The term 'distribution' refers to 'presenting the product, in any way whatsoever, with a view to encouraging the client or potential client to purchase, subscribe to, adhere to, accept, or sign up for or open the product in question'.
To determine whether distribution in Belgium is involved, it is necessary to establish whether distribution is addressed to the Belgian public.
This can be done on the basis of indications such as the presence of specific information about the Belgian legal (and in particular tax) regime, a reference to contact persons in Belgium, the absence of a disclaimer stating that the distribution is not addressed to the Belgian public, the languages used, the possibility for Belgian clients to subscribe on line, etc. The fact that the company has announced its intention to offer investment services in Belgium in the context of the free provision of services also indicates whether or not distribution is directed specifically to the Belgian public. If advertising is carried out via media within the territory of Belgium, this will also be considered distribution in Belgium. If a provider has a large number of Belgian clients, that can also be an indication that the provider has been carrying on distribution in Belgium.