Belgium's moratorium on retail structured products dissected

The Belgian Financial Services and Markets Authority initiative to restrict the distribution of structured products deemed unsuitable for retail investors is paving the way for new legislation later this year. Will the likely demise of reverse convertibles lead to a plunge in volumes? Magda Ali reports

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When Belgian regulator the Financial Services and Markets Authority's (FSMA) issued its moratorium on the distribution of ‘needlessly complex' products in June, it came as little surprise to market participants, many of whom see the moratorium as broadly replicating the stringent regulatory measures being applied elsewhere in Europe.

"The moratorium has definitely been inspired by regulation in other countries, especially France," says Benedict Peeters, founding partner at Finvex, a structured

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