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.

On 28 November, the FSMA had the pleasure of hosting an international conference on the strengthening of audit quality through culture, critical thinking and professional judgement, organised by the Belgian Audit Oversight Board (BAOB). In his closing remarks, Jean-Paul Servais, in his capacity as IOSCO and FSMA Chair, as well as Chair of the OECD Corporate Governance Committee, emphasised that a critical mindset and strong ethical standards are essential for audit quality. He highlighted the ongoing responsibility of audit firms as gatekeepers of market integrity and underscored the need for continued collaboration between regulators and the audit profession. Such cooperation is key to improving governance practices and refining the frameworks that shape auditor conduct and reporting, in line with international standards and best practices.Jean-Paul Servais’ speech is available here.

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 20 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:1uurkredietnl (www.1uurkredietnl.com)Agence Chrono Invest (www.agencechronoinvest.com)Belmunix (www.belmunix.com)BLF Kapital Kredit Group (www.blfkapitalkreditgroup.be)CogniPay (www.cogni-pay.com)Credabank Int (www.credabank-int.com)Delcourt Finance (www.delcourtfinance.com)Finanlab (www.finanlab.be)Gexia Finance (www.gexiafinance.com)Haleson (www.halenson.com)Krefitex (www.krefitex.com)Lendix (www.lendix.be)Lendiz (www.bskyconseils.com)Lening direct (www.leningdirect.com)Nationaal Krediet (www.nationaal-krediet.com)Optiakredit (www.optiakredit.com)Rufmaxkredit (www.rufmaxkredit.com)Snel Krediet NL (www.snelkredietnl.com)Snel Servicekredit (www.snel-servicekredit.com)Zonsten (www.zonsten.com)The 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.

This agreed settlement consists of the payment of 75,000 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 Chairman of the FSMA and IOSCO, Jean-Paul Servais, took part in a series of international meetings this week. In Saudi Arabia, he participated in the Plenary meeting of the Financial Stability Board (FSB). The Plenary is the highest decision-making body of the FSB, that brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions and sector-specific international groupings of regulators and supervisors. As IOSCO chair, he represented the network of financial market supervisors, that is involved in many of the matters discussed, such as digital finance and resilience of non-bank financial intermediation.In Malta, he gave a keynote speech on deepening capital markets in emerging economies during the IOSCO Growth and Emerging Markets Committee (GEMC) workshops on how to build resilient capital markets for the future. Jean-Paul Servais also chaired the meeting of the European Regional Committee (ERC) of IOSCO. The meeting was hosted by the Malta Financial Services Authority (MFSA). Members discussed innovation in financial markets in areas such as Artificial Intelligence, Tokenization and Crypto Assets, as well as lessons learned around SupTech.More information inthe FSB press release andthe GEMC speech.

The Chairman of the FSMA and IOSCO, Jean-Paul Servais, took part in a series of international meetings this week. In Saudi Arabia, he participated in the Plenary meeting of the Financial Stability Board (FSB). The Plenary is the highest decision-making body of the FSB, that brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions and sector-specific international groupings of regulators and supervisors. As IOSCO chair, he represented the network of financial market supervisors, that is involved in many of the matters discussed, such as digital finance and resilience of non-bank financial intermediation.In Malta, he gave a keynote speech on deepening capital markets in emerging economies during the IOSCO Growth and Emerging Markets Committee (GEMC) workshops on how to build resilient capital markets for the future. Jean-Paul Servais also chaired the meeting of the European Regional Committee (ERC) of IOSCO. The meeting was hosted by the Malta Financial Services Authority (MFSA). Members discussed innovation in financial markets in areas such as Artificial Intelligence, Tokenization and Crypto Assets, as well as lessons learned around SupTech.More information inthe FSB press release andthe GEMC speech.

The FSMA had the pleasure of hosting the Annual Meeting of the @International Federation of Finance Museums (IFFM) at its premises and at its own centre for financial education, the Wikifin Lab, in Brussels. The FSMA, through the Wikifin Lab, plays a pioneering role at the international level and, from this perspective, takes part in the work of the IFFM, which fits perfectly with the educational offering of the Wikifin Lab.The conference brought together representatives from financial museums and designers from across the globe to exchange experiences, highlight new developments, and share best practices. This year’s theme was “Empowering Financial Futures: Innovations in Education Centres and Museums”. It set the tone for two inspiring and constructive days. From innovative educational tools to new ways of engaging diverse audiences, the exchanges offered plenty of valuable perspectives.

Anyone who wishes to invest in an alternative investment fund (an “AIF”) managed by a sub-threshold manager should bear in mind that sub-threshold managers of non-public AIFs and those AIFs themselves are unregulated entities. They are thus – with a few limited exceptions – not subject to any prudential rules or to supervision of compliance with such rules.Read more in Communication FSMA_2025_15 ...

