Commission Bancaire, Financière et des Assurances

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The Banking, Finance and Insurance Commission, Belgium (CBFA) supervises most financial institutions and financial services offered to the public. It was created by royal decree in 2004 as a result of the merger of the Banking and Finance Commission and the Insurance Supervisory Authority.

The CBFA aims to protect of savers and policy-holders, ensure public confidence in financial products and services, and oversee the proper operation of markets in financial instruments.

It is financed through contributions from the companies it regulates.


Decision-Making Bodies

The CBFA had four decision-making bodies:[1]


The chairman of the Management Committee

Jean-Paul Servais: Appointed on 20 April 2007. Before that he was deputy chairman of the CBFA, responsible for Supervision of Financial Information and Markets.[2]

The Management Committee

The Management Committee is the CBFA’s decision-making body. It makes all decision except where fines or penalties are to be decided (this is done by the Supervisory Board - see below). The Management Committee comprises the chairman of the Management Committee and between four and six members – half of which must be on the Board Directors of the National Bank of Belgium (NBB). Current members are:

Prof Michel Flamée, Vice-Chairman: Professor at the Economic and Financial Law Centre of the Free University of Brussels since 1989. Since February 2007, Flamée has been the Chairman of the International Association of Insurance Supervisors after serving as Vice Chairman since 2004.[3]
Henk Becquaert: Between 1994 and 2003 he served on the staff of several ministers, including the Flemish minister of employment and social affairs and the minister of social affairs and pensions, where he served as chief of staff (2002-2003) and director of the policy unit (2003-2004). Since 2005 he has been a special representative for supplementary pensions at CBFA.[4]
Rudi Bonte: Acting Head of the Banking Supervision Department. Also a member of the Basel Committee on Banking Supervision and the Banking Supervision Committee of the European Central Bank (BSC).[5] No other information on background.
Marcia De Wachter is a director of the National Bank of Belgium. She has worked at the NBB in various roles since July 1988.[6]
Françoise Masai is a director of the National Bank of Belgium. She has worked at the bank in various roles since 1971.[7]
Peter Praet is a director of the National Bank of Belgium. Before joining the National Bank, he was served as chief of cabinet for the Belgian Minister of Finance from 1999-2000, as chief economist of Générale de Banque and Fortis Bank from 1988-1999, as professor of economics at the Université Libre de Bruxelles from 1980-1987, and as economist at the International Monetary Fund from 1978-1980.[8]

The Supervisory Board

The Supervisory Board oversees the work of the CBFA. It is made up of a Chairman and between 10 and 14 members representing external organisations. It submits opinions to the Management Committee on the CBFA’s priorities and any regulations it plans to issue. It also approves the CBFA’s accounts. Some members also sit on a Sanctions Committee which decides on the imposition of administrative fines and penalties. Members are:

Eddy Wymeersch, Chairman: Before joining the CBFA, Wymeersch was a Regent (senior advisor) to the National Bank of Belgium from 1992, and also a member of the legislative branch of the Council of State. Between 1990 and 2001, he was a member of the board of several (unnamed) Belgian companies.[9]
Jean-François Cats: Managing Partner at Toelen, Cats – one of the leading business consultancy firms in Belgium. A Censor (advisor) to the National Bank of Belgium.[10]
Herman Cousy: Director of the Centre for Risk and Insurance Studies, at the Catholic University of Leuven.[11]
Eric De Keuleneer is a banker. He was Head of Syndication and Trading at Kredietbank S.A. Luxembourgeoise (1981-1983); Head of Corporate Finance and New Issues, then Head of Corporate and Investment Banking at Générale Bank, Brussels (1983 to 1995); and President of the Executive Committee of finance company OCCH – called Credible since May 2001 (from 1995 to date).[12]
Christian Dumolin: Chairman and CEO of investment company Koramic Investment Group. Also a Censor (advisor) to the National Bank of Belgium.[13]
Martine Durez: Chairwoman of the Board of the Belgian Post Office and Regent at the National Bank of Belgium.[14]
Jean Eylenbosch: Vice President of Public Affairs at Coca-Cola Benelux. Due to be voted in as a Censor of the National Bank of Belgium today (30 March 2009).[15]
Hilde Laga: Founding partner of law firm Laga.[16]
Didier Matray: Lawyer at the Liège Bar and senior partner in the international law firm Matray Matray Hallet. Regent for the National bank of Belgium.[17]
Pierre Nicaise
Jean-Paul Pruvot: Director of Fortis Bank representing the Belgian State since 27 January 2009.[18]
Michel Rozie
Marnix Van Damme: Professor of Constitutional and Administrative Law at the Free University of Brussels.[19]
Dirk Van Gerven: Partner in law firm NautaDulith. Specialist in corporate and financial law.[20]

The Secretary General

Responsible for the administrative management of the CBFA and cooperation with other public institutions.

Albert Niesten, Secretary General


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Resources

Notes

  1. ↑ CBFA, "The Banking, Finance and Insurance Commission, An introduction," 01 December 2007, accessed 01 April 2009.
  2. ↑ CBFA, Annual Report 2006, accessed 01 April 2009.
  3. ↑ LLOYD'S, Michael Flameé, accessed 01 April 2009.
  4. ↑ FT Global Events, Henk Becquaert, accessed 01 April 2009.
  5. ↑ CEBS, CEBS APPOINTS NEW BUREAU MEMBERS, 31 January 2007, accessed 21 March 2010.
  6. ↑ National Bank of Belgium, Marcia De Wachter, accessed 01 April 2009.
  7. ↑ National Bank of Belgium, Françoise Masai, accessed 21 March 2010.
  8. ↑ National Bank of Belgium, Peter Praet, accessed 01 April 2009.
  9. ↑ ECGI, Professor Eddy Wymeersch, accessed 01 April 2009.
  10. ↑ TCLM, Jean-François Cats, accessed 01 April 2009.
  11. ↑ Katholieke Universiteit Leuven, Prof. Dr. Herman Cousy, accessed 01 April 2009.
  12. ↑ Université Libre de Bruxelles, Eric De Keuleneer, accessed 01 April 2009.
  13. ↑ CVC Capital Partners, Christian Dumolin, accessed 01 April 2009.
  14. ↑ National Bank of Belgium, Martine Durez, accessed 01 April 2009.
  15. ↑ National Bank of Belgium, Second summons to the general meeting 2009, 21 March 2009, accessed 01 April 2009.
  16. ↑ Laga, Hilde Laga, accessed 01 April 2009.
  17. ↑ National Bank of Belgium, Didier Matray, accessed 01 April 2009.
  18. ↑ Fortis Bank, Press release: Fortis Bank Board of Directors changes composition, 27 January 2009, accessed 01 April 2009.
  19. ↑ Vrije Universiteit Brussel, Department of Constitutional and Administrative Law, accessed 01 April 2009.
  20. ↑ NautaDutilh, Dirk Van Gerven, accessed 01 April 2009.
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