Regulatory Alerts2022-02-08
Added · Updated
Royal Decree Approving the National Bank of Belgium Regulation of 9 November 2021 on the Exercise of External Functions by Leaders and Heads of Independent Control Functions of Regulated Enterprises
This Royal Decree approves the National Bank of Belgium's regulation of 9 November 2021, which establishes rules for the exercise of external functions by effective leaders and heads of independent control functions in regulated enterprises, including insurance companies, credit institutions, and investment firms. The regulation requires these entities to adopt internal rules mandating prior authorization from the management committee or board of directors for any external functions, based on a dossier detailing potential conflicts of interest and time allocation. It further prohibits interference in decision-making regarding relationships with non-affiliated companies where external functions are held and mandates compliance with market abuse regulations for listed companies.