Supervisory Disclosure Requirements of the FSMA under Investment Firms Directive

NOTICE: This section is currently only available in English. Where references are made to documents published by the FSMA, those documents are mostly available only in French and Dutch.

Article 57 of the Investment Firms Directive (IFD) stipulates disclosure requirements for national supervisory authorities.

To ensure uniformity of presentation and better comparability of the information disclosed, the European Banking Authority (EBA) has developed a standardised, web-based  supervisory disclosure framework and published general guidelines on the implementation of this framework.

The tables of information in this section are identical to those on that can be found on the webpage of the national competent authorities of other Member States. The  EBA website serves as a centralised electronic repository which should allow for a quick and easy comparison of the relevant information. The websites of the national competent authorities in turn provide the exhaustive and more detailed information as required by the IFD. This two-level approach is meant to increase the transparency and comparability of the data and information disclosed.

The prudential supervision of Belgian portfolio management and investment advice companies is carried out by the FSMA. Belgian stockbroking firms on the other hand fall under the prudential supervision of the National Bank of Belgium. The information published on the website of each of the above-mentioned institutions therefore concerns only the investment firms that fall under their respective supervision. To access the information on the Belgian stockbroking firms, the reader is invited to consult the tables published by the National Bank of Belgium using the following link

To enable a meaningful comparison between the various supervisory disclosure requirements, the FSMA has set up a dedicated area on its website. The content of the supervisory disclosure requirements has been divided into four sections:


  1. Rules and guidance:
    • Texts of laws and regulations include the law transposing the IFD and Regulation (EU) No 2019/2033 (IFR). Those texts establish the general regulatory framework for investment firms which are supervised by the FSMA.
    • Administrative rules contain the documents that instruct entities supervised by the FSMA on how to satisfy their regulatory requirements.
    • General guidance includes additional explanations by the FSMA deemed necessary to set out how the rules should be applied by the supervised entities. Additionally, such guidance includes any other relevant information that the FSMA wishes to release in order to enhance the understanding of the new capital adequacy framework by the supervised entities.
    Annex 1 - Rules and guidance
  2. Options and national discretions:
    • IFD and IFR contain various member state options and national discretions. This section is intended to allow for end-users to obtain an overview of the national options that Belgium has chosen to implement.
    Annex 2 - Options and national discretions
  3. Supervisory review:
    • This section covers (i) the general criteria and methodologies used by the FSMA in the Supervisory Review and Evaluation Process (SREP), (ii) minimum requirements for investment firms' own Internal Capital Adequacy Assessment Process (ICAAP), (iii) Internal Liquidity Adequacy Assessment Process (ILAAP) and (iv) FSMA policies on supervisory measures with respect to specific circumstances or investment firms.
    Annex 3 - Supervisory review
  4. Statistical data:
    • o This section includes aggregate statistical data on key aspects of the implementation of the prudential framework in Belgium. The disclosed tables comprise information on the Belgian investment firms under supervision by the FSMA, the market risk, the supervisory actions and measures as well as possible exemptions. In this section, the FSMA may choose to omit one or more items of information, if those items include information which is regarded as proprietary or confidential.
    Annex 4 - Statistical data

Related links and documents: EBA Supervisory Disclosure