Finland – CM EAM

Country Manual Independent Portfolio Manager/Advisor (EAM) – Finland – BRP Update 2024

BRP has updated its Country Manual Independent Portfolio Manager/Advisor (EAM) for Finland out of company’s country of establishment (Def, RS & BT)

Regulatory Summary and Behaviour Template

Material changes

We have reviewed the documents following consultations with our local counsel and can confirm that there have been no major relevant changes to the cross-border regulatory framework in Belgium since the last publication of this Country Manual.

Please note the following changes with regard to answers provided to some activities:

• Actively providing generic and personalised recommendation lists via remote means of communications is now a “Grey zone” to better reflect the fact that the FSMA has not to date defined any formal position with regard to these activities undertaken actively into Belgium, also within the context of an existing advisory agreement, and that a cautious approach should be maintained.

Non-material changes

Furthermore, some amendments in the BT have also been made, without there having been any material changes:

• For clarity purposes, the condition “reverse solicitation must be duly documented” has been removed from the whole BT. This condition remains, however, key to be complied with for all activities undertaken based on a prospect’s/client’s initiative.
• The condition “on an occasional basis” has been added to some activities when undertaken onsite where it did not appear. This adjustment does not imply any material changes, as it was already necessary to only act on an occasional basis when undertaking permitted activities in Belgium, to avoid the Company being considered as having a de facto branch in the country.

BT Short Comparison

BRP has created a comparison document allowing users to quickly identify the modifications made compared to the previous version of the EAM Manual (BT Short Comparison). The BT Short Comparison can be found on BRP’s platform (mybrponline) in the Search tab by entering in the Document Field “CM EAM BT SHORT COMP” and “BELGIUM” in the Target Country Field.

The BT Short Comparison should be read as follows:

The first column contains a short description of the activity in question. The second column contains the answers of the previous version of the Country Manual (online until the day of the alert). The third column contains the new answers of the most recent version of the Country Manual. Only the modified answers are displayed (in color). If the answers in the new version are unchanged compared to the previous version, they are shaded in grey.

For more information, please contact us: info@brpsa.com

Best regards,

Geneva, June 7th, 2024