Belgium's Financial Services and Markets Authority (FSMA) has published an analysis of how listed companies under its supervision communicate about transactions or “deals”, covering both mandatory disclosure of market-sensitive information on material deals and voluntary press releases on non-material deals. The review assesses the number and types of deals disclosed and their materiality, and examines how much financial information companies include in related press releases. The FSMA highlights that financial information is a key supervisory focus because investors need it to understand the impact of disclosed transactions.