| 1. |
On a monthly basis, VASPs shall as a minimum submit to VARA the following information—
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a. |
their balance sheet and a list of all off-balance sheet items; |
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b. |
their statement of profit and loss; |
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c. |
their income statement; |
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d. |
their cashflow statements; |
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e. |
addresses of their VA Wallets; |
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f. |
a full list of Entities in their Group that actively invest their own, or the Group’s, portfolio in Virtual Assets, and a complete record of all transactions, including but not limited to loans or any transactions involving any VA Activity for which the VASP is Licensed, with all such Entities identified; and |
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g. |
transactions with Related Parties as prescribed in the Company Rulebook.
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| 2. |
On a quarterly basis, VASPs shall as a minimum submit to VARA the following information—
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a. |
the minutes of all Board meetings and Board committee meetings; |
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b. |
a statement demonstrating compliance with any financial requirements established by VARA including but not limited to Reserve Assets; |
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c. |
financial projections and strategic business plans; and |
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d. |
a risk exposure report prepared and submitted to the Board in accordance with Rule I.D.4 of this Compliance and Risk Management Rulebook.
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| 3. |
On an annual basis, VASPs shall as a minimum submit to VARA the following information—
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a. |
audited annual financial statements, together with an opinion and an attestation by an independent third-party auditor regarding the effectiveness of the VASP’s internal control structure; |
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b. |
an assessment by Senior Management of the VASP’s compliance with such applicable laws, Regulations, Rules and Directives during the fiscal year covered by the financial statements; |
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c. |
certification of the financial statements by a member of the Board or a Responsible Individual attesting to the truth and correctness of those statements; |
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d. |
a representative sample of all documentation relating to client onboarding [including actual documentation of the first one hundred [100] clients onboarded of the year]; |
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e. |
descriptions of product offerings relating to their VA Activities; |
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f. |
Group structure chart including shareholding of the VASP and the identity of all UBOs; |
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g. |
the names of each of the members of the Board and the Senior Management in the VASP, a brief biography of each such member including their qualifications and experience and any position that a member of the Board or the Senior Management holds in other Entities; |
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h. |
the identification of any independent director[s] if applicable; |
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i. |
the names of all the members of any committees, the authorities and assignments entrusted thereto, and activities carried out by the committees during that year; and |
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j. |
the number of meetings held by the Board and the committees, and the names of the attendees.
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| 4. |
VARA may require upon request to a VASP, information to be provided in addition to those listed in Rule I.F.1 of this Compliance and Risk Management Rulebook.
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