The Belgian market abuse legal framework: navigating legal complexities and uncertain dual enforcement dynamics at the intersection of criminal and administrative law

This chapter offers an analysis of market abuse law in Belgium and its enforcement challenges. Whereas criminal law used to be the preferred enforcement tool – though hardly used in practice – current Belgian law mirrors the dual-track approach in EU law, combining administrative and criminal enforcement, yet lacking clear distinctive criteria. In the absence of a sound legal cooperation mechanism, the interaction between the administrative and judicial authorities remains limited at present. Consequently, instead of a coherent dual-track enforcement strategy where the type of enforcement is chosen based on the seriousness of the behaviour, competent authorities tend to be led by practical considerations. This inevitably generates a risk of parallel proceedings and potential enforcement gaps. While criminal liability is subject to higher thresholds and more demanding in terms of evidence, the criteria for administrative liability allow for more flexibility and the use of presumptions. Considering the high complexity of such cases, it comes as no surprise that authorities are inclined to opt for administrative enforcement or prefer alternative dispute resolution procedures. To conclude, the chapter advocates for dual-track enforcement based on clear criteria to enhance legal certainty, as well as a better overall enforcement strategy which can be facilitated by putting in place more systematic coordination and information-sharing between the competent authorities.