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Article 721-5 into force since

  • Version into force since
ELI : /en/eli/fr/aai/amf/rg/article/721-5/20230730/notes

I.- When the digital assets services provider subscribes to a professional indemnity insurance policy in accordance with 1° of paragraph I of Article L. 54-10-5 of the Monetary and Financial Code, it shall inform the clients of the existence of such professional indemnity insurance policy and of the guarantee limits.

II. - The insurance policy taken out with an insurance company must have the following characteristics:

  1. Its initial term shall not be less than one year;

  2. The notice period for its termination shall not be less than 90 days; and

  3. It is provided to the digital asset service provider by a third party.

III. - The insurance policy shall include cover against the following risks as a minimum:

  1. The loss of documents;

  2. False or misleading representations;

  3. Acts, errors or omissions resulting in a breach of legal obligations, regulatory obligations, the duty to act honestly and professionally towards clients and confidentiality obligations;

  4. Failure to establish, implement and maintain appropriate procedures to prevent conflicts of interest;

  5. Losses resulting from business interruption or system failures;

  6. Where digital assets and client funds are held, gross negligence in safeguarding digital assets and client funds; and

  7. The digital asset service provider's liability to clients under Article 722-1.