EU regulatory: Financial services in Belgium

Allen & Overy LLP

Allen & Overy LLP's team has 'proven expertise in advising on the Financial Services and Markets Authority's recommendations', according to a client. The practice, led by Sylvia Kierszenbaum, is also well versed in assisting clients with, among other areas, regulatory compliance issues and regulatory developments concerning the Markets in Financial Instruments Directive (MiFID).

Practice head(s):

Sylvia Kierszenbaum

Key clients

Goldman Sachs

Rabobank

BNP Paribas Fortis

KBC Bank

Citibank

JP Morgan

Work highlights

  • Advising a number of payment institutions on applying for a licence with Belgian regulators, concerning the potential impact of Brexit.
  • Assisting a prominent financial institution with the regulatory aspects of its Brexit strategy, including relocation to Belgium and MiFID matters.

Clifford Chance

At Clifford Chance, instructions involving the regulatory aspects of implementing strategies concerning the potential impact of Brexit remain prominent in the team's workload. For example, department head Lounia Czupper is advising clearing house LCH on the design and implementation of its Brexit strategy, including applying for EU equivalence with the European Securities and Markets Authority (ESMA).

Practice head(s):

Lounia Czupper

Key clients

ING Belgium

HSBC

Belfius Bank

Citibank

Goldman Sachs

Work highlights

  • Advising a number of asset managers and other regulated entities on designing and implementing Brexit strategies.

Bird & Bird

Scott McInnes and Paul Hermant are the key contacts at Bird & Bird. The team is well known for its solid capabilities in assisting with online payment and electronic banking matters, and in this space, is advising software company Stripe on payment regulation issues.

Practice head(s):

Scott McInnes; Paul Hermant

Testimonials

Always happy to help and very knowledgable in the space.’

Scott McInnes is always responsive‘.

Key clients

Mastercard

Vocalink

Stripe

Touring

Amadeus

Ethias

DLA Piper

At DLA Piper, the 'practical and accessible' Pierre Berger is the key name in a practice which handles, among other areas, online payment systems, investment funds and derivatives work.

Practice head(s):

Pierre Berger

Key clients

BNP Paribas Fortis

ING Belgium

Bancontact Payconiq Company

Work highlights

  • Assisting Bancontact Payconiq Company with creating a scheme for contactless payments.
  • Assisted BNP Paribas Fortis with setting up a collaboration with fintech platform Tink.

Freshfields Bruckhaus Deringer

Liedekerke Wolters Waelbroeck Kirkpatrick

At Liedekerke Wolters Waelbroeck Kirkpatrick, the 'excellent' practice head Tom Van Dyck is assisting Flemish investment company PMV with implementing the fourth Anti Money Laundering Directive (AML4) within the four funds the client manages. Senior associate Karolien Decoene and associate Louise Verstraete are also recommended.

Practice head(s):

Tom Van Dyck

Testimonials

Good in depth knowledge about regulations‘.

Tom Van Dyck is excellent‘.

Key clients

Allianz

AG Insurance

Patronale Life

Banque de Luxembourg

Work highlights

  • Advised Euroclear on the implementation of the Shareholders Rights Directive II in over 20 jurisdictions.

Linklaters

Etienne Dessy is the name to note at Linklaters, which has solid capabilities in advising prominent financial institutions on regulatory investigations, financial reorganisations, advisory matters, and regulatory issues involving investment funds, among other areas.

Practice head(s):

Etienne Dessy

NautaDutilh

Anne Fontaine's practice at NautaDutilh counts central securities depositories (CSD) and securities settlement systems as key strengths, although the group is well versed across the full range of financial regulation work, with a focus on advisory matters. Associate Pierre De Pauw is recommended.

Practice head(s):

Anne Fontaine

Other key lawyers:

Pierre De Pauw

Key clients

Euroclear

QBE

ABN Amro

Work highlights

  • Assisted key client Euroclear with its CSD applications under the new Central Securities Depositories Regulation; the client was authorised as a CSD in April 2019.
  • Assisted insurance group QBE with the regulatory aspects of its decision to implement a subsidiary in Belgium.

Osborne Clarke

Fintech regulatory work is a core strength at Osborne Clarke. Belgian Mobile ID is a key client for the team, and the firm is advising it both on the regulatory framework for its mobile identification project - using an app to register as a client with a financial entity and remotely approve transactions - and most recently on eIDAS regulatory matters. Joan Carette associate Jean-Christophe Vercauteren left the firm in mid-2020.

Key clients

Belgian Mobile ID

PwC Legal

PwC Legal's team is perhaps best known for advising prominent financial institutions, companies, asset managers and investment funds on restructuring, compliance, and regulatory matters. Jacques RichelleIvan Peeters, and Philip Van Steenwinkel are key contacts.

Practice head(s):

Jacques Richelle; Ivan Peeters

Other key lawyers:

Philip Van Steenwinkel

Testimonials

The team is efficient and reactive. They can provide good advice on a short notice‘.

Key clients

ING Belgium

Belfius Bank

Sumitomo Mitsui Banking Corporation

Deutsche Bank