Professionals

The moratorium considers distribution that takes place via a teaser to be a particularly complex strategy. According to the moratorium, a teaser refers, more specifically, to 'a fixed return that does not apply throughout the lifetime of the product, with the exception of interest rate products. The strategy of interest rate products with a fixed return during at least half of the lifetime of the product is not considered particularly complex'.

For purposes of evaluating teasers:

  • products for which the coupon or repayment at maturity depends on an inflation index or a currency rate are treated as interest rate products;
  • it makes no difference whether the above-mentioned fixed return (i.e. that does not apply throughout the lifetime of the product) is paid out in the course of the product’s lifetime or at maturity;
  • if the fixed return - in some cases combined with a variable return - is not constant, it must increase and follow a logical pattern (for instance, +1% in the second year, +2% in the third year, etc.).