A. No Material Change

Effective from Feb 07 2023 - Feb 06 2023
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1.	VASPs shall obtain VARA’s written approval prior to—
	a.	facilitating any development or occurrence of Material Change to themselves; or
	b.	entering into any business or conducting any VA Activity, directly or indirectly, except for those business[es] and VA Activity[ies] in which the VASP and its Subsidiaries are engaged on the date of the Licence being granted and authorised by VARA.
2.	VASPs shall not create, incur, assume, permit to exist or otherwise become liable with respect to any debt that could be reasonably expected to cause a Material Change.
3.	VASPs shall not cause any occurrence of a Material Change. In the event that the acquisition or disposal by a VASP could reasonably be expected to cause a Material Change, such VASP shall immediately cease the acquisition or disposal.
4.	Without obtaining VARA’s prior written approval, VASPs may not implement any changes to its VA Activities authorised under the Licence, including the—
	a.	addition of any VA Activity; or
	b.	material modification of the scope of any VA Activity.
5.	VASPs shall ensure that any change in their business plan covering internal controls, organisational structure, contingency plans and related matters could not be reasonably expected to cause a Material Change.
6.	VASPs shall ensure that any change under Rules VIII.A.1-5 of this Company Rulebook in aggregate could not reasonably be expected to cause a Material Change.