Article 722-28 into force since
- Version into force since
I. -When the digital assets services provider provides the service referred to in Article L. 54-10-2 5° c) of the Monetary and Financial Code, it shall take reasonable measures to ensure that the information gathered concerning its clients is reliable. It shall make sure in particular that:
clients are informed of the importance of providing accurate, up-to-date information;
all the tools, such as risk assessment profiling tools and tools for assessing clients' knowledge and experience used during the suitability assessment, are appropriate and duly designed to be used with its clients, their limitations being identified and actively attenuated during the suitability assessment;
the questions used in the process can be understood by the client, provide an accurate understanding of the client's objectives and needs, and concern the information necessary to perform the suitability assessment; and
the appropriate measures are taken to ensure the consistency of the client's information, for example by examining whether the information provided by clients contains obvious inaccuracies.
The services providers having a continuous relationship with the client shall update the information necessary to comply with the obligations of this article.
The services providers shall submit a report to the client presenting a summary of the advice given and explaining why the recommendation expressed is appropriate for the client.
II. - To assess the client's knowledge and experience with respect to the services to be provided, the digital assets services provider shall request them to disclose the following information where appropriate:
the types of services and digital assets that the client is familiar with;
the nature, volume and frequency of buying or selling of digital assets performed by the client, and the length of the period during which they performed those transactions; and
the client's level of education and occupation or, if relevant, former occupation.
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