RegAlert2023-12-05
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Practical guidance on the licensing of credit institutions under Belgian law
The document outlines the procedure for credit institutions to obtain a licence under Belgian law, defining credit institutions as undertakings taking cash deposits or extending credit, or large systemically important investment firms. The licensing process is managed by the European Central Bank with the National Bank of Belgium as the first point of contact, requiring applications to be submitted electronically via the ECB’s IMAS portal. The assessment period runs from six to twelve months from the submission of a complete file, during which the NBB and ECB verify compliance with the Banking Act and Capital Requirements Regulation. If approved, an establishment report by a certified auditor is required before the licence is granted and supervision begins.
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Boulevard de Berlaimont 14 – 1000 Brussels tel. +32 2 221 38 12 Company number: 0203.201.340 Brussels Register of Legal Entities www.nbb.be Brussels, 5 December 2023 your correspondents:
Catherine Terrier / Nicolas Strypstein tel. +32 2 221 45 32 / tel. +32 2 221 44 74 catherine.terrier@nbb.be / nicolas.strypstein@nbb.be PRACTICAL GUIDANCE ON THE LICENSING OF CREDIT INSTITUTIONS UNDER BELGIAN LAW
I. INTRODUCTION
This document outlines the procedure for credit institutions to obtain a licence under Belgian law and lists the main sources of information on - and forms to be used for – the application process. Furthermore, it aims to assist applicants in their dealings with the NBB and the ECB so that their file is as clear and complete as possible.
II. SCOPE OF THE LICENSING REQUIREMENT
In Belgium, the activities of credit institutions are governed primarily by the Act of 25 April 2014 on the legal status and supervision of credit institutions (the “Banking Act”) and Regulation 575/2013 on prudential requirements for credit institutions and investment firms 1 (the Capital Requirements Regulation or “CRR”). Pursuant to Article 7 of the Banking Act, a credit institution incorporated under Belgian law that wishes to carry out activities in Belgium must first obtain an authorisation. A credit institution is defined as: 2 (i) an undertaking whose activities consist of:
- taking cash deposits or other repayable funds from the public and
- extending credit for its own behalf; or
(ii) a large, systemically important investment firm licensed as a credit institution (so-called “class 1 investment firms”) within the meaning of Article 4(1)(b) CRR.
Article 16 of the Banking Act states that credit institutions formed under Belgian law must take one
of the following corporate forms: public limited company (NV/SA), cooperative company (CV/SC), European company (SE) or European cooperative society (SCE). 1 Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012. 2 Article 1(3)(1) of the Banking Act. fl‘Ì BanqueNationuleBank DE BEGIQUE VAN BE.GIË Eurosystem
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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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