Source: https://www.global-regulation.com/translation/belgium/3031895/law-to-strengthen-the-protection-of-users-of-products-and-financial-services-as-well-as-the-powers-of-the-authoritys-services-and-financial-markets%252c.html
Timestamp: 2018-10-19 07:01:29
Document Index: 384689873

Matched Legal Cases: ['§ 1', '§ 2', 'art.\n2', '§ 1', '§ 3', '§ 3', '§ 1', '§ 2', '§ 1', '§ 2', '§ 2', '§ 4', '§ 6', '§ 3', '§ 8', '§ 1', '§ 1', '§ 1', '§ 5', '§ 1', '§ 2', '§ 2', '§ 1', '§ 2', '§ 3', '§ 4', '§ 5', '§ 1', '§ 1', '§ 2', '§ 1', '§ 3', '§ 1', '§ 1', '§ 1', '§ 1', '§ 1', '§ 1', '§ 3', '§ 3', '§ 1', '§ 1', '§ 2', '§ 1', '§ 1', '§ 1', '§ 2', '§ 3', '§ 4', '§ 5', '§ 1', '§ 2', '§ 2', '§ 1', '§ 1', '§ 5', '§ 5', '§ 6', 'Art. 52', '§ 1', '§ 2', '§ 1', '§ 3', '§ 1', '§ 2', '§ 1', '§ 1', '§ 2', '§ 3', 'art. 58', '§ 3', 'art.\n59', '§ 1', '§ 1', '§ 1', '§ 1', '§ 1', '§ 1', 'art.\n63', 'art. 64', '§ 1', '§ 2', '§ 3', '§ 2', '§ 2', '§ 4', '§\n2', '§ 2', '§ 5', 'Art. 65', '§ 1', '§ 3', '§ 2', '§ 1', '§ 1', '§ 2', 'Art. 67', '§ 1', '§ 1', '§ 1', '§ 1', '§ 3', '§ 1', '§ 1', '§ 2', 'art. 68', 'art. 69']

Law To Strengthen The Protection Of Users Of Products And Financial Services As Well As The Powers Of The Authority's Services And Financial Markets, And Establishing Various Provisions (I) (1)
Original Language Title: Loi visant à renforcer la protection des utilisateurs de produits et services financiers ainsi que les compétences de l'Autorité des services et marchés financiers, et portant des dispositions diverses (I) (1)
Read the untranslated law here: http://www.ejustice.just.fgov.be/cgi/article_body.pl?numac=2013011419&caller=list&article_lang=F&row_id=1100νmero=1143&pub_date=2013-08-30&dt=LOI〈uage=fr&fr=f&choix1=ET&choix2=ET&fromtab=+moftxt&trier=publication&sql=dt+=+'LOI'&tri=pd+AS+RANK+
Posted the: 2013-08-30 Numac: 2013011419 SERVICE PUBLIC FÉDÉRAL ÉCONOMIE, P.M.E., CLASSES average and energy July 30, 2013. -An act to enhance the protection of users of financial products and services as well as the powers of the Authority's services and financial markets, and wearing various provisions (I) (1) PHILIPPE, King of the Belgians, to all, present and future, hi.
The Chambers have adopted and we endorse the following: Article 1. § 1. This Act regulates a matter referred to in article 78 of the Constitution.
§ 2. This Act provides including the transposition of certain provisions of Directive 78/2010/EU of the European Parliament and of the Council of 24 November 2010 amending Directives 98/26/EC, 2002/87/EC, 2003/6/EC, 2003/41/EC, 2003/71/EC, 2004/39/EC, 2004/109/EC, 2005/60/EC, 2006/48/EC, 2006/49/EC, and 2009/65/EC as regards the powers of the European supervisory authority (authority European banking) the European supervisory authority (European insurance and occupational pensions authority) and the European supervisory authority (European financial markets authority).
TITLE I. -Amendments to the law of 25 June 1992 on terrestrial insurance art.
2. article 140 of the Act of 25 June 1992 on terrestrial insurance contract, replaced by the Act of April 26, 2010 and as amended by the royal decree of 3 March 2011, is complemented by four paragraphs worded as follows: "If the FSMA finds that an insurance company, an insurance intermediary or a claims office complies with the provisions of this Act or of the orders and regulations for its execution It may order the person or undertaking concerned to rule within the time limit which it shall determine, without prejudice to the possibility to apply, where appropriate, article 21octies of the Act of 9 July 1975 on the supervision of insurance companies.
Without prejudice to other measures provided by law, if the person or company to which it has addressed an injunction remains in default upon the expiry of the abovementioned period, the FSMA may, the person or the company unable to present its case: 1 ° impose on the latter a penalty that cannot be a day delay schedule, more than EUR 50,000 , or to disregard same injunction, higher than 2 500 000 euro;
2 ° make public its views relating to the offence or the breach in question.
Without prejudice to other measures provided for by law, the FSMA may, where it finds a breach of the provisions of this Act or of the by-laws and regulations for its execution in the head of an insurance undertaking, an intermediary of insurance or a claims office, impose on the offender an administrative fine, which cannot exceed, for the same Act or to the same set of facts 2,500,000 euros.
The penalties and fines imposed pursuant to this section shall be recovered for the benefit of the Treasury by the administration of the Cadastre, registration and domains. ».
TITLE II. -Amendments to the law of 27 March 1995 on insurance and reinsurance intermediation and the distribution of insurance s. 3 in article 10, paragraph 1, of the law of 27 March 1995 on insurance and reinsurance intermediation and the distribution of insurance, as last amended by the royal decree of 3 March 2011 and the Act of December 13, 2012, the following changes are made: 1 ° to 6 ° ter, the words "and 12quater" are replaced by the words «» «, 12quater and 12sexies.
2 ° 7 ° is replaced by the following: ' 7 ° pay the contributions to the operating costs of the FSMA, determined in accordance with article 56 of the law of 2 August 2002.
S. 4 article 10bis, 1 °, of the same Act, inserted by the law of 22 February 2006 and amended by the law of April 6, 2010, the words "of the required professional repute" are replaced by the words 'employability and the necessary professional repute'.
S. 5. in the heading of chapter IIbis of the Act, inserted by the law of 22 February 2006, 'Required information' shall be replaced by the words "Obligations in matters of information and other rules of conduct".
S. 6. in chapter IIbis of the Act, it is inserted after article 12quinquies a section 4 Section 4. Other rules of conduct.
7. in section 4 of chapter IIbis of the Act, inserted by article 6 article be inserted a 12sexies as follows: «art.» 12sexies. § 1. Insurance intermediaries shall act in an honest, fair and professional manner for the best interests of their clients. The information they provide must be correct, clear and not misleading.
In their activity of intermediation, insurance intermediaries must respect the rules of conduct applicable to insurance undertakings. By Decree deliberated in the Council of Ministers, took notice of the FSMA, the King may, for all the categories of intermediaries of insurance or some of them, provide an adapted version of these rules of conduct or declare some of these rules in whole or in part not applicable, in order to take account of their role.
2. Insurance intermediaries are relate their activity to insurance contracts which themselves, their distribution managers, and the persons referred to in article 3, paragraph 2, they occupy, know and are able to explain to clients the essential characteristics.
Insurance companies offer to purchase that insurance contracts including their distribution managers and the persons referred to in article 2, § 3, paragraph 2, that they occupy, know and are able to explain to clients the essential characteristics.
§ 3. Without prejudice to the provisions of articles 26 and 27 of the law of 2 August 2002, the King is empowered to establish, by Decree deliberated in the Council of Ministers, taken on advice of the FSMA, in pursuance of §§ 1 and 2, of the rules of conduct and rules aimed at preventing conflicts of interest, that insurance intermediaries must comply with.
