Country Manual Products – Update
Sweden
BRP has updated its Country Manual Products for Sweden
| 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 remains accurate and up to date.
Material changes
The main changes/modifications are as follows:
- The mere execution of a client’s request does generally not trigger the “local distribution rules” provided that the relevant investor has requested the investment on its sole initiative without any prior solicitation or recommendation from the service provider’s side. However, in alignment with the Country Manual Private Banking (CM PB), it is highlighted that execution only services should only be provided on an occasional basis in Sweden (at target) and via remote means of communication into Sweden (remote). The Country Manual Products Behaviour Template (CM P BT) therefore now provides the answer “Grey zone/YES – On an occasional basis” in the relevant scenarios.
- The same applies to “reverse solicitation limited to a specific product”. The provision of general information or such about one or several specific product(s) requested by client should only be provided on an occasional basis in Sweden (at target) and via remote means of communication into Sweden (remote). The CM P BT therefore now provides the answer “Grey zone/YES – On an occasional basis” in the relevant scenarios.
- In further alignment with the CM PB, it is highlighted that actively providing personalised recommendation lists, investment advice without an ongoing advisory agreement in or into Sweden is not subject to a licensing requirement provided the foreign (unlicensed) service provider avoids any habitual or regular business in Sweden, i.e. if it acts for a limited number of client contacts on a one-to-one and occasional basis only. Within this (narrow) framework, locally registered products can therefore be distributed in Sweden (at target) and via remote means of communication into Sweden (remote). Accordingly, CM P BT answers these scenarios with CM P BT answers these scenarios with “Grey zone/YES – On an occasional basis” (for spot advice).
Non-material changes
Some comments and content have been reworded in the CM and further non-material changes have been made throughout the documents.
For more information, please contact us: info@brpsa.com
Geneva, July 30th, 2024