MICAR Compliance Clause Samples

MICAR Compliance. In connection with the sale of any SQD Tokens provided under this Agreement or otherwise, the Seller complies, and has complied, at all times with Article 89 – 92 of the Regulation (EU) 2023/1114 of the European Parliament and of the Council of May 31, 2023, on Markets in Crypto-Assets, as amended, supplemented or replaced from time to time (“MICAR”), and the Seller: i. will not engage in insider dealing (Article 89), including possessing inside information and using it to acquire or dispose of crypto-assets (directly or indirectly, for its own account or that of a third party), cancelling or amending orders placed before receipt of inside information, or recommending or inducing another to do any of the foregoing; ii. will not unlawfully disclose inside information (Article 90 MICAR), including any onward disclosure of recommendations or inducements based on inside information outside the normal exercise of employment, profession or duties; and iii. will not engage in market manipulation (Article 91 MICAR), including, without legitimate reason, entering into transactions or placing orders that give or are likely to give false or misleading signals as to the supply, demand or price of crypto-assets or secure prices at an abnormal or artificial level; employing fictitious devices or other deceptive contrivances to affect crypto-asset prices; disseminating false or misleading information or rumours; securing a dominant position to fix prices or create unfair trading conditions; placing, cancelling or modifying orders to disrupt or delay trading-platform functioning, obscure genuine orders or create false signals; or leveraging media access to voice opinions without proper and effective disclosure of conflicts of interest.