The King may, by Decree deliberated in Council of Ministers, on the advice of the FSMA, modify, Supplement, replace or repeal the other provisions of this Act in order to align the content on the rules of conduct referred to in this article and to ensure consistency with these rules. Orders made under this authorization are repealed right if they were not confirmed by law in the twelve months following their publication in the Moniteur belge. ».
S. 8 in article 15bis of the Act, inserted by the law of 22 February 2006 and amended by the royal decree of March 3, 2011, the following changes are made: 1 °-paragraph 1, 1 °, 'at the rate of a maximum of 25,000 euros per offence or maximum of 500 euros per day of delay' shall be replaced by the words "which may not be. , daily schedule of late, exceeding 5,000 euros or, for lack of a same injunction, more than 75,000 euros or, in the case of an insurance undertaking, to 2,500,000 euros. »;
2 ° in paragraph 2, "paragraph 3" shall be replaced by the words "§ 2.
S. 9. article 16 of the same Act, replaced by the law of 22 February 2006 and amended by the Act of July 31, 2009 and the royal decree of 3 March 2011, is replaced by the following: «art.» 16 § 1. Without prejudice to other measures provided for by law, the FSMA may, where it finds a breach of the provisions of this Act or of the by-laws and regulations for its execution in the head of an insurance or reinsurance intermediary, impose an administrative fine, not exceeding, for the same Act or to the same set of facts to the latter 75,000 euros.
Without prejudice to other measures provided for by law, the FSMA may, where it finds a breach of the provisions of this Act or of the by-laws and regulations for its execution in the head of an insurance or reinsurance undertaking, impose an administrative fine, not exceeding, for the same Act or to the same set of facts to the latter 2,500,000 euros.
§ 2. The fines imposed pursuant to this section shall be recovered for the benefit of the Treasury by the administration of the Cadastre, registration and domains. ».
TITLE III. -Amendments of Act of 6 April 1995 on the status and control of investment firms article 10A article 109, § 2, of the law of 6 April 1995 on the status and control of investment firms, inserted by the law of 2 August 2002 and amended by the Act of 20 June 2005 and the royal decree of March 3, 2011, the words "5.000 euros" are replaced in the French version, by the words "2,500 euros.
11A article 148, § 4, of the Act, as amended by the Act of July 31, 2009, the following amendments are made: 1 ° to 6 °, the words ', and 139 ' shall be deleted;
2 ° it is inserted a 6 ° as follows 1: «6 ° 1 those who do not comply with articles 137, paragraph 1, and 139.
TITLE IV. -Amendments of Act of 2 August 2002 on the supervision of the financial sector and financial services s. 12 in article 2, paragraph 1, of the Act of 2 August 2002 on the supervision of the financial sector and financial services, as last amended by the royal decree of November 12, 2012, the following changes are made:
1 ° 21 ° is replaced by the following: ' 21 ° "FSMA": the authority of the financial services and markets, in German 'Autoritat Finanzielle Dienste und Märkte' and English «Financial Services and Markets Authority;»
2 ° 27 ° is supplemented by the words ', as well as any physical or legal person who uses other financial services or financial products referred to in the relevant provision.
3 ° the 39 °, repealed by royal decree of March 31, 2011, is restored in the following wording: "39 °"financial products": savings, investment or insurance products ';
4 ° 40 °, repealed by royal decree of March 31, 2011, is restored in the following wording: "40 °"financial services": services that relate to one or more financial products;
5 ° the paragraph is supplemented by 42 °, 43 ° and 44 ° and 45 ° written as follows: "42 °"savings account": an account indicating the receipt of deposits of money by credit institutions referred to in article 68bis, paragraph 1, 1 °, of the law of 16 June 2006 on public offers of investment instruments and admission of investment instruments to trading on markets regulated. , excluding the accounts of payment within the meaning of article 2, 8 °, of the payment services act of December 10, 2009;
43 ° «ESMA»: the European authority of financial markets (European Securities and Markets Authority) as established by regulation European no. 1095/2010 of the European Parliament and of the Council of November 24, 2010;
44 ° "EBA": the European banking authority (European Banking Authority) as established by regulation European no. 1093/2010 of the European Parliament and of the Council of November 24, 2010;
45 ° «EIOPA»: the European insurance and occupational pensions (European Insurance and Occupational Pensions Authority) authority as established by regulation European no. 1094/2010 of the European Parliament and of the Council of November 24, 2010. ».
13 A section 3 of the Act, replaced by the royal decree of 27 April 2007, the following changes are made: 1 ° to paragraph 1, paragraph 3 is replaced by the following: "list of Belgian regulated markets authorised pursuant to paragraph 1 and any changes to this list shall be published in the Moniteur belge by the care of the Minister.
The Minister shall provide this list to the ESMA, the other Member States and the European Commission.
Each gives rise to a similar communication change. The list is published on the web site of the FSMA. »;
2 ° paragraph 3 is supplemented by a paragraph worded as follows: "any withdrawal of approval is notified to the ESMA.".
S. 14 article 7, § 6, of the Act, section 2, inserted by the royal decree of 27 April 2007 and amended by the royal decree of 3 March 2011, is replaced by the following: 'without prejudice to §§ 3 and 4, and notwithstanding the possibility available to market undertakings holding Belgian regulated markets to inform directly the undertakings market organizing other regulated markets. the market undertaking organizing a Belgian regulated market which suspends the negotiation or pronounced the cancellation of a financial instrument makes public decision and communicates relevant information to the FSMA. The FSMA informs ESMA and the relevant competent authorities of the other Member States. ».
S. 15A article 10 of the same Act, paragraph 8, replaced by the law of May 2, 2007 and amended by Royal Decrees of December 19, 2010-March 3, 2011, is replaced by the following: "§ § 8 8 ' The public prosecutor informs the FSMA any citation that it launches, for a declaration of bankruptcy or under the law of January 31, 2009 on the continuity of enterprises, of an issuer whose financial instruments are admitted to trading on a regulated market or foreign.
The Registrar of the tribunal of commerce informed the FSMA, as quickly as possible and at the latest within 24 hours, of any request for the opening of a procedure of judicial reorganization filed by an issuer referred to in paragraph 1, any decision of declaration of insolvency by the tribunal with respect to such issuer, of any decision taken by the president of the tribunal with respect to such issuer under article 8 , paragraph 1, of the law of 8 August 1997 on bankruptcy, and any decision taken by the tribunal on report of the delegated judge or on request or quote from the Crown with respect to such issuer as part of the law of January 31, 2009, supra.
Paragraphs 1 and 2 do not prejudice the obligations of the issuers information to provide to the public. ».
S. 16 A article 13, § 1, of the Act, as amended by the royal decree of March 3, 2011, the following changes are made: 1 ° in the single paragraph, the word "two" shall be replaced by the word "ten";
2 ° single paragraph is supplemented by the following sentence: "beyond this duration, the suspension may be imposed by royal decree, taken on the proposal of the FSMA. ';
3 ° paragraph is supplemented by two paragraphs worded as follows: "in exceptional circumstances disturbing or likely to interfere with the operation or the stability of a Belgian regulated market, of one or several financial instruments admitted to trading on a Belgian regulated market or issuers of such instruments, the FSMA may, after having previously sought the opinion of the Bank. take measures to restrict the conditions of negotiation of financial instruments for a period not exceeding one month. The implementation of these measures may be extended and, if applicable, its procedures may be adapted by the FSMA, after previously seeking the opinion of the Bank and for a period not exceeding three months from the first decision. These measures shall be made public.
Beyond the above duration, the application of these measures may be extended by royal decree, taken on the proposal of the FSMA.
The measures referred to in paragraph (2) relate directly or indirectly to all financial instruments that are admitted to trading on a Belgian regulated market, or those instruments they cite in a way more accurate. They may relate to the negotiation of these financial instruments both on the market concerned that outside of this market, as well as on the negotiation at any point whatsoever, instruments whose value depends on such financial instruments or which relate to the issuer of such financial instruments or a corporation related to the transmitter. Measures may bear both negotiations even as the relative positions to one or several of the aforementioned financial instruments. ».
