Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and primary European fund domiciles - Issue 3 2017: Belgium

by Dechert LLP
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Belgian FSMA Issues Two Communications on the Marketing of Units in EEA and Non-EEA AIFs

The Belgian Financial Services and Markets Authority (“FSMA”) published two communications dated 24 February 2017 on the marketing and notification of units in alternative investment funds (AIFs) by alternative investment fund managers (AIFMs) under Articles 32, 36 and 42 of the Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMD). The forms which must be completed and submitted by the AIFMs are attached to the FSMA’s communications. These forms correspond to the standardized Article 32, 36 and 42 AIFMD notification forms.

The FSMA Communication on the marketing of units in EEA AIFs in another EEA Member State by Belgian managers (FSMA_2017_05) is available

The FSMA Communication on the marketing of units in AIFs in Belgium without a passport to professional investors (FSMA_2017_06) is available below.

Article 36 AIFMD

Article 42 AIFMD

FSMA's Position Regarding the Application of the Unfair Terms Legislation in the Context of the Offering of Securities to Consumers

The position dated 30 January 2017 contains a series of recommendations and interpretations of the Economic Law Code by the FMSA and is directed to all companies offering investment instruments to consumers within the Belgian territory. Issuers and distributors will have to carefully review the issuance, marketing and distribution of financial products to Belgian consumers. The Communication is relevant to structured notes as well as non-structured notes, retail issues as well as private placements and passported as well as non-passported issues. Issuers and arrangers will have to review the structure and content of offering document, in order to be able to comply with the Communication. The terms and conditions of specific products will have to be reviewed in light of the Communication, especially modification clauses, call options and substitution clauses.

The FSMA Communication on the application of the Belgian rules on unfair contract terms to some clauses as part of the offer of investment instruments (FSMA_2017_04) is available

FSMA's Communication on the Registration of Small Belgian AIFM

The Communication issued on 27 March 2017 describes the registration formalities for small Belgian AIFM (i.e. AIFM of portfolios of AIFs whose assets under management does not exceed the thresholds, calculated in accordance with Article 2 of Commission Delegated Regulation (EU) No 231/2013).

The FSMA Communication on the registration of small Belgian AIFM of non-public AIF (FSMA_2017_07) (in French only).

The FSMA Communication on the registration of small Belgian AIFM of non-public AIF (FSMA_2017_07) (in Dutch only).

New Status for Crowdfunding Platforms

The Belgian law of 18 December 2016 on crowdfunding has entered into force on 1 February 2017. It creates a specific status for alternative financing platforms and subjects these to initial authorization and operating requirements under the supervision of the FSMA. The new law prescribes “MiFID-light” operating rules setting out the usual professional duties, information requirements, procedures on conflicts of interest and appropriateness tests. It also provides for a prospectus exemption for public offerings through an alternative financing platform for less than EUR 300,000 with a maximum of EUR 5,000 per individual investor. Tax benefits are available to investments in or loans to alternative financing platforms.

The law on crowdfunding is available.

FSMA's Communication on crowdfunding is available (in French only).

FSMA's Communication on crowdfunding is available (in Dutch only).

BEAMA Press Release - Figures UCI-Sector 3rd Quarter 2016

The Belgian Asset Managers Association (BEAMA) published on 25 January 2017, her press release about the figures of the UCI-sector related to the 3rd quarter of 2016.

Read the press release (in French only)

Read the press release (in Dutch only)

 

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