Entire Section

  • 2007

    • W 096/07 PIB — Deutsche Bank AG (Dubai Branch)

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      WAIVER AND MODIFICATION NOTICE

      To Deutsche Bank AG (Dubai Branch)
      Address The Gate
      West Wing
      Level 3, PO Box 504902
      Dubai UAE
      DFSA Firm Reference No. F000045
      Notice No. W096/2007

      THE DFSA HEREBY GIVES NOTICE THAT:

      1. The Rules specified in Table A herein do not apply to the above mentioned Person.

      AND

      2. The Rules specified in the left hand column of Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES WAIVED

      TABLE A
      PIB [VER13/12-07] Rule
      PIB Chapter 1 (General Requirements) All the Rules in section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in Chapter 2
      PIB Chapter 4 (Credit Risk) All the Rules in sections 4.3 to 4.10 inclusive
      PIB Chapter 5 (Market Risk) All the Rules in sections 5.3 to 5.9 inclusive
      PIB Chapter 7 (Group Risk) All Rules in sections 7.3 and 7.4

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      TABLE B
      Rule Modified Text
      PIB [VER13/12-07]
      Rule 1.2.1

      An Authorised Firm must:

      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      The waiver and modification in respect of the Rules specified above remains in effect for the duration of the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 2 Authorised Firm;
      (b) complies with its home state Financial Services Regulator's prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulation within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in the table herein apply to the above mentioned Person in the form set out in the applicable module of the Rulebook in force at the relevant time.

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE IS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE : 17 December 2007

    • W 095/07 PIN — Assicurazioni Generali S.p.A

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      WAIVER AND MODIFICATION NOTICE

      To Assicurazioni Generali S.p.A
      Address Middle East Regional Office, Office 49, Level 15, DIFC Business Centre, PO Box 125115, Dubai, UAE
      DFSA Firm Reference No. F000666
      Notice No. W095/2007

      THE DFSA HEREBY GIVES NOTICE THAT:

      1. The Rules specified in Table A herein do not apply to the above mentioned Person.

      RULES WAIVED

      TABLE A
      PIN module Rule
      PIN Chapter 4 (Capital) Section 4.3.2 to 4.3.4
      PIN Chapter 6 (Financial Reporting) Rule 6.2.4
      PIN Chapter 7 (Actuaries) All sections

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that Assicurazioni Generali S.p.A submits to the DFSA annually a copy of the Italian Insurance Regulators (ISVAP) Capital Resources Summary and the Assicurazioni Generali S.p.A Group Capital Adequacy Summary; to be submitted to the DFSA within ten business days of the due date to ISVAP.

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE IS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : David Knott
      Position : Chief Executive
      DATE OF ISSUE : 17 December 2007

    • W 094/07 PIB — Societe Generale

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      WAIVER AND MODIFICATION NOTICE

      To Societe Generale
      Address Level 3 & 4, Gate Village 6, DIFC P.O. Box 29600, Dubai — UAE
      DFSA Firm Reference No. F000416
      Notice No. W094/2007

      THE DFSA HEREBY GIVES NOTICE THAT:

      1. The Rules specified in Table A herein do not apply to the above mentioned Person.

      AND

      2. The Rules specified in the left hand column of Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES WAIVED

      As a consequence of waiving the Rules below, Table 2 in PIB chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in Chapter 2

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      TABLE B
      Rule Modified Text
      PIB Rule 1.2.1

      An Authorised Firm must:

      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 4 Authorised Firm;
      (b) complies with its home state Financial Services Regulator’s prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in Table A and Table B herein apply to the above mentioned Person as set out in the applicable module of the Rulebook in force at the relevant time.

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE IS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : David Knott
      Position : Chief Executive
      DATE OF ISSUE : 4 December 2007

    • W 092/07 OSR — Citigroup, Inc

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      MODIFICATION NOTICE

      To Citigroup, Inc
      Address Trowers & Hamlins, Burjuman Business Tower, Sheikh Khalifa
      bin Zayed Road (Trade Centre Road), PO Box 23092,
      Dubai, UAE
      DFSA Firm Reference No. F000423
      Notice No. W092/2007

      THE DFSA HEREBY GIVES NOTICE THAT:

      The Rules specified in the left hand column of the table herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      Rule Modified Text
      OSR 2.4.1
      (1) The DFSA, for the purposes of Article 14(2)(d) of the Markets Law 2004, prescribes an Offer as an Exempt Offer where:
      (a) the Offer satisfies at least one of the following conditions:
      (i) the Securities are Commercial Paper, certificates of deposit or bills of exchange;
      (ii) the Offer is made to no more than 50 Offerees in the DIFC in any 12 month period;
      (iii) the total consideration payable for the Securities does not exceed one million dollars; or
      (iv) the Securities are Debentures and the minimum consideration which may be paid by any Person for the Securities acquired by him pursuant to the Offer is $50,000; or
      [Amended][VER4/04-06]
      (b) the Offer is of Securities that:
      (i) are Shares and are offered by the Issuer to members, creditors or Employees of the Issuer or their Relatives;
      (ii) are issued and offered by a Body Corporate to a member of the same Group as the Body Corporate;
      (iii) result from the conversion of a Convertible and a Prospectus relating to the Convertible has been published in the DIFC under these Rules; or
      (iv) are Shares, Certificates representing Shares, or Warrants to subscribe for Shares in a Body Corporate offered by the Body Corporate in exchange for Securities in the same Body Corporate and the Offer does not result in any increase in the issued Share capital of that Body Corporate.;or
      (v) are issued and offered pursuant to the terms of an employee compensation, reward or share scheme by a Body Corporate to its Employees or to the Employees of another Body Corporate which is a member of the same Group.
      (2) An Exempt Offer is a Personal Exempt Offer if it:
      (a) satisfies the conditions set out in Rules 2.4.1(1)(a)(ii) and (iii);
      (b) may only be accepted by the Person to whom it is made; and
      (c) is made to a Person who is likely to be interested in the Offer having regard to:
      (i) previous contact between the Person making the Offer and that Person;
      (ii) a professional or other connection between the Person making the Offer and that Person; or
      (iii) statements or actions by that Person that indicate that they are interested in offers of that kind.

