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A. General Principles

1. A Fit and Proper Person must—
  a. possess the necessary academic qualifications and in all cases, have relevant professional knowledge and/or industry qualifications, in each case, having regard to the nature of the functions to be performed;
  b. be honest, reputable, have integrity and uphold the ethical standards reasonably expected of their role;
  c. possess adequate relevant global Virtual Asset sector and management experience, or such experience in another relevant sector;
  d. possess a good understanding of the regulatory framework which governs the nature of the job or role and the market; and
  e. be financially sound.
2. In assessing whether an individual is a Fit and Proper Person, VASPs should consider—
  a. the nature, scale and complexity of their business, including all VA Activities, and the nature and range of activities undertaken by such individual in the ordinary course of business; and
  b. whether such individual has the knowledge, skills, and experience to perform the specific role that the individual is intended to perform.
3. In assessing an individual for a position within the Board, VASPs should ensure that, if such individual is appointed to the Board, the Board as a whole will at all times possess adequate knowledge, skills and experience to undertake the business activities of the VASP.
4. In assessing whether an individual is a Fit and Proper Person, VARA will—
  a. consider all relevant factors in assessing the application of the fit and proper principles contained herein on a case-by-case basis, taking into account—
    i. the conditions of the Licence held by the VASP;
    ii. the business model of the VASP;
    iii. the market within which the VASP operates;
    iv. the governance structure, the internal control systems and the competence of the VASP’s Staff;
    v. decisions made by a relevant authority or regulatory body in respect of that individual, whether in the Emirate or in other jurisdictions;
    vi. the state of affairs of any other business which that the individual carries on or proposes to carry on; and
  b. look to the substance of the requirements and the materiality of any failure to meet such requirements.
5. VARA will not grant approval if it is not satisfied that the individual is a Fit and Proper Person.
6. If an individual does not meet any individual elements set out in Part III of this Company Rulebook, VARA may nonetheless be satisfied that such individual is a Fit and Proper Person taking into account all relevant factors.