| 1. |
VASPs shall establish and maintain effective arrangements, systems and procedures aimed at preventing and detecting Market Offences or attempted Market Offences. |
| 2. |
VASPs shall report transactions, orders or activities to the UAE FIU and to VARA where the VASP has a reasonable suspicion that such transactions, orders or activities in any Virtual Asset, whether placed or executed on or outside a trading venue operated by a VASP providing Exchange Services or other organised market for Virtual Assets, could constitute a Market Offence, an attempted Market Offence or any other unfair practice detrimental to the fair and orderly functioning of any market involving Virtual Assets. |
| 3. |
When reporting suspicious transactions, orders or activities, VASPs shall include—
|
| |
a. |
the name of the Virtual Asset that may be impacted by suspicious transactions, orders or activities; |
| |
b. |
the identity of any Entities involved; |
| |
c. |
specific dates and times of the suspicious transactions, orders or activities; |
| |
d. |
an explanation of reasons for believing that a Market Offence or any other unfair practice has been committed; |
| |
e. |
all other information required by the UAE FIU; and |
| |
f. |
all additional information reasonably requested by VARA, or the UAE FIU, in order to make an accurate assessment.
|
| 4. |
VASPs shall make all relevant data in their possession available to VARA for inspection on request.
|