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F. Honesty, Integrity and Reputation

1. In assessing an individual’s honesty, integrity and reputation, VARA will have regard to all matters it deems relevant, including, but not limited to, the following which may have occurred in the Emirate or in other jurisdictions—
  a. whether the individual has been convicted of any criminal offence, with particular consideration given to offences of dishonesty, fraud, financial crime or an offence under laws relating to companies, banking, insolvency, money laundering and insider dealing;
  b. whether the individual has been the subject of any adverse finding or any settlement in civil proceedings, with particular consideration given to investment or other financial business, misconduct, fraud or the formation or management of a body corporate;
  c. whether the individual has been the subject of any existing or previous investigation or disciplinary proceedings or has been notified of any potential disciplinary proceedings or any investigation which might lead to those proceedings;
  d. whether the individual is or has been in breach of any regulatory requirements;
  e. whether the individual has been the subject of any justified complaint relating to VA Activities or similar business activities in any jurisdiction;
  f. whether the individual has been a director or a member of the senior management of a business that has gone into insolvency, liquidation or administration while the individual has been connected with that business or within one [1] year of that connection;
  g. whether the individual has been a party to a scheme of arrangement or entered into any form of compromise with a creditor involving any amount greater than AED 50,000;
  h. whether the individual has been dismissed for cause from employment or from a position of trust, fiduciary appointment, or otherwise found to be deficient in discharging their duties;
  i. whether the individual has been disqualified from acting as a director or in any managerial capacity; and
  j. whether, in the past, the individual has been candid and truthful in all dealings with any regulatory body and whether the individual demonstrates a readiness and willingness to comply with the requirements and standards of the regulatory system and all other applicable laws and regulatory requirements.
2. For the avoidance of doubt, conviction for a criminal offence would not automatically bar an individual from being a Fit and Proper Person. VARA may consider the seriousness of the prior conviction and the circumstances surrounding the offence, including the explanation offered by such individual, the relevance of the offence to the individual’s role, the passage of time since the offence was committed and evidence of such individual’s rehabilitation.
3. In considering the reputation of an individual, VARA shall consider whether the individual’s reputation has or might have an adverse impact upon the performance or perception in the market of the VASP.