RegAlert2017-10-12 | NBB_2017_27Added
Circular on the Bank's expectations as regards quality of reported prudential and financial data
The circular establishes immediate prudential expectations for the quality of reported data and internal organization for specified Belgian financial entities, including credit institutions, insurance companies, and payment institutions. It mandates compliance with six data quality dimensions (accuracy, reliability, completeness, consistency, plausibility, and timeliness) and requires institutions to implement robust governance, adequate human resources, and appropriate technical capacities. Institutions must conduct a self-assessment against these expectations, which accredited statutory auditors must incorporate into their 2017 year-end report, with initial verification of documents occurring during the assessment of biannual reports on 30 June 2018.
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NBB_2017_27 – 12 October 2017 Circular – Page 1/10 de Berlaimontlaan 14 - BE-1000 BRUSSEL Tel. +32 2 221 38 12 – Fax 32 2 221 31 04 ondernemingsnummer: 0203.201.340 RPR Brussel www.nbb.be Circular Brussels, 12 th of October 2017 Kenmerk: NBB_2017_27 uw correspondenten:
Pieter-Jan Janssens / Patricia Kaiser tel. +32 2 221 20 23 / 34 31 – fax +32 2 221 31 04 pieterjan.janssens@nbb.be / patricia.kaiser@nbb.be Circular on the Bank's expectations as regards quality of reported prudential and financial data Scope x Insurance or reinsurance companies under Belgian law. x Insurance or reinsurance companies that are part of a group under Belgian law within the meaning of Article 339, 2°, of the Law of 13 March 2016 on the legal status and supervision of insurance and reinsurance companies. x Companies under Belgian law that are part of a financial conglomerate under Belgian law within the meaning of Article 340, 1°, of the aforementioned Law of 13 March 2016. x Branches of third-country companies operating in insurance [or reinsurance] in Belgium. x Mutual health insurance societies as defined in Article 15, 79°, of the aforementioned Law of 13 March 2016. For these companies, the words “the Bank” should be replaced by “the Supervisor of mutual health funds and of national unions of mutual health funds” as defined in Article 15, 84°, of the same Law. x Credit institutions under Belgian law. x Financial services groups whose lead institution is a Belgian regulated entity (hereinafter referred to as “financial holding companies”) and financial services groups whose lead institution is a Belgian mixed financial holding company (hereinafter referred to as “mixed financial holding companies”). x Branches established in Belgium of foreign credit institutions. x Stockbroking firms under Belgian law; x Payment institutions under Belgian law; x Electronic money institutions under Belgian law; x Settlement institutions and institutions equivalent to settlement institutions under Belgian law; This circular shall not apply to insurance companies referred to in Articles 275, 276 or 294 of the aforementioned Law of 13 March 2016.
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Source: National Bank of Belgium — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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