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This is the translation in English of the Constitution of the Kingdom of Belgium as provided by the Parliament.
The "King" ought to be understood as referring to the federal government, in most cases.
Each «commune» (county borough) of the Kingdom is part of one of these linguistic regions.
The limits of the four linguistic regions can only be changed or modified by a law adopted by majority vote in each linguistic group in each Chamber, on the condition that the majority of the members of each group are gathered together and from the moment that the total of affirmative votes given by the two linguistic groups is equal to at least two-thirds of the votes expressed.
It lies with the law to divide the territory into a greater number of provinces, if need be.
A law can shield certain territories whose limits it fixes, from division into provinces, make them depend directly on the federal executive power, and make them subject to a statute of their own. This law must be adopted by majority vote as provided for in Article 4, last paragraph.
The limits of the State, the provinces and the «communes» can only be changed or modified by law.
The title of Belgian is acquired, preserved and lost according to rules determined by civil law.
The Constitution and the other laws relative to political rights, determine which are, apart from this title, the necessary conditions for the exercise of these rights.
Naturalization is accorded by the federal legislative power.
There are no class distinctions in the State.
Belgians are equal before the law; they are the only ones eligible for civil and military service, but for the exceptions that could be made by law for special cases.
Enjoyment of the rights and freedoms recognized for Belgians should be ensured without discrimination. To this end, laws and decrees guarantee notably the rights and freedoms of ideological and philosophical minorities.
Except in the case of flagrante delicto, no one can be arrested except by a justifiable judge’s order, that must be served at the moment of arrest, or at the latest within twenty-four hours.
Punishment by confiscation of assets cannot be made.
Civil death is abolished; it cannot be brought back into force.
Freedom of worship, public practice of the latter, as well as freedom to demonstrate one’s opinions on all matters, are guaranteed, except for the repression of offences committed when using this freedom.
The State does not have the right to intervene either in the nomination or in the installation of ministers of any religion whatsoever, nor to forbid these ministers from corresponding with their superiors, from publishing their acts, except, in the latter case, taking into consideration normal responsibilities in matters of press and publication.
A civil wedding should always precede nuptial benediction except in cases established by law, should this be necessary.
The laws, decrees and rulings alluded to in Article 134 guarantee the protection of this right.
Everyone has the right to lead a life in conformity with human dignity. To this end, the laws, decrees and rulings alluded to in Article 134 guarantee, taking into account corresponding obligations, economic, social and cultural rights, and determine the conditions for exercising them.
5° the right to enjoy cultural and social fulfilment.
§ 1. Education is free; any preventative measure is forbidden; the repression of offences is only governed by law or decree.
The community organizes neutral education. Neutrality implies notably the respect of the philosophical, ideological or religious conceptions of parents and pupils.
The schools organized by the public authorities offer, until the end of obligatory scholarity, the choice between the teaching of one of the recognized religions and non-denominational moral teaching.
§ 2. If a community, in its capacity as an organizing authority, wishes to delegate competency to one or several autonomous bodies, it can only do so by decree adopted by a two-third majority vote.
§ 3. Everyone has the right to education with the respect of fundamental rights and freedoms. Access to education is free until the end of obligatory scholarity.
§ 4. All pupils or students, parents, teaching staff or institutions are equal before the law or decree. The law and decree take into account objective differences, notably the characteristics of each organizing authority, that justify appropriate treatment.
§ 5. The organization, the recognition and the subsidizing of education by the community are regulated by law or decree.
The press is free; censorship can never be established; security from authors, publishers or printers cannot be demanded.
Belgians have the right to gather peaceably and without arms, in conformity with the laws that regulate the exercise of this right, without submitting it to prior authorization.
Belgians have the right to enter into association or partnership; this right cannot be liable to any preventative measures.
Everyone has the right to address petitions signed by one or more persons to the public authorities. Constituted bodies are alone able to address petitions in a collective name.
The law determines which nominated representatives can violate the confidentiality of letters entrusted to the postal service.
The use of languages current in Belgium is optional; only the law can rule on this matter, and only for acts of the public authorities and for legal matters.
No prior authorization is necessary to take legal action against civil servants because of their public office, except with regard to what has been ruled on concerning ministers and members of the community and regional governments.
Everyone has the right to consult any administrative document and to have a copy made, except in the cases and conditions stipulated by the laws, decrees or rulings referred to in Article 134.
The communities and the regions, each in its own field of concern, have power for the other matters, under the conditions and in the terms stipulated by law. This law must be adopted by majority vote as provided for in Article 4, last paragraph.
The law referred to in paragraph 2 determines the date on which the present article comes into force. This date cannot precede the date of the implementation of the new article to be inserted in Title III of the Constitution, which determines the exclusive powers of the federal authority.
Each community has assignments which are recognized by the Constitution or by the laws carried in pursuance of it.
The Law attributes to the regional bodies that it creates and that are made up of elected representatives, the power to manage the matters that it determines, with the exception of those referred to in Articles 30 and 127 to 129, within the jurisdiction and according to the manner established by the law. The latter must be adopted by majority vote as provided for in Article 4, last paragraph.
The law defines the competencies, rules of functioning and mode of election of intra-municipal territorial organs that are authorised to regulate matters of municipal interest.
These intra-municipal territorial organs are created in municipalities with more than 100,000 inhabitants at the initiative of the local council. Their members are elected directly. In execution of an act adopted by majority vote defined by Article 4, last paragraph, the decree or regulation envisaged in article 134 regulates the other conditions and modes according to which such intra-municipal territorial organs may be established.
This decree and the regulation envisaged by Article 134 can only be adopted after a majority vote of two-thirds of the expressed votes, under the condition that the majority of the members of the council in question are in agreement.
§ 1. For cases determined by the Constitution, the elected members of each Chamber are divided into a French linguistic group and a Dutch linguistic group, in the manner determined by law.
§ 2. The senators referred to in Article 67, §1, 2°, 4° and 7°, make up the French linguistic group of the Senate. The Senators referred to in Article 67, §1, 1°, 3° and 6°, make up the Dutch linguistic group of the Senate.
accepts the appointment, immediately ceases to sit in the Chamber and only takes his functions up again by virtue of a new election.
Votes are given by rising or remaining seated or by call-over; most of the laws are voted by call-over.
The election and presentation of candidates are carried out by secret ballot.
Except in the case of a flagrant offence, no member of any Chamber may, during a session, be directly remanded or summoned before a court or tribunal regarding repressive matters nor be arrested except with the authorisation of the Chamber of which he is a member.
Except in the case of a flagrant offence, restraining measures requiring the intervention of a judge cannot be instituted against a member of any Chamber for the duration of a session, regarding repressive matters, except by the first President of the Court of Appeal at the demand of the competent judge. This decision is communicated to the President of the concerned Chamber.
All searches or seizures executed by virtue of the paragraph above can be performed only in the presence of the President of the Chamber concerned or a member appointed by him.
During the session, only the officers of the public prosecutor's department and competent officers may institute repressive proceedings against a member of any Chamber.
§ 1. The Chamber of Representatives is made up of one hundred and fifty members.
§ 2. Each electoral circumscription has as many seats as the number of the members of its population contains a multiple of the federal divisor, obtained by dividing the number of the population of the Kingdom by one hundred and fifty.
§ 3. The sharing of the members of the Chamber of Representatives among the electoral circumscriptions is allocated to the population by the King.
During the three months of this publication, the King determines the number of seats attributed to each electoral circumscription. The new distribution is applied as of the following general election.
§ 4. The law determines the electoral circumscriptions; it also determines the conditions required to be an elector as well as those for the carrying out of electoral operations.
4° be legally resident in Belgium.
An annual indemnity to be deducted from the allocation destined to cover the expenditure of the Chamber of Representatives can be attributed to the President of this assembly.
3° ten senators appointed by and within the Parliament of the Flemish Community, named the Flemish Parliament.
4° ten senators appointed by and within the Parliament of the French Community.
5° one senator appointed by and within the Parliament of the German-speaking Community.
7° four senators appointed by the senators referred to in 2° and 4°.
§ 2. At least one of the senators referred to in §1, 1°, 3° and 6° is to be legally resident, on the day of his election, in the bilingual region of Brussels-Capital.
At least six of the senators referred to in §1, 2°, 4° and 7° are to be legally resident, on the day of their election, in the bilingual region of Brussels-Capital. If four or fewer of the senators referred to in §1, 2° are not legally resident, on the day of their election, in the bilingual region of Brussels-Capital, at least two of the senators referred to in §1, 4° must be legally resident, on the day of their election, in the bilingual region of Brussels-Capital.
§1. The total number of senators referred to in Article 67, §1, 1°, 2°, 4°, 6° and 7°, is shared within each linguistic group on the basis of the electoral figure of the lists obtained at the moment of the election of the senators referred to in Article 67, §1, 1° and 2°, according to the system of proportional representation that is determined by law.
