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
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...