Jurisdiction Belgium | Headquarters Brussels, Belgium | |
Formed January 1, 2004 (2004-jan-01) Dissolved March 31, 2011 (2011-mar-31) Superseding agency Financial Services and Markets Authority (Belgium) Agency executive Eddy Wymeersch, Chairman | ||
The Banking, Finance and Insurance Commission (CBFA) (Dutch: Commissie voor het Bank-, Financie- en Assurantiewezen, French: Commission Bancaire, Financière et des Assurances) was the financial regulatory agency for Belgium. It was replaced by a new agency, the Financial Services and Markets Authority (FSMA) on 1 April 2011 as part of a restructuring of the financial regulatory system in Belgium.
History
The CBFA was formed in 2004 with the merger of Insurance Supervisory Authority (Dutch: Controledienst voor de Verzekeringen CDV), which was originally created in 1975, and the Banking and Finance Commission (Dutch: Commissie voor het Bank- en Financiewezen CBF), which was created in 1935, to form a single agency to regulate all financial markets in Belgium.
It was replaced by the Financial Services and Markets Authority (FSMA) when the Law of 2 July 2010 was implemented. This was to develop the supervision of the financial sector towards a bipartite model known as the "Twin Peaks" model. This bipartite model is intended to provide a structure for the two major objectives of the supervision of the financial sector;