The long awaited Belgian law (the "Law") transposing Directive 2010/73/EU amending the Prospectus and the Transparency Directives (the "Amending Directive") has been published in the Belgian State Gazette on 6 August 2013.
The Law codifies the amendments to the Belgian Prospectus Law which the Belgian regulator, the FSMA, already applied in practice since 1 July 2012 for offers under the Prospectus Directive. However, the Law now also extends the new rules to offers that fall outside the scope of the Prospectus Directive.
In addition, the Belgian legislator has used this opportunity to amend various other Belgian laws regulating financial markets, including the Law on Collective Investment Undertakings and the Takeover Law.
This briefing note summarizes some of the most notable changes.