UBO Register: New mandatory disclosure requirements for Belgian companies
A law of 18 September 2017 provides for the creation of a centralized register of ultimate beneficial owners (‘UBO’) in Belgium. The royal decree determining the operating procedures of this register was enacted on 30 July 2018 and all Belgian companies are legally required to register information about their ultimate beneficial owners before 30 November […]
UBO disclosure obligations in Luxembourg
On 1st March 2019 a law dated 13 January 2019 implementing new disclosure obligations in relation to ultimate beneficial owners (“UBO’s”) of legal entities has come into force in Luxembourg. Through this law and in accordance with EU legislation, Luxembourg has created a national register for UBO’s entailing mandatory duties and obligations for any legal […]
The reasonable period of notice in the event of the unilateral termination of a sales concession by the licensor
Companies frequently use “sales concessions” to market and/or distribute their products. The sales concession differs essentially from other forms of commercial distribution by the fact that the economic risk is borne by the dealer to which the right is granted to sell, in their own name and for their own account, the licensor’s products. A […]
Amendment to the legislation on investment services and investment firms
Belgian law distinguishes between two categories of investment firms: brokerage companies; and portfolio management and investment advisory companies. “Brokerage companies” are authorized to provide the full range of investment services and to carry out all investment activities provided for by law and the MiFID Directive. Their prudential supervision is carried out by the NBB, which […]
The law of 22 December 2017 amending and inserting provisions on payment accounts and payment services in various books of the Code of Economic Law
On 22 December 2017, the law amending and inserting provisions on payment accounts and payment services in various books of the Code of Economic Law was published in the Belgian Official Gazette. Most of the articles of this law will come into force on 1 February 2018. With 32 articles, this law aims at transposing […]
Publication of non-financial and diversity information by certain large undertakings and groups
The law of 3 September 2017 on the publication of non-financial and diversity information by certain large undertakings and groups (the “Law“) came into force on 21 September 2017. It transposes Directive 2014/95/EU of the European Parliament and the Council of 22 October 2014 and amends Articles 96 and 119 of the Companies Code concerning […]
Buying a business: asset deal or share deal?
When buying a business, is it preferable to acquire the assets of the target company (i.e. its business, in whole or in part) or the company itself (i.e. buying the majority or all its shares)? The practitioners’ jargon distinguishes between an asset deal and a share deal. Special attention should be paid as the consequences […]