The Belgium Financial Services and Markets Authority (FSMA) has published an opinion setting out, for Belgian law, which procedures and measures it considers to be “restructuring or insolvency proceedings” for the purposes of the Prospectus Regulation. The clarification is intended to support the application of certain exemptions from the obligation to publish a prospectus that were introduced into the Prospectus Regulation by the Listing Act. The FSMA positions its view as an interim interpretation pending the publication of the European Securities and Markets Authority’s response to a related question on how these concepts should be interpreted.
Belgium Financial Services and Markets Authority 2026-02-27
Belgium Financial Services and Markets Authority clarifies which Belgian procedures count as restructuring or insolvency proceedings under the Prospectus Regulation
The Belgium Financial Services and Markets Authority (FSMA) issued an opinion clarifying which procedures are deemed "restructuring or insolvency proceedings" under Belgian law for the Prospectus Regulation. This aims to support exemptions from prospectus publication obligations introduced by the Listing Act. The FSMA's interpretation is interim, pending guidance from the European Securities and Markets Authority.