The FSMA wishes to draw the attention of the public to fake information sites that steal the identity of Belgian media to promote fraudulent trading platforms. These fake websites fraudulently use the visual identity and name of well-known Belgian or international media outlets (Le Soir, La Libre, HLN, Euronews, etc.) to lend credibility to the investment offers they promote. The FSMA therefore urges consumers to be particularly vigilant.Fraudsters are increasingly using fake information websites that steal the appearance of well-known Belgian and international media outlets. The fake articles they publish there are in fact disguised advertisements whose sole objective is to encourage readers to fill in a contact form in order to be contacted by a fraudulent trading platform. To lend the appearance of credibility to their contents, these fraudsters shamelessly steal the identity of Belgian celebrities. They attribute false statements to them or make it seem as if they were investing in online trading platforms. These fake press articles often describe alleged incidents occurring during a televised debate or interview aired on Belgian TV stations. In so doing, they refer to so-called ‘clashes’ between politicians, economic or financial leaders and journalists or TV hosts, during which one of the participants apparently reveals to the public that investing in a trading platform is the secret to getting rich. The fraudsters try to reassure investors by claiming that these trading platforms comply with Belgian financial legislation and regulations and that they are authorized by the FSMA or the National Bank of Belgium. These fake articles are often accompanied by deep fake photos or video clips from programmes, in an effort to enhance their trustworthiness.The FSMA has identified a fraudulent trading platform by the name of BitKeltTrade, which uses the website: https://www.bitkelttrade.com.The FSMA also identified several fraudulent information sites that redirect consumers to the fake BitKeltTrade trading platform. These sites are:https://glowrift.inkhttps://mizinlolom.cyouhttps://mofnvexa.cyouhttps://radolovbelogor.clickhttps://vworlix.cyouhttps://yogrvexa.cyouThe FSMA reminds consumers that the presence of the name or logo of a well-known media site or public person does not in any way constitute a guarantee of reliability. Before making any investments, investors are encouraged to verify that the provider is authorized to provide investment services, and to exercise great prudence if they are presented with promises of returns on investment that seem too good to be true.

The Financial Services and Markets Authority (FSMA) warns the public against the activities of Levels Socials, which irregularly offers investment services in Belgium.This company is not authorized to offer investment services in Belgium.The FSMA thus strongly advises against responding to any offers of financial service made by this company and against transferring money to any bank account number they might mention.Moreover, according to the information available to the FSMA, the activities proposed could be of a fraudulent nature, i.e. a fraudulent trading platform. These platforms lure investors online with promises of quick and easy earnings. Their offers look attractive, but they are nothing more than advanced scams that can lead to significant financial losses.For further details on how this type of fraud works, the FSMA invites the public to consult its previous warnings published on 23 April and 12 March 2026.The FSMA added these entities to the list of fraudulent trading platforms. Beware, this list is not complete, but is updated frequently. If you wish to verify whether a company has the necessary authorisations to offer financial services and products, we invite you to consult our page ‘Check your provider’. In case of doubt, contact the FSMA.I’ve fallen victim. What should I do?Stop making any transactions and break off all contact with the platform: don’t deposit any more money and don’t provide any additional personal or financial information. Break off all contact with the fraudsters. They may try to manipulate you in order to take even more money from you.Contact your bank: inform your bank immediately if you have made any payments to the fraudulent platform.Report the fraud to the competent authorities: contact the FSMA and file a complaint with the police.Document all exchanges of data and transactions: gather all evidence of your exchanges of data with the platform, including emails, messages, account statements and screen shots of the transactions. These items will, of course, be very valuable when you report the fraud.Beware of 'recovery rooms': fraudsters contact victims of a previous scam and offer to help them – for a fee – recover their lost money. Often this constitutes yet another attempt at fraud..For more recommendations on how to avoid investment fraud, please consult the ‘How to recognize and avoid fraud‘ page on the FSMA website. Please watch our awareness-raising videos as well (available in Dutch and French only).

