Introduction Of The Banker's Oath

Through a law enacted on 20 December 2023, Belgium has (re)introduced the banker's oath. Published in the Belgian Official Gazette on 15 January 2024, the banker's oath is a recast of the 2019 banker's oath that never entered into force.

Scope

The banker's oath targets:

• Belgian credit institutions;
• branches and associated agents of EEA credit institutions;
• branches of non-EEA credit institutions; and
• Belgian agents in banking and investment services acting in the name of and on behalf of Belgian or foreign credit institutions.

The following persons who work at one of the aforementioned entities will need to swear the banker's oath:

• the individuals within credit institutions who are required to be fit and proper persons (i.e. directors, senior managers and persons responsible for the independent oversight functions of Belgian credit institutions and senior managers of branches of non-EEA credit institutions) and those required to be fit and