Key regulatory developments in Belgium

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EU Banking and Finance Regulatory Newsletter - January 2020
Key regulatory developments in Belgium

Key regulatory developments in Belgium

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January 31, 2020

Source/Date	Brief description
FSMA press release 15/01/2020	Bank Degroof Petercam NV and one of its employees were ordered to pay an administrative fine to the FSMA of €100,000 for the bank and €25,000 for the employee because of price manipulation in 2016 The bank placed large orders on Euronext without the intention to execute these but only with a view to execute them at the order end at an increased price which would normally never have been reached under normal circumstances. In 2015, Petercam NV prior to the merger with Bank Degroof had already been condemned by the French stock exchange for price manipulation. For further information please click here.
FSMA 13/01/2020	New brochure on investment protection rules (MiFID I and II) The FSMA, the Financial Services and Markets Authority, published a new educational brochure presenting a summary of the rules arising from MiFID I and MiFID II to raise customers’ awareness of their rights and of the obligations binding on the firms that provide investment services to them. For further information please click here.
FSMA 19/12/2019	The newsletter of December 2019 The newsletter provides information on: The concept of 'senior executive and the new Belgian code on companies and associations’; Since November 4, 2019, the FSMA has been using a new questionnaire to be completed by candidates for a regulated function with an intermediary or lender. This new questionnaire collects information on these so-called "responsible persons". The FSMA needs this information to assess their adequate expertise and ability and their professional integrity. In terms of content, the legal requirements have not changed; The training for insurance intermediaries' professional knowledge was modified following the entry into force of the IDD Directive. These changes concern the length of the retraining periods (one year instead of three years as in the current system) and the number of points to be obtained for each one-year period (15 retraining points except for intermediaries on an ancillary basis who must obtain only 3 points). For further information please click here.
NBB 11/12/2019	The National Bank of Belgium published the MMoU on supervisory cooperation and exchange of information between each EEA authority and the Bank of England (including in its capacity as Prudential Regulation Authority) and the Financial Conduct Authority, signed by Belgium on March 27, 2019. For further information please click here.
FSMA 25/11/2019	The modified market rules of the regulated markets organized by Euronext NV/SA (namely Euronext Brussels and the Euronext Brussels Derivative Instruments Market) were approved on November 19, 2019, in accordance with Article 34, § 1 of the Law of November 21, 2017, on the market infrastructures for financial instruments and transposing Directive 2014/65/EU. These market rules enter into force as of November 25, 2019, and are available on Euronext's website. For further information please click here.

Source/Date

Brief description

FSMA press release

15/01/2020

Bank Degroof Petercam NV and one of its employees were ordered to pay an administrative fine to the FSMA of €100,000 for the bank and €25,000 for the employee because of price manipulation in 2016

The bank placed large orders on Euronext without the intention to execute these but only with a view to execute them at the order end at an increased price which would normally never have been reached under normal circumstances. In 2015, Petercam NV prior to the merger with Bank Degroof had already been condemned by the French stock exchange for price manipulation.