| Country Manuals Private Banking – We would like to inform you that BRP has updated its COUNTRY MANUAL PRODUCTS for the following jurisdiction: ITALY 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
We can confirm that there have been no relevant regulatory changes since the last publication of this Country Manual.
Non-material changes
Several comments have been slightly reworded (without introducing material changes) to reflect the regulatory situation/current interpretation of the regulatory framework more accurately. In particular we highlight the following:
Negotiation Phase
– The condition that onboarding was done in compliance with the local-cross border rules was added in case of remote interaction on Bank’s initiative in oder to collect relevant supporting documents and the wording of the specific explanation amended accordingly.
– The comments in section 5 (Effectiveness of a Request Signed by a Client to Be Informed of All Additional Services Offered by the Bank) was adapted in line with the strong reminder issued by ESMA on a Public Statement published in January 2021 on the prohibition of general waivers. This activity is now expressly classified as Grey zone/NO.
Implications for business relations with third parties
– The answer for the situation where a Business Introducers actively promotes the Bank’s custody services was amended (from NO to Grey zone/NO) to align it to the approach adopted for EAMs, considering that, indeed, there is no specific legal basis prohibiting any introductory activities.
– The answer for the situation where a third party (Finders, Business Introducer or EAM) promotes the Bank’s custody services on prospect’s initiative was amended (from Grey zone/NO to Grey zone) to better reflect the fact that the mere provision of the Bank’s contact details on prospect’s request would be allowed.
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 “ITALY” 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,