SCANNING 2

Royal Decree approving the regulation on technical requirements for a risk’s label Background

What’s in there? The aim of the regulation is to protect retail cus- tomers from products which are inherently specula- tive, complex and difficult to assess. This regulation of the FSMA is designed to ban the marketing of certain financial products to retail customers. This Regulation is not applicable to Uci. . What’s next? The interdiction is applicable from 1 st July, 2014. Royal Decree setting certain obligations on information during the marketing of financial products to retail customers Background The Royal Decree setting certain obligations on information during the marketing of financial products to retail customers dated 25 th April, 2014 has been published on the Belgian Official Gazette on 12 th June, 2014. This Royal Decree has been adopted to increase retail customer’s protection during the commercialization of finan- cial products. What’s in there? The Royal Decree requires delivery to retail cus- tomers of an information sheet and regulates the publicity, notice and other documents concerning financial products. For this new regulation the delivery of a KIID for Uci is considered equivalent to the delivery of an information sheet. What’s next? The Royal Decree will enter into force on 12 th June, 2015.

Council of 8 June 2011 on Alternative Invest- ment Fund Managers and amends Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010. This law has been published in the Belgian Official Gazette on 17 th June, 2014. What’s in there? The law dated 19 th April, 2014 regulates Alter- native Investment Fund Managers in its parts II which transpose the AIFMD 2011/61/UE. Part III of the law regulates Belgian and Foreign Funds which commercialized their shares in Belgium (public funds, institutional funds,…). Part IV con- tains additional rules for managers of Belgian and foreign alternative investment funds which commercialize their shares in Belgium. What’s next? This law will enter into force 10 days after its publication on the Belgian Official Gazette.

The Royal Decree approving the regulation on technical requirements for a risk’s label dated 25th April, 2014 has been published on the Bel- gian Gazette on 12th June, 2014. The regulation was adopted to enable the retail customers to get a first idea of the risk associated with a defined product.. What’s in there? Five risk classes are listed on the label. In some cases, it may be used of the rating issued by an eligible rating agency that measures the degree of risk of the debtor on a long term basis. This risk’s label is to be mentioned on the information sheet required by the Royal Decree dated 25 th April, 2014 setting certain obligations on information during the marketing of financial products to retail customers. What’s next? The Royal Decree will enter into force on 12 th June 2015. Publication of the Law implementing AIFMD on June 17 th Background This Belgian law implements the Directive 2011/61/EU of the European Parliament and the

Publication of the Law completing AIFMD

transposition on June 17 th Background

The law dated 10 th April 2014 completing, with regard to remedies, the law on alternative in- vestments funds and their managers has been published on the Belgian Official Gazette on 17 th June 2014. What’s in there? The law dated 10 th April ensures the partial transposition of Directive 2011/61/UE on Alter- native Investment Fund Managers and modifies Directives 2003/41/CE on the Activities and Supervision of Institutions for Occupational Re- tirement Provision and 2009/65/CE on the coor- dination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities as well as the regulation (EC) No 1060/2009 on credit rat- ing agencies and (EU) No 1095/2010 establish- ing a European Supervisory Authority. What’s next? The present law enters into force on the date the law dated 19th April 2014 on Alternative Invest- ment Fund Managers will enter into force.

Scanning - July 2014 - page 9