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Belgium adopts law against vulture funds

28 October 2015

The Belgian Law tackling vulture funds activities (1) (the “Vulture Funds Act”) was published in the Belgian Official Journal on 11 September 2015.

The aim of the Vulture Funds Act, which is a pioneering initiative, is to prevent investment funds that qualify as “vulture funds” from using Belgian courts to obtain illegitimate benefits to the detriment of countries recovering from severe financial difficulties.

Does financial consumer protection apply to real estate investments?

8 January 2015

The FSMA offers clarifications on when real estate investments can qualify as investment instruments.

There are many rules in financial regulation that aim to protect financial consumers. The Prospectus Directive, which was established to protect the public and ensure the market’s efficiency, applies to " investment instruments " as defined in Article 4 , § 1 of the Law of 16 June 2006. In a 13 November 2014 communication, the FSMA addressed the cases in which real estate investments can qualify as investment instruments and the consequences thereof.

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