The Commission has requested Belgium to amend its law on transactions in certain securities. This law only allows credit institutions established in Belgium to operate settlement systems with tax clearing.
The settlement systems in question are those that permit the holding and transfer of fixed-interest securities. The Commission sees no valid justification for excluding credit institutions established in other Member States. Belgium could subject them to the same requirements as Belgian institutions and use the available Community instruments on administrative cooperation between tax administrations to ensure tax compliance. The Commission therefore considers that the exclusion of credit institutions established in other EU Member States goes against the freedom to provide services of Article 56 of the Treaty on the Functioning of the European Union.