Country Manual Private Banking
Spain out of EEA – Update 2024
BRP has updated its Country Manual Private Banking for Spain out of EEA – (Def, RS, BT & RT)
| Source of changes | Answers |
|---|---|
| Law / Regulation | Yes |
| New Position of the Authorities | No |
| Evolution of Expert’s Interpretation | No |
The relevant regulatory restrictions and conditions for cross-border services from an EEA country into Spain have been reviewed to ensure that the content of the documents remains accurate and in line with the evolving interpretation of the current legal and regulatory framework. No major material changes have occurred since the last update of the Manual.
Material changes
It has been clarified that the use of the Spanish language in marketing and pre-contractual material directed at consumer is mandatory. With regard to non-consumers, all information, documentation, and communications addressed to customers of banking services must, inter alia, be drafted in clear and easily understandable terms, in Spanish or in any of the other official Spanish languages of the respective Autonomous Communities in which the service is provided, or in any other language agreed between the parties
New/additional restrictions and conditions that have been communicated by the local experts concern:
- New rules on advertising for crypto-assets presented as investment objects
- The prohibition to advertise financial contracts for differences and other leverage products to retail investors
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 “SPAIN” 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 colour). 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
Geneva, July 16th, 2024