The Belgian authorities have been actively implementing and continue to implement European Directives and legislation to further develop the country’s financial sector.
Most notable for the Belgian banking industry was the release by the National Bank of Belgium of a special guidance giving effect to the European Banking Authority's Directives on outsourcing agreements. Next, we will analyze in more detail some of the innovations in the banking sector of Belgium that occurred during the past year.
Much of the work of the Belgian authorities is aimed at integrating the EU Banking Union regulation into Belgian legislation:
- Unified oversight regime;
- Single settlement regime;
- General deposit insurance regime.
The Banking Act transfers into Belgian law a number of important EU Directives:
- About capital requirements;
- About financial conglomerates;
- On the collection and permission of banking activities;
- About deposit insurance schemes;
- About Markets in Financial Instruments (MiFID II).
If you intend to obtain a banking license in Belgium these days, compliance with the above legal acts is mandatory.
Among other significant events in the field of banking regulation last year, one can note the release of several guidelines of the Central Bank, concerning, in particular, crypto assets and bank oath.
Obtaining a financial license in Belgium
In Belgium, only some organizations can collect deposits in cash or other refundable funds from the citizens:
- Belgian banks, including their foreign branches;
- credit institutions in the EEA;
- banks not included in the EEA, but registered with the Belgian regulator.
All these activities require a license in Belgium.
Who can get a credit institution license in Belgium
Exclusively the aforementioned types of entities may indicate a credit institution or bank in their trade name and purpose, their securities or documents they issue, and in any advertising materials.
An institution will be considered accepting deposits from the population in Belgium or offering to do so if, in order to receive cash deposits or other refundable funds, it engages in any kind of marketing activity (advertising in newspapers, on radio or TV, online, telephone contact, etc.) It is important to make a caveat here that such marketing activities must reach an audience of more than 50 people, or use intermediaries.
The sphere of legal practice of our company includes the provision of legal services in the field of finance, banking law and foreign exchange regulation. The sphere of services in these areas can be implemented both in relation to banking and other financial institutions and their clients - legal entities and individuals.
If you are willing to get a banking license in Belgium, you cannot do without the help of experienced legal professionals. A consultation from our experts in banking sector regulation in Belgium will explain all the intricacies of doing business in this area.
Our team consists of professionals who work collegially and at the same time, each specialist performs his tasks. We have organized the work in such a way that each client is guaranteed to receive 100% assistance exactly at the time when they need it.