Twin Peaks II - Enhanced customer protection and strengthened supervisory powers
On 9 September 2013, a number of measures to improve the protection of Belgian investors and to strengthen the supervisory powers of the Belgian Financial Services and Markets Authority (the “FSMA”) entered into force. More measures will enter into force later this year. These new measures find their origin in two laws of 30 and 31 July 2013 (the so-called “Twin Peaks II” package).
Twin Peaks II affects most of the Belgian financial sector as well as foreign financial institutions doing business in Belgium and issuers of financial instruments.
The attached note summarises certain key features of Twin Peaks II:
- strengthened supervisory and sanctioning powers of the FSMA
- enhanced protection for customers
- tightened civil liability regime
- extended market abuse prohibitions
- transparency and comparability of savings accounts
- revised judicial injunctions regime