| 1. | VASPs providing Licensed Distribution Services must submit the following documents (in the form prescribed by VARA on its website from time to time) in respect of all Virtual Assets for which it provides Licensed Distribution Services—
| a. | the Whitepaper; | | b. | the Risk Disclosure Statement; | | c. | a declaration, signed by the VASP, of its compliance with Rule IV.B.1 of this Broker-Dealer Services Rulebook; and | | d. | reports on the due diligence carried out under Rules IV.B.3 and IV.B.4 of this Broker-Dealer Services Rulebook.
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| 2. | Starting from the first Working Day after the submissions required under Rule IV.D of this Broker-Dealer Services Rulebook are made, a submission period of fifteen (15) Working Days shall commence (“Submission Period"). |
| 3. | No Virtual Asset may be distributed or placed prior to completion of the Submission Period. |
| 4. | If a VASP has not received any comment or objection from VARA during the Submission Period , the VASP may distribute or place the Virtual Assets for which such submissions were made. |
| 5. | In addition, and without prejudice, to all of VARA's existing powers of suspension and/or other enforcement actions contained in the Regulations or Rulebooks, VARA may comment on or object to the distribution or placement of any Virtual Asset during the Submission Period. |
| 6. | Upon receipt of such comment or objection, the VASP providing Licensed Distribution Services must not distribute or place the Virtual Assets for which such submissions were made until all such comments have been addressed and/or objections remedied, to VARA's satisfaction. |
| 7. | For the avoidance of doubt, in no event shall VARA be deemed to have approved any Virtual Asset or Licensed Distribution Services by virtue of a VASP's compliance with Rules IV.D.1 and IV.D.2 of this Broker-Dealer Services Rulebook, including, but not limited to, in the event of the expiry of the Submission Period without comment or objection from VARA.
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