Country Manual Products – Taiwan – BRP Update 2024
BRP has updated its Country Manual Products for Taiwan
| 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
- In alignment with the Country Manual Private Banking (CM PB), the provision of Macroeconomic information/reports is now only permitted on a one-to-one and occasional basis onshore in Taiwan (at target) and on a one-to-one basis into Taiwan (remote). The provision of such information/reports on a cross-border basis into Taiwan (remote) at the initiative of an investor (“reverse solicitation”) remains a “unofficial tolerated practice” (see below).
- In further alignment with the CM PB, the provision of Investment research and Financial analysis documents/reports as well as the provision of publications and other marketing material referring to specific financial products is now only permitted on a one-to-one basis and if based on an ongoing advisory agreement (in the case of active solicitation) into Taiwan (remote). The provision of such documents/reports, publications and other marketing material on a cross-border basis into Taiwan (remote) at the initiative of an investor (“reverse solicitation”) remains a “unofficial tolerated practice” (see below).
- Finally, the laws and regulations of Taiwan do not distinguish between services provided at the initiative of an investor and those actively offered by the foreign (unlicensed) service provider, i.e. the concept of “reverse solicitation” is not formally recognised. However, based on the advice of our local counsel, investment services and/or products provided at the specific request of the relevant client generally reduce the risk exposure when provided via remote means of communication into Taiwan (remote). It is therefore now reflected in the Country Manual Producs Behaviour Template (CM P BT) as a “Grey zone /YES – Unofficial tolerated practice”.
For more information, please contact us: info@brpsa.com
Geneva, May 16th, 2024