| 1. |
VASPs shall appoint two [2] individuals of sufficient seniority who shall be responsible for the VASP’s compliance with all legal and regulatory obligations [Responsible Individuals]. |
| 2. |
Each Responsible Individual shall be—
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a. |
a full-time employee of the VASP; |
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b. |
a Fit and Proper Person; |
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c. |
a resident of the UAE or a holder of a UAE passport; and |
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d. |
notified to, and approved by, VARA during the licensing process.
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| 3. |
VASPs shall ensure that its Responsible Individuals continue to meet the requirements in Rule I.C.2 of this Company Rulebook at all times, and shall validate and maintain a record of such validation on an annual basis. |
| 4. |
VASPs must notify and seek approval from VARA prior to any change in their Responsible Individuals, except in the event of reasonably unforeseen circumstances, in such instances the VASPs must notify VARA immediately and provide information on how they will continue to meet the requirements with regard to Responsible Individuals.
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