A depository of an undertaking for collective investment in transferable securities (UCITS) must either have its registered office in the same EU country as that of the undertaking or be established in the EU country if its registered office is in another EU country (Directive 85/611/EEC).
"BOOK II. - CREDIT INSTITUTIONS UNDER BELGIAN LAW
TITLE I. - Access to the activity [...]
CHAPTER II. - Conditions of approval [...]
Section II. - Company form
Art. 16. [ 1 Credit establishments under Belgian law must be constituted in the form of a company among the following corporate forms: the cooperative company, the limited company, the European company and the European cooperative company, subject to compliance with the specific requirements provided for by this law or by European regulations.] [( 1 )<L 2021-06-27/09 , art. 138, 026; In force: 07-19-2021]
[...]
Book XII. - Brokerage firms [...]
CHAPTER I. - Access to the activity [...]
Art. 498. Article 16 is applicable. [...]"(Banking Law (2014003194, 07-05-2014), last amended 07-19-2021, Articles 16 and 498 [google translation])
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"Art. 50.§ 1st. [4 A collective investment undertaking must have a single depositary. [...]
§ 2. Without prejudice to paragraph 1, only the following institutions and companies can act as depositaries for collective investment undertakings [...]:
1 ° credit institutions [1 referred to in Book II of the Law of 25 April 2014] 1 and branches of credit institutions governed by the law of another Member State of the European Economic Area [1 referred to in Title I of Book III of the same law;] 1
2 ° the National Bank of Belgium;
3 ° brokerage firms and foreign investment firms established in Belgium [3 which are subject to Book XII of the Law of April 25, 2014][...]" (Law on undertakings for collective investment which meet the conditions of Directive 2009/65 / EC and on undertakings for investment in receivables (2012003296, 19-10-2012), last amended 04-07-2021, Article 50 [google translation])
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Previously applied legislation
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"BOOK II. - CREDIT INSTITUTIONS UNDER BELGIAN LAW
TITLE I. - Access to the activity [...]
CHAPTER II. - Conditions of approval [...]
Section II. - Company form
Art. 16. Credit institutions governed by Belgian law must be constituted in the form of a commercial company, with the exception of the form of a private limited liability company formed by a single person.
[...]
Book XII. - Brokerage firms [...]
CHAPTER I. - Access to the activity [...]
Art. 498. Article 16 is applicable. [...]"(Banking Law (2014003194, 07-05-2014), last amended 27-06-2021, Articles 16 and 498 [google translation])
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"CHAPTER IV - OBLIGATIONS REGARDING THE DEPOSITARY [...]
Article 23
1.   A depositary shall either have its registered office or be established in the UCITS home Member State.[...]" (Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS)
Law on undertakings for collective investment which meet the conditions of Directive 2009/65 / EC and on undertakings for investment in receivables (2012003296, 19-10-2012), last amended 04-07-2021, Article 50
Banking Law (2014003194, 07-05-2014), last amended 27-06-2021, Articles 16 and 498
Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), Article 23
[<a href="http://www.ejustice.just.fgov.be/eli/loi/2012/08/03/2012003296/justel">Law</a>],[<a href="http://www.ejustice.just.fgov.be/eli/loi/2014/04/25/2014003194/justel">Law</a>],[<a href="https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=CELEX%3A32009L0065">Directive</a>]