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H. Regulatory Reporting

Effective from Feb 07 2023 - Feb 06 2023
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1. On a monthly basis, VASPs shall as a minimum submit to VARA the following information—
 
  a. their balance sheet and a list of all off-balance sheet items;
  b. their statement of profit and loss;
  c. their income statement;
  d. their cashflow statements;
  e. addresses of their VA Wallets;
  f. a full list of Entities in their Group that actively invest their own, or the Group’s, portfolio in Virtual Assets, and a complete record of all transactions, including but not limited to loans or any transactions involving any VA Activity for which the VASP is Licensed, with all such Entities identified; and
  g. transactions with Related Parties as prescribed in the Company Rulebook.
 
2. On a quarterly basis, VASPs shall as a minimum submit to VARA the following information—
 
  a. the minutes of all Board meetings and Board committee meetings;
  b. a statement demonstrating compliance with any financial requirements established by VARA including but not limited to Reserve Assets;
  c. financial projections and strategic business plans; and
  d. a risk exposure report prepared and submitted to the Board in accordance with Rule I.D.4 of this Compliance and Risk Management Rulebook.
 
3. On an annual basis, VASPs shall as a minimum submit to VARA the following information—
 
  a. audited annual financial statements, together with an opinion and an attestation by an independent third-party auditor regarding the effectiveness of the VASP’s internal control structure;
  b. an assessment by Senior Management of the VASP’s compliance with such applicable laws, Regulations, Rules and Directives during the fiscal year covered by the financial statements;
  c. certification of the financial statements by a member of the Board or a Responsible Individual attesting to the truth and correctness of those statements;
  d. a representative sample of all documentation relating to client onboarding [including actual documentation of the first one hundred [100] clients onboarded of the year];
  e. descriptions of product offerings relating to their VA Activities;
  f. Group structure chart including shareholding of the VASP and the identity of all UBOs;
  g. the names of each of the members of the Board and the Senior Management in the VASP, a brief biography of each such member including their qualifications and experience and any position that a member of the Board or the Senior Management holds in other Entities;
  h. the identification of any independent director[s] if applicable;
  i. the names of all the members of any committees, the authorities and assignments entrusted thereto, and activities carried out by the committees during that year; and
  j. the number of meetings held by the Board and the committees, and the names of the attendees.
 
4. VARA may require upon request to a VASP, information to be provided in addition to those listed in Rule I.F.1 of this Compliance and Risk Management Rulebook.