Banking, Finance and Insurance Commission
|Banking, Finance Insurance Company (CBFA)|
|Key People||Eddy Wymeersch, Chairman; Michael Flamee, Vice Chairman; Jean-Paul Servais, Vice Chairman; Albert Niesten, Secretary General|
The Banking, Finance and Insurance Commission (CBFA) is the result of the merger in 2004 of the Belgian Banking and Finance Commission (created in 1935) and the Insurance Supervisory Authority (created in 1975).
Organization and Purpose
The CBFA is the single Belgian authority responsible for supervising most financial institutions and financial services offered to the public. It is an autonomous public institution financed by contributions from the undertakings whose activity it supervises, according to conditions determined by royal decree.
The organization is run by Eddy Wymeersch, chairman of the Management Committee, the Management Committee, Supervisory Board and Secretary General Albert Niesten.
The CBFA was created to protect savers and policy-holders and to ensure public confidence in financial products and services and the proper operation of markets in financial instruments. Key responsibilities include: prudential supervision of financial institutions, supervision of information and of the operation of financial markets and supervision of the status of professionals in the financial sector (brokers, agents and sub-agents).
The CBFA works closely with the National Bank of Belgium on issues of common interest.
The organization was created in recognition of the need for enhanced harmonization and coordination among the European Economic Area Member States' supervisors. The CBFA is a member of three European consultative commmittees in the finance area: The Committee of European Banking Supervisors, the Committee of European Insurance and Occupational Pensions Supervisors and the Committee of European Securities Regulators. CBFA also participates in the Basel Committee on Banking Supervision, the International Association of Insurance Supervisors, the International Organization of Securities Commissions and the International Organization of Pension Supervisors.
- ↑ Banking, Finance and Insurance Commission: An Introduction. Banking, Finance Insurance Company.