The Financial Services and Markets Authority (FSMA) warns the public against the activities of unauthorized lenders who offer consumers fake credit.The FSMA has identified 26 new fraudulent lenders who offer fake credit to Belgian consumers via the internet. Consumers come into contact with such providers in a variety of ways: they receive unsolicited messages via email or social media (Facebook, WhatsApp, etc.) or find advertisements online. Given the current economic situation, consumers often search for extra funds in the form of credit, and as a result may come into contact with questionable players.In practice, these involve fake credit that is offered to consumers in order to coax consumers into giving them money. The fraudsters claim to be authorized lenders or registered credit intermediaries, and do not hesitate to use the names or logos of well-known credit institutions. In such cases, this is considered to be a case of ‘cloned firm’ fraud.The fraudsters offer loans at very attractive conditions. For example, the credit provider claims to lend large amounts at a low interest rate. It also claims that there will be no credit check on the consumer to determine whether he or she is a poor payer who has taken out loans in the past which he or she was unable to repay.Consumers who accept the credit offer are asked to pay some costs associated with the credit up front. These may be presented as an insurance premium to cover the lender against default on the loan, file handling costs, administrative costs, etc. But these are all fictitious costs.Once the consumers have paid these so-called costs, the ‘lender’ disappears into thin air and it is nearly impossible to recover the sums paid.The FSMA therefore strongly advises not to take up such credit offers.The illegally operating companies against which the FSMA warns the public are as follows:Abis Finance (www.abisfinance.com)Alenas Finance (www.alenasfinance.com)Alenas Services (www.alenas-services.com)Bridge groep (www.bridgegroep.com)Financien Dessers (www.financiendessers.com, www.financiendessersbe.com)Finaria group (www.finariagroup.com)First lenen (www.firstlenen.com, www.firstlening.com)Geld Group Dienst (www.geld-groupdienst.com)Granon Service (www.granon-service.com)Horee Group (www.horee-group.com)Hovyxa (www.hovyxa.com)Imperix Service (www.imperix-service.com)Euro Financiering (www.krediet.pro)Lasne Finance (www.lasne-finance.be)Optia Banking (www.optiabanking.com)Optima Credit (www.optima-cred.com)Optima Finanz (www.optimafinanz.com)Paradis Services (www.paradis-services.com)Zebrov (www.zebrov.com)Zeker lenen (www.zekerlenen.com)The following fraudulent lenders do not have a website but contact consumers via social media or email to offer them a fake credit:Aides financièresGroep Finanz ExpertLumia BankOnline leningen.beSnelle Online LeningVlaamskredietThe FSMA has a number of general recommendations to enable you to recognize such fraudulent credit offers:Be suspicious if you are suddenly offered credit out of the blue via the internet or social media.Beware of any offers of credit on very favourable terms (a loan that is very large in relation to the consumer’s financial situation, at a very low interest rate or with an unusually long repayment period, etc.) that would not usually be available from authorized lenders.Be all the more suspicious if the lender makes the credit subject to the payment of a sum of money intended to cover certain costs before the credit will be granted. The justifications given for such a payment can vary: they may be called an insurance premium with a view to insuring the lender against default on the loan, file handling costs, authentication costs, administrative costs, etc. These costs are purely fictitious. Once the money has been paid, the ‘lender’ disappears and the victim never recovers the money transferred.Enquire whether the lender has the necessary authorization or registration. Via the search function on the FSMA’s website, you can easily determine whether this person has the necessary authorization or registration. Persons without an authorization or registration may not offer you credit.Consider doing a search for the person using the customary search engines. You may find testimonials by people who have already been approached by the same person. But remain alert, as sometimes these are falsely positive testimonials posted by the company itself in order to gain the confidence of consumers.More than ever, prudence is necessary. In case of any doubt, and before making any (more) payments, do not hesitate to contact the FSMA directly using the contact form on its website. As well, please feel free to notify the FSMA of any contact with a suspicious company that has not yet been the subject of a warning by the FSMA.

