In this act Article 12 of 18
Article 12 — Custody and administration policy
Financial servicesLevel 2RTSMiCAIn forceOfficial source
For the purposes of Article 62(2), point (m), of Regulation (EU) 2023/1114, applicants that intend to provide custody and administration of crypto-assets on behalf of clients shall provide to the competent authority all of the following information:
12(a)
a)a description of the arrangements linked to the type of custody offered to clients, a copy of the applicant’s standard agreement for the custody and administration of crypto-assets on behalf of clients pursuant to Article 75(1) of Regulation (EU) 2023/1114and a copy of the summary of the custody policy made available to clients in accordance with Article 75(3) of Regulation (EU) 2023/1114;
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b)the applicant’s custody and administration policy, including a description of identified sources of operational and ICT risks for the safekeeping and control of the crypto-assets or the means of access to the crypto-assets of clients, together with a description of:
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i)the policies and procedures and a description of the arrangements to comply with Article 75(8) of Regulation (EU) 2023/1114;
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ii)the policies and procedures, and a description of the systems and controls to manage operational and ICT risks, including where the custody and administration of crypto-assets on behalf of clients is outsourced to a third party;
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iii)the policies and procedures relating to, and a description of, the systems ensuring the exercise of the rights attached to the crypto-assets by the clients;
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iv)the procedures and a description of the systems ensuring the return of crypto-assets or the means of access to the clients;
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c)information on how the crypto-assets and the means of access to the crypto-assets of the clients are identified;
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d)information on arrangements to minimise the risk of loss of crypto-assets or of means of access to crypto-assets;
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e)where the crypto-asset service provider has delegated the provision of custody and administration of crypto-assets on behalf of clients to a third-party:
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i)information on the identity of any third-party providing the custody and administration of crypto-assets and its status in accordance with Article 59 or Article 60 of Regulation (EU) 2023/1114;
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ii)a description of any functions relating to the custody and administration of crypto-assets delegated by the crypto-asset service provider, the list of any delegates and sub-delegates, as applicable, and any conflicts of interest that could arise from such a delegation;
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iii)a description of how the applicant intends to supervise the delegations or sub-delegations.\
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