On 27 October 2015, the Belgian Financial Services and Markets Authority (“FSMA”) issued circular FSMA-2015-16 (the “Circular”) providing detailed guidance on the recently amended rules governing marketing materials used in connection with the offering of financial products to Belgian retail customers.

These new rules were introduced by Royal Decree dated 25 April 2014 as amended by Royal Decree dated 2 June 2015 (as so amended, the “Transversal Royal Decree”).

The Transversal Royal Decree is part of the so-called 2013 Twin-Peaks II reform package which was enacted for the purpose of harmonizing the marketing rules applicable to all types of financial products, subject to certain exceptions set out below.