Over the past few years, the Belgian legislature has consolidated various pieces of legislation regulating businesses into a single instrument: the Code of Economic Law (Code de droit économique/Wetboek van economisch recht). Insolvency law has not escaped this trend. In the summer of 2017, the Belgian Parliament enacted Book XX of the Code of Economic Law, entitled ‘Insolvency of Undertakings’ (hereinafter the ‘Insolvency Code’). The new rules will enter into force on 1 May 2018 and will be applicable to insolvency proceedings opened after this date.

Dutch government publishes new definition of UBO On 6 April 2018 the Dutch Minister of Finance published an updated draft decree which contains the new definition of ultimate beneficial owners (UBOs) of companies and other entities (Uitvoerings-besluit Wwft 2018, the Decree). The Decree was sent to the Upper Chamber (Eerste Kamer) and the Lower Chamber (Tweede Kamer) of the Dutch parliament by way of a so-called preliminary scrutiny procedure (voorhangprocedure).

Regulators have made clear their view that responsibility for the culture of a bank sits at the top; if senior management create the right culture, good regulatory practice and procedures will naturally follow. Following the financial crisis banks’ senior management have come under increasing regulatory scrutiny and in some jurisdictions proposals have been put forward to make it easier to make them accountable for their actions. To help you keep up to date with current developments, we have produced a comparative analysis of how senior management responsibility in banks is being treated in

On 26 June 2017 the deadline has passed for the implementation of the European directive on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (the Fourth anti-money laundering directive). With this directive, among other things, the register of ultimate beneficial owners (UBO-register) was introduced. We have previously informed you about the proposed content of the Dutch UBO-register and the effect of its introduction. The EU member states had two years to implement the directive in national law.

After the first two Volumes on Commencement of Insolvency Proceedings (2012) and the Treatment of Contracts in Insolvency (2013), Ranking and Priority of Creditors is the third Volume of the Oxford University Press’ International and Comparative Insolvency Law Series.

In its judgment of 25 January 2017 in a case (C- 375/15) opposing BAWAG, an Austrian bank and VKI, an Austrian consumer organisation, the Court of Justice of the European Union ("CJEU") answered the question whether payment service providers may notify their users of any contractual changes via the electronic mailbox of client-dedicated e-banking web space.

The Belgian Business Continuity Act of 31 January 2009 (“BCA”) provides for specific (court-supervised) restructuring proceedings during which the debtor company is protected against its creditors’ claims. The BCA was amended by the Act of 27 May 2013. The amendment extended creditor protection and restricted the freedom of the restructuring companies.

Companies often rely on third parties to manage their websites, host databases, maintain their IT infrastructure, organize marketing campaigns, etc. When the activities performed by a third party entail the processing of personal data, the third party is generally considered a data processor under Belgian data protection laws. Read more

Activities on the stock markets and bond markets in Europe have been important during the first half of 2015. This has continued despite the volatility in May and June 2015 and uncertainties regarding Greece. IPO activity is still important and the trend of NASDAQ listings of European biotechs is strengthening, with the listing of two Belgian/Dutch biotechs in the US over the last months. Read more

On 18 February 2015 the European Commission confirmed its plans to establish a Capital Markets Union (CMU) by publishing a green paper seeking consultation on numerous capital markets related matters. To achieve this Capital Markets Union, it will, among other things, review the Prospectus Directive (2003/71/EC). Consequently, alongside this green paper, the European Commission has launched a consultation on a review of the Prospectus Directive. Read more.