On Jun. 20, BEL FSMA informed of royal decree approving regulations.
BEL FSMA informed of the publication of Royal Decree of Jun. 16, 2024 approving its regulations of May 8, 2024 on the banker's oath, attached to the approving Decree.
Purpose
Regulations establish, in accordance with art 64 of the Act of Aug. 2, 2002 on the supervision of the financial sector and financial services, the rules for the oath-taking.
As required by art 4, § 1, of the Law of Apr. 22, 2019 introducing a banker's oath and a disciplinary scheme for the banking sector and rules and modalities re complaints.
I.e. reception, admissibility and handling of complaints addressed to the auditor or, in his absence, the deputy public prosecutor in the context of the application of this law.
Jun. 26, 2024 Ethical Complaint Handling Law
On Jun. 26, 2024, BEL FSMA adopted law setting out modalities for taking banker's oath and related applicable rules on acceptance, admissibility, handling of complaints.
Royal Decree approving the regulation published in Belgian Official Gazette on Jun. 20.
Fit & proper people will take an oath with BEL FSMA; there will be minimum 6 sessions per year; dates and conditions of registration will be published on BEL FSMA website.
Other banking service providers will take banking oath with the entity concerned, or its Belgian branch, on whose behalf they act; organizational arrangements must take into account required solemnity and 6-month period for banking service providers.
BEL FSMA regulation of May 8, 2024 also specifies criteria that complaints relating to possible failures to take an oath or to alleged violations of ethical rules must respect.
These complaints must therefore be documented, convincing and serious.
BEL FSMA updated FAQs to finance sector and the public understand new regime.
New banking oath disciplinary system in force Jan, 15, 2025 for fit & proper persons, credit institution managers; Jul. 15, 2026 for other banking service providers.
Oct. 2024 Updated Information, FAQ
On Oct. 21, 2024, BEL FSMA clarified a number of rules governing the banker’s oath.
It updated FAQ on banking oath and the banking service providers' disciplinary regime.
Additional details on the scope of the banking oath; the terms of taking the oath; the manner in which the list of banking service providers must be sent to BEL FSMA.
Rules governing the presentation of certificates of absence of professional prohibition.
Available model certificate of oath-taking for services provided from Jan. 15, 2025.
BEL FSMA reminded of compliance with the new regime which comes into force on Jan. 15, 2025 for certain employees in the banking sector and on Jul. 15, 2026 for others.
Regulators
BEL FSMA
Entity Types
Bank; CNSM
Reference
FAQ, PR, 10/21/2024; OG 76299, FAQ, PR 6/26/2024; OG 2024005147, 6/20/2024; Royal Decree 6/16/2024; Reg 5/8/2024
