Dear client,
We would like to inform you that BRP has updated its COUNTRY MANUAL PRIVATE BANKING for the following jurisdiction:
BURUNDI 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 together with our local counsel to ensure that the content of all the documents remains accurate and up to date.
Burundi has recently passed Law n° 1/05 of 17 February on Capital Markets in Burundi (Loi n° 1/05 du 17 février 2019 régisssant le marché des capitaux, or Capital Markets Law). However, this law has for now only partially entered into force, meaning that the financial market is not yet effective, except for the primary market (marché monétaire interbancaire et marché des titres du trésor).
Therefore, please note that to date the promotion and performance of investment services are still based on unofficial tolerated practices and that there have been no major material changes or modifications since the last update.
Non-material changes
Some comments have been slightly reworded (without introducing material changes) to reflect the regulatory situation/current interpretation of the regulatory framework more accurately. Some minor non-material changes have been made throughout the whole Manual.
Implications for business relations with third parties
With respect to the provision of documentation to the EAM (such as documentation on the Bank’s banking and investment services, investment research and financial analysis, or recommendation lists), our Country Manual now distinguishes between the provision to the EAM for remittance to the end client on one hand and the provision to the EAM for the EAM’s own professional purposes on the other hand. Please note, however, that in Burundi the Bank can provide this documentation to an EAM under the same conditions in both situations.
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 “BURUNDI” 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
Best regards,