Financial Services and Markets Authority (FSMA)

Overview

The Financial Services and Markets Authority (FSMA), known in Dutch as the Autoriteit voor Financiële Diensten en Markten and in French as the Autorité des Services et Marchés Financiers, is Belgium's conduct-of-business regulator for the financial services sector. Established on 1 April 2011 as the successor to the Banking, Finance and Insurance Commission (CBFA), the FSMA was created as part of Belgium's adoption of the Twin Peaks regulatory model, which separates prudential supervision from conduct-of-business regulation.

Under Belgium's Twin Peaks structure, the National Bank of Belgium (NBB) is responsible for prudential supervision of banks, insurance companies, and systemically important financial institutions, while the FSMA handles conduct-of-business supervision, market integrity, consumer protection for financial products, and the regulation of securities markets. This division was formalized through the Royal Decree of 3 March 2011 and the Law of 2 August 2002 on the supervision of the financial sector and on financial services, as subsequently amended.

The FSMA operates as an autonomous public institution established by law, carrying out tasks in the general interest as entrusted by Parliament. While it falls under the political responsibility of the Belgian Minister of Finance, the FSMA maintains full operational and decisional independence in its regulatory and supervisory activities. The authority is headquartered in Brussels at Rue du Congres/Congresstraat 12-14 and employs approximately 350-400 staff across its supervisory, enforcement, policy, and administrative functions.

The FSMA's mandate is broad and encompasses supervision of securities markets, investment firms (for conduct purposes), financial product distribution, insurance intermediaries, pension institutions (supplementary pensions), crowdfunding platforms, and — following the implementation of the Markets in Crypto-Assets Regulation (MiCA) — conduct-of-business supervision of crypto-asset service providers. The authority also plays a central role in financial literacy and investor education across Belgium.

Chairman Jean-Paul Servais has led the FSMA since its creation in 2011 and is a prominent figure in international regulatory circles, having served as Chair of the International Organization of Securities Commissions (IOSCO) Board and Chair of the OECD Corporate Governance Committee.

Belgium's position as the seat of EU institutions (European Commission, European Council, European Parliament) and host to numerous international organizations and financial institutions gives the FSMA a unique regulatory context. The Brussels-based regulator oversees a financial services market that includes both domestic Belgian institutions and a significant population of internationally-oriented entities. The FSMA's Company Number is 0544.279.965 and it reports annually to the Belgian Parliament on its activities and the state of the financial markets.

The FSMA's predecessor, the CBFA (Commission Bancaire, Financiere et des Assurances / Commissie voor het Bank-, Financie- en Assurantiewezen), was itself the successor to earlier supervisory bodies, tracing the institutional lineage of Belgian financial regulation back to the 1930s. The 2011 reform that created the FSMA was motivated by lessons learned from the 2008 global financial crisis, which demonstrated the benefits of separating prudential and conduct objectives to avoid regulatory blind spots.

Basic Identity

Classification

Inclusion Justification

What This Entity Oversees

Conduct-of-Business Supervision

The FSMA's core mandate is ensuring fair, transparent, and honest conduct across Belgium's financial services sector. Key functions include:

• Rules of Conduct Supervision — Monitoring compliance with conduct-of-business rules by all regulated financial service providers, including suitability and appropriateness assessments, best execution obligations, conflict of interest management, and fair treatment of customers
• Market Abuse Prevention — Detection, investigation, and enforcement against insider dealing, market manipulation, and unlawful disclosure of inside information under the EU Market Abuse Regulation (MAR)
• Consumer Protection — Oversight of product governance, advertising standards, pre-contractual information requirements, and complaint handling procedures across all financial product categories
• Financial Literacy — Wikifin.be, the FSMA's financial education programme, provides Belgian consumers with independent and reliable information on personal finance matters
• Advertising Supervision — Review and enforcement of advertising standards for financial products, including specific regulations on crypto-asset advertising introduced ahead of MiCA implementation

Securities Markets and Investment Services

The FSMA is Belgium's competent authority for the regulation of securities markets and investment services under the Markets in Financial Instruments Directive II (MiFID II). Responsibilities include:

• Investment Firm Conduct Supervision — Ongoing conduct-of-business supervision of investment firms authorized in Belgium, including compliance with MiFID II conduct requirements (note: prudential supervision of investment firms rests with the NBB)
• Securities Market Oversight — Supervision of trading on Euronext Brussels and other trading venues operating in Belgium, including multilateral trading facilities (MTFs) and organized trading facilities (OTFs)
• Prospectus Review and Approval — Review and approval of prospectuses for public offerings of securities and admission to trading on a regulated market under the EU Prospectus Regulation
• Transparency and Disclosure — Enforcement of periodic and ongoing disclosure requirements for listed companies, including regulated information filings, major holdings notifications, and corporate governance disclosures
• Takeover Regulation — Supervision of public takeover bids under the Belgian Law of 1 April 2007 on public takeover bids

The FSMA oversees Euronext Brussels, which is part of the pan-European Euronext exchange group. The Belgian market hosts approximately 130-150 listed companies and serves as a significant venue for fixed-income and derivatives trading.

