA for the possible distribution of the tasks among the members of the statutory governing body, the persons responsible of the effective management, as well as significant changes in the distribution of tasks.
Independent financial planners can provide no investment advice referred to in article 46, 9 ° of the Act of 6 April 1995 on the status and control of investment firms, or more generally any Commission on transactions on individual financial products to their customers.
§ 2. Independent financial planners can at any time receive or keep cash or account funds or financial products belonging to their clients and find themselves in a debtor position towards their customers.
Independent financial planners may have no mandate or no proxy on a clients account, except those of the members of their families forming part of their household and commercial companies which they are effective leader.
S. 19. independent financial planners comply, in the exercise of their activity, to the law of 11 January 1993 on the prevention of the use of the financial system for the purpose of laundering and of the financing of terrorism and the orders made pursuant to this Act.
S. 20. independent financial planners contribute to the running costs of the FSMA according to the procedures laid down by the King in accordance with article 56 of the Act of 2 August 2002 on the supervision of the financial sector and financial services.
S. 21 § 1. Independent financial planners who plan to offer consultations in financial planning to retail clients on the territory of another State, if necessary through a subsidiary or a branch, shall notify their intention to the FSMA.
This notification is accompanied by information on the activities planned, their financial impact and the consequences of these activities in terms of organization of the independent financial planner.
Within eight days from the receipt of this notification, the FSMA acknowledges receipt and inform the applicant if his case is complete.
§ 2. If it considers, on the basis of the information provided by application of § 1, paragraph 2, that the project will have adverse impact on the independent financial planner, FSMA may oppose the project by reasoned decision.
The decision of the FSMA is notified to the independent financial planner by registered mail within sixty days from the receipt of the complete dossier. If the FSMA has not notified of decision within this period, it is deemed not to oppose the project.
Section 4. -Independence art.
22 § 1. Subject to the incompatibilities referred to in paragraph 2, the independent financial planner may exercise other professional activities, to condition: 1 ° that they are not placed in a situation of conflict of interest;
2 ° that they do not compromise its reputation;
3 ° they are totally separated from financial planning on organisational and accounting activities.
In the exercise of these other professional activities, independent financial planners must avoid making refers to its status as independent financial planner during its contacts with the public, if it is to ensure its reputation.
On advice of the FSMA, the King may lay down the conditions referred to in paragraph 1.
§ 2. By way of derogation from paragraph 1, independent financial planners may not: 1 ° earn their status as independent financial planner with the status of regulated business;
2 ° to offer for sale or subscription, for own account or for account of third parties, investment instruments;
3 ° earn their status
Financial Planner independent with a status of payment institution referred to in the Act, December 21, 2009, relating to the status of settlements of payment and electronic money institutions, the access to the activity of service provider of payment, the business of issuing electronic money and access to payment systems;
4 ° exercise, for own account or for account of third parties, the activity of trade of gold and precious metals or currency trade activity referred to in articles 137 and 139 of Act of 6 April 1995 on the status and control of investment firms;
5 ° earn their status as independent financial planner with a status of real estate agent referred to in article 2, 4 °, of the law of February 11, 2013, organizing the profession of estate agent.
§ 3. The requirements referred to in paragraph 1 and the cumulation prohibitions referred to in paragraph 2 shall also apply: a) to directors and senior managers of the independent financial planner in society and the companies they control.
b) to companies and people related or associated with the independent financial planner within the meaning of articles 11 and 12 of the Code of corporations;
(c) to employees of the independent financial planner.
23 § 1. Independent financial planners are independent of issuers and regulated companies.
§ 2. Independent financial planners are exclusively paid by their customers. They cannot receive directly or indirectly any remuneration, commission, or any other advantage of regulated companies or issuers, with the exception of non-monetary benefits resulting in direct to improve the service provided to customers.
CHAPTER III. -Rules of conduct in the provision of consultations in financial planning articles 24. This chapter applies: 1 ° to independent financial planners;
2 ° to the regulated firms when they carry on the activity referred to in article 3.
S. 25 § 1. In the provision of financial planning consultations, independent financial planners and regulated enterprises shall act in a honest, fair and professional manner that best serves the interests of their clients.
