Listed in Belgium

Belgian law applicable to listed companies has undergone numerous significant changes in recent years. A key obstacle for legal practitioners is, however, the accessibility of this new legislation. Many regulations are spread over a number of laws, royal decrees, rules, notices, instructions, circulars, brochures, etc., which are to a large extent not codified. Hence, listed companies constantly face the challenge of having to patch together themselves applicable legal provisions. This Guide aims to untangle the mass of legal rules. It outlines the regulations relating to the operation of corporate bodies (Part I) and the listing and disclosure requirements (Parts II and III) for a company listed on the First Market or the New Market of Euronext Brussels. In addition, it offers analyses of issues which such companies have to address on an regular basis such as specific provisions of the Companies Code, communication with financial analysts, insider trading, market abuse, code of dealing, price stabilisation and corporate governance (Part IV). The Guide takes into account legislation up to April 15, 2004 including recent legislative changes resulting from the Corporate Governance Law and the Supervision Law.