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UNAICO - BELGIUM - One Page Opinion (English Version)

UNAICO - BELGIUM - One Page Opinion (English Version)

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Published by Zoltan Eberhart
Legal Opinion on Unaico in English
MORE INFO: http://eberzoli.webs.com/mybusiness.htm
Legal Opinion on Unaico in English
MORE INFO: http://eberzoli.webs.com/mybusiness.htm

More info:

Published by: Zoltan Eberhart on Nov 30, 2011
Copyright:Attribution Non-commercial

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11/30/2011

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Liedekerl«:
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JulesStuyckj,stuyck@liedekerke,com
T:+3225511620F:+32255.11604
TomvanOyckt.vandyck@liedekel'ke,com
T:02/551,15,33F:02/551.15.41
Mr,FrankRickettsMemberoftheBoardofDirectors,UnaicoHoldingGroupLtd.IICollyerQuay,
#
17·0.1TheArcade,Singapore049317
UNAICO/POUCIESANDPROCEDURESJUS4382
31
August
2011
DearMr.Ricketts,
Re:UNAICO
I
POLICIESANDPROCEDURES
I.Wehavebeenaskedtoprovideyouwithanopinion(the"Opinion")oncertainmattersofBelgianlawinconnectionwiththefollowingquestions.relatingtothebusinessmodelofUnaicolimited("Unako").ThisOpinionissubjecttothelimitationsandtheassumptions,assetoutinSchedule,Itothisletter,2.Basedonthelimitedinformationmadeavailabletousandsubjecttoanymattersnotdisclosedtousthatwouldberelevantfortheopinionssetoutherein,weareoftheopinionthat:
DoestheUnaicocompensationplancontraveneBelgianfairtradinglaws?
3.Intheannexestothee-mailof10March20II,wefound3documentsthatrelatei.a.totheCompensationPlan:UnaicoStandardTermsandConditionsfat'UnaicoBusinessMembers;SitetalkT
errns
ofUse;UnakoCompensationPlan.4.TheBelgianActof6April20I
a
concerningMarketPracticesandConsumerProtection(hereafter"MPA")implementsDirective2005/29onB2Cunfaircommerc1alpracticesliterally,includingtheblacklistedprohibitionofpyramidschemes.InadditiontheMPAalsoprohibitspyramidschemesbetweenprofessionals,TheMPAenteredintoforceon12
th
May20I
O.
5.Undertheformerlaw(theTradePracticesActof14July1991)therewasastricterprovision.Article84TradePracticesActprohibitedthemethodconsistinginbuildinganetworkofsellers,inwhicheveryparticipantexpectsanadvantageofanykind,moreasaresultoftheextensionofthenetworkthanasaresultofsalestoconsumers.SomecourtshaveheldthattheconditionsofthisArticlewerefulfilledassoonasapersoncanhopetoobtainmoreadvantagefromtheexpansionofthenetwork,includingsalesresultingtherefrom,thanfromtheactualsales,madebyhimorherdirectly.
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Therelevantprovisions
of
theMPA(Article91,14
0
forB2CandAr-ticle99forB2B)considersasunfairandforbidden(underheavycriminalpenalty)thefactofestablishing,operatingandpromotingapyramidsystem,wherebytheconsumergivesconsiderationfortheopportunitytoreceivecompensationthatisderivedprimarilyfromthe,introductionof
MW
participantsintotheschemethanfromthesaleortheuseofproductsorservices.6,WeunderstandthataccordingtoUnaico'scompensationplan
parncipants
(businessmembers)donotpaytojoinUnaicoorSiteTalkandthatanyformofcompensationis
only
relatedtosaleofgoodsandnottotheintroductionofnewpersonsintothescheme,7.WebelievethatthisisinaccordancewithArticles91,14
0
and99oftheMPA.
DoesthetransmissionofOptionsforFutureCertificates(the"OFC's")toUnakobusinessmemberscontraveneBelgianlaw?
8.Basedontheinformationmadeavailabletous,asconfirmedbyyou,wehaveunderstoodthattheOFC's:(a)areallocatedforfree(atnocostandentirelyfreeofcharge,commissions
01'
otherfees,whether'deferredornot)tothebusinessmembersasasymbolicrecognitionofsalesresultsandservetomotivatethebusinessmembersandtopromoteacorporatecommunityspirit;(b)areneithershares,nordebtinstrumentsanddonotconfertoitsholdersanyrightsorobligationswhatsoever,TheOFC'sdonotgrantanycompany,votingorsimilarrights,andtheydonotgiveanyrightoncurrentorfuturedividends,proceedsorprofits.TheOFC'scannotbetransformedinshares,debtinstrumentsorothersecuritiesanddonotconferanyrightorobligationtoUnaicotopurchasetheOFC's;and(c)donotrepresentanyfinancialvaluewhatsoeveranddonotenableitsholdersoranythirdpartytomakeafinancialinvestmentinanyway.OnthisbasiswebelievethatitcanbearguedthattheOFC'scannotbeconsideredasasecurityforthepurposesofthedefinitionofapublicofferofsecuritiesinBelgium,Consequently,theallocationofOFC'sisnotsubjecttotherestrictionsapplicabletosuchpublicoffersinBelgiumanddoesnotrequireaprospectustobeapprovedbytheBelgianFinancialServicesandMarketsAuthorityorthatisapprovedbythecompetentauthorityofanotherMemberStateoftheEuropeanEconomicAreaandvalidlypassportedintoBelgium.9.Furthermore,wehaveunderstoodthatUnaico,aspartofitsusualactivities,doesneitherrenderanyintermediaryservices(includingbrokerage)orinvestmentservicesinBelgium,nordoesitorganizeanymultilateraltrading
facility
inBelgium,2
 
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DoesthemoneytransferbetweenUnakobusinessmembers(,IUnaicoOnlineAccounC')contravenelocallaw?
10.Basedontheinformationmadeavailabletous,asconfirmedbyyou,wehaveunderstoodthatthebalancecontainedinthebusinessmembers'privateareaintheUnaicowebsite(the"UnaicoOnlineAccount")indicatesaclaimthatthebusinessmemberhasagainstUnaicoaspartofsuchBusinessMembers'compensationplan,The"UnaicoOnlineAccount"iscreatedsolelyforinternalpurposesandisnotapparentonUnaico'spublicwebsite.TheaccountisinternallymanagedbyUnaicoonanot-for-profitbasis,Thebusinessmember'smaytransfercreditsbetweentheir'respectiveaccounts.Itisourunderstandingthatsuchatransferonlyentailsthatthebusinessmemberin
question
transfersallorpartofhisclaimonUnaicotoanother'businessmember"Abusinessmembercannottransferfundstoanypersonotherthanbusinessmembers.NocreditsontheUnaicoOnlineAccountcanbeusedtopayanythirdparty,
I
I.OnthisbasiswebelievethatitcanbearguedthattheUnaicoOnlineAccountisnot"electronicmoney"forthepurposesofBelgianlaw,andthatnoauthorizationfromtheNationalBankofBelgiumisrequiredastheUnaicoOnlineAccountisaninternalaccountthatisnotapaymentinstrumentthatisacceptedbyothercompaniesthanUnaico.References
to
termssuchasOle-money"or'"money"shouldbeavoidedandnocontractualandmarketingdocumentsmaycreateanymisleadingimpressioninthisrespect.Yoursfaithfully,OnbehalfofLiedekerkeWoltersWaelbroeckKirkpatrickSCRL
3

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