The FSMA warns the Belgian public against the activities of Cédric Bergans in the area of financial products and services.Mr Cédric Bergans is not registered with the FSMA and is therefore not authorized to offer regulated financial products and services to Belgian consumers.Mr Cédric Bergans also uses the trading name “BC Edufin Academy”1 and has his office at 31 Rue Joseph Heusdens, 4460 Grâce-Hollogne. The addresses of his websites were https://cedricbergans.com/ and https://bcedufin-academy.com/ (currently disabled). He describes himself as offering coaching services, which include coaching in financial matters.According to information available to the FSMA, Cédric Bergans appears to be offering investment services and advice and to be collecting money from consumers to this end.Mr Bergans does not, however, hold an authorization to engage in such activities within Belgium.Furthermore, Mr Bergans indicated on his website that he runs training sessions, and in particular about forex trading. The FSMA wishes to remind readers that there is a ban on the distribution of these products in Belgium.The FSMA also reminds the public that participating in a pyramid scheme constitutes an unfair practice, and anyone who participates is an accessory to a criminal offence and liable to a criminal sanction, in addition to the risk of losing his or her money.Given the above, and since Mr Bergans does not hold an authorization to offer financial products and services in Belgium, he is not permitted to offer such products and services in Belgium or to Belgian consumers.The FSMA therefore advises consumers to be vigilant and refuse any offer of financial products or services made by Mr Bergans or by the entity called “BC Edufin Academy”.In case of any doubt regarding your provider of financial services or products, feel free to consult the FSMA’s registers using the search engine provided on its website. 1  Opening of bankruptcy procedure since February 16, 2026.

ANNOUNCEMENT BY THE FINANCIAL SERVICES AND MARKETS AUTHORITY, PUBLISHED IN APPLICATION OF ARTICLE 78 OF THE LAW OF 21 NOVEMBER 2017Trading in the financial instruments of IEP INVEST, ISIN BE0003748622, on Euronext Brussels is suspended on the request of the company from 24/07/2026 at 16:40 CET until the publication of a press release.

The Financial Services and Markets Authority (FSMA) has published a new edition of its quarterly dashboard of Belgian public open-ended investment funds, generally referred to as investment funds. The overview presented in this dashboard covers the first quarter of the year 2026.This press release is not available in English. Please consult the French or Dutch site.

One of the tasks entrusted to the Financial Services and Markets Authority (FSMA) is to combat unlawful activities in the area of financial investments. The FSMA publishes a dashboard that provides statistics as well as an overview of the main trends regarding investment fraud. The dashboard for the first half of 2026 is now available.This edition of the dashboard highlights the following items: Fraudulent trading platforms and scams linked to cryptocurrencies continue to make up nearly half of the consumer reports of fraud received by the FSMA. Consumers reported to the FSMA having collectively lost more than 8.5 million euros due to such fraud.Another significant part of the losses reported by consumers, more than 2 million euros, were due to fraud involving false stock tips via WhatsApp. This type of fraud emerged in the summer of 2025 and has since made many victims, often involving very large sums of money. Since February, however, the FSMA has observed a sharp decline in the number of complaints registered in this category.The FSMA draws the public’s attention to fraud involving fake credit, which once again accounts for around 20% of the fraud reports received by the FSMA.The dashboard is available on the website of the FSMA.

