Update BRP Country Manual Products
Bangladesh
| SOURCE OF CHANGES | ANSWERS |
|---|---|
| Law/Regulation | No |
| New Position of the Authorities | No |
| Evolution of Expert’s interpretation | Yes |
Definitions & Concepts, Regulatory Overview and Behaviour Template
The Country Manual has been reviewed to ensure that the content of all the documents remain accurate and up to date.
Material changes
In alignment with the Country Manual Private Banking (CM PB), the active provision of Macroeconomic information/reports and Investment research and Financial Analysis documents/reports as well as other publications and other marketing material referring to specific financial products made on a generic basis or based on the specific investment profile of one recipient, is permitted only on an occasional basis via remote means of communication into Bangladesh (remote). The Country Manual Products Behaviour Template (CM P BT) therefore now provides the answer “Grey zone/YES (remote);
To better reflect the evolving interpretation of the regulatory framework, the distribution of foreign (unregistered) financial products is permitted on a cross-border basis on a one-to-one and occasional basis. Indeed, the so called “one-to-one approach” allows to act outside the scope of “public offering” and this approach, adopted by most financial market participants represents a “current market practice” (which is subject to future court decisions and official statements and may change without prior notice). Accordingly, the CM P BT answers the relevant scenarios with “Grey zone/YES”;
Please note, however, that from a licensing perspective, it is not possible in practice for foreign (unlicensed) service providers to distribute onshore both locally registered and foreign (unregistered) financial products. However, the distribution of locally registered financial products by foreign (unlicensed) service providers via a locally licensed intermediary to both Retail and Professional Investors is permitted both on a cross-border and offshore basis. Accordingly, the CM P BT answers the relevant scenarios with “NO” and “Grey zone/YES”.
Non-material changes
Some comments and content have been slightly reworded in the CM, without introducing substantive changes to reflect the regulatory situation/current interpretation of the regulatory framework more accurately.
For more information, please contact us: info@brpsa.com
Geneva, May 6st, 2025