New BRP Country Manual Products
Virgin Islands (British)
BRP has updated
its Country Manual Products for
Virgin Islands (British) out of Bank’s Country of Establishment (DEF, RO & BT)
| 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 (CM) has been reviewed to ensure that the content of all the documents remain accurate and up to date.
Material changes
In alignment with the Country Manual Private Banking (CM PB), unsolicited brokerage orders may be accepted via remote means of communication outside of the BVI (remote) in order to avoid triggering licensing requirements. Accordingly, the CM P BT provides the answer “Grey zone/YES” for the relevant remote scenario.
In further alignment with the CM PB, it is highlighted that the provision of macroeconomic information/reports as well as of investment research and financial analysis documents/reports is only permitted on an occasional basis onshore in the BVI (at target). Accordingly, the CM P BT provides the answer “Grey zone/YES” for the relevant target scenario.
In addition, the active provision to Retail Investors of publications and other marketing material referring to specific financial products made on a generic basis or based on the specific investment profile of one recipient is either not permitted onshore in the BVI (at target) or not recommended on a cross-border basis into the BVI (remote). Accordingly, the CM P BT provides the answers “NO” and “Grey zone/NO” for the relevant scenarios.
Finally, the provision of investment advice generally triggers the “local distribution rules” in the BVI. A distinction is no longer made between investment advice based on a written advisory agreement and such provided without formal basis. As a result, the distribution of foreign (unregistered) financial product to Retail Investors is no longer permitted on a cross-border basis into the BVI (remote) within the framework of an ongoing advisory agreement.
Non-material changes
Some comments and content have been slightly reworded in the CM, without introducing substantive changes to reflect the regulatory situation/current interpretation of the regulatory framework more accurately.
For more information, please contact us: info@brpsa.com
Geneva, April 10th, 2025