§ 2. All information, including marketing communications, they make to customers or potential customers, are fair, clear and not misleading. Advertising information are clearly identifiable as such.
§ 3. In the provision of financial planning consultations, independent financial planners and regulated companies comply with Book VI of Code of economic law by acting as if their retail customers were all consumers within the meaning of this Act.
S. 26 § 1. Prior to the provision of financial planning consultations, clients and potential clients receive at least the following information in a durable medium: has) the full identity and coordinates the independent financial planner or the regulated company that provides consultations;
b) the status of the independent financial planner or regulated company that provides consultations, as well as the name and address of the competent authority which granted approval;
(c) the fact that financial planning consultations are expected to integrate four dimensions, either civil law, tax law and taxation, social security and the security of existence, and economic and financial;
d) the cost of the financial planning consultations and where appropriate commercial terms to which financial planning consultation is subject;
(e) a general description, possibly provided in summary form, of the policy followed by the independent financial planner or company regulated with conflict of interest;
(f) a general description, possibly provided in summary form, rules of conduct which are applicable to the provision of financial planning consultations.
Any substantial modification of the information provided is transmitted to the client in a timely manner on a durable medium.
§ 2. Prior to the provision of financial planning consultations, independent financial planners also provide the following information to clients and potential clients in a durable medium: a) the fact that they are independent from issuers and regulated companies;
(b)) the prohibition to collect wages, commissions and other monetary benefits directly from regulated companies or issuers; indirectly
c) the prohibition to receive and hold funds and financial products belonging to their clients;
d) the prohibition to provide their clients with investment advice referred to in article 46, 9 °, of Act of 6 April 1995 on the status and control of investment firms and, more generally, advice on transactions on individual financial products;
(e) the prohibition of have a mandate or a proxy on the accounts of their customers, except on those members of their families forming part of their household and commercial companies which they are effective leader.
27. prior to the provision of financial planning consultations, all necessary information on the personal situation of the customer, including information on its financial, family and professional situation, as well as its objectives and its needs in terms of financial planning, must be collected in writing so that it can provide adequate consultation.
The King may specify the information to be provided by the customer in connection to his personal situation.
If the required information cannot be collected, no consultation in financial planning can be supplied to the customer concerned.
S. 28 § 1. Prior to the provision of financial planning consultation, a written agreement must be concluded with each client. This convention sets out the rights and obligations of the parties, and mentions the information referred to in article 26.
§ 2. If the client does not wish that his situation need a multidisciplinary analysis taking into account the four dimensions laid down in article 29, the convention referred to in paragraph 1 must provide it explicitly specifying what (s) and size (s) will not be taken into account.
If the customer does not want the consultation in financial planning focuses on the optimisation of all his assets, but only on a part of it, the agreement referred to in paragraph 1 shall so expressly specifying what part (s) of the heritage will be taken into account.
S. 29 § 1.
Unless the client explicitly requests recorded in accordance with article 28, paragraph 2, paragraph 1, consultations in financial planning must be based on a multidisciplinary analysis of the situation of the client incorporating both: has) the civil law;
b) tax law and taxation;
c) social security and security of existence;
(d) the economic and financial context).
§ 2. Unless the client explicitly requests recorded in accordance with article 28, paragraph 2, subparagraph 2, consultations in financial planning must focus on optimisation of all the assets of the client.
§ 3. Financial planning consultations must be customized and appropriate with regard to the information collected in accordance with article 27 on the personal situation of the client similarly on its objectives and its needs in terms of financial planning.
A consultation in financial planning is recorded in a written, clear and comprehensive report that is delivered to the customer as soon as possible.
§ 2. This report justifies the adequacy of consultation provided with regard to the personal circumstances of the client and considering multi-disciplinary analysis referred to in article 29, paragraph 1.
S. 31. a folder is made for each client, with a copy of the agreement referred to in article 28 and the report referred to in article 30, as well as any other documentary proof.
This file is kept for at least five years after the end of the contractual relationship.
