Capital Market Regulation in Belgium

Overview of Belgian financial market

The capital market in Belgium is regulated by two autonomous supervisors: the Financial Services and Markets Authority (L’Autorité des services et marchés financiers) and the National bank of Belgium.

The various companies in the Belgian financial sector are under permanent supervision and different aspects of their business are monitored by the two supervisory authorities.

Financial supervision in Belgium

The National Bank of Belgium (NBB) and the Financial Services and Markets Authority (FSMA) have specific objectives. The two supervisory authorities have clearly determined roles in financial supervision.

The National Bank of Belgium is in charge of prudential supervision and is responsible for the prudential supervision of credit institutions, investment firms and insurance companies.

The Financial Services and Markets Authority is responsible for financial market supervision and consumer protection.

The FSMA protects the interests of the Belgian financial consumers. It ensures that they are treated fairly and at the same time it makes sure that the financial market is transparent and the listed companies provide complete and correct information. The FSMA is also in charge of supervising financial products, financial service providers and supplementary pensions.

Concerned regulatory institutions in Belgium

The National Bank of Belgium monitors the following institutions within the financial system:

• -       credit institutions, including financial services groups;
• -       investment firms that have the status of a stockbroking firm;
• -       insurance and reinsurance companies;
• -       clearing institutions;
• -       settlement institutions and equivalent institutions;
• -       payment institutions;
• -       electronic money institutions;
• -       surety companies.

The FSMA is responsible for the supervision of:

• -       the rules governing public offerings of securities and takeover bids;
• -       financial information listed by companies;
• -       markets and market operators;
• -       undertakings for collective investment;
• -       management companies of undertakings for collective investment;
• -       portfolio management and investment companies;
• -       currency exchange offices;
• -       insurance and reinsurance intermediaries;
• -       intermediaries in banking and investment services.

For more information about financial markets and the supervisory authorities in Belgium  or other types of legal services, please contact our law firm in Belgium.