| Country Manuals Products – We would like to inform you that BRP has updated its COUNTRY MANUAL PRODUCTS for the following jurisdiction: SINGAPORE (OUT OF A THIRD COUNTRY) |
| SOURCE OF CHANGES | ANSWERS |
| Law/Regulation | NO |
| New Position of the Authorities | NO |
| Evolution of Expert’s interpretation | YES |
Definitions & Concepts, Regulatory Overview and Behaviour Template
Regulatory changes
The Country Manual has been reviewed to ensure that the content of all the documents remains accurate and up to date.
Material changes
- In alignment with the Country Manual Private Banking, it is highlighted that the provision of marketing material (except for the provision of macroeconomic information) is only permitted if based on a written advisory agreement (ongoing advice), which has been requested on the investor’s own initiative and covers the relevant financial product(s). Although generally not triggering the “local distribution rules”, due to the lack of formal guidance from the MAS, the “risk-based approach” further recommends applying the “private placement exemptions” (see the Regulatory Overview for further information). Accordingly, the Behaviour Template now provides the answer “Grey zone/YES: If based on an agreement requested by the investor covering the relevant financial product(s) and Private Placement Exemptions Securities/CIS” (where applicable) for the relevant scenarios.
For more information, please contact us: info@brpsa.com
Best regards,