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US Financial Regulatory Bodies in Belgium

The primary financial services regulators in Belgium are the National Bank of Belgium (NBB) and the Financial Services and Markets Authority (FSMA). These two bodies play a crucial role in maintaining the stability and security of Belgium’s financial system.

The Role of NBB and FSMA

NBB

Responsible for prudential supervision of credit institutions, insurers, stockbrokers, and other financial organizations
Conducts monetary policy for the country as the central bank of Belgium
Works closely with the European Banking Authority (EBA) to ensure effective and consistent prudential regulation and supervision across the European banking sector

FSMA

Supervises Belgian financial markets, financial service providers, including investment firms, and supplemental pensions
Works closely with the EBA to ensure effective and consistent prudential regulation and supervision across the European banking sector

Regulatory Requirements for Financial Institutions in Belgium

For financial institutions in Belgium, there are several requirements and guidelines that must be followed when moving business functions to the cloud. These include:

NBB Circular PPB 2004/5: Sound management practices in outsourcing by credit institutions and investment firms
FSMA Circular 05-06.2007: Organizational requirements for firms providing investment services
NBB Circular 2009-17: Financial services via the Internet: Prudential requirements
NBB Circular 2015-32: Additional prudential expectations regarding operational business continuity and security of systemically important financial institutions

Microsoft Compliance Checklist for Financial Institutions in Belgium

To help guide financial institutions in Belgium considering outsourcing business functions to the cloud, Microsoft has published a compliance checklist. By reviewing and completing the checklist, financial organizations can adopt Microsoft business cloud services with confidence that they are complying with applicable regulatory requirements.

The checklist includes an overview of the regulatory landscape for context, as well as a detailed checklist that maps Microsoft Azure, Dynamics 365, and Office 365 services against relevant regulatory obligations. The checklist can be used to measure compliance against a regulatory framework and provide an internal structure for documenting compliance.

Frequently Asked Questions

Is Regulatory Approval Required?

No, but financial institutions must notify the NBB and FSMA in the event of a disruption in an outsourcing arrangement that has the potential to materially impact the institution’s business operations, reputation, or profitability.

Are There Any Mandatory Terms That Must Be Included in the Contract with the Cloud Services Provider?

Yes, specific points must be incorporated into the contract. Part 2 of the Microsoft checklist maps these against the sections in the Microsoft contractual documents where they are addressed.