      CONDITIONS

      None

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE IS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Martin Kinsky
      Position : Managing Director, Markets
      DATE OF ISSUE: 29 November 2007

    • W 091/07 PRS — Deutsche Bank AG

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      MODIFICATION NOTICE

      To Deutsche Bank AG
      Address Deutsche Bank AG London, Winchester House, 1 Great Winchester Street, London, EC2N2DB, UK
      DFSA Firm Reference No. F000045
      Notice No. W091/2007

      THE DFSA HEREBY GIVES NOTICE THAT:

      The Rules specified in the left hand column of the table herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      Rule Modified Text
      PRS 1.4.1
      (1) For an activity to constitute Price Stabilisation it must be an activity of a type described in chapter 2 conducted within the period covered by the Stabilisation Window by a Person specified in (4) in accordance with PRS, which might reasonably have, or is intended to have, the effect of stabilising the price of the Shares or Debentures referred to in (2).
      (2) The Shares and Debentures referred to in (1) are Dubai Ports World Shares or Debentures:
      (a) which are publicly Offered in or from the DIFC for the first time by way of an Prospectus Offer, that is, Shares or Debentures which are the subject of an initial public offer or of an additional public offer of further Shares or Debentures to rank alongside those al in issue;
      (b) in respect of which the total cost of the Shares or Debentures subject to the Offer at the Offer Price is at least $10,000,000; and
      (c) which have been admitted to trading, or are the subject of an application for admission to trading, on an Authorised Market Institution.
      (3) The period covered by the Stabilisation Window is the period beginning on the date on which the Shares have been admitted to trading Offer Price is made public and ending on the earlier of:
      (a) the 30th calendar day after the Shares have been admitted to trading closing date of acceptances for the Offer; or
      (b) the 60th calendar day after the date of allotment on which amounts of the Share are allotted to subscribers, including the date of initial allotments.
      (4) The Person conducting the activities mentioned in (1) must be the Stabilisation Manager or any of his Stabilisation Agents.

      CONDITIONS

      None

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE IS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : David Knott
      Position : Chief Executive Officer
      DATE OF ISSUE: 26 November 2007

    • W 090/07 GEN — Dubai Financial LLC

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      MODIFICATION NOTICE

      To Dubai Financial LLC
      Address Building 5, South Block, 4th floor
      Dubai International Financial Center
      PO Box 125455
      Dubai, UAE
      DFSA Firm Reference No. F000714
      Notice No. W090/2007

      THE DFSA HEREBY GIVES NOTICE THAT:

      The Rules specified in the left hand column of the table herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      Rule Modified Text
      GEN 2.3.2
      (1) Subject to Rule 2.3.5, a Person does not carry on an activity specified under paragraphs (a), (b), (c), (d), (e), (f), (g), (h), (j), (k), (p), (q) and (r) of Rule 2.2.2 by way of business if:
      (a) the Person enters into transactions solely as a nominee for another Person and is bound to and does act on that other Person’s instructions;
      (b) the Person is a Body Corporate and carries on that activity solely as principal with or for other Bodies Corporates:
      (i) which are within the same Group as that Person; or
      (ii) which are or propose to become participators in a joint enterprise and the transaction is entered into for the purposes of or in connection with that enterprise;
      and for the purposes of the activities specified in paragraphs (g), (j), (k) and (r) of Rule 2.2.2 the assets in question belong to a Body Corporate falling within (i) or (ii); or
      (c) the Person carries on the activity solely for the purposes of or in connection with the sale of goods or the supply of services to a customer of the Person or a member of the same Group, provided that:
      (i) the supplier’s main business is to sell goods or supply services and not to carry on any Financial Service; and
      (ii) the customer is not an individual;
      and for the purposes of the activities specified in paragraphs (g), (j), (k) and (r) of Rule 2.2.2 the assets in question belong to that customer or member.
      (2) A Person who is a Body Corporate that is constituted in the DIFC does not carry on the activity specified under paragraph (d) or (e) of Rule 2.2.2. by way of business, provided that the Person:
      (a) carries on that activity as a member of an Authorised Market Institution or Recognised Body;
      (b) carries on that activity for its own account or for another Body Corporate which is in the same Group as the Person, provided that any such member of the Group for which the Person acts is a wholly-owned Subsidiary of the Holding Company or is the Holding Company itself;
      (c) is and continues to be of good standing and repute and has and continues to have adequate and relevant expertise in relation to such activity; and
      (d) restricts that activity to transactions involving or relating only to Commodity Derivatives on that Authorised Market Institution or Recognised Body.

