Article (28): Required Terms and Pre-Contractual Information
2/2024 Issued on 14/6/2024
1.
In this Article (28), “Payment Token Service Provider” refers to a Licensee or a Registree, with the exception of Registered Foreign Payment Token Issuers.
2.
A Payment Token Service Provider shall include the following terms in, and information with, its Customer Agreement, and must provide them to the Customer before the provision of any services:
a)
schedule of fees, charges and commissions, including redemption fees, conversion rates and withdrawal charges, where applicable;
b)
contact details of the Payment Token Service Provider, including legal name and registered address, and including the name and address of any Agent where applicable;
c)
the form and procedure for giving consent to the initiation, facilitation, effecting or directing by a Payment Token Service Provider as part of its Payment Token Service; of a Payment Token Transfer and for the withdrawal of such consent;
d)
the communication channel between the Payment Token Service Provider and the Customer;
e)
the manner of safeguarding of Payment Tokens as per Article (23);
f)
the manner and timeline for notification by the Customer to the Payment Token Service Provider in case of Unauthorized Payment Token Transfers or incorrectly initiated, facilitated, effected or directed Payment Token Transfers;
g)
the Payment Token Service Provider’s and Customer’s or Tokenholder’s liability for Unauthorized Payment Token Transfers;
h)
information relating to terms under which a Customer may be deemed to have accepted changes to the Customer Agreement, the duration of the Customer Agreement and the rights of the parties to terminate the Customer Agreement;
i)
the service level for the provision of the Payment Token Service; and
j)
information on the Payment Token Service Provider’s complaint procedure.