{
  "title": "Belgium: Technical Note on Securities Markets Regulation and Supervision",
  "publication": "IMF Staff Country Reports, May 24, 2013",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/belgium-technical-note-on-securities-markets-regulation-and-supervision-40572",
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  "summary": "The Belgian securities market and financial services markets have remained subdued since the crisis, and significant changes have taken place in regulatory architecture in response. The execution requires both the resources and the same strong focus on driving key outcomes.",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- The Belgian securities market and financial services markets have remained subdued since the crisis.\n- Significant changes have taken place in regulatory architecture in response to the crisis.\n- Execution of reforms requires both the resources and the same strong focus on driving key outcomes.\n- Concerns remain about the risk of regulatory arbitrage arising from differences in regulatory and supervisory approaches between the National Bank of Belgium (NBB) and the Financial Services and Markets Authority (FSMA).\n- Efforts to solidify cooperation and integration of work between the NBB and the FSMA should continue along with investor education work."
    },
    {
      "heading": "Key concerns and risks",
      "content": "- Regulatory arbitrage risk due to differences in approaches between NBB and FSMA.\n- Potential gaps in execution capacity: reforms require adequate resources and sustained focus.\n- Continued subdued activity in securities and financial services markets since the crisis."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Solidify cooperation and integration of work between the National Bank of Belgium (NBB) and the Financial Services and Markets Authority (FSMA).\n- Strengthen execution capacity by ensuring necessary resources and maintaining strong focus on driving key outcomes.\n- Continue and reinforce investor education initiatives.\n\n---\n\n Content in this bundle\n\n- cr13136\n  - cr13136 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr13136 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: May 24, 2013",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484326022.002",
    "The Belgian securities market and financial services markets have remained subdued since the crisis.",
    "Significant changes have taken place in regulatory architecture in response to the crisis.",
    "Execution of reforms requires both the resources and the same strong focus on driving key outcomes.",
    "Concerns remain about the risk of regulatory arbitrage arising from differences in regulatory and supervisory approaches between the National Bank of Belgium (NBB) and the Financial Services and Markets Authority (FSMA).",
    "Efforts to solidify cooperation and integration of work between the NBB and the FSMA should continue along with investor education work.",
    "Regulatory arbitrage risk due to differences in approaches between NBB and FSMA.",
    "Potential gaps in execution capacity: reforms require adequate resources and sustained focus.",
    "Continued subdued activity in securities and financial services markets since the crisis.",
    "Solidify cooperation and integration of work between the National Bank of Belgium (NBB) and the Financial Services and Markets Authority (FSMA).",
    "Strengthen execution capacity by ensuring necessary resources and maintaining strong focus on driving key outcomes.",
    "Continue and reinforce investor education initiatives.",
    "**_cr13136**"
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