Despite the currently discussed pause in the issuance of new asset unlocking licenses by the Belgian Treasury, pending the outcome of the first appeals before the Council of State, licenses that have already been issued continue to be executed.

Last week, a large portfolio of assets, including US dollar-denominated securities, was successfully transferred. The receiving party was a Cypriot depositary, one of the institutions we recommend for participation in the unlocking process.

US dollar cash funds (accrued dividends and coupons) still cannot be transferred without an OFAC license.

Additionally, on Friday, we received a response from the Belgian Treasury confirming the validity of another client's license. The receiving depositary in this case had blocked already-transferred assets due to a typo in the license.

Thus, communication with both the Treasury and Euroclear Bank NV/SA is ongoing, and it is too early to abandon hope. At the very least, in our view, those who have already obtained their individual licenses should not give up their efforts to retrieve their assets.