Country Manual Private Banking
Andorra
BRP has updated its Country Manual Private Banking for Andorra out of Bank’s Country of Establishment (DEF, RS, BT & RT)
| Source of changes | Answers |
|---|---|
| Law / Regulation | Yes |
| New Position of the Authorities | No |
| Evolution of Expert’s Interpretation | No |
Regulatory Template, Regulatory Summary and Behaviour Template
Material changes
Andorra has partially transposed MiFID II into the Andorran legal framework. On 19 June 2024, Act 7/2024, of 27 May, concerning the organization and operation of financial entities within the Andorran financial system and market abuse (“Llei 7/2024, del 27 de maig, sobre organització i funcionament de les entitats operatives del sistema financer i l’abús de mercats”), was published in the Andorran Official Gazette (BOPA). This piece of legislation does not foresee a specific regime for reverse solicitation. To this extent, the tolerated market practice will continue to operate as it as abovementioned. The legal changes have had no substantive effect on the answers in the Regulatory Template.
Looking forward, Andorra has entered into an Association Agreement (pending a referendum in 2025) with the EU that may lead to changes to the current regime for the provision of financial and investment services.
Non-material changes
Some comments/conditions have been reworded and further non-material changes have been made throughout the documents.
Implications for business relations with third parties
The answers for activity with local Independent asset managers and advisers have been reviewed and the answers and comments now have clearer differentiation between B2B activity which involves just an EAM and B2C activity where underlying clients of an EAM are involved.
Regulatory Summary
This document has now a more user-friendly layout and reflects the changes 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 “ANDORRA” 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 colour). If the answers in the new version are unchanged compared to the previous version, they are shaded in grey.
For more information, please contact us: info@brpsa.com
Geneva, December 17th, 2024