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B. Paid-Up Capital

1.VASPs shall, at all times, hold and maintain paid-up capital in the following amounts (“Paid-Up Capital”)—
 
VA ActivityPaid-Up Capital Requirement
Advisory ServicesAED 100,000.
Broker-Dealer ServicesBroker-Dealer Services using a VASP Licensed by VARA to provide Custody Services or otherwise approved during the licensing process: the higher of (i) AED 400,000; or (ii) 15% of fixed annual overheads.
In all other instances, the higher of (i) AED 600,000; or (ii) 25% of fixed annual overheads.
Category 1 VA IssuanceAs specified in the VA Issuance Rulebook, or any Annex thereto.
Custody ServicesThe higher of (i) AED 600,000; or (ii) 25% of fixed annual overheads.
Exchange ServicesExchange Services using a VASP Licensed by VARA to provide Custody Services or otherwise approved during the licensing process: the higher of (i) AED 800,000; or (ii) 15% of fixed annual overheads.
In all other instances, the higher of (i) AED 1,500,000; or (ii) 25% of fixed annual overheads
Lending and Borrowing ServicesThe higher of (i) AED 500,000; or (ii) 25% of fixed annual overheads.
VA Management and Investment ServicesVA Management and Investment Services using a VASP Licensed by VARA to provide Custody Services or otherwise approved during the licensing process: the higher of (i) AED 280,000; or (ii) 15% of fixed annual overheads.
In all other instances, the higher of (i) AED 500,000; or (ii) 25% of fixed annual overheads.
VA Transfer and Settlement ServicesThe higher of (i) AED 500,000; or (ii) 25% of fixed annual overheads.

 

2.Where a VASP is Licensed by VARA to carry out more than one VA Activity, the VASP must hold the amount of Paid-Up Capital specified in Rule VI.B.1 of this Company Rulebook for each VA Activity for which the VASP is Licensed. In such instances, the VASP shall calculate the Paid-Up Capital required for each VA Activity using the fixed annual overheads for that VA Activity only, provided that in combination all Paid-Up Capital is mutually exclusive and collectively exhaustive such that the total fixed annual overheads of the VASP are accounted for in aggregate. VASPs must reconcile Paid-Up Capital on a monthly basis.
3.Paid-Up Capital shall, at all times, be held and maintained in—
 
 a.a trust account with a licensed bank in the UAE with VARA stated as the beneficiary;
 b.a surety bond furnished by a surety company authorised to conduct business in the UAE, which shall have no end date and state VARA as a beneficiary; or
 c.any other manner as may be specified by VARA upon granting a Licence.