Skip to main content

B. Public Disclosures

1. VASPs providing Broker-Dealer Services shall publish on their website in a prominent place or make available by other publicly accessible means—
  a. a detailed description of any actual or potential conflicts of interest arising out of their activities, and how these are managed;
  b. their policies and procedures relating to data privacy, whistleblowing and handling of client complaints;
  c. a summary containing the following information pertaining to each Virtual Asset offered by the VASP—
    i. name and symbol;
    ii. date of issuance;
    iii. market capitalisation and fully diluted value;
    iv. circulating supply, including as a percentage of maximum total supply [if applicable];
    v. whether the Virtual Asset has been subject to an independent smart contract audit and the date of the most recent audit; and
    vi. largest reduction in price from high to low stated as both an absolute amount and a percentage change, including when it occurred;
  d. a description of how the VASP determines the prices of the Virtual Assets it quotes to clients;
  e. a description of the VASP's routing practices, including if twenty percent [20%] or more of client orders are routed to any liquidity source and if so, the identity of such source[s];
  f. a statement as to whether the VASP holds or maintains funds or Virtual Assets or provides clearing services for other VASPs providing Broker-Dealer Services and if so, include a description of those services;
  g. a statement as to the VASP’s arrangements for the protection of clients’ ownership of assets held by the VASP;
  h. a statement of whether the VASP refers or introduces clients to other Entities including, but not limited to, other VASPs and, if so, a description of the terms of such arrangements and the monetary or non-monetary benefits received by the VASP, including by way of reciprocation for any service or business; and
  i. a statement of whether the VASP has accounts, funds or Virtual Assets maintained by a third party and if so, provide the identity of that third party.
2. Other disclosable matters. To the extent permissible under applicable laws, VASPs providing Broker-Dealer Services shall publish on their website or by other publicly accessible means—
  a. details of any past convictions or prosecutions of any member[s] of their Senior Management or Board, whether before the courts of the UAE or the courts of another jurisdiction; and
  b. any such other information relating to their business or activities as VARA may reasonably require.
3. The disclosure requirements set out in this Rule I.B of this Broker-Dealer Services Rulebook are in addition to all disclosures required under the Market Conduct Rulebook and to all notifications to VARA required under the Compliance and Risk Management Rulebook.