Fintech 2026

BELGIUM Law and Practice Contributed by: Joan Carette, Philippe De Prez and Thomas Derval, Simont Braun

The general information requirements (“correct, easily understandable and in clear, concise and comprehen - sible terms”) apply to all communications, whether through social media or other media, generally in a stricter way with regard to regulated products and services (eg, consumer credit). 2.12 Review of Industry Participants by Parties Other Than Regulators The activities of industry participants are reviewed (to a certain extent) by accounting and auditing firms, whose tasks are set out in the prudential framework of each of the regulated entities. Auditors must be certified by the competent regulator prior to servicing regulated companies. 2.13 Conjunction of Unregulated and Regulated Products and Services There is no general rule under Belgian law prohibiting regulated financial entities from providing unregulated products and services. In certain cases, the formal approval of the regulator is required before implement - ing such activities. In that case, however, the regulator will assess the impact of these unregulated services on the regulated activity, and may impose certain requirements or demand that these services or prod - ucts are offered through a separate legal entity. This is notably the case for certain PIs and EMIs offering unregulated services. The combination of regulated services with crypto services has attracted particular attention from the Belgian regulator. 2.14 Impact of AML and Sanctions Rules Belgium has transposed all EU AML requirements into its Law of 18 September 2017 on the prevention of money laundering and terrorist financing and on the restriction of the use of cash (AML Law), with a few limited gold-plating measures. The requirements apply to all types of regulated entities providing their services in Belgium through a physical establishment, including fintech companies when they are licensed. For now, the most important obstacle that the AML rules represent for regulated fintechs is the lack of full harmonisation at the EU level, which makes it com - plicated for international businesses to comply with each of the local AML regimes, and to acquire and

retain competent personnel holding expertise in terms of both AML regulation and technological innovation. Concerning the sanction rules, Belgium is fully aligned with the regime imposed at the EU level and applies it directly. 2.15 Financial Action Task Force (FATF) Standards The Belgian AML rules generally align with the stand - ards set by the FATF. 2.16 Reverse Solicitation Belgian law allows for third-country firms to provide products and services to Belgian clients without being locally licensed where the relationship arises through reverse solicitation. Reverse solicitation means the Belgium-based client independently and exclusively initiates the provision of a product or service, without prior marketing, emails, advertisements or targeted information from the third-country firm. In such cases, the services are not considered to be provided with - in Belgium. However, it is important to note that the FSMA regards reverse solicitation as an exceptional regime, and explicitly states that it cannot serve as a business model to maintain or continue servicing an existing client base. In particular, reverse solicitation is governed by the following Belgian provisions: • the law of 25 October 2016 on access to invest - ment services and supervision of investment firms (Investment Services Law), partially transposing the reverse solicitation provisions of EU Directive 2014/65/EU of 15 May 2014 on markets in financial instruments (MiFID II) for third-country investment firms; • the law of 19 April 2014 on alternative investment funds and their managers (AIFM Law), transpos - ing the reverse solicitation provisions in Directive 2011/61/EU of 8 June 2011 on Alternative Invest - ment Fund Managers (AIFMD) for third-country AIFMs; and • MiCA for the provision of crypto-asset services by a third-country firm.

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