The Financial Services and Markets Authority (FSMA ) is Belgium’s regulatory and supervisory body for the financial sector. Created in 2011 to succeed the Banking, Finance and Insurance Commission (CBFA), the FSMA’s main mission is to supervise financial markets, guarantee consumer protection, and promote the transparency and integrity of financial institutions operating in Belgium.
The Financial Services and Markets Authority is an independent regulator, operating under the supervision of the Belgian Ministry of Finance, and shares supervision of the banking sector with the National Bank of Belgium (NBB). While the NBB focuses on bank stability and systemic risk, the FSMA is responsible for investor and consumer protection in all financial products available on the Belgian market. It ensures that management companies, investment funds, insurance companies and financial intermediaries comply with current laws and regulations.
One of FSMA’s fundamental roles is to ensure the transparency and smooth operation of the Belgian financial markets. It supervises the financial information disseminated by listed companies and monitors transactions to prevent market abuse, such as insider trading and price manipulation. The authority is also responsible for registering and supervising financial intermediaries, whether insurance brokers, banking agents or investment advisors.
FSMA also strives to protect consumers by providing educational tools and regulating the marketing of financial products. It ensures that information provided to investors is clear, complete and not misleading, and that financial institutions adhere to high ethical standards. One of FSMA’s flagship consumer protection initiatives is the publication of warning lists against illegitimate or fraudulent financial players operating without a license in Belgium.
FSMA is also actively involved in the regulation of new financial technologies, such as fintechs, cryptocurrencies and participatory finance platforms. Faced with the rise of these innovations, it has put in place regulatory frameworks to ensure that these new players meet the required standards of security and transparency. For example, FSMA played a crucial role in implementing the European Markets in Financial Instruments Directive (MiFID II), which aims to protect investors and increase transparency on European financial markets.
The fight against money laundering and the financing of terrorism is another of FSMA’s priorities. In collaboration with the Cellule de Traitement des Informations Financières (CTIF) and other international authorities, it ensures that Belgian financial institutions apply strict transaction and customer verification procedures.
Internationally, the FSMA works closely with other European and global regulators, notably the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA). It also actively participates in the discussions and work of international organizations, such as the International Organization of Securities Commissions (IOSCO) and the Basel Committee on Banking Supervision, to ensure that Belgian regulation remains aligned with global best practice.
