STIX OTC FZE | COMPLAINTS HANDLING POLICY
VERSION 1
AUGUST 2024
This Complaints Handling Policy (“Policy”) has been developed for STIX OTC FZE (“STIX” or “Company”). STIX is licensed and regulated by the VARA to engage in the regulated activity of providing ‘Broker Dealer’ and ‘Advisory’ services.
This Policy is reviewed annually, unless there is a change in applicable laws due to which the Company may be required to implement an earlier update. The Chief Risk and Compliance Officer is responsible for maintaining, developing, implementing and updating this Policy and ensuring compliance with all applicable laws, regulations, and best practices. The Board of Directors of STIX (“Board”) is responsible for approving and monitoring the implementation of this Policy and the related procedures. Upon establishing that an update is required, the Chief Risk and Compliance Officer (“Compliance Officer”) proposes changes by presenting them to the Board. Once the Board approval is sought, the changes are incorporated in the Policy.
STIX endeavors to ensure that its complaint handling practices are in compliance with the regulatory framework of the Virtual Assets Regulatory Authority (“VARA”), including, inter alia, the Virtual Assets and Related Activities Regulations 2023 (the “VARA Regulations”), and the accompanying rulebooks issued by VARA. All capitalised terms, if not defined within this Policy, have the same meaning ascribed to them in the VARA Regulations or the accompanying rulebooks.
1.1. The Company is committed to promptly, fairly, consistently, and efficiently resolving all complaints received by clients and/or other stakeholders. STIX views complaints as an opportunity to complete the loop, and continually improve the quality of its offerings.
1.2. To that end, STIX has formulated and implemented this Policy and established procedures to facilitate the handling of complaints and redressal of grievances by complainants (“Complainants”). Any complaint, or any other expression of dissatisfaction, whether oral or written, and whether justified or not, about a service or activity relating to the services provided by the STIX must be dealt with in accordance with this Policy.
1.3. STIX acknowledges to remains committed to resolving complaints in accordance with the following principles:
(a). reasonableness,
(b). fairness,
(c). justice,
(d). cost effectiveness,
(e). cooperation with the Complainant and
(f). reaching a solution as amicably as possible.
1.4. The Compliance Officer is responsible for the day-to-day implementation and supervision of compliance with this Policy and any related procedures.
1.5. The Compliance Officer is responsible for bringing this Policy to the attention of all concerned employees.
Filing
2.1. A Complainant may file a complaint by:
(a). filling out a clear and simple form for filing complaints (in the format annexed hereto as Annexure 1) which will be available on the "Contact Us" tab on the Company’s platform. Once the form has been filled, the Complainant can click the ‘Send’ button, which will route the complaint to compliance@stix.co for review of the Compliance Officer;
(b). by direct email to the Compliance Officer at compliance@stix.co. with details in accordance with Clause 2.3 herein; or
(c). or by way of letter, posted to Stix OTC FZE, Floor 26, Premises - EPO 18 SRT, Sheikh Rashid Tower, Dubai World Trade Centre, Dubai, UAE.
2.2. STIX does not impose any fees or charges for the submission or handling of any complaints.
2.3. The Complainant must provide, at a minimum, the following details in the complaint:
(a). Name of the Complainant,
(b). Account details on the platform,
(c). Nature of Complaint,
(d). Date on which issue first arose,
(e). Details of service,
(f). Name of the responsible employee(s) of STIX who served as the point of contact for the Complainant,
(g). Details of Complaint,
(h). Action sought by Complainant, and
(i). Supporting documents like proof of payment.
Additionally, it is encouraged for the Complainant to include any relevant supporting documentation or evidence to facilitate the investigation process.
2.4. Recognition of complaints:
(a). Service: All complaints must be made in writing and (save as otherwise stated) by letter or email and shall be deemed to be duly made to the Company:
(i). when delivered at the address specified in Clause 2.1 hereinabove, in the case of personal delivery;
(ii). on receipt of email by the Company, in case of filling the form on the Company’s platform;
(iii). on receipt of a confirmation of successful delivery, in the case of an email; or
(iv). on receipt of a confirmation of successful delivery, after being dispatched by an internationally recognized courier, in the case of a letter.
(b). Form of Complaint: All Complaints must either be in the form set out in Clause 2.1 hereinabove or include all the details specified in Clause 2.3 hereinabove, as the case may be, to be considered duly made.
(c). Mediums: The Company shall only recognise and monitor those complaints that have been made in accordance with the terms of this Policy.
