3. How does the moratorium work in practice?

Distributors can sign on to the moratorium voluntarily. In so doing, they commit themselves not to distribute structured products intended for individual investors (retail clients) and that are considered 'particularly complex' on the basis of the FSMA's criteria. The participating distributors will be placed on a list to be published on the FSMA website. They can choose not to apply the moratorium to retail banking clients, defined as clients who hold at least 500,000 euros with one institution.