Latest news
New wave of fraudulent trading platforms
The Financial Services and Markets Authority (FSMA) is once again drawing the public’s attention to the dangers posed by fraudulent trading platforms. These platforms lure investors online with promises of quick and easy earnings. Their offers look attractive, but often they are nothing more than sophisticated scams that can lead to significant losses. How does a fraudulent trading platform work? ( flowchart )Modes of contactFraudsters use various techniques to contact their targets: A fake advertisement in which a celebrity is mentioned;a website intended to ‘recruit’ victims ;a fake profile on social media or on a dating app (Tinder, Bumble, Happn, …);a message that you have received allegedly by accident (SMS, WhatsApp, etc.);an acquaintance invites you to an investment opportunity with high returns. In each case, the platform tries to lure investors by promising them very high returns in an extremely short time, often well beyond the sorts of gains that are actually achievable.RegistrationInterested investors register on the platform and deposit funds to their trading account. Generally, investors begin with a relatively small sum, such as 250 euros. Sometimes the swindlers offer to help their victims by taking over their device remotely in order to make certain transfers on their behalf, which of course allows them to download viruses or spyware.Manipulation and pressure tacticsOnce the funds have been deposited by the victim, the platform manipulates the transactions to give the impression that significant profits have been achieved. However, these earnings are fictitious and the funds have not really been invested. The fraudsters then put pressure on their victims to invest more money. They do so by means of repeated phone calls, time-limited offers to which investors must respond quickly, or by issuing threats.Withdrawals seem impossibleTo gain victims’ trust, fraudsters sometimes allow them once to withdraw a small amount. However, once an investor wishes to withdraw a larger amount, the fraudsters use various pretexts not to have to pay back any money (high costs, taxes, etc.). The FSMA also noted that some platforms were based on a pyramid structure . The investors are encouraged to recruit new participants. Their investment allows to pay returns to the first investors. When it becomes impossible to recruit new participants the pyramid collapses.In all cases, the fraudulent platform disappears completely, taking with it all the investors’ money.The FSMA has noted that the following websites were putting consumers in contact with fraudulent trading platforms:Flash Deal Academy (flashdealacademy.com);NeuroTradeX (neuro-tradex.com, neurotradexplatform.com). The FSMA strongly advises against responding to offers made by the following trading platforms:AIFinAber / AIquantaber / Aberdeen Investments (Clone)Arlequin Finance (Clone) (arlequininvest.io);Avlitex (avlitex-global.com);Axioncoins (axioncoins.com);Benzaten (m.benzaten.com, benzaten.com);Ethena Invest (ethenainvest.com);Exventor (exventor.com);Financial Consult Company (Clone) (fccompany.pro);Finstera (finstera.com);Fintrex (fintrex.net, infintrex.com);Fintxpert (fintxpert.com);Gino Group (gino-group.com);Glencoretrade (coremainsite.com, glencoretrade.io, mainsitecore.com);Goldmaxis (goldmaxis.com);HighApexPlanning (highapexplanning.com);ICM212 (icm212.com);Index Mastery (index-mastery.com);Millennium trading (millennium-trading.net);MT5itrader / MetaQuotes (Clone) (mt5itrader.com);MTS Foundation / ToFro (mts-foundation-usa.com, tofro.com);Nexus Trade (nexustrade.company);Novixgrade (cfd.novixgrade.info, cfd.novixgrade.cfd, cfd.novix-grade.net, cfd.novixgrade.co, novixgrade.center, novixgrade.com);Nx Partners (Clone), Nx Stock (nxstock.com);Optira FX (optirafx.com);OrbiMount (orbimount.io, trade.plf-tchb.com);Raliplen (raliplen.com);RiseProfitFx (riseprofitfx.net);RoboBroker (robobrokerltd.com);Smart+ / SBC Smartfund Limited (smartplus.inc);Startwaypro (startwaypro.com);Suisseberg (suisseberg.com);Trade AI (trade-ai.org);U3coin (u3coin.com);Ufunded (ufunded.com);XYZTrade (xyztrade.io). The FSMA added these entities to the list of fraudulent trading platforms. Beware, this list is not exhaustive. If you wish to verify whether a company has the necessary authorisations to offer financial services and products, we invite you to consult our page ‘ Check your provider ’ . In case of doubt, contact the FSMA. I’ve fallen victim. What should I do?Stop making any transactions and break off all contact with the platform: don’t deposit any more money and don’t provide any additional