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.