J. Prevention and Detection of Market Offences

Effective from Feb 07 2023 - Feb 06 2023
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1.	VASPs shall establish and maintain effective arrangements, systems and procedures aimed at preventing and detecting Market Offences or attempted Market Offences.
2.	VASPs shall report transactions, orders or activities to the UAE FIU and to VARA where the VASP has a reasonable suspicion that such transactions, orders or activities in any Virtual Asset, whether placed or executed on or outside a trading venue operated by a VASP providing Exchange Services or other organised market for Virtual Assets, could constitute a Market Offence, an attempted Market Offence or any other unfair practice detrimental to the fair and orderly functioning of any market involving Virtual Assets.
3.	When reporting suspicious transactions, orders or activities, VASPs shall include—
	a.	the name of the Virtual Asset that may be impacted by suspicious transactions, orders or activities;
	b.	the identity of any Entities involved;
	c.	specific dates and times of the suspicious transactions, orders or activities;
	d.	an explanation of reasons for believing that a Market Offence or any other unfair practice has been committed;
	e.	all other information required by the UAE FIU; and
	f.	all additional information reasonably requested by VARA, or the UAE FIU, in order to make an accurate assessment.
4.	VASPs shall make all relevant data in their possession available to VARA for inspection on request.