Marc Fyon

Articles - A Royal Decree stipulating some important amendments to the Belgian rules governing public takeover bids was published on 5 October 2018 (the “Royal Decree”). The Royal Decree follows the new Belgian Prospectus Law of 11 July 2018. The amendments at stake relate to, among others, the financing of public takeover bids, the disclosures of transactions during the offer period, the squeeze-out procedure, and the rules applying to companies listed on certain markets (other than regulated markets). This newsletter discusses the implications for listed companies and offeror(s).

Seminar - On 3 July 2016, the provisions of the Market Abuse Regulation and the new Market Abuse Directive will become applicable. The regulation will directly apply to the Member States of the European Economic Area. What will be the implications for Belgium?

Articles - The Anti-Money Laundering Act of 18 September 2017 (the “AML Act”) set up a central register at the Treasury Administration(the “UBO Register[1]”) to which all Belgian companies (and certain other legal entities) have to provide information on their Ultimate Beneficial Owner (“UBO”). A royal decree laying down the terms of access, contents, and timing of the register was published on 14 August (the “Royal Decree”).  The register is operational as of today. The required information must be provided by 31 March 2019. This newsletter discusses the implications for companies.

Trends - On 3 July 2016, the new Market Abuse Regulation (Regulation - No 596/2014 on market abuse) will take effect in Belgium and across Europe, replacing and repealing the existing Market Abuse Directive.