2.14.1. Restriction on own account transactions

(1) A Digital Asset Trading Facility Operator or any of its Associates may not execute an Own Account Transaction in a Digital Asset if it is expected to materially affect the price of the Digital Asset.

(2) For the purposes of this Rule:

(a) “Own Account Transaction” means a transaction Executed for the Digital Asset Trading Facility Operator’s own benefit or for the benefit of its Associate; and

(b) “Execute”, in relation to a transaction, means carrying into effect or performing the transaction, whether as principal or as agent, including instructing another Person to execute the transaction. 

(3) A Digital Asset Trading Facility Operator or any of its Associate must not use the Client’s Digital Assets for their own account or the account of any other Person unless:

(a) the Client has given express prior consent to such use of the Digital Assets on specified terms; and

(b) the use of that Client’s Digital Assets is restricted to the specified terms to which the Client consents.

2.14.2. Offer of incentives

If a Digital Asset Trading Facility Operator offers or provides to a Retail Client any incentive that influences, or is reasonably likely to influence, the Retail Client to trade in a Digital Asset or Digital Asset Derivative, it must comply with the requirements set out in Chapter 3 of the COB.