| Country Manuals Private Banking – GRENADA OUT OF BANK’S COUNTRY OF ESTABLISHMENT (Def, RS, BT & RT) Regulatory Template Material changes The Manual has been reviewed to ensure that its content remains accurate and in accordance with the evolving interpretation of the applicable legal and regulatory framework. We can confirm that there have not been any relevant legal or regulatory changes in Grenada since the last update. Without prejudice to the foregoing, the Regulatory Template now clearly indicates in the summary boxes that regulated financial activities can be performed upon a prospect’s/client’s request based on an unofficial tolerated practice. Implications for business relations with third parties There have been no substantial changes to the answers when a Bank co-operates with third parties. However, please note that the section on the business relationships with third parties is now more detailed. Non-material changes Certain comments have been reworded (without introducing material changes) to reflect the new format of the document. Regulatory Summary Certain comments have been reworded (without introducing material changes). Behaviour Template The answers in the BT have been aligned to those contained in the RT. BT Short Comparison BRP has created a comparison document allowing users to quickly identify the modifications made compared to the previous version of the PB Manual (BT Short Comparison). The BT Short Comparison can be found on BRP’s platform (mybrponline) in the Search tab by entering in the Document Field “CM PB BT SHORT COMP” and “GRENADA” in the Target Country Field. The BT Short Comparison should be read as follows: The first column contains a short description of the activity in question. The second column contains the answers of the previous version of the Country Manual (online until the day of the alert). The third column contains the new answers of the most recent version of the Country Manual. Only the modified answers are displayed (in color). If the answers in the new version are unchanged compared to the previous version, they are shaded in grey. Best regards, |
