Client Disclosure
1. Protection
When your Accepted Virtual Assets are held in First Answer Middle East Limited’s custody on your behalf, you will be subject to the protections conferred by the Safe Custody Rules in COBS Chapter 15 as provided under the FSRA Rules.
2. Safe Custody
Any Accepted Virtual Asset received by First Answer Middle East Limited from Clients will be received and securely stored by First Answer Middle East Limited, whereas First Answer Middle East Limited will be sole custodian of the private keys.
3. Interest
First Answer Middle East Limited does not provide interest on the Accepted Virtual Assets held on your behalf.
4. Client Default
On an event of default or at any time after First Answer Middle East Limited has determined, in its absolute discretion, that you have not performed (or First Answer Middle East Limited reasonably believes that you will not be able or willing in the future to perform) any of your obligations to it, First Answer Middle East Limited may immediately suspend your access to the Custody Service
5. Reporting to clients
First Answer Middle East Limited will share the statement of the client’s assets secured within its custody every month. The customers will also be able to retrieve the statements from the web application as and when required by logging into their account with First Answer Middle East Limited.
6. Segregation
Your Accepted Virtual Assets shall be segregated from Accepted Virtual Assets belonging to First Answer Middle East Limited and other customers of First Answer Middle East Limited.
7. Jurisdiction
First Answer Middle East Limited shall hold Clients’ Accepted Virtual Assets in the ADGM. Should First Answer Middle East Limited decide to hold Clients’ Accepted Virtual Assets outside the ADGM, First Answer Middle East Limited will make prior disclosure to Clients via email that their Accepted Virtual Assets would be held outside the ADGM and, if applicable, that the market practices, insolvency and legal regime in that jurisdiction may differ from the regime applicable in the ADGM.
8. Reconciliation
First Answer Middle East Limited shall conduct a daily reconciliation of your Accepted Virtual Assets that it holds on your behalf.
by Liminal
