Obligations of Issuers on Regulated Markets

FSMA_2012_01 of 11 January 2012 (updated on 15 April 2025) Issuers whose securities are admitted to trading on a regulated market This circular aims to clarify the application of the regulations

1. SCOPE OF APPLICATION........................................................................................................ 5
   1.1. Scope of application ratione personae.................................................................................. 5
   1.1.1. General principle.............................................................................................................. 5
   1.1.2. Clarification......................................................................................................................... 5
   1.1.3. Concept of home Member State.................................................................................. 5
   1.1.4. Regulated market........................................................................................................ 6
   1.2. Scope of application ratione materiae .................................................................................. 6

2. GENERAL PRINCIPLE OF THE REGULATION........................................................................ 8

3. OBLIGATIONS TOWARDS SECURITY HOLDERS .......................................................... 9
   3.1. Scope of application ratione personae.................................................................................. 9
   3.2. Content of obligations......................................................................................................... 9
   3.2.1. Equal treatment...................................................................................................... 9
   3.2.2. Provision of necessary means and information......................................... 9
   3.2.3. Information that security holders must have to exercise their rights 9
   3.2.4. Financial service........................................................................................................... 10
   3.2.5. Information relating to rights attached to the holding of securities.................................... 10
   3.2.6. Proxy forms.......................................................................................... 11
   3.3. Timing and method of publication.......................................................................................... 11
   3.3.1. Rules........................................................................................................................... 11
   3.3.2. Possibility of choice ....................................................................................................... 11
   3.4. Exemptions........................................................................................................................... 12
   3.4.1. Holders of debt securities with a nominal value of at least 100,000 euros... 12
   3.4.2. Issuers subject to third-country regulations ........................................................................ 12

4. OBLIGATIONS REGARDING INSIDE INFORMATION................................................ 13
   4.1. Scope of application ratione personae................................................................................ 13
   4.2. Content of obligations....................................................................................................... 13

2/47 / FSMA_2012_01 of 11 January 2012 (updated on 15 April 2025)
4.3. Timing and method of publication.......................................................................................... 15
4.3.1. Rule: as soon as possible ............................................................................................... 15
4.3.2. Delayed publication................................................................................................... 15
4.4. Preventive measures to combat market abuse .......................................... 17

5. OBLIGATIONS REGARDING PERIODIC INFORMATION............................................... 18
   5.1. Scope of application ratione personae................................................................................ 18
   5.2. Content of obligations....................................................................................................... 18
   5.2.1. Annual financial report.............................................................................................. 18
   5.2.2. Annual report.................................................................................................... 23
   5.2.3. Half-yearly financial report........................................................................................ 26
   5.2.4. Report on payments made to governments............................. 29
   5.3. Timing and method of publication.......................................................................................... 29
   5.3.1. Annual financial report.............................................................................................. 29
   5.3.2. Annual report.................................................................................................... 30
   5.3.3. Half-yearly financial report........................................................................................ 30
   5.3.4. Report on payments made to governments............................. 30
   5.3.5. Publication of numerical data at another time................................................. 30
   5.4. Exemptions........................................................................................................................... 30
   5.4.1. Issuers subject to third-country regulations ........................................................................ 30
   5.4.2. Exception...................................................................................................................... 31

6. OTHER OBLIGATIONS REGARDING INFORMATION........................................................ 32
   6.1. Scope of application ratione personae................................................................................ 32
   6.2. Content of obligations....................................................................................................... 32
   6.2.1. Home Member State ................................................................................................. 32
   6.2.2. Changes to conditions, rights or guarantees attached to securities........................ 32
   6.2.3. Documents to be presented to the general meeting.................................... 33
   6.2.4. Special reports established in the context of the use of authorized capital................ 33
   6.2.5. Minutes of general meetings.................................................................. 33
   6.3. Timing and method of publication.......................................................................................... 33
   6.3.1. Home Member State ................................................................................................. 33
   6.3.2. Changes to conditions, rights or guarantees attached to securities........................ 33
   6.3.3. Documents to be presented to the general meeting.................................... 33
   6.3.4. Special reports established in the context of the use of authorized capital................ 33
   6.3.5. Minutes of general meetings.................................................................. 34

7. PUBLICATION AND STORAGE................................................................................................ 35
   7.1. Scope of application ratione personae................................................................................ 35
   7.2. Dissemination and storage............................................................................................................ 35
   7.2.1. Distinction .................................................................................................................... 35
   7.2.2. Dissemination ....................................................................................................................... 35
   7.2.3. Storage ....................................................................................................................... 39
   7.3. Information to be communicated to the FSMA.............................................................................. 43
   7.4. Use of languages............................................................................................................... 43

