Belgian moratorium on complex products "could spell demise of reverse convertibles"

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New regulation in Belgium leaves distributors uncertain as to the direction of structured products market

The Belgian Financial Services and Markets Authority's (FSMA) moratorium on the distribution of needlessly complex structured products to retail investors may increase transparency in payouts but "will not remove market and credit risk" from structures, say market participants.

"The moratorium has definitely been inspired by regulation in other countries, especially France," says Benedict Peeters, founding partner at Finvex, a structured products research boutique in Brussels. But while French

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