In 2025, the Financial Services and Markets Authority (FSMA) received 306 whistleblowers’ reports, which is up by 12% over the previous year and more than twice the number of reports received in 2022. Reports submitted via the  Whistleblowers’ point of contact, as well as complaints filed via the channel specific to the  banker’s oath (available in French - Dutch only), help the FSMA detect infringements at an early stage and enable the FSMA, where applicable, to take measures against inappropriate conduct. The FSMA also received 4,674 consumer reports in 2025, mostly relating to unlawful or fraudulent offers.Whistleblowers play an important role in detecting infringements of financial legislationSince 2017, the FSMA has had a channel for persons wishing to report possible infringements of the financial legislation and regulations with which the FSMA supervises compliance. The reports received are treated with particular care, to ensure that anonymity and confidentiality are guaranteed. The FSMA received 139 reports via that channel in 2022, 238 in 2023, 274 in 2024 and 306 in 2025. These reports concern a wide range of tasks carried out by the FSMA (supervision of financial products, surveillance of financial markets and supervision of information disseminated by companies, supervision of conduct of business rules, supervision of financial service providers and intermediaries, supervision of supplementary pensions, unlawful activity, etc.). These reports are important to the supervision conducted by the FSMA. Some of them give rise to investigations and may lead to the imposition of sanctions. The new banker’s oath regime further strengthens the protection of financial consumersRecently, the banker’s oath regime was introduced to strengthen the existing legislation and regulations, holding bankers personally responsible for their actions. It imposes individual rules of conduct on bankers, placing the emphasis on the principles of integrity, professionalism and the fair treatment of customers. These rules also apply to persons subject to fit and proper requirements and to managers responsible, crucial in order to guarantee bankers’ ethics and integrity. The banker’s oath regime applies to about 30,000 people in Belgium. It is accompanied by potential disciplinary sanctions, such as a ban on carrying out professional activities for up to three years. To guarantee the efficacy of this type of sanction, any applicant for a position as banker must have a certificate from the FSMA confirming that they are not subject to a professional ban. A specific channel for complaints has been set up. Currently, more than 500 people who hold managerial positions have taken the banker’s oath at the FSMA, and 3,350 people took the oath at their credit institution.The channels are complementary and usefulThese channels are particularly useful. They are not intended to enable complainants to obtain individual compensation, but to lead to solutions to problems that are important for all financial consumers. The channels are therefore a priority for the FSMA.The various channels are complementary. The complaint channel specific to the banker’s oath is intended to receive complaints about disciplinary issues on the part of bankers, whereas the Whistleblowers’ point of contact is for infringements of any other financial legislation and regulations with which the FSMA supervises compliance. The information received by the FSMA through either channel is protected by the FSMA’s obligation of confidentiality. Complaints relating to the banker’s oath give rise to investigations that consider both the charges and the defence, ensuring that the right to self-defence is respected. More and more people are turning to the FSMAIn addition, an increasing number of consumers have been contacting the FSMA to ask questions, request certain types of information or report cases of fraud. In 2025, the FSMA received 4,674 consumer reports, which is three times higher than in 2016 and 13% higher than in 2024. This increase has been continuing year on year. A majority of the reports submitted to the FSMA concern unlawful or fraudulent offers. In 2025, the FSMA received an average of 273 reports every month relating to these matters. In addition, an increasing number of consumers have been turning to the FSMA before investing money, to check if their interlocutor is trustworthy. This is the best way to avoid falling victim to fraud. Since April 2025, the FSMA has blocked 245 fraudulent domain names via the Belgian Anti-Phishing Shield (BAPS), thereby preventing consumers from consulting a fraudulent website a total of 22,973 times.Jean-Paul Servais, Chairman of the FSMA: 'The fact that a steadily increasing number of people are contacting the FSMA is a positive trend. This indicates, first, that the FSMA is becoming ever better known and is recognized as a trusted interlocutor: consumers are more and more likely to contact it when they have a question about a financial matter or before investing money, to check if their provider is trustworthy. This is the best way to prevent falling victim to fraud. Furthermore, for a modern and agile supervisory authority, it is crucial to listen both to members of the financial sector and to the public at large. In this way, the FSMA is better able to have the finger on the pulse of the Belgian financial sector and to detect, as early as possible, important signals that may require it to act quickly and effectively.' The FSMA offers various access points through which it can be contactedBelow are the specific contact channels provided by the FSMA: Whistleblowers’ point of contactChannel for complaints relating to the banker’s oath (available in French - Dutch only)Channel for questions relating to investment fraud and credit fraudGeneral consumer contact formContact form for professionals

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 ABO Group, ISIN BE0974278104, on Euronext Brussels is suspended on the request of the issuer from 26/01/2026 at 9:00 CET until the publication of a press release.

