Am I subject to the examination obligation in compliance?

Access to the profession

The financial world is evolving every day. Today, more than ever, the emphasis is on financial advice with high added value for the client. Know-how lies at the heart of the trust that is central to your customer relations. This trust originates in the regulated exercise of the profession, the control and supervision of which is carried out by the FSMA. This means that you must be registered as an intermediary vis-à-vis the FSMA.

FSMA recognition

A legal status was introduced by the Act of 2 August 2002 on compliance officers. This legislation has been determined by the FSMA. 

To obtain your registration as a ‘certified compliance officer’, you must satisfy a number of legal conditions which, among other things, guarantee the required professional knowledge. The professional knowledge is acquired by passing an exam. With the Certified Compliance Programme exam, Febelfin Academy, as an examination provider recognised by the FSMA, offers you the opportunity to obtain the required professional knowledge.

You must achieve a minimum of 60% for each individual exam. Upon successful completion of your exam, you receive a certificate recognised by the FSMA. You can then add the certificate when submitting your FSMA registration file.

Are you required to take the exam?

To be recognised by the FSMA as compliance officers and to be able to keep this recognition,

candidates must satisfy the following conditions:

•  have appropriate experience;
•  hold a Master’s degree;
•  have acquired a thorough knowledge of the content and application of the regulations referred to in article 45, § 1, first paragraph, 3°, and § 2 of the Law of 2 August 2002, as well as of all regulations intended to promote the loyal, fair and professional treatment of the interested parties;
•  be covered by legal assistance insurance;
•  demonstrate the required professional trustworthiness.

Regulated companies concerned

These are the investment enterprises, the management companies of collective investment institutions, the credit institutions and the insurance enterprises under Belgian law, as well as branches of such institutions established in Belgium that are governed by the laws of third countries.

Compliance officers concerned

In accordance with article 87bis of the law of 2 August 2002 and article 1 of the FSMA regulations, the compliance officer, who must be recognised and appointed by the FSMA, is the person who, in a regulated company, performs the tasks referred to in article 87bis, §1, second paragraph of

the law of 2 August 2002 under the direct responsibility of the effective management.

Therefore, the recognition procedure is not aimed at all persons who perform compliance functions in a regulated company, but only at those persons who are directly accountable to the institution’s effective management.

This means that the persons at a high hierarchical level are targeted, in particular those who lead the compliance unit or the unit responsible for the exercise of the compliance functions with regard to compliance with the code of conduct.

Tasks of the compliance officers who have been recognised by the FSMA:

More specifically, they are the persons who carry out the following tasks under the

responsibility of the effective management:

1. The monitoring and the evaluation of the adequacy and efficiency of the policy, the procedures and the measures aimed at guaranteeing compliance, by the company and persons concerned, with the rules referred to in article 45, § 1, first paragraph, 3°, and § 2;
2. Advising and assisting the persons concerned so that they comply with the aforementioned obligations.

Which exams do you have to take?

Module 1: Ethics and Integrity

Module 2: Code of conduct for financial instruments and insurance

Module 3: Code of conduct for traditional banking products

Module 4: Prevention of money laundering and the financing of terrorism and compliance with the financial embargoes

Module 5: Products and product information

Module 6: Markets

This involves a self-study on our learning platform, followed by a theory exam, 3 classroom workshops and a practical exam.

Other questions in this category

• How to get access to my practice and study material?
• Do I have to take CPD in compliance?
• Hpw can I enrol for a retake ?
• Where can I find my attestations and certificates?