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K. Governance and Reporting Responsibilities

1.
Governance. Regulated Sponsors must—
 
a.review and maintain oversight of each Sponsored VASP's activities, business and senior management;
b.monitor and actively manage each Sponsored VASP's performance of its obligations under the written agreement between the Sponsored VASP and the Regulated Sponsor, as required under Rule VII.D.1.b of this Compliance and Risk Management Rulebook;
c.ensure that they have the skills and resources to oversee all Sponsored VASPs at all times, including if a Sponsored VASP’s business changes and/or expands;
d.ensure that each Sponsored VASP continues to meet the necessary standards as required by VARA in respect of the VA Activities carried out by the Sponsored VASP; and
e.have adequate financial resources taking into account all business and/or VA Activities of all Sponsored VASPs.
 
2.
Reporting. In addition to all reporting requirements in the other Rulebooks, Regulated Sponsors must provide VARA with the following information, in respect of each Sponsored VASP, on an annual basis—
 
a.complaints data;
b.full audited accounts; and
c.all other data as required by VARA from time to time.