Cross-border
Country manuals

What are Country Manuals?

BRP Country Manuals (CM) provide financial institutions active at an international level with foreign clients with the necessary skills, knowledge and know-how to perform their cross-border activities in compliance with the applicable regulation. BRP Country Manuals are available for more than 190 countries.

WHAT IS CROSS-BORDER?

Product Lines

Country Manual Private banking

  • Basic modules with an overview of the legal and regulatory framework for a bank’s cross-border financial activities relating to banking and investment services (execution-only, investment advisory, discretionary asset management)
  • Provide information on licensing requirements for solicitation, negotiation, provision of services, cooperation with third parties, etc.
  • Consider the relevant factors of cross-border financial business such as location of the activity, client category, solicitation type, contractual basis and regulatory exemptions
  • Include an executive summary, schematic dos and don’ts and a detailed reference document
  • Take a practical approach to a bank’s daily business

Country Manual Products

  • Overview of the legal and regulatory framework (on a financial product level) applicable to cross-border distribution/sale/placement of the different instruments and the provision of associated advice in a private banking/EAM context
  • Provide information on registration requirements, private placements, product bans, market practices and mandatory product documentation to be made available to investors
  • Covered instruments: securities (incl. equities, debt instruments/bonds and structured products), collective investment schemes (e.g. UCITS, AIFs), derivative products and other financial products
  • Consider the relevant factors of cross-border financial business such as location of the activity, client category, solicitation type, contractual basis, type of financial product and regulatory exemptions
  • Include an explanation and interpretation of the relevant regulatory context, a detailed reference table and schematic dos and don’ts

Country Manual Asset Management

  • Overview of the legal and regulatory framework applicable to cross-border activities in asset management
  • Provide information on licensing and product registration requirements (incl. private placements) regarding the offering of products and services
  • Cover the presentation of the asset management company, marketing investment funds, offering strategies and investment services (portfolio management and advisory), travelling activity and cooperation with locally licensed entities
  • Consider the relevant factors of cross-border financial business such as location of the activity, client category, solicitation type, contractual basis, regulatory exemptions and market practices
  • Include an explanation and interpretation of the relevant regulatory context and schematic dos and don’ts

Country Manual Credits

  • Overview of the legal and regulatory framework for a bank’s cross-border credit activities such as overdraft facilities, consumer loans, credit cards, Lombard loans, mortgage loans and corporate lending
  • Provide information on licensing requirements for advertising, solicitation, negotiation and disbursement regarding credit activities as well as data protection and currency controls
  • Consider relevant factors of cross-border financial business such as location of the activity, client category, solicitation type, contractual basis, regulatory exemptions and product registration
  • Include an executive summary, schematic dos and don’ts and a detailed reference document

Country Manual Life insurance solutions

  • General regulatory framework regarding the offer and intermediation related to insurance products
  • Possibilities for marketing life insurance products in foreign jurisdictions
  • Possibilities regarding cooperation with local insurance companies or with brokers
  • Special treatment of specific investor categories
  • Treatment of insurance-related products (financial instruments or not)
  • Payment of distribution fees and retrocessions
  • Reporting to clients
  • General good provisions

Country Manual External Asset Managers

  • Overview of the legal and regulatory framework for an EAM’s cross-border financial activities (execution-only, investment advisory, discretionary asset management, introduction of a custodian bank)
  • Provide information on licensing requirements for solicitation, negotiation and provision of these services
  • Consider the relevant factors of cross-border financial business such as location of the activity, client category, solicitation type, contractual basis and regulatory exemptions
  • Include an executive summary and schematic dos and don’ts

Country Manual Tax By BRP Tax

  • Overview of the legal and regulatory framework for an EAM’s cross-border financial activities (execution-only, investment advisory, discretionary asset management, introduction of a custodian bank)

– Include tax regulations and best practices applicable to private banking clients with assets deposited in a bank outside of their country of residence

– The information and the procedures have been specifically adapted to the financial industry’s requirements

– Every manual is divided into chapters covering issues as: tax compliance, tax adequacy, operational taxation (calculation and reports) and handling of structures

– The information has been adapted to the country of the custodian bank, with the relevant tax treaties, exchange of information agreements, regulations, and best practices

– Country Tax Manuals allow to reduce implementation costs, risks, and the adaptation period for new market requirements

  • Provide information on licensing requirements for solicitation, negotiation and provision of these services
  • Consider the relevant factors of cross-border financial business such as location of the activity, client category, solicitation type, contractual basis and regulatory exemptions
  • Include an executive summary and schematic dos and don’ts

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Countries covered

(recommended use on the desktop)

Signature Process

What are the requirements under foreign law and regulation for cross-border financial services?

The BRP Country Manuals furnish a sound basis for the management of regulatory risks concerning activities with clients domiciled in jurisdictions outside Switzerland.

The BRP Country Manuals provide financial institutions with behaviour rules in relation to cross-border activities in more than 190 jurisdictions.

Based on the logic of the cross-border framework, the BRP Country Manuals cover four pillarsservices, products, suitability, tax.

BRP has developed different types of Country Manuals covering the cross-border requirements of financial institutions.

SERVICES

Market Access

Country Manuals: Private Banking, Independent Portfolio Manager/Financial Advisor, Life Insurance Solutions, Crédit and Asset Managers

Local licencing requirements for all aspects of cross-border financial services (incl. prospecting, negotiation and reporting) provided by financial institutions (such as banks, independent financial advisors or asset managers)

Aspects considered: Type of service, solicitation type, location, client classification, contractual basis, cross-border licenses, etc.

PRODUCTS

Product Distribution

Country Manuals: Products

Registration and documentation requirements (incl. marketing material) for the distribution of financial products such as equities, bonds, structured products, funds, derivatives, etc.

Aspects considered: Product type, listing and registration, type of service, solicitation type, location, client classification, contractual basis, cross-border licenses, etc.

SUITABILITY

Product Allocation

Country Manuals: Suitability

Aspects to be considered for a suitable and appropriate allocation of financial products to the clients according to local regulations

TAX

Fiscal Impact

Tax Investment Manuals

Information about fiscal consequences of specific investments for the end clients (content provided by BRP Tax SA)

Consultancy & training

BRP Group can assist you with consultancy and training on general cross-border risks or on each country in coordination with its network of over 300 law firms worldwide.