Proposition 51K0910

Projet de loi relatif aux voies de recours concernant la loi du ... relative à certaines formes de gestion collective de portefeuilles d'investissements.

General information ¶

Submitted by

PS | SP MR Open Vld Vooruit Purple Ⅰ

Submission date

March 15, 2004

Official page

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Status

Adopted

Requirement

Simple

Subjects

EC Directive administrative check civil procedure financial policy financial institution financial transaction credit institution

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Discussion ¶

April 1, 2004 | Plenary session (Chamber of representatives)

Full source

Mr. Speaker, Mr. Minister, Colleagues, the Government has requested the urgent treatment of the present bills, which concern the transposition of two European directives which had already since 13 February 2004 to have been transposed into Belgian legislation.

I spare the assembly the reasons why the conversion has suffered so much delay. Not all services can always work equally quickly. Establishing priorities remains a difficult task for everyone. “Nobody is perfect, Charly One.” “Where people work together, there is, of course, gathering.”

To shorten a long story, before you today lies a bundle of well-numbered 503 pages with 2 bills, the title of which you have already been quoted by the President.

The ICBs, the Institutions for Collective Investment, are better known under the designation funds and Sicavs. This includes many other abbreviations, such as the Bevek's, the Bevak's, the Privak's and the VBS's, as well as the pension savings funds, which we have already talked about later, and the real estate-Bevak's. The present bill substantially changes the legal framework for ICBs. There is the transposition of the directives, which effectively transposes one directive and provides for the other with the necessary authorisation for transposition. In addition, adjustments were also provided — modernizations the minister called it — to the legal framework for the institutions for Collective Investment or ICBs according to Belgian law.

The Government has sought to provide a coherent and transparent legal framework for the ICBs in general and for the management companies of the ICBs under Belgian law. This new framework incorporates provisions on the functioning, on the supervision of the CBFA, on the information to the investor through a simplified prospectus. During the modernization, real estate certificates were removed from the framework because of their specific nature, the possibility of classes of shares is provided – a long-standing absorption of the sector – and even some administrative simplifications are included. The preparation was done very thoroughly by the CBFA, which in turn consulted with the sector. The length of the discussion in the committee was not directly proportionate to the livelihood of the draft. However, the few questions that were asked showed interest in this so important sector, which represents 136.19 billion euros. The draft laws were adopted by the committee with 12 votes and 2 abstentions. Despite the thorough preparation to which I have referred, in the last instance, it turned out that it was still necessary to submit a number of amendments, which more specifically concerned VBSs, the debt investment companies. This could prevent the blocking of certain effecting operations. The sub-amendments of the government and the articles thus amended were unanimously approved in the committee today — this afternoon still. In the end, the entire draft was unanimously adopted. The written report of the committee meeting this afternoon, however, follows later.