Regulatory Alerts2021-04-01
FSMA FAQs on Advertisements for Investment Instruments Offered to the Public, Admitted to Trading, and Distributed to Retail Clients
The Belgian Financial Services and Markets Authority (FSMA) issued these FAQs to outline good practices for ensuring advertisements for investment instruments are accurate, not misleading, and present a balanced image. The document clarifies the scope of European and Belgian prospectus rules, detailing which transactions require prior approval and how advertising regulations apply to both prospectus-requiring offers and those exempted but distributed to retail clients. It provides specific guidance on content requirements, such as risk and cost disclosures, and addresses the distinct obligations for credit institutions and investment firms distributing non-equity securities.
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