FSMA consults on new rules on the marketing of financial products in Belgium

The Belgian Financial Services and Markets Authority (FSMA) is organising consultations on proposals for (i) a royal decree introducing information obligations in connection with the marketing of financial products to retail clients and (ii) a royal decree banning the distribution of certain financial products. The consultation period runs up to and including 17 February 2014.

The broad scope of the proposed regulations may have a significant impact on financial institutions that regularly engage in transactions with Belgian retail investors. Among other things, product manufacturers would have a heightened responsibility in relation to product disclosure in the context of the distribution of their products in Belgium through Belgian distributors.

The proposals constitute a further implementation of the Twin Peaks II Law, which entered into force on 9 September 2013 and strengthened the supervisory powers of the FSMA, especially in the field of consumer protection…

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