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
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Max. amount liabilities secured by the pledge or sales price for an ROT
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Fees charged
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Consultation by pledgor/buyer
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not applicable
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free of charge
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Consultation by other persons
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not applicable
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EUR 5
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Registration
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less or equal to EUR 10 000
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EUR 20
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between EUR 10 000.01 and 25 000
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EUR 50
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between EUR 25 000.01 and 200 000
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EUR 100
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between EUR 200 000.01 and 500 000
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EUR 200
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more than EUR 500 000
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EUR 500
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Modification
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less or equal to EUR 10 000
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EUR 12
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between EUR10 000.01 and 25 000
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EUR 30
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between EUR 25 000.01 and 200 000
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EUR 60
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between EUR 200 000.01 and 500 000
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EUR 120
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more than EUR 500 000
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EUR 300
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Removal in full
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less or equal to EUR 10 000
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EUR 8
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between EUR 10 000.01 and 25 000
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EUR 20
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between EUR 25 000.01 and 200 000
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EUR 40
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between EUR 200 000.01 and 500 000
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EUR 80
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more than EUR 500 000
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EUR 200
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Subordination or transfer
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not applicable
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EUR 10
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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.