Guidelines on how to apply legislation on unfair contract terms to financial instruments has been published by the Belgian Financial Services and Markets Authority (FSMA).
The guidance (FSMA_2017_04) contains a series of recommendations on the application of the provisions of Book VI of the Belgian Code of Economic Law (CEL) to offerings of investment instruments to retail investors.
The draft FSMA guidelines will affect several standard clauses in issue documentation, whether or not the documentation is governed by Belgian law.
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