S. 17. in the title of chapter II, section 7, of the Act, the words "y relating ' are deleted.
S. 18A section 25 of the Act, as amended by the royal decree of March 3, 2011, the following changes are made: 1 ° in paragraph 3, paragraph 2, the words "§ 1, 1 °, ' are replaced by the words" § 1 ";
2 ° in paragraph 3, paragraph 2 is supplemented by the words "or concerning the issuer of a financial instrument described in 1 ° or 2 ° of the preceding paragraph or a company related to this transmitter";
3 ° article is supplemented by a paragraph 5 worded as follows: ' ' § § 5 5 It is prohibited to any person to provide information or false or misleading data or engage in any other act constituting a manipulation of the calculation of an index of reference.
For the purposes of this paragraph, it is to be understood by "reference index" all index sales figure released, obtained by applying a formula to the value of one or more assets or underlying price, including estimates of prices, interest rates or other values, or data from surveys, and by reference to which the amount payable in respect of a financial instrument is determined.
This paragraph shall apply provided that the acts in question are made in Belgium or from Belgian territory, the benchmark index to be calculated in Belgium or abroad. ».
S. 19 in article 26 of the same Act, replaced by the royal decree of 27 April 2007 and amended by the decrees of 3 March 2011 and November 12, 2012, the following changes are made: 1 ° three paragraphs worded as follows shall be inserted between paragraphs 1 and 2: "insurance companies should act honestly, fairly and professionally serving the best interests of their clients.
The information they provide must be correct, clear and not misleading. These companies are, for what is their transactions carried out on Belgian territory, subject to other rules of conduct laid down by and pursuant to articles 27, 28 and 28A, save as otherwise provided by or under this Act.
The King may, by order deliberate in Council of Ministers, taken on advice of the FSMA, declare the rules of conduct laid down in and under articles 27, 28 and 28A in whole or in part not applicable to insurance companies, in order to ensure that only the types of insurance that it determines are subject to these rules or, more generally to take into consideration the fact that insurance contracts are offered to customers.
The King may also, by order deliberate in Council of Ministers, made on the advice of the FSMA, for insurance companies an adapted version of some of these rules of conduct, in order to clarify the scope
and the scope of these rules for the businesses of insurance and, more generally, to take into account the fact that insurance contracts are offered to customers. Orders made pursuant to these authorizations are repealed right if they were not confirmed by law in the twelve months following their publication in the Moniteur belge. The preceding sentence does not apply to derogations to the rules of conduct which are not foreseen by articles 27, 28 and 28A, but under those sections.
Without prejudice to the foregoing, the King may, by Decree deliberated in the Council of Ministers, taken on the advice of the FSMA, provide also rules aimed at preventing conflicts of interest, that insurance companies must observe their transactions on Belgian territory. »;
2 ° in current paragraph 2, which becomes paragraph 5, the words ' pursuant to article 28B(c)» are replaced by the words "paragraph 2".
S. 20A article 27 of the same Act, replaced by the royal decree of 27 April 2007 and amended by the royal decree of March 3, 2011, the following changes are made: 1 ° 1st paragraph is replaced by the following: "§ 1.» When they offer or provide products or financial services, regulated enterprises shall act in a honest, fair and professional manner that serves the best interests of their clients. When the offer or provision of investment services, comply in particular with the rules of conduct set out in §§ 2 to 12. »;
2 ° in paragraph 2, the phrase "all information, including marketing communications, addressed by the company restricted to customers or potential customers, are fair, clear and not misleading." is replaced by the following sentence: "when the offer or provision of financial products or services, all information, including marketing communications, addressed by the company restricted to customers or potential customers are fair, clear and not misleading. »;
3 ° a 2A paragraph worded as follows is added: "§ 2A.» Paragraphs 1 and 2 also apply to credit institutions governed by the law of an EEA Member State, when they market savings on Belgian territory accounts allowed to carry out their activities in Belgium in freedom to provide services. ».
21 article 28B(c) of the Act, inserted by the Act of July 2, 2010 and as amended by the royal decree of 3 March 2011, is replaced by the following: "§ 1.» Are covered by this section, the credit institutions referred to in article 26, paragraph 1, as well as credit institutions governed by the law of an EEA State, allowed to exercise their activities in Belgium freedom to provide services.
§ 2. Where a credit institution has a savings as being a savings deposit benefiting from the application of article 21, 5 °, of the 1992 income tax Code, it must comply with the criteria set out in article 2 of the royal decree of 27 August 1993 for the implementation of the 1992 income tax Code.
§ 3. To promote honest, fair and professional investor treatment, the King may lay down rules to promote the transparency and comparability of savings accounts sold on Belgian territory. Within this framework, the King may take provisions regulating the extent of the supply of savings accounts benefiting from the application of article 21, 5 °, of the Tax Code on 1992 earnings, and the conditions under which a credit institution may submit the offer of a savings account.
§ 4. The King may also lay down rules concerning the content and format of communications in advertisements and other documents and notices pertaining to a savings account opened with a financial institution.
§ 5. For the purposes of this article, it has to be understood by 'savers' savings account holders, or natural or legal persons wishing to conclude a contract of opening of savings account, and are not business customers within the meaning of article 2, 28 °. ».
22. article 29, 5 °, of the same Act, inserted by the Act of July 2, 2010, is supplemented by the following sentences: "these rules may relate to the negotiation of financial instruments above both on the market concerned that outside of this market, as well as on the negotiation at any point whatsoever, instruments whose value depends on such financial instruments or which relate to the issuer of such financial instruments or a corporation related to the transmitter. These rules may also affect the relative positions to one or several of the aforementioned financial instruments. ».
23. in chapter II, section 7, subsection 3, of the Act, it is inserted article 30A as follows: «art.» 30bis. on the advice of the Council after having requested at least one month in advance notice of the Consumer Council, created by the royal decree of 20 February 1964 establishing a Consumer Council, the Executive Committee of the FSMA may, without prejudice to the powers vested in the Minister of economy in charge, stop regulations that , taking into account the interests of users of products or financial services: 1 ° prohibit or make subject to restrictive conditions marketing or some forms of marketing with retail customers, financial products or certain categories of financial products;
2 ° support, by providing for the compulsory indication of a label or any other way, the transparency of such products, certain categories of products or risks, prices, salaries and expenses relating to such products;
3 ° recommend a reference questionnaire to define the profile of users of financial products investor.
For the purposes of this article, it has to be understood by 'marketing' the presentation of the product in any way whatsoever, in order to encourage the client or the potential client to buy, subscribe, join in, to accept, to sign or open the product concerned.
Article 64, paragraph 3, shall apply to these regulations. ».
S. 24 section 33 of the Act, as amended by the royal decree of March 3, 2011, the words "this chapter" are replaced by the words "of this chapter and of the orders and regulations for its execution".
S. 25A article 34 of the same Act, replaced by the law of May 2, 2007 and amended by the royal decree of March 3, 2011, the following changes are made: 1 °-paragraph 1, 1 °, the words "or by other persons or legal entities subject to the relevant rules" are inserted between the words 'financial intermediaries' and the words ', members of one ";
2 ° in paragraph 2, paragraph 3, the words 'a Belgian regulated market' shall be replaced by the words "Belgian regulated market or MTF.
S. 26. in article 35, § 1, of the same law, replaced by the law of May 2, 2007, as amended by the royal decree of March 3, 2011, the following changes are made: has) in 1 °, replaced by the Act of July 2, 2010, "if investment services are not provided illegally' shall be replaced by the words"If there's no offence as referred to in article 86bis. "
(b) paragraph 1 shall be supplemented by a 3 ° as follows: «3 ° reply to requests for information from the ESMA, the EIOPA, EBA and the European systemic risk Board.».
