Country Manual Products – Update
Isle of Man
BRP has updated its Country Manual Products for Isle of Man
| 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
As a result, the active (including generic reverse) solicitation/provision of investment advice as well as product-related marketing activities without/outside the scope of a written advisory agreement (spot advice) are therefore not permitted in/into the Isle of Man (at target/remote) towards Retail Investors. The CM P BT therefore provides the answer “NO” in the relevant scenarios.
In alignment with the Country Manual Private Banking (CM PB), the provision of Macroeconomic information as well as Investment research and Financial analysis are now only permitted on an occasional basis onshore in the Isle of Man (at target).
In further alignment with the CM PB, it is only permitted to provide investment services in the Isle of Man (at target) if no habitual business is undertaken onshore in the Isle of Man (at target).
In this regard, please also note that (in relation to Retail Investors), the provision of investment services is only permitted if there has been no prior active promotion of the services by the foreign (unlicensed) service provider in/into the Isle of Man (at target/remote). The Country Manual Products Behaviour Template (CM P BT) therefore now provides the answer “Grey zone/YES” in the relevant scenarios.
For more information, please contact us: info@brpsa.com
Geneva, October 9th, 2024