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.

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 ...