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Record‑keeping requirements in respect of licensee providing digital payment token service

Payment Services Regulations 2019

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—(1) A licensee that provides a digital payment token service must record and maintain a separate book entry for each customer in relation to any assets belonging to the customer that are received from, or on account of, the customer.(2) Each book entry mentioned in paragraph (1) must be recorded and maintained in the English language.(3) Each book entry mentioned in paragraph (1) must contain, in relation to the customer to which the book entry relates —(a)particulars of every transaction carried out on behalf of the customer, including —(i)a description and the quantity of assets that are the subject of the transaction;(ii)the price and fee arising from the transaction;(iii)the name of the customer;(iv)the name of the counterparty to the transaction;(v)the transaction date and settlement or delivery date; and(vi)in the case of a transaction in which the customer lends assets deposited in a trust account —(A)the terms and conditions of the transaction; and(B)if any collateral is received, a description of the collateral received;(b)the amount and description of each asset belonging to the customer deposited in a trust account as required under regulation 18B(1)(a) and the date of the deposit;(c)the date and quantity of each transfer of assets belonging to the customer from or to any trust account mentioned in sub‑paragraph (b) arising from any borrowing or lending activity or otherwise in respect of the assets;(d)the date, amount and purpose of each transfer of assets from any trust account mentioned in sub‑paragraph (b);(e)the date and amount of, and the reason for, each disposal of collateral from any trust account mentioned in sub‑paragraph (b); (f)whether the customer has a trust account maintained by the licensee solely for that customer, or shares the same trust account with other customers of the licensee; and(g)the name of each safeguarding person with whom the licensee deposits any assets belonging to the customer.

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