Twin Peaks - More than a new supervision model

The new twin peaks supervision architecture for the Belgian financial sector will become effective on 1 April 2011.  All the details of this new supervision model are contained in the Twin Peaks Decree of 3 March 2011.

The Twin Peaks Decree does not limit itself to the reform of the Belgian supervision architecture.  It also brings a number of changes to existing legislation that are unrelated to the twin peaks reform, such as:

  • the requirement for compliance officers to be approved by the FSMA
  • the right of the FSMA to request external auditors to assist it in its supervision role
  • the possibility for the FSMA to charge fees for the review of marketing documents
  • the removal of part of the new emergency measures in respect of banks
  • the removal of the definition of "systemically important financial institutions", etc.

You will find attached a note that describes those changes and summarises the new twin peaks model.

If you have any questions, please contact Etienne Dessy (+32 2 501 90 69), Jacques Richelle (+32 2 501 95 37) or your usual Linklaters contact.