The Financial Services and Markets Authority (FSMA) has published a new introductory brochure. The brochure briefly describes what the FSMA stands for, what its mission statement includes and how it plans to implement that mission statement.
According to Jean-Paul Servais, Chairman of the FSMA, "by publishing this brochure we wish to briefly present the missions and powers entrusted to the FSMA within the framework of the recent 'Twin Peaks'-reform of Belgium's financial supervision, how the FSMA will implement its missions and powers as well as how it is organized".
On 1 April 2011 the FSMA succeeded to the Banking, Financial and Insurance Commission (CBFA). Since that date, the supervision of the Belgian financial sector is organized with two autonomous supervisors, namely the FSMA and the National Bank of Belgium.
The FSMA was charged with the following six major areas of competence :
supervision of listed companies and financial markets;
supervision of financial products;
supervision of compliance by financial intermediaries with the rules of conduct;
supervision of financial service providers and intermediaries;
supervision of supplementary pensions;
contributing to financial education.
Those six areas of competence as well as their coherence are discussed in further detail in the brochure. The brochure also explains how the FSMA implements its missions, how it is organized and which are its values and means of action.