| Country Manuals Private Banking We would like to inform you that BRP has updated its COUNTRY MANUAL PRIVATE BANKING for the following jurisdiction: MAURITIUS OUT OF BANK’S COUNTRY OF ESTABLISHMENT (Def, RS, BT & RT) Regulatory Template Material changes The Manual has been slightly reviewed to take account of an evolving interpretation of the applicable legal and regulatory framework. Without prejudice to the foregoing, we confirm that there have not been any relevant regulatory changes to the documents since the last update. The main changes are reflected as follows: – Providing a business card – This activity is now allowed during on-site meetings on an occasional basis only. – Negotiation phase – Account opening – Actively carrying out pre-contractual and negotiation activities relating to an account opening form, via remote means of communication into Mauritius, is now allowed on a one-to-one basis and provided the contract states that the service is performed outside of the country. – Offering additional services – Actively offering additional services (debit cards, credits cards, Lombard credit), via remote means of communication into Mauritius, is now allowed on a one-to-one basis only. – Offering E-banking Services with Respect to an Existing Account – Actively offering e-banking services with respect to an existing account, via remote means of communication into Mauritius, is now allowed on a one-to-one basis only. Implications for business relations with third parties There have been no substantial changes to the answers when a Bank co-operates with third parties. However, please note that the section on the business relationships with third parties is now more detailed. Non-material changes Many comments have been completely 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 “Mauritius” 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, |
