{"id":268495,"date":"2024-02-13T08:53:04","date_gmt":"2024-02-13T07:53:04","guid":{"rendered":"https:\/\/brpsa.com\/?post_type=project&#038;p=268495"},"modified":"2024-02-16T10:45:06","modified_gmt":"2024-02-16T09:45:06","slug":"philippines-cm-pb-update-2024","status":"publish","type":"project","link":"https:\/\/brpsa.com\/notifications\/philippines-cm-pb-update-2024\/","title":{"rendered":"Philippines &#8211; CM PB &#8211; Update 2024"},"content":{"rendered":"\n<p><strong>Country Manuals Private Banking <\/strong>&#8211;<\/p>\n\n\n\n<p>Dear Client,<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>We would like to inform you that BRP has updated its <strong><a href=\"https:\/\/brpsa.com\/cross-border-country-manuals\/#CM\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-amber-color\">COUNTRY MANUAL PRIVATE BANKING<\/mark><\/a><\/strong> for the following jurisdiction:<\/p>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>PHILIPPINES OUT OF BANK\u2019S COUNTRY OF ESTABLISHMENT (Def, RS, BT &amp; RT)<\/strong><\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th><mark style=\"background-color:rgba(0, 0, 0, 0);color:#8db1aa\" class=\"has-inline-color\">SOURCE OF CHANGES<\/mark><\/th><th class=\"has-text-align-center\" data-align=\"center\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#8db1aa\" class=\"has-inline-color\">ANSWERS<\/mark><\/th><\/tr><\/thead><tbody><tr><td><strong>Law \/ Regulation<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-light-green-cyan-color\"><strong>YES<\/strong><\/mark><\/td><\/tr><tr><td><strong>New Position of the Authorities<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-orange-color\">NO<\/mark><\/strong><\/td><\/tr><tr><td><strong>Evolution of Expert\u2019s interpretation<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-orange-color\">NO<\/mark><\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Regulatory Template, Regulatory Summary and Behaviour Template<\/strong><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-amber-color\">Material changes<\/mark><\/strong><\/p>\n\n\n\n<p>The recent rules and regulations from the Securities and Exchange commission (SEC) on the Philippines Financial Products and Services Consumer Protection Act (FCPA) provides for a new definition of \u201cinvestment advisers\u201d who are required to secure a license. The definition is as follows:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>(a) engages in the business of advising others, whether electronically or in any other form, as to the value of investment products, advisability of investing in, purchasing or selling investment products;<\/li>\n\n\n\n<li>(b) issues or promulgates analyses or reports concerning investment products in the Philippines.<\/li>\n<\/ul>\n\n\n\n<p>Since the implementing rules and regulations<strong> <\/strong>were only recently issued,, it is still to be seen how the SEC will interpret the coverage of the FCPA with respect to the provision of investment advice. Nevertheless, on account of this new definition, a very cautious approach should be taken with respect to the provision of personalised investment advice, including via remote means of communication.<\/p>\n\n\n\n<p>Furthermore, the section on consumer protection in the Regulatory Template has been updated with more comprehensive information concerning consumer protection mechanisms.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-amber-color\">Non-material changes<\/mark><\/strong><\/p>\n\n\n\n<p>Several comments have been slightly reworded (without introducing material changes) to reflect the regulatory situation\/current interpretation of the regulatory framework more accurately.\u202f<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Regulatory Summary<\/strong><\/p>\n\n\n\n<p><em>This document has now a more user-friendly layout and reflects the changes contained in the RT.<\/em><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>BT Short Comparison<\/strong><\/p>\n\n\n\n<p>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\u2019s platform (<a href=\"http:\/\/www.mybrponline.com\">mybrponline<\/a>) in the Search tab by entering in the Document Field \u201cCM PB BT SHORT COMP\u201d and \u201c<strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-amber-color\">PHILIPPINES<\/mark><\/strong>\u201d in the Target Country Field.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong><em>The BT Short Comparison should be read as follows:<\/em><\/strong><\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>For more information, please contact us: <a href=\"mailto:info@brpsa.com\">info@brpsa.com<\/a><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Best regards,<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Country Manuals Private Banking &#8211; Dear Client, We would like to inform you that BRP has updated its COUNTRY MANUAL PRIVATE BANKING for the following jurisdiction: SOURCE OF CHANGES ANSWERS [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":259378,"comment_status":"open","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"iawp_total_views":2,"footnotes":""},"project_category":[786,71],"project_tag":[216,758],"class_list":["post-268495","project","type-project","status-publish","has-post-thumbnail","hentry","project_category-786","project_category-crossborder_alert_and_brp_tax_alerts","project_tag-philippines","project_tag-private-banking"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v26.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Country Manual Private Banking: Philippines Regulations<\/title>\n<meta name=\"description\" content=\"Keep up-to-date with all regulatory changes in the Philippines and download BRP&#039;s Country Manuals Private Banking Update in time. 2024\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/brpsa.com\/notifications\/philippines-cm-pb-update-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Philippines - CM PB - Update 2024\" \/>\n<meta property=\"og:description\" content=\"Keep up-to-date with all regulatory changes in the Philippines and download BRP&#039;s Country Manuals Private Banking Update in time. 2024\" \/>\n<meta property=\"og:url\" content=\"https:\/\/brpsa.com\/notifications\/philippines-cm-pb-update-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"BRP\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-16T09:45:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/brpsa.com\/wp-content\/uploads\/2022\/11\/Seychelles-CM-PB-e1707822228408.png\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"376\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/brpsa.com\/notifications\/philippines-cm-pb-update-2024\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/brpsa.com\/notifications\/philippines-cm-pb-update-2024\/\"},\"author\":{\"name\":\"Claire Capdevielle\",\"@id\":\"https:\/\/brpsa.com\/#\/schema\/person\/5a814bced5b15ebe175b18458b9c3872\"},\"headline\":\"Philippines &#8211; 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