23. When is an interest rate accessible?

An interest is accessible, for the purposes of the moratorium, where the retail investor can monitor the changes in the rate via the customary channels such as a freely accessible website and the (Belgian) printed press.

The CMS (Constant Maturity Swap) rate is published daily in specialised databases that are not accessible to the retail investor. For the purposes of the moratorium, the CMS rate is considered accessible only if the distributor publishes the interest rate periodically (at least weekly) on its website. Where the published rate is not the one used to calculate the coupon payment, the distributor shall ensure that the latter rate is also published on its website (the published rate is generally the closing rate, while many products use the rate for a given date and time to calculate the coupon).