| | 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.
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| 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—
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| | 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.
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| 7. | Dealings with regulators. VASPs should act in an open and transparent manner with regulators at all times, including VARA.
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