NCFAs innovation and funding ecosystem

IIROC Grants Fidelity Crypto Asset Trading Insurance and Custody Exemptions

IIROC | Nov 17, 2021

Fidelity and crypto - IIROC Grants Fidelity Crypto Asset Trading Insurance and Custody Exemptions

On August 13, 2021, the IIROC Board of Directors granted the following exemptions to Fidelity Clearing Canada (FCC), related to FCC’s intention to transact in crypto assets:

  • An exemption to obtain Financial Institution Bond (FIB) insurance coverage, pursuant to Dealer Member Rule sections 17.5, 400.2, 400.3, 400.3B, 400.4, 400.5 and 400.6 (Insurance Exemption)
  • An exemption to provide capital for crypto asset positions held at FCC’s custodian Fidelity Digital Asset Services, LLC (FDAS), pursuant to Line 20 of Statement B of Dealer Member Rule Form 1 (Custody Exemption).

Insurance Exemption

The IIROC Board of Directors granted an exemption from the general requirement to maintain adequate insurance in Dealer Member Rule section 17.5 and from the specific requirements in Dealer Member Rule sections 400.2, 400.3, 400.3B, 400.4, 400.5 and 400.6, and any successor IIROC requirements, to maintain sufficient FIB insurance coverage for all dealer business lines.

See: 

Fidelity bites on bitcoin

Fidelity-backed crypto security startup Fireblocks launches ‘Secure Asset Transfer Network’

Custody Exemption

The IIROC Board of Directors also granted an exemption from the requirement for a Dealer Member to deduct 100% of the market value of the securities held in custody at a non-acceptable securities location in the calculation of risk adjusted capital as collectively set out in Line 20 of Statement B of Form 1 and the “Capital Requirements” paragraph (ii) of the related Notes and Instructions, and any successor IIROC requirements.

Continue to the full article --> here

 


NCFA Jan 2018 resize - IIROC Grants Fidelity Crypto Asset Trading Insurance and Custody Exemptions The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - IIROC Grants Fidelity Crypto Asset Trading Insurance and Custody ExemptionsFF Logo 400 v3 - IIROC Grants Fidelity Crypto Asset Trading Insurance and Custody Exemptionscommunity social impact - IIROC Grants Fidelity Crypto Asset Trading Insurance and Custody Exemptions

Support NCFA by Following us on Twitter!






NCFA Sign up for our newsletter - IIROC Grants Fidelity Crypto Asset Trading Insurance and Custody Exemptions



For more information about FFCON21: BREAKING BARRIERS, on-demand videos and ways to participate




 

Leave a Reply

Your email address will not be published. Required fields are marked *