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CRA-15.3.3

A digital token advisor must be independent from the digital token issuer. A confirmation in writing of its independence must be submitted to the CBB. A digital token advisor will not be considered independent by the CBB if:

(a) It has ownership interest in the digital token issuer or any other company within the digital token issuer’s group;
(b) It has a business relationship with, or financial interest in, the digital token issuer or any other entity in the digital token issuer’s group that would give the digital token advisor, or the digital token advisor’s group, a material interest in the outcome of the transaction; or
(c) A director or employee of the appointed digital token advisor or another entity in the appointed digital token advisor’s group, has a material interest in the digital token issuer or any other entity in the digital token issuer’s group.
Added: April 2023