For the designation of the senators referred to in Article 67, §1, 3° and 4°, only the lists can be taken into consideration on which at least one senator referred to in Article 67, §1, 1° and 2°, is elected and from the moment that a sufficient number of members elected on this list sit, according to the case, on the Parliament of the Flemish Community or the Parliament of the French Community. For the designation of the senators referred to in Article 67, §1, 6° and 7° only the lists can be taken into consideration on which at least one senator referred to in Article 67, §1, 1° and 2°, is elected.
§ 2. For the election of the senators referred to in Article 67, §1, 1° and 2°, the ballot is obligatory and secret.
Voting takes place at the «commune», except for cases determined by law.
§ 3. For the election of senators referred to in Article 67, §1, 1° and 2°, the law determines the electoral circumscriptions and the composition of the electoral colleges; it also determines the conditions which must be met in order to be an elector, as well as those for the carrying out of electoral operations. The law determines the designation of the senators referred to in Article 67, §1, 3° and 5°, with the exception of the terms stipulated by a law adopted by the majority provided for in Article 4, last paragraph, which are determined by decree by the Community Parliaments, each one for matters of its concern. This decree must be adopted by a two-third majority of the votes expressed, on condition that the majority of the members of the Parliament concerned are present.
The senator referred to in Article 67, §1, 5°, is appointed by the Parliament of the German-speaking Community with absolute majority of the votes expressed.
The law determines the appointment of the senators referred to in Article 67, §1, 6° and 7°.
The senators referred to in Article 67, §1, 1° and 2° are elected for four years. The senators referred to in Article 67, §1, 6° and 7° are appointed for four years. The senate is entirely renewed every four years.
coincides with the election for the Chamber of Representatives.
Senators do not receive a salary. They do, however, have the right to be compensated for any disbursement; this compensation is fixed at four thousand francs per year.
The King’s children or, in the absence of children, the Belgian descendants of the branch of the royal family called on to reign, are senators by right at the age of eighteen.
They are only entitled to a seat and vote at the age of twenty-one.
They are not taken into account for the determination of the quorum of attendance.
4° the establishment of the army quotas.
10° laws approving co-operation agreements between State, communities, and regions.
A law adopted by majority vote as described in Article 4, last paragraph, may designate other laws for which the Chamber of Representatives and the Senate are competent on an equal basis.
- adopt the bill following amendment.
- adopt the draft bill following further amendment.
committee described in Article 82 must determine the time frame within which the Senate must make its decision.
Should the commission fail to reach agreement, the time frame granted to the Senate becomes seven days, while the examination period described in Article 78, paragraph 3, becomes thirty days.
In the event of application of Article 79, paragraph 3, the Chamber statutes in a final manner within fifteen days.
Should the Chamber fail to reach agreement within the time frames established in paragraphs 2 and 4, the parliamentary consultation commission described in Article 82 must meet within fifteen days and establish a time limit within which the Chamber must make a decision.
A parliamentary consultation commission composed on an equal basis of members of the Chamber of Representatives and of the Senate settles competency conflicts which may arise between the two chambers and may, with mutual agreement, extend the study periods described in Articles 78 to 81 at all times.
Shall be deprived of his rights to the crown, that descendant described in paragraph 1, who marries without the King’s consent or, in the absence thereof, without the consent of those exercising the King’s powers in cases provided for by the Constitution.
The King may accede to the throne only after having taken the following oath before the united Chambers: "I swear to observe the Constitution and the laws of the Belgian people, to preserve our national independence and our territorial integrity".
The Chamber of Representatives has the right to accuse ministers and to confront them before the Supreme Court of Appeal, the latter alone having authority to judge them, Chambers assembled, except for that which is statuted by law, regarding the exercising of a civil suit by a victimized party and regarding crimes and misdeeds which ministers may have committed outside their line of duty.
Cases of responsibility are determined by law, as are the sentences and the manner of proceeding against them, either on the basis of the accusations introduced in the Chamber of Representatives or on the basis of a civil suit emanating from a victimized party.
Until being covered by the law described in paragraph 2, the Chamber of Representatives holds discretionary powers to accuse a minister, and the Supreme Court of Appeal to judge him, in those cases established by penal laws and by the application of those sentences foreseen.
The King appoints and dismisses the Federal Secretaries of State. The latter are members of the Federal Government. They are not part of the Council of Ministers. They are deputies to a minister.
Constitutional provisions which apply to ministers apply equally to Federal Secretaries of State, with the exception of Articles 90 paragraph 2, 93 and 99.
The King has the right to annul or to reduce sentences pronounced by judges, except for that which is statuted relative to ministers and members of Community and Regional governments.
The King may not pardon a minister or the member of a Community or Regional government condemned by the Supreme Court of Appeal, except at the express demand of the Chamber of Representatives or of the council concerned.
§ 1. There is a Parliament of the French Community and a Parliament of the Flemish Community, named Flemish Parliament, the composition and the functioning of which are established by law, adopted by majority vote as described in Article 4, last paragraph.
§ 2. Without prejudice to Article 137, regional bodies as described in Article 39 comprise a Parliament for each region.
§ 1. The Parliaments are composed of elected representatives.
§ 2. Each Community Parliament is composed of members elected directly as members of the concerned community parliament or as members of a regional parliament.
Parliament members are elected for a period of five years.
The parliaments are completely renewed every five years.
Unless a law, adopted by majority vote as described in Article 4, last paragraph, should specify otherwise, parliament elections are to take place on the same day and are to coincide with European Parliamentary elections.
§ 1. Elections described in Article 116, § 2, as well as the composition and functioning of Parliaments are fixed by law. But for the Parliament of the German Community, this law is adopted by majority vote as described in Article 4, last paragraph.
§ 2. A law, adopted by majority vote as described in Article 4, last paragraph, establishes those matters relative to the election, composition, and functioning of the Parliament of the French Community, of the Parliament of the Walloon Region and of the Parliament of the Flemish Community, which are regulated by their respective parliaments, either by decree or by ruling as described in Article 134, according to the case. This decree and this ruling as described in Article 134 are adopted by a two-thirds majority vote, provided that a majority of members of the council concerned are present.
The mandate of member of a Regional or Community Parliament is incompatible with that of a member of the Chamber of Representatives. Moreover, it is incompatible with a Senator’s mandate as described in Article 67, § 1, 1°, 2°, 6°, and 7°.
§ 1. There is a French Community Government and a Flemish Community Government, the composition and functioning of which are established by law, adopted by majority vote as described in Article 4, last paragraph.
§ 2. Without prejudice to Article 137, the regional bodies described in Article 39 include a government for each region.
Members of each community or regional government are elected by their councils.
§ 1. The law establishes the composition and functioning of Community and of Regional governments. But for the case of the German Community Government, this law is adopted by majority vote as described in Article 4, last paragraph.
§2. A law, adopted by majority vote as described in Article 4, last paragraph, determines those matters relative to the composition and to the functioning of the French Community Government, the Walloon Regional Government, and the Flemish Community Government, which are regulated by their respective councils, either by decree or by ruling as described in Article 134, according to the case. This decree and this ruling described in Article 134 are adopted by a two-thirds majority vote, provided that a majority of members of the council concerned are present.
Regional and community parliaments possess the right to accuse members of their respective governments and to confront the latter before the Supreme Court of Appeal which alone may judge them, chambers together, but for that which is statuted by law regarding the exercising of civil suits by victimized parties and concerning crimes and misdeeds which regional or community government members may have committed outside the line of their duties.
A law shall determine the cases of responsibility, the sentences to be passed upon members of regional or community governments, in addition to the manner of proceeding against them, either on the basis of the accusations expressed by their Parliaments or on the basis of a civil suit engaged by a victimized party.
Those laws described in paragraphs 1 and 2 must be adopted by a majority vote, as described in Article 4, last paragraph.
Until being covered by the law described in paragraph 2, regional and community councils possess the discretionary power to accuse a member of their government, and the Supreme Court of Appeal to judge the latter in those cases described in penal law and through the application of penalties stipulated therein.
Constitutional dispositions relative to regional and community government members, in addition to those executory laws described in Article 125, last paragraph, apply to regional secretaries of state.
3° inter-community co-operation, in addition to international co-operation, including the drafting of treaties for those matters described in 1° and 2°.
A law adopted by majority vote as described in Article 4, last paragraph, establishes those cultural matters described in 1°, types of co-operation described in 3°, in addition to terms governing the conclusion of treaties described in 3°.
§ 2. These decrees have force of law in French-language and in Dutch-language regions respectively, as well as in those institutions established in the bilingual region of Brussels-Capital which, on account of their activities, must be considered as belonging exclusively to one community or the other.
§ 1. The French and Flemish Community Parliaments rule by decree, in as much as each is concerned, on personal issues, in addition to what is included in such issues, matters of inter-communal and international cooperation, including the ratification of treaties.
A law adopted by majority vote as described in Article 4, last paragraph, establishes such personal issues, in addition to the various forms of cooperation and the terms governing ratification of treaties.
§ 2. These decrees have force of law in French-language and in Dutch-language regions respectively, as well as in those institutions established in the bilingual region of Brussels-Capital which, on account of their activities, must be considered as belonging exclusively to one community or the other, unless a law adopted by majority vote as provided for in Article 4, last paragraph, makes other provisions with regard to those institutions in the bilingual region of Brussels-Capital.
