The Regulation applies to all providers of unlisted financial derivatives who, on a professional basis, distribute to one or more consumers derivative instruments that are traded via an electronic trading system. The Regulation targets the distribution within the territory of Belgium by any person, regardless of the nationality or the place of establishment of the person distributing the instruments. As a consequence, the Regulation does not apply to distribution abroad carried out by a person established in Belgium.
The Regulation applies to offers made to the public. It therefore follows that a request for approval of a prospectus for transactions forbidden under this Regulation cannot be validly submitted to the FSMA, and that the FSMA cannot approve such a prospectus.