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Belgian act on security interests in movable property - Rules for operation and fees for users of the National Pledge Register

Belgian act on security interests in movable property

Belgian act on security interests in movable property - Rules for operation and fees for users of the National Pledge Register

26.09.2017 BE law

In 2013 Belgian Parliament enacted the Belgian Act on security rights in movable property of 11 July 2013 (the “Act”). This new legislation envisaged the creation of an electronic, online National Pledge Register so that a pledge on movable assets can be created between pledgor and pledgee and perfected by registering the pledge and without dispossession or loss of control of the pledged assets. 

Introduction

In 2013 Belgian Parliament enacted the Belgian Act on security rights in movable property of 11 July 2013 (the “Act”). This new legislation envisaged the creation of an electronic, online National Pledge Register so that a pledge on movable assets (tangible as well as intangible) can be created between pledgor and pledgee and perfected by registering the pledge and without dispossession or loss of control of the pledged assets. The register could also be used to register retention of title arrangements (“ROTs”).

Today, the Belgian Official Gazette published a Royal Decree that determines the terms and conditions as well as the fees payable for access to and use of this register. 

Access

The register will be available to anyone who pays the required fee and is able to identify itself online in accordance with the technical requirements of the register. However, commercial or other improper use of the register can be regarded as an infringement of privacy regulations and may entail personal liability. 

Identification procedure

Users of the register must be identified via their electronic Belgian ID-card.

Persons who do not hold a Belgian ID-card can gain access via a Belgium-based agent (e.g. a security agent or an ad-hoc agent (e.g. a notary or a law firm).

Fees

 

 

Max. amount liabilities secured by the pledge or sales price  for an ROT

 

Fees charged

Consultation by pledgor/buyer

 

not applicable

free of charge

Consultation by other persons

 

not applicable

EUR 5

 

 

Registration

less or equal to EUR 10 000

EUR 20

between EUR 10 000.01 and 25 000

 EUR 50

between EUR 25 000.01 and 200 000

EUR 100

between EUR 200 000.01 and 500 000

EUR 200

more than EUR 500 000

EUR 500

 

 

Modification

less or equal to EUR 10 000

EUR 12

between  EUR10 000.01 and 25 000

EUR 30

between EUR 25 000.01 and 200 000

EUR 60

between EUR 200 000.01 and 500 000

EUR 120

more than EUR 500 000

EUR 300

 

Removal in full

 

less or equal to EUR 10 000

EUR 8

between EUR 10 000.01 and 25 000

EUR 20

between EUR 25 000.01 and 200 000

EUR 40

between EUR 200 000.01 and 500 000

EUR 80

more than EUR 500 000

EUR 200

Subordination or transfer

not applicable

EUR 10

Representation

The registration, modification, removal, subordination and/or transfer of the pledge or ROT can be dealt with by a security agent/trustee or ad hoc attorney of the pledgee or the seller (e.g. a lawyer).

Entry into force of the Act

Now that the Royal Decree on the practicalities of the pledge register has been published (allowing for the National Pledge Register to become operational) it is expected that the Act of 11 July 2013 can actually enter into force – as planned - on 1 January 2018.

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