Banker's oath
Managers responsible are natural persons who exercise de facto supervision of or control over other banking service providers, namely, persons who, within an Entity, directly participate in the exercise of banking activities, or in the provision of banking services, within Belgium (Category 4). This supervision must relate more specifically to the way in which these people carry out these activities or provide these services. This supervision may be indirect, particularly where there are several hierarchical levels. In this case, the persons in charge of each hierarchical level are considered to be managers responsible.
This concept does not correspond to a specific function or hierarchical position. It is essentially factual and based on an identification in concreto within each Entity. For example, managers responsible are not necessarily members of the Entity’s management team. Fit & proper persons within an Entity may in turn also be managers responsible.
Individuals designated as persons responsible for distribution within the meaning of the Code of Economic Law at credit institutions authorized as lenders or at banking and investment services agents registered as credit intermediaries should be considered as managers responsible, given the similarity between these two concepts.
It is the responsibility of credit institutions (Belgian institutions or foreign institutions established in Belgium) to provide the FSMA with the list of natural persons working at their company or at their agents who meet this definition.