VERBA LEGAL “Pilot” Case on the Release of Assets Held with Euroclear Resolved in Favour of BCS Bank

VERBA LEGAL “Pilot” Case on the Release of Assets Held with Euroclear Resolved in Favour of BCS Bank

On 11 September 2026, the Belgian Council of State annulled the Belgian Treasury’s refusal to release the assets of BCS Bank, a client of VERBA LEGAL. The decision has been published on the Council of State’s website.

The VERBA LEGAL team — Managing Partner Tatyana Neveeva and Associate Tatiana Zelenovskaia — conducted the proceedings before the Council of State together with Belgian counsel.

What the Council of State decided

The delegation of powers under the Belgian Ministry of Finance’s Decree of 13 December 2023 was not sufficiently clearly defined and regulated. Accordingly, the Treasury did not have the requisite authority to take the decision.

The Council of State also expressly noted that the Treasury enjoys a broad margin of discretion when considering applications for the release of assets, and that decisions taken by it may affect applicants’ fundamental rights, in particular their right to property. It was therefore essential for the scope and limits of the powers delegated to the Treasury to be clearly defined.

As a result, BCS Bank’s application was refused by an authority lacking the requisite competence, and the refusal was therefore annulled.

In addition, the Council of State made two important findings concerning the admissibility of the appeal:

1. The annulment of the Treasury’s decision means that BCS Bank’s application must be reconsidered.

2. Neither US sanctions nor BCS Bank’s inclusion in Annex XIV to Regulation 833/2014 deprives the Bank of its interest in challenging the refusal. Nor does inclusion in Annex XIV, in itself, mean that an application under Articles 6 and 6b(5) of Regulation 269/2014 must be rejected.

Significance of the decision

The finding that the Treasury lacked the requisite authority is also relevant to other pending disputes concerning refusals to release assets. As the issue of competence is a matter of public policy, the Council of State is required to consider it even in cases where the applicant has not raised the issue itself.

Accordingly, in similar proceedings challenging decisions of the Belgian Treasury, refusals may be expected to be annulled and the relevant applications reconsidered.

“Our main task now is to determine the appropriate course of action for our clients following this first favourable decision, and we are fully focused on doing so,” commented Tatyana Neveeva, Managing Partner of VERBA LEGAL.