BEL CB issued communication on digitization of the qualifying holding (QLF) forms and new validation method for the QLF and fit & proper (FAP) forms, accordingly.
Follows BEL CB Jun. 2024, forms for candidate/assigning shareholder, see #217554.
Follows BEL CB Mar. 2024, published AML/CFT periodic questionnaires, see #204627.
Entities Affected
BEL CB sets out scope of application of this communication, including, amongst others, credit institutions, stockbroking firms, and payment institutions.
Also, electronic money institutions governed by Belgian law and their foreign branches.
Includes central securities depositories, institutions supporting central securities depositories, central depository banks under Belgian law, and their foreign branches.
Further details of affected entities are set out in BEL CB's communication.
Amendment to FAP Forms
Amendment made on Apr. 2, 2025, with regards to applicability concerning significant credit institutions subject to the direct supervision of the ECB.
For other financial institutions, reference is made to this communication NBB_2025_05, which describes the new method of validating fit & proper forms.
Digitization of Forms
Purpose of this communication informs prospective purchasers and financial institutions of the effective date of the digitization of qualifying holding (QLF) forms.
As these QLF forms are appended to Circular NBB_2024_09 (Qualifying Holdings Reporting) and Communication NBB_2024_10 (Candidate Shareholders Forms).
Also, communication explains the new method for validating the QLF and the fit & proper (FAP) forms and emphasizes requirements for financial institutions (FIs).
Specifically, for FIs to put in place the necessary internal organizational measures to ensure various responsible people are involved in the fit & proper process.
Electronic Submissions
Until Apr. 30, 2025, forms may be submitted in hard copy or by email to BEL CB.
From May 1, 2025, those intending to acquire, increase, reduce or dispose of a qualifying holding in a financial institution will be required to submit electronically.
This means forms, as set out by BEL CB in its communication, should be submitted exclusively by electronic means using BEL CB's OneGate platform.
Those affected will need to designate a person in the OneGate portal who will be able to submit forms on behalf of the declarant using authentication set out by BEL CB.
Includes CSAM portal of Belgian federal authorities, or commercial certificate recognized by OneGate, issued by GlobalSign, and DigiCert Europe-QuoVadis.
In addition to TrustLux or Isabel, as set out in BEL CB's communication.
Foreign shareholders should note that it may take up to 30 days to obtain a certificate from LuxTrust and are requested by BEL CB to take this constraint into account.
QLF forms will be fully digitized from May 1, 2025, but PDF versions of the forms will remain available on BEL CB's website for information purposes only.
QLF and FAP Validation
From now on, QLF and FAP forms must be validated by electronic means based on strong authentication using a OneGate digital certificate; this validation process will have the same legal effect as a digital signature based on a qualified digital certificate and will therefore be irrefutably presumed equivalent to such a signature.
Effectiveness
BEL CB informs relevant persons that the digitization of these forms, which was initially scheduled for Oct. 1, 2024, will take effect on May 1, 2025.
