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Schedule 1 – Definitions

TermDefinition
“Advisory Services”has the meaning ascribed to it in Schedule 1 of the Regulations.
“Advisory Services Rulebook”means the Advisory Services Rulebook issued by VARA pursuant to the Regulations, as may be amended from time to time.
“Board”has the meaning ascribed to it in the Company Rulebook.
“Broker-Dealer Services”has the meaning ascribed to it in Schedule 1 of the Regulations.
“Broker-Dealer Services Rulebook”means this Broker-Dealer Services Rulebook issued by VARA pursuant to the Regulations, as may be amended from time to time.
“Capital and Prudential Requirements”has the meaning ascribed to it in the Company Rulebook.
“Client Agreements”has the meaning ascribed to it in the Market Conduct Rulebook.
“Client Money”has the meaning ascribed to it in the Compliance and Risk Management Rulebook.
“Client VAs”has the meaning ascribed to it in the Compliance and Risk Management Rulebook.
“Company Rulebook”means the Company Rulebook issued by VARA pursuant to the Regulations, as may be amended from time to time.
“Compliance and Risk Management Rulebook”means the Compliance and Risk Management Rulebook issued by VARA pursuant to the Regulations, as may be amended from time to time.
“Dubai VA Law”means Law No. (4) of 2022 Regulating Virtual Assets in the Emirate of Dubai, as may be amended from time to time.
“Emirate”means all zones across the Emirate of Dubai, including Special Development Zones and Free Zones but excluding the Dubai International Financial Centre.
“Entity”means any legal entity or individual.
“Execute” or “Execution”means the exercise of a client order that results in a binding transaction.
“Initial Margin”
means the minimum value of assets which must be deposited by the client in the Margin Trading Account, or otherwise available in the Margin Trading Account but not committed to an existing Margin Trading position, prior to the client opening any new Margin Trading position, which shall be calculated as follows—
(a)for Retail Investors—
 i.a minimum of twenty percent (20%) of the notional position value of the new Margin Trading position; or
 ii.such greater amount as VARA may require for a specific VASP, Virtual Asset or client, from time to time; and
(b)for Qualified Investors and Institutional Investors—
 i.such amounts as determined by the VASP's policy; or
 ii.such greater amount as VARA may require for a specific VASP, Virtual Asset or client, from time to time.
"Institutional Investor"

has the meaning ascribed to it in the Market Conduct Rulebook.

“Issuer”has the meaning ascribed to it in the Regulations.
“Licence”has the meaning ascribed to it in the Regulations.
“Licensed”means having a valid Licence.
“Licensed Distribution Services”
means providing placement, distribution and/or other issuance related services to Issuers of Virtual Assets.
For the purposes of this definition, “issuance related services" may include end-to-end solutions for the creation, placing, distribution and marketing conducted by a VASP for or on behalf of the Issuer as well as the actual sale or placement of any Virtual Assets, or any combination thereof.
“Maintenance Margin”means the value of assets which must be deposited by the client in the Margin Trading Account, or otherwise available in the Margin Trading Account but not committed to an existing Margin Trading position, to keep a Margin Trading position open.
“Margin”means the Initial Margin and any Maintenance Margin provided by a client.
“Margin Trading”means the financing made by a VASP of a proportion or multiple of the market value of the Virtual Assets financed on margin, and secured as collateral by the Virtual Assets available in the Margin Trading Account or any other collateral in the cases exclusively stated in these Rules.
“Margin Trading Account”means a type of client account with the VASP, through which dealings in Virtual Assets financed on Margin are executed.
“Margin Trading Agreement”means the agreement between the VASP and the client specifying the terms and conditions governing the relationship between them in relation to Margin Trading.
“Market”
means a variety of different venues, including but not limited to, market centres that are trading a particular Virtual Asset*.
*This expansive interpretation is meant to inform VASPs providing Broker-Dealer Services as to the breadth of the scope of venues that must be considered in the furtherance of their best Execution obligations and to promote fair competition among VASPs providing Broker-Dealer Services, Exchange Services, as well as any other venue that may emerge, by not mandating that certain trading venues have less relevance than others in the course of determining a VASP’s best Execution obligations.
“Market Conduct Rulebook”means the Market Conduct Rulebook issued by VARA pursuant to the Regulations, as may be amended VARA from time to time.
“Market Offences”has the meaning ascribed to it in the Regulations.
“Operational Exposure”has the meaning ascribed to it in the Company Rulebook.
“Qualified Investor”has the meaning ascribed to it in the Market Conduct Rulebook.
“Regulations”means the Virtual Assets and Related Activities Regulations 2023, as may be amended from time to time.
“Retail Investor”has the meaning ascribed to it in the Market Conduct Rulebook.
“Risk Disclosure Statement”has the meaning ascribed to it in the VA Issuance Rulebook.
“Rule”has the meaning ascribed to it in the Regulations.
“Rulebook”has the meaning ascribed to it in the Regulations.
“Senior Management”has the meaning ascribed to it in the Company Rulebook.
“Submission Period”has the meaning ascribed to it in Rule IV.D.2 of this Broker-Dealer Services Rulebook.
“Technology and Information Rulebook”means the Technology and Information Rulebook issued by VARA pursuant to the Regulations, as may be amended VARA from time to time.
“UAE”means the United Arab Emirates.
“VA Activity”means the activities listed in Schedule 1 of the Regulations, as may be amended from time to time.
“VA Issuance Rulebook”means the Virtual Asset Issuance Rulebook issued by VARA pursuant to the Regulations, as may be amended or supplemented by VARA from time to time.
"VA Standards"has the meaning ascribed to it in the Market Conduct Rulebook.
“VARA”means the Dubai Virtual Assets Regulatory Authority.
“VASP”means an Entity authorised by VARA to conduct VA Activity(ies) in the Emirate.
“Virtual Asset” or “VA”has the meaning ascribed to it in the Dubai VA Law.
“Whitepaper”has the meaning ascribed to it in the VA Issuance Rulebook.
“Working Day”has the meaning ascribed to it in the Regulations.