CASS 16 Annex 1 Backing asset pool acknowledgement letter template

[Letterhead of qualifying stablecoin issuer, including full name and address of qualifying stablecoin issuer]
[name and address of bank or third-party custodian]
[date]
Backing asset pool acknowledgement letter (pursuant to the rules of the Financial Conduct Authority)
We refer to the following account[s] which [name of qualifying stablecoin issuer], regulated by the Financial Conduct Authority (Firm Reference Number [FRN]), (‘us’, ‘we’ or ‘our’) [has opened] [or] [will open] with [name of account provider] (‘you’ or ‘your’):
[insert the account title[s], the account unique identifier[s] (eg, sort code and account number, deposit number or reference code) and (if applicable) any abbreviated name of the account[s] as reflected in the firm’s systems]
([collectively,] the ‘backing asset pool account[s]’).
For [each of] the backing asset pool account[s] identified above, you acknowledge that we have notified you that:
1. we are under an obligation to keep [money] [or] [assets] that make up the backing asset pool held in respect of [insert qualifying stablecoin product identifier] separate from other [money] [or] [assets];
2. we have opened, or will open, the backing asset pool account for the purpose of depositing [money] [or] [assets] which form part of that backing asset pool; and
3. we hold all [money] [or] [assets] standing to the credit of the backing asset pool account on trust for the holders of [insert name of qualifying stablecoin product] under the laws applicable to us.
For [each of] the backing assets pool account[s] above, you agree that:
4. you do not have any interest in, or recourse or right against [money] [or] [assets] in the backing asset pool account in respect of any sum owed to you, or owed to any third party, on any other accounts (including an account we use for our own [money] [or] [assets]). This means, for example, that you do not have any right to combine the backing asset pool account with any other account or any right of set-off or counterclaim against [money] [or] [assets] in the backing asset pool account;
5. you will title, or have titled, the backing asset pool account as stated above and that this title is different to the title of any other account containing [money] [or] [assets] that belong to us or to any third party; and
6. you are required to release on demand all [money] [or] [assets] standing to the credit of the backing asset pool account upon proper notice and instruction from us or a liquidator, receiver, administrator or trustee (or similar person) appointed for us in bankruptcy (or similar procedure), in any relevant jurisdiction.
We acknowledge that:
7. you are not responsible for ensuring compliance by us with our own obligations in respect of the backing asset pool account[s].
You and we agree that:
8. the terms of this letter will remain binding upon the parties, their successors and assigns, and, for clarity, regardless of any change in any of the parties’ names;
9. this letter supersedes and replaces any previous agreement between the parties in connection with the backing asset pool account[s], to the extent that such previous agreement is inconsistent with this letter;
10. if there is any conflict between this letter and any other agreement between the parties in connection with the backing asset pool account[s], this letter will prevail;
11. no variation to the terms of this letter will be effective unless it is in writing, signed by the parties and permitted under the rules of the Financial Conduct Authority;
12. this letter is governed by the laws of [insert appropriate jurisdiction] [qualifying stablecoin issuers may optionally use this space to insert additional wording to record an intention to exclude any rules of private international law that could lead to the application of the substantive law of another jurisdiction]; and
13. the courts of [insert same jurisdiction as previous] have non-exclusive jurisdiction to settle any dispute or claim from or in connection with this letter or its subject matter or formation (including non-contractual disputes or claims).
Please sign and return the enclosed copy of this letter as soon as possible.
For and on behalf of [name of qualifying stablecoin issuer]
x___________________________
Authorised signatory
Print name:
Title:
ACKNOWLEDGED AND AGREED:
For and on behalf of [name of account provider]
x___________________________
Authorised signatory
Print name:
Title:
Contact information: [insert signatory’s phone number and email address]
Date: