CRA-15.2.5
The Board must:
(a) Act honestly and in good faith in the best interests of the digital token issuer and token holders;
(b) Exercise reasonable care, skill and diligence;
(c) Exercise the powers it has diligently and in line with applicable laws and not misuse such powers;
(d) Exercise its powers independently and without subordinating such powers to the will of others;
(e) Monitor, on an ongoing basis, the execution of the functions delegated to the digital token issuer’s employees and be satisfied that they are performing their functions in accordance with their obligations;
(f) Identify and manage the risks relating to the digital token issuer and its activities;
(g) Monitor, on an ongoing basis, compliance with the relevant requirements of CBB Law, its regulations, resolutions and directives (including these Rules and other applicable Rules of the CBB Rulebook);
(h) Avoid conflicts of interest in so far as it is possible and, where it is not, ensure – inter alia by way of disclosure and internal conflicts of interest management procedures – that investors are treated fairly;
(i) Be responsible for the digital token issuer’s compliance with the AML/CFT requirements; and
(j) Adopt a management structure commensurate with the digital token issuer’s size, complexity, structure and risk profile.
Added: April 2023