MiFID Activity Mapping: Minor Update

rue du Congrès 12-14 1000 Bruxelles / www.fsma.be FSMA_2026_13 dd. 30-04-26 MiFID Activity Mapping: Minor Update

Scope:
This communication describes the minor update to the MiFID mapping. The new reporting has been applicable since 2026 (for activities carried out by regulated entities during the 2025 calendar year).

1 The MiFID activity mapping requires a minor update The FSMA established the MiFID activity mapping in 2012 as a tool for monitoring compliance with MiFID conduct rules. In 2022, it underwent a series of significant modifications to better adapt to the changed regulatory framework and evolving market conditions.

In the meantime, several new developments have occurred, justifying a minor update to the mapping. The FSMA takes this opportunity to streamline the way it requests governance documents from companies.

2 The FSMA adds some closed (yes/no) questions to the mapping.
Companies are asked whether they provide the following services:

• issuer-sponsored research (paid research)
• employee stock option plans (ESOPs).

In the chapter concerning the distribution of financial products to retail clients, the list is extended to the following product categories:

• leveraged ETFs (inverse leveraged ETFs)
• European Long-Term Investment Funds (ELTIFs)
• Pan-European Personal Pension Products (PEPPs)
• Financial instruments with crypto-assets as underlying assets (ETFs, ETCs, ETNs, others)
• Tokenized assets (shares, fixed-income securities, money market funds, others).

In this same chapter, "execution with appropriateness test" / "execution only" is added as a distribution strategy, alongside portfolio management, independent investment advice, and non-independent investment advice.

3 The chapter on client orders is removed
As of January 3, 2026, the Law of December 11, 2025, laying down various financial provisions, has entered into force. This law abolished the obligation to publish an overview of the five main execution venues each year. The FSMA has therefore decided to remove this chapter from the mapping.

4 Submission of certain governance documents is now done via the mapping Since 2012, regulated entities have been required to submit a number of governance documents to the FSMA. Until now, this was done via the FSMA's eCorporate system. From now on, these documents are requested via the mapping and, consequently, via the FiMIS-Survey system. The communication governing the submission of these documents is repealed.

The following documents must be submitted by all regulated entities:

• the organizational chart
• the incentive policy

The following documents must be submitted by regulated entities, with the exception of branches:

• the conflicts of interest policy
• the policy on personal transactions carried out by relevant persons
• the product governance and monitoring policy.

5 The updated MiFID mapping is applicable from 2026 for activities carried out during the 2025 calendar year.
The updated structure of the mapping is attached to this communication as an annex. The FSMA expects regulated entities to submit, no later than June 30, 2026, their first report using the new MiFID activity mapping concerning their activities during the 2025 calendar year.

The report will be submitted via the FiMIS-survey web application, as before. The operation of this application is described in the FiMiS User Guide available on the FSMA website.

6 Updated Annex "Structure of the MiFID Activity Mapping"

• FSMA_2026_13-01: Structure of the MiFID Activity Mapping