3° social relations between employers and their personnel, in addition to corporate acts and documents required by law and by regulations.
- federal and international institutions designated by law, the activities of which are common to more than one community.
4° inter-community co-operation, in addition to international co-operation, including the conclusion of treaties, for issues described in 1°, 2°, and 3°.
The law establishes cultural and personal issues described in 1° and 2°, in addition to the forms of co-operation described in 4° and the manner in which treaties are concluded.
§ 2. These decrees have force of law in the German-language region.
A law adopted by majority vote as described in Article 4, last paragraph, designates those authorities within the bilingual region of Brussels-Capital which exercise those responsibilities not attributed to communities as described in Article 128, § 1.
There are linguistic groups within the Brussels-Capital Regional Parliament, and among the governing bodies, qualified with respect to community issues; their composition, functioning, and responsibilities and, without prejudice to Article 135, their financing, are regulated by a law adopted by majority vote as described in Article 4, last paragraph.
In view of the application of Article 39, the French and Flemish Community Parliaments, in addition to their respective governments, may exercise the responsibilities, respectively, of the Walloon and of the Flemish Regional Governments, along the terms and according to those conditions established by law. This law must be adopted by a majority vote as described in Article 4, last paragraph.
The French Community Parliament, on one hand, and the Walloon Regional Parliament and the French linguistic group of the Brussels-Capital Regional Parliament, on the other hand, may decide of common accord and each by decree, that the Walloon Regional Parliament and Government, in the French-language region, and the Brussels-Capital Regional Parliament and it’s governing bodies in the bilingual region of Brussels-Capital may exercise, in full or in part, the responsibilities of the French Community.
These decrees are adopted by a two-thirds majority vote within the French Community Parliament, and by absolute majority within the Walloon Regional Parliament and by the French linguistic group within the Brussels-Capital Regional Parliament, provided that a majority of the Parliament members or of the members of the linguistic group concerned are present. They may settle the financing of the responsibilities which they designate, in addition to transfers of personnel, of assets, of rights and of obligations which may concern them. These responsibilities are exercised, according to the case, either by decree, by order, or by ruling.
Upon request by their respective governments, the German Community Parliament and the Walloon Regional Parliament may, by decree, decide of common accord that Walloon Regional responsibilities may be exercised in whole or in part by the German-speaking Community Parliament and Government in the German-language region. These responsibilities may be exercised, according to the case, either by decree, by order, or by ruling.
The Parliament and Government of the German-speaking Community exercise by means of decrees and rulings all other responsibilities attributed by law.
The law organizes procedures tending to foresee conflicts between laws, decrees and rulings described in Article 134, in addition to between decrees among themselves and the rulings described in Article 134 among themselves.
There is, for all of Belgium, a Court of Arbitrage, the composition, competencies, and functioning of which are established by law.
3° the violation through a law, a decree, or through a ruling as described in Article 134, of constitutional articles determined by law.
Those laws described in paragraph 1, in paragraph 2, 3°, and in paragraph 3 are adopted by majority vote as described in Article 4, last paragraph.
Government, the communities, the regions, and the common Community Commission act in the interests of federal loyalty, in order to prevent conflicts of interest.
§ 2. The senate makes decisions, by means of well-founded judgments, on conflicts of interest which may exist between the various bodies through laws, decrees, or rulings as described in Article 134, within the conditions and according to the procedures determined by a law adopted by majority vote as described in Article 4, last paragraph.
paragraph, organizes the procedures designed to prevent and to settle conflicts of interest between Federal, Community, and Regional Governments, and between the common Community Commission assembly.
Courts hold exclusive competency with respect to conflicts involving civil rights issues.
Courts hold competency with respect to conflicts involving political rights, save for the exceptions established by law.
Under no circumstance may a court or contentious jurisdiction be established, other than on the sole basis of a law. Under no denomination may a commission or an extraordinary tribunal be created.
There is a Supreme Court of Appeal for the whole of Belgium.
This court lacks competency regarding matters of substance, save for the judgement of ministers and of members of Regional and Community Governments.
Court hearings are open, unless public access should jeopardize morals or order. In this case, the court so declares by ruling.
All judgements are well-founded. They are pronounced in open court.
The jury is established for all criminal matters, in addition to issues of political and press wrongdoings.
Court magistrates and court judges are directly named by the King.
Appeal judges and the presidents and vice-presidents of the high Courts of Justice to which they are attached are named by the King on two double lists. One is presented by the courts, the other by provincial councils and by the Parliament of the Brussels-Capital Region, as the case may be.
Judges of the Supreme Court of Appeal are named by the King on two double lists. One is presented by the Supreme Court of Appeal, the other, alternately, by the Chamber of Representatives and by the Senate.
5° that of Mons, with jurisdiction over the province of Hainaut.
There are commercial courts, in locations determined by law. Their organization, attributions, and member nomination methods, in addition to the duration of assignment of their members, are described in the law.
The law also covers the organization of work jurisdictions, their attributions, the manner in which their members are nominated, and the duration of their assignments.
The Supreme Court of Appeal makes decisions in attribution conflicts in the manner provided for by law.
Courts and tribunals may apply decisions and general, provincial, or local rulings only inasmuch as these are in conformity with the law.
The Council of State statutes by ruling as an administrative jurisdiction, and provides an opinion in those cases determined by the law.
6° the intervention of overseeing authorities or of the federal legislative power, to prevent violations of the law or harm to public interests.
In application of a law adopted by majority vote as described in Article 4, last paragraph, the organization and application of administrative overseeing may be determined by community or regional councils.
In application of a law adopted by majority vote as described in Article 4, last paragraph, the decree or the ruling described in Article 134 establishes the conditions and the manner in which several provinces or communes may associate themselves or co-operate. However, the convening of several provincial or communal councils for joint deliberation may not be allowed.
However, a law adopted by majority vote as described in Article 4, last paragraph, establishes the conditions by which the Brussels-Capital Region or all institutions the members of which are designated by the latter exercise the responsibilities described in paragraph 1 which do not depend upon those matters described in Article 39. A law adopted by the same majority establishes the attributions to those institutions described in Article 136 of all or part of the responsibilities described in paragraph 1, subject to those matters described in Articles 127 and 128.
§ 1. The law creates urban entities and federations of communes. It determines their organization and their responsibilities through application of those principles described in Article 162. For each urban area and for each federation there exists a council and an executive committee.
Articles 159 and 190 apply to the rulings and regulations of urban entities and federations of communes.
§ 2. The law creates the body within which each urban entity and nearby federations of communes may meet, according to the conditions and manner which the law establishes, for the examination of common problems of a technical nature within their respective areas of competence.
§ 3. Several federations of communes may cooperate or associate themselves with one or more urban entities in accordance with the conditions and in the manner prescribed by law, to jointly manage and regulate those issues within their respective areas of competence. Their councils may not engage in joint deliberation.
§ 1. Article 165 applies to that urban entity to which the capital of the Kingdom belongs, with the exception of that which is established hereafter.
§ 2. The responsibilities of the urban entity to which the Kingdom’s capital belongs are, in the manner determined by a law adopted by majority vote as described in Article 4, last paragraph, exercised by those bodies of the Brussels-Capital Region created by virtue of Article 39.
3° jointly settle those matters described in 1° which are of common interest.
§ 1. The King manages international relations, without prejudice to the ability of communities and regions to engage in international co-operation, including the signature of treaties, for those matters within their responsibilities as established by the Constitution and in virtue thereof.
The King commands the armed forces, and determines the state of war and the cessation of hostilities. He notifies the Chambers as soon as State interests and security permit and he adds those messages deemed appropriate. Territorial transfers, exchanges, and additions may take place only by virtue of a law.
§ 2. The King concludes treaties, with the exception of those described in § 3. These treaties may take effect only following approval of the Chambers.
§ 3. Those Community and Regional Governments described in Article 121 conclude, in matters that concern them, treaties regarding matters that are in the scope of the responsibilities of their Parliaments. These treaties may take effect only following approval by the Parliament.
§ 4. A law adopted by majority vote as described in Article 4, last paragraph, specifies the terms for conclusion of treaties described in § 3, and for those treaties not exclusively concerned with issues within the competence of regions or communities or by virtue of the Constitution.
§ 5. The King may denounce treaties concluded before May 18th, 1993 and covering matters described in § 3, of common accord with those community or regional governments concerned.
The King denounces these treaties if the community or regional governments concerned invite him to do so. A law adopted by majority vote as described in Article 4, last paragraph, establishes the procedure in the event of disagreement between the community or regional governments concerned.
The Chambers are informed from the beginning of negotiations concerning any revision of the treaties establishing the European Communities in addition to treaties and acts which may have modified or completed the latter. They are aware of the planned treaty prior to signature.
In order to ensure respect of international or supranational obligations, the authorities described in Articles 36 and 37 may, within the limits established by law, temporarily substitute themselves for those bodies described in Articles 115 and 121. This law must be adopted by majority vote as established in Article 4, last paragraph.
§ 1. Taxes to the benefit of the State may be imposed only by virtue of a law.
