Country Manuals Private Banking –
Dear Client,
We would like to inform you that BRP has updated its COUNTRY MANUAL PRIVATE BANKING for the following jurisdiction:
- ISRAEL Qualified clients only OUT OF BANK’S COUNTRY OF ESTABLISHMENT (Def, RS, BT & RT)
| SOURCE OF CHANGES | ANSWERS |
|---|---|
| Law / Regulation | YES |
| 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 the documents remains accurate and up to date. The only material change concerns the new exemption regarding the provision of credit services by foreign financial institutions. It is based on the Supervision of Financial Services Regulations (Regulated Financial Services) (Exemption from Licensing)-2022, which came into force on 26 October 2022. These exemption regulations, contrary to the former ones, were enacted as permanent regulations, with no expiry date. There is no change compared to the credit activities described in the preceding Country Manual.
Non-material changes
The documents have been reformatted onto the latest templates. Several comments/conditions have been slightly reworded (without introducing material changes) to reflect the regulatory situation/current interpretation of the regulatory framework more accurately.
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 “ISRAEL PERMIT QUAL” 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,