FAQ

1. The Regulation is intended for advertisements that are disseminated among consumers when distributing virtual currencies in Belgium. What is understood by distribution? , 2. Does the Regulation apply only to persons whose professional activity consists chiefly of distributing virtual currencies for remuneration?, 3. When do we speak of distribution within Belgian territory?, 4. What comes under the category of advertisements within the meaning of the Regulation?, 5. Does the Regulation apply to advertisements for reputation marketing?, 6. What are virtual currencies?, 7. Does the Regulation apply to the distribution of virtual currencies that are investment instruments?, 8. Who is a consumer within the meaning of the Regulation?, 9. The Regulation stipulates that advertisements must be 'clearly recognizable as such'. What does that mean?, 10. Can I change the contents of the mandatory risk warning?, 11. In what cases may an advertisement include a reference to the extended risk warning?, 12. What if the short warning and the link to the extended warning cannot be included in a short advertisement?, 13. How does the FSMA supervise compliance with the Regulation?, 14. Do the advertising rules apply only in the case of a mass media campaign?, 15. How is the threshold of 25,000 consumers determined if the same advertisement is disseminated via various social media channels? , 16. To what kinds of advertisements does the transitional regime apply and what does it consist of?, 17. Does the obligation to retain the contracts entered into for the dissemination of advertisements apply only when the latter are distributed as part of a mass media campaign? , 18. What is covered by the obligation to retain the contracts entered into for the dissemination of advertisements?, 19. What happens if the FSMA identifies an infringement of the Regulation?, 20. What is the impact of MiCA on the Regulation?

1. When does a potential bidder have to announce his/her intention to launch a bid?, 2. What information has to be included in a press release in which the potential offeror announces his/her intention to launch a bid?, 3. When does notification have to be made of transactions in securities carrying voting rights or conferring access to voting rights in the offeree company or the company whose securities are being offered by way of consideration?, 4. Do the provisions regarding the obligation to disclose any inside information to the public apply in the context of the preparation of a takeover bid?, 5. Does the legislation governing market abuse offer a legal framework for an offeror's negotiations regarding its takeover bid?, 6. May an offeror still buy securities in the offeree company during the preparation of a takeover bid, in order to strengthen its position within the shareholdership (also known as stake-building)?

1. Why is the FSMA taking this initiative?, 2. What products are affected?, 3. How does the moratorium work in practice?, 4. How can one determine whether a structured product is 'particularly complex'?, 5. How are the four criteria applied?, 6. What happens to the structured products that are already on the market?, 7. Will this initiative eliminate risky products?, 8. Why do some products with capital protection also fall under the moratorium?, 9. Why is the initiative limited to structured products?, 10. Why a voluntary moratorium rather than a ban?, 11. What if the moratorium is not observed?, 12. How long will the moratorium last?, 13. Where can I, as a professional, go for more information?

1. Why is the FSMA taking this initiative?, 2. What products are affected?, 3. How does the moratorium work in practice?, 4. How can one determine whether a structured product is 'particularly complex'?, 5. How are the four criteria applied?, 6. What happens to the structured products that are already on the market?, 7. Will this initiative eliminate risky products?, 8. Why do some products with capital protection also fall under the moratorium?, 9. Why is the initiative limited to structured products?, 10. Why a voluntary moratorium rather than a ban?, 11. What if the moratorium is not observed?, 12. How long will the moratorium last?, 13. Where can I, as a professional, go for more information?

1. Why is the FSMA taking this initiative?, 2. What products are affected?, 3. How does the moratorium work in practice?, 4. How can one determine whether a structured product is 'particularly complex'?, 5. How are the four criteria applied?, 6. What happens to the structured products that are already on the market?, 7. Will this initiative eliminate risky products?, 8. Why do some products with capital protection also fall under the moratorium?, 9. Why is the initiative limited to structured products?, 10. Why a voluntary moratorium rather than a ban?, 11. What if the moratorium is not observed?, 12. How long will the moratorium last?, 13. Where can I, as a professional, go for more information?