personal or financial information. Break off all contact with the fraudsters. They may try to manipulate you in order to take even more money from you.Contact your bank: inform your bank immediately if you have made any payments to the fraudulent platform.Report the fraud to the competent authorities: Contact the FSMA and file a complaint with the police.Document all exchanges of data and transactions: gather all evidence of your exchanges of data with the platform, including emails, messages, account statements and screen shots of the transactions. These items will, of course, be very valuable when you report the fraud.Beware of ‘recovery rooms’: fraudsters contact victims of a previous scam and offer to help them – for a fee – recover their lost money. Often this constitutes yet another attempt at fraud .For more recommendations on how to avoid investment fraud, please consult the ‘How to recognize and avoid fraud’ page on the FSMA website. Please watch our awareness-raising videos as well (available in Dutch and French only).
In what circumstances does a comparison website carry outo insurance distribution activities?
There are several websites that offer comparison tools. In some cases, the activities of these websites should be considered to constitute insurance distribution.The FSMA has clarified the way it interprets the definition of insurance distrbution when it comes to the activities of comparison websites for insurance products, as well as the elements it takes into consideration in this regard.Consumers should pay particular attention to the identity of the comparison website. In so doing, they should check whether or not an existing company is involved, and examine the nature of the activities of that company, before they provide any personal data.Read more in this opinion issued by the FSMA (available in French and Dutch only).
Belgian investors were particularly active in the first quarter of 2025
The FSMA has published its third Retail Investor Dashboard. The Dashboard gives a quarterly overview of the behaviour of Belgian retail investors.Growing investor interest in the first quarter of 2025Around 187,000 Belgian retail investors traded in shares in the first quarter of 2025. Furthermore, a record 94,000 traded in ETFs in Q1 2025, an increase of nearly 20 per cent compared to the previous quarter.During the first quarter of 2025, 20,000, 22,000 and 4,000 Belgian retail investors traded for the first time in shares, ETFs or bonds, respectively. For the second quarter in a row, there were more new investors in ETFs than in shares.In all, Belgian retail investors carried out more than 1,17 million share transactions in the first quarter of 2025, the highest number since Q1 2023. In comparison with the fourth quarter of 2024, the number of ETF transactions in first quarter of 2025 was up by more than 35 per cent (to 281,000). In addition, Belgian retail investors carried out nearly 25,000 bond transactions. Belgian investors were net sellers of shares in the run up to and in the days following the announcement of import tariffsIn the days after the announcement of American import tariffs on 2 April, Belgian retail investors traded considerably more shares and ETFs, whilst the number of bond transactions remained more or less stable. Despite the uncertainty caused by that announcement, a majority of the transactions carried out by Belgian retail investments were purchases.However, in terms of volume, both before and after that announcement, Belgian retail investors were net sellers of shares: the total value of sales was higher than the total value of purchases. The bulk of the net sales of shares by Belgian retail investors were made by investors aged 60 and over and by men.
Continuing Professional Training 2025 for accredited auditors
The continuing professional training programme for 2025 will take place in person at the premises of the FSMA (rue du Congrès/Congresstraat 12-14, 1000 Brussels). The programme is spread over two sessions on:Tuesday, 25 November 2025 from 2 pm to 5 pm: training session for undertakings for collective investment, management companies of undertakings for collective investment and regulated real estate companies;Tuesday, 2 December 2025 from 2 pm to 5 pm: training session for institutions for occupational retirement provision;.You can register for these continuing professional training sessions via the application Event of the FSMA, where you can log in using your eID or Itsme. Registrations will close on Wednesday, 22 October 2025. Registration is free.Find out more in our Communication FSMA_2025_12 (available in French and Dutch only).
