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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. |
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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. |
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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. |
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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 |
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b. |
their own constitutional documents, internal policies and controls, |
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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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