Means the process by which the DLT exchange on boards a VFA and subsequently permits participants of the said exchange to enter into transactions in that VFA and subject to the rules of the said exchange.
Provided that, notwithstanding this definition, an issuer shall not be required to draw up and register whitepaper with the competent authority in terms of Article 3 of the Act in relation to the admission to trading on a DLT exchange of any of the following:
(a) VFAs whose features are equivalent to those of the VFAs already admitted to trading on the same DLT exchange:
Provided that the issuer makes public information on the number and nature of the VFAs and the reasons for and details of the offer:
Provided further that where the VFAs grant rights akin to equity rights to the holders thereof, this paragraph shall be applicable only insofar as the said VFAs represent, over a period of 12 months, less than 20% of the number of VFAs already admitted to trading on the same DLT exchange;
(b) VFAs offered to existing or former administrators or employees by the issuer or by an affiliated undertaking, provided that the features of the said VFAs are equivalent to those of the VFAs already admitted to trading on the same DLT exchange and that the issuer makes public information on the number and nature of the VFAs and the reasons for and details of the offer.
