Country Manual Private Banking
Brunei Darussalam – Update 2024
BRP has updated its Country Manual Private Banking for Brunei Darussalam – (Def, RS, BT & RT)
| Source of changes | Answers |
|---|---|
| Law / Regulation | No |
| New Position of the Authorities | No |
| Evolution of Expert’s Interpretation | Yes |
Regulatory Template, Regulatory Summary and Behaviour Template
Material changes
The Country Manual has been reviewed to ensure that the content of all documents remains accurate and up to date.
Based on our expert’s interpretation of the regulatory framework, the manual now reflects a change for the provision of spot advice via remote means of communication.
In the absence of an ongoing advisory agreement, the provision of personalized investment advice may be tolerated on a reverse solicitation basis via remote means of communication. As there are no formal rules or official position regarding this practice, the Bank must be aware of the risks resulting from this unofficial tolerated practice. This activity is not allowed on the Bank’s initiative.
Non-material changes
Some content has been reworded, without introducing material changes, to provide more clarity.
Implications for business relations with third parties
With respect to the provision of documentation to the EAM (such as documentation on the Bank’s banking and investment services, investment research and financial analysis or recommendation lists), our country manual now distinguishes between the provision to the EAM for remittance to the end client on one hand and the provision to the EAM for the EAM’s own professional purposes on the other hand.
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 “BRUNEI DARUSSALAM” 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.
For more information, please contact us: info@brpsa.com
Geneva, July 23rd, 2024