Country Manual Products – Update
Jersey
BRP has updated its Country Manual Products for Jersey
| 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 as well as of investment research and financial analysis is now only permitted on an occasional basis onshore in Jersey (at target).
In further alignment with the CM PB, it is only permitted to accept unsolicited client orders in Jersey (at target) if they are transmitted to the service provider’s country of establishment for execution and if no habitual business is undertaken onshore in Jersey. Accordingly, the Country Manual Products Behaviour Template (CM P BT) provides the answer “Grey zone/YES – On an occasional basis. If the order is transmitted to the service provider’s country of establishment for execution.” in the relevant scenarios.
The provision of investment services as well as any marketing activities are permitted on an active basis where the solicitation has been made in compliance with the Financial Services (Advertising) Order or on a passive basis (“reverse solicitation limited to a request”) without the need for a license into Jersey (remote) and if no habitual business is undertaken onshore in Jersey (at target) in order to avoid being qualified as a permanent place of business or a de facto branch. The CM P BT therefore provides a “Grey zone/YES” answer, with the relevant conditions listed as comments.
Please also note that the CM P BT does not reflect the different local fund types and therefore does not distinguish between different types of local “fund registrations”. Accordingly, all types of registered funds are treated equally in the CM P BT and specific local “investor type restrictions” must be manually checked in the relevant product documentation. However, there is no longer a specific comment in this regard in the CM P BT.
Finally, as there are no mandatory documentation requirements under local laws and regulations, the CM P BT no longer mentions the provision of a “Fund Prospectus” to local investors. However, it is generally recommended that prospective investors are provided with sufficient information to enable them to make an informed investment decision.
For more information, please contact us: info@brpsa.com
Geneva, September 6th, 2024