On Thursday 30 May, the Belgian Parliament approved the overhaul of the Belgian legislation on security interests in movable assets

Under the new legislation, an electronic National Pledge Register will be established so that a pledge on movable assets (tangible as well as intangible) could be created by a mere agreement of the parties without dispossession of the assets. Important are further, amongst others, the simplification of the enforcement rules (enforcement without prior court authorization), the facilitation of a pledge over a fluctuating pool of assets or a universality of assets and the possibility to create pledges in the name of a security trustee to the benefit of third parties as beneficiaries.

The final text can be found here. The law will enter into force through publication of a Royal Decree, and ultimately on 1 December 2014.

An assessment of the law’s impact on financing transactions will be provided upon publication of the Royal Decree in the Belgian State Gazette.