Goldmoney's New Exemption Enhances Precious Metals Services
Goldmoney Receives Exemptive Relief for Enhanced Services
Goldmoney Inc. (TSX: XAU) (US: XAUMF) has recently announced an important development that will significantly enhance its operations in Canada. This comes as the company has successfully obtained exemptive relief from Canadian securities regulators. The relief allows Goldmoney and two subsidiaries to offer clients exceptional services in precious metals purchasing and storage, paving the way for streamlined transactions.
Understanding the Exemptive Relief
The exemptive relief granted to Goldmoney permits the company to continue conducting precious metals transactions without needing to register as a dealer or provide a prospectus. This important milestone not only alleviates regulatory ambiguity but also ensures that the company can serve its clients effectively, as long as they comply with specific terms and conditions.
Implications for Clients
For clients based in Canada, this exemption means that they can engage in transactions through Goldmoney's user-friendly online platform. The designated subsidiaries, Goldmoney Vault Inc. and Goldmoney Vault UK Limited, play a crucial role in facilitating storage arrangements through accredited third-party custodians, which are recognized by Canadian securities authorities.
Leadership’s Perspective on the Exemption
Roy Sebag, the Chairman and Chief Executive Officer of Goldmoney, expressed the company's appreciation for receiving this exemption. He acknowledged the pivotal role the Canadian regulators played in this development, reflecting on how their cooperation has allowed Goldmoney to operate more confidently in the precious metals sector.
Terms and Conditions of the Exemptive Relief
The exemptive relief, set to expire on September 11, 2029, is subject to specific terms and conditions that must be followed. Among these, Goldmoney is required to ensure that clients are provided with a risk disclosure statement (RDS) and to obtain formal acknowledgment from clients regarding their understanding of these disclosures. Additionally, adherence to business conduct obligations is critical, emphasizing fair treatment, proper management of client complaints, and maintaining minimum capital requirements.
Operational Guidelines for Goldmoney
The regulations dictate various operational guidelines for Goldmoney. This includes providing detailed transaction confirmations to clients, especially those who do not meet statutory sophistication standards, and issuing periodic statements related to their holdings. Furthermore, Goldmoney must maintain robust policies and controls regarding compliance and record-keeping associated with their operations.
About Goldmoney Inc.
Goldmoney Inc., trading on the TSX under the ticker symbol XAU, specializes in the investment and custody of valuable assets. The company not only facilitates precious metals trading but also offers secure storage solutions for clients. With a diverse portfolio that includes property investments and jewelry manufacturing, Goldmoney continues to establish itself as a leader in the real assets market.
Contact Information
For more information, clients and interested parties can reach out to Sean Ty, Chief Financial Officer of Goldmoney Inc., at +1 647 250 7098 for any inquiries regarding the company's services.
Frequently Asked Questions
What does the exemptive relief allow Goldmoney to do?
The exemptive relief permits Goldmoney to offer precious metals purchasing and storage services in Canada without the need to register as a dealer.
How long is the exemptive relief effective for?
The exemptive relief is effective until September 11, 2029, unless revoked earlier.
Who benefits from this exemption?
Clients with Canadian addresses engaging in precious metals transactions through Goldmoney will benefit from this exemption.
What role do the subsidiaries play?
Goldmoney Vault Inc. and Goldmoney Vault UK Limited facilitate precious metals storage through accredited custodians, as permitted under the exemption.
How can clients contact Goldmoney for more information?
Clients can contact Sean Ty, the Chief Financial Officer, at +1 647 250 7098 for inquiries related to Goldmoney's services.
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