Country Manual Products – Update
Dubai International Financial Centre
BRP has updated its Country Manual Products for Dubai International Financial Centre
| Source of changes | Answers |
|---|---|
| Law / Regulation | No |
| New Position of the Authorities | No |
| Evolution of Expert’s Interpretation | No |
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 and investment research and financial analysis documents/reports is only permitted on an occasional basis onshore in the DIFC (at target). The Country Manual Products Behaviour Template (CM P BT) therefore now provides the answer “Grey zone/YES” in the relevant scenarios.
- In further alignment with the CM PB, the provision of publications and other marketing material on a cross-border basis into the DIFC (remote) is only permitted on an occasional basis in the presence of a written advisory agreement. Please note, however, that the subsequent execution of the order for the relevant financial product must take place outside of the DIFC. Accordingly, the CM P BT answers the relevant scenarios with “Grey zone/YES”.
- On the other hand, it should be noted that, in alignment with the CM PB, the provision of publications and other marketing material (irrespective of the type of solicitation) is no longer permitted onshore in the DIFC (at target).
- In addition, it is highlighted that the provision of execution only services by foreign (unlicensed) service providers is either not permitted onshore in the DIFC (at target) or on a cross-border basis into the DIFC (remote) only if the orders are executed outside of the DIFC. Accordingly, the CM P BT now provides the answer with “NO” or “Grey zone/YES”.
- Finally, please further note that in alignment with the CM PB, the provision of investment advice (irrespective of the presence of a written “advisory agreement” and irrespective of the type of solicitation) is not permitted onshore in the DIFC (at target). The same applies to the provision of advisory services on a cross-border basis into the DIFC (remote) without/outside the scope of a written “advisory agreement” (spot advice) (irrespective of the type of solicitation). Hence, the CM P BT provides the answer “NO” in the relevant scenarios.
Non-material changes
Some comments and content have been slightly redrafted in the CM, without introducing substantive changes, to better reflect the current interpretation of the regulatory framework.
For more information, please contact us: info@brpsa.com
Geneva, August 8th, 2024