      CONDITIONS

      The modification in respect of the Rules specified above remain in effect for the duration of the period set out below on condition that the Person to whom this notice applies immediately informs the DFSA in writing of any matter which affects or will affect its good standing and repute or that of its Holding Company or any of its corporate controllers.

      If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in the table herein apply to the above mentioned Person in their unmodified form as they appear in the applicable module of the Rulebook in force at the relevant time.

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE IS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : David Knott
      Position : Chief Executive Officer
      DATE OF ISSUE: 19 November 2007

    • W 089/07 PIB — EFG-Hermes UAE Limited

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      MODIFICATION NOTICE

      To EFG-Hermes UAE Limited
      Address Level 6, The Gate, West Wing, DIFC, PO Box 30727,
      Dubai, UAE
      DFSA Firm Reference No. F000075
      Notice No. W089/2007

      THE DFSA HEREBY GIVES NOTICE THAT:

      The Rules specified in the left hand column of the table herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      Rule Modified Text
      PIB A4.8.1
      (1) An Authorised Firm may treat the following Exposures as exempt from the Concentration Risk limits in chapter 4 if they are to Counterparties not connected to the Authorised Firm:
      (a) ………. and so on until and including (h)…………….
      (2) An Authorised Firm may also treat Exposures under (1)(h) as exempt from the Concentration Risk limits in chapter 4 where such Exposures are to Counterparties connected to the Authorised Firm.

      CONDITIONS

      None.

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE IS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : David Knott
      Position : Chief Executive
      DATE OF ISSUE: 19 November 2007

    • W 075/07 OSR — Sphere Investments Limited

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      WAIVER NOTICE

      To Sphere Investments Limited
      Address Sphere Investments Limited, 680 Murray Street, West Perth,
      Western Australia, 6005, Australia
      DFSA Firm Reference No. F000623
      Notice No. W075/2007

      THE DFSA HEREBY GIVES NOTICE THAT:

      The Rules specified in the table herein do not apply to the above mentioned Person.

      RULES WAIVED

      Rulebook Module Rule
      OSR OSR A2.2.1(3) and OSR A3.1.1(2) and (6)

      CONDITIONS

      The waiver in respect of the Rules specified above remains in effect for the duration of the period set out below on condition that the above named Person to whom this notice applies retains its primary listing on the Australian Securities Exchange (ASX) and continues to be subject to the ASX Listing Rules as amended or waived or modified from time to time.

      If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in the table herein apply to the above mentioned Person in the form set out in the applicable module of the Rulebook in force at the relevant time.

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE IS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Martin Kinsky
      Position : Managing Director, Markets
      DATE OF ISSUE: 10 September 2007

    • W 074/07 OSR — UBS AG

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      MODIFICATION NOTICE

      To UBS AG
      Address Level 5, Building 6, DIFC District
      P O Box 506542, Dubai, UAE
      DFSA Firm Reference No. F000321
      Notice No. W074/2007

      THE DFSA HEREBY GIVES NOTICE THAT:

      The Rules specified in the left hand column of the table herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      Rule Modified Text
      OSR 2.4.1
      (1) The DFSA, for the purposes of Article 14(2)(d) of the Markets Law 2004, prescribes an Offer as an Exempt Offer where:
      (a) the Offer satisfies at least one of the following conditions:
      (i) the Securities are Commercial Paper, certificates of deposit or bills of exchange;
      (ii) the Offer is made to no more than 50 Offerees in the DIFC in any 12 month period;
      (iii) the total consideration payable for the Securities does not exceed one million dollars; or
      (iv) the Securities are Debentures and the minimum consideration which may be paid by any Person for the Securities acquired by him pursuant to the Offer is $50,000; or
      [Amended][VER4/04-06]
      (b) the Offer is of Securities that:
      (i) are Shares and are offered by the Issuer to members, creditors or Employees of the Issuer or their Relatives;
      (ii) are issued and offered by a Body Corporate to a member of the same Group as the Body Corporate;
      (iii) result from the conversion of a Convertible and a Prospectus relating to the Convertible has been published in the DIFC under these Rules; or
      (iv) are Shares, Certificates representing Shares, or Warrants to subscribe for Shares in a Body Corporate offered by the Body Corporate in exchange for Securities in the same Body Corporate and the Offer does not result in any increase in the issued Share capital of that Body Corporate.;or
      (v) are issued and offered pursuant to the terms of an employee compensation, reward or share scheme by a Body Corporate to its Employees or to the Employees of another Body Corporate which is a member of the same Group.
      (2) An Exempt Offer is a Personal Exempt Offer if it:
      (a) satisfies the conditions set out in Rules 2.4.1(1)(a)(ii) and (iii);
      (b) may only be accepted by the Person to whom it is made; and
      (c) is made to a Person who is likely to be interested in the Offer having regard to:
      (i) previous contact between the Person making the Offer and that Person;
      (ii) a professional or other connection between the Person making the Offer and that Person; or
      (iii) statements or actions by that Person that indicate that they are interested in offers of that kind.

