New BRP Country Manual Products
Gibraltar
BRP has updated
its Country Manual Products
for Gibraltar out of Bank’s Country of Establishment (DEF, RO & BT)
| 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 remain accurate and up to date.
Material changes
In alignment with the Country Manual Private Banking (CM PB), it is highlighted that the provision of macroeconomic information/reports and investment research and financial analysis documents/reports is only permitted on an occasional basis onshore in Gibraltar (at target). Accordingly, the CM P BT provides the answer “Grey zone/YES” in the relevant scenarios.
In further alignment with the CM PB, the active provision of publications and other marketing material referring to specific financial products made on a generic basis or based on the specific investment profile of one recipient is no longer recommended/permitted onshore in Gibraltar (target) and on a cross-border basis into Gibraltar (remote). The CM P BT therefore provides the answers “Grey zone/NO” and “NO” in the relevant scenarios.
With regard to execution-only services, in line with the CM PB, it is highlighted that the provision of execution-only services by foreign (unlicensed) service providers is only permitted on an occasional basis onshore in Gibraltar (at target). Accordingly, the CM P BT provides the answer “Grey zone/YES” in the relevant scenarios.
In further alignment with the CM PB, the two situations “advice without/outside the scope of an ongoing advisory agreement (spot advice)” and “advice within an ongoing advisory agreement (ongoing advice)” are treated differently. An exemption is made in relation to the provision of investment advice based on a written advisory agreement which has been requested on the investor’s initiative and which covers the relevant financial services/products. The CM P BT therefore now provides the answer “Grey zone/YES” in the latter scenario. Please note that this view has not been officially recognized in Gibraltar and may only be seen as an interpretation of the local laws and regulations which may change without prior notice depending on future court decisions and/or official statements of the local authorities. Accordingly, a cautious approach is recommended based on an analysis of the circumstances and all the potential risks in relation to each specific business model.
As a result, and in line with the CM PB, the active provision of investment advice without/outside the scope of a written advisory agreement (spot advice) are no longer permitted/recommended in Gibraltar (at target) and on a cross-border basis into Gibraltar (remote). The CM P BT therefore now provides the answers “NO” and “Grey zone/NO” in the relevant scenarios.
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, March 14th, 2025