Country Manual Private Banking – United Arab Emirates – BRP Update 2024
BRP has updated its Country Manual Private Banking for United Arab Emirates out of bank’s country of establishment (DEF, RS, BT and RT)
| Source of changes | Answers |
|---|---|
| Law / Regulation | No |
| New Position of the Authorities | No |
| Evolution of Expert’s Interpretation | No |
Regulatory Template, Regulatory Summary and Behaviour Template
Material changes
The country manual has been reviewed to ensure that the content of all documents remains accurate and up to date. Following our assessment and with our local counsel in the UAE, we may confirm that there have been no material changes or modifications in the relevant UAE regulations since the last update.
Non-material changes
Some conditions/comments have been reworded and further non-material changes have been made throughout the documents.
In particular the Country Manual now lists the additional activities that the Securities and Commodities Authorities have added to the list of financial activities requiring a license in the UAE. Moreover, the Country Manual has been edited, without introducing material changes, to better clarify the relationship between the Bank and local third parties.
Impliction for business relations with third parties
This document has been reformatted onto the latest template. The section referring to the relationship with third parties (Finders, BI, and EAM) now provides more answers which better distinguish between the provision of documentation to the EAM for its own use and provision of documentation for its subsequent distribution to end clients.
Regulatory Summary
This document has now a more user-friendly layout and reflects the changes contained in the RT.
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 “UAE” 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 color). 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, March 7th 2024