China – CM P

New Country Manual Products

China – BRP 2024

BRP has updated its Country Manual Products for China

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

• In alignment with the Country Manual Private Banking (CM PB), the provision of macroeconomic information/reports as well as of investment research and financial analysis should only be done on a one-to-one (actively) and occasional basis both onshore in and on a cross-border basis into China (at target/remote). The Country Manual Products Behaviour Template (CM P BT) therefore now answers these scenarios with “Grey zone” (at target) and “Grey zone/YES” (remote).
• Please note that the offering of foreign (unregistered) financial products (in the course of providing investment advice) acquired with funds/assets booked offshore, whether on the basis of an ongoing advisory contract or outside the scope of ongoing advice (spot), is still considered a “Grey zone”. It can be argued that the offering appears to take place outside of China and therefore does not necessarily trigger licensing requirements or “local distribution rules”. However, as there are currently no formal rules or official statements from local authorities to rely on in this regard, a “cautious approach” is still recommended and such activities should only be undertaken with a limited number of local investors on a discrete one-to-one and occasional basis. The comments in BT have been amended accordingly to better reflect these two requirements.

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, June 14th, 2024