§ 2. Taxes to the benefit of Communities or Regions may be imposed only through a decree or ruling as described in Article 134.
The law determines, with respect to those taxes described in paragraph 1, those exceptions of proven necessity.
§ 3. A fee or tax may be established by a province only following the decision of its Council.
A law determines, with respect to the taxes described in paragraph 1, those exceptions of proven necessity.
The law can suppress, either totally or partially, the taxes referred to in paragraph 1.
§ 4. No charge or tax can be established by the urban agglomerations, by the federation of communes nor by the communes except by a decision made by their councils. The law determines, with respect to the taxes described in paragraph 1, those exceptions of proven necessity.
A law adopted by majority vote as described in Article 4, last paragraph, establishes the method of financing for the French Community and for the Flemish Community.
The Parliaments of the French and Flemish Community decide upon the spending of their respective attributions by decree.
The method of financing of the German-speaking Community is established by law.
The Parliament of the German-speaking Community decides upon the spending of its financial attributions by decree.
A law adopted by majority vote as described in Article 4, last paragraph, fixes the methods of financing for regions.
Within the conditions and the terms described by a law adopted by majority vote as described in Article 4, last paragraph, the Parliament of the Brussels-Capital Region transfers, by virtue of the rule described in Article 134, financial means to the Common Community Commission and to the French and Flemish Community Commissions.
Members of the Court of Audit are nominated by the Chamber of Representatives for a duration established by law.
This Court is responsible for the examination and for the liquidation of general administration accounts and for the accounts of accountants working for the public treasury. It must see that no budgetary item is surpassed and that no transfers take place. The Audit also oversees operations relative to the establishment and to the perception of State income, including tax collection. It establishes the accounts of the various State administrations, and is responsible, in this regard, for the collection of all required information and accounting items. General accounts of the State are submitted to the Chamber of Representatives with Court of Audit observations.
§ 2. The State awards remuneration and pensions to representatives of organizations recognized by the law as providing moral assistance according to a non-religious philosophical concept; those amounts required are included in the budget on an annual basis.
From the day on which the Constitution becomes enforceable, all laws, decrees, rulings, rules and other acts are annulled.
All foreigners on Belgian soil benefit from that protection provided to persons and property, save for those exceptions provided for by law.
The Belgian Nation adopts red, yellow, and black colours, while the coat of arms depicts the Lion of Belgium with the motto: UNITY MAKES STRENGTH.
I. _ The dispositions of Article 85 shall for the first time be applicable to the descent from H.R.H. Prince Albert, Felix, Humbert, Theodore, Christian, Eugene, Marie, Prince of Liege, Prince of Belgium, it being understood that the marriage of H.R.H. Princess Astrid, Josephine, Charlotte, Fabrizia, Elisabeth, Paola, Marie, Princess of Belgium, with Lorenz, Archiduke of East Austria, was meant to have obtained the consent described in Article 85, paragraph 2.
II. _ Article 32 takes effect on 1 January, 1995.
III. _ Article 125 is valid for events taking place after 8 May, 1993.
IV. _ The next Council elections, in keeping with those dispositions of Articles 115, § 2, 116, § 2, 118, and 119, with the exclusion of Article 117, take place on the same day as the next general elections to the Chamber of Representatives. The following Council elections, in keeping with Articles 115, § 2, 116, § 2, 118 and 119 take place on the same day as the second European Parliamentary elections following the taking of effect of Articles 115, § 2, 118, 120, 121, § 2, 123 and 124.
V. _ § 1. Prior to the next complete renewal of the Chamber of Representatives, notwithstanding the dispositions of Articles 43, § 2, 46, 63, 67, 68, 69, 3°, 70, 74, 100, 101, 111, 151, paragraph 3, 174, paragraph 1, and 180, paragraph 2, last sentence, the following dispositions remain in effect.
a) Federal legislative power is collectively exercised by the King, by the Chamber of Representatives, and by the Senate.
b) The King has the right to dissolve both Chambers simultaneously, and the dissolution act implies voter convocations for within forty days and Chamber convocations for within two months.
c) There are 212 members of the Chamber of Representatives, and the federal divisor can be obtained by dividing the population of the Kingdom by 212.
2° of members elected by provincial Councils, on the basis of one senator per 200,000 inhabitants. For each 125,000 surplus inhabitants, one additional senator is allowed. Nonetheless, each provincial council appoints at least three senators.
These members may not belong to the assembly which elects them, nor may they have been a part of the electing assembly for a period of two years prior to the election date.
3° of members elected by the Senate up to one-half of the number of senators elected by the Provincial Councils. Should this number be odd, one unit is added.
These members are designated by the senators elected by virtue of 1° and 2°.
The election of senators elected by virtue of 2° and 3° is carried out using the proportional representation system determined by law.
Article 69, 1°, 2°, and 4°, have completed forty years of age. f) Senators are elected for a period of four years.
g) Ministers may have a participatory voice in debates only in that Chamber of which they are members.
h) The King may pardon a minister or the member of a community or regional government condemned by the Supreme Court of Appeal only following the request of one of the two Chambers or of that Council concerned.
i) Judges of the Supreme Court of Appeal are appointed by the King on two double lists, one being presented by the Senate, the other by the Supreme Court of Appeal.
j) Every year, the Chambers vote on the budget and rule on government accounts.
k) The State Audit Office submits the general State accounts, with observations, to the Chamber of Representatives and to the Senate.
§ 2. Articles 50, 75, paragraphs 2 and 3, 77 to 83, 96, paragraph 2, and 99, paragraph 1, take effect from the moment the next complete renewal of the Chamber of Representatives is effected.
VI. _ § 1. Until 31 December 1994, and in derogation to Article 5, paragraph 1, the provinces are: Antwerp, Brabant, West Flanders, East Flanders, Hainaut, Liege, Limburg, Luxemburg, and Namur.
§ 2. The next provincial elections shall coincide with the next communal elections and shall take place on the second Sunday of October 1994. Inasmuch as the law described in § 3, paragraph 1 has taken effect, electors shall be called upon on that same Sunday for the election of the Flemish Brabant and of the Walloon Brabant Provincial Councils.
§ 3. The personnel and the assets of Brabant Province shall be split between the Province of Walloon Brabant, the Province of Flemish Brabant, the Region of Brussels-Capital, the authorities and the institutions described in Articles 135 and 136, in addition to the federal authority, in keeping with the terms determined by a law adopted by majority vote as described in Article 4, last paragraph.
§ 4. Until 31 December 1994, appeals court judges and the presidents and the vice-presidents of the High Courts of Justice upon which they depend, notwithstanding Article 151, paragraph 2, are named by the King on two double lists, one being presented by these courts, the other by the provincial councils.
§ 5. Until 31 December 1994, notwithstanding Article 156, 1°, the province of Brabant remains within the jurisdiction of the Appeals Court of Brussels.
2) Paragraph 3 shall be repealed.
2) Paragraph 4 shall be repealed.
"Article 118bis. Within the national borders, the members of the Regional and Community Councils, referred to in Articles 2 and 3, shall have the right to move without expense over any and all means of transportation which are operated by or conceded to government authorities."

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Among all the U.S. regulators interested in regulating Bitcoin and virtual currencies, the Commodity Futures Trading Commission (CFTC) is determined to be at the forefront. Since the announcement by CFTC Chairman Timothy Massad in late 2014 that Bitcoin derivatives should fall within the scope of the CFTC’s jurisdiction, the CFTC has been aggressive in addressing not only wrongful conduct involving Bitcoin derivatives, but also wrongful conduct involving certain spot Bitcoin transactions.
The CFTC’s actions are a clarion call for market participants to understand the broad breadth of the CFTC’s jurisdiction, and to take notice of the requirements that may apply both to derivatives and to certain physical transactions involving Bitcoin and other virtual currencies.
The U.S. Commodity Exchange Act (CEA), as amended by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act), regulates transactions in “commodity interests.” The CFTC, an independent federal agency, is charged with administering the CEA and has exclusive jurisdiction over transactions involving commodity interests. Throughout the history of the CFTC, and particularly with respect to the Dodd-Frank Act, Congress has ceded broad power to the CFTC to interpret and promulgate rules regarding commodity interest products, transactions, and market participants.
As a general matter, the CFTC’s jurisdiction flows from the definition of a “commodity” under the CEA. At bottom, if a “commodity” is not involved in a contract, agreement, or transaction, the CFTC lacks the statutory basis to regulate the contract, agreement, or transaction. The definition of a “commodity,” however, is exceedingly broad under the CEA. The definition delineates a laundry list of agricultural products, but also sweeps in “all services, rights, and interests (except motion picture box office receipts, or any index, measure, value or data related to such receipts) in which contracts for future delivery are presently or in the future dealt in.” As a result, almost anything except onions and movie box office receipts can constitute a “commodity” under the definition, including bottles of wine, baseball cards, reference rates, indices, mathematical permutations, services, intangibles, and contingencies that would not seemingly fall within the traditional view of a commodity.
