Country Manual Products
Belgium out of EEA
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 carried out solely on the basis of documented, specific reverse solicitation — i.e., where the Retail Investor contacts the service provider without any prior marketing — fall into a “Grey zone”, and must be interpreted strictly and conservatively (see below).
Under the “gold-plating” rules, EU Member States may extend certain requirements beyond the harmonised framework of EU directives when transposing them into national law. However, “local distribution rules” generally do not need to be taken into account where an investor approaches or visits the foreign (unlicensed) service provider on the investor’s own initiative and outside the target country (at source). In such cases, the country-specific restrictions mentioned above are no longer reflected in the Country Manuals Products Behaviour Template (CM P BT) for offshore scenarios (at source).
On this occasion, we would like to remind you of the FSMA rules governing 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 or into Belgium, subject only to very limited exceptions.
To ensure that the CM P Regulatory Overview (CM P RO) accurately reflects 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 (at target) or via remote means of communication into Belgium (remote) — is answered with “NO”.
Non-material changes
Some comments and content have been slightly reworded in the CM P, 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, December 11th, 2025