Professionals

Obligations in respect of advertising

For the entire collection of documents relating to this supervisory area, please consult the French or Dutch site.
You can, however, consult a selection of documents in English:

Legislation
- Royal Decrees
  
  25/04/2014
  Royal decree on certain information obligations for the marketing of financial products to retail clients(810.67 KB)
  (Unofficial consolidated version: 09/2018)
Circulars and communications
- Circulars
  
  27/10/2015
  FSMA_2015_16
  Rules that apply to advertisements when marketing financial products to retail clients(1.22 MB)
  (update 30 July 2019)
- Communications
  
  30/07/2019
  FSMA_2019_15
  Procedure for submitting advertisements relating to UCIs that will be marketed in Belgium(580.82 KB)
Questions and answers (FAQ)

1. Use of a full or partial template (update [07/07/2017])

2. How do we determine the treatment of advertising or marketing material for a financial product distributed to retail clients?

3. Can a document (such as an email) addressed to a retail client which contains investment advice within the meaning of Article 46, 9°, of the Law of 6 April 1995 on the legal status and supervision of investment firms be considered an advertisement/marketing communication or "other document or announcement" subject to prior approval by the FSMA?

4. Does the recommendation regarding the possibility of acquiring a product on line as set out in Circular FSMA_2015_16 of 27/10/2015 also apply to websites of a purely informational nature and to printed brochures?

5. Does a webpage that contains only a list of UCIs and/or subfunds and/or share classes, along with the legally required documentation (including the most recent net asset value), constitute an advertisement or other document or announcement?

6. May the investment policy mentioned in the key information document for a UCI be included in full in an advertising document?

7. Is it possible to present a graphic showing the changes over time in the net asset value of a new UCI?

8. May historical returns on financial products and/or ratings be mentioned on a list of financial products on a website?

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