Starting on 10 July 2026, listed companies will have to file their regulated information with the FSMA via a new portal leading to an updated eCorporate platform. These developments were introduced in order to ensure that the FSMA is ready to provide the information flows needed for the launch of the European Single Access Point (ESAP). ESAP is an initiative of the European Union aimed at centralizing access to public information on companies and financial products. Its purpose is to make this information easy for investors, analysts, citizens, etc. to find, compare and access free of charge.In the course of implementing the ESAP project, the FSMA updated some of its tools. As from today, listed companies that file regulated information with the FSMA (such as their annual reports) will have to do so via a new portal that leads to an updated application. In due course, this portal will become the access point for all entities under the FSMA’s supervision.These developments were introduced, with a view to the launch of ESAP, in order to enable the FSMA to provide the European Securities and Markets Authority (ESMA), within 60 minutes of receipt, with the information flows required.The FSMA also plans to develop other tools, including, in the short run, an interface for filing the information required under the prospectus legislation. While awaiting the launch of this interface, the list of metadata to be provided for the prospectus dossiers and Communication FSMA_2019_13 have been updated.In the process of developing these new tools, the FSMA took particular care to reduce as far as possible the administrative burden on entities under supervision. For example, the FSMA itself pre-encodes some of the metadata, which entities simply have to update where necessary.Once the ESAP platform maintained by ESMA is fully operational, the general public will have access to some important public information. For example, prospectuses, annual reports, transparency disclosures, inside information, lists of authorized entities, sanctions and measures that have been made public, etc.The platform will make it possible to search by company, by type of information and by supervisory authority. This can be done by means of the metadata that accompanies each item of information. A translation tool will also be included in the platform. The ESAP platform is expected to be accessible to the public at the latest in July 2027. More information on ESAP is available on ESMA’s website.The FSMA is delighted to be able to contribute to this major European project, which will enhance the availability and processing of data across the European Union.

As part of its supervisory tasks in respect of AML/CFT, the FSMA has deleted the registration of insurance intermediaries who failed to comply with their legal obligation to complete the questionnaire on prevention of money laundering and the financing of terrorism. In accordance with the applicable legal provisions, decisions to delete registrations are published, by name, on the website of the FSMA (available in French - Dutch only).

The ‘FSMA Portal’ will be available from 10 July 2026. This new digital platform will serve as the single point of access for the secure transmission of information to the FSMA by the entities under its supervision.In its first version, the Portal will include a module for the submission of corporate and financial documents and thus replace the external application eCorporate.The user logs in via a single, secure interface. Depending on his profile and rights, the Portal will automatically display a list of his dossiers and the actions he is authorized to carry out.Due to the launch, eCorporate will be unavailable on Thursday 9 July. From 10 July onwards, you will be able to use the new digital platform. If you wish to upload a document on Thursday 9 July, please contact your usual contacts at the FSMA.

ANNOUNCEMENT BY THE FINANCIAL SERVICES AND MARKETS AUTHORITY, PUBLISHED IN APPLICATION OF ARTICLE 78 OF THE LAW OF 21 NOVEMBER 2017Trading in the financial instruments of QRF, ISIN BE0974272040, on Euronext Brussels will re-open on 08/07/2026 at 15:30 CET.

ANNOUNCEMENT BY THE FINANCIAL SERVICES AND MARKETS AUTHORITY, PUBLISHED IN APPLICATION OF ARTICLE 78 OF THE LAW OF 21 NOVEMBER 2017Trading in the financial instruments of QRF, ISIN BE0974272040, on Euronext Brussels is suspended from 8/07/2026 at 9:00 CET until the publication of a press release.

