Professionals

12. Is it possible for a person which is not a regulated undertaking to develop an activity as a ‘non independent’ financial planner without being authorised by the FSMA?

No, it is not possible. A person may either pursue the activity of independent financial planner and must be authorised to do so by the FSMA, or he or she must refrain from pursuing such activity. The only persons allowed to develop such activity without procuring an additional specific authorization are those regulated enterprises referred to in Article 4, 3°, of the Law of 25 April 2014.

Regulated undertakings include the credit institutions referred to in Article 1, § 3, of the Law of 25 April 2014 on the legal status and supervision of credit institutions, the investment firms referred to in Article 44 of the Law of 6 April 1995 on the status and supervision of investment firms, the insurance companies to which the Law of 9 July 1975 on the supervision of insurance companies applies, the institutions for occupational retirement provision referred to in Article 2, subparagraph 1, 1°, of the Law of 27 October 2006 on the supervision of institutions for occupation retirement provision, the insurance intermediaries referred to in Article 5, 20°, of the Insurance Law of 4 April 2014, the intermediaries in banking and investment services referred to in Article 4, 2°, of the Law of 22 March 2006 on intermediation in banking and investment services and on the distribution of financial instruments, the undertakings for collective investment and the management companies of undertakings for collective investment referred to, respectively, in Articles 3, 1°, and 3, 10°, of the Law of 3 August 2012 on certain forms of collective management of investment portfolios, and the managers of alternative investment funds referred to in Article 3, 13° of the Law of 19 April 2014 on alternative investment funds and their managers.