Suitability requirements applicable to financial institutions under direct supervision by the NBB

Suitability requirements applicable to credit institutions under direct supervision by the NBB, stockbroking firms, payment institutions, electronic money institutions, settlement institutions and institutions assimilated thereto, central securities depositories and their supporting institutions, central depository banks, certain (mixed) financial holding companies, and certain branches

Regulatory context

  1. Articles 26 and 27 of Regulation 909/2014 on central securities depositories[1]
  2. Articles 11, 19, 20, 21, 27-31, 60, 61, 62, 72, 86, 168, 212, 333, 335, 494, 501, 502, 504-506, 524, 525, 535, 544 and 573-576 of the Banking Law
  3. Article 526ter of the Belgian Companies Code
  4. Articles 10, 20, 21, 34, 37, 59, 144, 167, 175, 176, 179, 181, 186, and 228 of the Law on payment institutions and electronic money institutions[2]
  5. Articles 36/2, 36/26 and 36/26/1, §§ 3, 5 and 6, of the Organic Law[3]
  6. Articles 9, 10, 10bis, 12, 15, 17, 21, 36 Royal Decree on settlement institutions[4]
  7. Royal Decree of 15 April 2018 approving the NBB regulation of 6 February 2018 on the fitness of the responsible persons for the compliance function
  8. Royal Decree of 20 June 2012 approving the regulation of the National Bank of Belgium of 6 December 2011 on exercise of external functions by managers of regulated companies
  9. Circular NBB_2018_25 of 18 September 2018 regarding the suitability of directors, members of the management committee, responsible persons of independent control functions and senior managers of financial institutions
  10. Circular NBB_2017_21 of 7 July 2017 on loans, credits and guarantees to managers, shareholders and related persons
  11. Circular PPB-2006-13-CPB-CPA of 13 November 2006 on exercise of external functions by managers of regulated companies
  12. NBB’s Governance Handbook for the Banking Sector (Governance Handbook)
  13. External guidance on application of Article 62 of the Banking Law
  14. EBA Guidelines on the assessment of the suitability of members of the management body and key function holders under Directive 2013/36/EU and Directive 2014/65/EU (EBA/GL/2017/12)
  15. EBA guidelines of 26 September 2017 on internal governance (EBA/GL/2017/11)
  16. SSM Guide to fit and proper assessments of May 2018
  17. BCBS Principles: Principles 2 and 4

[1]Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012.

[2]Law of 11 March 2018 on the legal status and supervision of payment institutions and electronic money institutions, access to the business of payment service provider and to the activity of issuing electronic money, and access to payment systems.

[3]Law of 22 February 1998 establishing the organic statute of the National Bank of Belgium.

[4]Royal Decree of 26 September 2005 on the legal status of settlement institutions and institutions assimilated to settlement institutions.