Voluntary exchange offer by Aedifica NV/SA on Cofinimmo NV/SA
NOTICE PUBLISHED BY THE FSMA PURSUANT TO ARTICLE 7 OF THE ROYAL DECREE OF 27 APRIL 2007 ON PUBLIC TAKEOVER BIDSThe FSMA hereby publishes, pursuant to Article 7 of the Royal Decree of 27 April 2007 on public takeover bids (the 'Takeover Decree'), the notice which it received on 11 July 2025 in accordance with Article 5 of the Takeover Decree concerning the intention of Aedifica NV, a public regulated real estate company in the form of a public limited liability company under Belgian law, having its registered office at Belliardstraat 40 (box 11), 1040 Brussels, and registered with the Crossroads Bank for Enterprises (RLE Brussels) under enterprise number 0877.248.501 (the 'Bidder' or 'Aedifica') and whose shares are listed on Euronext Brussels and Euronext Amsterdam, to launch a voluntary and conditional public exchange offer for the shares issued by Cofinimmo NV, a public regulated real estate company in the form of a public limited liability company under Belgian law, having its registered office at Tervurenlaan 270 , 1150 Sint-Pieters-Woluwe, and registered with the Crossroads Bank for Enterprises (RLE Brussels) under enterprise number 0426.184.049 (the 'Target Company' or 'Cofinimmo'), whose shares are listed on Euronext Brussels (the 'Offer').Within the framework of the voluntary public takeover bid, 1.185 new Aedifica shares will be offered for each Cofinimmo share.Any fractions of new Aedifica shares that would need to be delivered based on the aforementioned exchange ratio to a holder of Cofinimmo shares participating in the Offer , will, to the extent possible, be aggregated into whole new shares and will , together with other (fractions of) new shares that would have had to be delivered to Cofinimmo shareholders qualifying as US non-QIBs (who are not permitted to receive (fractions of) new shares), be offered and sold by Aedifica, which sale will be executed by J.P. Morgan SE or an entity affiliated with J.P. Morgan Securities plc (under an agreement concluded with them) either through (a) a sale via the central order book of Euronext Brussels and Euronext Amsterdam on trading days ('Dribbling Out') or (b) alternatively, if the volume of new shares is too large for a Dribbling Out, through private placement transactions outside the United States in 'offshore transactions' as defined in, and based on, Regulation S under the US Securities Act, via a centralized sale process in the form of an accelerated private placement to Belgian and international institutional investors ('Vendor Placement'), in one or more tranches, each to be executed as soon as reasonably possible on or after the payment date for each acceptance period of the Offer. The net cash proceeds thereof will be paid pro rata — after deduction of all costs, fees , and charges of any kind incurred by Aedifica in connection with the Dribbling Out or Vendor Placement (and it being understood that the Belgian tax on stock exchange transactions owed by Belgian residents will be borne by Aedifica )— to the relevant Cofinimmo shareholders.The Offer relates to all shares of the Target Company carrying voting rights.The Bidder currently does not hold any securities in the Target Company.The Offer is subject to the following conditions precedent, which have been stipulated solely for the benefit of the Bidder, who may waive them in whole or in part:As a result of the Offer, Aedifica holds at least 50% + 1 of the Cofinimmo shares;No Material Adverse Change shall occur from the date of filing the Offer by Aedifica with the FSMA pursuant to Article 5 of the Takeover Decree until the closing of the initial acceptance period of the Offer;Unconditional approval of the proposed concentration (through a simplified procedure or first phase) by the relevant regulatory authorities, in particular the Belgian competition authorities .A Material Adverse Change shall be deemed to have occurred in the event of:a decrease of more than 15% in the closing price of the BEL20 index[1] compared to the closing price of the BEL20 index on the trading day preceding the date on which the Offer was filed by Aedifica with the FSMA in accordance with Article 5 of the Takeover Decree. If Aedifica does not decide to withdraw the Offer