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The Belgian Insurance Act of April 4, 2014 and the FSMA Regulation of April 3, 2014 introduced specific investment rules that apply to unit-linked life assurance products sold to policyholders residing in Belgium. These rules limit the eligible assets and impose restrictions with regard to the diversification. The regulatory framework also applies to foreign insurers offering life insurance to Belgian resident retail clients. This seems to be in breach with the “home country control” principle and the Council of State has given negative advice with regard to this legislation. Nevertheless, Belgium introduced by law of June 23, 2016, new rules with regard to the communication of the underlying assets of unit-linked life assurance contracts towards the FSMA. r