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A. General Principles

  VASPs shall comply with the spirit of the following principles when conducting all their business from or through, or servicing the Emirate, including all VA Activities.
1. Integrity – honesty and fairness: VASPs should act truthfully, justly and equitably, in good faith serving the best interests of their clients, yet at all times preserving market integrity.
2. Diligence: VASPs should act with due skill, care and diligence reasonably expected of a VASP of a similar nature and/or catering to a similar activity.
3. Capabilities: VASPs should have, and effectively employ necessary resources [financial, technical or otherwise] and procedures for the sound, effective and efficient operation of their business, including VA Activities.
4. Client assets: VASPs should ensure that client assets are promptly and properly accounted for, and adequately safeguarded.
5. Effective disclosures: VASPs should ensure that any disclosure is clear, concise and effective, and contains information necessary for their clients to make an informed decision and be kept up-to-date. VASPs should dispatch information in a timely manner if ongoing disclosure is required by relevant authorities, including VARA, or under any fiduciary duty owed by VASPs to their clients.
6. Compliance: VASPs should devise effective strategies to ensure ongoing compliance with—
  a. all legal and regulatory requirements [including any conditions in respect of a Licence] applicable to the conduct of their business, including VA Activities; and
  b. their own constitutional documents, internal policies and controls,
  so as to promote the best interests of their clients and for promoting the integrity of the market.
7. Dealings with regulators. VASPs should act in an open and transparent manner with regulators at all times, including VARA.