If, however, a commodity is involved, then the CFTC may only assert jurisdiction if a “commodity interest” is based on the commodity.[ A “commodity interest” refers to the types of instruments that are subject to the CFTC’s regulation, which are: (i) futures contracts, (ii) options on futures contracts, (iii) swaps, (iv) leveraged retail foreign exchange contracts, (v) leveraged retail commodity transactions, and (vi) certain other leveraged products. Importantly, the CFTC’s jurisdiction is thus not—as many assume—limited to “derivatives,” but rather also extends to certain spot, or physical market, transactions.
As a result, in seeking to assert jurisdiction over a contract, agreement, or transaction involving a commodity, the CFTC’s jurisdictional hook is premised upon whether a commodity interest is involved. If so, and assuming that no exclusions or exemptions apply, the CFTC has a basis to assert regulatory authority.
In the context of Bitcoin (and other virtual currencies), the threshold issue is whether Bitcoin is a “commodity.” If Bitcoin is a commodity, then the CFTC may regulate commodity interests based on the commodity. If Bitcoin is not a commodity, then the CFTC lacks the authority to so regulate.
The CFTC’s determination did not arise out of a rulemaking or an interpretation, but rather via an enforcement action against an online Bitcoin trading platform called “Derivabit,” which was owned by Coinflip, Inc. Coinflip operated the trading platform, which was designed for risk management purposes, in an effort to bring together buyers and sellers of Bitcoin option contracts. Coinflip was not registered with the CFTC.
Importantly, the CFTC’s determination is not limited to Bitcoin, but extends to “other virtual currencies,” which the CFTC broadly defines as “a digital representation of value that functions as a medium of exchange, a unit of account, or a store of value, but does not have legal tender status in any jurisdiction.” Thus, the definition of “virtual currency” could also engulf Litecoin and Dogecoin, among others yet to be created.
Based on its determination that Bitcoin is a commodity, the CFTC applied the CEA’s provisions to the Derivabit trading platform, finding that Coinflip unlawfully offered commodity options by operating a facility for the trading of such options without being registered as a designated contract market (that is, a futures exchange) or a swap execution facility (SEF). Importantly, because Coinflip offered commodity options, which are derivatives, the CFTC had an ostensibly clear basis to assert jurisdiction once the agency determined that Bitcoin is a commodity.
Just one week after the Coinflip settlement, and armed with its determination that Bitcoin is a commodity, the CFTC brought its second Bitcoin-related enforcement action, this time against TeraExchange, LLC (Tera), an SEF. In the action, the CFTC alleged that Tera failed to enforce its prohibition on wash trades by facilitating the prearrangement of a single Bitcoin swap transaction.
As with the Coinflip matter, the CFTC’s enforcement action against Tera involved a derivative—that is, here, swaps based on Bitcoin. The presence of the swap, coupled with Tera’s provisional registration with the CFTC as an SEF, provided the CFTC with an unambiguous pathway to assert jurisdiction. Soon thereafter, however, the CFTC’s path would take a different, and more aggressive, turn.
In June 2016, the CFTC filed charges against a Hong Kong-based company called Bitfinex, which operates an online platform for trading in cryptocurrencies, including Bitcoin. Unlike Coinflip and Tera, however, Bitfinex did not list or permit the trading of derivatives, such as futures, options, or swaps. Rather, Bitfinex merely facilitated spot transactions in cryptocurrencies. Generally, a “spot” transaction is the everyday transaction of buying and selling a good, much like one does when purchasing an item on eBay. Payment is made for the item, and the item is promptly delivered to the buyer. The CFTC is generally not authorized to regulate spot transactions. However, by adding a couple of characteristics to an otherwise vanilla spot transaction, the transaction can be transformed into a commodity interest transaction subject to the full panoply of provisions under the CEA.
(3) be entered into, or offered, on a leveraged, margined or financed basis.
All three elements must be present for there to be a retail commodity transaction. Any person that deals in commodities subject to the retail commodity transaction provision is required to be registered with the CFTC as a futures commission merchant (FCM).
While a retail commodity transaction is a form of commodity interest, such a transaction is fundamentally different from a derivatives transaction, the latter of which derives its value from an underlying commodity and contains an element of futurity. Critically, where a derivative is not involved, market participants are often caught off-guard with respect to the broad scope of the CFTC’s jurisdiction.
Like so many requirements under the CEA, however, there are exceptions to the retail commodity transaction provision. One such exception involves the timely “actual delivery” of a commodity to the buyer. If a seller offers to enter, or enters into, a commodity transaction with a non-ECP on a leveraged basis, the transaction will not fall under the retail commodity transaction provision if the seller actually delivers the commodity to the buyer within 28 days of the date that the contract is entered into. The meaning of “actual delivery” has been the subject of extensive interpretation by the CFTC.
Bitfinex did not actually deliver Bitcoins to the buyers.
In addressing the most controversial aspect of the order—whether actual delivery of the Bitcoins occurred—the CFTC explained that Bitfinex held its customers’ Bitcoins in an omnibus private wallet that was controlled solely by Bitfinex, not the customers. Through the use of a private key, only Bitfinex had access to the omnibus wallet. Consequently, because Bitfinex solely controlled access to the wallet, the CFTC found that Bitfinex’s customers did not actually receive delivery of any Bitcoins. The CFTC’s explanation seems to suggest that satisfying the requirement of “actual delivery” would require that virtual currencies be delivered to a deposit wallet for which the recipient controls the private key. However, neither the CEA, the CFTC’s rules, nor the CFTC’s guidance on “actual delivery” discuss or contemplate the delivery requirements of virtual currencies.
Nonetheless, based on the satisfaction of the elements of the retail commodity transaction provision, coupled with the absence of actual delivery, the CFTC found that Bitfinex violated the CEA’s retail commodity transaction provision by failing to register as an FCM. The CFTC’s action against Bitfinex marks the agency’s initial foray into the regulation of Bitcoin via the retail commodity provision transaction. If the history involving the CFTC’s regulation of retail precious metals transactions is any guide, more enforcement actions should be expected.
In at least one respect, the CFTC should be given credit for taking the lead in seeking to regulate a novel product under its jurisdiction. With such an effort, however, comes responsibility. The CFTC should clearly articulate, through an interpretation rather than ad hoc enforcement actions, the manner in which the agency intends to apply the actual delivery exception to virtual currencies. Such an interpretation is necessary so as not to stymie innovation.
At the same time, the CFTC should strive to coordinate the regulation of virtual currencies with other federal agencies, some of which have shown an interest in regulating such products. For example, if the Securities and Exchange Commission were to classify Bitcoin or another virtual currency as a “security,” market participants could be compelled to comply with two fundamentally different, and in some ways redundant, regulatory regimes. We have seen dual jurisdiction applied to certain other products—security futures and mixed swaps come to mind—and the outcomes have not been ideal. Here, as before, the CFTC should be aggressive in seeking to address regulatory harmonization.
Finally, for market participants, the CFTC has sounded the bell. In offering virtual currencies to customers, market participants must understand and be sensitive to the scope of the CFTC’s jurisdiction. If a swap or futures contract is involved—including a seemingly innocuous embedded option in which the customer has the right to cancel or offset a purchase—or a retail spot transaction involves any form of financing, margin or leverage, the CFTC has shown its willingness to take action—even in the absence of allegations of fraud or other wrongdoing.
† Partner, Global Head of Derivatives, Baker & McKenzie LLP.
 The Commodity Futures Trading Commission: Effective Enforcement and the Future of Derivatives Regulation Before the S. Comm. on Agric., Nutrition, and Forestry, 111th Cong. 55 (2014) (statement of Timothy Massad, Chairman of the Commodity Futures Trading Commission).
 Commodity Exchange Act of 1936, Pub. L. No. 74–675, 49 Stat. 1491 (codified as amended in scattered sections of 7 U.S.C.) (replacing the Grain Futures Act of 1922).
 See generally Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111–203, 124 Stat. 1376 (2010).
 See 17 C.F.R. § 1.3(yy) (2016).
 See Commodity Futures Commission Trading Act of 1974 § 101, 7 U.S.C. § 2(a)(1)(A) (2012). When Congress created the CFTC in 1974, it “confer[red] on the CFTC ‘exclusive jurisdiction’ over commodity futures and options thereon, which means that these instruments cannot be regulated by any other federal or state agency (except in certain limited circumstances where the CEA explicitly contemplates shared authority between the CFTC and another agency).” President’s Working Group on Financial Markets, Over-the-Counter Derivatives Markets and the Commodity Exchange Act (1999). The purpose of the exclusive jurisdiction provision “was to separate the functions of the new CFTC from those of the SEC and other regulators.” Leist v. Simplot, 638 F.2d 283, 314 (2d Cir. 1980).
 See, e.g., Binyamin Appelbaum, On Finance Bill, Lobbying Shifts to Regulation, N.Y. Times (June 26, 2010), http://www.nytimes.com/2010/06/27/business/27regulate.html? (noting that the Dodd-Frank Act is “basically a 2,000-page missive to federal agencies, instructing regulators to address subjects ranging from derivatives trading to document retention” and observing that “it is notably short on specifics, giving regulators significant power to determine its impact—and giving partisans on both sides a second chance to influence the outcome”).
