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  • Part II – Policies, Procedures and Public Disclosures

    • A. Policies and Procedures

      1. In addition to all other requirements in the Regulations and Rulebooks, VASPs providing Exchange 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. 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;
        c. settlement, delivery and clearing;
        d. establishing and amending the method of determining the price of Virtual Assets, including the use of market data to ensure the integrity and reliability of the determined price; and
        e. such other policies and procedures as VARA may require from time to time.
       
      2. VASPs providing Exchange 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 Exchange 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 for exchange 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; and
          vi. largest reduction in price from high to low stated as both an absolute amount and a percentage change, including when it occurred;
       
        d. details of how Virtual Assets traded over their trading venues are deposited and protected and how clients’ ownership in respect of those Virtual Assets are thereby respected; and
        e. a description of how the VASP determines the prices of the Virtual Assets it quotes to clients.
       
      2. Other disclosable matters. To the extent permissible under applicable laws, VASPs providing Exchange 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 II.B of this Exchange 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.