S. 27A article 36 of the Act, as amended by the royal decree of March 3, 2011, the following changes are made: 1 ° to the § 1, paragraph 1, the words "established in Belgium" are deleted and "of its orders of execution" shall be replaced by the words "of the orders and regulations for its execution."
2 ° in § 2, the words "its orders of execution" are replaced by the words 'of the orders and regulations for its execution.
S. 28. in chapter II, section 8, of the Act, it is inserted an 37ter article as follows: «art.» 37ter. the FSMA assumes the tasks assigned to the competent authority by Regulation (EU) No. 236/2012 of the European Parliament and of the Council of 14 March 2012 on the short sale and some aspects of swaps on credit risk, and ensure compliance with this regulation and the provisions adopted on the basis or in implementation of this regulation.
Notifications sent to the FSMA under articles 5 to 8 of the regulations occur in the manner that the FSMA determine and make public on its web site.
The FSMA may take the measures and exercise the powers which, under the terms of this regulation, in particular articles 13.3 and 14.2, 17, 18 to 23 and 37, are the prerogative of the competent authority. When these powers or measures relating to securities of sovereign debt, the FSMA is however with the assent of the Minister having finance in his/her attributions within the authority concerned, or with the assent of the Agency debt or the other competent authority for the relevant sovereign debt securities.
For the purposes of these missions, the FSMA may: 1 ° exercise the powers referred to in articles 34, § 1, 1 °, a) and b), and 35 against any physical or legal person;
2 ° exercise the powers referred to in articles 79, 80, 81, 82, 1 ° and 2 °, 83 and 84 as laid down in those articles.
Without prejudice to paragraph 4, the FSMA is entitled to require, in some cases, of the natural person or
morality which concludes a contract of credit default swaps that provide: 1 ° an explanation about the purpose of the transaction, indicating whether it is intended to cover a risk or pursues another goal.
2 ° the information specifying the underlying risk, where the transaction is carried out for purposes of coverage.
Articles 36 and 37 are applicable to prohibitions and obligations arising out of that regulation and the measures taken on the basis or in pursuance of this regulation, as well as in the event of infringement of the measures taken by the FSMA under this regulation infringements. ».
S. 29. in chapter II, section 8, of the Act, it is inserted an article 37quater as follows: "The FSMA assumes the tasks assigned to the competent authority by Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies.".
S. 30A section 39 of the Act, as amended by decrees of August 24, 2005 and March 3, 2011, the following changes are made: 1 ° paragraph 2 is supplemented by a 3 ° as follows: «3 ° concerning financial instruments that are not admitted to trading on the markets or alternative trading systems referred to in 1 ° or 2 °. , but whose value depends on a financial instrument referred to in 1 ° or 2 ° or concerning the issuer of a financial instrument referred to in 1 ° or 2 ° or a company related to this transmitter. »;
2 ° article is supplemented by a paragraph 3 as follows: "§ § 3 3» Shall be punished by imprisonment of one month to two years and a fine of 300 euros to 10,000 euros, those who provide or have attempted to provide information or false data or misleading or which are engaged or attempted to engage in any other equivalent document in order to intentionally manipulate a reference index calculation.
S. 31A article 40 of the same Act, as amended by the law of 23 December 2005 and by the Royal Decrees of August 24, 2005 and March 3, 2011, the following changes are made: 1 ° to the paragraph 4, 3, the words "alternative referred to in 1 ° or 2 ° of the preceding paragraph" are replaced by the words "alternative referred to in 1 ° or 2 °";
2 ° to the paragraph 4, 3, the words "financial instrument referred to in 1 ° or 2 ° of the preceding paragraph" are replaced by the words "financial instrument referred to in 1 ° or 2 ° or which relate to an issuer of a financial instrument referred to in 1 ° or 2 ° or a related to this transmitter company";
3 ° to operative paragraph 7, the words "article 39 or" shall be inserted between the words "offence" and the words "§§ 1, 2, or 3.
4 ° to paragraph 8, paragraph 1, the words "article 8, § 1, of Directive 89/592 / EEC of 13 November 1989 coordinating regulations on insider» are replaced by the words 'article 11 of Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse)';
5 ° to paragraph 8, paragraph 1, the words 'in application of articles 5 and 6, second sentence, of that Directive' are deleted.
32A article 45 of the same Act, replaced by the royal decree of 3 March 2011 and amended by the acts of 28 July 2011 and November 13, 2011, the following changes are made: 1 ° to paragraph 1, paragraph 1, 2 °, point (d) is repealed;
2 ° in paragraph 1, paragraph 1, 3 ° a, the words "orders issued for his execution" shall be replaced by the words "orders and regulations for its execution."
3 ° to paragraph 1, paragraph 1, 3 °, e, the words '3A' shall be deleted;
4 ° in paragraph 1, paragraph 1, 5 °, the words "savers and investors» are replaced by the words" users of financial products or services and borrowers ', and 'financial services' shall be replaced by the words "financial services or credits.
5 ° to paragraph 1, paragraph 1, 6 °, 'savers and investors' shall be replaced by the words "users of financial products or services."
6 ° in paragraph 2, paragraph 1, second indent, "price transparency" shall be replaced by the words "transparency, by the compulsory indication of a label or any other way, risks, prices.
S. 33. in the same Act, it is inserted an article 45ter as follows: «art.» 45ter. without prejudice to the exercise of its powers with respect to institutions and persons referred to in article 45, § 1, paragraph 1, 2 ° and 3 °, FSMA may, at least once a year, request the external services of the complaints to provide, in the areas that it determines, data anonymised and aggregated on the nature of the most frequent complaints and on the follow-up which has been reserved for them by these services. The external services of the complaints give necessary for these applications suite. ».
S. 34 A section 49 of the Act, replaced by the royal decree of March 3, 2011, the following changes are made: 1 ° in paragraph 3, paragraph 2 is repealed;
2 ° in paragraph 9, the words '11 and 51' are replaced by the words "1 °, 2 ° or 3 ° '.
3 ° in paragraph 9, the words 'and savers' shall be replaced by the words "and other users of financial products or services.
4 ° paragraph 9 is supplemented by a paragraph worded as follows: "to develop its action plan for the purposes of the exercise of the mission referred to in article 45, § 1, paragraph 1, 6 °, the Steering Committee also conducts a public consultation in accordance with article 64, paragraph 2, or to a more focused consultation with representatives of key stakeholders.»
S. 35 article 53 of the same Act, replaced by the royal decree of March 3, 2011, the words ' paragraph 2' are, in paragraph 3, be replaced by the words "paragraph 2".
S. 36A article 54, paragraph 2, of the Act, inserted by the Act of July 2, 2010, the following changes are made: 1 ° the "savers" Word is replaced by the words "users of financial services or products and borrowers."
2 ° "consumers of financial services" shall be replaced by the words "users of financial products or services and the borrowers.
37A section 65 of the act as amended by the royal decree of March 3, 2011, the following changes are made: 1 ° 1st paragraph is supplemented by the following sentence: ' without prejudice to paragraph 2, the president of the FSMA, or where applicable the FSMA Management Committee as a whole, is heard every year by the competent Committee of the House of representatives in the month following the publication of the report on the activities of ". the FSMA. »;
2 ° to subparagraph 2, the words ", or where applicable the Committee of direction of the FSMA as a whole," shall be inserted between the words 'President of the FSMA' and the words 'can be heard.
S. 38A section 72 of the Act, replaced by the Act of July 2, 2010 and as amended by the royal decree of March 3, 2011, paragraph 3 is supplemented by a paragraph as follows: 'The FSMA informs ESMA when she published a decision regarding a breach of the chapter II and provides each year to the ESMA's global information on the decisions taken for this type of breaches.'.
