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  • CRA-12.4. CRA-12.4. Accepting Client and Contractual Agreement with Client

    • Terms of Business

      • CRA-12.4.1

        Licensees must provide clients with their terms of business, setting out the basis on which the regulated crypto-asset services are to be conducted.

        Added: April 2019

      • CRA-12.4.2

        The terms of business in relation to providing regulated crypto-asset services to a client must take the form of a client agreement.

        Added: April 2019

      • CRA-12.4.3

        The terms of business must include the rights and obligations of parties to the agreement, as well as other terms relevant to the regulated crypto-asset services.

        Added: April 2019

      • CRA-12.4.5

        An application form in relation to regulated crypto-asset services will be deemed to be a client agreement, provided the form includes the principal terms and conditions of the service, such that the client is provided sufficient information to allow him to understand the basis on which the service is to be conducted.

        Added: April 2019

      • CRA-12.4.6

        The client agreement must be provided in good time prior to providing the regulated crypto-asset services, and it must set out or refer to, among other matters, the rights and obligations of the parties to the agreement, and the terms on which the service is to be conducted.

        Added: April 2019

      • CRA-12.4.7

        For the purposes of Paragraph CRA-12.4.6, "good time" should be taken to mean sufficient time to enable the client to consider properly the service or on offer before he is bound.

        Amended: April 2023
        Added: April 2019

    • Client Understanding and Acknowledgement

      • CRA-12.4.8

        Licensees must not enter into a client agreement unless they have taken reasonable care to ensure that their client has had a proper opportunity to consider the terms.

        Amended: April 2023
        Added: April 2019

      • CRA-12.4.9

        Licensees must obtain their client's consent to the terms of the client agreement as evidenced by a signature or an equivalent mechanism.

        Added: April 2019

      • CRA-12.4.10

        The client agreement must contain the signature of both parties to the agreement. A copy of the signed client agreement must be provided by the licensee to the client.

        Added: April 2019

      • CRA-12.4.11

        Licensees must keep records of client agreements and any documents referred to in the client agreement the entire period the agreement is in force. Upon termination of the agreement, for whatsoever reason, the client agreement must be retained for a period of at least 5 years from the date of closure of the client account.

        Amended: April 2023
        Added: April 2019