 See 7 U.S.C. § 1(a)(9) (2012).
 See id. at § 2(a)(1)(A).
 See id. at § 1(a)(9).
 In 1958, as a result of rife manipulations in the onion market, Congress enacted the Onion Futures Act to ban futures trading in onions. Id. at § 13-1; see also Bd. of Trade of Chi. v. SEC, 677 F.2d 1137, 1142 n.9 (7th Cir. 1982) (discussing the onion carve out from the CEA).
 As part of the Dodd-Frank Act, Congress banned—at the urging of associations representing the motion picture industry—the trading of derivatives on motion picture box office receipts. See 7 U.S.C. § 13-1 (2006), amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub.L. No. 111-190, § 721(e)(10), 124 Stat. 1376, 1672 (2010); see also Daniel Frankel, 10 Key Moments in the Life of Movie Derivatives, THE WRAP (Aug. 13, 2010, 6:53 PM), http://www.thewrap.com/movies/article/10-key-moments-life-movie-derivatives-20122.
 See 7 U.S.C. § 2(a)(1)(A).
 See 17 C.F.R. § 1.3(yy) (2016) (“Commodity interest . . . means (1) Any contract for the purchase or sale of a commodity for future delivery [a futures contract]; (2) Any contract, agreement or transaction subject to a Commission regulation under section 4c [commodity options] or 19 of the Act [leveraged contracts]; (3) Any contract, agreement or transaction subject to Commission jurisdiction under section 2(c)(2) of the Act [retail foreign exchange and commodity transactions]; and (4) Any swap as defined in the Act, by the Commission, or jointly by the Commission and the Securities and Exchange Commission [a swap as defined in CFTC Rule 1a(47)].”).
 In re Coinflip, Inc., CTFC No. 15-29, 2015 WL 5535736, at *3 (Sept. 17, 2015).
 Id. at *3–4. A swap execution facility is a trading system or platform, other than a designated contract market, in which multiple participants have the opportunity to enter into swaps by accepting bids and offers made by multiple participants on the facility. See Commodity Exchange Act of 1936 § 1a(50), 7 U.S.C. § 1a(50) (2012).
 See id. at *5 (explaining that under the terms of settlement, the defendants agreed to cease and desist from future violations of the CEA and the CFTC’s rules, but no financial penalty was imposed).
 In re TeraExchange LLC, CFTC No. 15-33, 2015 WL 5658082 (Sept. 24, 2015).
 Like the Coinflip matter, the CFTC and the defendants agreed to a settlement involving a cease and desist order, but no financial penalty. Id. at *8–9.
 In re BFXNA Inc., CFTC No. 16-19, 2016 WL 3137612 (June 2, 2016).
 The CFTC staff has defined a spot transaction as one where immediate delivery of the product and immediate payment for the product are expected on or within a few days of the trade date. See CFTC No-Action Letter, CFTCLTR No. 98-73, 1998 WL 754623 (Oct. 8, 1998). The Supreme Court has defined a spot transaction as a purchase or sale agreement for a commodity that is intended to settle in the period that is ordinary for dealings in the relevant type of commodity. See Dunn v. CFTC, 519 U.S. 465, 472 (1997). As noted by the Sixth Circuit, “because the CEA was aimed at manipulation, speculation, and other abuses that could arise from the trading in futures contracts and options, as distinguished from the commodity itself, Congress never purported to regulate ‘spot’ transactions (transactions for the immediate sale and delivery of a commodity) or ‘cash forward’ transactions (in which the commodity is presently sold but its delivery is, by agreement, delayed or deferred).” CFTC v. Erskine, 512 F.3d 309, 321 (6th Cir. 2008). Spot transactions are, however, subject to the anti-manipulation provisions under the CEA and the CFTC’s rules to the extent that such attempted or actual manipulations affect prices in commodity interests. See, e.g., 7 U.S.C. §§ 9, 15 (2012); 17 C.F.R. § 180.1(a) (2016); see also CFTC v. Atlantic Bullion & Coin, Inc., C.A. No. 8:12-1503-JMC (D.S.C. 2010), http://www.cftc.gov/idc/groups/public/@lrenforcementactions/documents/legalpleading/enfatlanticcomplaint060612.pdf.
 See, e.g., CFTC v. Hunter Wise Commodities, 21 F. Supp. 3d 1317 (S.D. Fl. 2014); CFTC v. Palm Beach Capital, No.14-cv-80636 (S.D. Fl. 2014), http://www.cftc.gov/idc/groups/public/@lrenforcementactions/documents/legalpleading/enfpbeachorderdf073114.pdf.
 See 7 U.S.C. § 2(c)(2)(D).
 An ECP is defined to include, among others, (i) an organization with total assets in excess of $10 million; (ii) a corporation that (a) has a net worth in excess of $1 million and (b) uses commodity interests in connection with its business or to hedge commercial risk; (iii) an individual who has amounts invested on a discretionary basis, the aggregate of which is in excess of $10 million; or (iv) an individual who has amounts invested on a discretionary basis, the aggregate of which is in excess of $5 million, where such individual is using the instrument in order to manage the risk associated with an asset owned or liability incurred, or reasonably likely to be owned or incurred, by the individual. 7 U.S.C. § 1a(18). An eligible commercial entity is defined in § 1a(17).
 The CFTC takes a broad view of the scope of this element. Essentially, if the purchaser of the commodity is not required to fully pay for the commodity upon purchase, then the CFTC will likely presume that leverage or financing is involved in the transaction. See Retail Commodity Transactions Under Commodity Exchange Act, 78 Fed. Reg. 52,426, 52,426 (Aug. 23, 2013) (to be codified in 17 C.F.R. pt.1) (“New CEA section 2(c)(2)(D) of the CEA broadly applies to any agreement, contract, or transaction in any commodity that is entered into with, or offered to (even if not entered into with), a non-eligible contract participant or non-eligible commercial entity on a leveraged or margined basis, or financed by the offeror, the counterparty, or a person acting in concert with the offeror or counterparty on a similar basis.”) (emphasis added).
 See 7 U.S.C. § 6d.
 See Retail Commodity Transactions Under Commodity Exchange Act, 78 Fed. Reg. 52,426, 52,426 (Aug. 23, 2013) (to be codified in 17 C.F.R. pt.1).
 See Retail Commodity Transactions Under Commodity Exchange Act, 76 Fed. Reg. 77,670 (Dec. 14, 2011) (to be codified in 15 C.F.R. pt. 922); Retail Commodity Transactions Under Commodity Exchange Act, 78 Fed. Reg. 52,426 (Aug. 23, 2013) (to be codified in 17 C.F.R. pt.1).
 The Bitfinex platform permitted maximum leverage of 3.33-to-1 (that is, a 30% initial margin requirement). See In re BFXNA Inc., CFTC No. 16-19, 2016 WL 3137612, at *2 (June 2, 2016).
 A “private key” is a secret number associated with a deposit wallet that allows Bitcoins in that wallet to be accessed and spent. The private keys, which are randomly assigned, are mathematically related to all Bitcoin addresses generated for the wallet. See Private Key, Bitcoin Wiki, https://en.bitcoin.it/wiki/Private_key (last visited Oct. 26, 2016).
 See In re BFXNA Inc., 2016 WL 3137612, at *5.
 See Letter from Steptoe & Johnson LLP to Commodity Futures Trading Comm’n (July 1, 2016) (on file with author).
 Cf. In re BFXNA Inc., 2016 WL 3137612. The Bitfinex order prompted a petition that requests the CFTC to clarify the “actual delivery” requirements in the context of virtual currencies. See Letter from Steptoe & Johnson LLP to Commodity Futures Trading Comm’n (July 1, 2016) (on file with author).
 Under the terms of the settlement, Bitfinex agreed to pay a civil money penalty of $75,000 and cease and desist from further violations of the subject CEA provisions. Id. at *6.
 See, e.g., Investor Alert: Bitcoin and Other Virtual Currency-Related Investments, U.S. Sec. & Exch. Comm’n (May 7, 2014), https://www.sec.gov/oiea/investor-alerts-bulletins/investoralertsia_bitcoin.html.


text:
Triboo Digitale srl (single-member company) with registered office at Viale Sarca 336, 20126 Milano (MI) (Italy) - tax code 02912880966 and Economic and Administrative Index (REA) no. MI - 1901658 supplies and sells (via e-commerce) the products included on the website shop.rollerblade.com (hereinafter referred to as the "Products" or the "Rollerblade Products").
Order confirmation and submission by the customer (with the term "Customer" used to refer to the user of the website shop.rollerblade.com accessing the e-commerce checkout), according to the instructions given on the web page, shall entail full acknowledgement and acceptance of these general conditions of sale by the Customer. The contract of sale between Triboo Digitale srl and the Customer is stipulated upon acceptance of the order by Triboo Digitale srl.
