Country Manual Private Banking
Luxembourg out of EEA
BRP has updated its Country Manual Private Banking for
Luxembourg out of EEA (Def, RS, BT & RT)
| Source of changes | Answers |
|---|---|
| Law / Regulation | No |
| New Position of the Authorities | No |
| Evolution of Expert’s Interpretation | No |
Regulatory Template, Regulatory Summary and Behaviour Template
Material changes
The documents have been reviewed after consultation with our local counsel, and we can confirm that there have been no relevant regulatory changes since the last publication of this Country Manual.
Non-material changes
The main changes have been made to the sections on business relationships with third parties. The rest of the documents only contain some aesthetic, non-material changes.
Implication for business relations with third parties
The sections on business relations with third parties (Finders, Business Introducers, Tied Agents, and EAMs) have mainly been reworded to bring more detailed answers and better reflect the current regulatory framework without being based on any material changes.
As the documents have been updated to the latest template, the sections on the provision of documentation to local EAMs for the latter’s own use (B2B context) or for further distribution to the EAM’s clients (B2C context) are now distinct from one another.
Following consultation with our local counsel, the following have notably been amended:
The distribution of investment research, financial analysis and recommendation lists to an EAM in a B2C context is, however, only permitted upon a client’s request.
Sections concerning the delegation of pre-contractual tasks (provision of banking/investment services contracts, assistance with the completion of contracts, etc.) to BIs and EAMs now only contain one answer (instead of two) and are a Grey zone/NO.
There is now no distinction between the answers given for the provision of marketing documentation on the Bank’s services in a B2B or in a B2C context. Although in the latter case it is recommended to only act on an occasional basis, in both contexts it is permitted to distribute such documentation to the EAM within the limits of the Luxembourg general good provisions.
For more information, please contact us: info@brpsa.com
Geneva, March 20th, 2025