Dear client,
We would like to inform you that BRP has updated its COUNTRY MANUAL PRODUCTS for the following jurisdiction:
HUNGARY
| 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
- The provision of investment advice generally triggers the “local distribution rules” in Hungary. However, an exemption is made in relation to the provision of investment advice based on a written advisory agreement which has been requested on the investor’s initiative and which covers the relevant financial services/products. To highlight the latter two conditions, the Behaviour Template now provides the answer “Grey zone/YES – If the asset class is covered by the advisory agreement” instead of “YES”. In this context, please note that this view may (still) only be seen as an interpretation of the local laws and regulations which may change without prior notice depending on future court decisions and/or official statements of the local authorities.
- In alignment with the Country Manual Private Banking (CM PB), it is further highlighted that the active provision of investment advice as well as active marketing activities are no longer permitted/recommended onshore (at target) (ongoing and spot advice) and on a cross-boder basis into Hungary (remote) without/outside the scope of an ongoing written advisory agreement (spot advice). The Behaviour Template hence now provides the answers “NO”, “Grey zone/NO” and “Grey zone/YES – If the asset class is covered by the advisory agreement” for the relevant onshore and cross-broder scenarios.
For more information, please contact us: info@brpsa.com
Best regards,