| Country Manuals Private Banking GIBRALTAR OUT OF BANK’S COUNTRY OF ESTABLISHMENT (Def, RS, BT & RT) Regulatory Template and Behaviour Template The answers in the RT and the BT are aligned. We would point out the following: (1) For onsite socialising and provision of business cards the answers are now Grey zone/YES to emphasise that onsite activity should be on an occasional basis. (2) For activities related to debit cards the answers reflect that no debit cards should be issued in Gibraltar. (3) For active promotion and negotiation activity in relation to credit cards with non-qualified clients the answers are now Grey zone/YES rather than Grey zone/NO – this change follows a review of the local regulatory framework for credit in conjunction with preparation of the BRP Credit Manual for Gibraltar. Based on local legal input it has been concluded that a more tolerant approach can be adopted. (4) For activities related to credit cards in general the answers reflect that (…) Non-material changes (1) In a number of instances the comments for Grey zone/YES have been changed to reflect standardised comments that BRP has adopted as a result of using a new editing platform for the creation of manuals. The underlying reasoning has not changed. (2) Several comments have been slightly reworded (without introducing material changes) to reflect the regulatory situation/current interpretation of the regulatory framework more accurately. Regulatory Summary Material changes We have reviewed and updated the documents to take into account any evolving interpretation of the regulatory framework. We can confirm that there have been no relevant regulatory changes since the last publication of this Country Manual. The wording in the RS has been expanded in line with the current format used. Behaviour Template The answers in the BT have been aligned to those 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 “GIBRALTAR” 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. Best regards, |
