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Book VII - Public offerings, applications for admission to trading of crypto-assets and crypto-asset services providers
Title II - Digital Assets Services Providers
Chapter I - Registration requirements, license requirements and common provisions applicable to licensed digital assets services providers
Section 3 - Common provisions applicable to licensed digital assets services providers
Sub-section 1 - Organisational rules
Article 721-9 from 30/07/2023 to 29/06/2026

Article 721-9 into force from to

  • Version into force from to
ELI : /en/eli/fr/aai/amf/rg/article/721-9/20230730/notes

The digital assets services provider shall establish, implement and keep operational an effective and appropriate policy for the prevention, detection, management and disclosure of conflicts of interest between itself and.

a) Its shareholders, or any person directly or indirectly linked to it by a relationship of control;

b) Its managers and employees;

c) At least two of their clients who also have a conflict of interest with each other.

This policy shall identify situations which give or which could give rise to a conflict of interest detrimental to clients' interests. It shall define the procedures to be followed and the measures to be taken to prevent or manage such conflicts.

When these measures are not sufficient to guarantee, with reasonable certainty, that the risk of harming clients' interests will be avoided, the service provider shall clearly inform the clients of the general nature or source of these conflicts of interest, as well as any measures taken to mitigate them, before acting on their behalf. This information shall be provided in electronic format and shall include sufficient details, taking into account the nature of each client, to enable each client to make an informed decision about the service in which the conflicts of interest arise.

The digital asset service provider shall publish information about the measures taken to mitigate the risk of conflicts of interest in a prominent place on its website.

When the digital asset service provider is an investment services provider, the conflict of interest management policy shall take into account the risks of conflict of interest between digital asset services and investment services and, for portfolio asset management companies, between digital asset services and collective investment management activities.

The digital asset service provider shall assess and review its conflicts of interest policy at least once a year and take all appropriate measures to correct any deficiencies.