Moratorium on the distribution of particularly complex structured products

The Financial Services and Markets Authority (FSMA) calls upon the financial sector not to distribute to individual investors structured products that are considered particularly complex. Distributors that sign on to the moratorium commit themselves not to distribute structured products that do not fulfil the criteria that have been established. Distributors who participate in the moratorium will be placed on a list kept by the FSMA. The voluntary moratorium remains in force until new rules on the distribution of structured products to retail investors have been drawn up. This voluntary moratorium is a first step in a process that is intended to lead to a more transparent and simpler product range. In what follows, we provide additional information in the form of Frequently Asked Questions.

Further information can be found in the following: 

• Press releases:
  • Successful consultation concerning structured products (French – (Dutch) (04th January 2012)
  • The FSMA launches consultation on structured products (08th August 2011)
  • Moratorium on the distribution of particularly complex structured products (29th July 2011)
• Communication and annex
   
• FAQ
  • A. General questions on the purpose of the moratorium
     
  • B. Technical questions relating to the provisions of the moratorium

Accession by financial institutions

• Accession form
• List (French – Dutch) of the distributors that have signed on to the moratorium

Accession by intermediairies (from 15 September 2011):

• Accession form (French – Dutch)

• Scope and instructions for accession 

• List of the financial intermediairies that have signed on to the moratorium ($$FR-VERSION$$ – $$NL-VERSION$$)

On 15 October 2011, the consultation on the introduction of a regulatory framework for the distribution of structured products to retail investors was concluded. 

The feedback statement can be found here.

Source: FSMA