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last modified Oct 06, 2008 10:16 AM

The upcoming Belgian Covered Bond Act – final texts adopted

by George Botaris — Oct 22, 2012 03:02 PM
22.10.12 | On 24 August 2012, the legislative framework on Belgian covered bonds has been published in the Official Gazette. Belgian Covered Bonds are issued by credit institutions on their balance sheet without entailing the transfer of credit claims to an SPV. After having issues covered bonds, the estate of the credit institution consists of its main or general estate, to which all its creditors have recourse and of one or more specific estates in connection with the issue of covered bonds. Such specific estate of cover assets may essentially be composed of public sector loans or commercial or residential mortgage loans, and the matching thereof (nominal, liquidity and maturity) will be tested and verified on a regular basis by a third-party controller.

Belgian parliament tightens legislation towards the practice of false self-employment

by George Botaris — Jan 09, 2013 02:39 PM
05.10.12 | The 25 August 2012 Act amends the Act of 27 December 2006 on employment relationships (‘the Labour Relations Act’) and introduces a rebuttable presumption that self-employed persons working in specific industries are in fact employees if at least 5 out of 9 socio-economic criteria are met. As the new legislation introduces criteria of economic dependence to assess whether an employment contract exists, it can be expected that these new measures will have a significant impact on existing self-employed relationships as well as on future self-employed relationships in targeted industries.

Belgian presumption of self-employment incompatible with EU law

by George Botaris — Oct 03, 2012 01:40 PM
03.10.12 | Regulation 883/2004 is the main instrument dealing with the coordination of social security systems within the European Economic Area. One of its most important chapters concerns the determination of applicable social security legislation in cases with a cross-border element.

Flemish mandatory approval rule for employment agencies annuled by Constitutional Court

by George Botaris — Sep 17, 2012 11:15 AM
14.09.12 | The Flemish decree of 10 December 2010 concerning work placements, which mandates the recognition of temp agency activities, carries a broader definition of temp agency activities than that of the federal law of 24 July 1987 concerning temporary employment, temping assignments and the posting of workers. The Constitutional Court has declared this broad definition as unconstitutional and has annulled it.

Veil in the workplace: is it allowed or not?

by George Botaris — Sep 14, 2012 02:32 PM
13.09.12 | An employee was dismissed by her employer, with severance pay, because she was wearing her veil during work hours. The Antwerp Labour Court was asked to rule on a claim of termination law abuse.

Which is the suitable language for my Employment Contract?

by George Botaris — Sep 12, 2012 04:54 PM
12.09.12 | The Flemish Community’s Decree on the use of languages in labour relations (hereafter referred to as the “Flemish Decree”), which was adopted on 19 July 1973, is currently being targeted by the European Court of Justice (ECJ). The Flemish Decree is suspected to infringe the fundamental principle of freedom of movement for workers.

CBA n° 103: New rules on time credit & working time reduction

by George Botaris — Jan 14, 2013 01:06 PM
04.09.12 | On 27 June 2012, the National Labour Council adopted CBA n° 103 containing new provisions regarding the right to time credit and working time reduction. At the end of 2011, the right to allowances paid out during the period of time credit (by the National Employment Office) was already amended, while the right to time credit itself was not. Consequently, through the new CBA, the right to time credit and the entitlement to allowances are being re-aligned.

Special social security contribution for supplementary pensions

by George Botaris — Jan 09, 2013 02:42 PM
26.07.12 | The Program Law of 22 June 2012 (1) introduced a new (tax deductible) social security contribution whereby a rate of 1.5% must be paid by the employer/company if aggregate contributions for the supplementary pension of an employee/company director exceeds 30,000 EUR (indexed). The employer has to pay this special social security contribution in the 4th quarter of each year if the threshold is reached.

EU Prospectus Directive amendments effective

by George Botaris — Jul 19, 2012 05:27 PM
19.07.12 | New FSMA guidelines for the treatment of dossiers relating to public offers and admissions to trading on a regulated market applicable since 1 July 2012

Workers entitled to claim back holidays lost to sickness

by George Botaris — Jul 17, 2012 04:13 PM
17.07.12 | On 21 June 2012, the European Court of Justice (hereafter referred to as the ‘ECJ’) reaffirmed its earlier decision from 2009 whereby workers who fall ill during their annual leave are entitled to recover them by taking paid time off at a later date.
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