Country Manual Credits
United Kingdom – Update 2024
BRP has updated its Country Manual Credits for Ireland out of Credits institutions country of establishment (RS, BT & RT)
| Source of changes | Answers |
|---|---|
| Law / Regulation | Yes |
| New Position of the Authorities | No |
| Evolution of Expert’s Interpretation | No |
Regulatory Template
Material changes
The Country Manual has been reviewed to ensure that the content of all documents remains accurate and in line with the evolving interpretation of the current legal and regulatory framework.
The manual has been updated to reflect the enactment of the Financial Services and Markets Act 2023 and in particular, the introduction of a regulatory gateway for the approval of financial promotions. If a foreign credit institution wants to have a promotion relating to consumer credit or qualifying credit approved by a UK authorised entity that entity will in general need to have permission from FCA to approve promotions. Intra group approval of promotions is not subject to the gateway.
The RT sections on Withholding Tax and other Taxation on Interest and on Reporting Requirements have been reworded.
Non-material changes
There is some extra wording in the RT relating to the link between data protection requirements and the UK Privacy and Electronic Communications Regulations.
There is some extra explanatory wording the in the RT section on Permanent Establishment.
Behaviour Template
The answers in the BT have been aligned to those contained in the RT.
Definitions and Concepts
The document Definitions and Concepts now includes a Concordance Table. This Table is designed to help the users of the Country Manual Credits easily recognize existing or potential interactions between the rules of different types of credits.
For more information, please contact us: info@brpsa.com
Geneva, October 14th, 2024