1. Does the moratorium apply to structured products for which the distribution period began before 1 August 2011?, 2. What procedure does the FSMA use to assess a distributor's compliance with the moratorium?, 3. What about an issuer whose products are distributed by a third-party distributor?, 4. Does the moratorium apply to the trading of structured products on a secondary market?, 5. Must a product mention the name of the issuer?, 6. What is the scope of the concept of 'distribution'?, 7. Does the moratorium apply to discretionary portfolio management or private placements?, 8. Does the moratorium apply to products purchased solely at the client's initiative?, 9. What is the definition of retail investor and how should the EUR 500,000 limit be interpreted when applying the opt-out?, 10. When is a securities index considered to have sufficient renown, track record and transparency and when does a securities index serve as a benchmark?, 11. When is the selection of shares or the customized index sufficiently diversified?, 12. What information must be provided during the lifetime of the product regarding the composition of the share selection or of the customized index?, 13. How is the balance between sharing profits and losses assessed?, 14. When does a minimal change in the performance of the underlying value have a disproportionate impact?, 15. What is the meaning of 'overly complex strategies where the capital protection is conditional'?, 16. What mechanisms are considered to be to the clients' advantage and hence not taken into account for determining the number of mechanisms?, 17. When is there sufficient transparency regarding costs?, 18. What is meant by an important change in the risk profile or the value of the product?, 19. Who are the 'holders of the product' who must be informed?, 20. What is involved in the distributor's commitment, upon signing on to the moratorium, to submit its marketing materials voluntarily to the FSMA, and how is this done in practice?, 21. Does the distributor's commitment to submit the value of the savings and derivative component to the FSMA before beginning distribution also apply to products distributed to clients under the opt-out?, 22. Are all entities with a distribution channel that is part of the same group required to participate in the moratorium?, 23. When is an interest rate accessible?, 24. Must intermediaries in banking and investment services who are exclusively tied to a regulated company and who are not insurance brokers, make their own decision whether or not to sign on to the moratorium?, 25. How often will the FSMA publish answers to questions of general relevance posed by the sector?, 26. What is the meaning of 'formula' in the definition of structured product given in the moratorium?, 27. How is the calculation formula assessed where the underlying of the derivative component of a structured product is either managed in accordance with a CPPI methodology or related technique, or is a customized index?, 28. Does the methodology of the customized index for selecting and weighting the components of the customized index have to be based on a set of pre-determined objective criteria?, 29. Do share options, warrants or options on units in an investment company with variable capital (bevek/sicav) that are offered by an employer to its employees as part of the compensation package fall under the provisions of the moratorium?, 30. In the event that the distributor has chosen to make use of the opt-out, where on the marketing materials must the sentence appear stating that the product is considered particularly complex under the terms of the FSMA's moratorium?, 31. How are the provisions of the moratorium applied to a class 23 insurance contract?, 32. What conditions must a selection of indexes fulfil?, 33. What is the scope of the teaser?, 34. Is a subordinated structured product compatible with the moratorium?, 35. Does the moratorium apply to bonds issued by commercial or industrial enterprises ('corporate bonds') ?, 36. What are the FSMA's expectations regarding product governance (and more specifically regarding the definition of the target market for structured products) when a complex underlying (e.g. a customized index) is used as underlying?

