| 1. |
VASPs shall notify VARA immediately if, at any time, it is unable to maintain or fails to meet the Paid-Up Capital, Net Liquid Assets, Insurance or Reserve Assets requirements above and such notification shall include details of—
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a. |
all deficit amounts; |
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b. |
the causes of the failure; |
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c. |
remedial actions that have been, and will be, taken to rectify the breach; and |
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d. |
the expected timeline for such remedial actions to be completed.
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| 2. |
VASPs shall provide updates to VARA on a daily basis in respect of any notification under Rule VI.E.1 of this Company Rulebook above, unless otherwise directed by VARA or until the VASP confirms and VARA is satisfied that it has rectified all failures and is in compliance with all requirements. |
| 3. |
Notwithstanding all other requirements in the Compliance and Risk Management Rulebook, VASPs shall establish and maintain clear procedures to monitor and identify all sources of risks or potential risks that may impact its operation and shall consider the potential adverse impact of such risks on its level of Paid-Up Capital, Net Liquid Assets, Insurance or Reserve Assets. |
| 4. |
VARA may require VASPs to hold and maintain additional Paid-Up Capital, Net Liquid Assets, Insurance or Reserve Assets based on the size, scope, geographic exposure, complexity and nature of the VA Activities and operations of a VASP.
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