Country Manuals Private Banking
We would like to inform you that BRP has updated its COUNTRY MANUAL PRIVATE BANKING for the following jurisdiction:
SINGAPORE OUT OF BANK’S COUNTRY OF ESTABLISHMENT (Def & RS)
Definitions & Concepts
We have taken the opportunity to slightly amend the definition of the concept of qualified prospect/client.
While for FFA-regulated services institutional investors remain the relevant qualification, we have clarified upon feedback from local counsel that for SFA-regulated services (i.e. discretionary asset management, brokerage and custody services, certain Lombard services) qualified prospects are specifically persons licensed or approved (or exempt from licensing or the required approval) under the Securities and Futures Act SFA.
Regulatory Summary
We have in few instances completed the document with the above-mentioned clarification.
Regulatory Template and Behaviour Template
No changes were made.
Best regards,