Skip to main content
Entire section Custom print Text Only Rich Text Print

  • Part I – Polices, Procedures and Public Disclosures

    • A. Policies and Procedures

      1.In addition to all other requirements in the Regulations and Rulebooks, VASPs providing Broker-Dealer Services shall establish, implement and enforce appropriate written internal policies and procedures relating to the following—
       
       a.the prohibition, detection, prevention and/or deterrence of Market Offences and any other abusive practices within their business or using their services including, but not limited to, relevant internal rules, compliance programmes, sanctioning policies and powers;
       b.execution and routing of client orders;
       c.the ability of clients to have access to and withdraw their Virtual Assets including, but not limited to, during periods of high uncertainty and/or extreme volatility; and
       d.such other policies and procedures as VARA may require from time to time.
       
      2.VASPs providing Broker-Dealer Services shall assess and, in any case, at least yearly review the effectiveness of their policies and procedures and take appropriate measures to address any deficiencies.|
       

    • B. Public Disclosures

      1.VASPs providing Broker-Dealer Services shall publish on their website in a prominent place or make available by other publicly accessible means—
       
       a.a detailed description of any actual or potential conflicts of interest arising out of their activities, and how these are managed;
       b.their policies and procedures relating to data privacy, whistleblowing and handling of client complaints;
       c.a summary containing the following information pertaining to each Virtual Asset offered by the VASP—
       
        i.name and symbol;
        ii.date of issuance;
        iii.market capitalisation and fully diluted value;
        iv.circulating supply, including as a percentage of maximum total supply (if applicable);
        v.whether the Virtual Asset has been subject to an independent smart contract audit and the date of the most recent audit;
        vi.highest and lowest price including when each occurred, stated as both an absolute amount and a percentage change from the current price; and
        vii.largest reduction in price from high to low, stated as both an absolute amount and a percentage change, during any day, month and year and including when each occurred;
       
       d.a description of how the VASP determines the prices of the Virtual Assets it quotes to clients;
       e.a description of the VASP's routing practices, including if twenty percent (20%) or more of client orders are routed to any liquidity source and if so, the identity of such source(s);
       f.a statement as to whether the VASP holds or maintains funds or Virtual Assets or provides clearing services for other VASPs providing Broker-Dealer Services and if so, include a description of those services;
       g.a statement as to the VASP’s arrangements for the protection of clients’ ownership of assets held by the VASP;
       h.a statement of whether the VASP refers or introduces clients to other Entities including, but not limited to, other VASPs and, if so, a description of the terms of such arrangements and the monetary or non-monetary benefits received by the VASP, including by way of reciprocation for any service or business; and
       i.a statement of whether the VASP has accounts, funds or Virtual Assets maintained by a third party and if so, provide the identity of that third party.
       
      2.Other disclosable matters. To the extent permissible under applicable laws, VASPs providing Broker-Dealer Services shall publish on their website or by other publicly accessible means—
       
       a.details of any past convictions or prosecutions of any member(s) of their Senior Management or Board, whether before the courts of the UAE or the courts of another jurisdiction; and
       b.any such other information relating to their business or activities as VARA may reasonably require.
       
      3.The disclosure requirements set out in this Rule I.B of the Broker-Dealer Services Rulebook are in addition to all disclosures required under the Market Conduct Rulebook and to all notifications to VARA required under the Compliance and Risk Management Rulebook.