Since 1 April 2011 the FSMA is one of the two authorities, along with the National Bank of Belgium (NBB), entrusted with the supervision of the Belgian financial sector. As a result of the reform of financial supervision in Belgium that took effect on that date, the FSMA received a new challenge and the powers necessary to supervise, among other things, the conduct of financial institutions and the products they sell.
An essential task of the Belgian pensions regulator (FSMA) is to protect the pension benefits financed through pension funds and insurance companies. To that effect, it has a wide range of powers including:
- a general power of control over all pension funds and insurance companies;
- the right to investigate;
- the right to inform other stakeholders; and,
- the right to impose fines and other types of sanctions.
Our Pensions Team has expertise in dealing with the Belgian pensions regulator (FSMA) in a wide variety of matters including plan changes, financing issues, setting up of pension funds, restructuring and M&A.