The Financial Services and Markets Authority (FSMA) warns the public against companies in Belgium that are offering crypto-asset services without an authorization.At the end of 2024, a European Regulation entered into force with new rules for offerors of crypto-assets and crypto-asset services (MiCA). Based on this Regulation, a company may offer crypto-asset services within the European Union on condition that it holds an authorization as a crypto-asset service provider (CASP).The FSMA has noted that a number of crypto-asset service providers are active in Belgium without authorization. It therefore strongly advises against accepting such offers made by the following companies:Aurum Foundation (aurum.foundation);Bank Bit (bank-bit.com);Bithf Pro (bitfpro.org);Dxago (dxago.com);Global Dynamic Trade (globaldynamictrade.org);ZeriaFunding (zeriafunding.com).The FSMA has added these entities to its list of fraudulent CASPs. Please note, this list is not exhaustive, but it is updated regularly.An authorization as a CASP is issued by the competent supervisory authority of the service provider’s home Member State. Since 30 December 2024, new crypto-asset service providers must hold the status of a CASP. For existing providers, there is a transitional provision that expired on 1 July 2026. The FSMA advises consumers who wish to use a crypto-asset service to determine whether the company in question holds the requisite authorization. To do so, please consult the register of ‘Crypto-asset service providers’. Please bear in mind that crypto-assets have specific characteristics that entail considerable risks. They are often subject to sudden fluctuations in value. Moreover, the market for crypto-assets can have limited liquidity, as a result of which you will not be able to sell your crypto-assets when and for the price you wish. Beware as well of promotion via social media of certain crypto-assets for which the information available may be confusing, incomplete, or even misleading. Unlike some other, more traditional financial products, there is no compensation scheme to cover potential losses.  Crypto-assets and the products based on them can be highly complex. Do not invest in the product being offered if you don’t understand it. More information in this regard is available on the website of Wikifin (available in Dutch and French) and the website of ESMA. In case of doubt, please contact the FSMA.I’ve fallen victim. What should I do?Stop making any transactions and break off all contact with the platform: don’t deposit any more money and don’t provide any additional personal or financial information. Break off all contact with the fraudsters. They may try to manipulate you in order to take even more money from you. If you were added to a trading group, leave it immediately.Contact your bank: inform your bank immediately if you have made any payments to the fraudulent platform.Report the fraud to the competent authorities: Contact the FSMA and file a report with the police.Document all exchanges of data and transactions: gather all evidence of your exchanges of data with the platform, including emails, messages, account statements and screen shots of the transactions. These items will, of course, be very valuable when you report the fraud.Beware of ‘recovery rooms’: fraudsters contact victims of a previous scam and offer to help them  – for a fee – recover their lost money. Generally, this constitutes yet another attempt at fraud.For more recommendations on how to avoid investment fraud, please consult the ‘How to recognize and avoid fraud’ page on the FSMA website. Please watch the awareness-raising videos as well (available in Dutch and French only).

ANNOUNCEMENT BY THE FINANCIAL SERVICES AND MARKETS AUTHORITY, PUBLISHED IN APPLICATION OF ARTICLE 78 OF THE LAW OF 21 NOVEMBER 2017Trading in the financial instruments of MAZARO, ISIN BE0974404361, on Euronext Brussels is suspended on the request of the company from 03/07/2026 at 11:30 CET until the publication of a press release.

The Financial Services and Markets Authority (FSMA) warns the public against several companies that offer alternative investments in the wine, energy and real estate sectors.These offers, often presented as exclusive and particularly profitable opportunities, promise high returns or even ‘guarantees’, while minimizing the risks incurred. In some cases, investors risk losing all or part of the sums invested.Attractive sectors used to convince investorsThe fraudsters regularly take advantage of the growing public interest in alternative investments:wine, presented as a rare asset whose value will continually increase;energy, in particular via projects involving renewable energy or commodities;real estate, via fractional investments or projects abroad that promise attractive revenues.These investments may seem reassuring, but their real value is often difficult to verify and the promised returns may be unrealistic. The FSMA reminds the public that the investments may comprise significant risks and urges consumers to exercise the highest possible vigilance before placing any of their savings in such products.Companies against whom the FSMA is warning the publicBeit Capital Advisor(s) (Clone) (http://acces-beit-ca.com)Core Asset Wealth Management (https://acg-wealth.com)Financière FVS (www.financierefvs.com)JMBE Finances (www.jmbe-finances.com)Kelenn Finance (www.kelennfinance.com)Be attentive to the warning signsThe offers in question often have several shared characteristics:promises of high returns;claims of a ‘unique’ or time-limited opportunity;unsolicited contacts (by phone or email);strong pressure to invest quickly;a lack of transparency about the risks or costs;difficulties faced by investors when they try to recover their capital;a request to transfer funds to bank accounts located abroad or in the name of entities without any evident link to the company offering the investment.Prudence remains your best protectionBefore making any investment, consumers are advised by the FSMA to:verify whether a company is authorized to offer investment services;be wary of promises of high earnings or guarantees;never take a decision under pressure;search for independent information about the company and its directors.Don’t forget that if an offer seems too good to be true, it is usually a scam!If you have the least doubt about whether financial services being offered to you are lawful, please don't hesitate to contact the FSMA directly via the consumer contact form. As well, feel free to notify the FSMA of any suspicious company that has not yet been the subject of a warning published by it.

