| Country Manuals Private Banking – We would like to inform you that BRP has updated its COUNTRY MANUAL PRIVATE BANKING for the following jurisdiction: ITALY LPS OUT OF BANK’S COUNTRY OF ESTABLISHMENT (Def, RS, BT & RT) Regulatory Template Material changes The Manual has been reviewed to take account of an evolving interpretation of the applicable legal and regulatory framework and properly reorganise the regulatory restrictions and conditions applicable to foreign banks availing of the LPS authorisation. In particular, the information received by our local counsels, based on the latest available case law, allowed us to streamline such regulatory restrictions and conditions. Therefore, the Manual now lists only the minimum requirements which must be observed when operating on-site or via remote means of communication. Without prejudice to the foregoing, we confirm that there have not been any substantial regulatory changes to the documents since the last update. The main changes are reflected as follows: – General change applicable to all on-site activities – In the previous version, the RM of a foreign bank availing of the LPS authorisation was required to present his/her personal cards when performing his/her activities during on-site meetings in Italy. Based on an evolving interpretation by the Bank of Italy, this requirement is not anymore applicable to such foreign banks. – Providing Marketing Brochures on the Bank – We clarified that the active provision of marketing brochures on the bank via remote means of communication into Italy should not cover its investment services. – Collecting relevant supporting documents and information – Information Required for Client’s Investment Profile – Due to a more restrictive approach with respect to on-site activities by the Italian supervisory authorities, this activity is now a ‘grey zone/NO’ when undertaken on an active basis during on-site meetings. Moreover, we clarified that, when this activity is performed upon request via remote means of communication into Italy, reverse solicitation must be duly documented. – Offering additional services – Lombard credit – Due to a more restrictive approach with respect to on-site activities by the Italian supervisory authorities, carrying on-site activities relating to Lombard credit upon request is now a ‘grey zone/NO’. – Reporting activities – We clarified that the Bank must in any case refrain from undertaking any other restricted activity (such as providing a client with investment advice) when carrying on reporting activities, considering that investment services are not covered by the LPS authorisation. Implications for business relations with third parties There have been no substantial changes to the answers when a Bank co-operates with third parties. Non-material changes Many comments have been considerably reworded (without introducing material changes) to reflect the new format of the document. Regulatory Summary This document has now a more user-friendly layout and reflects the changes contained in the RT. 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 “ITALY LPS” 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, |
