; (iii) any individual or entity with direct access to any custodian affiliated with the registered crypto asset exchange; (iv) any entity offering affiliated services for the registered crypto asset exchange; and (v) any party affiliated with any individual or entity described in clauses (i) through (iv). (14) System safeguards A registered crypto asset exchange shall— (A) establish and maintain a program of risk analysis and oversight to identify and minimize sources of operational and security risks, through the development of appropriate controls and procedures and automated systems that— (i) are reliable and secure; and (ii) have adequate scalable capacity; (B) establish and maintain emergency procedures, backup facilities, and a plan for disaster recovery that allow for— (i) the timely recovery and resumption of operations; and (ii) the fulfillment of the responsibilities and obligations of the registered crypto asset exchange; and (C) periodically conduct tests to verify that the backup resources of the registered crypto asset exchange are sufficient to ensure continued— (i) order processing and trade matching; (ii) price reporting; (iii) market surveillance; and (iv) maintenance of a comprehensive and accurate audit trail. (15) Decentralized crypto asset exchanges (A) In general Prior to conducting trading activity (including routing orders and directed trading) through a decentralized crypto asset exchange, or otherwise providing customer access to a decentralized crypto asset exchange, a crypto asset exchange shall implement risk management standards with respect to its trading activity using that decentralized crypto asset exchange. (B) Requirements A crypto asset exchange shall— (i) implement an effective risk-based procedure for determining whether to execute, reject, or suspend an incoming or outgoing transaction relating to a decentralized crypto asset exchange, including a determination based on suspected money laundering, sanctions evasion, fraud, or market manipulation