Opinions of the FSMA

The FSMA wishes, in this section, to contribute to greater predictability of its actions by informing the sector of its interpretation of the legislation for which it is responsible for supervising compliance. In carrying out its supervisory tasks, the FSMA applies the opinions published under this heading, which may play a role in the measures it takes and the sanctions it imposes.

Under this section are collected the decisions of the Management Committee of the FSMA relating to the interpretation of the legislation it is responsible for enforcing. These decisions are taken in application of the law in force at the time, notwithstanding the competence of the courts and tribunals in these matters. It is therefore possible that the FSMA revisits an earlier opinion in the light of the case law, amendments to the applicable legislation or other concrete elements.

This section is regularly updated with new decisions taken by the Management Committee that may be relevant for professionals in the sector. It in no way represents an exhaustive summary of all decisions by the Management Committee.

The opinions in this section are no longer included in the FSMA annual reports.