{
  "title": "Belgium: Financial System Stability Assessment-Technical Note-Banking, Insurance, and Financial Conglomerate Supervision",
  "publication": "IMF Staff Country Reports, March 8, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2018/03/08/belgium-financial-system-stability-assessment-technical-note-banking-insurance-and-financial-45707",
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  "summary": "This Technical Note analyzes the key aspects of the regulatory and supervisory regime of banks, insurance companies and financial conglomerates (FCs) in Belgium.",
  "sections": [
    {
      "heading": "Executive summary and main findings",
      "content": "- The Technical Note analyzes the key aspects of the regulatory and supervisory regime of banks, insurance companies and financial conglomerates (FCs) in Belgium.\n- The regulatory framework for Belgian financial institutions has been strengthened substantially since the 2013 Financial Sector Assessment Program.\n- Notable reforms and transpositions:\n  - New national banking and insurance laws have been issued.\n  - The Bank Recovery and Resolution Directive has been transposed.\n  - Amendments to the Financial Conglomerate Directive have been transposed.\n  - Solvency II has been implemented.\n  - The National Bank of Belgium has been designated as the macroprudential authority.\n- Impacts of reforms:\n  - The regulatory framework has been improved significantly and broadened in scope to better address the challenges posed by FCs.\n  - Financial sector supervision has been upgraded markedly."
    },
    {
      "heading": "Areas of regulatory and supervisory focus",
      "content": "- Banking supervision and capital adequacy: emphasis on strengthened national banking law and alignment with international/regional directives.\n- Insurance supervision and solvency: implementation of Solvency II as a core reform.\n- Financial conglomerate oversight: transposition of amendments to the Financial Conglomerate Directive and broadened supervisory scope for FCs.\n- Macroprudential governance: designation of the National Bank of Belgium as macroprudential authority."
    },
    {
      "heading": "Subjects and keywords (as provided)",
      "content": "- Subjects:\n  - Banking\n  - Capital adequacy requirements\n  - Credit\n  - Financial institutions\n  - Financial regulation and supervision\n  - Financial sector policy and analysis\n  - Insurance\n  - Insurance companies\n  - Money\n  - Solvency\n- Keywords:\n  - banking group\n  - Capital adequacy requirements\n  - capital ratio\n  - CR\n  - Credit\n  - credit risk\n  - Europe\n  - Global\n  - group transaction\n  - Insurance\n  - Insurance companies\n  - interest rate\n  - ISCR\n  - mortgage loan\n  - risk management\n  - Solvency\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2018/03/08/belgium-financial-system-stability-assessment-technical-note-banking-insurance-and-financial-45707/index.md)",
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    "Published: March 8, 2018",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484345955.002",
    "The Technical Note analyzes the key aspects of the regulatory and supervisory regime of banks, insurance companies and financial conglomerates (FCs) in Belgium.",
    "The regulatory framework for Belgian financial institutions has been strengthened substantially since the 2013 Financial Sector Assessment Program.",
    "Notable reforms and transpositions:",
    "Impacts of reforms:",
    "Financial conglomerate oversight: transposition of amendments to the Financial Conglomerate Directive and broadened supervisory scope for FCs.",
    "Macroprudential governance: designation of the National Bank of Belgium as macroprudential authority.",
    "Subjects:",
    "Keywords:",
    "**Country Report**"
  ],
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