Country Manuals Credits –
We would like to inform you that BRP has updated its COUNTRY MANUALS CREDITS
SINGAPORE OUT OF CREDIT INSTITUTION’S COUNTRY OF ESTABLISHMENT (RT, BT & Def)
| SOURCE OF CHANGES | ANSWERS |
| Law/Regulation | Yes |
| New Position of the Authorities | No |
| Evolution of Expert’s interpretation | No |
Regulatory Template
Material changes
The Country Manual has been reviewed to ensure that the content of all the documents remains accurate and up to date. While there have been no material changes regarding licensing requirements for cross-border credit activities since the last update, we have reviewed and considerably expanded the information provided in the section Data Protection Law to include the amendments of the Personal Data Protection Act of 2012.
Non-material changes
In several cases, the wording of the RT has been reviewed and streamlined. The activity of offering credit cards is a topic that is covered both in the BRP product lines Country Manual Private Banking and Country Manual Credits. To align the answers, we have highlighted that this section, as before, concerns the offer of credit cards to existing clients, and in turn we have deleted the BT condition that a credit card must only be offered to existing clients.
Behaviour Template
The answers in the BT have been aligned to those contained in the RT.
Definitions and Concepts
The document Definitions and Concepts now includes a Concordance Table. This Table is designed to help the users of the Country Manual Credits easily recognize existing or potential interactions between the rules of different types of credits.
For more information, please contact us: info@brpsa.com
Best regards,