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C. Application Process

1.VASPs shall adhere to the application process as prescribed by VARA from time to time, when applying for approval to be a Regulated Sponsor pursuant to this Part VII of the Compliance and Risk Management Rulebook.
2.
All applications for approval shall, at a minimum, consist of the following—
 
a.demonstration of the Regulated Sponsor’s ability to comply with this Part VII of the Compliance and Risk Management Rulebook; and
b.demonstration of the Regulated Sponsor’s ability to ensure all Sponsored VASPs comply with all Regulations, Marketing Regulations, Rules and Directives applicable to the VA Activities which the Sponsored VASPs will carry out, and on an ongoing basis, as may be amended from time to time.