| 1. |
VASPs providing Advisory Services shall establish procedures to ensure that their clients understand the risks associated with investing in Virtual Assets and are financially able to satisfy any obligation which may arise from them acting upon advice provided by the VASP. |
| 2. |
VASPs providing Advisory Services shall provide all advice regarding Virtual Assets in good faith and which is suitable for, and in the best interest of, each client. In order to ensure all advice complies with this Rule II.A.2 of this Advisory Services Rulebook, VASPs shall consider the following factors at a minimum in respect of each client—
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a. |
knowledge and experience in investing in Virtual Assets; |
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b. |
investment objectives including, but not limited to, risk tolerance, time horizon and venues through which they can acquire Virtual Assets; and |
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c. |
financial circumstances including, but not limited to, their ability to bear sudden and significant losses or the proportion of their net worth which is invested in Virtual Assets.
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| 3. |
VASPs providing Advisory Services shall collect all necessary information from clients for the purpose of assessing relevant factors in accordance with Rule II.A.2 of this Advisory Services Rulebook and take all reasonable steps to ensure such information is accurate and up-to-date. All such information shall be maintained for at least eight [8] years. |
| 4. |
VASPs providing Advisory Services shall, in all advice provided to clients, specify how the advice is appropriate for a client by reference to the factors assessed by the VASP in accordance with Rule II.A.2 of this Advisory Services Rulebook. |
| 5. |
VASPs providing Advisory Services must eliminate any conscious bias, and take all reasonable steps to eliminate any non-conscious bias, in order to prevent discrimination between clients on any grounds which is not in the best interests of a client receiving advice.
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