F. Exempt VAs
| 1. | Entities in the Emirate may issue Exempt VAs without prior approval from VARA, provided that, they comply with Part II of this VA Issuance Rulebook at all times. | |
| 2. | Issuers of Exempt VAs issued in accordance with Rule I.F.1 of this VA Issuance Rulebook shall remain subject to VARA’s supervision, examination and enforcement at all times, in accordance with Part IV of this VA Issuance Rulebook. | |