TITLE: Belgium's Financial Services and Markets Authority Clarifies Restructuring and Insolvency Proceedings Under Prospectus Regulation BODY: The Financial Services and Markets Authority (FSMA) has published an opinion clarifying which procedures and measures under Belgian law should be regarded as 'restructuring or insolvency proceedings' for the purposes of the Prospectus Regulation (Regulation (EU) 2017/1129). The clarification addresses concepts introduced into the Prospectus Regulation by the Listing Act. The interpretation of these concepts is particularly relevant for the application of certain exemptions from the obligation to publish a prospectus. These exemptions allow issuers undergoing restructuring or insolvency proceedings to offer or admit securities to trading without triggering prospectus publication requirements, subject to specific conditions. The FSMA's opinion provides guidance on which Belgian legal procedures and measures fall within the scope of 'restructuring proceedings' and 'insolvency proceedings' as defined by the Prospectus Regulation. This clarification is intended to provide certainty to market participants regarding when prospectus exemptions apply in the context of restructuring and insolvency situations. The opinion was published pending the publication of the European Securities and Markets Authority's (ESMA) response to questions concerning the interpretation of these same concepts at the EU level. The FSMA's guidance therefore operates as interim clarification for Belgian market participants while awaiting broader European guidance. The opinion is available in French and Dutch only. **Reference:** Financial Services and Markets Authority (FSMA) opinion on interpretation of 'restructuring and insolvency proceedings' under the Prospectus Regulation.

Interpretation of the concepts ‘restructuring and insolvency proceedings’ for the purposes of the Prospectus Regulation | FSMA

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