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Independent financial planners

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Independent financial planners with licensing in Belgium
Questions and answers (FAQ)

Questions and answers concerning financial planning

1. What is the purpose of these FAQs?

2. What does the “independent financial planner” legal status cover?

3. How may I submit an application for authorization as an independent financial planner to the FSMA?

4. Within what period of time must an application for authorization be processed by the FSMA?

5. What are the costs associated with the independent financial planner status?

6. Should the independent financial planner and employees empowered to represent the independent financial planner have specific diplomas, certificates and / or practical experience?

7. Where an independent financial planner is a legal person, who should meet the fit and proper requirements?

8. Where an independent financial planner is a legal person, the persons who effectively run the undertaking shall be named in the application for authorization. What does the concept of ‘effectively run’ mean?

9. Where an independent financial planner is a legal person, the persons who exercise control over the undertaking shall be named in the application for authorization. What does 'control' of the undertaking mean?

10. Which insurers are allowed to provide an insurance policy that meets the requirements of Article 9 of the Royal Decree of 8 July 2014?

11. How can I check whether an independent financial planner is authorised by the FSMA?

12. Is it possible for a person which is not a regulated undertaking to develop an activity as a ‘non independent’ financial planner without being authorised by the FSMA?

13. Pursuant to Article 3, § 2, b) of the Law of 25 April 2014, that Law (with the exception of Article 7, § 1, 1° and § 2 on the right to use the title ‘financial planner’ or ‘independent financial planner’) does not apply to persons providing financial planning advice exclusively to one and the same family. What does the term ‘family’ mean exactly?

14. May a person who does not have to be authorized by the FSMA nevertheless request authorization as an independent financial planner?

15. May the following statuses be held concurrently?

16. Does the exemption from the obligation to hold an authorization that applies to persons subject to a legally recognized code of ethics also apply if said person is from another member state of the European Economic Area?

17. Can the provision of financial planning advice be covered by a framework agreement?

18. Must the independent financial planner or the regulated undertaking make use of standardized questionnaires?

19. May MiFID or AssurMiFID questionnaires be used for financial planning?

20. Does the provision of general information constitute financial planning advice under the Law of 25 April 2014?

21. Does the provision of tailored information constitute financial planning advice under the Law of 25 April 2014?

22. Does the provision of answers to specific questions constitute financial planning advice under the Law of 25 April 2014?

23. Does the Law of 25 April 2014 apply to the provision of assistance to the client for the implementation of a wealth or estate plan?

24. Does the use of simulation tools by independent financial planners and regulated undertakings constitute financial planning under the Law of 25 April 2014?

25. May financial planning advice concern only part of the client’s wealth?

26. Is it possible to provide financial planning advice if the client does not want to give a complete picture of his or her wealth?

27. May financial planning advice be restricted to an analysis of the area of tax law and taxation?

28. May an independent financial planner or a regulated undertaking call upon external experts to handle certain aspects of financial planning?

29. May an independent financial planner or a regulated enterprise, in its financial planning advice, refer the client to an expert where aspects of foreign jurisdiction or law are to be addressed in the advice?

30. What is the difference between tax law and taxation?

31. What is meant by 'social security and socio-economic security'?

32. What is meant by 'the economic and financial environment'?

33. May an insurance company based in a member state of the European Economic Area rely on its status as regulated undertaking to provide financial planning advice in Belgium without being authorized as independent financial planner if it is not permitted to carry out this activity in its home member state?

34. May a Belgian insurance company rely on its status as regulated undertaking in order to pursue financial planning advice?

35. May an insurance intermediary based in another member state of the European Economic Area rely on its passport in order to provide financial planning advice?

36. May an investment company based in another member state of the European Economic Area rely on its passport in order to provide financial planning advice under the free provision of services?

37. May a credit institution based in another member state of the European Economic Area rely on its passport in order to provide financial planning advice in Belgium?

38. Must branches of regulated undertakings based in another member state of the European Economic Area register with the FSMA in order to carry out financial planning under Article 34, §§ 3 and 4, of the Law of 25 April 2014?

39. May a regulated undertaking call itself ‘independent financial coach’ or ‘onafhankelijk financieel coach’ or ‘coach financier indépendant’ or any other name referring to the idea of independence?

40. Who may use the title of ‘independent financial planner’?

41. Who may use the title of ‘financial planner’?

42. May an independent financial planner hold power of attorney over the accounts of its clients?

43. May the financial planner provide investment services to its clients or provide them with advice concerning transactions on individual financial instruments?

44. May an account manager in a regulated undertaking hand the financial planning advice over to the client and give him or her explanations as to its content?

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