Book traversal links for Article (26): Payment Token White Papers
Article (26): Payment Token White Papers
2/2024 Effective from 21/8/20241. | Obligation to publish a White Paper
(1) produced a White Paper in respect of that Payment Token; (2) submitted the White Paper to the Central Bank; (3) received the Central Bank’s acceptance of the White Paper; and (4) published the White Paper, in accordance with this Article (26).
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2. | Content and form of the White Paper
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I. | the Payment Token Issuer; | ||||||||||||
II. | the type of Payment Token that will be offered to the public; | ||||||||||||
III. | the number of Payment Tokens that will be issued and the issue price; | ||||||||||||
IV. | the rights and obligations attached to the Payment Token and the procedures and conditions for exercising those rights; | ||||||||||||
V. | information on the underlying technology and standards applied by the Payment Token Issuer when allowing for the holding, storing and transfer of those Payment Tokens; | ||||||||||||
VI. | the risks relating to the Payment Token Issuer issuing Payment Tokens, the Payment Tokens, the offer to the public, and other disclosures that the Central Bank may specify; | ||||||||||||
VII. | the Payment Token Issuer’s governance arrangements, including a description of the role, responsibilities and accountability of the third-parties responsible for operating, investment and custody of the Reserve of Assets, and, where applicable, the distribution of the Payment Tokens; | ||||||||||||
VIII. | the constituent parts of the Reserve of Assets held by the Licensed Payment Token Issuer or similar reserve held by a Registered Foreign Payment Token Issuer; | ||||||||||||
IX. | the custody arrangements for the Reserve of Assets or similar reserve held by a Registered Foreign Payment Token Issuer, including but not limited to the relevant segregation and safeguarding measures; | ||||||||||||
X. | information on the nature and enforceability of rights, including any direct redemption right or any claims that holders of Payment Tokens may have on the Reserve of Assets (or other reserve held by a Registered Foreign Payment Token Issuer) or against the Payment Token Issuer issuing the Payment Tokens, including how such rights may be treated in insolvency procedures; | ||||||||||||
XI. | information on the permitted use of a Payment Token and any restrictions on its use including having regard to Article (2) and Article (12); and | ||||||||||||
XII. | any such other matters as the Central Bank may direct from time to time.
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3. | Updates A Payment Token Issuer must (subject to Article (26)5) without delay update any White Paper it has previously produced to reflect:
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4. | Audit A Payment Token Issuer must procure an audit of a White Paper by an External Auditor, who is not an officer or employee of the Payment Token Issuer or an officer or employee of another company or undertaking in its Group, to confirm that the form and content of the White Paper complies with all applicable requirements of Article (26)2(a) to (f). | ||||||||||||
5. | Notification of the White Paper
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1. | The Payment Token Issuer must, at the time when it submits a White Paper to the Central Bank, also submit the audit report of that White Paper, referred to in Article (26)4, to the Central Bank for review. | ||||||||||||
2. | If the Central Bank accepts the White Paper, the Payment Token Issuer must publish the White Paper on a publicly and freely accessible website at least 7 days in advance of the Payment Token becoming available for sale or transfer to Persons in the UAE (excluding a Person in a Financial Free Zone). | ||||||||||||
3. | If the Central Bank declines to accept the White Paper the Payment Token issuer may resubmit an updated White Paper for approval under this Article (26)5(a).
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(1) | If the Central Bank accepts the amendments, the Payment Token Issuer must publish the White Paper on a publicly and freely accessible website at least 14 days in advance of such amendment taking effect unless the Central Bank requires or agrees to a shorter period. | ||||||||||||
(2) | If the Central Bank declines to accept the amendments the Payment Token issuer may resubmit an updated White Paper for approval under this Article (26)5(b).
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6. | Liability for White Papers
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7. | Exemptions |
The Central Bank may, at its discretion, exempt a Payment Token Issuer from one or more of the requirements in this Article (26) if equivalent documentation has been published, or obligations complied with, pursuant to regulation issued by SCA or any Local Licensing Authority.