Aggregated News From Investment Management Regulators

Brexit – transitional permissions regime for intermediaries established in the UK or in Gibraltar

Report/Flag

Please complete the required fields.



As a consequence of Brexit, (re)insurance and ancillary insurance intermediaries governed by UK or Gibraltar law no longer benefit from the European passport: this means they are no longer authorised to pursue their activities in Belgium.

These intermediaries can, however, benefit from a transitional permissions regime that will temporarily enable them to continue their activities in Belgium. The Royal Decree of 22 December 2020 (published in the Belgian Official Gazette on 31 December 2020) introduces a transitional regime which allows (re)insurance and ancillary insurance intermediaries established in the UK or in Gibraltar, and who were already authorised to pursue their activities in Belgium before Brexit, to temporarily pursue their activities relating to the insurance contracts concluded before that date, without being enrolled in the register held by the FSMA.

The FSMA underlines the following points requiring attention for the intermediaries that envisage making use of this transitional regime:

  • The transitional regime is subject to the conditions listed in the Royal Decree. Only those intermediaries that have confirmed they will comply with these conditions will be authorised to pursue their activities. The FSMA can request all information relating to the (re)insurance distribution activities carried out in Belgium, including all information concerning the (re)insurance contracts that they manage and execute;
  • Intermediaries wishing to benefit from this transitional regime are required to notify the FSMA thereof at the latest two months following 1 January 2021;
  • The maximum duration of the transitional permissions regime  is 18 months, starting on 1 January 2021.

To benefit from this transitional regime, please fill out this form and send it to [email protected]. Any questions about this regime can also be sent to that e-mail address.

This news item was originally published by the Financial Services and Markets Authority (FSMA BE). For more information, please see the Source Link.

Regulator Information

Abbreviation: FSMA
Jurisdiction: Belgium

Recent Articles

The SEC Levels Up: Statement on In re Activision Blizzard

Feb. 3, 2023 Today, the Commission announced a $35 million settlement with Activision Blizzard Inc. (“Activision Blizzard”).

Mr William Stephen Cairns (date of Birth 15 January 1949) of Key West, Doyle Road, St Peter Port Guernsey GY1 1RG — GFSC

Date of prohibition order pursuant to section 33 of the Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 and prohibited functions: From 2 February 2023 until 2 July

Mr Du Preez Gert Vermeulen (Date of Birth 5 August 1987) of Doyle Court, Doyle Road, St Peter Port Guernsey GY1 1RD

Date of prohibition order pursuant to section 33 of the Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 and prohibited functions: From 2 February 2023 until 2 Mar

Publication of a Notice of the fact of a Prohibition Order and a Discretionary Financial Penalty — GFSC

On 2 February 2023, the Commission imposed discretionary financial penalties as follows:  Mr William Stephen Cairns (“Mr Cairns”) a financial penalty of £133,000; and  Mr Du Preez Gert Vermeulen (“M

Get the latest from Regulatory.News in your inbox!

×