| 1. |
A Fit and Proper Person must—
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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; |
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b. |
be honest, reputable, have integrity and uphold the ethical standards reasonably expected of their role; |
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c. |
possess adequate relevant global Virtual Asset sector and management experience, or such experience in another relevant sector; |
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d. |
possess a good understanding of the regulatory framework which governs the nature of the job or role and the market; and |
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e. |
be financially sound.
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| 2. |
In assessing whether an individual is a Fit and Proper Person, VASPs should consider—
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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 |
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b. |
whether such individual has the knowledge, skills, and experience to perform the specific role that the individual is intended to perform.
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| 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—
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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—
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i. |
the conditions of the Licence held by the VASP; |
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ii. |
the business model of the VASP; |
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iii. |
the market within which the VASP operates; |
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iv. |
the governance structure, the internal control systems and the competence of the VASP’s Staff; |
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v. |
decisions made by a relevant authority or regulatory body in respect of that individual, whether in the Emirate or in other jurisdictions; |
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vi. |
the state of affairs of any other business which that the individual carries on or proposes to carry on; and
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b. |
look to the substance of the requirements and the materiality of any failure to meet such requirements.
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| 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.
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