Regulatory Alerts2009-05-25 | CBFA_2009_22Added · Updated
CBFA Policy on Derogation for Audit Committees within Group Structures
The CBFA outlines its policy for granting derogations to credit institutions, investment firms, insurance undertakings, and UCITS management companies from the legal requirement to establish an audit committee. This obligation applies if an institution meets two of three quantitative criteria: over 250 employees, a balance sheet exceeding 43 million euros, or an annual net turnover over 50 million euros. Derogations may be granted to subsidiaries or sub-subsidiaries within a group structure, provided a group-level audit committee exists that meets Belgian or equivalent European legal requirements. The CBFA will specify the conditions for such derogations.
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