FSC: updates to the Guidance Notes on Security Token Offerings and Security Token Trading Systems
Article Published on April 27, 2023
On 15 March 2023, the Financial Services Commission (FSC) issued a communique to inform the public and stakeholders of the financial services industry of updates brought to the Guidance Notes on Security Token Offerings and Security Token Trading Systems to enable a Securities Trading System (“STS") to hold custody of Security Tokens.
As such, the above is deemed to be valid once approved by the FSC, in the instance that:
(i) it is demonstrated to the satisfaction of the FSC that the business model and infrastructure of the STS would not require the services of a separate custodian; and
(ii) it is subject to such terms and conditions as the FSC deems fit
Access the updated Guidance Notes here