The FSMA has published ‘Insurance products in the spotlight’, an overview of the insurance products offered on the Belgian market. The document contains key figures about the insurance sector, such as the number of providers and the types of insurance contracts, and also shows developments over time. In addition, it gives clear insight into the way the premiums collected are allocated and the sometimes significant differences among insurers in that regard.This press release is not available in English. Please consult the French or Dutch site.

The Financial Services and Markets Authority (FSMA) is once again drawing the public’s attention to the dangers posed by fraudulent trading platforms. These platforms lure investors online with promises of quick and easy earnings. Their offers look attractive, but they are nothing more than advanced scams that can lead to significant financial losses.For further details on how this type of fraud works, the FSMA invites the public to consult its previous warnings published on 23 April and 12 March 2026.The FSMA has noted that the following websites were putting consumers in contact with fraudulent trading platforms:Argentis Capora (argentis-capora.com);Claire Marchèòn (clairemarcheon.net);Clarté Finelya (clartefinelyabe.com);Effectenria (effectenria.com);Fort Trésorique (fort-tresorique.com);Libre Profitance (ai-libreprofitance.com);Mont Activoire (montactivoire.org);Riche Patrimesse (riche-patrimesse.com, richepatrimesse-ai.com, richepatrimesse-be.com);Track Cormax Hex (trackcormaxhex.com);X Trade Grok 8.1 Flex (xtradegrok-81-flex.com).The FSMA strongly advises against responding to offers made by the following trading platforms:Bitelity (bitelity.com);BlitzPine Group (area.bltzpn-gr.org, blitzpinegroup.com);Blueforge Ltd (cfd.blueforge.ltd);CDJ Rise (cdjrise.com);DataEdgeFX (clientzone.dataedgefx.com, dataedgefx.com);Dividenda (dividenda.finance, webtrader.dividenda.app);Exovia Markets (exovia-markets.com);Markelio-global (markelio-global.com);Noxi Rise (noxirise.com);Rivonsphere (rivonsphere.com);Sirano Group (Clone) (siranogroup.biz);Solara Finance Limited (solara-financelimited.com);SwayHorizonAI (swayhorizonai.com);Torvex Finance (torvexfinance.com);Winseterra (winseterra.com).The FSMA has added these entities to the list of fraudulent trading platforms. Beware, this list is not complete, but it is updated frequently. If you wish to verify whether a company has the necessary authorisations to offer financial services and products, please consult the page ‘Check your provider’. In case of doubt, contact the FSMA. I’ve fallen victim. What should I do?Stop making any transactions and break off all contact with the platform: don’t deposit any more money and don’t provide any additional personal or financial information. Break off all contact with the fraudsters. They may try to manipulate you in order to take even more money from you. If you were added to a trading group, leave it immediately.Contact your bank: inform your bank immediately if you have made any payments to the fraudulent platform.Report the fraud to the competent authorities: Contact the FSMA and file a report with the police.Document all exchanges of data and transactions: gather all evidence of your exchanges of data with the platform, including emails, messages, account statements and screen shots of the transactions. These items will, of course, be very valuable when you report the fraud.Beware of ‘recovery rooms’: fraudsters contact victims of a previous scam and offer to help them – for a fee – recover their lost money. Generally, this constitutes yet another attempt at fraud.For more recommendations on how to avoid investment fraud, please consult the ‘How to recognize and avoid fraud’ page on the FSMA website. Please watch the awareness-raising videos as well (available in Dutch and French only).

