|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.
|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.
|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.
|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.
|Client assets: VASPs should ensure that client assets are promptly and properly accounted for, and adequately safeguarded.
|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.
|Compliance: VASPs should devise effective strategies to ensure ongoing compliance with—
|all legal and regulatory requirements [including any conditions in respect of a Licence] applicable to the conduct of their business, including VA Activities; and
|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.
|Dealings with regulators. VASPs should act in an open and transparent manner with regulators at all times, including VARA.