Ban on distribution of certain financial products in Belgium

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In our alert of 11 February this year, we unveiled the consultations which were launched by the Belgian Financial Services and Markets Authority (the “FSMA”). These consultations concerned, on the one hand, a draft royal decree regarding certain information obligations applicable to the distribution of financial products to retail clients (the “Royal Decree”) and, on the other hand, a draft regulation banning the distribution of certain non-mainstream financial products to retail clients (the “Regulation”). Both consultations ended on 17 February 2014.

At this stage, the Royal Decree is still a preliminary draft (Voorontwerp/Avant-projet). The Consumer Council (Raad voor het Verbruik/Conseil de la Consommation) was asked to provide its advice on the preliminary draft. The Royal Decree is expected to be approved soon.

The Regulation was approved by a Royal Decree of 24 April 2014 which was published in the Belgian Official Gazette on 20 May 2014.

The Regulation aims to ban the distribution of several non-mainstream financial products to retail clients in the Belgian territory, irrespective of the nationality or the place of business of the person who distributes these financial products.

Please see full alert below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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