Legal changes 1 October 2020, unless otherwise specified

A summary of legal changes has been provided here for your convenience.

Got a question about any of these changes?
Feel free to contact us in your KBC branch or KBC Insurance agency, or speak to one of our KBC Live experts.

Changes to the KBC Custody Account Regulations entered into effect on 3 September 2020

The main changes:

  • Under the Shareholder Rights Directive, the bank can upon request:
    • provide information on the general meetings of certain companies in which you have invested
    • provide confirmation of your positions carrying voting rights if you wish to participate at a general meeting
  • You have two months to transfer your securities starting from the time the customer relationship is terminated.

View these and all other changes.

KBC Bank NV's Best Execution Policy is due to change on 1 October 2020

The main changes:

  • KBC will now be able to execute orders for debt instrument on two platforms:
    • Bloomberg's Multilateral Trading Facility (MTF)
    • Euronext (Brussels, Amsterdam, Paris)
  • Orders for hedging products will be supplemented by OTC commodity derivatives pricing.
  • Securities financing transactions will be restricted to repo and reverse repo transactions.

View the updated version of KBC Bank NV's Best Execution Policy.

The KBC Debit Card Regulations are due to change on 1 November 2020

Your new KBC Debit Card will now be made available digitally in KBC Mobile immediately after applying for it. This means that you can make payments online before you actually receive your physical card. 

View the new regulations.

What to do if you don't agree with this change
You can cancel your KBC Debit Card at no charge.

Changes to the 'Reglement van het solidariteitsfonds' for your KBC Life Pension Plan – Social VSPSS entered into effect on 1 January 2020

If you end up becoming incapacitated for work, the contributions you had paid into your KBC Life Pension Plan – Social VSPSS before then are no longer deducted from the amount you receive from the solidarity fund.

View the new regulations.

As of 31 October 2020, KBC Local and e-Reporting will gradually be ended

KBC Local and e-Reporting are set to be gradually ended, as we will no longer able to guarantee their security in the future. Of course, you can continue to bank online using the KBC Business Dashboard.

Learn more.

The KBC Private Banking Global Service Agreement is due to change on 16 November 2020

  • The services of the KBC Advisory Management portfolio, Comfort Portfolio and Trade Access portfolio will be combined into the new KBC Private Banking Portfolio.
  • KBC Private Banking Investment Advice is always based on a portfolio approach, i.e. each time we provide advice, we take account of the risks attached to your total portfolio rather than your individual investments.
  • From now on, you will have just one risk profile for your combined assets in the KBC Private Banking Portfolio.
  • Reports on the investments in the ‘Add Bolero positions’ service (without option positions) will now be provided in your KBC Private Banking Portfolio. KBC takes those investments into account when providing investment advice.
  • For portfolios under usufruct, the risk profile in the name of the bare owner(s) is used for the advice. The usufructuary or usufructuaries and the bare owner(s) can together choose an investment strategy that matches or is more defensive than the risk profile. It is only when there is more than one bare owner that the risk profile can be determined by the usufructuary.
  • The frequency of portfolio reporting is adjusted to take account of the unique risk profile.
  • The agent holding power of attorney whose name appears in the KBC Private Banking Global Service Agreement may also adjust the investment strategy.

The new agreement is available in KBC Invest under ‘Profile’ and ‘Client details’ or you can request a copy from your KBC Private Banking Branch.

The Third party clause contract for your KBC Tall Oaks Custody Account is due to change on 1 November

  • If you die before the release date, the funds in your KBC Tall Oaks Custody Account will be transferred immediately to the beneficiary and no longer to your surviving partner or heirs. 
  • The beneficiary may only have free disposal of those funds on or after the release date specified by you. Until that time, the account will be blocked. See more details below:

Article 7 – Death of the stipulator(s)

After the death of one of the stipulator(s), the third-party beneficiary clause will remain in effect, but may no longer be amended or revoked. The funds on the Tall Oaks Custody Account will then fall to the beneficiary and be placed in his/her name. The bank will notify the beneficiary or his/her legal representative(s) thereof.

The beneficiary may only have free disposition of the funds on the Tall Oaks Custody Account once the release date has passed and once the beneficiary has accepted the third-party beneficiary clause. In addition, if the beneficiary is not yet a customer of the bank, he/she must first be identified as required by Article I.2 of the General Banking Terms & Conditions.

The funds on the Tall Oaks Custody Account may nevertheless be used to pay the inheritance tax owed by the beneficiary in respect of that account.

If the balance on the Tall Oaks Custody Account is zero (0) euros upon the stipulator's death, the third-party beneficiary clause is not executed owing to frustration. This Tall Oaks Custody Account is then included in the estate of the stipulator.

What to do if you don't agree to these changes
You can cancel your KBC product or service before the changes take effect, without having to pay a cancellation fee. If we don't hear from you before then, we will assume that you agree with the changes.

The guaranteed interest rate for your 'Épargne-Plus-Hospitalisation' is due to change on 1 January 2021

On 31 December 2020, the guaranteed rate of 1.25% ends for the deposit(s) you made into your 'Épargne-Plus-Hospitalisation' in 2001 and/or 2012. With effect on 1 January 2021, we guarantee a rate of 0.10% on the capital sum you accumulated and on any new deposits. The new rate of interest is guaranteed for eight years. 

The guaranteed interest rate for your 'Plan Santé' is due to change on 1 January 2021

On 31 December 2020, the guaranteed rate of 1.25% ends for the deposit(s) you made into your 'Plan Santé' in 2001 and/or 2012. With effect on 1 January 2021, we guarantee a rate of 0.10% on the capital sum you accumulated and on any new deposits. The new rate of interest is guaranteed for eight years.

At the end of this year, 'Kate' will be launched, and The General Data Protection Statements of KBC Bank NV and KBC Insurance NV will be duly amended

KBC will offer the personal digital assistant 'Kate' in its KBC Mobile app. We have amended the Data Protection Statements to take account of the new service. The main changes are given on page 3 of the updated Data Protection Statements under Preliminary: the salient changes in this version of the data protection (formerly privacy) statement.

View the full Data Protection Statements.

KBC will replace interest rate benchmark EONIA on 1 January 2021

A number of interest rate benchmarks like EONIA (Euro OverNight Index Average) are set to be discontinued as they don’t comply with the EU Benchmark Regulation (2016/1011). With effect on 1 January 2021, KBC will replace the EONIA benchmark rate with the €STR benchmark (€STR = EONIA - 0.085%).

See the European Central Bank’s website for their current interest rate benchmarks.

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