Country Manual Products – Update
Canada with License
BRP has updated its Country Manual Products for Canada with License
| 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 remains accurate and up to date.
Material changes
The provision of macroeconomic information/reports, investment research and financial analysis documents/reports and marketing material (generic and specific recommendation lists) to Retail Investors is not recommended (although theoretically possible) as foreign service providers even when acting on the basis of an “International Dealer Exemption”, an “International Advisor Exemption” or any other cross-border licence/authorisation granted by the local authorities of the relevant province are not permitted to distribute financial products to Canadian Retail Investors. Therefore, any marketing activities to Retail Investors are not recommended and the CM P BT provides the answer “Grey zone/NO” in the relevant scenarios. If nevertheless envisaged, foreign service providers should provide investment research and financial analysis documents/reports and other marketing material (generic and specific recommendation lists) only in relation to “foreign companies”.
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 example, the definition of “Professional Investor” has been amended to better reflect the concept of “Accredited Investor” and “Permitted Client” as defined under Canadian law and regulation. Please note, however, that the definition of “Permitted Clients” is narrower than the definition of “Accredited Investors”, which would be relevant from a pure “product registration” perspective (representing one of the main exemptions from local product registration requirements).
For more information, please contact us: info@brpsa.com
Geneva, September 23rd, 2024