NBB Publishes Regulatory Updates in July 2022
The Board of Directors of the National Bank of Belgium (NBB) have authorized the transfer of activities of the Belgium branch of JPMorgan Chase Bank, which is the National Association to the Belgium branch of J.P. Morgan S.E., in accordance with the terms of the agreement concluded by the two parties in this regard. The entry into force of the transfer has been scheduled for August 01, 2022. Additionally, NBB published a communication on the exercise of external functions by managers and persons responsible for independent control functions of regulated companies.
The prudential supervision laws provide that managers and persons responsible for independent control functions of financial institutions must devote the necessary time to the performance of their functions within these institutions, and thus regulate their right to exercise other functions outside these institutions. The latest NBB communication recalls the principles and scope of the legal and regulatory provisions on external functions and clarifies the practical consequences thereof. The legal framework for external functions applies to non-executive directors, members of the management committee (whether directors or not), persons responsible for independent control functions, and senior managers.
Related Links
- Notification on JP Morgan (in Dutch and French)
- Communication on Exercise of External Functions (PDF)
Keywords: Europe, Belgium, Banking, Jp Morgan, Regulatory Capital, Mergers and Acquisitions, Internal Control Functions, Governance, NBB
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