Regulatory Alerts2022-02-08
Added · Updated
Uniform letter to payment institutions, registered payment institutions, e-money institutions and limited e-money institutions
The National Bank of Belgium clarifies governance requirements for payment and e-money institutions under the Law of 11 March 2018, mandating that supervisory boards consist of a majority of non-executive directors and prohibiting board members from holding employee status within the same institution. The Bank further establishes incompatibilities between board or executive leadership roles and independent control functions, allowing specific exceptions for compliance or risk roles provided they lack commercial or operational responsibilities, and permitting internal audit to be combined with compliance or risk in special cases. Institutions are required to analyze their governance structures against these rules and rectify any non-compliance by 31 December 2022.