The Royal Decree of 3 March 2011 implementing the Law of 2 July 2010 amending the arrangements for the supervision of the financial sector in Belgium assigns to the National Bank of Belgium a prudential supervisory role over the main financial institutions, with effect from 1 April 2011. The Law of 2 July 2010 introduces a bipolar system of oversight ("Twin Peaks") which gives the National Bank general control over prudential supervision and gives the new Financial Services and Markets Authority (FSMA), that is taking over from the CBFA, responsibility for supervising the financial markets and ensuring consumer protection. Henceforth, the National Bank of Belgium is responsible notably for supervising the banks, insurance companies and stockbroking firms. This monitoring of individual financial institutions comes on top of the job of ensuring the smooth operation of the financial system as a whole. Besides monetary stability, maintaining an efficient and reliable financial system is one of the priorities of any central bank.