at a time when the closing price of the BEL20 index is below this reference point and the closing price subsequently rises above this level again, Aedifica shall no longer be able to invoke this earlier and temporary decline of the BEL20 index at a later stage. Any decision by Aedifica to maintain the Offer during a period in which the closing price of the BEL20 index temporarily fell below the reference point shall not affect Aedifica’s right to nevertheless invoke this condition and withdraw the Offer if the closing price of the BEL20 index, after a recovery, falls below the reference point again; and/ora decrease of more than 15% in the closing price of the FTSE EPRA Nareit Developed Europe Index [2] compared to the closing price of the FTSE EPRA Nareit Developed Europe Index on the trading day preceding the date on which the Offer was filed by Aedifica with the FSMA in accordance with Article 5 of the Takeover Decree. If Aedifica does not decide to withdraw the Offer at a time when the closing price of the FTSE EPRA Nareit Developed Europe Index is below this reference point and the closing price subsequently rises above this level again, Aedifica shall no longer be able to invoke this earlier and temporary decline of the FTSE EPRA Nareit Developed Europe Index at a later stage. Any decision by Aedifica to maintain the Offer during a period in which the closing price of the FTSE EPRA Nareit Developed Europe Index temporarily fell below the reference point shall not affect Aedifica’s right to nevertheless invoke this condition and withdraw the Offer if the closing price of the FTSE EPRA Nareit Developed Europe Index, after a recovery, falls below the reference point again; and/orthe occurrence of any fact, event or circumstance (including cases of force majeure) which, alone or together with any other fact, event or circumstance, results or could reasonably be expected to result (as determined by an independent expert in such cases) in a negative impact of more than 10% on the EPRA NTA per Cofinimmo share (i.e., EPRA NTA per Cofinimmo share not lower than EUR 85.12, calculated in accordance with the methodology applied in Cofinimmo’s latest Q1 2025 results as per 31 March 2025, compared to the EPRA NTA per Cofinimmo share as reported in Cofinimmo’s results as per 31 March 2025, being EUR 94.58).If any of the conditions precedent are not fulfilled, the Bidder shall announce its decision whether or not to waive them no later than at the time the results of the initial acceptance period of the Offer are announced.If, following the initial or any subsequent acceptance period, the Bidder (together with its affiliated persons and the persons with whom it acts in concert at any time) holds at least 95% of the Cofinimmo shares, the Bidder intends to launch a simplified squeeze-out offer pursuant to Articles 42 and 43 of the Takeover Decree and Article 7:82, §1 of the Belgian Code of Companies and Associations, aiming to acquire the Cofinimmo shares not yet acquired by the Bidder, on the same terms as the Offer. [1] The benchmark stock index of Euronext Brussels.[2] The FTSE EPRA Nareit Developed Europe Index tracks European publicly traded real estate investment trusts (REITs) and real estate companies and provides a diverse representation of the real estate market in developed countries in Europe, both geographically and by property type.
Approved compliance officers do not sufficiently comply with continuing education requirements
Approved compliance officers must follow a training program of at least 40 hours per three-year cycle (“cycle of continuing education”) at training providers accredited by the FSMA. Regulated companies must ensure that their approved compliance officer complies with this obligation at all times.This press release is not available in English. Please consult the French or Dutch site.
DORA Regulation – Collection of information registers of third-party service providers closed
On 31 May last, the FSMA closed the first collection of information registers on third-party service providers. Nearly all financial entities under the FSMA’s supervision successfully carried out this exercise as required by the DORA Regulation.This press release is not available in English. Please consult the French or Dutch site.
