Country Manual Private Banking
Monaco
BRP has updated its Country Manual Private Banking for
Monaco out of Bank’s Country of Establishment (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 Country Manual has been reviewed to ensure that the content of all documents remains accurate and in line with the evolving interpretation of the current legal and regulatory framework. We can confirm that there have been no relevant regulatory changes since the last publication of this Country Manual.
Non-material changes
Some content has been slightly reworded throughout the document, without introducing any material changes, to reflect the regulatory situation and current interpretation of the regulatory framework more accurately.
For example, collecting relevant supporting documentation answers have been changed to better take into account the context in which these activities are undertaken:
Via remote means of communication, collecting such documents actively towards non-qualified prospects is also a Grey zone instead of a Grey zone/YES, and passively the answers are now Grey zone/YES instead of a straight YES.
In Monaco, undertaking these activities is now a Grey zone instead of a Grey zone/YES; and passively the answers are now Grey zone/YES instead of a straight YES.
Implication for business relations with third parties
Providing investment services-related documentation to an EAM in a B2B context is permitted on an occasional basis. On the contrary, the provision of banking services-related material in the same context can only be done at the EAM’s request in the framework of an established contractual relationship.
Regulatory 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 “MONACO” 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 color). 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, February 6th, 2025