Country Manual Products – Ireland out of EEA – BRP Update 2024
BRP has updated its Country Manual Products for Ireland (out of EEA)
| 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 macroeconomic information/reports and investment research and financial analysis documents/reports is now only permitted on an occasional basis onshore in Ireland (at target) and via remote means of communication into Ireland (remote) (for Retail Investors: if covered by an ongoing advisory agreement). The Country Manual Products Behaviour Template (CM P BT) therefore provides the answers “Grey zone” (at target for Retail Investors) and “Grey zone/YES” in the relevant scenarios.
- The mere execution of a client’s request does generally not trigger the “local distribution rules” in Ireland (at target), provided, however, that the relevant investor has requested the investment on its own initiative without any prior solicitation or recommendation from the service provider’s side. In alignment with the CM PB, it is highlighted that the provision of execution only services triggers local licensing requirements and seems to be permitted only to existing clients and on an occasional basis onshore in Ireland (at target).
- Please note that the Irish “safe harbour” regime does not replace the “local distribution rules”. Therefore, foreign (unlicensed) service providers may only distribute unregistered investment products under an “ongoing advisory agreement” or by relying on the exemptions from prospectus registration requirements (“private placement exemptions”).
Non-material changes
Some comments and content have been redrafted in the CM, without introducing substantive changes to better reflect the evolving interpretation of the regulatory framework.
For more information, please contact us: info@brpsa.com
Geneva, April 22nd 2024