S. 39. in chapter III of the Act, it is inserted after article 73, section 5A "Section 5a. Publication of periodic penalty payments.
S. 40. in section 5A of chapter III of the Act, inserted by article 39 article be inserted a 73bis as follows: «art.» 73bis. when a penalty imposed by the FSMA under this Act or other statutory or regulatory provisions governing the missions of the FSMA is incurred, the FSMA makes public registered on its web site its decision of imposition of the penalty payment and the reasons for this decision, as well as the fact that the penalty is incurred, unless this publication potential to disrupt severely the financial markets or cause damage disproportionate to the parties in cause. ».
S. 41 A article 75, § 1, of the Act, as last amended by the Act of July 28, 2011, the following changes are made: 1 ° there shall be inserted a 1 ° bis worded as follows: '1 ° bis at the Bank;';
2 ° to 13 ° "Ministry of Economic Affairs" shall be replaced by the words "Federal public Service economy, SMEs, Middle Classes and energy" and the words "and payment services" are replaced by the words ", the market practices and payment services";
3 14 ° ° is replaced by the following: "to the Belgian competition authority;
4 ° it is inserted a 21 ° as follows: '21 ° within the limits of the regulations and directives Europeans, ESMA, the EIOPA and EBA and the European Committee of the systemic risk.'.
42 A section 77 of the Act, paragraph 1, as amended by order royal March 25, 2003, is replaced by the following: "§ 1.» Without prejudice to
articles 74 to 76 and provisions provided for by special laws, the FSMA cooperates with foreign authorities exercising one or more skills comparable to those referred to in article 45, and with ESMA, EBA and the EIOPA, within the limits of the regulations and European directives. When it concluded agreements for cooperation with other competent authorities, it shall inform ESMA, EBA and the EIOPA, as appropriate.
When a competent authority of the European economic area does not result within a reasonable time to a request for information, cooperation, opening investigation or on-site audit, including an authorization for the presence of members of the staff of the FSMA alongside the members of staff of the foreign authority, or where a competent authority of the European economic area dismisses such a request , the FSMA may refer this rejection or this inaction to ESMA, EBA or the EIOPA as appropriate, to enable them to implement the means of action provided respectively in regulation European no. 1095/2010, in Regulation No 1093/2010 or regulation European no. 1094/2010.
The FSMA may in particular refer to the ESMA case of inaction or rejection of claims based on articles 34, § 3, and 77A for the application of the procedure of binding mediation provided for in article 19 of Regulation European no. 1095/2010. ».
S. 43A section 77A of the Act, inserted by the royal decree of 27 April 2007, the following changes are made: 1 paragraph 1 °, 4 ° is replaced by the following: ' 4 ° when the FSMA is convinced that acts violating the provisions of the abovementioned Directives are or have been made in the territory of another Member State. , or that acts are affecting financial instruments traded on a regulated market situated in another Member State, it shall inform the competent authority of that other Member State and the ESMA to also detail as possible. The FSMA has been informed by an authority of another Member State of that identical acts have been performed in Belgium, it takes appropriate measures and communicates to the authority who informed and ESMA the results of its intervention and, insofar as possible, the important elements in the meantime. The competent authorities of the various Member States which are competent for the purposes of article 10 of Directive 2003/6/EC shall consult each other on the follow-up it is proposed to give to their action. »;
2 ° in paragraph 2, paragraph 2 is replaced by the following: 'In such a case, it shall inform accordingly the competent authority which submitted the request and ESMA by providing as detailed information as possible on those proceedings or decision in question.';
3 ° paragraph 3 is replaced by the following: "§ § 3 3» With regard to targeted skills to the § 1 has), 1 without prejudice to article 226 of the EC Treaty, the FSMA may, when his request for information does not immediately receive within a reasonable time or is rejected, wear this deficiency to the attention of the ESMA to allow to implement the means of action provided for in regulation European no. 1095/2010;
2 ° without prejudice to his obligations in the context of judicial proceedings to punishability, the FSMA may use the information it received from a competent authority that for the purposes of the exercise of the control of the compliance with articles 25 and 25A and in the context of administrative or judicial procedures related to this exercise. However, if the competent authority communicating information consents, the FSMA may use this information for other purposes or pass them on to the competent authorities of other Member States;
3 ° the FSMA may request an investigation by the competent authority of another Member in the territory of the latter State. It may also request that certain members of its personnel be allowed to accompany those of the competent authority of that other Member State during the investigation.
A competent authority of another Member State may request an investigation by the FSMA in Belgium.
It may also request that certain members of its personnel be allowed to accompany those of the FSMA during the investigation.
However, the investigation is fully placed under the control of the Member State on whose territory it is conducted.
The FSMA may refuse to conduct an investigation in respect of a request under paragraph 2 when this investigation is likely to prejudice the sovereignty, security or public order of the Belgium, or when a judicial procedure is already committed for the same acts and against the same persons in Belgium, or when these people have already been definitively tried for the same acts in Belgium. In this case, it shall notify the competent authority which submitted the request and at the ESMA providing as detailed information as possible on those proceedings or judgment concerned.
Without prejudice to article 226 of the EC Treaty, the FSMA may, when its request to open an investigation or to allow its staff to accompany those of the competent authority of the other Member State does not immediately receive within a reasonable time or is rejected, wear this deficiency to the attention of the ESMA to allow to implement the means of action provided for in regulation European no. 1095/2010. ».
S. 44 section 77ter of the Act, inserted by the royal decree of 27 April 2007, paragraph 2 is replaced by the following: 'the Minister shall inform the European Commission, ESMA, as well as the other Member States of the European economic area.'.
45. in the same Act, the title of section 7 of chapter III is replaced by the following: ' investigative powers, administrative fines and measures in the event of supply of illicit supply of products or financial services and criminal provisions.
S. 46 in article 78 of the same law, amended by the law of 14 February 2005 and the royal decree of March 3, 2011, the following changes are made: 1 ° a paragraph worded as follows is inserted between paragraphs 2 and 3: 'the FSMA may also, with respect to any individual and any legal person, communicate all information necessary for the purpose of exercising its mission of supervision of the financial markets ". referred to in article 45, § 1, paragraph 1, 1 °, to follow the developments relating to the supervision of financial markets Belgian, European and international and to determine the orientation of its policies of surveillance in this area. »;
2 ° paragraphs 3 and 5 old, becoming paragraphs 4 and 6, are repealed.
S. 47. in the same Act inserted an article 78bis as follows: «art.» 78bis. where this Act or other statutory or regulatory provisions governing the missions of the FSMA confer authority to communicate information or documents to the FSMA, persons or undertakings in question are required to transmit such information or documents to the FSMA within the time limit and the form that it determines. Without prejudice to the application of specific provisions of the relevant legislation, sections 36 and 37 are applicable in the event of breach of this obligation. ».
48 A section 83 of the Act, restored by the law of May 2, 2007, the following changes are made: 1 ° to paragraph 1, paragraph 4, the words 'paragraphs 4 and 5' shall be replaced by the words 'paragraphs 5 to 7 ";
2 ° in paragraph 2, paragraph 1, the words "Management Committee" shall be replaced by the words "of the commission of sanctions."
3 ° in paragraph 2, paragraph 2, the words "Management Committee" shall be replaced by the words "of the commission of sanctions" and the words "in accordance with article 36, § 2," are deleted.
