Belgium - New guidance in relation to funds’ marketing communications

A Belgian Royal Decree aimed at transposing EU Delegated Directive 2021/1270 of 21 April 2021 amending EU Directive 2010/43 as regards sustainability risks and sustainability factors to be taken into account for UCITS and adapting rules relating to marketing communications of certain funds was adopted on 5 December 2022. It entered into force on 12 December 2022.

On 12 December 2022, the Belgian Financial Services and Markets Authority (FSMA) published an updated version of its guidelines (in the form of FAQs) on marketing rules that apply in various situations and on FSMA’s supervision of marketing documents and marketing practices. These guidelines apply to both UCITS and AIFs.

Marketing communications must comply with requirements laid down at both European and Belgian level. These requirements vary, depending notably on the form / status of funds, the nature of the entity marketing funds and the public to which marketing documents are addressed.

Next steps

The new rules will apply gradually from 15 December 2022.

FSMA FAQs:

French version of the FAQs

Dutch version of the FAQs

Authored by Charles-Henri Bernard and Ivan Peeters.