Opinion concerning the compulsory civil liability insurance in respect of motor vehicles
Opinion on the postponement of the date of repeal of Article 23 of the Law of 21 November 1989 on the compulsory civil liability insurance in respect of motor vehicles.At the request of Mr David Clarinval, Deputy Prime Minister and Minister of Employment, Economy and Agriculture, the Insurance Commission issued an opinion on 2 June 2025 (DOC/C2025/2) on the postponement of the date of repeal of Article 23 of the Law of 21 November 1989 on the compulsory civil liability insurance in respect of motor vehicles.Please read opinion C/2025/2 (available in French - Dutch only)
Press release on the reopening of trading in Agfa-Gevaert
ANNOUNCEMENT BY THE FINANCIAL SERVICES AND MARKETS AUTHORITY, PUBLISHED IN APPLICATION OF ARTICLE 78 OF THE LAW OF 21 NOVEMBER 2017Trading in the financial instruments of AGFA-GEVAERT, ISIN BE0003755692 on Euronext Brussels will re-open on 27/06/2025 at 14:30 CET.
Press release on the suspension of trading in Agfa-Gevaert
ANNOUNCEMENT BY THE FINANCIAL SERVICES AND MARKETS AUTHORITY, PUBLISHED IN APPLICATION OF ARTICLE 78 OF THE LAW OF 21 NOVEMBER 2017Trading in the financial instruments of AGFA-GEVAERT, ISIN BE0003755692, on Euronext Brussels is suspended on the request of the company from 27/06/2025 at 13:30 CET until the publication of a press release.
Approval of the modified market rules of the regulated markets organized by Euronext NV/SA
The Financial Services and Markets Authority (FSMA) hereby announces that 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 3 June 2025 in accordance with Article 34, §1, of the Law of 21 November 2017 on the market infrastructures for financial instruments and transposing Directive 2014/65/EU. The market rules are available on Euronext's website.
FSMA publishes annual report and focuses on value for money of financial products
The Financial Services and Markets Authority (FSMA) has today published its 2024 Annual Report. During a webinar presented on the occasion of that publication, the Chairman of the FSMA, Jean-Paul Servais, described the actions taken by the FSMA to improve the value for money of insurance products, and presented a new cost comparison tool for investment funds. In addition to the publication of the customary annual report, the FSMA has also made available a new online tool for the report. The tool comprises a selection of topics from the full annual report and makes it possible to navigate in a user-friendly manner through a wide range of topics, figures and videos. Please consult this new online tool on the FSMA website (available in French - Dutch only).The annual report provides an overview of the activities and actions of the FSMA in the course of 2024. One of its major themes is the value for money of financial products, that is, the principle that financial products must offer consumers a good price-quality ratio. That was also the topic of the webinar, which focused on the value for money of insurance products and investment funds, for which the FSMA has launched a new cost comparison tool. The FSMA tackles expensive insurance products Insurance companies may only develop and sell products that offer consumers value for money. The FSMA noted, however, that certain insurance products provided insufficient value for money and were therefore too expensive for consumers. The FSMA completed a total of 234 surveys of the value for money of insurance products. In the case of life insurance, the focus was on class 23 products, including a significant number of pension products. The FSMA also examined outstanding balance insurance policies, as well as a wide range of non-life insurance products (fire, legal assistance, auto, civil liability, etc.).In the case of life insurance products, the FSMA looked at the reduction in yield (RIY), in other words the total annual costs associated with a product. A high RIY is detrimental to the consumer. For non-life insurance products, the FSMA examined the claims ratio. This indicator measures how much is paid out in claims to policyholders relative to the premiums collected. A low RIY is detrimental to the consumer. If insurers could not give any justification – or only one that was insufficiently convincing – for a high RIY or a low claims ratio, the FSMA asked them to take the necessary measures to ensure that their products will offer value for money to consumers.The following table offers an overview of the results for the 2023-2024 period. LifeNon-lifeTotalDistribution halted285078Costs lowered1374141Coverage expanded 011Competence of another member state404Product is adequate9110Total17856234 The overview makes it clear that inadequate value for money offered by