Projet de loi portant modification de la loi du 9 juillet 1975 relative au contrôle des entreprises d'assurances, de la loi du 22 mars 1993 relative au statut et au contrôle des établissements de crédit, de la loi du 6 avril 1995 relative au statut des entreprises d'investissement et à leur contrôle, aux intermédiaires et conseillers en placements et de la loi du 20 juillet 2004 relative à certaines formes de gestion collective de portefeuilles d'investissement, et portant d'autres dispositions diverses.
General information ¶
- Submitted by
- PS | SP MR Open Vld Vooruit Purple Ⅰ
- Submission date
- April 15, 2005
- Official page
- Visit
- Status
- Adopted
- Requirement
- Simple
- Subjects
- EC Directive administrative check investment company stock-exchange transaction venture capital stock exchange financial occupation financial instrument financial institution financial transaction investment transaction credit institution insurance
Voting ¶
- Voted to adopt
- CD&V Vooruit Ecolo LE PS | SP Open Vld MR FN VB
Contact form ¶
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Discussion ¶
May 26, 2005 | Plenary session (Chamber of representatives)
Full source
Rapporteur Bart Tommelein ⚙
This bill transposes into Belgian law the European Directive 2002/87/EC of 16 December 2002, the so-called Directive on the supervision of financial conglomerates. Financial conglomerates are financial groups operating in the banking and investment services sectors on the one hand and in the insurance sector on the other. The Directive fills a major gap in financial law, namely the absence of prudential supervision at the group level. In fact, until now, the prudential regulation was exclusively based on sectoral reading. However, cross-sectoral supervision of groups operating in different sectors is ⁇ important, as some of those groups are among the largest financial groups in the world. Problems with any of them could lead to serious distortions in national and international financial markets.
In Belgium, the problem of financial conglomerates is also important. In Belgium, financial conglomerates have a very important market share in the banking, insurance and investment services market. The bill is therefore of great importance for the protection of the savers, investors and insurers in Belgium, and more generally for the safeguarding of the stability and reputation of the financial system. The draft law follows the same system as the existing financial legislation. The law sets out the basic principles and the technical modalities are regulated by royal decree.
In addition to the transposition of the EU Directive, the draft legislation includes a number of various provisions. Amendments to the Act of 20 July 2004 concerning certain forms of collective management of investment portfolios.
The majority parties have submitted another technical amendment aimed at allowing the CBFA, during a transitional period — that is, until the King makes the provisions contained in the Act of 2 August 2002 in force — to have the possibility of investigating and sanctioning as part of its task of overseeing the obligations of financial instrument intermediaries.
The bill and the amendment were unanimously approved.