The Financial Services and Markets Authority (FSMA) warns the public against an entity that is unlawfully active within Belgium.Fraudsters are passing themselves off as OGESIP Invest, an institutional Sicav/Bevek (open-ended investment company) governed by Belgian law held by OGEO Fund. OGEO Fund is a Belgian institution for occupational retirement provision authorized by the FSMA.OGESIP Invest does not have a website.  However, persons usurping the identity of OGESIP Invest have set up a fraudulent website: https://www.ogesip-investment.com/. This website uses the information and contact details of OGESIP Invest without authorization.The above website is not authorized to provide investment services in Belgium. This is a ‘Cloned firm’. This is a form of fraud in which swindlers steal the identity of an authorized company in order to give consumers the impression that they are authorized to offer them regulated investment products or services, whereas this is not the case. The FSMA thus strongly advises against responding to any offers of financial service made by these persons and against transferring money to any bank account number they might mention.In order to prevent consumers from falling victim to this type of investment fraud, the FSMA makes the following recommendations:Always check the identity of your interlocutor (have you checked its name, registered office, home country, contact details and whether it holds an authorization to make this type of offer?).If you cannot clearly identify your interlocutor, it should not be trusted. If the company is based outside the European Union, you should be aware of the difficulty of legal recourse in the event of a dispute.Check that the contact details for that company listed on the FSMA’s website are the same as those found on the company’s website.Beware! Fraudsters frequently also steal the postal address of the authorized institution. Therefore, the fact that the correct postal address is used by your interlocutor is therefore not enough to confirm his/her/its identity!Use online search engines to ensure that there is no other website under the name of the authorized company in question.Beware! Fraudsters frequently use a web address that is very close to that of the official site of the company whose identity they have stolen, for example by adding a hyphen to the address, using a different extension (.com instead of .be, for example. etc.).Compare the official information with the facts.For example, if the person contacting you claims to represent a company based in Belgium but is contacting you from a foreign phone number, this should serve as a warning sign. Similarly, you should be wary if the company’s website is in French or Dutch only, whereas the company claims to be based in a country with a different official language.Use the online tools available that allow you to verify the date when the website used by your contact person.If the website is very recent, this is a significant indication that it may not be trustworthy.Lastly, be wary of (promises of) completely disproportionate gains.Where a return seems too good to be true, it usually is.

The Financial Services and Markets Authority (FSMA) has published its 2025 annual report. The report describes how the FSMA has fulfilled its mission over the past year to contribute to a financial system that is worthy of its users’ trust. On the occasion of this publication, the FSMA also outlined some pathways for the reform and strengthening of third-pillar pensions.The annual report addresses a number of current topics such as fraud prevention and awareness, effective international cooperation, the analysis of the Belgian investor’s investment portfolio, and the data analytics that have become an indispensable tool for the FSMA. The annual report also devotes special attention to the 15th anniversary of the FSMA, which was established on 1 April 2011. The report provides a timeline with an overview of the initiatives that the FSMA has taken year after year in areas such as product supervision, supervision of compliance with conduct of business rules, supervision of costs, and financial education, in order to fulfil its mission.On the occasion of the publication of its annual report, the FSMA outlined a few pathways for third-pillar pensions. These are in line with the objectives of the European Savings and Investment Union (SIU): to invest more in Europe. Pension savings have three features that are not widely known: (1) the costs are moderate; (2) pension savings succeed in delivering a decent return and (3) pension savings funds invest 88 per cent of their assets in Europe. They invest 2.1 billion euros in European ‘small caps’, of which 357 million in Belgian shares. The total assets in pension savings have been growing, reaching 42 billion euros at the end of 2024, but this increase was mainly driven by developments in the financial markets and a surplus of contributions. In order to keep pension savings relevant, in light of evolving expectations and retail investor behaviour, the current regime needs to be modernized. A first pathway to that end would be a drastic simplification of the investment rules in the appliable tax law. The current investment requirements bear no resemblance, in terms of complexity, to the legislator’s original intent in 1986. At the time, the aim was to stimulate risk capital through pension savings, and the investment requirements were simple. The FSMA believes that a “back-to-the roots” simplification of the investment requirements could help reduce the cost level. Simplification could also encourage greater diversity within the range of products offered and, for example, make passive investing possible.Greater mobility is also a possible pathway: switching between pension savings products can be facilitated by eliminating a number of barriers that render mobility more difficult.The 2025 annual report is available on the FSMA website. In addition to the full annual report in PDF format (available in French - Dutch only), the website also offers an interactive tool (available in French - Dutch only) which provides a concise overview of several themes from the report. The FSMA’s opinion (available in French - Dutch only), a few takeaways (available in French or Dutch only) and a presentation (available in French - Dutch only) are also available on the FSMA website.

