Proposition 53K3395

Projet de loi modifiant la loi du 22 février 1998 fixant le statut organique de la Banque Nationale de Belgique, la loi du 2 août 2002 relative à la surveillance du secteur financier et aux services financiers, la loi du 22 mars 1993 relative au statut et au contrôle des établissements de crédit, la loi du 9 juillet 1975 relative au contrôle des entreprises d'assurances, la loi du 16 février 2009 relative à la réassurance, la loi du 6 avril 1995 relative au statut et au contrôle des entreprises d'investissement, la loi du 21 décembre 2009 relative au statut des établissements de paiement et des établissements de monnaie électronique, à l'accès à l'activité de prestataire de services de paiement, à l'activité d'émission de monnaie électronique et à l'accès aux systèmes de paiement, la loi du 28 avril 1999 visant à transposer la directive 98/26/CE du 19 mai 1998 concernant le caractère définitif du règlement dans les systèmes de paiement et de règlement des opérations sur titres et la loi du 15 décembre 2004 relative aux sûretés financières et portant des dispositions fiscales diverses en matière de conventions constitutives de sûreté réelle et de prêts portant sur des instruments financiers.

General information ¶

Submitted by

PS | SP the Di Rupo government

Submission date

Feb. 21, 2014

Official page

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Status

Adopted

Requirement

Simple

Subjects

EC Directive administrative check consumer protection stock-exchange transaction central bank stock exchange electronic money financial policy financial occupation financial instrument financial institution financial solvency financial transaction financial legislation guarantee reinsurance international payment credit institution regulation of transactions insurance company

Voting ¶

Voted to adopt

CD&V Vooruit LE PS | SP Open Vld MR

Abstained from voting

Groen Ecolo ∉ N-VA LDD VB

Party dissidents ¶

• Peter Luykx (CD&V) abstained from voting.

Contact form ¶

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Discussion ¶

March 26, 2014 | Plenary session (Chamber of representatives)

Full source

I would like to refer to the written report.

Mr. Speaker, Mr. Minister, Mr. Colleagues, the bill discussed today aims to regulate the markets of OTC derivatives in terms of both actors and the transactions themselves.

This project complements the arrangements taken following the banking crisis with the objectives of bringing at European level more stability, more transparency and more efficiency to the derivative markets.

The European Regulation that we are transposing provides, among other things, for the following obligations: to use a central counterparty, i.e. an entity that will be the relay between the sellers and buyers of derivatives; to obtain the approval for counterparties; to declare derivative contracts; to follow the rules of organization and conduct.

The Government has chosen to ensure the control of the financial sector jointly by the BNB and the FSMA and to distribute the competence between these two bodies. The National Bank will be responsible for issuing the approvals but also to ensure the prudential control and compliance with the obligations of the EMIR Regulation of financial and non-financial counterparties. The FSMA, on the other hand, will be responsible for monitoring the rules of conduct and the prevention of conflicts of interest, as well as the control of financial and non-financial counterparties that do not fall under the role of BNB.

As regards the sanctions that will be applied to a counterparty that would not comply with the measures imposed by the European Regulation, the government proposes to align with the already existing administrative sanctions because they are effective, dissuasive and proportionate. These sanctions will also be made public as long as it does not harm the stability of the system. This seems to be a fair and reasonable decision.

I would like to remind you – this is important and may not be sufficiently cited – that credit institutions are not the only ones who have to comply with these new rules. The rules also apply to insurance and reinsurance companies, investment firms, payment institutions and electronic payment service providers and securities depositories. These measures, therefore, concern all actors, otherwise, I think, their effectiveness would not have been optimal.

My Group welcomes these new provisions which will create a harmonised legal framework, ensure a high level of investor protection, create equal conditions for market participants, limit both the risks of lack of liquidity on the market and the risks of lack of derivative clearance.

I would like to tell you, Mr. Minister, that my group will, of course, fully support this project.