L. Records, reporting and notification

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1.

Records. VASPs providing ETD Services must maintain full and orderly records in relation to ETD Services, including but not limited to—

a.

the suitability assessments carried out in respect of ETD Clients, including on an ongoing basis;

b.

liquidation and close-out data of client positions, including but not limited to the—

i.

total number and attributable total value of liquidations;

ii.

total number and attributable total value of liquidations per each type of client classification;

iii.

percentage of total liquidations attributable to each type of classification of client expressed both as—

1.	a percentage of liquidations across all types of client classification; and
2.	a percentage of the number of clients within that classification of client;

iv.

total number and attributable value of liquidations per ETD; and

v.

total number and attributable value of liquidations per Underlying Asset;

c.

ongoing ETD Client profit and loss data;

d.

distribution of leverage limits held across the client base including per classifications of clients;

e.

financial data including, but not limited to, the volume of ETDs provided and/or outstanding at the time of reporting;

f.

VASPs contributions to the Insurance Fund (if applicable);

g.

the identity of applicable market makers and counterparties, associated selection criteria and historical trade data;

h.

incident-based reporting relating to events such as flash crashes, instances where loss mutualisation mechanisms are triggered, market maker distress or bankruptcy events; and

i.

any other information and data items specified by VARA from time to time.

2.

All records required to be kept by VASPs under this Rule ‎V.L must be sufficient to enable VARA to monitor the VASP's compliance with the provisions set forth in this Part ‎V of this Exchange Services Rulebook.

3.

Reporting. In addition to all other applicable requirements in respect of regulatory reporting in the Regulations, Rulebooks or its Licence, VASPs providing ETD Services shall provide copies of such records and information to VARA on request. VARA will notify the VASPs of the manner in which the records and information should be disclosed to VARA.

4.

Notifications. In addition to all other applicable requirements in respect of notifications to VARA in the Regulations, Rulebooks or its Licence, VASPs providing ETD Services shall notify VARA immediately in the event of any of the following—

a.	any circumstances required by VARA as a condition of the VASP's authorisation to provide ETD Services;
b.	any one or more liquidations, which individually or together, may or are likely to have systemic impact or threaten the integrity and/or stability of the Virtual Asset market in the Emirate;
c.	the VASP using amounts in the Insurance Fund to make good any outstanding positions in respect of any client, ETD or ETD Services; or
d.	the VASP mutualising losses among non-defaulting ETD Clients.