Belgium: The Twin Peaks II Reform

Introduction

On 30 July 2013 the Belgian Parliament passed new legislation (the "Act") to improve the protection of users of financial products and services and the powers of the Financial Services and Markets Authority (the "FSMA").

The Act was published in the Belgian State Gazette on 30 August 2013 and, with a few exceptions, will enter into force on 9 September 2013.

The Act must be considered as an extension of the Twin Peaks I reform instituted by the Belgian Act of 2 July 2010, which amended the Belgian Act of 2 August 2002 on the supervision of the financial sector and on financial services and the Belgian Act of 22 February 1998 establishing the organic statute of the National Bank of Belgium.