2.5. The Company ensures to acknowledge all complaints within 1 (one) week from the date of receipt of a complaint.
2.6. The Compliance Officer is responsible for forwarding the complaint, along with all important information, to the respective departments for further review and action. This includes ensuring that all relevant details, documents, and supporting materials are transmitted to the relevant departments to facilitate thorough investigation and resolution of the complaint.
Investigation and Resolution
2.7. The Company shall ensure that all complaints are resolved, except in exceptional circumstances, within 4 (four) weeks from the date of receipt of the complaint.
2.8. Where the complaint cannot be resolved within 4 (four) weeks, the Company must ensure that the Complainant is provided with an update on the status of the complaint along with an explanation of the extraordinary circumstances delaying the resolution of the complaint. In any case, the complaint must be resolved no later than 8 (Eight) weeks from when the complaint was made.
2.9. All complaints, measures taken in response to those complaints and the resolution of those complaints must be recorded in the Company’s Complaints Register (“Register”). This Register shall be maintained by the Compliance Officer in accordance with STIX’s Record Management Policy.
2.10. The Compliance Officer shall be responsible for gathering and assessing all documents and data pertinent to the complaint under review. This entails scrutinizing historical data concerning the Complainant’s interactions, analyzing other pertinent information essential to the complaint investigation, and undertaking any additional actions necessary to thoroughly investigate the matter.
2.11. Upon conclusion of an investigation of a complaint, the Company must promptly:
(a). inform the Complainant in writing, through a complete, reasoned and documented response, of the Company’s resolution of the complaint;
(b). provide the Complainant with clear terms of redress, if applicable; and
(c). comply with the terms of redress if accepted by the Complainant.
2.12. STIX shall provide responses to all complaints in a clear and easily understandable manner.
Third Parties
2.13. If STIX considers that a third-party is entirely or partly responsible for the subject matter of a complaint, STIX may refer the complaint, or the relevant part of it, to the relevant third-party. Further, STIX understands and acknowledges that STIX will remain the ultimate responsible party for the resolution of such complaints. In referring a complaint, the Company must:
(a). Inform the Complainant promptly and in writing that it will refer the complaint, either entirely or in part, to said third-party, and obtain the written consent of the Complainant to do so;
(b). If the Complainant consents to the referral of the complaint, refer the complaint to said third-party promptly and in writing;
(c). Inform the Complainant promptly and in writing that the complaint has been referred and include adequate contact details of any individual responsible from third-party for handling the complaint;
(d). The Company shall manage such complaints with said third-parties till resolutions.
External Redressal
2.14. If the Complainant is not satisfied with the terms of redress offered by STIX, the Complainant may seek recourse to the dispute resolution terms contained in the agreement governing the relationship between STIX and the Complainant (for example, for a client, the Client Agreement).
Complaints concerning the Compliance Officer
2.15. If the complaint concerns the actions (omissions) of the Compliance Officer or other employees responsible for the handling of complaint or the employees hierarchically higher in the Company’s organizational structure, or there are other circumstances that cause a conflict of interest, the Compliance Officer shall notify the Board, and the Board shall appoint another employee of the Company having no conflict of interest during the investigation of the complaint.
2.16. If during the investigation of the complaint, the Complainant waives his complaint in writing (or otherwise on a durable medium), the initiated complaint investigation shall be terminated, and this shall be noted in the Register.
3.1. The Company shall maintain a Register, containing a record of all complaints and resolutions made for a minimum period of 8 (eight) years from the date of receipt of a complaint. The record must contain:
(a). Name, date and contact details of the Complainant;
(b). The subject matter, cause and substance of the complaint;
(c). The Company’s responses and resolutions;
(d). The outcome of the complaint and any other relevant correspondence, documentation or action taken by the Company to resolve the complaint.
3.2. The Company shall publish and update, as necessary, its complaints handling procedures on its website in a clear and easily understandable format.
4.1. The Company shall annually conduct a thorough analysis of all complaints received, in order to identify the common root causes, recurring or systemic problems as well as remedies and measures to be implemented to appropriately address and correct such causes and avoid recurrences. The Company will also consider whether such root causes affect other processes, services or products of the Company, including those not directly related to complaints received.
ANNEXURE 1
COMPLAINTS FORM TEMPLATE
| Field | Response |
|---|---|
| Name of the Complainant | |
| Email address | |
| Account details on the platform | |
| Nature of Complaint | |
| Date on which issue first arose | |
| Details of service | |
| Name of the responsible employee(s) of STIX who served as the point of contact for the Complainant | |
| Details of Complaint | |
| Action sought by Complainant | |
| Supporting documents like proof of payment | |
| Any other comments |