1. Does the moratorium apply to structured products for which the distribution period began before 1 August 2011?, 2. What procedure does the FSMA use to assess a distributor's compliance with the moratorium?, 3. What about an issuer whose products are distributed by a third-party distributor?, 4. Does the moratorium apply to the trading of structured products on a secondary market?, 5. Must a product mention the name of the issuer?, 6. What is the scope of the concept of 'distribution'?, 7. Does the moratorium apply to discretionary portfolio management or private placements?, 8. Does the moratorium apply to products purchased solely at the client's initiative?, 9. What is the definition of retail investor and how should the EUR 500,000 limit be interpreted when applying the opt-out?, 10. When is a securities index considered to have sufficient renown, track record and transparency and when does a securities index serve as a benchmark?, 11. When is the selection of shares or the customized index sufficiently diversified?, 12. What information must be provided during the lifetime of the product regarding the composition of the share selection or of the customized index?, 13. How is the balance between sharing profits and losses assessed?, 14. When does a minimal change in the performance of the underlying value have a disproportionate impact?, 15. What is the meaning of 'overly complex strategies where the capital protection is conditional'?, 16. What mechanisms are considered to be to the clients' advantage and hence not taken into account for determining the number of mechanisms?, 17. When is there sufficient transparency regarding costs?, 18. What is meant by an important change in the risk profile or the value of the product?, 19. Who are the 'holders of the product' who must be informed?, 20. What is involved in the distributor's commitment, upon signing on to the moratorium, to submit its marketing materials voluntarily to the FSMA, and how is this done in practice?, 21. Does the distributor's commitment to submit the value of the savings and derivative component to the FSMA before beginning distribution also apply to products distributed to clients under the opt-out?, 22. Are all entities with a distribution channel that is part of the same group required to participate in the moratorium?, 23. When is an interest rate accessible?, 24. Must intermediaries in banking and investment services who are exclusively tied to a regulated company and who are not insurance brokers, make their own decision whether or not to sign on to the moratorium?, 25. How often will the FSMA publish answers to questions of general relevance posed by the sector?, 26. What is the meaning of 'formula' in the definition of structured product given in the moratorium?, 27. How is the calculation formula assessed where the underlying of the derivative component of a structured product is either managed in accordance with a CPPI methodology or related technique, or is a customized index?, 28. Does the methodology of the customized index for selecting and weighting the components of the customized index have to be based on a set of pre-determined objective criteria?, 29. Do share options, warrants or options on units in an investment company with variable capital (bevek/sicav) that are offered by an employer to its employees as part of the compensation package fall under the provisions of the moratorium?, 30. In the event that the distributor has chosen to make use of the opt-out, where on the marketing materials must the sentence appear stating that the product is considered particularly complex under the terms of the FSMA's moratorium?, 31. How are the provisions of the moratorium applied to a class 23 insurance contract?, 32. What conditions must a selection of indexes fulfil?, 33. What is the scope of the teaser?, 34. Is a subordinated structured product compatible with the moratorium?, 35. Does the moratorium apply to bonds issued by commercial or industrial enterprises ('corporate bonds') ?, 36. What are the FSMA's expectations regarding product governance (and more specifically regarding the definition of the target market for structured products) when a complex underlying (e.g. a customized index) is used as underlying?

1. Does the moratorium apply to structured products for which the distribution period began before 1 August 2011?, 2. What procedure does the FSMA use to assess a distributor's compliance with the moratorium?, 3. What about an issuer whose products are distributed by a third-party distributor?, 4. Does the moratorium apply to the trading of structured products on a secondary market?, 5. Must a product mention the name of the issuer?, 6. What is the scope of the concept of 'distribution'?, 7. Does the moratorium apply to discretionary portfolio management or private placements?, 8. Does the moratorium apply to products purchased solely at the client's initiative?, 9. What is the definition of retail investor and how should the EUR 500,000 limit be interpreted when applying the opt-out?, 10. When is a securities index considered to have sufficient renown, track record and transparency and when does a securities index serve as a benchmark?, 11. When is the selection of shares or the customized index sufficiently diversified?, 12. What information must be provided during the lifetime of the product regarding the composition of the share selection or of the customized index?, 13. How is the balance between sharing profits and losses assessed?, 14. When does a minimal change in the performance of the underlying value have a disproportionate impact?, 15. What is the meaning of 'overly complex strategies where the capital protection is conditional'?, 16. What mechanisms are considered to be to the clients' advantage and hence not taken into account for determining the number of mechanisms?, 17. When is there sufficient transparency regarding costs?, 18. What is meant by an important change in the risk profile or the value of the product?, 19. Who are the 'holders of the product' who must be informed?, 20. What is involved in the distributor's commitment, upon signing on to the moratorium, to submit its marketing materials voluntarily to the FSMA, and how is this done in practice?, 21. Does the distributor's commitment to submit the value of the savings and derivative component to the FSMA before beginning distribution also apply to products distributed to clients under the opt-out?, 22. Are all entities with a distribution channel that is part of the same group required to participate in the moratorium?, 23. When is an interest rate accessible?, 24. Must intermediaries in banking and investment services who are exclusively tied to a regulated company and who are not insurance brokers, make their own decision whether or not to sign on to the moratorium?, 25. How often will the FSMA publish answers to questions of general relevance posed by the sector?, 26. What is the meaning of 'formula' in the definition of structured product given in the moratorium?, 27. How is the calculation formula assessed where the underlying of the derivative component of a structured product is either managed in accordance with a CPPI methodology or related technique, or is a customized index?, 28. Does the methodology of the customized index for selecting and weighting the components of the customized index have to be based on a set of pre-determined objective criteria?, 29. Do share options, warrants or options on units in an investment company with variable capital (bevek/sicav) that are offered by an employer to its employees as part of the compensation package fall under the provisions of the moratorium?, 30. In the event that the distributor has chosen to make use of the opt-out, where on the marketing materials must the sentence appear stating that the product is considered particularly complex under the terms of the FSMA's moratorium?, 31. How are the provisions of the moratorium applied to a class 23 insurance contract?, 32. What conditions must a selection of indexes fulfil?, 33. What is the scope of the teaser?, 34. Is a subordinated structured product compatible with the moratorium?, 35. Does the moratorium apply to bonds issued by commercial or industrial enterprises ('corporate bonds') ?, 36. What are the FSMA's expectations regarding product governance (and more specifically regarding the definition of the target market for structured products) when a complex underlying (e.g. a customized index) is used as underlying?

