Country Manual Private Banking – Vietnam – BRP Update 2024
BRP has updated its Country Manual Private Banking for Vietnam 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
We have reviewed the documents following consultations with our local counsel and can confirm that there have been no relevant regulatory changes since the last publication of this country manual. However, a slightly more restrictive approach has been taken with respect to prospecting activities, the collection of relevant supporting documents and the offering of additional services conducted via remote means of communication upon the prospects request. Said activities remain permitted – however, it should be noted that this is based on the current interpretation of the regulatory framework.
Non-material changes
Some comments/conditions have been reworded and further non-material changes have been made throughout the documents.
Impliction for business relations with third parties
The documents have 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 “VIETNAM” 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 5th 2024