The FSMA has published FAQs (available in French or Dutch only) about advertisements for investment instruments when they are offered to the public, admitted to trading and distributed to retail clients. The FSMA held open consultations for these FAQs at the end of 2020.
Advertisements for investment instruments in conjunction with these operations must meet European requirements[1]. Thus, the information in the advertisements may not be inaccurate or misleading. The advertisements may not give an imbalanced image of the information in the prospectus.
The FSMA’s Frequently Asked Questions set out good practices that contribute to compliance with these requirements. The aim is to help make the FSMA’s actions predictable and to contribute to a level playing field.
[1] Article 22 of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC; Article 22 of the Law of 11 July 2018 on public offers of investment instruments and the admission of investment instruments to trading on a regulated market; Article 9, § 3 of the Royal Decree of 25 April 2014 on certain information obligations for the distribution of financial products to retail clients.
Source: FSMA
