Legislation Royal Decrees 25/04/2014 Royal decree on certain information obligations for the marketing of financial products to retail clients(pdf - 810.67 KB) Files rd_25-04-2019.pdf (pdf - 810.67 KB) (Unofficial consolidated version: 09/2018) Circulars, communications and handbook Circulars 27/10/2015 FSMA_2015_16 Rules that apply to advertisements when marketing financial products to retail clients(pdf - 1.22 MB) Files fsma_2015_16.pdf (pdf - 1.22 MB) (update 30 July 2019) Communications 01/04/2021 FSMA_2021_09 FAQs about advertisements for investment instruments when they are offered to the public, admitted to trading and distributed to retail clients(pdf - 1.03 MB) Files FAQs about advertisements for investment instruments when they are offered to the public, admitted to trading and distributed to retail clients (pdf - 1.03 MB) (update 29 April 2025) 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?