life insurance products has led for the most part to a lowering of the costs, whereas in the case of non-life insurance products the result was more often a halt in distribution of the product. Costs were lowered for 137 class 23 products following the action of the FSMA. The arithmetic average reduction in the RIY was 0.64 per cent. The result was a higher capital paid out to consumers. “Our research delivers tangible results”, Chairman Jean-Paul Servais noted. “Costs are reduced, and expensive insurance products disappear from the market, which is good for the consumer.” The FSMA has launched a cost comparison tool for fundsThe FSMA has today launched a new online tool that makes it possible to calculate the impact of costs on the expected return on an investment fund and to compare it with other funds. For individual investors, this is a handy tool when they wish to invest in a fund and want to get an idea of a fund’s value for money.Individual investors currently have various sources of information about the costs of investment funds sold in Belgium, such as their key information documents and their marketing communications approved by the FSMA. Nevertheless, they often find it difficult to determine the costs. What impact do the costs have on the expected return? Are the costs higher or lower than for comparable funds? These are questions to which individual investors have difficulty finding answers, even though costs are a decisive criterion when deciding to buy a fund. This is why the FSMA launched the cost comparison tool (available in French - Dutch only) as part of its mandate to protect and educate financial consumers. The new tool helps investors better assess costs and compare them with the average costs of funds with a comparable investment policy.Investing in funds is very popular in Belgium. At the end of 2024, Belgian families held 303 billion euros in units of Belgian or foreign funds, more than the 274 billion euros on regulated savings accounts. “This unique tool allows a consumer to evaluate the impact of costs in terms of his or her situation and to assess their impact in comparison to those of comparable funds,” according to Jean-Paul Servais, Chairman of the FSMA. “This tool is a valuable aid to consumers in their search for competitive funds and fits in with the series of practical tools that the FSMA has made available to help consumers make financial choices.”More information is available in the webinar presentation (available in French - Dutch only).
Annemie Rombouts appointed chairwoman of ESMA’s Issuer Standing Committee
Annemie Rombouts, deputy chairwoman of the Financial Services and Markets Authority (FSMA), has been appointed chairwoman of the Issuer Standing Committee (ISC) of the European Securities and Markets Authority (ESMA).The ISC plays a central role within ESMA and deals with the preparation and development of the European regulation on issuer information. The Committee contributes to the further development and monitoring of European regulations. It also promotes supervisory convergence on issues such as financial and sustainability reporting, the prospectus regime, takeover bids, transparency about major shareholdings and corporate governance.Jean-Paul Servais, chairman of the FSMA: ‘This appointment underlines the FSMA’s active role within the European supervisory landscape. The regulation of the relevant domains is currently in full evolution and, inter alia in the context of the European competitiveness agenda, the adequate balance between an appropriate level of investor protection and the efforts demanded of companies requires monitoring.’ ESMA's standing committees are composed of high-level representatives of national supervisors. They are responsible for policy preparation within their respective domains.You can find more information on the appointments within ESMA in this press release.
Agreed settlement with Miller Europe BV
This agreed settlement consists of the payment of 500,000 euros and the publication, by name, on the website of the Financial Services and Markets Authority (FSMA).This press release is not available in English. Please consult the French or Dutch site.
The FSMA launches a new call for proposals on the MiFIR database
The FSMA launched in 2024 a collaborative programme with the academic sector with a view to offer researchers the opportunity to access databases available to supervisory authorities and to examine topics that are top priorities for supervisors of the financial sector. The FSMA itself hoped thereby to augment its knowledge of the latest developments in scholarly research related to its areas of competence.This press release is not available in English. Please consult the French or Dutch site.
