Belgian Registered Shares and Dematerialisation - Service Description Document - V.1 July 2025

Sep 12, 2026

Service description for Belgian registered securities managed through Euronext Securities Milan, covering the share register service (SRS) and conversion between registered and dematerialised forms. It explains the legal context under the Belgian dematerialisation framework, where bearer securities are no longer permitted and issuers choose registered or dematerialised formats. The document defines actors, legal securities forms, register maintenance and access, updates driven by stock exchange trades and other events, and multiple conversion scenarios. Tax topics are excluded as covered separately.

LanguageEnglish

CategoryGeneral

FormatPDF

Pages21

Reading Time7 min

AccessFree to download

Executive summary

Context

Target Audience

General Overview

Actors

Securities legal forms

Belgian Securities Register Service overview

Share register and register management

Updating the share register

Shareholder Interaction with the share register

Conversion Services

Scope of conversion services

Scenario 1

Scenario 2

Scenario 3

Scenario 4

Glossary

Belgian Registered Shares and Dematerialisation Service Description Document V.1 JULY 2025 1. Executive summary .................................................................................. 3 2. Context ..................................................................................................... 3 3. Target Audience........................................................................................ 4 4. General Overview ..................................................................................... 4 5. Actors ....................................................................................................... 5 6. Securities legal forms ............................................................................... 5 7. Belgian Securities Register Service overview ........................................... 6 7.1. Share register and register management .................................................... 6 7.1.1. Maintenance of the share register .......................................................... 7 7.1.2. Access to the register for the Issuer and reporting ................................... 7 7.2. Updating the share register ....................................................................... 8 7.2.1. Stock exchange trades ......................................................................... 9 7.2.1.1. Buy trade processing ...................................................................... 9 7.2.1.2. Sell trade processing .....................................................................10 7.2.2. Other Events impacting the register ......................................................12 7.3. Shareholder Interaction with the share register .......................................... 12 8. Conversion Services................................................................................ 13 8.1. Scope of conversion services .................................................................... 13 8.2. Scenario 1: Conversion from registered securities to dematerialised form when Euronext Securities Milan serves as both the place of issuance and safekeeping............................................................................................................ 14 8.3. Scenario 2: Conversion from dematerialised securities to registered securities when Euronext Securities Milan serves as both the place of issuance and safekeeping ........................................................................................... 16 8.4. Scenario 3: Conversion from Registered Securities to Dematerialised Securities-Euronext Securities Milan is not a place of primary issuance but a place of safekeeping ........................................................................................... 17 8.5. Scenario 4: Conversion from Dematerialised Securities to Registered Securities-Euronext Securities Milan is not a place of issuance but a place of safekeeping............................................................................................................ 18 9. Glossary.................................................................................................. 19 1. Executive summary As the Issuer or Investor Central Securities Depository (CSD) for Belgian equities, Euronext Securities Milan provides services related to Belgian registered securities. Belgian issuers may issue shares in two different forms: • Dematerialised Securities • Registered Securities The choice of security form is determined by the investor unless the Issuer has decided to issue securities only in registered form. Euronext Securities Milan provides tailored services for Issuers, including a service that allows Issuers to outsource the management of their share register. Additionally, Euronext Securities Milan facilitates for Issuers and Investors the conversion between dematerialised and registered securities, offering a comprehensive service for

FAQs

What services does Euronext Securities Milan provide for Belgian registered securities?

Euronext Securities Milan provides a share register service (SRS) for Belgian registered securities and facilitates conversion between dematerialised and registered securities.

Why are Belgian issuers not allowed to use bearer securities?

Under the Belgian dematerialisation legal framework, as from 1 January 2008, Belgian issuers are no longer allowed to issue or maintain securities in bearer form.

When is the Share Register Service (SRS) available?

The Share Register Service is available only when Euronext Securities Milan is acting as an Issuer CSD.

Sep 12, 2026

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