Country Manual Private Banking – Isle of Man – BRP Update 2024
BRP has updated its Country Manual Private Banking for Isle of Man out of bank’s country of establishment (DEF, RS, BT and RT)
| Source of changes | Answers |
|---|---|
| Law / Regulation | No |
| New Position of the Authorities | No |
| Evolution of Expert’s Interpretation | Yes |
Regulatory Template, Regulatory Summary and Behaviour Template
Material changes
There have been no substantive changes to local law and regulation since the last update, but the interpretation of the local expert’s opinion has changed as part of the process of ensuring consistency with the BRP Credit Manual for the Isle of Man which was published after the last update of the Private Banking Manual.
- The answers for Lombard Credit activity on the Banks initiative for non-qualified clients are now NO as opposed to Grey zone/NO based on local legal input. Lending to an individual is subject to a registration requirement under local law even if the individual is acting in the course of business as a sole trader. Lending to a body corporate or to any other person other than an individual who is a sole trader or who deals as consumer in relation to the lending; person other than an individual is exempt.
- For Lombard Credit activity on the Client’s initiative for non-qualified clients the answers for onsite activity are now NO. For activity by remote means the answers are still Grey zone/YES – such activity falls under unofficial tolerated practice.
- The answers for Lombard Credit activity for non-qualified clients are now Grey zone/YES for onsite activity and activity by remote means as opposed to Grey zone/YES (onsite) and YES (remote). Such activity could be qualified as negotiation of investment services.
- For Execution-only activity for non-qualified clients the answers are now Grey zone/Yes for both onsite activity and activity by remote means. Activity is permitted where it is the direct result of an approach made to the Bank by or on behalf of an Isle of Man person which has not been solicited by the Bank (otherwise than by means of an advertisement which is neither — (i) targeted at Isle of Man persons, nor (ii) disseminated by a medium which is targeted at Isle of Man persons).
Non-material changes
Comments have been standardised as far as possible to reflect BRP practice.
Implications for business relations with third parties
The documents having been reformatted onto the latest template, this section now provides for more answers, better distinguishing between the provision of documentation to the EAM for its own use and provision of documentation for its subsequent distribution to end-clients.
Regulatioon Summary
This document has now a more user-friendly layout and reflects the changes contained in the RT..
BT Short Comparison
BRP has created a comparison document allowing users to quickly identify the modifications made compared to the previous version of the PB 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 PB BT SHORT COMP” and “ISLE OF MAN” 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 colour). 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
Geneva, April 11th, 2024