If the Customer is a consumer (natural person purchasing the goods for personal and non-business related reasons and therefore not indicating any reference to a VAT number on the Triboo Digitale srl order form when making the purchase), once the on-line purchase procedure has been completed, he/she will print out or save an electronic copy and in any case keep these general conditions of sale, in compliance with the provisions laid down on remote sales by Italian Legislative Decree no. 205/2006, as supplemented by the later European Community Regulations.
The Customer shall have no right to compensation for damages or indemnity, nor for any contractual or non-contractual liability caused by failure to accept all or part of an order.
The Customer may purchase only the products present in the on-line catalogue at the time the order is submitted, and which can be viewed on-line at shop.rollerblade.com, as described on the related information sheets. The order will be validly processed once e-mail confirmation is delivered to the e-mail address provided by the Customer, of the debit of the Price and transport costs against the Customer's credit card, as specified at Article 5 below.
The image provided with the sheet describing a product may not be perfectly representative of its characteristics; it may differ in terms of colour, dimensions and accessories shown. All the information provided in support of the purchase (glossary, purchase guide, etc.) is intended as simple generic informative material and does not relate to the actual characteristics of any individual product.
Correct receipt of an order is confirmed by Triboo Digitale srl by means of an e-mail reply sent to the e-mail address given by the Customer. This confirmation message will state the date and time at which the order was received and give a Customer order number to be used in all additional communication with Triboo Digitale srl. The message gives all data entered by the Customer, all information on the essential characteristics of the goods, it specifies the price, method of payment, delivery costs and methods and applicable tax. The Customer must verify that it is correct and provide timely notice of any corrections necessary in the ways described in this document.
Should the order not be accepted, Triboo Digitale srl guarantees that the Customer will be promptly informed of this.
Products will be sold at the prices specified on the on-line product sheet at the time the Customer confirms the order. Before the customer confirms the order by clicking on the specific button, the web page will show a summary of the prices of the products in the basket, taxes and delivery costs. This data will then be automatically added to the order form that the Customer sends to Triboo Digitale srl following order confirmation.
For each order accepted and made, Triboo Digitale issues a tax receipt (or invoice is the Customer is not a Consumer and has given a VAT number on the order) for the materials delivered, e-mailing the addressee of the order, in accordance with Article 14 of Italian Presidential Decree no. 445/2000. The information supplied by the Customer at the time of placing the order will be used to issue the tax receipt and/or invoice). It will not be possible to alter the tax document after it has been issued.
Triboo Digitale will not accept any liability in the event of a delay in the processing of the order or delivery of items ordered.
The Customer can make payment by credit card, cash on delivery or bank transfer. At the same time as the Customer places the order, the reference bank will authorise the commitment of the amount relating to the order placed on the Customer's credit card. The price of the goods dispatched, fully or partially, will be effectively debited against the Customer's credit card only upon notification to Triboo Digitale srl by the courier that the materials of the goods ordered have effectively been delivered. If the Customer exercises his/her right to withdraw, in the ways defined by Article 6 below, Triboo Digitale srl shall refund the amount previously debited (with the exception of any supplementary costs deriving from the Customer's having chosen a delivery option other than the standard, least expensive option provided).
At no point during the purchase procedure is Triboo Digitale srl able to gain awareness of the Customer's credit card details, which are supplied by means of a protected connection directly on the website of the bank managing the transaction, and no computer archive of Triboo Digitale srl will retain this data.
In accordance with Article of Italian Legislative Decree no. 206 of 06 September 2005, as amended by Italian Legislative Decree no. 21 of 21/02/2014 (the "Consumer Code"), if the Customer is a consumer (i.e. a natural person buying goods for personal and non-business related reasons and therefore not indicating any reference to a VAT number on the Triboo Digitale srl order form when making the purchase), he/she has the right to withdraw from the purchase contract for any reason, with no need to provide any explanations and with no penalty, within 14 days of receipt of the Product purchased.
always sent within said terms of 14 days. Once this notice of withdrawal has been received, the Triboo Digitale srl Customer Services will quickly inform the Customer as to how he/she is to return the goods. The consumer must return the Product/s or deliver them to the seller or a third party authorised by the seller to receive them, without undue delay and in any case within fourteen days of the date on which he/she informed the seller that he/she wished to withdraw from the contract.
The Customer will pay all direct costs for delivery to return the Product.
The Product purchased must be returned whole and intact, with all accessories and any spare parts, in the original packaging and complete in all its parts (including packing and any documentation, etc.).
The Customer may handle the Product in order to establish its nature, characteristics and function, but it he/she is responsible for any reduction in Product value resulting from handling other than that necessary to this end.
If the Customer should withdraw from this contract, he/she will be reimbursed for all payments made in favour of the seller, including delivery costs (with the exception of any supplementary costs deriving from the choice for a different type of delivery than the most inexpensive standard delivery option we offer); this refund will be made once the Product has been re-delivered or once the Customer can prove that he/she has returned the Product, depending on which is first. Said refunds will be made using the same means of payment used for the initial transaction, unless the Customer has specifically agreed otherwise. In any case, the Customer shall not incur any cost as a consequence of said refund.
The right to withdraw is in any case subject to the exceptions pursuant to Article 59 of the Consumer Code: in the event that the goods should be damaged during transport, Triboo Digitale srl shall notify the Customer of the event (within 5 working days of receipt of the goods in the warehouses), to enable him/her to present a timely report to the courier chosen and obtain reimbursement of the value of the goods (if insured). In this event, the product will be made available to the Customer for return, simultaneously cancelling the request for withdrawal. Triboo Digitale srl will not be held liable in any way for any damages or theft/loss of goods returned by uninsured deliveries. Upon arrival (in the warehouse), the product will be examined to assess any damages or tampering not deriving from the transport.
The returns warehouse address will be provided by Triboo Digitale Customer Services, upon receipt of the return request.
All Rollerblade Products sold by Triboo Digitale are covered by a conventional manufacturer's warranty in accordance with Italian Legislative Decree no. 206/05. In order to receive assistance under warranty, the Customer must keep the tax receipt or invoice (or delivery document) received by e-mail in electronic PDF format.
The exercise of the Warranty may include a request for assistance from authorised service centres in the territory and/or application of the methods explained in the documentation contained in the product packaging.
The conventional manufacturer's warranty is provided as described in the documentation included in the product packaging. If, following intervention by an authorised service centre, the flaw should prove not to be covered by the conventional manufacturer's warranty, the Customer will be charged any costs for verifying and restoring it, as may be demanded by the authorised service centre, as well as costs for transport, if paid by Triboo Digitale srl.
Replacements in the event of DOA (Dead On Arrival: product that does not function at delivery) are only provided if specifically established by the manufacturer. Time required to replace or repair the product will depend exclusively on the manufacturer's policies.
If, for any reason, it should be unable to return the Customer a product under warranty (replaced or repaired), Triboo Digitale srl may, at its own discretion, choose to refund the amount paid, considering the use of the goods, or replace it with a product of equal or better characteristics.
The time required for repair or replacement of the product will depend exclusively on the manufacturer's policies; no damages can be claimed against Triboo Digitale srl for any delays in carrying out said repairs or replacements.
If the application of the warranty involves the return of the product, the goods must be returned by the Customer in the original packaging, complete in all parts (including packing and any accessories and documents: manuals, leads, etc.); to limit damage to the original packaging, we recommend placing it inside a second box. Do not, under any circumstances, stick any labels or adhesive tape directly to the original product packaging.
Please hereby note, in accordance with and pursuant to Art. 13 of Italian Legislative Decree no. 196 of 30/06/2003, that the personal data supplied by the Customer to Triboo Digitale srl will be processed by it, using manual and automated means, for inclusion in the customer archives and is necessary for the potential stipulation of a contract and for subsequent statutory, tax and managerial compliance. The data may also be used for statistical processing and commercial and promotional communications, without prejudice to the right of the Customer to declare that he/she no longer wishes to receive such communications, at any time in the future.
The supply of data is optional but failure to do so will make it impossible to stipulate a contract of sale and, therefore, to accept the order.
• the updating, rectification or integration of the data.
To settle civil and criminal disputes arising from the stipulation of this Contract, if the Customer is a consumer, the territorial jurisdiction lies with the court of reference in his/her municipality of residence; in all other cases, territorial jurisdiction lies exclusively with the Court of Milano.
The supply of Personal Data for Commercial Purposes (in particular personal information, your e-mail address, postal address, credit/debit card and bank details and telephone numbers) to Triboo Digitale is necessary in order to pursue the Commercial Purposes. Any refusal to provide Triboo Digitale with said Personal Data required to this end may make it impossible to fulfil the purchase contract of products on the Website or, further, to correctly fulfil legal and regulatory obligations. Failure to provide Personal Data may therefore constitute, as applicable, legitimate, justified grounds not to fulfil the contract for the purchase of products on the Website. The indication of additional Personal Data, over and above that required as compulsory, is instead optional and shall have no consequence with respect to the purchase of products from the Website.
The supply to Tecnica of Personal Data for Marketing Purposes is always optional and is connected with the Website registration process. Failure to supply such, and failure to consent to processing for Marketing Purposes shall not have any consequence in terms of the purchase process, apart from the fact that it will be impossible to finalise registration and therefore to benefit from services such as newsletters, generalised or customised offers and access to reserved promotional areas. We will duly inform you each time as to whether the supply of the Personal Data to Triboo Digitale and Tecnica is compulsory or optional and of any consequences should you fail to supply it. Please remember that failure to provide optional Personal Data shall result in no obligation nor disadvantage for Users.