      CONDITIONS

      None

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE IS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Martin Kinsky
      Position : Managing Director, Markets
      DATE OF ISSUE: 10 September 2007

    • W 073/07 PIB — Deutsche Bank AG

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      WAIVER AND MODIFICATION NOTICE

      To Deutsche Bank AG
      Address The Gate,
      West Wing,
      Level 3, P O Box 504902
      Dubai, UAE
      DFSA Firm Reference No. F000045
      Notice No. W073/2007

      THE DFSA HEREBY GIVES NOTICE THAT:

      1. The Rules specified in Table A herein do not apply to the above mentioned Person.

      AND

      2. The Rules specified in the left hand column of Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES WAIVED

      As a consequence of waiving the Rules below, Table 2 in PIB chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in Chapter 2
      PIB Chapter 4 (Credit Risk) All the Rules in sections 4.3 to 4.10 inclusive
      PIB Chapter 5 (Market Risk) All the Rules in section 5.6
      PIB Chapter 7 (Group Risk) All the Rules in sections 7.3 and 7.4

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      TABLE B
      Rule Modified Text
      PIB Rule 1.2.1

      An Authorised Firm must:

      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 3 Authorised Firm;
      (b) complies with its home state Financial Services Regulator’s prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in Table A and Table B herein apply to the above mentioned Person as set out in the applicable module of the Rulebook in force at the relevant time.

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE IS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE : 5 September 2007

    • W 070/07 PIB — Commerzbank AG

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      WAIVER AND MODIFICATION NOTICE

      To Commerzbank AG
      Address Office 43, Level 15 Business Centre
      The Gate Building, DIFC
      PO Box 506596
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000521
      Notice No. W070/2007

      THE DFSA HEREBY GIVES NOTICE THAT:

      1. The Rules specified in Table A herein do not apply to the above mentioned Person.

      AND

      2. The Rules specified in the left hand column of Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES WAIVED

      As a consequence of waiving the Rules below, Table 2 in PIB chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in PIB section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in Chapter 2

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      TABLE B
      Rule Modified Text
      PIB Rule 1.2.1

      An Authorised Firm must:

      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 4 Authorised Firm;
      (b) complies with its home state Financial Services Regulator’s prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in Table A and Table B herein apply to the above mentioned Person as set out in the applicable module of the Rulebook in force at the relevant time.

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE IS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : David Knott
      Position : Chief Executive
      DATE OF ISSUE : 2nd September 2007

    • W 067/07 OSR — JP Morgan Chase Bank

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      MODIFICATION NOTICE

      To JP Morgan Chase Bank
      Address Level 7, Building 3, DIFC
      PO Box 506551, Dubai, UAE
      DFSA Firm Reference No. F000327
      Notice No. W067/2007

      THE DFSA HEREBY GIVES NOTICE THAT:

      The Rules specified in the left hand column of the table herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      Rule Modified Text
      OSR 2.4.1
      (1) The DFSA, for the purposes of Article 14(2)(d) of the Markets Law 2004, prescribes an Offer as an Exempt Offer where:
      (a) the Offer satisfies at least one of the following conditions:
      (i) the Securities are Commercial Paper, certificates of deposit or bills of exchange;
      (ii) the Offer is made to no more than 50 Offerees in the DIFC in any 12 month period;
      (iii) the total consideration payable for the Securities does not exceed one million dollars; or
      (iv) the Securities are Debentures and the minimum consideration which may be paid by any Person for the Securities acquired by him pursuant to the Offer is $50,000; or
      (b) the Offer is of Securities that:
      (i) are Shares and are offered by the Issuer to members, creditors or Employees of the Issuer or their Relatives;
      (ii) are issued and offered by a Body Corporate to a member of the same Group as the Body Corporate;
      (iii) result from the conversion of a Convertible and a Prospectus relating to the Convertible has been published in the DIFC under these Rules; or
      (iv) are Shares, Certificates representing Shares, or Warrants to subscribe for Shares in a Body Corporate offered by the Body Corporate in exchange for Securities in the same Body Corporate and the Offer does not result in any increase in the issued Share capital of that Body Corporate .;or
      (v) are issued and offered pursuant to the term of an employee reward or share scheme by a Body Corporate to its Employees or to the Employees of another Body Corporate which is a member of the same Group.
      (2) An Exempt Offer is a Personal Exempt Offer if it:
      (a) satisfies the conditions set out in Rules 2.4.1(1)(a)(ii) and (iii);
      (b) may only be accepted by the Person to whom it is made; and
      (c) is made to a Person who is likely to be interested in the Offer having regard to:
      (i) previous contact between the Person making the Offer and that Person;
      (ii) a professional or other connection between the Person making the Offer and that Person; or
      (iii) statements or actions by that Person that indicate that they are interested in offers of that kind.