S. 32 § 1. The independent financial planner or the regulated company that provides financial planning consultations must take all reasonable measures to avoid conflict of interest between himself or herself, including appropriate people who control them, their officers and employees, and their clients or between clients between them and, if a conflict cannot be avoided, to identify and manage this conflict in order to avoid harming the interests of the clients.
If the measures taken to manage a conflict of interest are not sufficient to provide reasonable assurance that the risk of prejudice to the interests of the client will be avoided, the client is informed, before that a consultation be provided for him, clearly and in a durable medium, the general nature and/or source of the conflict of interest. The information provided must be sufficiently detailed, in the view of the personal situation of the client, so that they can decide with full knowledge
cause to continue or not to use the proposed services. If the client decides to terminate the agreement of financial planning for this reason, no compensation will be due in his head.
§ 2. The regulated firms that have established a policy for the management of conflicts of interest in the provision of investment services must extend the implementation of this policy to the conflicts of interest that arise in the context of the provision of financial planning consultations.
S. 33. the King is empowered to lay down rules for the implementation of the rules of conduct referred to in this chapter, as well as additional rules of conduct on advice of the FSMA, to ensure the customer information and the protection of their interests.
-Provision of consultations in financial planning by foreign companies art.
34 § 1. Legal persons governed by the law of other Member States of the European economic area, who wish to engage in the activity referred to in article 3, paragraph 1, must have a permanent establishment in Belgium.
§ 2. Legal persons referred to in paragraph 1 must meet the following conditions: 1 ° be submitted in their original state to a similar status to the status of independent financial planner, to provide, in this State, financial planning consultations;
2 ° obtain prior to their branch in Belgium approval as the independent financial planner in accordance with chapter II, subject to the following provisions: i) before deciding on the request for the approval of the branch, the FSMA consult authorities if any of the control in the State of origin;
(ii) branches having obtained the approval of the FSMA are listed in a special section of the list;
(iii) the condition referred to in article 9 concerning the activities in Belgium;
(iv) the requirements relating to persons exercising control over the company are holders of the capital of the company of foreign law, while requirements for leaders are the leaders of the Belgian branch.
3 ° comply with the provisions of this Act in the exercise of their activities in Belgium, on the understanding that: i) article 21 shall not apply;
(ii) for the purposes of article 22, the notion of independent financial planner means the branch and the foreign business.
§ 3. By way of derogation from paragraph 2, can practise of right as referred to in article 3, paragraph 1, the Belgian branches of companies governed by the law of another State member of the European economic area, in their State of origin to a harmonised status equivalent to the status of regulated company that does give them not a passport covering the provision of financial planning consultations , but that does not exclude the provision of such consultations.
Within the framework of the exercise of the activity referred to in article 3, paragraph 1, the undertakings concerned comply with the rules of conduct laid down in chapter III.
4. By derogation from paragraphs 1 and 2, companies governed by the law of another State member of the European economic area, subject in their State of origin to a status equivalent to the status of regulated company may, to the extent where this status gives them a passport covering the provision of financial planning consultations, practise of right as referred to in article 3 , paragraph 1, by way of installation of branches or under the freedom to provide services regime.
The FSMA shall inform the undertakings concerned of the provisions of this Act which, to his knowledge, are of general interest. These provisions of general interest are published on the website of the FSMA.
Chapter V. - Organisation of control and administrative measures art. 35 § 1. The FSMA is responsible for the control of compliance with the provisions of this Act and the orders and regulations for its execution.
§ 2. The FSMA may require all information necessary for the performance of its monitoring mission in the time specified to persons who provide in Belgium of financial planning consultations. The FSMA may also conduct inspections on-site and take knowledge and copy on the spot of any data that the person who provides financial planning consultations has in its possession.
§ 3. For a good application of this Act and the measures taken in implementation thereof, the FSMA cooperates as appropriate with the National Bank of Belgium where regulated businesses under the control of the latter are concerned, as well as with the authorities of other States with powers similar to his own. The FSMA may exchange with these authorities the information confidential in accordance with the provisions of sections 75 and 77, paragraphs 1 and 2, Act of 2 August 2002 on the supervision of the financial sector and financial services. The FSMA informs them of any action taken under sections 37 to 39 of undertakings under their oversight.
