Customers buying financial products and services in Belgium are protected by the Markets in Financial Instruments Directive (MiFID).
MiFID lays down a code of conduct and organisational requirements to be followed when offering investment services, with the aim of providing maximum protection to investors.
The Belgian legislator partially integrated this directive into insurance legislation, known as Twin Peaks II, law of 30 July 2013, supplemented by three Royal Decrees of 21 February 2014. The FSMA circular of 16 April 2014 supplements and clarifies this legislation.
This circular came into force on 30 April 2014. Some elements of the code of conduct and certain organisational obligations therefore also apply to insurance undertakings and intermediaries.
These new obligations are considered by the FSMA as provisions of general interest. This extension is relevant for Belgian and foreign insurance companies and insurance intermediaries doing business in Belgium.