      CONDITIONS

      None

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE IS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : David Knott
      Position : Chief Executive
      DATE OF ISSUE : 19 August 2007

    • W 064/07 PIB — Fimat International Banque SA (Dubai Branch)

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      WAIVER AND MODIFICATION NOTICE

      To Fimat International Banque SA (Dubai Branch)
      Address Level 41, Emirates Towers, Sheikh Zayed Road, P.O. Box
      31303, Dubai - UAE
      DFSA Firm Reference No. F000643
      Notice No. W064/2007

      THE DFSA HEREBY GIVES NOTICE THAT:

      1. The Rules specified in Table A herein do not apply to the above mentioned Person.

      AND

      2. The Rules specified in the left hand column of Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES WAIVED

      As a consequence of waiving the Rules below, Table 2 in PIB chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in Chapter 2

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      TABLE B
      Rule Modified Text
      PIB Rule 1.2.1

      An Authorised Firm must:

      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 4 Authorised Firm;
      (b) complies with its home state Financial Services Regulator’s prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in Table A and Table B herein apply to the above mentioned Person as set out in the applicable module of the Rulebook in force at the relevant time.

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE IS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Joyce Maykut QC
      Position : Acting Chief Executive
      DATE OF ISSUE : 25 September 2007

    • W 061/07 PIB — The Bank of Tokyo Mitsubishi UFJ, Ltd

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      WAIVER NOTICE

      To The Bank of Tokyo Mitsubishi UFJ, Ltd
      Address Office No. 607, 6th Floor
      Union House Building
      PO Box 43659, Dubai
      United Arab Emirates
      DFSA Firm Reference No. F000470
      Notice No. W061/2007

      THE DFSA HEREBY GIVES NOTICE THAT:

      The Rules specified in the table herein do not apply to the above mentioned Person.

      This notice is issued by the DFSA under Article 25 of the Regulatory Law 2004.

      Effective date: This notice comes into effect on 30th July 2007and remains in effect until further notice.

      RULES WAIVED

      The Rules waived are set out in the table below and Table 2 in PIB chapter 1 is to be construed accordingly.

      Module Version Rule
      PIB/VER10/07-07 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER10/07-07 PIB Chapter 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a half yearly basis, a copy of its latest Capital Adequacy summary report to the Financial Services Agency of Japan, within ten business days of the due date for submission to the Financial Services Agency of Japan.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      This notice was issued by:

      Name : David Knott
      Position : Chief Executive
      Date : 30th July 2007

    • W 060/07 OSR — Hikma Pharmaceuticals Plc

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      MODIFICATION NOTICE

      To Hikma Pharmaceuticals Plc
      Address Broadwalk House
      5 Appold Street
      London, EC2A 2HA
      United Kingdom
      DFSA Firm Reference No. F000276
      Notice No. W060/2007

      THE DFSA HEREBY GIVES NOTICE THAT:

      The Rules specified in the table herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply to that Person in the modified form prescribed in the table below.

      This notice is issued by the DFSA under Article 25 of the Regulatory Law 2004.

      Effective date: This notice comes into effect on 29 July 2007 and remain in force until 8 September 2007 or until further notice, which ever is the earlier.

      RULES MODIFIED

      The Rules listed in the left hand column of the table below are modified as shown in the right hand column of the table. In this table, underlining indicates new text and striking through indicates deleted text.

      The version of Rules to which this notice relates is OSR/VER8/06-07.

      Rule Modified Text
      Item 16

      Under OSR A2.1.1
      Interim financial statements Requirements

      (a) A Reporting Entity must publish a an audited semi-annual financial statement for the first six months of each financial year or period; and
      (b) ……………
      Time

      Without delay and in any event no later than 60 days of the end of the period to which the statement relates 7 September 2007.
      ....................
      and so on
      ……………..

      CONDITIONS

      The modifications in respect of the Rules specified above remain in effect for the duration of the period set out above on condition that:

      (a) That Hikma Pharmaceuticals immediately discloses by way of announcement the following information:

      "It is unable to meet the DFSA's requirement to publish its semi-annual financial statement within 60 days of the end of the period to which the statement relates. It has sought and obtained from the DFSA relief from this requirement. The effect of this relief is to extend the latest date for publication for an audited semi-annual financial statement to 7 September 2007."

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      This notice was issued by:

      Name : David W. Knott
      Position : Chief Executive
      Date : 29 July 2007

    • W 059/07 OSR — Sphere Investments Limited

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      MODIFICATION NOTICE

      To Sphere Investments Limited
      Address Sphere Investments Limited, 680 Murray Street, West Perth, Western Australia, 6005, Australia
      DFSA Firm Reference No. F000623
      Notice No. W059/2007

      THE DFSA HEREBY GIVES NOTICE THAT:

      The Rules specified in the table herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply to that Person in the modified form prescribed in the table below.

      This notice is issued by the DFSA under Article 25 of the Regulatory Law 2004.

      Effective date: This notice comes into effect on the date that the ordinary shares of Sphere Investments Limited are admitted to the Official List of Securities of the DIFX and remains in force until further notice or the date on which any Rule specified herein is amended, which ever is the earlier.

      RULES MODIFIED

      The Rules listed in the left hand column of the table below are modified as shown in the right hand column of the table. In this table, underlining indicates new text and striking through indicates deleted text.

      The version of Rules to which this notice relates is OSR/VER8/06-07.

      Rule Modified Text
      OSR A4.3.2 At least one third of the Governing Body must comprise non-executive Directors, of which at least two non-executive Directors must be independent.

