Country Manual Products – Update
Curaçao
BRP has updated its Country Manual Products for Curaçao
| 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
In alignment with the Country Manual Private Banking (CM PB), the provision of any investment services (including any marketing activities) should only take place on an occasional basis onshore in Curaçao (at target). In this context, it is only permitted to accept unsolicited client orders onshore in Curaçao (at target) if they are passed to the service provider’s country of establishment for execution. Accordingly, the Country Manual Products Behaviour Template (CM P BT) answers the relevant onshore scenarios with “Grey zone/YES”.
The provision of investment advice generally triggers the “local distribution rules” and local licensing requirements. However, an exemption is made in relation to ongoing advice provided to Retail Investors within the framework of a written “advisory agreement” (i) that has been requested on the investor’s own initiative and (ii) covering the relevant financial product(s). In order to better highlight these two conditions, the CM P BT now answers the relevant onshore and cross-broder scenarios with “Grey zone/YES”.
The CM P BT now further emphasises that foreign (unlicensed) service providers may only distribute locally registered Securities/Funds either at the client’s request or via a locally licensed intermediary. The CM P BT therefore answers the relevant scenarios with “Grey zone/YES”.
Finally, in further alignment with the CM PB, it has been clarified that the provision of investment services to Professional Investors is neither subject to licensing requirements, nor product registration and documentation 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, December 10th, 2024