Fund Distribution Alert 2020-22

Fund Distribution Alert 2020-22



Said Fihri

Partner, ADV – Investment Services

KPMG in Luxembourg



FSMA consults on Q&As regarding advertisements for investment products

On 23 November, FSMA published a consultation paper concerning draft Q&As on advertisements for investment products in the event of a public offering, admission to trading on a regulated market or marketing to retail clients.

The draft Q&As focus on the way advertisements or marketing communications should be prepared in order to comply with Article 22 of the Regulation (EU) 2017/1129.

The draft document is split into the following three parts:

  1. General framework regarding prospectus and marketing communication, particularly regarding EU rules as implemented in Belgium, FSMA preapproval of marketing communication and notices, etc.;
  2. List of Questions and Answers;
  3. Good practices for credit institutions and investment firms offering non-equity securities to the public.

The aim of these Q&As is to help ensure that the content requirements are met.

Comments must be provided to the FSMA by email ( by 4 January 2021.

The announcement is available here (in Dutch) and here (in French)). Likewise, the consultation paper is available here (in Dutch) and here (in French).

Please feel free to contact us should you require any additional information.

Please note that any information provided is general in nature, is based on the latest publicly available information as analyzed on a best endeavor basis and does not constitute any specific legal opinion or advice.


Said Fihri
+352 22 51 51 7892

Stephanie Zedda
+352 22 51 51 7271

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