Constitutional Court Annuls the Tax on Securities Accounts
By law of 7 February 2018, the legislator introduced a tax on securities accounts (“taks op de effectenrekeningen”/“taxe sur les comptes-titres”). Many petitions to annul this law have been introduced before the Constitutional Court. In its judgement dd. 17 October 2019, the Constitutional Court annulled the law (and thus the tax), but decided to maintain
Belgian Tax on Savings Income (art. 19bis BITC): Important Practice Note
Last week, the Belgian tax authorities published a practice note commenting on the scope of application of the Belgian Tax on Savings Income (or “Reynders Tax”). Capital Gains Tax. As a recall, the Belgian Tax on Savings Income (“BTSI”), also referred to as the Reynders Tax, (the main provision of which being “art. 19bis” of the Belgian Income Tax
New EU Directive and Regulation facilitating cross-border distribution of investment funds
On 20 June 2019, the European Parliament and the Council introduced a more harmonised framework on cross-border distribution of funds. The aim of the new Directive 2019/1160 and the Regulation 2019/1156 is to reduce regulatory roadblocks or barriers that hinder cross-border distribution of funds within the EU and to enhance fund managers’ ability to fully
Important changes to the private pricaf regime
The status of private pricaf is organised by the act of 19 April 2014 on alternative investment funds (“AIF”) and their managers (the “AIFM Law”) and by the Royal Decree of 23 May 2007 on private pricaf (“pricaf privée”/private privak”), as amended. On 25 April 2019, a law containing various financial provisions was adopted by
Proposal of 27 March 2019 introducing provisions on the basic banking service for companies in Book VII of the Economic Law Code
On 27 March 2019, a proposal of law was submitted in the Belgian Parliament aiming to introduce the basic banking service for companies. Similar provisions on the basic banking service already exist, but they only apply to consumers. The new provisions will be inserted in Book VII of the Economic Law Code. In practice, companies
Shareholder Rights Directive II. Financial institutions, are you prepared?
In May 2017, the European Parliament and the Council approved Directive (EU) 2017/828 amending Directive 2007/36/EC as regards the encouragement of long-term shareholder engagement (the Shareholder Rights Directive II or SRD II). The due date of 10 June 2019 for the transposition of this new Directive into national law is approaching fast. So far, the
