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C. Change of Control

1. No action shall be taken, except with the prior written approval of VARA, that may result in a change of Control of a VASP.
2. Prior to any change of Control, the VASP, together with the Entity seeking to acquire Control of the VASP, shall submit a written application to VARA in a form and substance acceptable to VARA, including but not limited to detailed information about the Entity.
3. VARA may determine upon application that any Entity does not, or upon the taking of some proposed action will not, Control another Entity. Such determination shall be made within thirty [30] Working Days or such further period as VARA may prescribe. The filing of an application pursuant to this Part VIII of this Company Rulebook in good faith by any Entity shall relieve the applicant from any obligation or liability imposed by this Part VIII of this Company Rulebook with respect to the subject of the application until VARA has acted upon the application. VARA may revoke or modify its determination whenever, in its sole and absolute discretion, revocation or modification is consistent with this Part VIII of this Company Rulebook. VARA may consider the following factors in making such a determination—
  a. whether such Entity’s purchase of shares is made solely for investment purposes and not to acquire Control over the VASP;
  b. whether such Entity could direct the Board or Staff, or otherwise influence the policies of the VASP;
  c. whether such Entity could propose directors in opposition to nominees made by the shareholders of the VASP;
  d. whether such Entity could solicit or participate in soliciting proxy votes with respect to any matter presented to the shareholders of the VASP; or
  e. any other factor that indicates such Entity would or would not exercise Control of the VASP.
4. VARA shall approve or deny every application for a change of Control of a VASP hereunder within thirty [30] Working Days from the filing of an application deemed by VARA to be complete. Such period of thirty [30] Working Days may be extended by VARA, for such additional reasonable period of time as may be required to enable compliance with the requirements and conditions of this Part VIII of this Company Rulebook.
5. In determining whether to approve a proposed change of Control, VARA shall, among other factors, take into consideration the public interest and the needs and convenience of the public in the Emirate.