To obtain authorization, an applicant must go through a formal process, which involves the completion of required application forms and the submission of supporting information.

In relation to timing, in most cases the regulator will have six months from receipt of a completed application to determine whether or not to approve the application. Where an application is deemed incomplete, the application must be resolved within 12 months.

The particular forms that must be completed for submission to the regulator depend on the nature of the regulated activities to be conducted.

Requests for authorization must be accompanied by an administrative file complying with the conditions laid down by the relevant regulator. In particular, a program of operations must be included in the administrative file, setting out, inter alia, the type and the volume of the business envisaged, the structural organization of the institution, and any close links the institution has with other persons. Applicants must provide all necessary information for the assessment of their request.

Individuals performing certain functions may be required to secure individual approval or registration with the relevant regulator such as: (i) members of the board of directors of the regulated business; (ii) senior managers; and (iii) “customer-facing” personnel.

These individuals need to submit forms providing information about themselves that will enable the regulator to assess their suitability to perform their roles. An effect of individual registration is that the individual concerned could be subject to personal disciplinary proceedings if they are party to a breach of FSMA and NBB rules.

Unlike many other countries, Belgium does not have a regulatory sandbox for fintechs, nor are there currently any plans to introduce a sandbox in the near future. The NBB and the FSMA have, however, jointly set up a unique Fintech Contact Point, which allows fintechs to enter into contact with the supervisory authorities through a single point of entry.