      CONDITIONS

      The modification in respect of the Rule specified above remains in effect for the duration of the period set out above on condition that the Person to whom this notice applies retains its primary listing on the Australian Securities Exchange (ASX) and continues to be subject to the ASX Listing Rules.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      This notice was issued by:

      Name : Ian A. Johnston
      Position : Managing Director, Policy & Legal Services
      Date : 11 July 2007

    • W 058/07 COB — Deutsche Bank AG

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      MODIFICATION NOTICE

      To Deutsche Bank AG
      Address Dubai International Financial Centre
      The Gate, West Wing, Level 3
      PO Box 504902 Dubai, UAE
      DFSA Firm Reference No. F000045
      Notice No. W058/2007

      THE DFSA HEREBY GIVES NOTICE THAT:

      The Rules specified in the table herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply to that Person in the modified form prescribed in that table below.

      This notice is issued by the DFSA under Article 25 of the Regulatory Law 2004.

      Effective date: This notice comes into effect on 5 July 2007 and remains in effect until further notice or 5 July 2008, whichever is the earlier.

      RULES MODIFIED

      The Rule listed in the left hand column of the table below is modified as shown in the right hand column of the table. In this table, underlining indicates new text and striking through indicates deleted text.

      The version of Rules to which this notice relates is COB/VER9/06-07.

      Rule Modified Text
      COB 3.2.2
      (1) A Client is a Person who the Authorised Firm has determined, prior to the establishment of a relationship, is:
      (a) an individual who:
      (i) has at least $1 million in liquid assets and has provided the Authorised Firm with written confirmation of this fact or any entity within the Authorised Firm’s Group has provided such confirmation;
      (ii) appears to the Authorised Firm, after analysis, to have sufficient financial experience and understanding to participate in financial markets; and
      (iii) either:
      A. if the individual was a customer of the Authorised Firm’s Group immediately prior to the effective date of this notice, has been notified in writing (one way notification) by the Authorised Firm, that it will be providing specific Investment Business services to him and he has not objected to being treated as a Client prior to his account being transferred to the Authorised Firm; or
      B. has consented in writing to being treated as a Client;
      COB 3.2.6
      (1) An Authorised Firm must keep records of the verification process undertaken for each Client including any documents which evidence the Client’s status.

      If the Client in (1) is an individual the records must include the analysis undertaken, the reasons for the Authorised Firm concluding that the individual merits classification as a Client, and the Client’s written consent to be treated as a Client, and where an individual was a customer of the firm immediately prior to the effective date of this notice, a copy of the one way written notification, advising the customer that the customer will be treated as a Client for the purposes of the DFSA Rules.

      COB 8.1.1
      (1) Subject to Rule 8.1.2, an Authorised Firm must before conducting Investment Business with a Client provide him with a client agreement containing the matters referred to in Rule 8.1.4 or if impractical to do so, provide it within a reasonable period.
      (2) The Authorised Firm must, for Clients who were customers of the Authorised Firm’s Group immediately prior to the effective date of this notice, advise the Clients by way of a one way notification, of the new regulatory status of the Authorised Firm and that the customer will be treated as a Client for the purposes of the DFSA Rules.

      CONDITIONS

      None

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      This notice was issued by:

      Name : Simon Gray
      Position : Director, Supervision
      Date : 5 July 2007

    • W 049/07 PIB — Calyon

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      WAIVER NOTICE

      To CALYON
      Address P.O. Box 9256, Dubai - UAE
      DFSA Firm Reference No. F000534
      Notice No. W049/2007

      THE DFSA HEREBY GIVES NOTICE THAT:

      The Rules specified in the table herein do not apply to the above mentioned Person.

      This notice is issued by the DFSA under Article 25 of the Regulatory Law 2004.

      Effective date: This notice comes into effect on 27 May 2007 and remains in effect until further notice.

      RULES WAIVED

      The Rules waived are set out in the table below and Table 2 in PIB chapter 1 is to be construed accordingly.

      Module Version Rule
      PIB/VER8/02-07 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER8/02-07 PIB Chapter 2, all Sections (Capital)
      PIB/VER8/02-07 PIB Chapter 4, Sections PIB 4.3 to PIB 4.10 (Credit Risk)
      PIB/VER8/02-07 PIB Chapter 5, Sections PIB 5.3 to PIB 5.9 (Market Risk)
      PIB/VER8/02-07 PIB Chapter 7, Sections PIB 7.3 and PIB 7.4 (Group Risk)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a half yearly basis, a copy of its latest Capital Adequacy summary report to the Banque De France, Commission Bancaire, within ten business days of the due date for submission to the Banque De France, Commission Bancaire.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      This notice was issued by:

      Name : David Knott
      Position : Chief Executive
      Date : 27 May 2007

    • W 047/07 PIB — Schroder Investment Management Limited

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      WAIVER NOTICE

      To Schroder Investment Management Limited
      Address Level 15, The Gate Building, DIFC, Dubai, UAE
      DFSA Firm Reference No. F000513
      Notice No. W047/2007

      THE DFSA HEREBY GIVES NOTICE THAT:

      The Rules specified in the table herein do not apply to the above mentioned Person.

      This notice is issued by the DFSA under Article 25 of the Regulatory Law 2004.

      Effective date: This notice comes into effect on 17 May 2006 and remains in effect until further notice.

      RULES WAIVED

      The Rules waived are set out in the table below and Table 2 in PIB chapter 1 is to be construed accordingly.