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8. ROLE OF THE FSMA............................................................................................................... 44
8.1. Framework and objectives of supervision .............................................................................................. 44
8.2. Transmission of information to the FSMA............................................................................ 44
8.2.1. Timing of transmission ......................................................................................... 44
8.2.2. Mode of transmission.................................................................................................. 45
8.3. Organization of supervision...................................................................................................... 45
8.3.1. Monitoring of market transparency.............................................................. 45
8.3.2. Control of the content of information........................................................................ 45
8.4. Powers of investigation ....................................................................................................... 46
8.5. Measures................................................................................................................................ 46
8.5.1. Order to make information public........................................................ 46
8.5.2. Publish a warning ............................................................................................. 46
8.5.3. Impose prior transmission of documents....................................................... 47
8.5.4. Suspend or prohibit the trading of a financial instrument............................... 47
8.5.5. Penalty and administrative fine ............................................................................ 47

4/47 / FSMA_2012_01 of 11 January 2012 (updated on 15 April 2025) OBJECTIVE AND STRUCTURE OF THE CIRCULAR The obligations incumbent on listed companies - which result from the transposition into Belgian law of the European Transparency Directive1 - find their legal basis in Chapter II of the Law of 2 August 20022 and in an implementing decree of this law, namely the Royal Decree of 14 November 20073. Their obligations regarding the publication of inside information and the adoption of preventive measures to combat market abuse stem from the Market Abuse Regulation (hereinafter "the MAR")4 and the provisions taken for its implementation. This circular is issued in application of Article 49, § 3, of the Law of 2 August 2002. Its objective is to clarify the application of the regulation. It describes the scope of application of the regulation (Chapter 1), the general principle of the regulation (Chapter 2), the obligations regarding content (Chapters 3 to 6), as well as the obligations regarding the publication and storage of information (Chapter 7). The obligations regarding content include:

• obligations towards security holders (Chapter 3);
• obligations regarding inside information (Chapter 4);
• obligations regarding periodic information (Chapter 5);
• "other" obligations regarding information (Chapter 6).
  The description given takes into account the FSMA's interpretation of the applicable rules5, as well as the recommendations it has issued on this matter. The circular also comments on the role assigned to the FSMA in this area (Chapter 8). References to the relevant legislative provisions are indicated in the margin. In these references, "L." refers to the Law of 2 August 2002, "AR" to the Royal Decree of 14 November 2007, and "MAR" to the Market Abuse Regulation. This circular does not deal with specific rules regarding the communication of information (set out in laws, royal decrees, ...) to which certain categories of issuers may be subject.

1 Directive 2004/109/EC of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (hereinafter "the Transparency Directive"), last amended by Directives 2022/2464/EU (CSRD) and 2023/2864/EU (ESAP). 2 Law on the supervision of the financial sector and financial services. The coordinated text of Chapter II is available on the FSMA website. 3 Royal Decree on the obligations of issuers of financial instruments admitted to trading on a regulated market. 4 Regulation (EU) No 596/2014 on market abuse. 5 To the extent that the current regulation contains rules that already existed previously, the interpretation that the FSMA has made of these rules in the past based on individual cases (and which is set out notably in its annual reports) remains relevant.

5/47 / FSMA_2012_01 of 11 January 2012 (updated on 15 April 2025)

1. SCOPE OF APPLICATION
   1.1. SCOPE OF APPLICATION RATIONE PERSONAE
   1.1.1. General principle
   Art. 2 AR
   § 1st, 8°+ § 2 The Royal Decree of 14 November 2007 is applicable to "issuers", namely:

• natural persons or legal entities6 governed by public or private law, including States, whose financial instruments are admitted to trading on a regulated market;
• natural persons or legal entities that have issued financial instruments, in the case where certificates representing these financial instruments are admitted to trading on a regulated market, whether these financial instruments are admitted or not to trading on a regulated market and even if these certificates are issued by another natural person or legal entity.
  1.1.2. Clarification
  The regulation specifies, for each information obligation, the issuers to which it is applicable.
  Art. 17(1) MAR
  3rd paragraph As regards inside information (cf. infra, Chapter 4), the regulation applies in principle to issuers of financial instruments admitted, at their request or with their agreement, to trading on a Belgian regulated market. Art. 3 AR The other information obligations (cf. infra, Chapters 3, 5 and 6) apply in principle to issuers of securities7 admitted to trading on a regulated market, whether this admission was carried out at their request or with their agreement8. The scope of application ratione personae of the obligations concerned is indicated precisely at the beginning of each chapter in this circular.
  1.1.3. Concept of home Member State
  For information obligations other than those relating to the publication of inside information, a distinction is made between issuers for whom Belgium is the home Member State and issuers for whom Belgium is the host Member State. Art. 10 L. § 3 Belgium is the home Member State in the following cases:
• when it concerns issuers of shares or issuers of debt securities with a unit nominal value of less than 1,000 euros, insofar as:
  o these issuers have their statutory seat in Belgium; o these issuers have their statutory seat in a third country and have chosen Belgium as their home Member State among the Member States in which their securities are admitted to trading on a regulated market;

6 This notion is defined in Article 2, § 1st, 19°, of the Decree.
7 This notion is defined in Article 2, § 1st, 1°, of the Decree.
8 Except for units of collective investment undertakings other than those of the closed-end type.

