Short Reads

Belgian Act implementing partially DGSD 2014/49/EU enters into force

Belgian Act implementing partially DGSD 2014/49/EU enters into force

Belgian Act implementing partially DGSD 2014/49/EU enters into force

12.05.2016 BE law

On 12 May 2016, the Belgian Act of 22 April 2016 partially implementing the Deposit Guarantee Schemes Directive 2014/49/EU (DGSD), the “Implementing Act on Deposit Guarantee Schemes (1)”, was published in the Belgian Official Journal. The Act also entered into force on that same date (with two exceptions).

The previous DGSD, directive 94/19/EC, was based on the principle of minimum harmonisation. As a consequence, a variety of deposit guarantee schemes (DGSs) with very distinct features were applicable in the European Union.

The improved DGSD, adopted on 16 April 2014, is a maximum harmonisation directive enhancing the level playing field and financial stability in the internal market and a next step towards the realization of the Banking Union creating a safer and sounder financial sector in the wake of the financial crisis. The implementation of the DGSD is also important because it is a pre-condition for the future European Deposit Insurance Scheme which aims to provide a stronger and more uniform degree of insurance cover for people with bank deposits in the Banking Union.

The dispositions of the new DGSD include the reinforced protection for depositors, quicker pay-outs and improved information. This Directive also requires that all DGSs are pre-funded to ensure that they will be able to fulfil their obligations towards depositors.

The Belgian Implementing Act on Deposit Guarantee Schemes partially transposes the DGSD with the following main changes to the Banking Act of 25 April 2014 and the Royal Decree of 14 November 2008 on financial stability:

  • Adjustments to the aim of the DGSs ;
  • Adjustments to the categories of covered deposits and depositors ;
  • Additional protection of certain exceptional deposits (protection above the maximum amount of 100,000 EUR) ;
  • Quicker pay-outs ;
  • Financing of the DGSs ;
  • Strengthening of the cooperation within the European Union ; and
  • Enhanced information of the depositor.

The European Commission had already formally requested Belgium and nine other Member States in December 2015 to fully implement the new DGSD since the deadline for transposing these rules into national law was 3 July 2015.

The text of the Implementing Act on Deposit Guarantee Schemes can be found in French here (FR) and in Dutch here (NL).

  •  22 APRIL 2016. - Wet tot omzetting van richtlijn 2014/49/EU inzake depositogarantiestelsels en houdende diverse bepalingen
  • 22 AVRIL 2016. - Loi transposant la directive 2014/49/UE relative aux systèmes de garantie des dépôts et portant des dispositions diverses
  • Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes

This article was co-written by Sarah De Dijn in her capacity as an associate at Stibbe.

Related news

17.01.2020 LU law
Stibbe boosts service offering in Luxembourg with new partners and counsel for asset management/funds and corporate & finance

Inside Stibbe - Luxembourg, 17 January 2020 – Stibbe reinforces its corporate & finance and asset management/funds practices in Luxembourg with the hire of Bernard Beerens (corporate partner), Audrey Jarreton (banking and finance counsel), Edouard d’Anterroches (investment funds partner), Victorien Hémery (investment funds partner), and Dayana Bert (investment funds counsel). Their arrival comes after the recent hire of tax partner Johan Léonard. All of these new additions demonstrate the firm’s commitment to expanding Stibbe’s service offering in Luxembourg.

Read more

15.01.2020 NL law
The Dutch scheme - a summary of the upcoming new restructuring tool

Short Reads - As mentioned in our earlier blog, the Dutch legislator has prepared a bill – the Act on confirmation of private restructuring plans (Wet homologatie onderhands akkoord) – introducing a framework that allows debtors to restructure their debts outside formal insolvency proceedings (the “Dutch Scheme“). We expect this highly-anticipated bill to enter into force by this summer. The Dutch Scheme combines features from the UK Scheme of Arrangement and the US Chapter 11 proceedings. Below, we summarize certain key aspects of the Dutch Scheme.

Read more

17.01.2020 LU law
Stibbe Luxembourg étend son offre de services par la venue de nouveaux associés et counsels au sein des pratiques spécialisées en gestion d’actifs/fonds d’investissement, en droit des sociétés ainsi qu’en droit financier

Inside Stibbe - Luxembourg, le 17 janvier 2020 – Stibbe renforce ses pratiques spécialisées en droit des sociétés, en droit financier ainsi qu’en gestion d’actifs/fonds d’investissement par la venue de Bernard Beerens (associé, droit des sociétés), Audrey Jarreton (counsel, droit bancaire et financier), Edouard d’Anterroches (associé, fonds d’investissement), Victorien Hémery (associé, fonds d’investissement) et Dayana Bert (counsel, fonds d’investissement).

Read more

15.01.2020 NL law
Consultatiereactie 'Wet plan van aanpak witwassen'

Short Reads - Soeradj Ramsanjhal, Karlijn van den Heuvel, Djoe Kuils, Rogier Raas, Judica Krikke en Muriël Rosing hebben een reactie ingediend op het concept wetsvoorstel ‘Wet plan van aanpak witwassen’. Dit wetsvoorstel is 2 december 2019 in consultatie gegaan en bevat verschillende voorgestelde wijzigingen van de Wet ter voorkoming van witwassen en financieren van terrorisme en de Wet op de economische delicten. 

Read more

Our website uses functional cookies for the functioning of the website and analytic cookies that enable us to generate aggregated visitor data. We also use other cookies, such as third party tracking cookies - please indicate whether you agree to the use of these other cookies:

Privacy – en cookieverklaring