Belgium follows a "twin peaks" model with two autonomous supervisors, each with specific tasks and competencies:

• The National Bank of Belgium (NBB):

• The NBB oversees individual financial institutions (microprudential supervision) and ensures the proper functioning of the financial system as a whole (macroprudential supervision). The NBB thus ensures the financial soundness of financial institutions under its control through requirements on solvency, liquidity and profitability.
• The NBB oversees payment systems and securities settlement systems, supervising their proper functioning and ensuring their efficiency and solidity.
• The NBB is the competent anti-money laundering (AML) supervisor for the financial institutions under its supervision. 

•  The Financial Services and Markets Authority (FSMA):

• The FSMA supervises the financial markets and listed companies; authorizes and supervises certain categories of financial institutions; is responsible for the “social supervision” of supplementary pensions; and supervises the unlawful offering of products and financial services.
• The FSMA monitors financial intermediaries for compliance with rules of conduct in order to guarantee the loyal, fair and professional treatment of clients. 
• The FSMA contributes to the financial education of savers and investors.
• The FSMA is the competent AML supervisor for the financial institutions and financial intermediaries under its supervision.

Additionally, the following EU authorities are also relevant in Belgium:

• The European Supervisory Authorities (ESAs)  ̶  the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA), and the European Insurance and Occupational Pension Schemes Authority (EIOPA)
  • The ESAs play an important role in issuing technical standards and guidelines. They have some limited supervisory powers over Belgian firms.
• The European Central Bank (ECB)
  • The ECB is the supervisor of Eurozone banks under the EU’s Single Supervisory Mechanism (SSM). As Belgium is in the Eurozone, Belgian banks are within the scope of the SSM and subject to supervision by the ECB.
  • Different supervisory powers apply depending on whether the bank is "significant" or "less significant."