One of the tasks entrusted to the Financial Services and Markets Authority (FSMA) is to combat unlawful activities in the area of financial investments. It publishes a dashboard that provides statistics as well as an overview of the main trends regarding investment fraud. Today, it is publishing the dashboard for the second half of 2025.This edition of the dashboard highlights the following items: For the second half of 2025:A new type of fraud, taking the form of supposedly exclusive investment advice via WhatsApp groups, has duped several victims, with losses in this category totalling more than 9.5 million euros.Consumer reports of scams linked to cryptocurrencies or fraudulent trading platforms make up nearly half of the consumer reports of fraud received by the FSMA.Between July and December 2025, Belgian consumers reported to the FSMA having collectively lost more than 23,443,906 euros due to fraud.For the full year:In 2025, the FSMA received a total of 2,911 consumer reports about unlawful activity. This is an increase of 11 % compared to 2024.In the course of 2025, the FSMA published a total of 19 warnings against a total of 240 fraudulent entities and 316 websites. Requests were made to the judicial authorities to block those sites.The dashboard is available on the website of the FSMA.In 2025, the FSMA further extended its various actions to prevent any other Belgians from falling victim to investment fraud. Among other things, the FSMA participated in a major  awareness-raising campaign launched by the Centre for Cybersecurity Belgium (CCB) with various partners.The FSMA also joined the Belgian Anti-Phishing Shield (BAPS), an initiative of the CCB. Thanks to this tool, anyone who surfs to a website that the FSMA considers fraudulent is redirected to a webpage containing a warning. This new approach has had great success: since 15 May, the FSMA has entered 245 names of fraudulent websites; 22,973 unique IP addresses were thus redirected to the FSMA’s warning page instead of to a fraudulent website.

The FSMA warns the Belgian public against the activities of the SE-RE-CO company in the area of mortgage credit.The SE-RE-CO company is not a regulated entity and is thus not authorised to offer mortgage credit to Belgian consumers.SE-RE-CO uses the trading name “SERECO” and is established in Belgium at Deken Jonckheerestraat 2, box 202, 8560 Wevelgem. Its website is https://bm-sereco.be. Its primary activity is in the sector of real estate development.According to the information available to the FSMA, SERECO appears, at first glance, to offer mortgage credit to Belgian consumers.However, SERECO is not authorised to carry out such activities within Belgium.As a result, SERECO may not engage in any advertising and may not present, offer, prepare or conclude credit contracts. The documentation provided by SERECO may consist exclusively of non-personalized documentation drawn up by a lender or a credit intermediary and under the latters’ responsibility. SERECO may also not encourage clients to use its services to obtain more detailed explanations of the said documentation.Thus, SERECO must limit its activities solely to directing potential clients to a credit intermediary or a lender. Any activity beyond those limits requires registration with the FSMA.The FSMA therefore advises consumers to exercise vigilance and refuse any offer of mortgage credit made directly by SERECO.If you have any doubts regarding a provider of financial services or products, feel free to consult the FSMA’s registers using the search function made available on its website.

This agreed settlement consists of the payment of 10,000 euros and the publication, by name, on the website of the Financial Services and Markets Authority (FSMA).This press release is not available in English. Please consult the French or Dutch.

Debt agreements often include covenants that must be adhered to. Potential breaches of debt covenants within twelve months after the end of the reporting period require disclosures in the financial statements to provide users with insight into the risk that underlying obligations could become repayable.Following developments in the regulatory framework and observed practices, the FSMA has updated its expectations for these disclosures. This new opinion replaces opinion 2016_05.Read more in FSMA_Opinion_2026_01

The Financial Services and Markets Authority (FSMA) announces with sadness the passing of Mr. Jean-Louis Duplat, Honorary Chairman of the Banking and Finance Commission (CBF). Mr. Duplat passed away on January 9, 2026, at the age of 88.Mr. Jean-Louis Duplat was born in Uccle in 1937. He began his career in 1960 as a lawyer at the Brussels Bar. In 1974, he was appointed First Deputy Public Prosecutor at the Brussels Court of Appeal, where he headed the financial section. In 1978, he became President of the Brussels Commercial Court.In 1989, Mr. Jean-Louis Duplat was appointed Chairman of the Banking Commission, a position he held for twelve years, until 2001. During his chairmanship, the Banking Commission was transformed into the Banking and Finance Commission (CBF), which later became the CBFA and then the FSMA.After his term at the CBF, Mr. Jean-Louis Duplat held several board positions in the corporate world and served for ten years as President of Child Focus. Mr. Jean-Louis Duplat was also a professor at the Faculties of Notre-Dame de la Paix in Namur and at the Catholic University of Louvain (UCLouvain).The Chairman, the Management Committee, and all FSMA staff extend their sincere condolences to the family of Mr. Jean-Louis Duplat.

