1.1 Who is covered?
The regime applies to Belgian credit institutions and to foreign credit institutions established in Belgium. For branches of foreign credit institutions, only employees who are active in Belgium fall within the scope of the regime.
Four categories of employees are subject to the oath: (1) fit & proper individuals (board members, effective managers, heads of independent control functions); (2) responsible managers (those who supervise Category 4 employees, at any level of management); (3) banking agents acting as natural persons; and (4) persons who directly take part in banking activities or services – including certain back office staff, such as those involved in the credit offer or conclusion process or in investment decisions within the framework of portfolio management.
Support staff with no connection to the exercise of banking activities or the provision of banking services are excluded, such as (without limitation) staff working in IT, legal, complaints handling, or debt recovery departments.
Credit institutions must notify the FSMA of the list of covered employees and keep it up to date.
1.2 The oath
More than a regulatory checkbox, the banking oath is a personal, solemn declaration where each provider commits, in their own name, to uphold the standards of the profession:
“I commit, in the exercise of my professional activities, to act in all circumstances in an honest and upright manner, with competence and professionalism, taking into account clients’ interests and treating them fairly. I have taken note of the specific rules enacted by the King in this regard.”
Categories 1 & 2 were already required to take the oath by 15 July 2025. Categories 3 & 4 must do so by 15 January 2027 if already in post on 15 July 2026, or within six months of starting a covered role. Employees in a covered function for less than six months are exempt but remain bound by the rules of conduct from day one. A new oath is required upon a move to another institution and in some cases following a change of covered role within the same institution.
1.3 Individual rules of conduct
All providers must: (i) act honestly and with integrity; (ii) act with competence and professionalism; and (iii) take into account clients’ interests and treat them fairly. Responsible managers and fit & proper individuals must additionally promote compliance among those they supervise and exercise reasonable oversight over their conduct.