Fund Distribution Alert 2023-03

Belgium: New Q&A on Marketing Communications

Belgium: New Q&A on Marketing Communications

On 15th December 2022, FSMA issued the questions and answers (Q&A) FSMA 2022_29 dd. 12/12/2022 to clarify requirements for marketing communications intended to Belgian investors and to harmonize Belgian rules with the ESMA Guidelines on Marketing Communications and Regulation (EU) 2019/1156.

The Q&A details the application of the advertising rules at both European and Belgian national level, the expectations of the FSMA with regard to these rules and the procedure to be followed by funds before publishing marketing communications.

The Q&A provides explanations on the applicable advertising rules depending on the product type, the entity which disseminates marketing communications and the public to which it is addressed.

Following the issuance of the Q&A, the following information must be included in each marketing communication:

  • Identification as such of marketing communications;
  • Legal documentation (Prospectus and KID/KIID) reference;
  • Investor rights summary reference;
  • Name, legal form and domicile of the fund;
  • Name and domicile of the management company;
  • Short investment policy summary;
  • Short risk summary;
  • Fees and taxes;
  • Marketing termination disclosure;
  • Subscription minimum;
  • Duration;
  • Specific disclosures related to Money Market Funds, Capital Guaranteed Funds and Structured Funds.

The Q&A furthermore specifies the exceptions to the above which apply in case of very short marketing communications.

In addition, performance information and sustainable related disclosures must be presented in accordance with ESMA’s Guidelines. Marketing communications made available to Belgian investors must comply with new requirements by 1 March 2023.

The FSMA will continue approving marketing communications towards retail investors in advance. However, certain changes brought on to approved templates by the Q&A will not need to be approved in advance. These changes include e.g. the addition of the identification of the marketing communication as such as per the ESMA Guidelines.

The Q&A can be accessed here (in French) and here (in Dutch).

Please feel free to contact us should you require any additional information.


Said Fihri

+352 22 51 51 7892

Stephanie Zedda

+352 22 51 51 7271

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