What are the steps involved in the disciplinary proceedings against banking service providers?

The serious indications of an infringement are examined by the Investigations Officer or, in his or her absence, the Deputy Investigations Officer. This examination is conducted in compliance with the rights of defence. The (Deputy) Investigations Officer may seek an opinion from the Entity, obtain information from any person or conduct hearings.

Upon completion of the examination, the (Deputy) Investigations Officer prepares a draft investigation report on which the banking service provider is invited to comment. The banking service provider may ask for further investigative acts to be undertaken. The (Deputy) Investigations Officer then prepares a final investigation report. 

Only after this examination by the (Deputy) Investigations Officer will the FSMA be in a position to impose a disciplinary sanction on the banking service provider.

Should the final report of the (Deputy) Investigations Officer concern a fit & proper person active within a credit institution, the FSMA will transfer the disciplinary file to the NBB or, where appropriate, to the foreign prudential supervisory authority.