      Module Version Rule
      PIB/VER7/08-06 PIB Chapter 1, PIB Section 1.2 & PIB Section 1.4 (Financial Resources & The Trading Book)
      PIB/VER7/08-06 PIB Chapter 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy summary report to the UK Financial Services Authority (“FSA”), within ten business days of the due date for submission to the FSA.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      This notice was issued by:

      Name : David Knott
      Position : Chief Executive
      Date : 17 May 2007

    • W 042/07 GEN — Oman Trading International Limited

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      MODIFICATION NOTICE

      To Oman Trading International Limited
      Address Tenancy 2, Level 5, Gate Precinct Building 2
      Gate Precinct
      P.O. Box 506515
      Dubai International Financial Center
      Dubai, UAE
      DFSA Firm Reference No. F000535
      Notice No. W042/2007

      THE DFSA HEREBY GIVES NOTICE THAT:

      The Rules specified in the table herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply to that Person in the modified form prescribed in that table below.

      This notice is issued by the DFSA under Article 25 of the Regulatory Law 2004.

      Effective date: This notice comes into effect on 1 May 2007 and remains in effect until further notice or until 1 May 2010 whichever is the earlier.

      RULES MODIFIED

      The Rules listed in the left hand column of the table below are modified as shown in the right hand column of the table. In this table, underlining indicates new text and striking through indicates deleted text.

      The version of Rules to which this notice relates is GEN/VER13/02-07.

      Rule Modified Text
      GEN 2.3.2
      (1) Subject to GEN Rule 2.3.5, a Person does not carry on an activity specified under paragraphs (a), (b), (c), (d), (e), (f), (g), (h), (j), (k), (p), (q) and (r) of GEN Rule 2.2.2 by way of business if:
      (a) the Person enters into transactions solely as a nominee for another Person and is bound to and does act on that other Person’s instructions;
      (b) the Person is a Body Corporate and carries on that activity solely as principal with or for other Bodies Corporates:
      (i) which are within the same Group as that Person; or
      (ii) which are or propose to become participators in a joint enterprise and the transaction is entered into for the purposes of or in connection with that enterprise;
      and for the purposes of the activities specified in paragraphs (g), (j), (k) and (r) of GEN Rule 2.2.2 the assets in question belong to a Body Corporate falling within (i) or (ii); or
      (c) the Person carries on the activity solely for the purposes of or in connection with the sale of goods or the supply of services to a customer of the Person or a member of the same Group, provided that:
      (i) the supplier’s main business is to sell goods or supply services and not to carry on any Financial Service; and
      (ii) the customer is not an individual;
      and for the purposes of the activities specified in paragraphs (g), (j), (k) and (r) of GEN Rule 2.2.2 the assets in question belong to that customer or member.
      (2) A Person who is a Body Corporate that is constituted in the DIFC does not carry on the activity specified under paragraph (d) or (e) of GEN Rule 2.2.2. by way of business, provided that the Person:
      (a) carries on that activity as a member of an Authorised Market Institution or Recognised Body;
      (b) carries on that activity for its own account or for another Body Corporate which is in the same Group as the Person, provided that any such member of the Group for which the Person acts is a wholly-owned Subsidiary of the Holding Company or is the Holding Company itself;
      (c) is and continues to be of good standing and repute and has and continues to have adequate and relevant expertise in relation to such activity; and
      (d) restricts that activity to transactions involving or relating only to Commodity Derivatives on that Authorised Market Institution or Recognised Body.

      CONDITIONS

      The modification in respect of the Rules specified above remain in effect for the duration of the period set out above on condition that:

      The Person to whom this notice applies immediately informs the DFSA in writing of any matter which affects or will affect its good standing and repute or that of its Holding Company or any of its corporate controllers.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      This notice was issued by:

      Name : Martin Kinsky
      Position : Managing Director, Markets
      Date : 1 May 2007

    • W 034/07 PIB — Daiwa Securities SMBC Europe Limited

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      WAIVER NOTICE

      To Daiwa Securities SMBC Europe Limited
      Address DIFC, Office 17, Level 15, The Gate Building, P.O. Box
      121208, Dubai, United Arab Emirates
      DFSA Firm Reference No. F000498
      Notice No. W034/2007

      THE DFSA HEREBY GIVES NOTICE THAT:

      The Rules specified in the table herein do not apply to the above mentioned Person.

      This notice is issued by the DFSA under Article 25 of the Regulatory Law 2004.

      Effective Date: This notice comes into effect on 11 April 2007 and remains in effect until further notice.

      RULES WAIVED

      The Rules waived are set out in the table below and Table 2 in PIB Chapter 1 is to be construed accordingly.

      DFSA Rulebook Module Version Rule
      PIB/VER7/08-06 PIB Chapter 1, PIB Section 1.2 & PIB Section 1.4 (Financial Resources & The Trading Book)
      PIB/VER7/08-06 PIB Chapter 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy summary report to the UK Financial Services Authority (‘FSA’), within ten business days of the due date for submission to the FSA.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      Name : Jane Coakley
      Position : Managing Director
      Authorisation
      Date : 11 April 2007

    • W 025/07 PIB — Killik & Co

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      WAIVER NOTICE

      To Killik & Co
      Address P.O. Box 71169,
      Dubai,
      U.A.E.
      DFSA Firm Reference No. F000421
      Notice No. W025/2007

      THE DFSA HEREBY GIVES NOTICE THAT:

      The Rules specified in the table herein do not apply to the above mentioned Person.

