3. Suitability requirements for credit institutions subject to direct supervision by the NBB

Regulatory framework:

  1. Articles 3, 83°, 11, 19, 20, 21, 27-31, 60, 61, 62, 62/1, 72, 86, 168, 212, 333, 335, 494, 501, 502, 504-508, 524, 525, 535, 544 and 573-576 of the Banking Law 
  2. Articles 3, 64°, 15, 16, 17, 19, 20, 24-30, 31, 38, 56, 61-65, 83-85, 98, 159-201 and 202-208 of the Law on stockbroking firms[1]
  3. 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]
  4. Articles 36/2, 36/25 and 36/26/1 of the Organic Law[3]
  5. Articles 9, 10, 10bis, 12, 15, 17, 21 and 36 of the Royal Decree on institutions equivalent to settlement institutions[4]
  6. Articles 26 and 27 of Regulation 909/2014 on central securities depositories (CSDR)[5]
  7. Articles 26 and 27 of Regulation 648/2012 on OTC derivatives, central counterparties and trade repositories
  8. Royal Decree of 8 February 2022 approving the Regulation of the National Bank of Belgium of 9 November 2021 on the exercise of external functions by managers and persons responsible for independent control functions of regulated companies
  9. Royal Decree of 15 April 2018 approving the Regulation of the National Bank of Belgium of 6 February 2018 on expertise of heads of the compliance function
  10. Communication NBB_2022_19 of 12 July 2022 on the exercise of external functions by managers and persons responsible for independent control functions of regulated companies
  11. Circular NBB_2021_27 of 16 November 2021 transposing the EBA Guidelines of 2 July 2021 on the assessment of the suitability of members of the management body and key function holders (EBA/GL/2021/06)
  12. Communication NBB_2021_04 of 19 January 2021 on the HIVE project and the digitalisation of the fit and proper process
  13. Circular NBB_2018_25 of 18 September 2018 on the suitability of directors, members of the management committee, responsible persons of independent control functions and senior managers of financial institutions (the circular introducing this Manual)
  14. Circular NBB_2017_21 of 7 July 2017 on loans, credits and guarantees to managers, shareholders and related persons
  15. Governance Manual for the banking sector (new version of 2022)
  16. EBA Guidelines of 2 July 2021 on the assessment of the suitability of members of the management body and key function holders
  17. EBA Guidelines on internal governance of 2 July 2021 for credit institutions (EBA/GL/2021/05) and of 22 November 2021 for investment firms (EBA/GL/2021/14)
  18. SSM Guide to fit and proper assessments of December 2021
  19. BCBS Principles: Principles 2 and 4

[1] Law of 20 July 2022 on the legal status and supervision of stockbroking firms and containing various provisions.

[2] Law of 11 March 2018 on the legal status and the supervision of payment institutions and electronic money institutions, access to the activity of payment service provider, access 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 equivalent institutions. It should be noted that the concept of “settlement institutions” has become irrelevant in the sense that these institutions are now called central securities depositories and are governed by Regulation (EU) No 909/2014 (CSDR). However, the Royal Decree of 26 September 2005 remains applicable to (i) institutions providing support to central securities depositories and (ii) custodian banks as defined in the Law of 22 February 1998 establishing the organic statute of the National Bank of Belgium.

[5] 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.