On Feb. 7, BEL GVT issued decree on an oath and disciplinary regime.
BEL GVT issued Royal Decree relating to rules of individual conduct referred to in art. 4, § 3 of law of Apr. 22, 2019 establishing an oath and a banking disciplinary regime.
Also follows BEL GVT Jan. 2024, issued act on some financial provisions, see #197913.
Decree Overview
These individual rules of conduct describe the minimum expectations towards banking service providers, their managers and all directors, in the exercise of their profession.
The rules constitute behavioral requirements, and their objective is to allow customers of the covered entities to be able to legitimately count on a particularly high degree of honesty, integrity and professionalism provided within such financial establishments.
They constitute a variation of the three principles set out in article 4, § 1 of the law of Apr. 22, 2019, of acting honestly and with integrity, acting with competence and professionalism, and noting the interests of all customers, and treating them fairly.
They must guide the actions and behavior of all of the people who are subject to them.
However, these rules, in no way replace the existing legal and regulatory framework which must be, in all circumstances, respected by every banking service provider.
Individual rules of conduct fall into three categories, firstly a body of rules applicable to all the banking service providers, on an individual basis, otherwise the common rules.
Also, rules applicable to those who exercise functions requiring them to be responsible for, or exercise control over, other banking service providers within the financial institution otherwise defined as additional rules applicable to responsible executives.
Additional rules apply for persons referred to in Art. 4, § 1 , para. 1 , 1° of law of Apr. 22, 2019, who must have the necessary professional repute and adequate expertise.
This accords with law of Apr. 25, 2014 on status and control of credit institutions or law of Mar. 22, 2006 on intermediation in banking and investments, including distribution.
The decree defines certain behaviors which constitute actions devoid of professional honesty or integrity expected of banking service providers, without being exhaustive.
Effectiveness
The rules are effective in 12 months after the publication of the law of Dec. 20, 2023, for persons detailed in Art. 4, § 1 , 1° and 2° of the of Apr. 22, 2019, on Jan. 15, 2025.
All of the other persons covered are then included after 30 months, from Jul. 15, 2027.
In Oct. 2024, BEL CB updated fit & proper expectations as 2019 act, see #231777.
