Authority Financial Services and Markets
|
Financial Services and Markets Authority |
|
|---|---|
| State level | Federal authority |
| position | Independent authority in Belgium |
| founding | April 1, 2012 |
| Headquarters | Brussels |
| Authority management | Jean-Paul Servais, Chairman |
| Web presence | www.fsma.be/ |
The Authority for Financial Services and Markets ( Dutch Autoriteit financiële diensten en markten ; French Autorité des services et marchés financiers ; English Financial Services and Markets Authority ; abbreviation FSMA ) is the financial market regulator in Belgium. By requiring listed companies to provide correct and complete information, the FSMA ensures the fair and orderly operation and transparency of the financial markets. It monitors the provision of financial services, financial products. The aim is to ensure that market participants have confidence in the financial system.
history
On April 1, 2012, the FSMA replaced the Banking, Finance and Insurance Commission (CBFA). By law, the FSMA is a supervisory authority that fulfills the tasks set by parliament. In addition to the FSMA, there is the Belgian National Bank as a supervisory authority . The responsibilities of the FSMA are defined and the tasks consist of:
- Monitoring the financial markets and listed companies
- Monitoring of rules of conduct
- Product supervision
- Supervision of financial service providers
- Supervision of supplementary pensions
- Contribution to improving financial literacy.
tasks
The dedicated tasks are in detail:
Monitoring the financial markets and listed companies
The FSMA oversees the provision of publications from listed companies. In addition, the FSMA ensures that all shareholders of a listed company are treated equally. By monitoring market infrastructures, it ensures the smooth functioning of the financial markets. The FSMA ensures compliance with the rules for takeover bids.
Product supervision
The supervision of financial products aims to ensure that the products offered are understandable. This is to ensure that consumers have a better overview of the simple design and the costs associated with products. The FSMA must monitor the quality of information and advertising materials for financial products.
Monitoring rules of conduct
Financial institutions must adhere to rules of conduct. These rules ensure that the institutions treat their clients fairly, professionally and with the due care and attention. This includes the best possible execution of customer orders and that the products sold match the customer profile.
Supervision of financial service providers and intermediaries
The FSMA is responsible for monitoring a wide range of financial service providers that are in direct contact with customers. These are agents and brokers, investment companies, portfolio management and mortgage lenders. Agents and brokers must be registered with the FSMA. If the FSMA finds that someone is offering the financial services without the required authorization, it will issue a warning and notify the judicial authorities.
Contribution to general financial literacy
The FSMA aims to improve the financial knowledge of savers and investors with an action plan. Improved economic knowledge should put savers, insured persons, shareholders and investors in a better position vis-à-vis their financial institutions.
Supervision of supplementary pensions
The FSMA is also responsible for monitoring supplementary pensions which employees and self-employed people build up through their professional activities. The FSMA handles complaints from policyholders and beneficiaries in connection with their supplementary pension entitlements. In the event of a shortfall, the FSMA can request that this be reduced as soon as possible.
Individual evidence
- ↑ BELGIAN STATE BLAD. In: fsma.be. P. 3 , accessed March 31, 2019 .
- ^ Financial Services and Markets Authority (FSMA) website
- ^ Royal Decree of March 3, 2011
- ^ 2 AUGUST 2002 - Law on the supervision of the financial sector and on financial services
- ↑ FSMA brochure