Belgium's new Code of Private International Law includes rules
on applicable law, on jurisdiction and on the conditions for effect
in Belgium of foreign decisions. As far as financial law practice
is concerned, the Code changes the conflict of laws rules that
apply to rights in rem in respect of receivables and
assignment of receivables, and provides new rules on cross-border
insolvency proceedings. The provisions on trusts as well as certain
provisions that apply to the public issue of securities are also of
interest.
The Code was adopted on July 16 2004 and entered into force on
October 1 2004.
Rights in rem and the transfer of receivables
The provisions of the Code concerning the law that applies to
rights over receivables (that is, security interests on receivables
and assignment of receivables) are new.
According to Article 87 Section 3 of the Code: "The creation of
rights in rem in respect...