Abstract In Belgium, the Lower Kellwasser Event (LKW) corresponds to the relative sea-level maximum of the first (‘Aisemont sequence’ (AS)) of the two late Frasnian third-order sequences that are recognized here, but the Upper Kellwasser Event (UKW) may have been triggered by a series of tsunamites. The end of the middle Frasnian carbonate platform and reefs is caused by the sea-level drop and emersion of the last middle Frasnian third-order sequence (‘Lion sequence’) in the Lower rhenana Zone. The end of the ‘Petit-Mont’ mudmound growth during the transgressive (TST) and highstand (HST) systems tracts of the AS was caused by sea-level fall and emersion at the top of this sequence. The coral and brachiopod extinction in the Upper rhenana Zone, during the second late Frasnian third-order sequence (‘Lambermont sequence’ (LS)), is progressive and due to the widespread development of the dysoxic and anoxic facies, before the UKW. Only the LS TST has been identified. No sea-level fall has been recognized in relation to the UKW or near the Frasnian–Famennian boundary. The late Frasnian extinctions are more likely to be related to the decrease in the atmospheric oxygen rate and its impact on marine environments and, to complete, the UKW.