New BRP Country Manual Products – Cayman Islands
BRP has published its latest Country Manual Products for Cayman Islands
| 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 changes/modifications are as follows:
In alignment with the Country Manual Private Banking (CM PB), the provision of macroeconomic information/reports, investment research and financial analysis documents/reports as well as generic recommendation lists onshore in the Cayman Islands (at target) and via remote means of communication into the Cayman Islands (remote) is now permitted only on a one-to-one basis and only to a limited number of prospects/clients. The Country Manuals Products Behaviour Template (CM P BT) therefore provides the answer “Grey zone/YES” in the relevant scenarios.In this regard, please note that – due to local licensing requirements – the provision of investment advice and personalised recommendation lists to prospects/clients, irrespective of the existence of a written advisory agreement and the type of solicitation, is no longer permitted onshore in the Cayman Islands (at target) and may only be provided via remote means of communication into the Cayman Islands (remote) on the basis of a written advisory agreement or in accordance with the “Private Placement Exemption”. The CM P BT therefore now provides answers of “NO” or “Grey zone/YES” in the relevant scenarios. Finally, in further alignment with the CM PB, the provision of execution only services onshore in the Cayman Islands (at target) is now only permitted on an occasional basis and if the order is passed to the service provider’s country of establishment for the execution.
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, December 13th, 2024