The agreed settlement provides for the payment of a sum of 1,000,000 euros, a commitment to transparency and a publication, with names, on the website of the Financial Services and Markets Authority (FSMA). Failure to comply with the rules of conduct Banque Degroof Petercam is active in the field of employee profit-sharing plans in the form of stock-option plans. Between January 2018 and October 2023, the bank was involved in two kinds of plans: plans linked to a financial instrument that replicates the performance of the “EuroStoxx 50” index (EuroStoxx Plans) and others linked to listed shares of the employer itself (Listed Company Plans).Under the Listed Company Plans, Banque Degroof Petercam offered employees the opportunity to issue mirror options and sell them to the bank in order, among other things, to cover the tax payable by employees when the stock options are allocated. The theoretical value of these mirror options was determined by Banque Degroof Petercam, which deducted various value adjustments to arrive at the final sale price. The purchase by Banque Degroof Petercam, at the request of employees, of mirror options under the Listed Company Plans constituted an investment service subject to the MiFID rules of conduct. In the view of the FSMA, Banque Degroof Petercam breached several of those rules:First, Banque Degroof Petercam was obligated to inform employees of the costs and charges of the investment service. However, between January 2018 and February 2023, Banque Degroof Petercam failed to inform them of certain costs and charges in the form of value adjustments made when the sale price of mirror options.Furthermore, as counterparty to the employees, Banque Degroof Petercam had a conflict of interest as regards determining the parameters of the mirror option price. Yet the bank failed to ensure that the determination of one of these parameters, intended to cover its credit risk, was fair and not biased by conflicts of interest. Nor did it draw up, implement and maintain an effective conflict of interest policy.Within the EuroStoxx Plans, Banque Degroof Petercam provided employees with a digital platform on which their instructions could be processed. The said service constituted an investment service. The bank was therefore required, as in the case of the Listed Company Plans, to assess whether the investment product envisaged (options) was appropriate for the employees. The test designed by Banque Degroof Petercam, however, was inadequate, given that it relied exclusively on a self-evaluation by employees.Banque Degroof Petercam has since remedied all the matters that, according to the FSMA, constitute breaches.In 2020, the FSMA had already accepted an agreed settlement with Banque Degroof Petercam in connection with shortcomings, some of which were analogous to the present breaches, in the application of the MiFID rules of conduct to another activity. An agreed settlement of 1,000,000 euros accompanied by a commitment to transparency and publication of the settlement including disclosure of namesThe FSMA’s investigation resulted in an agreed settlement. The agreed settlement entailed a fine of 1,000,000 euros and a publication, with names, on the FSMA’s website. Under the terms of the agreed settlement, Banque Degroof Petercam also undertook to respond to requests made by employees who sold mirror options under the Listed Company Plans during the period in question. Upon request, Banque Degroof Petercam will inform them of the value of the mirror options sold and of the overall adjustment the bank applied. Employees can, to this end, contact Banque Degroof Petercam via the email address info.mirroroptions@degroofpetercam.com.The full text of the agreed settlement is available on the FSMA’s website.