Update BRP Country Manual Products
South Africa
without License out of Service Provider’s Country of Establishment (DEF, RO & BT)
| 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
The Country Manual has been reviewed to ensure that the content of all the documents remain accurate and up to date.
Material changes
In alignment with the Country Manual Private Banking (CM PB), the provision of macroeconomic information/reports, investment research and financial analysis documents/reports as well as generic recommendation lists is now only permitted on an occasional basis onshore in South Africa (at target) and on a cross-border basis into South Africa (remote) provided that the information is strictly factual, generic and objective. The Country Manual Products Behaviour Template (CM P BT) therefore now provides the answer “Grey zone” in the relevant scenarios.
In further alignment with the CM PB, the provision of publications and other marketing material referring to specific financial products based on the specific investment profile of the recipient and the provision of personalized investment advice with (ongoing) or without (spot) are no longer permitted onshore in South Africa (at target) and on a cross-border basis into South Africa (remote). The CM P BT therefore now answers “NO” to the relevant scenarios.
In addition, it is highlighted that any provision of execution only services by foreign (unlicensed) service providers is no longer permitted onshore in South Africa (at target) and is only permitted on a cross-border basis into South Africa (remote) if the orders are not the result of a prior advisory service by the service provider. Accordingly, the CM P BT now provides the answer “Grey zone/YES” in the relevant remote scenario.
Non-material changes
Some comments and content have been slightly reworded/added in the CM, without introducing substantive changes to reflect the regulatory situation/current interpretation of the regulatory framework more accurately
For more information, please contact us: info@brpsa.com
Geneva, June 5th, 2025