Banking, Finance and Insurance Commission (Belgium)
Encyclopedia
The Banking, Finance and Insurance Commission (CBFA) was the financial regulatory
agency for Belgium
. It was replaced by a new agency, the Financial Services and Markets Authority (FSMA) on the 1 April 2011 as part of a restructure of the financial regulatory system in Belgium.
It was replace by the Financial Services and Markets Authority (FSMA) when the Law of 2 July 2010 was implemented. This was to develop the supervision of the financial sector towards a bipartite model known as the "Twin Peaks" model. This bipartite model is intended to provide a structure for the two major objectives of the supervision of the financial sector;
Financial regulation
Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the integrity of the financial system...
agency for Belgium
Belgium
Belgium , officially the Kingdom of Belgium, is a federal state in Western Europe. It is a founding member of the European Union and hosts the EU's headquarters, and those of several other major international organisations such as NATO.Belgium is also a member of, or affiliated to, many...
. It was replaced by a new agency, the Financial Services and Markets Authority (FSMA) on the 1 April 2011 as part of a restructure of the financial regulatory system in Belgium.
History
The CBFA was formed in 2004 with the merger of Insurance Supervisory Authority ( CDV), which was originally created in 1975, and the Banking and Finance Commission ( CBF), which was created in 1935, to form a single agency to regulate all financial markets in Belgium.It was replace by the Financial Services and Markets Authority (FSMA) when the Law of 2 July 2010 was implemented. This was to develop the supervision of the financial sector towards a bipartite model known as the "Twin Peaks" model. This bipartite model is intended to provide a structure for the two major objectives of the supervision of the financial sector;
- maintaining the macro- and microeconomic stability of the financial system, which falls within the competence of the central bank, that is, the National Bank of BelgiumNational Bank of BelgiumThe National Bank of Belgium has been the central bank of Belgium since 1850...
; - ensuring that market processes are equitable and transparent, that relationships between market participants are appropriate and that clients are treated honestly, fairly and professionally (notably from the perspective of rules of conduct), tasks which fall henceforth within the competence of the Financial Services and Markets Authority (FSMA), formerly the CBFA.