49. in the Act, it is inserted an article 86bis as follows: «art.» 86bis. § 1. In the context of the control referred to in article 45, § 1, paragraph 1, 5 °, the FSMA may impose an administrative fine, not exceeding, for the same Act or to the same set of facts, 2,500,000 euros, to any person who: 1 ° exercises in Belgium or from Belgian territory the activity of insurance or reinsurance undertaking business, credit institution , of investment firm, management company of undertakings for collective investment, institution for occupational retirement, mortgage company, currency exchange desk, an intermediary of insurance or reinsurance, intermediary in banking and investment services, to advise independent wealth management or any controlled activity referred to in article 45, § 1, paragraph 1, 2 ° or 3 °, without having been approved, registered or registered in accordance with the legal or regulatory provisions applicable , or after having waived such approval, this registration or registration or has been remove, cancel, revoke or suspend such approval, this inscription or registration;
2 ° complies not with article 137 or in section 139 of the Act of 6 April 1995 on the status and control of investment firms;
3 ° providing payment in Belgium without satisfying the provisions of articles 5, 39 and 46 of the Act of December 21, 2009 the status of payment institutions, the access to the activity of payment service provider and access to payment systems;
4 ° offers publicly securities of a body for collective investment Belgian or a mutual fund of foreign law, while it is not registered or authorized in accordance with the law of August 3, 2012 on certain forms of collective management of investment portfolios or while registration or approval has been cancelled or revoked, or in disregard of a measure of suspension or prohibition in the Act;
5 ° does not comply with section 68bis of the law of 16 June 2006 on public offers of investment instruments and admission of investment instruments to trading on regulated markets.
If the same facts or behaviour may give rise to the imposition of a fine by the FSMA or the Bank both under paragraph 1 that under the relevant legislation, only 1 paragraph can be applied.
§ 2. The FSMA may require persons referred to in paragraph 1 to end, immediately or within the time limit which it shall determine, to the activity in question or to comply, within the time limit which it shall determine, the provisions of the relevant legislation.
Has anyone who was able to present its case and which, upon expiry of the deadline set by the FSMA, remains in default to comply with an injunction which was sent pursuant to paragraph 1, the FSMA may impose a penalty that cannot be per day schedule, exceeding EUR 50,000 or, in total, exceed EUR 2,500,000.
§ 3. Article 37 is applicable to fines and periodic penalty payments imposed pursuant to subsections 1 and 2.
§ 4. If it finds the existence of activities referred to in paragraph 1, or if it has reasonable grounds to consider that such activities exist, the FSMA may issue a warning. In the interest of users of financial products or services, the FSMA may also make mention of the facts or the circumstances that gave rise to this warning.
The FSMA may also publish warnings broadcast by foreign supervisory authorities in similar matters.
§ 5. If the FSMA is, under this section, against a person who is in the business of institution for retirement provision in the circumstances described in the § 1, paragraph 1, 1 °, she can wear the decisions taken under the preceding paragraphs have the faculty or the obligation to make public, the knowledge also of people and organizations referred to in article 149 § 2, of the Act of October 27, 2006 control of institutions for occupational retirement provision. ».
50A section 87 of the Act, renumbered by the law of May 2, 2007 and amended by the royal decree of March 3, 2011, the following changes are made: 1 ° paragraph 1 is supplemented by the 3 ° and 4 ° worded as follows: «3 ° those who are not pursued an injunction which was sent to them in accordance with article 36 or article 86bis;
4 ° those who do not conform to the requirements of a judgment or a judgment following an action for injunction based on article 125. ».
2 ° a 2A paragraph worded as follows is added: "§ 2A.» Any use, by the party subject to the investigation of the auditor referred to in article 70, of information obtained about the investigation or items covered by the survey, which has been designed and impede the investigation or impair privacy, physical and moral integrity or property of a person cited in the folder is subject to the penalties provided for in article 460ter of the penal Code.
Any other person called upon to lend or assisting in the investigation of the auditor referred to in article 70 was held incommunicado. One who violates this secret is punishable by the penalties provided for in article 458 of the penal Code. »;
3 ° in paragraph 3 the words «§§ 1 and 2» are replaced by the words "§ 1, 2 and 2A.
S. 51. article 87bis of the Act, inserted by the royal decree of 3 March 2011, is supplemented by a paragraph 5 worded as follows: ' ' § § 5 5 By way of derogation from paragraphs 1, paragraph 3, 2, paragraphs 1 and 3, 3 and 4, the application and monitoring of compliance with this section by mutual referred to in articles 43bis, § 5, 70, §§ 6, 7 and 8, of the Act of 6 August 1990 on mutual societies and national mutualités unions, within the purview of the Office of control of mutual societies and national societies unions.
For the exercise of these powers, control of mutual societies and national societies unions Office applied the provisions of the FSMA regulations made pursuant to paragraph 2, subparagraph 2. The provisions of this Regulation applicable to mutual societies are taken on the advice of the Office of control of mutual societies and the national unions of mutual societies. When the Office of control of mutual societies and national societies unions made application of the provisions of this regulation, there are instead of reading 'Office for control of mutual societies and the national unions of mutual societies' instead of 'FSMA. » Art. 52. at article 87ter, § 1, of the Act, inserted by the royal decree of 3 March 2011, paragraph (3) is repealed.
S. 53. in the same law, the heading of section 10 of chapter III, inserted by the royal decree of 3 March 2011, is complemented by the words "and access to web sites.
S. 54. article 87quater of the Act, inserted by the royal decree of 3 March 2011, including the current text will form the 1st paragraph, is supplemented by paragraphs 2 and 3 worded as follows: ' ' § § 2 2 The institutions referred to in article 45, § 1, paragraph 1, 2 ° and 3 °, provide to the FSMA, at the latest within ten banking days following its request, permanent access to parts of their websites which are reserved for their customers, without however giving access to the individual data of their customers.
§ 3. The provisions of articles 36 and 37 are applicable in the event of breach of the obligations laid down in or under this section. ».
S. 55. in chapter III of the Act after section 87quater, it is inserted a section 11 entitled "Section 11. -Mystery shopping.
S. 56 section 11 of chapter III of the Act, inserted by article 55, it is inserted in an article 87quinquies as follows: «art.» 87quinquies. to exercise control of compliance rules referred to in article 45, § 1, paragraph 1, 3 °, and § 2, FSMA can load members of its staff or third parties authorised by its care to go with companies or persons referred to in article 45, § 1, paragraph 1, 2 ° and 3 °, as well as their leaders effective and employees independent agents acting on their behalf, the collaborators of the latter, posing as customers or potential customers, without having to reveal their quality of Member of the staff of the FSMA or third parties commissioned by it and without having to clarify that information obtained during this visit could be used by the FSMA for the purposes of the exercise of its control.
In the context of the mission entrusted to it by article 45, § 1, paragraph 1, 5 °, the FSMA may also exercise the power referred to in paragraph 1 with respect to persons who perform the operations or exercise the activities concerned or who are suspected to perform these operations or engage in these activities, as well as their collaborators.
The King, on the advice of the FSMA, can extend the exercise of the power of the FSMA referred to in paragraph 1 to the control of compliance with other rules specified for that purpose, provided that it's rules that must be applied in direct relationships with customers or potential customers and in respect of which the FSMA is responsible for ensuring.
Title V. - Changes of the programme law (I) of 24 December 2002 article
57A article 58quater of the programme law (I) of 24 December 2002, inserted by the law of October 27, 2006, the following changes are made: 1 ° in paragraph 2, the words "will have been heard or any the less convened" are replaced by the words 'has been asserting its means' and 'a fine at the rate of a maximum of 1.875.000 euros per offence or a maximum of 2,500 euros per day of delay' shall be replaced by the words «» «a penalty that cannot be a day calendar of delay, higher at 50,000 euros, or for breach of an injunction, higher than 2 500 000 euro»
2 ° a 2A paragraph worded as follows is added: "§ 2A.» Without prejudice to other measures provided for by this Act or by other laws and regulations, the FSMA may, where it finds a breach of the provisions of this Act or of the by-laws and regulations for its execution, impose an administrative fine, not exceeding, for the same Act or to the same set of facts to the person responsible for 2,500,000 euros. »;
3 ° paragraph 3 is replaced by the following: "§ § 3 3» The penalties and fines imposed pursuant to this section shall be recovered for the benefit of the Treasury by the administration of the Cadastre, registration and domains. ».
