On 8 January 2012, an act implementing Directive 2009/109/EC (the "Directive") was adopted by theBelgian Parliament (the "Act"). The Act entered into force on 18 January 2012. The Act was adopted inresponse to the European Commission's comments that some of Belgium's reporting and documentation requirements for mergers and divisions were outdated and excessive; the purpose of the Act is to reduce the administrative burden in this regard.