Licensees and Registrees must be operated prudently and with competence in a manner that will not adversely affect the interests of their Customers.
a)
In addition, Licensees and Registrees must also observe and comply with the relevant regulatory requirements and standards on consumer protection of the Central Bank, including all relevant provisions of the Consumer Protection Regulation.
b)
For the avoidance of doubt, in case of discrepancies between this Regulation and the Consumer Protection Regulation, the respective provisions of the Consumer Protection Regulation shall prevail.
2.
Licensees and Registered Payment Token Conversion Providers must:
a)
maintain a copy of each Distributed Ledger Technology on which it provides Payment Token Services; and
b)
in the event that a ‘fork’ or similar event results in the creation of two or more versions of a Payment Token, treat any one version of each Payment Token presented by a Customer as being equal to any other version of the same type of Payment Token and as if it were the version of the Payment Token to which its Payment Token Service applies.
3.
Licensees and Registrees must ensure that their business is operated in a responsible, honest and professional manner. Licensees and Registrees must treat all Customers, as well as merchants, equitably, honestly and fairly at all stages of their relationship with the Licensee or Registree. Licensees and Registrees must also act in a manner that will not adversely affect the interests of their Customer.
4.
Licensees and Registered Payment Token Conversion Providers must be responsible for the acts or omissions of their Senior Management, employees, service providers and Agents in respect of the conduct of its business. Senior Management, employees and Agents of Licensees and Registered Payment Token Conversion Providers must be properly trained and qualified.
5.
Licensees and Registered Payment Token Conversion Providers must ensure that they adopt and, if needed, develop good business practices that can demonstrate their standard of conduct, including as follows:
a)
Due diligence must be performed by Licensees and Registered Payment Token Conversion Providers to ensure that all promotional materials it issues are accurate and not misleading;
b)
Licensees and Registered Payment Token Conversion Providers may use their websites and mobile apps to provide links to other online merchants. Before providing such links, the Licensee or Registered Payment Token Conversion Provider must carry out due diligence on the merchants to ascertain they are bona fide companies conducting legitimate business so as to manage reputational risk;
c)
Websites or apps of Licensees and Registered Payment Token Conversion Providers may only provide hyper-links to other websites that offer advisory and/or sale of Payment Token Services, or financial products and services, if the arrangements comply with all relevant legal and regulatory requirements. The Central Bank may require that the Licensee or Registered Payment Token Conversion Provider obtain a legal opinion assessing whether such arrangements comply with all relevant legal and regulatory requirements; and
d)
Licensees and Registered Payment Token Conversion Providers shall adhere to such other disclosure or customer communications requirements as the Central Bank may direct in CBUAE Regulations from time to time or otherwise require.