Sylvia Kierszenbaum

Sylvia Kierszenbaum


Sylvia focuses on the regulation of banking and insurance activities and financial services. 

She also has extensive experience in areas including capital markets, financial instruments, structured finance transactions, securitisations and trade receivables finance, covered bonds, funds, corporate reorganisations and corporate finance.

Prior to joining the Banking & Finance department, Sylvia also worked for ten years in Belgium’s Corporate department, where she covered M&A and corporate law.

Sylvia regularly publishes articles on financial regulation and capital markets, and she consistently receives praise for her expertise in legal directories.


Representative matters

Athora Belgium SA/NV (Athora Belgium), a wholly owned subsidiary of life insurance group Athora Holding Ltd. (Athora), on the acquisition of a closed-book individual life portfolio from NN Insurance Belgium NV/SA representing €3.3bn of assets under management. 

An international payment institution in performing a regulatory assessment of its digital payment services under the laws of 13 countries. 

Argenta Spaarbank, a Belgian credit institution, on the set-up of a €7.5 billion Belgian covered bonds programme and a €3 billion Euro Medium Term Notes Programme, we have advised Argenta Spaarbank on the annual updates of those programmes and several issuances thereunder. 

Bank Nagelmackers as originator/seller and Belfius Bank as arranger in connection with the setting up of the B-Arena V securitisation transaction.

Published Work

  • Kierszenbaum, S., De Dijn, S., De Waele, N. (2021), "Belgian Brexit update following the hard Brexit for financial services", 2021, Bank Fin.R., afl. 1, 34-43.
  • Kierszenbaum, S. and De Waele, N. (2020) “the impact of the new Belgian Companies and Associations Code on the governance structure of financial institutions” in: Impact du nouveau droit des sociétés sur le secteur financier / De impact van het nieuwe vennootschapsrecht op de financiële sector, 2020, Larcier Legal 
  • Kierszenbaum, S. and De Waele, N. (2019) “Banking, investment and insurance services after Brexit: Loss of passporting rights and impact on existing cross-border business”, 2019, Larcier Legal 
  • Kierszenbaum, S. and De Waele, N. (2018) “MiFID II rules on conflicts of interest and inducements: reinforcement of the MiFID I framework.” chapter in “MiFID II & MiFIR: Capita Selecta”, 2018, p. 115-153, Brussels: Anthemis
Absolutely top for regulatory work. Pragmatic, quick to get familiar with the subject and very practical.
Chambers Europe, 2018
A ‘top lawyer’ who is doing some excellent work.
Chambers Europe, 2017


Client Choice Award for Capital Markets, Client Choice, 2015



Registered Foreign Lawyer, England and Wales, 2021

Admitted as “advocaat / avocate” (Belgium), 1992


LLM, Cornell University, 1989

Law Degree, Universitaire Instelling Antwerpen, 1988


Dutch, English, French
A&O Shearman was formed on May 1, 2024 by the combination of Shearman & Sterling LLP and Allen & Overy LLP and their respective affiliates (the legacy firms). Any matters referred to above may include matters undertaken by one or more of the legacy firms rather than A&O Shearman.