S. 36 when the FSMA ascertains that an independent financial planner or a branch of a foreign company referred to in article 34, paragraph 2, does not meet the provisions of this Act or orders and regulations for its execution, it identifies the breaches committed and puts notice to correct these shortcomings in the time specified. It may extend this period.
The FSMA may prohibit during this period the exercise of any or part of the activity of financial planning and suspend approval.
If, on expiry of that period, the FSMA finds that deficiencies have not been remedied, it can write off as independent financial planner.
S. 37 where the FSMA ascertains that a regulated Belgian carrier or a foreign company referred to in article 34, paragraph 3 or 4, does not, in the provision of consultations in financial planning to customers of retail on the Belgian territory, the rules of conduct laid down in chapter III, or in the orders and regulations for its execution It identifies committed breaches and puts notice to correct these shortcomings in the time specified. It may extend this period.
S. 38 § 1. Without prejudice to the application of other measures provided for in this Act, the FSMA may, in respect of a person who gives no further warnings which are made to him pursuant to articles 36 or 37: 1 ° impose a fine of 250,000 euros maximum per violation or EUR 5,000 maximum per day of delay;
2 ° make public the fact no follow-up has been given to the warnings that have been made.
§ 2. Periodic penalty payments imposed by the FSMA in pursuance of paragraph 1 shall be recovered for the benefit of the Treasury by the administration of the Cadastre, registration and domains.
-Sanctions Section 1st. -Sanctions administrative s. 39 § 1. Without prejudice to other measures provided for in this Act, the FSMA may, where it finds a breach of the provisions of this Act or of the orders and regulations for its execution, impose an administrative fine which shall not be less than 2,500 euros or more for the same fact or the same set of facts to 75,000 euros to the person concerned.
§ 2. The fines imposed by the FSMA in pursuance of paragraph 1 shall be recovered for the benefit of the Treasury by the administration of the Cadastre, registration and domains.
Section 2. -Sanctions criminal art. 40 § 1. Without prejudice to the application of more severe penalties under the penal Code, shall be punished by a term of imprisonment of one month to one year and a fine of 50 euros to 10,000 euros or one of those penalties only that which: 1 ° provides financial planning consultations without Don one of the statuses provided for in this Act;
2 ° fails to comply with the provisions of article 7;
3 ° does not respect the provisions of articles 18 or 22, paragraphs 1 and 2.
§ 2. Without prejudice to the application of more severe penalties under the penal Code, shall be punished by a term of imprisonment from eight days to three months and a fine of 200 euros to 2,000 euros or one of those penalties only, one who, with intent to defraud: 1 ° fails to communicate to the FSMA by the amendments relating to the information included in his file for approval in pursuance of the provisions of chapter II;
2 ° fails to communicate to the FSMA information required under section 16 or 17;
3 ° fails to comply with the provisions of articles 22, paragraph 3, or 23.
§ 3. Any person who refuses to provide the information and documents requested by the FSMA for the control of the application of this Act and the orders and regulations for its execution or which opposes the measures of investigation taken by the FSMA or who makes a false declaration, is punishable by a term of imprisonment of 8 to 15 days and a fine of 100 euros to 1,000 euros or one of those penalties only.
§ 4. Persons convicted of any of the offences referred to in paragraphs 1 to 3 may be subject the definitive or provisional closure of a part or the whole of the premises allocated to the provision of financial planning consultations.
§ 5. All the provisions of book I of the Code penal, including Chapter VII and article 85, shall apply to the offences covered by this Act.
CHAPTER VII. -Amending provisions, entry into force and transitional measures art. 41. article 2, paragraph 1, of the law of 11 January 1993 on the prevention of the use of the financial system for the purpose of laundering of capital and financing of terrorism, as last amended by the Act of November 27, 2012, is complemented by a 22 ° as follows: "22 ° independent financial planners referred by the Act of April 25, 2014, on the status and control of independent financial planners and the provision of consultations financial planning by regulated businesses."
