Articles

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.

Related news

13.11.2019 NL law
Van Stint tot Fipronil: een schadefonds voor gedupeerden van voortvarend overheidsingrijpen in crisissituaties

Short Reads - Op donderdag 7 november 2019 was prof. mr. Pieter van Vollenhoven te gast bij ons op kantoor voor het seminar "Van Stint tot Fipronil: een schadefonds voor gedupeerden van voortvarend overheidsingrijpen in crisissituaties". In het sprekerspanel met o.a. Berthy van den Broek, Janet van de Bunt, Monique de Groot en Edwin Renzen en ook in de zaal waren de meesten duidelijk gecharmeerd van zo’n fonds Van Vollenhoven. Maar er blijven nog genoeg vragen over hoe zo’n fonds precies zou moeten worden ingericht.

Read more

13.11.2019 NL law
A new Act on the Supervision of Trust Offices

Articles - Roderik Vrolijk and Soeradj Ramsanjhal published an article in the Dutch Financial Law Review as a follow-up on their article two years ago in the same journal. The authors specifically shed light on the customer due diligence and open norms of the new Act on the Supervision of Trust Offices 2018, that entered into force on 1 January 2019. 

Read more

15.11.2019 NL law
Het kerstmenu van de AFM: vijf gangen - Column Fondsnieuws

Short Reads - Vliegen de pepernoten, adventskalenders en kerstkransjes u alweer om de oren?  Nee, het aanmeten van een gezonde levensstijl wordt u aan het einde van het jaar niet makkelijk gemaakt. Gelukkig helpt het Voedingscentrum ons daar een handje bij; en wel met de 'Schijf van Vijf'. De AFM introduceerde vorig jaar iets vergelijkbaars voor de financiële sector.

Read more

12.11.2019 EU law
Warranty & Indemnity Insurance: an increasingly popular insurance

Articles - A warranty & indemnity (W&I) insurance covers damage resulting from breaches of warranties given in the SPA by the seller. W&I insurance has been around for many years, but it has become increasingly popular in the last few years. According to Lockton, “recent statistics suggest that over 50% of corporate real estate transactions in Europe now use W&I insurance, a large driver for this has been the adoption of a EUR 1 cap on sellers’ liability under the SPA.”

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