Country Manual Products – Update
Italy out of EEA
BRP has updated its Country Manual Products for Italy 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
The changes/modifications are as follows:
- It is emphasised that the EU rules laid down in an EU directive are not directly applicable as such in the EU Member States, but must be transposed into national law, and that the EU Member States can go beyond the harmonised framework of the EU directive in certain aspects in their national transposition laws. This is known as “gold plating”. Therefore, the “local distribution rules” do – in principle – not need to be considered when an investor visits the foreign (unlicensed) service provider on its own initiative outside of Italy (at source).
- In this context, the offshore distribution scenario (at source) in the Country Manual Products Behaviour Template (CM P BT) no longer reflects the requirements for the distribution of securities and funds (AIFs/UCITS) not registered for public distribution in Italy.
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.
Non-material changes
Some comments and content have been slightly redrafted in the CM, without introducing substantive changes, to better reflect the current interpretation of the regulatory framework.
For more information, please contact us: info@brpsa.com
Geneva, August 20th, 2024