No, the Legal Opinion and power of attorney may be governed by an appropriate governing law other than Belgian law. It is expected that a power of attorney or Legal Opinion will generally be governed by the law of the SEPA jurisdiction where the Applicant has its registered seat. However, where the Applicant is a licensed branch of a non SEPA-country institution, the Applicant will have to present two Legal Opinions: (i) one governed by the law of the SEPA country where the participating branch is licensed; and (ii) another governed by the law of the Applicant's home state (i.e., country of incorporation of the PSP).