Regulatory Alerts2023-12-05 | NBB_2023_11Added · Updated
Circular on the procedure for foreign credit institutions to open a representative office in Belgium and ongoing reporting obligations
Foreign credit institutions without a Belgian branch must register with the National Bank of Belgium before opening a representative office, which is strictly limited to promoting activities and collecting information without conducting financial transactions. The circular mandates specific pre-establishment disclosures, including financial statements and supervisory authorization, and requires annual activity reports detailing staff, costs, and promotional activities by the end of the first quarter each year. Representative offices must clearly identify themselves as such in all signage and advertising, and the National Bank retains the power to revoke registration if obligations are not met.
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