Skip to main content
Entire section Custom print Text Only Rich Text Print

Article (18): Notification and Reporting Requirements

2/2024 Effective from 21/8/2024

1.

Where any material change affects the accuracy and completeness of information provided in an Application, the Applicant, Licensee or Registree, as the case may be, shall immediately notify the Central Bank of such change and provide all necessary information and documents.

2.

A Licensee or Registree shall immediately notify the Central Bank of any violation or potential violation of any provision of this Regulation or CBUAE Regulations. Such notification must be accompanied by details of adequate measures which the Licensee or Registree will implement to rectify the violation.

3.

A Licensee or Registree shall immediately notify the Central Bank if it becomes aware that any of the following events have occurred or are likely to occur:

a)

any event that prevents access to or disrupts the operations of the Licensee or Registree;

b)

any legal action taken against the Licensee or Registree either in the UAE or in a Third Country;

c)

the commencement of any insolvency, winding up, liquidation or equivalent proceedings in relation to the Licensee or Registree, or the appointment of any receiver, administrator or provisional liquidator under the laws of any country;

d)

any disciplinary measure or sanction taken against the Licensee or Registree or imposed on it by a regulatory body other than the Central Bank, whether in the UAE or in a Third Country;

e)

any change in regulatory requirements to which a Licensee or Registree is subject beyond those of the Central Bank, whether in the UAE or in a Third Country;

f)

any repeated occurrence of sales of a Payment Token at below its nominal/Fiat Currency face value where the sale is by or facilitated by the Licensee or Registree; or

g)

any other event specified by the Central Bank from time to time.

4.

Payment Token Conversion Providers and Payment Token Custodian and Transferors shall report to the Central Bank on the volume and value of business that they conduct in relation to Virtual Assets which are not Payment Tokens, in accordance with such reporting requirements as the Central Bank may determine from time to time.

5.

Licensees shall report to the Central Bank on their complaints management programme, including reporting on the number of complaints received, the topics of complaints, the number of open and closed complaints, and the amount of time complaints have been open or took to close, in accordance with such reporting requirements as the Central Bank may determine from time to time.

6.

Licensees and Registrees must comply with any further regular or ad-hoc reporting as determined by the Central Bank.

7.

Notwithstanding the paragraphs above, Licensees and Registrees shall, as appropriate and applicable, comply with their notification requirements as further specified in this Regulation, including but not limited to under:

a)

Article (14)2;

b)

Article (19)4(a);

c)

Article (22)8(a);

d)

Article (24); and

e)

Article (34)15