Anyone who wishes to invest in an alternative investment fund (an “AIF”) managed by a sub-threshold manager should bear in mind that sub-threshold managers of non-public AIFs and those AIFs themselves are unregulated entities. They are thus – with a few limited exceptions – not subject to any prudential rules or to supervision of compliance with such rules.Read more in Communication FSMA_2025_15 ...

Jean-Paul Servais, Chairman of the FSMA and of the international organization IOSCO, participated in a virtual interview on the occasion of the meeting of the IFAC (International Federation of Accountants) Council, held in Mexico City this week.In an interview with Lee White, the CEO of IFAC, he addressed the important role of IOSCO in building international standards and enhancing trust in financial markets through reliable, comparable, and credible disclosures.He also emphasized the extent to which technology, and artificial intelligence (AI) in particular, transforms both markets and the audit and assurance profession.

The Chairman of the FSMA and IOSCO Chair Jean-Paul Servais was honoured to speak this week in Basel on the links between IOSCO’s work and financial health, alongside H. M. Queen Máxima of the Netherlands, in her capacity as the UN Secretary-General’s Special Advocate for Financial Health, the BIS General Manager Pablo de Cos, and Mr Eli Remolona, Governor of the Central Bank of the Philippines. The workshop focused on achieving stability, resilience, and inclusive growth through financial health.Jean-Paul Servais stressed that technology in finance can be a powerful catalyst for financial inclusion and financial health. IOSCO places strong emphasis on both investor protection and financial literacy. Financial education can help retail investors navigate the opportunities and risks of these novel technologies with greater confidence and clarity.As Chairman of the FSMA, Mr Servais explained many financial education initiatives taken by the FSMA’s Wikifin programme and the campaigns carried out to prevent online scams .

 In recent months, the FSMA received many reports from consumers who have been contacted by fake investment firms that claim to hold an authorization from the FSMA.  They use certificates on their website and in their correspondence with consumers that they allege are issued by the FSMA. These certificates are entirely fake.  The following is an example of the fake certificate used:  This certificate was not drawn up by the FSMA, nor did the FSMA give its consent; it is therefore entirely fraudulent. The FSMA has observed that the following entities are using such a certificate: Aether Groups Inc. (aethergroups.com)Alphixmine Incorporation (alphixmine.com)B-Smartfolio Inc. (b-smartfolio.com)Dreamquest Ltd. (dreamquestlimited.com)Maxi Wealth Inc. (maxi-wealth.org)Mediterranean Holdings Limited (mediterraneanholdings.com)Rexivea Miners Inc.These entities are not registered with the FSMA and do not have the necessary authorization to offer financial services in or from Belgium. Moreover, it appears that these entities are committing investment fraud. The FSMA has therefore forwarded the cases to the judicial authorities. 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.Lastly, we wish to reiterate that the FSMA is not competent to recover lost investments or to seek compensation for such losses. Nor is it competent to demand payment for taxes. It will never contact investors in this regard. The FSMA will also never ask consumers to provide their financial information or to pay for any services. For more information, please see our warning dated 3 February 2025. 

The FSMA has published the latest edition of its Retail Investor Dashboard. This quarterly publication provides an overview of the behaviour of Belgian retail investors.Investor engagement fell in the second quarter of 2025About 200,000 Belgian retail investors traded in shares in the second quarter of 2025. In addition, 110,000 Belgian retail investors traded in ETFs and 16,000 in bonds in the same period. These figures indicate a decrease in the number of active investors in all three types of instruments, as compared to the previous quarter. The decrease may be due to a seasonal effect[1]. Moreover, the number of active investors in ETFs has fallen, on a quarterly basis, for the first time since the second quarter of 2023.In the second quarter of 2025, 18,000, 21,000 and 4,000 Belgian retail investors traded for the first time in shares, ETFs and bonds respectively. ETFs once again attracted more new investors than did shares.The fall in the number of active investors has also led to a decrease in the number of transactions. In relative terms, the fall in the number of transactions was the smallest for shares and the largest for ETFs. In the second quarter of 2025, Belgian retail investors carried out a little more than 1.4 million share transactions, about 5 per cent lower than in the previous three months. The number of ETF transactions fell by almost 15 per cent to about 354,000. Furthermore, Belgian retail investors carried out almost 25,000 transactions in bonds, a decrease of a little more than 10 per cent compared to the previous quarter. These decreases may be due to a seasonal effect.The number of investors in shares has remained stable from year to year, whilst the annual number of investors in ETFs continues to riseIn 2024, about 357,000 Belgian retail investors carried out at least one transaction in shares. Almost 60 per cent of them were over 50 years of age, whilst a quarter were under 40. Between 2021 and 2024, the annual number of investors in shares rose by just 5,000. About half of the investors in shares carried out at least five share transactions per year, whilst about a third traded in shares at least 10 times. Over the years, the number of Belgian retail investors who bought shares each quarter has fallen slightly. In 2024, this amounted to about 50,000 investors. In addition, in 2024 some 152,000 Belgian retail investors carried out at least one transaction in ETFs. That is almost triple the number in 2020, when there were 56,000 investors in ETFs. In 2024, almost half of all investors in ETFs were under 40. The size of this age group has quadrupled since 2020. The size of the other age groups is increasing gradually: between 2020 and 2024, the number of investors in ETFs aged 60 and older has almost doubled. About one third of the investors in ETFs conducted at least five ETF transactions per year, whereas between 10 and 15 per cent of them carried out at least ten. Over the years, the number of Belgian retail investors who purchased ETFs each quarter has risen significantly – a development that may point to periodic investments as part of a long-term strategy. In 2024, this amounted to about 15,000 investors. The segment of new investors in both shares and ETFs is getting youngerIn 2024, 68,000 Belgian retail investors invested in shares for the first time via a Belgian broker. Although the number of new investors in shares has clearly fallen in recent years, as compared to the peak in 2020, the percentage of investors under the age of 40 rose during the same period. By contrast with investors in shares, the number of new investors in ETFs has remained stable at around 30,000 since 2020. In 2024, however, the number of new investors in ETFs increased sharply, to 70,000. This sudden rise was driven chiefly by investors under 40, and may be due to a positive market sentiment, growing interest in passive investment and lower transaction costs. [1] As a result of an increase in the number of the reporting entities, the figures provided below may be higher than in previous publications.