S. 42. in article 16, paragraph 3, of the Act, inserted by the Act of January 18, 2010, the words "article 2, paragraph 1, 4 ° to 15 °" each time are replaced by the words "article 2, paragraph 1, 4 ° to 15 ° and 22 °".
S. 43. in article 19 of the same Act, inserted by the Act of January 18, 2010, '14 ° and 15 °' shall be replaced by the words "14 °, 15 ° and 22 °".
S. 44. in article 513 of the Code of corporations, as amended by the Act of January 8, 2012, subsection 2/1 is repealed.
S. 45A article 45, paragraph 1, of Act of 2 August 2002 on the supervision of the financial sector and financial services, replaced by the royal decree of 3 March 2011 and amended by the Act of November 13, 2011 and the Act of July 30, 2013, the following changes are made: 1 ° 2 ° is supplemented by a point as follows: : "h. independent financial planners referred by the Act of April 25, 2014 status and control of independent financial planners and the provision of financial planning by regulated businesses consultations";
2 ° 3 ° is supplemented by a point i. as follows: "i. Act of April 25, 2014 on the status and control of independent financial planners and the provision of financial planning by regulated businesses consultations".
46A article 72, paragraph 3, of the Act, replaced by the Act of July 2, 2010 and amended by the royal decree of 3 March 2011 and by the Act of July 30, 2013, the following changes are made: 1 ° paragraph 3 is supplemented by the following sentence: "the persons concerned are, if possible, also informed of the decision of the sanctions Committee by fax or by electronic means or delivery of an acknowledgement of receipt.";
2 ° paragraph 4 is replaced by the following: "immediately after the persons concerned have been informed of the decision, the sanction commission makes its public decisions of p.p.e. on the website of the FSMA, unless this publication potential to disrupt severely the financial markets or cause damage disproportionate to the parties involved. In the latter case, the decision is published on the web site of the non p.p.e. FSMA. In the case of appeal against the decision of sanction, this information is included in the publication or, if the application is lodged after the initial publication, it is complemented by this information. Any further information on the outcome of such use, including any decision which annulled the decision of sanction, is also published. "."
S. 47. article 73bis of the Act, inserted by the Act of July 30, 2013, is supplemented by the following sentences: "in the latter case, the decision is published on the web site of the non p.p.e. FSMA. In the case of appeal against the decision, this information is included in the publication or, if the application is lodged after the initial publication, it is complemented by this information. Any further information on the outcome of such use, including any decision that rescinds the decision, is also published. "."
S. 48. in article 121, § 6, of the Act, inserted by the law of 2 August 2002 and amended by the law of May 23, 2007 and by the royal decree of March 3, 2011, the following two sentences are inserted between the first sentence and the second sentence: "the suspensive effect of the appeal is limited to the recovery of the penalty or a fine. The suspensory nature does not preclude that the penalty is incurred and does not prevent that publication takes place in accordance with the applicable legal provisions. "."
49. the King shall exercise the powers conferred on it by the provisions of this Act on the joint proposal of the Minister having finance in his/her attributions and the Minister who has the consumer in his or her attributions.
S. 50 § 1. This Act comes into force the first day of the sixth month following that of its publication in the Moniteur belge.
By way of derogation from paragraph 1, articles 44 and 46 to 48 come into force the tenth day following that of their publication in the Moniteur belge.
§ 2. Physical and legal persons other that regulated companies which, at the date of entry into force of this Act, provide financial planning consultations to customers in retail on Belgian territory are allowed to continue this activity on an interim basis until the FSMA had ruled on the application for approval.
However, the persons concerned must introduce a complete record of request for approval under section 5 within six months of the entry into force of this Act.
PHILIPPE by the King: the Deputy Prime Minister and Minister for the economy and consumers, J. VANDE LANOTTE the Minister of finance, K. GARG the Minister of Justice, Ms. A. TURTELBOOM sealed with the seal of the State: the Minister of Justice, Ms. A. TURTELBOOM _ Note (1) House of representatives (www.lachambre.be): Documents: 53-3393 full record: 26 and 27 March 2014 Senate (www.senate.be) : Documents: 5-2809 annals of the Senate: April 3, 2014