WALLIS AND FUTUNA: Financial Services Regulatory Updates Implemented by BRP

In a recent update to its Country Manual Private Banking for Wallis and Futuna, Bank Regulation and Planning (BRP) has implemented several changes aimed at streamlining regulatory compliance for financial institutions operating in the region. The updates were made in consultation with local counsel and reflect no material changes to the existing regulatory framework.

Key Changes Implemented

The following changes have been implemented:

• Reporting Activities: Answers now indicate a “Grey zone/NO” instead of “Grey zone/YES” to better reflect the current regulatory environment for activities undertaken actively on Wallisian-Futunan territory.
• Discretionary Management of Assets: Answers are now classified as a “grey zone” for discretionary management of assets held at a third-party custodian bank in Wallis and Futuna.

Non-Material Changes

The updates also include:

• Reformatted Documents: The country manual has been reformatted onto the latest templates, with some content reworded for clarity and accuracy.
• Business Relations with Third Parties: The difference between financial investment advisors (CIFs) and licensed investment firms (EIs) has been introduced in the EAM section.

Regulatory Summary

The Regulatory Summary has been rewritten to provide a more user-friendly layout, reflecting changes contained in the RT. Additionally, a BT Short Comparison document is available on BRP’s platform, allowing users to quickly identify modifications made compared to previous versions of the PB Manual.

Contact Information

For further information or clarification on these updates, please contact BRP at info@brpsa.com.