1. Why this Regulation?, 2. What is prohibited under the Regulation?, 3. When did the Regulation enter into force?, 4. Why is the distribution of binary options and derivative contracts with a maturity of less than an hour prohibited?, 5. Why is the distribution of derivative products with leverage (such as CFDs and forex products) prohibited?, 6. Whom does the Regulation apply to? Does it also apply to foreign providers?, 7. Does the prohibition apply to all forms of distribution of derivatives?, 8. Does distribution within the framework of the Regulation require that a minimum number of investors be approached?, 9. What do we understand by 'distribution in Belgium'?, 10. Does this Regulation mean that from now on no Belgian can 'speculate' on binary options or forex instruments?, 11. What happens to existing trading accounts held by Belgians who are clients of an online platform distributing its instruments in Belgium?, 12. Can providers still distribute derivatives to legal persons?, 13. How will the FSMA enforce the provisions of the Regulation?, 14. What can victims of unlawful activities relating to binary options or forex instruments do to recover their losses?, 15. Does the Regulation mean that consumers no longer have any way to hedge against certain risks by means of derivatives?, 16. Does the Regulation apply to share option plans?, 17. Have any other European countries introduced such a prohibition? Are there any other European countries that plan to do so?

1. Why this Regulation?, 2. What is prohibited under the Regulation?, 3. When did the Regulation enter into force?, 4. Why is the distribution of binary options and derivative contracts with a maturity of less than an hour prohibited?, 5. Why is the distribution of derivative products with leverage (such as CFDs and forex products) prohibited?, 6. Whom does the Regulation apply to? Does it also apply to foreign providers?, 7. Does the prohibition apply to all forms of distribution of derivatives?, 8. Does distribution within the framework of the Regulation require that a minimum number of investors be approached?, 9. What do we understand by 'distribution in Belgium'?, 10. Does this Regulation mean that from now on no Belgian can 'speculate' on binary options or forex instruments?, 11. What happens to existing trading accounts held by Belgians who are clients of an online platform distributing its instruments in Belgium?, 12. Can providers still distribute derivatives to legal persons?, 13. How will the FSMA enforce the provisions of the Regulation?, 14. What can victims of unlawful activities relating to binary options or forex instruments do to recover their losses?, 15. Does the Regulation mean that consumers no longer have any way to hedge against certain risks by means of derivatives?, 16. Does the Regulation apply to share option plans?, 17. Have any other European countries introduced such a prohibition? Are there any other European countries that plan to do so?