Financial Product Distribution and Intermediation

The FSMA maintains registers of and supervises intermediaries who distribute financial products to Belgian consumers:

• Insurance and Reinsurance Intermediaries — Registration and supervision of insurance brokers, agents, and sub-agents under the Insurance Distribution Directive (IDD)
• Banking and Investment Product Intermediaries — Oversight of intermediaries distributing banking products, savings products, and investment instruments
• Credit Intermediaries — Registration and supervision of mortgage credit and consumer credit intermediaries under the Mortgage Credit Directive and Consumer Credit Directive
• Crowdfunding Service Providers — Authorization and supervision of crowdfunding platforms under the EU Crowdfunding Regulation (ECSP Regulation)

The FSMA maintains public registers of all authorized intermediaries, which are accessible through its website and serve as a key consumer protection tool.

Supplementary Pensions Supervision

The FSMA supervises the second pillar of Belgium's pension system (supplementary occupational pensions):

• Pension Institution Oversight — Conduct supervision of institutions for occupational retirement provision (IORPs) and pension funds
• Pension Product Transparency — Requirements for clear and comparable information on supplementary pension products
• Social Legislation Compliance — Monitoring compliance with social and labor law provisions governing supplementary pensions
• Cross-Border IORP Activity — Supervision of Belgian IORPs with cross-border activities and foreign IORPs operating in Belgium

Crypto-Asset Service Providers (MiCA Implementation)

Following the entry into application of the EU Markets in Crypto-Assets Regulation (MiCA), the FSMA has assumed significant responsibilities for crypto-asset supervision in Belgium:

• Conduct Supervision of CASPs — The FSMA is competent for the authorization and ongoing conduct-of-business supervision of crypto-asset service providers (CASPs) that do not fall under the prudential supervision of the NBB
• Crypto-Asset Advertising — Belgium introduced specific regulations on advertising for virtual currencies ahead of MiCA, and the FSMA continues to enforce strict advertising standards for crypto-assets
• White Paper Review — Review and approval of crypto-asset white papers for public offerings under MiCA
• Consumer Warnings — Issuance of public warnings about unauthorized crypto-asset service providers and fraudulent crypto-related schemes

Belgium's implementing legislation for MiCA divides supervisory competence between the FSMA (conduct) and the NBB (prudential), consistent with the Twin Peaks model.

AML/CFT Supervision (Conduct Dimension)

While the NBB serves as Belgium's primary AML/CFT supervisor for credit institutions and financial institutions, the FSMA exercises AML/CFT supervisory responsibilities in its capacity as conduct regulator:

• Financial Intermediary AML/CFT Compliance — Monitoring compliance with anti-money laundering obligations by insurance intermediaries, investment intermediaries, and other entities under FSMA supervision
• Coordination with the Belgian Financial Intelligence Processing Unit (CTIF-CFI) — Cooperation on suspicious transaction analysis and enforcement
• Sanctions Screening — Oversight of compliance with UN, EU, and Belgian national sanctions regimes by entities under FSMA supervision

Recent Developments (2025-2026)

MiCA Implementation: Belgium's implementing act for MiCA entered into force, establishing the FSMA as the conduct-of-business supervisor for crypto-asset service providers. The FSMA has begun processing authorization applications from CASPs operating in Belgium.

DORA Implementation: The Digital Operational Resilience Act (DORA) became applicable from 17 January 2025, and the FSMA is actively supervising compliance with ICT risk management, incident reporting, and digital operational resilience testing requirements.

Sustainable Finance Supervision: The FSMA has increased its focus on greenwashing risks in financial product disclosures and is actively supervising compliance with the EU Sustainable Finance Disclosure Regulation (SFDR) and the EU Taxonomy Regulation.

