| 1. |
VASPs shall obtain VARA’s written approval prior to—
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a. |
facilitating any development or occurrence of Material Change to themselves; or |
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b. |
entering into any business or conducting any VA Activity, directly or indirectly, except for those business[es] and VA Activity[ies] in which the VASP and its Subsidiaries are engaged on the date of the Licence being granted and authorised by VARA.
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| 2. |
VASPs shall not create, incur, assume, permit to exist or otherwise become liable with respect to any debt that could be reasonably expected to cause a Material Change. |
| 3. |
VASPs shall not cause any occurrence of a Material Change. In the event that the acquisition or disposal by a VASP could reasonably be expected to cause a Material Change, such VASP shall immediately cease the acquisition or disposal. |
| 4. |
Without obtaining VARA’s prior written approval, VASPs may not implement any changes to its VA Activities authorised under the Licence, including the—
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a. |
addition of any VA Activity; or |
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b. |
material modification of the scope of any VA Activity.
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| 5. |
VASPs shall ensure that any change in their business plan covering internal controls, organisational structure, contingency plans and related matters could not be reasonably expected to cause a Material Change. |
| 6. |
VASPs shall ensure that any change under Rules VIII.A.1-5 of this Company Rulebook in aggregate could not reasonably be expected to cause a Material Change.
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