TITLE VI. -Amendments of Act of 28 April 2003 on supplementary pensions and the tax system and of certain additional benefits in social security art. 58A article 49quater of the law of 28 April 2003 on supplementary pensions and the tax system and to certain additional social security benefits, inserted by the law of October 27, 2006, the following changes are made: 1 ° in paragraph 2, the words "had been heard or any the less convened.
are replaced by the words 'has been asserting its means' and 'a fine at the rate of a maximum of 1.875.000 euros per offence or a maximum of 2,500 euros per day of delay' shall be replaced by the words "a penalty that cannot be a day delay schedule, exceeding 50,000 euros, or for breach of an injunction. more than 2,500,000 euros. "
3 ° paragraph 3 is replaced by the following: "§ § 3 3» The penalties and fines imposed pursuant to this section shall be recovered for the benefit of the Treasury by the administration of the Cadastre, registration and domains.
TITLE VII. -Amendments of Act of 22 March 2006 on intermediation in banking and investment services and the distribution of financial instruments art.
59. at article 8, paragraph 1, of Act of 22 March 2006 on intermediation in banking and investment services and the distribution of financial instruments, amended by the acts of 31 July 2009 and December 13, 2012, 10 ° is replaced by the following: '10 ° pay the contributions to the operating costs of the FSMA, determined in accordance with article 56 of the law on the supervision of the financial sector.'.
S. 60A section 14 of the Act, the following amendments are made: 1 ° 1st paragraph is replaced by the following: "§ 1.» Intermediaries in banking and investment services must act in an honest, fair and professional manner to best serve the interests of their clients. The information they provide must be correct, clear and not misleading.
Intermediaries in banking and investment services must, in their activity of intermediation, the rules of conduct applicable to regulated companies. The King may, by Decree deliberated in Council of Ministers, on the advice of the FSMA, for banking and investment services brokers provide an adapted version of these rules of conduct or declare some of these rules in whole or in part not applicable, taking into account the particularities of the role of broker. »;
2 ° it is inserted a paragraph 1bis as follows: "§ 1bis.» Intermediaries in banking and investment services are wearing their activity of intermediation in banking services and investment services only on products which themselves and other individuals, referred to in article 13, they occupy, are aware of and are able to explain to clients the essential characteristics.
Regulated companies only offer banking and investment services on products including people, referred to in article 13, they occupy, know and are able to explain to clients the essential characteristics. »;
3 ° to paragraph 2, the words "of § 1" are replaced by the words "of § 1 or § 1bis" and the words "and in accordance with the provisions of European law" are repealed.
S. 61A article 22 of the Act, as amended by the royal decree of March 3, 2011, the following changes are made: 1 °-paragraph 1, 1 °, the words "of 250,000 euros per offence or 5,000 euros per day of delay" are replaced by the words "which may be a day delay schedule, more than 5,000 euros. , or, for ignorance of a same injunction, more than 75,000 euros or, in the case of a regulated utility, to 2,500,000 euros. »;
S. 62. article 23 of the Act, amended by the Act of July 31, 2009 and the royal decree of 3 March 2011, is replaced by the following: «art.» 23 § 1. Without prejudice to other measures provided for by law, the FSMA may, where it finds a breach of the provisions of this Act or of the orders and regulations for its execution in the head of an intermediary in banking and investment services, impose an administrative fine, not exceeding, for the same Act or to the same set of facts to the latter 75,000 euros.
Without prejudice to other measures provided for by law, the FSMA may, where it finds a breach of the provisions of this Act or of regulations and orders taken for execution in the head of a regulated carrier, impose an administrative fine, which cannot exceed 2 500 000 euros for the same Act or to the same set of facts, to the latter.
TITLE VIII. -Amendments to the law of 27 October 2006 on the supervision of institutions for retirement provision professional art.
63A article 150 of the Act of 27 October 2006 on the monitoring of the institutions for occupational retirement provision, as amended by the royal decree of March 3, 2011, the following changes are made: 1 ° to the paragraph 1, the words "may impose a fine at the rate of a maximum of 1.875.000 euros per offence or a maximum of 2,500 euros per day of delay" are replaced by the words 'can '. «, the institution that may have been its arguments, impose on the latter a penalty that cannot be a day calendar of delay, higher at 50,000 euros, or for breach of an injunction, higher than 2 500 000 euro»
2 ° to subparagraph 2, the words 'which may not be less than 2,500 euros or more, for the same fact, 1.875.000 euros' are replaced by the words ', which may not exceed EUR 2,500,000 for the same Act or to the same set of facts, ";
4 ° to paragraph 4 which becomes paragraph 3, the word "fines" is replaced by the words "penalties and fines.
TITLE IX. -Civil sanctions art. 64. in chapter II, section 7, subsection 3, of the Act of 2 August 2002 on the supervision of the financial sector and financial services, it is inserted an article 30ter as follows: «art.» 30ter. § 1. Without prejudice to the common law and notwithstanding any contrary provision against the user of financial products and services, in the event that a person referred to in paragraph (2) commits, on the occasion of a financial transaction defined in paragraph 2, a breach of one or several provisions listed in paragraph 3 and the concerned user of financial products or services suffered damage sustained in this , the operation concerned is, unless proven otherwise, alleged result from the breach.
The persons referred to in paragraph 1 are: 1 ° the persons referred to in article 26, paragraph 1, as well as agents in banking services and investment services;
2 ° credit institutions, investment firms and undertakings for collective investment management companies, with regard to their investment services falling within article 6, paragraph 3 of Directive 2009/65/EC, under the right to another European economic area Member State and which operate in Belgium under the guise of the freedom to provide services;
3 ° without prejudice of 1 ° and 2 °, and for the purposes of paragraph 3, 3 ° of this article only, credit institutions governed by the law of a Member State of the European economic area, allowed to carry out their activities in Belgium by free provision of services, when they market savings on Belgian territory accounts;
4 ° without prejudice 1 °, to the extent provided by the King by Decree deliberated in the Council of Ministers, insurance companies, insurance intermediaries and intermediaries in banking and investment.
§ 2. For the purposes of paragraph 1, means 'operation', as the case may be, in the sense of the term, the purchase, sale, subscription, loan, fiscal, investment, trade, repayment, possession, supply or delivery of a product or of a given financial service.
§ 3. The presumption in paragraph 1 is applicable for violations of the following legal provisions: 1 ° sections 27, § 2 and 3 to 7 of the law of 2 August 2002, as executed by the provisions referred to in paragraph 4, 1 °;
2 ° article 27, § 2A, of the law of 2 August 2002, as executed by the provisions referred to in paragraph 4, 1, only in that this article refers to the provisions of paragraph 2 of the same article, and excluding those of paragraph 1;
3 ° in the case of an investment firm under European law of another EEA Member State and carrying on business in Belgium without establishing branches, the legal provisions of the Member State of origin transposing article 19, paragraphs 2 to 7 of Directive 2004/39 / EC, as implemented by the provisions referred to in paragraph 4, 2 °;
4 ° the provisions designated by the King in accordance with paragraph 4.
§ 4. By Decree deliberated in the Council of Ministers, 1 ° King means the provisions of the orders and regulations made pursuant to articles 27, §§
2 to 7, 28B(c), 30A and 45, § 2 of this Act, article 12sexies of the law of 27 March 1995 on insurance and reinsurance intermediation and the distribution of insurance and article 14 of the law of 22 March 2006 on intermediation in banking and investment services and the distribution of financial instruments whose violation by the persons referred to in paragraph 1 , paragraph 2, also give rise to the application of paragraph 1;
2 ° the King supplements the provisions referred to in paragraph 3, 2 °, by all or part of the provisions of Directives 2004/39/EC and 2006/73/EC.