The European Securities and Markets Authority (ESMA) has published a series of tips for finfluencers on the responsible promotion of a financial product or service. You can view them on ESMA’s website.

 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 often they are nothing more than sophisticated scams that can lead to significant losses. How does a fraudulent trading platform work? (flowchart)Modes of contactFraudsters use various techniques to contact their targets:a fake advertisement in which a celebrity is mentioned;a website intended to ‘recruit’ victims;a fake profile on social media or on a dating app (Tinder, Bumble, Happn, …);a message that you have received allegedly by accident (SMS, WhatsApp, etc.);an acquaintance invites you to an investment opportunity with high returns.In each case, the platform tries to lure investors by promising them very high returns in an extremely short time, often well beyond the sorts of gains that are actually achievable.RegistrationInterested investors register on the platform and deposit funds to their trading account. Generally, investors begin with a relatively small sum, such as 250 euros. Sometimes the swindlers offer to help their victims by taking over their device remotely in order to make certain transfers on their behalf, which of course allows them to download viruses or spyware.Manipulation and pressure tacticsOnce the funds have been deposited by the victim, the platform manipulates the transactions to give the impression that significant profits have been achieved. However, these earnings are fictitious and the funds have not really been invested. The fraudsters then put pressure on their victims to invest more money. They do so by means of repeated phone calls, time-limited offers to which investors must respond quickly, or by issuing threats.Withdrawals seem impossibleTo gain victims’ trust, fraudsters sometimes allow them once to withdraw a small amount. However, once an investor wishes to withdraw a larger amount, the fraudsters use various pretexts not to have to pay back any money (high costs, taxes, etc.). The FSMA also noted that some platforms were based on a pyramid structure. The investors are encouraged to recruit new participants. Their investment allows to pay returns to the first investors. When it becomes impossible to recruit new participants the pyramid collapses.In all cases, the fraudulent platform disappears completely, taking with it all the investors’ money.The FSMA has noted that the following websites were putting consumers in contact with fraudulent trading platforms:Financourse (financourse.com);Investhub 3.0 (investhub30.com);Quantum AI (quantumaiplatform.com, quantumtradingnl.com, thequantumaiapp.com).The FSMA strongly advises against responding to offers made by the following trading platforms:24Yield (Clone) (24yield.com);Accuro Group (Clone);       Aptos (aptos-ai.com, webtrader.aptos-ai.co);Asterax (asterax.com, h5.asterax.vip);Avatradex / Avatrade (Clone) (avatradeshow.com, avatradegood.com);CM Prime (platform.cmcprime.co, cm-prime.co);Core-Invest (coreinv.net);Eurofingo (eurofingo.net);Fintelligence (fin-telligence.com);FlowBitEnergy (flowbitenergy.com);Galidix (galidix.com, trading-area.galidix-v5.com);Horizons28  (area.horizons28.net, Horizons28.com);Ikon-markets (ikon-markets.com);Imarketstrade (imarketstrade.org, imarketstrade.net);LuxNordic (Clone) (lux-nordic.com);Luxtious (luxtious.com);Millenium-Capital (milleniumbusiness-capitals.com);MS Global Finance;NewApexWay (newapexway.com);NOSW Exchange (hw-gold.com, noswexs.com);Pammdrex (pammdrex.com);Peak Rock Island (peakrockisland.com);PJPInvest (pjpinvest.com);Polkadot Heritage Limited (polkadotheritagelimited.com);PrimeUPartner (primeupartner.com);Quantiumax (quantiumax.com, quantiumax.net, webtrader.quantiumax.net);Rineplex (rineplex.com);SafeCrown (safecrown.net);Skifor (web.skifor.com);TitansBenefit (titansbenefit.com);UniSmartMove (unismartmove.com);Zestrend (webtrader.zes2.com). The FSMA added these entities to the list of fraudulent trading platforms. Beware, this list is not exhaustive. 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 results of the stress test conducted by EIOPA and that were published today confirm the resilience of European occupational penison funds in the face of liquidity risk, even in the case of severe deterioration of the economic and financial outlook.The press release is available on the EIOPA website.

These agreed settlements consist of the payment of 400,000 euros and the publication, by name, on the website of the Financial Services and Markets Authority (FSMA).This press release is not available in English. Please consult the French or Dutch.

