Regulatory Alerts2012-12-04 | NBB_2012_14Added · Updated
Circular NBB_2012_14 / Compliance function
The National Bank of Belgium and the Financial Services and Markets Authority establish principles for the organization and functioning of the compliance function within credit institutions, stockbroking firms, payment institutions, electronic money institutions, settlement institutions, insurance companies, and reinsurance companies. These entities are required to maintain an independent compliance function responsible for identifying compliance risks, supervising adherence to legal and regulatory integrity rules and conduct standards, and reporting to senior management. The circular replaces previous circulars D1 2001/13, D1/EB/2002/6, PPB/D.255, and PPB-2007-5-CPB, and mandates that compliance officers be authorized by the FSMA while applying the principles proportionally based on the institution type and services provided.
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