Personal Data may be made available to third party companies providing Triboo Digitale and Tecnica with specific services, as data supervisors; it may also be disclosed to other third parties - whose names will be duly specified - which process data autonomously purely in order to fulfil the contract for the purchase of products from the Website (such as banks, for remote electronic payment services made by credit/debit card) and only when these purposes are not incompatible with the purposes for which the Personal Data was collected and thereafter processed and, in any case, in compliance with the law.
More specifically, Triboo Digitale uses Tecnica, as external data supervisor, to process Personal Data of Users necessary to carry out, under the scope of the Commercial Purposes, the delivery, return and management of non-conformities connected with products purchased on the Website, as better described in the Website Conditions of Sale, available for consultation at the following link. To this end, in turn Tecnica uses, for the delivery stage, professional carriers (UPS, Federal Express, DHL, etc.), which, as external data supervisors, process the personal data of the Users purely in order to fulfil their appointment.
(c) of consent given to personal data processing.
Personal Data will not be otherwise disclosed, sold or transferred to any other third parties, without informing the Users in advance and obtaining due consent to such, where so required by the law.
Triboo Digitale and Tecnica collect the Personal Data and other information from the Users directly during processes that each of the two companies manages respective (purchase of products on the Website for the stipulation of electronic trade transactions/completion of User registration forms with the Website for the marketing purposes of Tecnica).
More specifically, in the pursuit of the Commercial Purposes, under the scope of the processes for purchasing products on the Website, Triboo Digitale collects Personal Data (such as personal information, e-mail address, postal address, credit card and bank details, telephone number, etc.) using the order form for the sale of products on the Website.
As regards the best possible protection of your Personal Data, with regards to aspects lying outside the control and management of Triboo Digitale and Tecnica, we recommend ensuring that the computer used is equipped with suitable software to protect the internet transmission of data, both incoming and outgoing (such as updated antivirus systems) and that the chosen internet service supplier has used suitable measures to guarantee the security of data transmission over the internet (such as firewalls and antispamming filters).
Please note that Triboo Digitale and Tecnica may process Personal Data even without consent in certain cases envisaged by the law, such as, for example, when this is necessary in order to fulfil a legal obligation. For example, Personal Data may be disclosed to the police force or legal authorities in compliance with the law and following a formal request submitted by such subjects, for example as part of anti-fraud services.
1) following the cancellation instructions given at the foot of each e-mail message.
2) e-mailing rollerblade.customercare@triboo.it with the specific request.
If you wish to receive more information on how Triboo Digitale and Tecnica process Personal Data, please e-mail: privacy@fullycommerce.com. To obtain information on your rights and be kept up-to-date on personal protection legislation with respect to personal data processing, we recommend you visit the website of the Privacy Guarantor at www.garanteprivacy.it.
2) The Privacy Code guarantees that personal data is processed in compliance with fundamental freedoms and rights and in respect of the dignity of the data subject, with specific reference to the confidentiality, personal identity and right to protection of personal data.
B) Without prejudice to disclosure to third parties in compliance with legal obligations or obligations deriving from regulations or other European Community legislation, the data will be disclosed by us to our appointed members of the administration, marketing, sales, after-sales and claims departments, as well as, both nationally and abroad, to the following subjects: 1) banks and credit institutes, for payments to be made; 2) insurance firms (for transport insurance cover); 3) debt collection companies, insurance and/or credit transfer companies; 4) commercial information companies; 5) consultants and professionals; 6) professionals and professional firms (lawyers, chartered accountants, auditors, etc.); 7) independent auditors; 8) other companies, entities and/or natural persons providing instrumental, support or essential services to the fulfilment of the contracts or services you may have requested (e.g. packaging companies and postal distribution companies, carriers and couriers, sub-suppliers, companies managing commercial information instruments, web space management companies for data archiving). These subjects will in turn process and disclose the data to third parties as "controllers" in accordance with Art. 28 of Italian Legislative Decree no. 196/2003, entirely independently.
C) Processing and disclosure shall take place with the following aims: 1) to satisfy pre-contractual (e.g. instruction of offers or your orders, solvency checks); 2) fulfilment of contractual obligations (connected with the supply or purchase of goods and/or services) and legal requirements (e.g. the keeping of accounts, tax formalities, administrative, accounting and treasury management); 4) customer and supplier management; 5) management of loans and risk control (fraud, insolvency, etc.); 6) management of disputes and the transfer of credits); 7) financial services instrumental to the management of customers/suppliers and management of electronic payment instruments; 8) insurance services instrumental to customer/supplier management. The internal parties appointed as above by Tecnica may also process said data for the purpose of 9) proliferation, 10) gaining fidelity and 11) sending newsletters and other promotional and commercial materials.
D) The conferral of data by yourself is only compulsory for the purposes specified under point C) above, from items 1 to 8 and, therefore, your prior consent for processing to this end, is not necessary. For processing for the purposes specified under points 9, 10 and 11, consent is not compulsory, but any failure to provide consent will prevent us from fulfilling the activities for which said purpose was required. More specifically, please note that the processing for purpose 11 shall also entail the minimum amount of profiling and obtaining fidelity as is strictly necessary to ensure the targeted fulfilment of your request to receive newsletters and promotional and advertising materials specific to you and/or in your exclusive interests and which, in accordance with Art. 130, paragraph 4 of the Privacy Code, will not require any consent for the sending of advertising e-mails featuring products and services similar to those you have purchase on the Website, except where you should specifically refuse such consent. Data will be processed for the duration of the contracts stipulated with yourself and thereafter, for the time necessary to fulfil our legal obligations and to keep your business profile, in order to rationalise the selection of customers and/or suppliers. You are free to refuse your consent, however such refusal will make it impossible for us to fulfil the contract with yourself.
F) You may in any case exercise the following rights in relation to your personal data, as established by Articles 7, 8 and 9 of the Privacy Code: Paragraph 1 (...): to obtain confirmation as to whether or not personal data concerning him/her exists, regardless of whether or not it has been recorded, and to communication of such data in intelligible form; Paragraph 2 (...): to be informed: a) of the source of the personal data processed; b) of the purposes and methods of processing; c) of the logic applied to the processing, if this is carried out with the help of electronic means; d) of the identification data concerning the data controller, data supervisors, the entities or categories of entity to whom or which the personal data may be communicated and who or which may get to know said data in their capacity as designated representative in the State’s territory, data supervisors or persons in charge of the processing. Paragraph 3 (...): to obtain the: a) updating, rectification or, where interested therein, integration of the data; b) erasure, anonymisation or blocking of any data that has been processed unlawfully, including data whose retention is unnecessary for the purposes for which it has been collected or subsequently processed; c) certification to the effect that the operations as per letters a) and b) have been notified, as also related to their contents, to the entities to whom or which the data was communication or disclosed, unless this requirement proves impossible or involves a manifestly disproportionate effort compared with the right that is to be protected; Paragraph 4 (...): to object, in whole or in part: a) on legitimate grounds, to the processing of personal data concerning him/her, even though relevant to the purpose of the collection; b) to the processing of personal data concerning him/her where it is carried out for the purpose of sending advertising materials or direct selling or else for the performance of market or commercial communication surveys (NB: our company, however, if processing the data for the purposes indicated in paragraph 4 of Art. 7 above, will ask you for specific written consent with an appropriate disclosure). Art. 8 Paragraph 1 (...): The rights referred to in Article 7 may be exercised by making a request to the data controller or processor without formalities, also by the agency of a person in charge of the processing. A suitable response shall be provided to said request without delay. Paragraph 2 (...): The rights pursuant to Art. 7, where not regarding objective data, may be exercised without prejudice to where such concerns the rectification or supplement of personal data of an evaluation nature, in relation to the judgements, opinions or other such subjective considerations and the indication of how to behave or decisions being made by the data controller. Art. 9 Paragraph 1 (...): the request made of the controller or supervisor can also be sent a) by letter sent recorded delivery, fax or e-mail, b) if regarding the exercise of the rights pursuant to Art. 7, paragraphs 1 and 2, also orally, and in this case, it is noted in summary form by the person in charge of processing or the supervisor. Paragraph 2 (...): in exercising the above rights, the data subject may issue a written delegation or power of attorney to a natural person, entity, association or organisation. The data subject may also be assisted by a trusted person. Paragraph 3 (...): the rights pursuant to Art. 7 in connection with personal data concerning deceased persons may be exercised by those with an interest or acting on behalf of the data subject or, for family reasons, deserving of protection. Paragraph 5 (...): the request pursuant to Art. 7, paragraphs 1 and 2, can be renewed by the data subject, without prejudice to the existence of justified grounds, at least ninety days apart.

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Art. 13
Art. 28
Art. 130
Art. 7
Art. 8
Art. 7
Art. 9
Art. 7
Art. 7
Art. 7