Holding Restrictions - Investment Funds - Belgium
Restrictions on customers
No general restrictions on customer residency for holdings held through CBL. However, certain funds may impose specific restrictions on investor domicile. Customers must refer to and abide by the restrictions (if any) contained in the fund prospectus before entering into transactions.
Sanctions legislation may also impose restrictions or a ban on dealing with entities of which the ultimate beneficiaries would have ties to certain (sanctioned) countries.
Restrictions may also apply in relation to the nature or qualification of the holder of Participation Rights, for example in relation to institutional or private AIFs.
Restrictions on settlement
There is no general restriction on settlement on Belgian investment funds through CBL. However, certain funds may impose specific settlement/transfer restrictions. Customers must refer to and abide by the restrictions (if any) contained in the fund prospectus before entering into transactions.
Disclaimer
The information contained in the Holding Restrictions is based on the legal opinion obtained by CBL that was issued on 17 June 2019. CBL believes the information to be correct as of that date but disclaims any responsibility as to the accuracy and completeness of the information after that date. In the case of discrepancy between the information provided by CBL and the local laws and regulations, the latter shall prevail.
CBL wishes to draw the customer’s attention to the introduction of a new Belgian company’s code by the law of 28 February 2019 on the introduction of the Code of Companies and Associations and other provisions which entered into force on 1 May 2019 and will be applicable to the existing companies as from 1 January 2020, with an opt-in possibility before that date. The information provided in the Holding Restrictions is strictly limited to the Belgian Companies Code as it applies to existing companies at the date of the issuance of the legal opinion and may not reflect the forthcoming changes. It should be noted that the information contained in the Holding Restrictions is only provided for information and does not constitute legal advice and customers should seek advice from independent professional counsel.
Customers are responsible for ensuring compliance with the holding restrictions and agree to indemnify and hold harmless CBL, for any loss, expense, liability, damage or claims, whether direct or indirect, against or incurred by CBL arising out of or resulting from such non-compliance.