Press release on the reopening of trading in TINC
ANNOUNCEMENT BY THE FINANCIAL SERVICES AND MARKETS AUTHORITY, PUBLISHED IN APPLICATION OF ARTICLE 78 OF THE LAW OF 21 NOVEMBER 2017Trading in the financial instruments of TINC, ISIN BE0974282148 on Euronext Brussels will re-open on 18/06/2025 at 16:00 CET.
New login procedure for the online FSMA platforms
Users of the online platforms on the FSMA website can now choose a new login procedure. Among other options, you can log in to the following platforms via itsme®:Cabrio for online requests for and management of registration as credit intermediary or for authorization as lender;FiMiS for the submission of structured data by means of a survey, whether on a regular or occasional basis;eCorporate for uploading financial and qualitative documents, whether on a regular or occasional basis;eManex for the online notification and management of external mandates of directors.In this user guide 'User Guide for Strong Authentication', you will find explanations and instructions regarding the new login procedure.
Press release on the suspension of trading in TINC
ANNOUNCEMENT BY THE FINANCIAL SERVICES AND MARKETS AUTHORITY, PUBLISHED IN APPLICATION OF ARTICLE 78 OF THE LAW OF 21 NOVEMBER 2017 Trading in the financial instruments of TINC, ISIN BE0974282148, on Euronext Brussels is suspended from 18/06/2025 at 09:00 CET until the publication of a press release.
Agreed settlement - AG Insurance, Allianz Benelux, Axa Belgium and P&V Verzekeringen
This agreed settlement consists of the payment of 200,000 euros and the publication, by name, on the website of the Financial Services and Markets Authority (FSMA).This press release is not available in English. Please consult the French or Dutch site.
Almost 500 bankers commit to acting with integrity and professionalism by taking the banker’s oath at the FSMA
The banker’s oath is part of a new disciplinary regime under which bankers demonstrate their personal commitment to acting with integrity and professionalism and to treating their clients honestly and fairly. The regime has been in force since the beginning of the year 2025. The Financial Services and Markets Authority (FSMA) has - to date – administered the oath to more than 500 bankers, who thereby committed themselves to complying with strict ethical rules.The banker plays an essential roleAll citizens must be able to place trust in their banker. Bankers, like other key professionals (physicians, lawyers or judges, for example), play a crucial role in society and like them, are bound by an oath. The banking system is already subject to strict rules. To guarantee their effectiveness and to strengthen consumer confidence, it was important to provide for a regime that also makes it possible to prevent isolated cases of inappropriate forms of behaviour. It was with a view to meeting that need that the banker’s oath was established at the beginning of 2025. A disciplinary regime that enters into force in stagesThe new regime enters into force in two phases. It has applied since the beginning of 2025 for members of senior management, key function-holders and persons holding managerial positions in banks. For the other bankers, its entry into force is planned for the summer of 2026.Bankers have six months from the entry into force of the regime, or from their taking up their position, to swear the oath. Senior managers or key function-holders take the oath at the FSMA, while the other banking staff do so before a senior manager of their institution.“The tone at the top is crucial to guarantee ethical behaviour by bankers”The FSMA may impose disciplinary sanctions in the event that the rules governing the banker’s oath are not respected, including a prohibition against exercising their profession for a period that may extend up to 3 years. The FSMA has posted an explanatory video about this regime on its website. Almost 500 bankers took the oath in the course of 15 sessions held at the FSMAOn 12 June 2025, the 15th oath-taking session since the beginning of the year 2025 was held at the FSMA. Almost 500 bankers have now taken the oath before the Chairman and the Deputy Chairman of the FSMA. During these sessions, participants were made aware of the new requirements imposed on bankers by means of a questionnaire that provides illustrations of some of the ethical issues that are frequently encountered. The results indicate that the main lines of this new regime are widely known, but that the distribution of individual responsibilities within banks could be better understood. As from the summer of 2025, the FSMA will hold 3 oath-taking sessions per half-year. Watch a video recap of the oath-taking sessions here (available in French - Dutch only).
Showing 1 to 20 of 68 entries