The Law of 2 July 2010 has changed the supervisory architecture for the financial sector in Belgium. The legislature has opted to move towards a bipartite supervisory model known as “Twin Peaks”.

The implementation of the Twin Peaks model as from 1 April 2011 fulfils, from a structural perspective, the two main objectives of financial supervision, and will be organised as follows :

    NBB     FSMA  
    The National Bank of Belgium is, in addition to its mandate of guaranteeing the macroeconomic stability of the financial system, now also responsible for the individual prudential supervision of the majority of financial institutions (micro-prudential supervision).     The Financial Services and Markets Authority (FSMA), the successor to the CBFA, gains a more robust role in the supervision of the rules of conduct applicable to financial institutions, in view of ensuring that all clients are treated honestly, fairly and professionally.