Minimal Specifications Sample Clauses

Minimal Specifications. The Platform shall comply with the following specifications (the "Minimal Specifications"): - The Platform will be based on Blockchain Technology (see article 3 below); - The Platform will allow the sharing of information and data on a confidential basis among EAMs, trustees and banks in the context of the initial due diligence process to be followed by EAMs and trustees when entering into a business relationship with a bank and the ongoing exchange of due diligence information and data between the EAMs, trustees and the bank thereafter (the "Onboarding and Ongoing Due Diligence Process"); - The Platform aims at developing a common standard for the Onboarding and Ongoing Due Diligence Process to be applied by all users of the Platform; - The Platform aims therefore at reducing the compliance workload related to the Onboarding and Ongoing Due Diligence Process; - The EAMs and trustees will upload data regarding their own activity, company, business, representatives, signatures and associated permissions or licenses, etc. on the Platform (the "Data"); - All Data required for the Onboarding and Ongoing Due Diligence Process will be stored on the Platform; - The Platform will allow the EAMs and trustees to update their Data in a centralized manner; - The Platform will notify the EAMs and trustees when updates are required, when new Data are required or when Data are uploaded or amended or cancelled. The Platform will notify the banks when Data are uploaded or amended or cancelled; - The EAMs and trustees will select and individually enable the banks that will be granted access to their Data and define which Data shall be shared with each bank; - Banks will be allowed to download all Data required for the Onboarding and Due Diligence Process directly and easily from the Platform, subject and according to the permissions granted by the EAMs and trustees; - Banks will be able to view the status of the Onboarding and Ongoing Due Diligence Process and required updates for all their EAMs and trustees on the Platform.