Belgium Financial Services and Markets Authority launches administrative investigation into Ekopak NV’s market disclosure obligations

The Belgium Financial Services and Markets Authority has published a market update on the Ekopak NV dossier, confirming that its Management Committee has tasked the Investigations Officer with conducting an administrative investigation into Ekopak NV’s compliance with its information obligations toward the market. The investigation follows an FSMA analysis that has been underway for some time. Under the procedure in Articles 70 and following of the Law of 2 August 2002, the Investigations Officer will provide Ekopak with an interim investigation report for comments, then finalise the report and submit it to the Management Committee. The Investigations Officer will investigate both the charges and the defence, and the FSMA notes that an ordinary investigation typically takes a number of months depending on complexity and whether international cooperation is required. Once the final report is submitted, the Management Committee may decide to refer the case to the Sanctions Committee for adversarial proceedings, accept an agreed settlement, or close the case without further action. Where a charge may also constitute a criminal offence, the FSMA will inform the Public Prosecutor, and it plans to keep the market informed within the limits of professional secrecy.