IOSCO and International Leadership: Chairman Jean-Paul Servais continues to serve in prominent international regulatory leadership roles, enhancing Belgium's influence in global regulatory policy development.

PRIIPs and Product Governance: The FSMA continues to enforce the Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation, ensuring that Key Information Documents (KIDs) provided to Belgian retail investors meet EU standards for clarity, accuracy, and comparability. Enhanced supervisory scrutiny of cost disclosures and performance scenario methodology has been a focus area.

Cross-Border Supervision Coordination: With the growth of EU passporting activity, the FSMA has intensified coordination with home-country regulators of financial service providers operating into Belgium, particularly in digital distribution channels where cross-border reach is significant.

Whistleblower Protection: The FSMA operates a dedicated whistleblower channel in compliance with the EU Whistleblower Directive, enabling employees and stakeholders of regulated entities to report suspected violations of financial regulations confidentially and with legal protection.

Regulatory Powers

The FSMA possesses comprehensive administrative enforcement authority under Belgian law:

• Administrative Fines — The FSMA can impose administrative fines on entities and individuals who infringe applicable regulations, with maximum amounts varying by violation category and potentially reaching several million euros
• Public Warnings — Publication of warnings about unauthorized entities, suspicious investment schemes, and fraudulent financial products
• Corrective Measures — Orders requiring regulated entities to cease unlawful practices, take corrective action, or comply with specific requirements within defined timelines
• Registration Suspension or Withdrawal — Suspension or removal of intermediaries from FSMA registers for serious or persistent violations
• Activity Prohibitions — Prohibition orders preventing individuals from exercising management functions in regulated entities
• Product Intervention — Under MiFIR, the FSMA can temporarily prohibit or restrict the marketing, distribution, or sale of certain financial instruments or structured deposits
• Settlement Procedures — The FSMA can enter into settlement agreements with entities as an alternative to formal administrative proceedings

The FSMA publishes annual reports detailing its supervisory and enforcement activities, including statistics on inspections, sanctions, and public warnings issued.

Regulatory Role and Function

Chairman: Jean-Paul Servais (in office since 2011)

Vice-Chairman: Annemie Rombouts

Organization Structure:

• Management Committee (Chairman, Vice-Chairman, and Members)
• Supervisory Board
• Securities Markets and Financial Information Division
• Product Supervision and Financial Education Division
• Intermediaries and Conduct-of-Business Supervision Division
• Enforcement Division
• Legal Affairs Division
• International Affairs and Policy Division

Physical Address:

Financial Services and Markets Authority (FSMA)

Rue du Congres / Congresstraat 12-14

1000 Brussels

Belgium

Telephone: +32 (0)2 220 52 11

Fax: +32 (0)2 220 52 75

Consumer Contact Email: [email protected]

Website: https://www.fsma.be/en

Key Contact Points:

• Consumer inquiries and complaints: Available through official website
• Whistleblower reporting: Dedicated channel on official website
• Intermediary registration: Available through official website
• Prospectus filings: Available through official website

Legal Foundation

The FSMA operates under comprehensive Belgian and European legislative frameworks:

• Law of 2 August 2002 on the Supervision of the Financial Sector and on Financial Services (Loi relative a la surveillance du secteur financier et aux services financiers) — The foundational statute governing FSMA's powers, responsibilities, and organizational structure, extensively amended to implement the Twin Peaks model and subsequent regulatory reforms
• Royal Decree of 3 March 2011 — Established the Twin Peaks supervisory architecture, creating the FSMA as successor to the CBFA and transferring prudential supervision to the NBB
• Law of 1 April 2007 on Public Takeover Bids — Framework for FSMA supervision of takeover activity on Belgian markets
• Law of 3 August 2012 on Certain Forms of Collective Management of Investment Portfolios — Transposition of the UCITS and AIFM Directives governing collective investment schemes
• Law of 25 October 2016 on Access to the Activity of Investment Services and on the Legal Status and Supervision of Portfolio Management and Investment Advice Companies — MiFID II transposition for investment firm conduct
• Law of 11 March 2018 on the Legal Status and Supervision of Crowdfunding Platforms — Framework for crowdfunding regulation (subsequently adapted for the EU ECSP Regulation)
• Law of 18 September 2017 on the Prevention of Money Laundering and Terrorist Financing — AML/CFT framework applicable to entities under FSMA supervision
• Royal Decree of 25 April 2014 on Certain Information Obligations in the Area of Financial Products — Advertising and information standards for financial products
• Markets in Crypto-Assets Regulation (MiCA) — Regulation (EU) 2023/1114 — Direct-effect EU regulation establishing the framework for crypto-asset markets, with Belgian implementing legislation designating the FSMA as conduct authority
• Digital Operational Resilience Act (DORA) — Regulation (EU) 2022/2554 — ICT risk management and digital resilience requirements for financial entities

The FSMA implements numerous EU regulatory frameworks including MiFID II/MiFIR, MAR, Prospectus Regulation, Transparency Directive, IDD, UCITS Directive, AIFMD, ECSP Regulation, SFDR, EU Taxonomy Regulation, PRIIPs Regulation, Benchmarks Regulation, MiCA, and DORA.

