Governance rules applicable individually to (mixed) financial holding companies

The requirements applicable individually to (mixed) financial holding companies governed by Belgian law are defined in Article 212 of the Banking Law[1]. Pursuant to this provision, the following articles of the Banking Law apply mutatis mutandis to any (approved, exempted or intermediary) financial holding company or mixed financial holding company governed by Belgian law: Articles 18, 19, 20, 24, § 1, on the understanding that at least 3 members of the management committee should be members of the statutory governing body, and §§ 3 and 4 of the same Article, 25 and 26, 46 to 54, 59/1, 60 and 62, §§ 1 to 4, § 5, first sentence and §§ 6 to 9, and 71, 77, 234 and 236, § 1, 1° to 5°. In addition, Article 61 applies mutatis mutandis to any (mixed) financial holding company where the independent control functions referred to in Article 35 have been set up within the (mixed) financial holding company in order to comply with Article 168, § 1. For more information on the application of the said provisions, please refer to the other chapters of this manual[2].

[1] The requirements applicable individually apply cumulatively with those to be met at group level when the Belgian institution responsible for the group is an approved (mixed) financial holding company governed by Belgian law which is assimilated to a credit institution at the head of a group. Exempted and intermediate (mixed) financial holding companies (which are not subject to the sub-consolidation requirement) are only required to apply the individual requirements laid down in Article 212 of the Banking Law.

[2] Where specific rules apply to (mixed) financial holding companies, they are explained in footnotes.