Country Manual Private Banking – Wallis and Futuna – BRP Update 2024
BRP has updated its Country Manual Private Banking for Wallis and Futura 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, please note the following changes with regard to answers given for:
- Reporting activities undertaken actively on Wallisian-Futunan territory: the answers are now “Grey zone/NO” instead of “Grey zone/YES” to better reflect the existing regulatory framework.
- Discretionary management of assets held at a third-party custodian bank in Wallis and Futuna: following our local counsel’s input the answer is now a grey zone.
Non-material changes
The documents have been reformatted onto the latest templates. Some content has been reworded, without introducing material changes, to provide more clarity and reflect the current regulatory framework more accurately.
Implication for business relations with third parties
The documents having been reformatted onto the latest template, this section now provides more answers, notably to 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.
With regard to discretionary asset management and advisory activities, the difference of status between a financial investment advisor (“CIF” for Conseiller en investissement financier) and a licensed investment firm (“EI” for entreprise d’investissement) has been introduced in the EAM section.
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 “WALLIS AND FUTURA” 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, February 19th, 2024