The Financial Services and Markets Authority (FSMA) has published its annual report for 2011. The annual report describes the activities and initiatives carried out in the past year and sets out the new institution’s structure and organization.
“As soon as the FSMA began operations on 1 April 2011, the institution thoroughly restructured its organization in order to fit with its new package of competencies. An action plan was established in view of developing concrete initiatives based on the lessons learned from the crisis. Thanks to this quick start, the FSMA was soon able to adapt its working methods to the new supervisory architecture. The series of actions taken can be considered innovative in several respects, and some of the initiatives of this first year have already borne fruit,” commented Jean-Paul Servais, chairman of the FSMA.
The initiatives described in the annual report include:
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the launch of a moratorium on the distribution of particularly complex structured products. Nearly every distributor of structured products has signed on to the moratorium, as a result of which the range of such products on offer has been simplified;
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the inauguration of inspections relating to rules of conduct. The FSMA has created a new, specialised department tasked with the supervision of compliance by financial institutions with the MiFID rules of conduct. On-site inspections have begun, using a newly developed methodology;
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the adoption of a new sanctions procedure. The new procedure for imposing administrative sanctions entered into force last year, and the new Sanctions Committee has started its work. The FSMA’s Management Committee has handed over 10 dossiers to the Sanctions Committee;
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the development of measures to enhance the transparency of savings accounts. At the FSMA’s initiative, working groups have been set up with a view to finding ways to enhance the transparency of regulated savings accounts; one of the products of their work has been the designing of a new, standardised infosheet. A circular is also being drafted concerning advertisements for regulated savings accounts.
Also described in the annual report are the FSMA’s activities as supervisor of listed companies and financial markets as well as of financial products, rules of conduct for financial institutions, financial service providers and intermediaries, and supplementary pensions.
The annual report (in French and Dutch) is available on the website of the FSMA. A printed copy of the report in French and Dutch can also be requested via the website (Order form).