The overall balance sheet total of Belgian institutions for occupational retirement provision (IORPs) increased last year by 7 per cent to 48.9 billion euros. This is the conclusion of the annual statistical overview prepared by the Financial Services and Markets Authority (FSMA).The FSMA is responsible for the supervision of IORPs, also known as pension funds. Every year, it publishes a summary of statistics regarding IORPs. The fifteenth edition of that statistical overview is now available.The most important elements of the overview are as follows:At the end of 2024, Belgium had 148 IORPs governed by Belgian law, compared to 150 pension funds in 2023.Meanwhile, the number of members in IORPs rose by five per cent to 2.66 million.The balance sheet total of all IORPs at the end of last year was 48.9 billion euros, a 7 per cent increase compared to the previous year.  Belgian IORPs invested a little more than three-quarters of their assets in undertakings for collective investment (UCIs), mostly in share and bond funds. Taking into account the underlying assets of these UCIs, IORPs invested, directly and indirectly, 49 per cent in bonds and 42 per cent in shares. The return on all investments at the end of 2024 stood at 8.6 per cent. At the end of 2024, the average coverage level was 123 per cent. It increased compared to 2023 and reaches almost the same level as just before the events in Ukraine and the resulting energy crisis in 2022, mainly as a result of positive asset returns.The coverage level indicates the volume of assets a pension fund has available to meet all its obligations. So, a coverage level of 123 per cent means that there is a buffer of 23 per cent compared to the conservative estimation of the liabilities.In addition to the 2024 overview, the annual financial statements and some additional statistics at sectoral level are available on the FSMA’s website (available in French – Dutch only).

The FSMA regularly conducts on-site mystery shopping visits to determine whether insurance brokers and their staff comply with their information obligations and the conduct of business rules.What are the golden rules as regards advice on insurance-based savings and investment products?What did we learn from the mystery shopping visits?Read more in our newsletter (available in French and Dutch only)

Wikifin.be has been nominated for the 2025 Wablieft prize. The prize is handed out by Wablieft each year to honour organizations, projects or individuals that use clear Dutch language to make information accessible to everyone.Wablieft is the Centrum voor Duidelijke Taal (centre for clear language). The organization is dedicated to making information comprehensible to everyone via a newspaper written in clear language and by providing textual advice, books and the annual Wablieft prize for clear communication.Via Wikifin, its financial education programme, the Financial Services and Markets Authority (FSMA) provides independent, reliable and practical information about money matters, without any commercial interest.With the launch of Wikifin.be in 2013, the FSMA sought explicitly not only to offer content that is as accessible as possible, but also to pay special attention to language usage, so that the information is clear and easy for everyone to understand. In addition to providing information, Wikifin.be also offers a wide range of practical tools. The website has had great success, with 6 million visitors per year. 30 per cent of adult Belgians are familiar with Wikifin.In addition to the Wikifin.be website, Wikifin also develops educational materials for use in schools, and it offers a unique and interactive experience for high school students at the Wikifin Lab, the centre for financial education in Brussels.'We are very honoured by this nomination, which is not the result of a self-submitted application, but rather the choice of the Wablieft team and a jury. It is a fine recognition of our work over many years to make financial information clear and accessible. Money matters can be complex, but by using clear language, we seek to help everyone make the right choices. This nomination further increases our motivation to continue working on information that is truly useful for citizens,' according to Jean-Paul Servais, Chairman of the FSMA . The winner of the 2025 Wablieft prize will be announced on 2 December. The other two nominees are Michaël Sels and Sensoa. Last year, the prize went to the consumer programme WinWin on Radio 2.

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 BIOTALYS, ISIN BE0974386188 on Euronext Brussels will re-open on 31/10/2025 at 9:00 CET.