      This notice is issued by the DFSA under Article 25 of the Regulatory Law 2004.

      Effective date: This notice comes into effect on 1 April 2007 and remains in effect until further notice.

      RULES WAIVED

      The Rules waived are set out in the table below and Table 2 in PIB chapter 1 is to be construed accordingly.

      DFSA Rulebook Module Version Rule
      PIB/VER7/08-06 PIB Chapter 1, PIB Section 1.2 & PIB Section 1.4 (Financial Resources & The Trading Book)
      PIB/VER7/08-06 PIB Chapter 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy summary report to the UK Financial Services Authority (“FSA”) within ten business days of the due date for submission to the FSA.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      This notice was issued by:

      Name : Ian Johnston
      Position : Managing Director, Policy and Legal Services
      Date : 1 April 2007

    • W 023/07 GEN — Vitol Dubai Ltd

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      MODIFICATION NOTICE

      To Vitol Dubai Ltd
      Address Level 5
      Precinct Building 2
      DIFC, Dubai
      United Arab Emirates
      DFSA Firm Reference No. F000504
      Notice No. W023/2007

      THE DFSA HEREBY GIVES NOTICE THAT:

      The Rules specified in the table herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply to that Person in the modified form prescribed in that table below.

      This notice is issued by the DFSA under Article 25 of the Regulatory Law 2004.

      Effective date: This notice comes into effect on 7 March 2007 and remains in effect until further notice or until 7 March 2010 whichever is the earlier.

      RULES MODIFIED

      The Rules listed in the left hand column of the table below are modified as shown in the right hand column of the table. In this table, underlining indicates new text and striking through indicates deleted text.

      Rule Modified Text
      GEN 2.3.2
      (1) Subject to Rule 2.3.5, a Person does not carry on an activity specified under paragraphs (a), (b), (c), (d), (e), (f), (g), (h), (j), (k), (p), (q) and (r) of Rule 2.2.2 by way of business if:
      (a) the Person enters into transactions solely as a nominee for another Person and is bound to and does act on that other Person’s instructions;
      (b) the Person is a Body Corporate and carries on that activity solely as principal with or for other Bodies Corporates:
      (i) which are within the same Group as that Person; or
      (ii) which are or propose to become participators in a joint enterprise and the transaction is entered into for the purposes of or in connection with that enterprise;
      and for the purposes of the activities specified in paragraphs (g), (j), (k) and (r) of Rule 2.2.2 the assets in question belong to a Body Corporate falling within (i) or (ii); or
      (c) the Person carries on the activity solely for the purposes of or in connection with the sale of goods or the supply of services to a customer of the Person or a member of the same Group, provided that:
      (i) the supplier’s main business is to sell goods or supply services and not to carry on any Financial Service; and
      (ii) the customer is not an individual;
      and for the purposes of the activities specified in paragraphs (g), (j), (k) and (r) of Rule 2.2.2 the assets in question belong to that customer or member.
      (2) A Person who is a Body Corporate that is constituted in the DIFC does not carry on the activity specified under paragraph (d) or (e) of Rule 2.2.2 by way of business, provided that the Person:
      (a) carries on that activity as a member of an Authorised Market Institution or Recognised Body;
      (b) carries on that activity for its own account or for another Body Corporate which is in the same Group as the Person, provided that any such member of the Group for which the Person acts is a wholly-owned Subsidiary of the Holding Company or is the Holding Company itself;
      (c) is and continues to be of good standing and repute and has and continues to have adequate and relevant expertise in relation to such activity; and
      (d) restricts that activity to transactions involving or relating only to Commodity Derivatives on that Authorised Market Institution or Recognised Body.

      CONDITIONS

      The modification in respect of the Rules specified above remains in effect for the duration of the period set out above on condition that:

      The Person to whom this notice applies immediately informs the DFSA in writing of any matter which affects or will affect its good standing and repute or that of its Holding Company or any of its corporate controllers.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      This notice was issued by:

      Name : David Knott
      Position : Chief Executive
      Date : 7 March 2007

    • W 017/07 PIB — Guggenheim Capital Markets LLC

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      WAIVER NOTICE

      To Guggenheim Capital Markets LLC
      Address Villa 6, Cluster 36, Jumeirah Islands
      PO Box 506587, Dubai, United Arab Emirates
      DFSA Firm Reference No. F000332
      Notice No. W017/2007

      THE DFSA HEREBY GIVES NOTICE THAT:

      The Rules specified in the table herein do not apply to the above mentioned Person.

      This notice is issued by the DFSA under Article 25 of the Regulatory Law 2004.

      Effective date: This notice comes into effect on 29 July 2007 and remains in effect until further notice.

      RULES WAIVED

      The Rules waived are set out in the table below and Table 2 in PIB chapter 1 is to be construed accordingly.

      Module Version Rule
      PIB/VER10/07-07 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER10/07-07 PIB Chapter 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy summary report to its National Association of Securities Dealers (US), within ten business days of the due date for submission to National Association of Securities Dealers (US).

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      This notice was issued by:

      Name : David W. Knott
      Position : Chief Executive
      Date : 29 July 2007