The FSMA sent out a newsletter to intermediaries and credit providers on 16 December, reminding them of the report they are required to submit on the continuing professional education they completed in 2025. Intermediaries and credit providers are expected to submit their report at the latest by 31 March 2026, in their registration file in Cabrio. This functionality is available in Cabrio as from 15 December 2025.Read more in our newsletter (available in Dutch and French only)Consult our FAQ (available in Dutch and French only)

In this AMLCO Newsletter, the FSMA focuses on the fourth edition of its AMLCO DAY, which took place on 9 October 225. With more than 2000 Dutch- and French-speaking participants, the event - devoted to the sector of intermediaries in life insurance - was a great success.The FSMA’s aim was to raise awareness among AMLCOs at insurance intermediaries of the importance of the overall risk assessment. This is, after all, the starting point for the implementation of the risk-based approach and for an appropriate definition of the organizational framework needed to meet the AML/FT obligations. The Treasury provided explanations regarding the obligations as regards the identification of the ultimate beneficiaries, in connection with the UBO register, and regarding financial sanctions. The Financial Information Processing Unit (FIPU) laid out the principles underlying the submission of high quality suspicious transactions reports via the ‘goAML’ portal.The slides (available in Dutch and French) show on the AMLCO Day are available on the FSMA website.Read our newsletter (available in French and Dutch)

 The FSMA is receiving increasing numbers of reports of dubious WhatsApp groups, in which fraudsters share so-called exclusive investment tips or promote fraudulent trading apps. The FSMA published several warnings to this effect, but it has noted that the phenomenon is still on the rise on social media. How does the fraud work?Consumers find advertisements on social media (often Facebook or Instagram) for WhatsApp groups where, it is claimed, exclusive analyses of financial markets and profitable investment tips are shared. These advertisements are often published via pages that fraudulently use the name and logo of well-known banks and news services. These are cases of identity theft.Consumers who click on the advertisement are added to WhatsApp groups. These groups are managed by people who pose as prominent economists or CEOs of investment firms. These are also cases of identity theft.In these WhatsApp groups, consumers are encouraged to participate in lotteries. This is most likely a way to obtain consumers’ personal data. In addition, consumers are urged to purchase specific American listed shares. The aim appears to be to manipulate those share prices. This is also known as a “pump and dump” operation. Lastly, these WhatsApp groups also promote fake applications for trading in cryptocurrencies.The FSMA has noted that the fraudsters managing the WhatsApp groups often pose as authorized (often foreign) financial service providers, in particular:Appollo Global ManagementAxiom InvestorsCandriamHarbor FinancingJP MorganSaxo BankSchwartz School of BusinessStifel Strategie Consulting PartnersWatch out! These are cases of identity theft. The WhatsApp groups have, in fact, no connection whatsoever with authorized institutions.Once the fraudsters have established contact with their (potential) victims via WhatsApp, they direct them to the following websites:candriambel.comharborconsult.comh5.zvjnfdj.comsaxoandroid.topschwbss.comwavesolution.comweb.novaluminous.netThe managers of the WhatsApp groups also try to persuade consumers to download fake applications, such as:CAD INTHarborFinJP INVSNovafms ProSiteflGXSSB ProThe FSMA has added these websites to the list of companies that are operating unlawfully in Belgium. Please note, the list is not exhaustive. In order to determine whether or not a company is authorized to offer financial products and services, please visit our ‘Check your provider’ page. If you have any doubts, feel free to contact the FSMA.I’ve fallen victim. What should I do?Stop making any transactions and break off all contact. 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 fraudsters.Report the fraud to the competent authorities. Contact the FSMA and file a complaint with the police.Document all exchanges of information and transactions. Gather all evidence of your exchanges of information 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 scam in the past and offer to help them, for a fee, to recover their lost money. Often these constitute 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 French and Dutch only).

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 third quarter of the year 2025.This press release is not available in English. Please consult the French or Dutch site.

Since 2015, 16 financial institutions have entered into an agreed settlement with the FSMA for infringement of advertising rules. The settlements amount to a total of more than 1 million euros. The Nagelmackers Bank is the most recent of those institutions to do so.This report is not available in English. Please consult the French or Dutch page.

The FSMA has published two new Communications. These are addressed to the various parties concerned by the mandatory continuing professional education for compliance officers: compliance officers, compliance staff at regulated firms, other persons who have passed the compliance officers’ exam, and training institutions.These Communications contain information for the above persons and entities about the scope of the obligation to undertake continuing professional education and about the recognition process for training institutions. These Communications replace Communication FSMA_2018_05 of 8/05/2018.Read more in the following Communications:Communication FSMA_2025_16: Continuing professional education of approved compliance officers and compliance staff (available in French and Dutch only)Communication FSMA_2025_17: Continuing professional education in compliance – Recognition of training institutions (available in French and Dutch only)

The FSMA publishes its sectoral overview relating to 2025.This sectoral overview contains a set of key data on supplementary pensions for employees and self-employed workers. The latest edition of 'The second pension pillar in focus' includes pension data relating to 1 January 2025.This report is not available in English. Please consult the French or Dutch page. 

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 Wereldhave Belgium, ISIN BE0003724383, on Euronext Brussels will re-open on 03/12/2025 at 14:00 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 WERELDHAVE BELGIUM, ISIN BE0003724383, on Euronext Brussels is suspended on the request of the company from 03/12/2025 at 9:00 CET until the publication of a press release.