Belgium

At the request of Mr Pierre-Yves Dermagne, Deputy Prime Minister and Minister of the Economy and Employment, the Insurance Commission issued an opinion on 23 December 2022 about deadlines and sanctions regarding the payment of claims by insurers (DOC/C2022/8). This opinion contains a draft law to cover all branches of insurance not yet governed by any legislation regarding the payment of insurance claims, as well as a draft law to replace Articles 13 and 14 of the Law of 21 November 1989 on the compulsory civil liability insurance in respect of motor vehicles. Read more in the advice C/2022/08 ...(available in French - Dutch only) This...

During the past few weeks, the FSMA continued to receive complaints from consumers concerning new fraudulent online trading platforms that are operating in the Belgian market. These trading platforms try to arouse consumers’ curiosity by placing scam ads on social media or online video platforms. In these fake ads, a (well-known) person often explains how to get rich quick. Trading platforms also sometimes use mobile applications to lure victims. These fake ads or mobile applications often offer a virtual currency, trading software or a training course. After clicking on the ad or downloading the mobile app and having given their contact details, the...

The FSMA informs the companies concerned that it has incorporated the ESMA guidelines on stress tests under the Money Market Funds Regulation into its supervisory practice. Read more in FSMA_2023_04 (available in French - Dutch only) This news item was originally published by the Financial Services and Markets Authority (FSMA BE). For more information, please see the Source Link.

The agreed settlement provides for the payment of EUR 2,500 and a publication by name on the website of the Financial Services and Markets Authority (FSMA). This press release is not available in English. Please consult the French or Dutch site. This news item was originally published by the Financial Services and Markets Authority (FSMA BE). For more information, please see the Source Link.

Circular FSMA_2023_03 (available in Dutch and French only) sets out and clarifies the procedural rules for the receipt and treatment of reports of infringements of the legislation with which the FSMA is tasked with supervising compliance. This circular also clarifies the protective measures that apply in this context. The circular implements Article 14, §5 of the law of 28 November 2022 on the protection of whistleblowers reporting infringements of European Union or national law identified within a legal entity in the private sector, which enters into force today. The FSMA has also updated its Frequently Asked Questions on the website for the FSMA’s Whistleblowers’ point of...

Jean-Paul Servais, chairman of the international Organization of Securities Commissions (IOSCO) and of the FSMA Belgium today chaired the meeting of the European Regional Committee (ERC) of IOSCO in Athens. « More than 50 representatives gathered to discuss global developments in key areas such as sustainable finance, Fintech and crypto assets and their relevance for the protection of investors and the integrity of the markets in the region. These discussions will provide valuable feedback to the global work coordinated by IOSCO, » said Jean-Paul Servais after the meeting. Jean-Paul Servais expressed his gratitude to the host of the meeting, Mrs. Vassiliki Lazarakou, who...

The FSMA has prepared a guide to the content and publication of information notes relating to the offer of investment instruments. Unlike a prospectus, an information note is not subject to ex ante supervision by the FSMA. Given the limited number of operations for which an information note has to be drawn up, those responsible for the information note do not always receive external advice or professional assistance. This guide is intended to help those responsible for drawing up information notes for such smaller-scale operations. More specifically, the FSMA wishes via this guide to set out the applicable rules and the...

Listed companies in financial difficulty are increasingly issuing convertible bonds in order to meet their financing needs. The Financial Services and Markets Authority (FSMA) warns shareholders of such companies of the major risk such issuances entail for them. A convertible bond offers the holder the right to convert the bond into shares. The conversion occurs at a conversion price set in advance. Usually, the conversion price will be higher than the market price of the issuing company at the time the convertible bond is issued. However, the conversion price is in some cases lower than the market price at the time...

The FSMA has published a Communication on the entry into force of Commission Delegated Regulation (EU) 2022/1288 of 6 April 2022 supplementing the SFDR with regulatory technical standards. The Communication takes the form of Q&As and covers, for example, the content and presentation of the information relating to the promotion of environmental or social characteristics and objectives for sustainable investments in precontractual documents, on websites and in periodic reports. These Q&As bring together the clarifications published by the European Commission and the European Supervisory Authorities on the subject and sets out the FSMA’s expectations in this regard. Read more in Communication...

One of the tasks entrusted to the Financial Services and Markets Authority (FSMA) is to combat unlawful activities in the area of financial investments. Since last July, it has been publishing a quarterly dashboard that provides statistics and an overview of the main trends regarding investment fraud. Today, it is publishing the dashboard for the fourth quarter of 2022, which will also include the figures for the whole year 2022. This edition of the dashboard focuses on the following items: “Recovery room” fraud is increasing. The FSMA wishes to draw the attention of the public to this type of fraud, which...

Jean-Paul Servais, Chairman of the FSMA and of the International Organization of Securities Commissions (IOSCO), gave an online talk at the Asian Financial Forum held in Hong Kong on 11 and 12 January 2023. The event brought together global leaders in government, finance and business to share ideas and information. Each year, the Asian Financial Forum gathers thousands of participants from numerous countries around the world. During his online speech, Jean-Paul Servais notably elaborated on the challenges facing the global financial sector and the role played by IOSCO in this area. He went on to underline IOSCO’s priorities for 2023: sustainable finance and mitigating...

The agreed settlement provides for the payment of an amount of EUR 29,958 and a nominative publication on the website of the Financial Services and Markets Authority (FSMA) for a period of three months. This press release is not available in English. Please consult the French or Dutch site. This news item was originally published by the Financial Services and Markets Authority (FSMA BE). For more information, please see the Source Link.