| Country Manuals Private Banking – We would like to inform you that BRP has updated its COUNTRY MANUAL PRIVATE BANKING for the following jurisdiction: LUXEMBOURG 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
The Manual has been reviewed to ensure that its content remains accurate and in accordance with the evolving interpretation of the applicable legal and regulatory framework. While the Law on the Financial Sector of 5 April 1993 has been amended by the law A566 of 21 July 2021, the changes are minor with no relevant regulatory impact on the last publication of this Country Manual.
Non-material changes
Several comments have been slightly reworded (without introducing material changes) to provide more clarity and reflect the current regulatory situation more accurately.
Implications for business relations with third parties
- Some answers have been added and adapted in the section regarding business relations with third parties.
- A distinction has been made between banking and investment services, in order to reflect the difference of treatment under local rules for these two types of services.
- With respect to the provision of documentation to the EAM (such as documentation on the Bank’s banking and investment services, investment research and financial analysis or recommendation lists), our Country Manual now distinguishes between the provision to the EAM for remittance to the end client on one hand and the provision to the EAM for the EAM’s own professional purposes on the other hand. The answers have been amended accordingly.
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 “LUXEMBOURG” 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,