| 1. | Regulated Sponsors must ensure their Sponsored VASPs each appoint one (1) individual of sufficient seniority who shall be responsible for the Sponsored VASP’s compliance with all legal and regulatory obligations (“Responsible Officer”). |
| 2. | The Responsible Officer must be—
| a. | a full-time employee of the Sponsored VASP; | | b. | notified to, and approved by, VARA during the application process in Rule VII.D of this Compliance and Risk Management Rulebook; and | | c. | meet all other requirements in Rule I.C.2 of the Company Rulebook, as may be amended from time to time.
|
|
| 3. | Regulated Sponsors must ensure that the Responsible Officer continues to meet the requirements in Rule VII.G.2 of this Compliance and Risk Management Rulebook at all times, and shall validate and maintain a record of such validation on an annual basis. |
| 4. | Regulated Sponsors must notify and seek approval from VARA prior to changing the Responsible Officer of any Sponsored VASP, except in the event of reasonably unforeseen circumstances. In such instances, the Regulated Sponsor must notify VARA immediately and provide information on how it will continue to meet the requirements with regard to the Responsible Officer of the Sponsored VASP.
|