| 1. |
VASPs providing Lending and Borrowing Services shall, at least monthly, provide to clients a written statement containing the following information—
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a. |
the total value of Virtual Assets in a client’s account; |
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b. |
all lending and borrowing transactions entered into between the VASP and the client in the reporting period; |
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c. |
the amount of interest accrued from and credited to the client’s account for lending transactions [both total and during the reporting period]; and |
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d. |
the amount of collateral posted by the client for borrowing transactions in the reporting period [both total and during the reporting period].
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| 2. |
VASPs shall maintain accurate and reliable records that are sufficient to confirm and identify assets under management and client positions. |
| 3. |
VASPs providing Lending and Borrowing Services shall ensure that all assets under management are subject to independent valuation and client reporting. |
| 4. |
VASPs shall have comprehensive and well documented valuation policies and procedures in place to ensure the production of timely and accurate valuations in accordance with Rule II.B.1 of this Lending and Borrowing Services Rulebook.
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