FSMA Communication on new procedure for electronic filing of documents

The Financial Services and Markets Authority ("FSMA") published Communication FSMA_2019_08 (in French and Dutch) on 21 March 2019 regarding the new procedure for the electronic submission of documents by collective funds (including UCITS passported into Belgium pursuant to Directive 2009/65/EU).

This Communication describes the procedure to be used in order to file various types of documents.

The system’s most innovative feature is that it provides the funds with a control panel and reporting list which enables them to have a clear view of their respective reporting obligations. A “company administrator” needs to be appointed for each fund; this person will be responsible for the management and content of the information submitted via eCorporate, the secure platform put in place by the FSMA. All users are required to have a personal certificate to access the platform. 

Read: The user guides in French or Dutch on the FSMA website

The new Communication repeals the previous Communication FSMA_2016_11 dated 22 June 2016 on the electronic filing of documents. However, until 23 April 2019, both systems will coexist and it will remain possible to file documents by using the former system (i.e., by email).

Modified rules of the regulated market organized by Euronext NV/SA

The modified market rules of the regulated markets organized by Euronext NV/SA (i.e., Euronext Brussels and Euronext Brussels Derivatives Instrument Market) were approved on 12 March 2019 in accordance with Article 34, §1, of the law of 21 November 2017 on the market infrastructure for financial instruments and transposing Directive 2014/65/EU. 

These market rules entered into force on 18 March 2019.

Read: The market rules

Provision of investment services & performance of investment activities in Belgium post-Brexit

The FSMA issued Communication FSMA_2019_06 on 21 February 2019 with respect to the provision of investment services and the performance of investment activities in Belgium by UK companies post-Brexit.

The purpose of the Communication is to:

• describe the system applicable to investment firms governed by UK or Gibraltar law post Brexit;
• analyse the impact of the loss of a European passport on the ability to continue the performance of contracts entered into in Belgium by UK investment firms that will no longer be authorized to carry out their business activities in Belgium.

On the date of entry into force of Brexit, investment firms governed by UK law will only be authorized to pursue in Belgium activities that they are carrying out in their home State provided that they comply with the conditions provided for in articles 13 to 14/2 of the Law of 25 October 2016 on access to the activity of investment service providers and on the legal status and supervision of portfolio management and investment advice companies. 

A draft law on the UK’s withdrawal from the European Union (Chamber of Representatives, Doc 54, 3554/001) empowers the King, upon the advice of the FSMA and the National Bank of Belgium, to take measures aimed at safeguarding the performance of contracts entered into by UK entities in Belgium prior to Brexit.