Consultation on a guide to information notes

On 1 February 2023, the Financial Services and Markets Authority (FSMA) started a consultation on the guide it prepared to the content and publication of information notes relating to the offer of investment instruments.
Unlike a prospectus, an information note is not subject to ex ante supervision by the FSMA. Given the limited size of the operations for which an information note has to be drawn up, those responsible for the information note do not always receive external advice or professional assistance. Therefore, the present draft up for consultation on a practical guide is intended to help those responsible for drawing up information notes for such smaller-scale operations.
More specifically, the FSMA wishes via this practical guide to set out the applicable rules and the interpretations, expectations and recommendations of the FSMA regarding the content and publication of information notes. The guide should enable those responsible for preparing the information note to provide the public with high-quality and timely information notes, thereby contributing to the protection of investors.
This practical guide relates to the information notices whose publication is required under Article 10 of the Law of 11 July 2018 relating to public offerings of investment instruments and admission of investment instruments to trading on regulated markets (Prospectus Law). The practical guide focuses mainly on the information notices relating to offers in investment instruments. It does not contain admissions-specific information investment instruments for trading on Multilateral Trading Facilities (MTFs).
The FSMA is conducting a consultation regarding this guide, to running until 15 March 2023. It is addressed to the entire financial sector, and in particular to representatives of issuers who publish information notes. Those who wish to submit their responses are asked to do so via the email address consult1@fsma.be. Please attach your remarks to the email in a Word document and provide us your contact details (the name of the organization or the name and profession of the person who has provided the remarks).