meta_id 3227346

On June 9, 2026, Belgium's Financial Services and Markets Authority (FSMA) accepted a settlement agreement with de Pury Pictet Turrettini (Belgique) SA (PPTB), a portfolio management company and investment advisory firm (SGPCI), regarding breaches of qualified shareholding disclosure obligations. The FSMA's audit division opened an investigation on May 27, 2025, into potential violations by PPTB of information requirements concerning qualified participations. The investigation revealed that PPTB failed to disclose the identity of two shareholders holding qualified participations during its approval process; omitted notification of a shareholder's disposal of a qualified participation; failed to inform the FSMA of an acquisition resulting in a new shareholder obtaining a qualified participation; and submitted incomplete and inaccurate annual declarations regarding qualified shareholders in 2023 and 2024. Under the Portfolio Management Companies and Investment Advisory Firms Act (Loi SGPCI) of October 25, 2016, regulated firms must disclose all persons directly or indirectly holding qualified participations (defined as at least 10 percent ownership or significant management influence) both during approval and whenever shareholding thresholds are crossed. PPTB's breaches violated Articles 16, 22, and 31 of the Loi SGPCI. The settlement was accepted under Article 71, Section 3, of the Financial Sector Supervision and Financial Services Act of August 2, 2002. PPTB subsequently implemented internal measures to ensure future compliance with qualified participation reporting obligations. The FSMA determined the settlement proportionate given PPTB's cooperation, the corrective measures undertaken, and the need for deterrent effect. Under the agreement's terms, PPTB must pay €20,000 and accept public disclosure of the settlement on the FSMA's website. The settlement is final and not subject to appeal.