1. Why this Regulation?, 2. What is prohibited under the Regulation?, 3. When did the Regulation enter into force?, 4. Why is the distribution of binary options and derivative contracts with a maturity of less than an hour prohibited?, 5. Why is the distribution of derivative products with leverage (such as CFDs and forex products) prohibited?, 6. Whom does the Regulation apply to? Does it also apply to foreign providers?, 7. Does the prohibition apply to all forms of distribution of derivatives?, 8. Does distribution within the framework of the Regulation require that a minimum number of investors be approached?, 9. What do we understand by 'distribution in Belgium'?, 10. Does this Regulation mean that from now on no Belgian can 'speculate' on binary options or forex instruments?, 11. What happens to existing trading accounts held by Belgians who are clients of an online platform distributing its instruments in Belgium?, 12. Can providers still distribute derivatives to legal persons?, 13. How will the FSMA enforce the provisions of the Regulation?, 14. What can victims of unlawful activities relating to binary options or forex instruments do to recover their losses?, 15. Does the Regulation mean that consumers no longer have any way to hedge against certain risks by means of derivatives?, 16. Does the Regulation apply to share option plans?, 17. Have any other European countries introduced such a prohibition? Are there any other European countries that plan to do so?

Contacting the FSMA, Information to submit to the FSMA after an IPO, Information to be made public after an IPO, Website, Periodic information, Inside information, Communication about general meetings, Capital increases within the limits of the authorized capital, Acquisition and disposal of own shares, Rules on transparency notifications, Managers’ transactions

Contacting the FSMA, Information to submit to the FSMA after an IPO, Information to be made public after an IPO, Website, Periodic information, Inside information, Communication about general meetings, Capital increases within the limits of the authorized capital, Acquisition and disposal of own shares, Rules on transparency notifications, Managers’ transactions

Contacting the FSMA, Information to submit to the FSMA after an IPO, Information to be made public after an IPO, Website, Periodic information, Inside information, Communication about general meetings, Capital increases within the limits of the authorized capital, Acquisition and disposal of own shares, Rules on transparency notifications, Managers’ transactions

1. What is the role of the management body within the framework of such operations?, 2. What is the role of the shareholders?, 3. What are the legal reporting obligations incumbent on the management body and the statutory auditor towards the shareholders?, 4. What is the role of the independent directors and of the statutory auditor of the listed company?, 5. Are the conflict of interest rules for intra-group decisions (Art. 7:97 of the Code of Companies and Associations) applicable to these types of operations?, 6. What are the points requiring attention with regard to the use of an independent financial expert?, 7. What kind of information on the justification of the exchange ratio must be reported in the legal reports?, 8. What are the points requiring attention with regard to communications about the operation?, 9. What is the competence of the FSMA?

1. What is the role of the management body within the framework of such operations?, 2. What is the role of the shareholders?, 3. What are the legal reporting obligations incumbent on the management body and the statutory auditor towards the shareholders?, 4. What is the role of the independent directors and of the statutory auditor of the listed company?, 5. Are the conflict of interest rules for intra-group decisions (Art. 7:97 of the Code of Companies and Associations) applicable to these types of operations?, 6. What are the points requiring attention with regard to the use of an independent financial expert?, 7. What kind of information on the justification of the exchange ratio must be reported in the legal reports?, 8. What are the points requiring attention with regard to communications about the operation?, 9. What is the competence of the FSMA?

1. What is the role of the management body within the framework of such operations?, 2. What is the role of the shareholders?, 3. What are the legal reporting obligations incumbent on the management body and the statutory auditor towards the shareholders?, 4. What is the role of the independent directors and of the statutory auditor of the listed company?, 5. Are the conflict of interest rules for intra-group decisions (Art. 7:97 of the Code of Companies and Associations) applicable to these types of operations?, 6. What are the points requiring attention with regard to the use of an independent financial expert?, 7. What kind of information on the justification of the exchange ratio must be reported in the legal reports?, 8. What are the points requiring attention with regard to communications about the operation?, 9. What is the competence of the FSMA?

1. What is the purpose of these FAQs?

1. What is the purpose of these FAQs?

1. What is the purpose of these FAQs?