The Sanctions Committee shall pronounce on the imposition by the Bank of administrative fines and penalties laid down by the laws applicable to the institutions that it supervises.
The Sanctions Committee shall comprise six members appointed by the King:
- a State counsellor or honorary State counsellor, appointed on a proposal from the First President of the Council of State;
- a counsellor at the Court of Cassation or honorary counsellor at the Court of Cassation, appointed on a proposal from the First President of the Court of Cassation;
- two magistrates who are neither members of the Court of Cassation, nor of the Brussels Court of Appeal;
- two other members.
The chairman is elected by the members from among the persons mentioned in 1°, 2° and 3.
For the three years preceding their appointment, the members of the Sanctions Committee may not have been on either the Board of Directors of the Bank, or a member of the Bank's staff.
During the course of their mandate, members may not carry out any duties whatsoever or any mandate whatsoever in an institution subject to the supervision of the Bank or in a professional association representing institutions subject to the supervision of the Bank, nor may they provide services for a professional association representing institutions subject to the supervision of the Bank. They are also prohibited from taking on certain political posts (as members of a parliament, government or ministerial cabinet).
The mandate of the members of the Sanctions Committee is six years and renewable. Members may be removed from office by the King only if they no longer fulfil the conditions for the performance of their duties or if they have been guilty of serious misconduct.