Country Manual Products
Belgium
out of Bank’s Country of Establishment (Def, RS, BT & RT)
| Source of changes | Answers |
|---|---|
| Law / Regulation | No |
| New Position of the Authorities | No |
| Evolution of Expert’s Interpretation | Yes |
Definitions and Concepts, Regulatory Overview and Behaviour Template
Material changes
The Country Manual has been reviewed to ensure that the content of all the documents remains accurate and up to date. The changes/modifications are as follows:
Activities conducted solely on the basis of documented (specific) reverse solicitation — where the Retail Investor contacts the service provider without any prior marketing — are classified as “Grey zone”, subject to strict interpretation.
In alignment with the Country Manual Private Banking (CM PB), any provision of Macroeconomic information as well as Investment Research & Financial Analysis are permitted only on an occasional basis onshore in Belgium (at target). The Country Manual Products Behaviour Template (CM P BT) therefore now provides the answers “Grey zone/YES” in the relevant scenarios.
In further alignment with the CM PB and in order to better reflect the existing regulatory framework:
The active provision of generic and personalised recommendation lists, as well as other marketing material referring to specific financial products, via remote means of communication into Belgium (remote) is only permitted if the asset class is covered by the advisory agreement. However, to date, the FSMA has not yet taken a formal position on these activities undertaken actively into Belgium (remote), even within the context of an existing advisory agreement (ongoing mandate). Therefore, to maintain a cautious approach, the CM P BT now provides the answer “Grey zone” in the relevant scenarios.
For every onsite activity where a “Grey zone” answer appears in the CM P BT (e.g. for execution only services or for reverse specific solicitation scenarios), the comment “on an occasional basis” has been added.
Finally, we would like to remind you of the FSMA rules regarding the distribution of certain derivatives — specifically Contracts for Difference (CFDs), Binary Options, and Rolling Spot FX contracts — to Retail Investors in Belgium. The FSMA has imposed a permanent ban on the marketing, distribution, or sale of these products to Retail Investors in/into Belgium, with only very limited exceptions. In order to reflect the CM P Regulatory Overview with the applicable Belgian framework:
Active marketing or distribution of Binary Options, CFDs (including OTC CFDs), and Rolling Spot FX contracts to retail investors in or into Belgium (whether onshore or via remote channels) is answered with “NO”.
Non-material changes
Some comments and content have been slightly reworded in the CM, without introducing substantive changes to reflect the regulatory situation/current interpretation of the regulatory framework more accurately.
It has further been highlighted that the FSMA interprets the concept of reverse solicitation very restrictively, a cautious approach is recommended.
For more information, please contact us: info@brpsa.com
Geneva, November 10th, 2025