Article 27 Obligation to act honestly, fairly and professionally in the best interest of the holders of asset-referenced tokens

This is a short but foundational conduct article that establishes the baseline behavioural standards expected of issuers of asset-referenced tokens.

It sits within the broader framework governing issuers under Title III and complements the more detailed operational and governance requirements found in surrounding articles by setting the overarching ethical tone: issuers must act honestly, fairly, and professionally, and communicate with holders in a clear and non-misleading way.

It also establishes a default principle of equal treatment for holders, with a carve-out where preferential treatment is transparently disclosed upfront.

Important points:

• Act honestly, fairly, and professionally in all communications with holders and prospective holders of asset-referenced tokens.
• Act in the best interests of token holders and treat them equally as a default position.
• Preferential treatment of certain holders is permissible only if it is disclosed in the crypto-asset white paper and, where applicable, marketing communications.