§ 5. This article shall apply provided that the Act in question referred to in paragraph 2 occurs after the entry into force of this Act.
A violation of the legal provisions referred to in paragraph 3 may not be invoked for the purposes of this section for a period of five years from when the user of financial products and services concerned is aware of the damage or its aggravation, and cannot in any case be relied upon beyond a period of twenty years from the day following that where the concerned violation has occurred.
» Art. 65. in the Act, it is inserted an article 86ter as follows: «art.»
86ter. § 1. Without prejudice to the ordinary law of civil liability and notwithstanding any contrary provision unfavourable to the investor, the applicant or the insured, the judge cancels, 1 ° the subscription of securities to public collective investment Belgian or foreign, where the concerned mutual fund does not have the approval or the registration required by legal or regulatory provisions applicable, gave this approval or this registration or has been removed Cancel, revoke or suspend such approval or this inscription;
2 ° the subscription of shares for public collective investment Belgian or foreign, when the collective investment management company concerned has no approval required by legal or regulatory provisions applicable, or has waived such approval or has been remove, cancel, revoke or suspend such approval;
3 ° any agreement entered into in contravention of section 68bis of the law of 16 June 2006 on public offers of investment instruments and admission of investment instruments to trading on a regulated market;
4 ° any agreement to offer or the provision of services and investment activities, entered into while the claimant concerned lacks the approval required by legal or regulatory provisions applicable, or has waived such approval or has been remove, cancel, revoke or suspend such approval;
5 ° any contract of life insurance owned Branches 21, 23 and 26 concluded then that the insurance undertaking has no approval required by legal or regulatory provisions applicable, or has waived such approval or has been remove, cancel, revoke or suspend such approval or even after that this approval has expired Office;
6 ° any contract of life insurance owned Branches 21, 23 and 26 concluded then that the insurance and reinsurance intermediary concerned lacks the approval required by legal or regulatory provisions applicable, or has waived such approval or has been remove, cancel, revoke or suspend such approval or even after that this approval has expired Office;
7 ° any agreement aimed at supply or the provision of financial products or services, to the intervention of a person engaged in intermediation in banking services and investment so that it does not the approval required by legal or regulatory provisions applicable, or has waived such approval or has been remove, cancel, revoke or suspend such approval or even after that this approval has expired Office.
Notwithstanding any contrary provision against the investor, to the applicant or to the insured and without prejudice to paragraph 3, the damage caused by the purchase or subscription of the financial product concerned or by the conclusion of the relevant convention is presumed to result from the breach concerned referred to in paragraph 1.
The presumption established by the preceding paragraph may also be invoked for the regulated undertaking operating in Belgium and distributing an intermediary in banking services and investment services or an intermediary in insurance in the cases referred to in paragraph 1, 6 ° or 7 °.
2. Without prejudice to the sanctions of common law, the obligations of the borrower are reduced by full right to the amount borrowed when the relevant lender was not registered in accordance with the legal or regulatory provisions applicable at the time of granting the mortgage loan, or where the loan was granted after the lender gave up this inscription or has been removed Cancel, revoke or suspend the registration.
The borrower retains the benefit of the term and the timing of the rebate.
§ 3. The provisions of paragraphs 1 and 2 shall not apply where the company or the person concerned has the approval, registration or authorization required by law in its home Member State and performs its activities in Belgium through the establishment of a branch or the free provision of services without the formalities imposed for that purpose by the applicable European directives have been complied with.
4. By Decree deliberated in the Council of Ministers, the King extends the application of all or part of this section to violations of the provisions of the taken orders pursuant to articles 28B(c), 30A and 45, § 2, if and to the extent where these orders introduce a scheme providing for the prior approval of information documents for users of financial products and services. ».
S. 66. in the Act of 16 June 2006 on public offers of investment instruments and admission of investment instruments to trading on regulated markets, there is inserted an article 68ter as follows: «art.» 68ter. § 1. Without prejudice to the ordinary law of civil liability and notwithstanding any contrary provision against the investor, the judge cancels the purchase or subscription of investment instruments where this purchase or this subscription has been made during the 1 ° of a public offer referred to in article 20, where has not been pre-publication approved prospectus or the FSMA by the competent authority of another European economic area Member State;
(2) a public offer referred to in article 55, where article 56 has not been respected; or 3 ° of an offer referred to in Title VI where the provisions of article 60 have not been met by the person with whom or through which the investor has contracted.
The provisions of the first paragraph (1) shall not apply when a prospectus approved by the competent authority of another European economic area Member State is published in Belgium prior to a public offering without article 38, § 1, 4 °, has been respected.
§ 2. Notwithstanding any contrary provision against the investor, the damage caused by the purchase or subscription of the investment vehicles concerned is presumed to result from the violation of the legal provisions referred to in paragraph 1. » Art. 67. in the law of August 3, 2012 on certain forms of collective management of investment portfolios, it is inserted an article 285bis as follows: «art.» 285bis. § 1.
Without prejudice to the ordinary law of civil liability and notwithstanding any contrary provision against the investor, the judge cancels the purchase or subscription of securities of investment funds where this purchase or this subscription has been made on occasion 1 ° of a public offer of units of a collective investment undertaking to variable number of shares under Belgian law where the provisions of articles 57 and 60 , § 1, have not been met;
(2) a public offer of units of a collective investment undertaking to variable number of units of foreign law which does not meet the conditions of Directive 2009/65/EC where the provisions of articles 57 and 60, § 1, have not been met pursuant to section 165, § 1;
3 ° of a public offer of units of a foreign collective investment that meets the conditions of Directive 2009/65/EC where the FSMA has not received the notification referred to in article 93, paragraph 3, of the Directive 2009/65/EC and the prospectus or the key investor information have not been transmitted to the competent authorities of the Member State of origin in accordance with articles 74 and 82 of Directive 2009/65 / EC;
4 ° of a public offer of securities of a mutual fund under Belgian law or foreign where article 71 has not been respected; or 5 ° with a public offering of securities of an undertaking for collective investment of Belgian or foreign law where the provisions of articles 60, § 3, 155, § 1, paragraph 1 and 166, § 1, have not been met by the person with which or through which the investor has contracted.
§ 2. Notwithstanding any contrary provision against the investor, the damage caused by the purchase or subscription is presumed to result from the violation of the legal provisions referred to in paragraph 1. » TITLE x. - provisions repealing art. 68. the royal decree of 23 September 2008 laying down certain constituent acts of abuse of market, amended by the royal decree of September 22, 2009, is repealed.
XI. - Entry into force art. 69. this Act comes into force the 10th day following that of its publication in the Moniteur belge.
By way of derogation from paragraph 1, articles 28 and 68 shall take effect November 1, 2012; for the purposes of the application of article 17 of the Regulation (EU) No. 236/2012 of the European Parliament and of the Council of 14 March 2012 on the short sale and some aspects of swaps on credit risk, article 28 however is effective September 1, 2012.
By way of derogation from paragraph 1, articles 7, 19 and 60 come into force on January 1, 2014.
The provisions of articles 7, 19 and 60 which empower the King to lay down appropriate rules or to declare certain rules in whole or in part non-applicable, however come into force pursuant to paragraph 1.
PHILIPPE by the King: the Deputy Prime Minister and Minister for consumers, J. VANDE LANOTTE sealed with the seal of the State: the Minister of Justice, Ms. A. TURTELBOOM _ Note (1) Session 2012-2013.
House of representatives: Documents. -Bill, 53-2872 - No. 1. -Annexes, 53-2872 - No. 2. -Amendments 53-2872 - No. 3. -Report, 53-2872 - No. 4. -Text adopted by the commission, 53-2872 - No. 5. -Text adopted in plenary meeting and transmitted to the Senate, 53-2872 - No. 6.
See also: House of representatives: Documents. -Bill, 53-2873 - No. 1. -Report, 53-2873 - No. 2.