Q&A: Belgian watchdog on Mifid, Priips, war on complexity
Once the beating heart of Europe's structured products markets, Belgium has been hit hard by the FSMA's moratorium on complex products, dramatically reducing the country's new issuance pipeline. But the watchdog's policy adviser, Hendrik Van Driessche, insists the measures are popular and for the good of the market
In the dogged march on the European structured products industry by the continent's regulators, the Belgian Financial Services and Markets Authority (FSMA) stands proudly in the vanguard.
On August 1, 2011, the regulator took the bold step of imposing a voluntary moratorium on the financial sector, under the terms of which dealers and distributors vowed not to issue products deemed "particularly complex" - a criterion defined by way of an FSMA test. The vast majority of credit institution
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