Licensing and Authorization Relevance

The FSMA licenses and authorizes financial market participants and intermediaries in Belgium:

Note: Prudential licensing of banks, insurance companies, and investment firms remains with the NBB. The FSMA's licensing function primarily covers intermediaries and specific service providers.

The FSMA maintains publicly accessible registers of all licensed and registered entities on its website. These registers serve as a critical tool for consumer protection, enabling Belgian consumers and market participants to verify whether an entity is properly authorized before engaging in financial transactions. The FSMA's warnings list, which flags unauthorized entities and suspected fraud schemes, is regularly updated and widely referenced by Belgian media and consumer organizations.

The licensing and registration process involves assessment of professional qualifications, organizational structure, compliance systems, professional indemnity insurance coverage, and fit-and-proper evaluation of responsible persons. The FSMA conducts ongoing monitoring of registered intermediaries and can suspend or withdraw registrations for non-compliance.

Payments and Money Movement Relevance

The FSMA's relevance to payments and money movement is primarily indirect, operating through the conduct-of-business dimension of financial services:

The primary payment systems and payment service provider oversight authority in Belgium is the National Bank of Belgium (NBB, import_id: reg-be-nat-nbb, file: A212). The FSMA's role is complementary, focused on conduct and consumer protection aspects.

Payment Systems Governed or Overseen

The FSMA does not directly oversee payment systems infrastructure. Payment systems oversight in Belgium is the responsibility of the NBB. The FSMA's involvement with payment-adjacent infrastructure is limited to:

Relationship to Other Regulators

Domestic Relationships

• National Bank of Belgium (NBB) (A212 in database) — Belgium's Twin Peaks partner. The NBB handles prudential supervision of credit institutions, insurance companies, and systemically important financial institutions, while the FSMA handles conduct-of-business supervision and market integrity. Regular coordination mechanisms ensure consistent supervision of entities subject to both authorities.
• Belgian Financial Intelligence Processing Unit (CTIF-CFI) — Cooperation on anti-money laundering intelligence and suspicious transaction analysis
• Federal Public Service Finance (SPF Finances) — The FSMA falls under the political responsibility of the Minister of Finance

European Relationships

• European Securities and Markets Authority (ESMA) — The FSMA is Belgium's competent authority for ESMA purposes, participating in policy development, supervisory convergence, and coordinated enforcement actions
• European Banking Authority (EBA) — Coordination on conduct-banking interface issues, particularly regarding payment services and consumer credit
• European Insurance and Occupational Pensions Authority (EIOPA) — Coordination on insurance distribution and pension supervision matters
• European Systemic Risk Board (ESRB) — Macroprudential risk assessment coordination

International Relationships

• International Organization of Securities Commissions (IOSCO) — The FSMA Chairman has served as Chair of the IOSCO Board, making the FSMA highly influential in global securities regulation
• OECD Corporate Governance Committee — The FSMA Chairman chairs this committee
• Bilateral Memoranda of Understanding — The FSMA maintains cooperation agreements with securities regulators worldwide for cross-border information sharing and supervisory cooperation

The FSMA's international profile is significantly enhanced by its Chairman's roles in IOSCO and the OECD, making Belgium a disproportionately influential voice in global financial regulation relative to its market size. The authority participates in numerous EU and international working groups on topics including digital finance, sustainable finance, and financial innovation.

The coordination between the FSMA and the NBB is governed by a formal cooperation protocol that defines information-sharing procedures, joint supervisory activities, and escalation mechanisms for entities subject to both prudential and conduct supervision. Under Belgium's Twin Peaks architecture, the designation of "lead supervisor" for a given entity depends on its primary regulatory classification, though both authorities maintain independent supervisory mandates over their respective domains.

Geography and Jurisdiction Notes

Important Departments and Divisions

Key Public Resources

Notes on Naming and Language