Update BRP Country Manual Products
Hong Kong
| 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 (CM) has been reviewed to ensure that the content of all the documents remain accurate and up to date.
Material changes
In alignment with the CM Private Banking (CM PB), the provision of execution only services onshore in Hong Kong (at target) and on a cross-border basis into Hong Kong (remote) is now only permitted on an occasional basis and if the order is transmitted to the service provider’s country of establishment for execution. The CM Products Behaviour Template (CM P BT) therefore provides the answer “Grey zone/YES” in the relevant scenarios.
Please note that the provision of “advice within the scope of an ongoing advisory agreement (ongoing advice)” upon request of the relevant investor is now also permitted in the case of “Reverse solicitation not limited to a request” on a cross-border basis into Hong Kong (remote). Accordingly, the CM P BT now provides the answer “YES” in the relevant scenario. As a further consequence, no distinction is made between the type of reverse solicitation in the scenario “advice without/outside the scope of an ongoing advisory agreement (spot advice)”.
Finally, in alignment with the CM PB, providing macroeconomic information/reports is now only permitted in/into Hong Kong (at target/remote) on a one-to-one and occasional basis. The CM P BT therefore now provides the answer “Grey zone/YES” 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, April 22nd, 2025