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• when it concerns issuers of other securities that have chosen Belgium as their home Member State, which they are authorized to do based on two criteria, namely whether they have their statutory seat in Belgium or if their securities are admitted to trading on a Belgian regulated market9.
  1.1.4. Regulated market
  Art. 2 L. For the definition of "regulated market", reference should be made to Article 2, 3°, 5° and 6°, of the Law of 2 August 2002.
  1.2. SCOPE OF APPLICATION RATIONE MATERIAE
  The Decree makes a distinction between "regulated information" and "all information covered by this Decree".
  Art. 2 AR
  § 1st, 9° The following are considered "regulated information":
• the annual report (Article 11);
• the annual financial report (Article 12);
• the half-yearly financial report (Article 13);
• quarterly information (provided on a voluntary basis) (Article 2, § 1st, 23°);
• the report on payments made to governments (Article 14);
• changes to conditions, rights or guarantees attached to securities (Article 15);
• special reports established in the context of the use of authorized capital (Article 16, 2°);
• minutes of general meetings (Article 16, 3°);
• information to be provided to security holders (Article 7);
• inside information as referred to in Article 7 of the MAR Regulation;
• the mention that Belgium is the home Member State (Article 4);
• all other information that issuers must publish in accordance with the procedures set out in point 7.2.2 of this circular.
  The following fall into this last category:
• information that issuers must make public in application of Article 23 of the Royal Decree of 14 February 2008 on the publicity of major shareholdings, more precisely all information contained in transparency notifications, certain numerical data (such as the denominator) and any statutory thresholds;
• announcements regarding the acquisition and disposal of own shares10.
  The expression "all information covered by this Decree", which appears notably in Articles 41, 42 and 43 of the Decree, is broader; in addition to regulated information, it also includes:
• proxy forms (Article 8);
• documents to be presented to the general meeting (Article 16, 1°);

9 To be complete, it should be specified that Belgium can also be the home Member State for issuers who do not respect their obligation to make public their choice of home Member State (Article 10, § 3bis, of the Law). 10 Articles 8:2 to 8:5 (acquisition) and Articles 8:6 and 8:7 (disposal) of the Royal Decree of 29 April 2019 implementing the Code of Companies and Associations (hereinafter "the CSA RD").

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• the financial calendar (Article 41);
• certain prospectuses (Article 41);
• information to be included in the management report (Article 34)11.
  .
  The reason for this distinction lies in the fact that not all information is subject to the same publication procedures. Only regulated information must be made public in accordance with the procedures set out in Chapter 7 (point 7.2.2.).

11 These information ultimately also fall under regulated information, insofar as they are part of the management report, which in turn constitutes an element of the annual financial report.

8/47 / FSMA_2012_01 of 11 January 2012 (updated on 15 April 2025)
2. GENERAL PRINCIPLE OF THE REGULATION
Art. 5 AR Issuers whose securities are admitted to trading on a regulated market and for whom Belgium is the home Member State, make available to the public all information necessary for the transparency, integrity and proper functioning of markets. The information provided is faithful, accurate and sincere. It allows security holders and the public to assess the influence it has on the situation, activity and results of the issuer. The FSMA considers that, to allow this assessment, information having an influence on the situation, activity and results of the issuer will logically contain a numerical evaluation of it.

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3. OBLIGATIONS TOWARDS SECURITY HOLDERS
3.1. SCOPE OF APPLICATION RATIONE PERSONAE
These obligations are applicable to issuers whose securities are admitted to trading on a regulated market and for whom Belgium is the home Member State.
3.2. CONTENT OF OBLIGATIONS
3.2.1. Equal treatment
Art. 6 AR Issuers ensure equal treatment of all security holders who are in an identical situation.
The manner in which the FSMA conceives the principle of equal treatment is set out in its annual reports or in opinions published on its website.
3.2.2. Provision of necessary means and information
Art. 7 AR
§ 1st The Decree imposes on issuers to ensure that all means and all information necessary to allow security holders to exercise their rights are available in Belgium and that the integrity of the data is preserved.
3.2.3. Information that security holders must have to exercise their rights12
Art. 7 AR
§§ 2 and 3 Security holders must be informed to be able to exercise their rights.
Issuers of shares must make public information on:

• the place, time and agenda of general meetings of shareholders;
• the total number of shares and voting rights;
• the right of shareholders to participate in general meetings of shareholders.
  Issuers of debt securities must make public information on:
• the place, time and agenda of general meetings of debt security holders;
• the right of debt security holders to participate in general meetings of debt security holders.
  For Belgian issuers, this is a matter governed by the CSA and, if applicable, by the statutes.
  The FSMA wishes to draw the attention of issuers to the obligation to mention, in the summons to the general meeting, the agenda containing the indication of the subjects to be dealt with as well as the proposals for decision13. In this regard, the FSMA has noted that not all issuers are able to mention the names of the directors whose appointment they propose to the general meeting. It considers that it is up to issuers to do everything possible to ensure that these names are mentioned in the proposals for decision.

12 For some of the aspects addressed in this point, it is recommended that Belgian issuers c