This delivered several positive news for individual investors whose assets were frozen by the National Settlement Depository (NSD).

For two clients who engaged VERBA LEGAL's sanctions practice to file an appeal with the Belgian Council of State regarding their license denial, the Belgian Treasury overturned the previous negative decision. The VERBA LEGAL team acted swiftly to prepare extensive appeals within a short timeframe.

Moreover, another client of the law firm obtained effective license execution from a bank in Luxembourg.

 “These decisions by the Treasury set important precedents; before the favorable resolution, the outcome was not clear for various reasons, including political ones. In the appeal, we addressed the most common grounds for rejection cited by the Belgian Treasury, and it seems our position was acknowledged. These precedents offer hope to those clients who initially failed to correctly submit their application and were subsequently denied a license. It should be noted that the window to appeal a rejection is only 60 days, hence it is essential to seek timely assistance,” stated Tatiana Neveeva, Senior Partner at VERBA LEGAL.

The project team included Senior Partners Tatiana Neveeva and Alexander Panov, Counsel Marat Samarsky, Senior Lawyer Nikita Zhemchugov, and Paralegals Yulia Koroleva and Tatiana Zelenovskaya.