Article 9O Article 9N exclusion: group activityF1

(1)

There are excluded from article 9N(1)(a) activities which a person (“P”) carries on pursuant to arrangements—

(a)

which are operated by an authorised cryptoasset custodian (“C”), who is connected with P, in the course of carrying on the activity in article 9N(1)(a), and

(b)

under which C undertakes to the person on whose behalf the qualifying cryptoasset or relevant specified investment cryptoasset is being safeguarded a responsibility in respect of that cryptoasset which is no less onerous than C would have undertaken if C were safeguarding the cryptoasset.

(2)

For the purposes of paragraph (1), an authorised cryptoasset custodian is connected with a person if they are a member of the same group as that person.

Annotations

Textual amendments

F1: Pt. 2 Ch. 2B inserted (25.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (S.I. 2026/102), regs. 1(2)(3), 40(5) (with regs. 53-56)