Banker's oath
- Carrying out banking activities or providing banking services
The concepts of 'banking activities' and 'banking services' are defined by reference to the banking laws and regulations. They cover all the activities that a credit institution is authorized to carry out in a harmonized manner under the European passport. These include, for example, offering all types of accounts, granting loans, providing payment services and providing investment services.
- Persons directly participating in the exercise of banking activities, or in the provision of banking services
The definition covers in particular natural persons who are in direct contact with the public for the purpose of carrying out or providing such activities or services. Employees working in so-called front office departments should therefore be regarded as banking service providers.
It also includes natural persons who, without being in contact with the public, carry out acts that are part of, or derive directly from, the exercise or provision of banking activities or services, whether these are provided via face-to-face, telephone or digital channels. Certain back-office staff members may thus also be concerned. Such will be the case, for example, for those who play a role in the procedure for offering or concluding credit agreements, or in making investment decisions as part of portfolio management. Conversely, employees working in the IT department of an Entity, in the legal department, in the HR department, in the Facilities department or in a department exclusively responsible for handling complaints or collecting debts, for example, do not fall under that description.
Individuals designated as persons in contact with the public 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 Category 4 banking service providers, 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.