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- General Regulation
- GR into force since 02/11/2024
- Article 721-5
Article 721-5 into force since
- Version into force since
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:
Its initial term shall not be less than one year;
The notice period for its termination shall not be less than 90 days; and
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:
The loss of documents;
False or misleading representations;
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;
Failure to establish, implement and maintain appropriate procedures to prevent conflicts of interest;
Losses resulting from business interruption or system failures;
Where digital assets and client funds are held, gross negligence in safeguarding digital assets and client funds; and
The digital asset service provider's liability to clients under Article 722-1.
Head of publications: The Executive Director of AMF Communication Directorate. Contact: Communication Directorate – Autorité des marches financiers 17 place de la Bourse – 75082 Paris cedex 02