Entire Section

  • 2008

    • W 079/08 PIB — Hana Bank

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      WAIVER AND MODIFICATION NOTICE

      To Hana Bank
      Address Level 9, Plot No. 335-140, Monarch Office Tower, Sheikh Zayed Road, PO Box 506784
      DFSA Firm Reference No. F000948
      Notice No. W079/2008

      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 PIB 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 WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Jane Coakley
      Position : Managing Director
      DATE OF ISSUE: 1 December 2008

    • W 077/08 PIB — Franklin Templeton Investment Management Ltd

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      WAIVER AND MODIFICATION NOTICE

      To Franklin Templeton Investment Management Ltd
      Address 505, Level 5, Building No. 3, DIFC, PO Box 506613, Dubai, UAE
      DFSA Firm Reference No. F000004
      Notice No. W077/2008

      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 PIB 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 WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 19-November-2008

    • W 075/08 OSR — Brevan Howard Macro Limited

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      MODIFICATION NOTICE

      To Brevan Howard Macro Limited
      Address The Exchange Building, 5th Floor
      DIFC, PO Box 506569, Dubai, UAE
      DFSA Firm Reference No. F001012
      Notice No. W075/2008

      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 A3.4.1, Item 2.
      Event Threshold for decision
      An alteration of the authorised or issued Share Capital of the Listed Fund unless the alteration is:
      i) effected under the Share Conversion Program stated in the BH Macro Limited’s Articles of Association registered 17 January 2007 and amended by special resolutions dated 5 February 2007, 27 June 2007 and 9 April 2008; or
      ii) effected within the power of the board of the company to close certain classes of Shares or convert certain classes of Shares in circumstances where the net Share asset value of a Share class falls below USD 25million or where Shares in public hands fall below 25 per cent, as stated in the said Articles of Association.
      Majority

      CONDITIONS

      The 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:

      1. ensures that sufficient details of the Share Conversion Programme mentioned in the Rule above are disclosed:
      a. in every Prospectus issued in respect of the Fund; and
      b. on that Person’s website,
      to enable prospective Unitholders and their professional advisers to make an informed judgement about the merits of investing in the Fund and the extent and characteristics of the associated risks accepted by so participating.

      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 to whom this notice applies 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 that Shares of Brevan Howard Global Limited are admitted to the Official List of the DIFX 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-2008

    • W 074/08 OSR — Brevan Howard Global Limited

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      MODIFICATION NOTICE

      To Brevan Howard Global Limited
      Address The Exchange Building, 5th Floor
      DIFC, PO Box 506569, Dubai, UAE
      DFSA Firm Reference No. F000867
      Notice No. W074/2008

      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 A3.4.1, Item 2.
      Event Threshold for decision
      An alteration of the authorised or issued Share Capital of the Listed Fund unless the alteration is:
      i) effected under the Share Conversion Program stated in the BH Global Limited’s Articles of Association registered on 25 February 2008 and amended and restated by special resolution dated 23 April 2008; or
      ii) effected within the power of the board of the company to close certain classes of Shares or convert certain classes of Shares in circumstances where the net Share asset value of a Share class falls below USD 25million or where Shares in public hands fall below 25 per cent, as stated in the said Articles of Association.
      Majority

      CONDITIONS

      The 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:

      1. ensures that sufficient details of the Share Conversion Programme mentioned in the Rule above are disclosed:
      a. in every Prospectus issued in respect of the Fund; and
      b. on that Person’s website,
      to enable prospective Unitholders and their professional advisers to make an informed judgement about the merits of investing in the Fund and the extent and characteristics of the associated risks accepted by so participating.

      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 to whom this notice applies 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 that Shares of Brevan Howard Global Limited are admitted to the Official List of the DIFX 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-2008

    • W 071/08 COB — NATIXIS

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      MODIFICATION NOTICE

      To NATIXIS
      Address 5th Floor, Gate Village 8, DIFC, P.O Box 506694, Dubai, UAE
      DFSA Firm Reference No. F000357
      Notice No. W071/2008

      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
      COB 2.3.2
      (1) An Authorised Firm may classify a Person as a Professional Client only if such a Person:
      (a) either:
      (i) has net assets of at least $500,000 calculated in accordance with Rule 2.4.1; or
      (ii) is, or has been in the previous 2 years:
      (A) an Employee of the Authorised Firm; or
      (B) an Employee in a professional position in another Authorised Firm;
      (b) subject to (2), appears, on reasonable grounds, to the Authorised Firm, to have sufficient experience and understanding of relevant financial markets, products or transactions and any associated risks following the analysis specified in Rule 2.5.1; and
      (c) has not elected to be treated as a Retail Client in accordance with Rule 2.3.3.
      (2) An Authorised Firm may consider the following Persons as possessing the necessary degree of experience and understanding of relevant financial markets, products or transactions without having to undertake the analysis referred to in (1)(b):
      (a) a Collective Investment Fund or a regulated pension fund;
      (b) an Authorised Firm, a Regulated Financial Institution or the management company of a regulated pension fund;
      (c) a properly constituted government, government agency, central bank or other national monetary authority of any country or jurisdiction;
      (d) a public authority or state investment body;
      (e) a supranational organisation whose members are either countries, central banks or national monetary authorities;
      (f) an Authorised Market Institution, regulated exchange or regulated clearing house;
      (g) a Body Corporate whose shares are listed or admitted to trading on any regulated exchange of an IOSCO member country;
      (h) a Body Corporate which has called up share capital of at least $10,000,000; or
      (i) any other institutional investor whose main activity is to invest in financial instruments, including an entity dedicated to the securitisation of assets or other financial transactions.
      (3) A personal investment vehicle may be classified as a Professional Client without having to meet the requirements in (1)(a)(i) if it is established and operated for the sole purpose of facilitating the management of the investment portfolio of an existing Professional Client.
      (4) An Undertaking may be classified as a Professional Client without having to meet the requirements of (1) (a) (i) if :
      (a) it is the borrower in a transaction involving the provision of credit;
      (b) it’s Holding Company or Parent is a Professional Client; and
      (c) the Holding Company or Parent is it’s guarantor in respect of these borrowing activities.

      CONDITIONS

      Nil

      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 Officer
      DATE OF ISSUE: 13 November 2008

    • W 068/08 GEN — Cisco Capital Dubai Limited

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      MODIFICATION NOTICE

      To Cisco Capital Dubai Limited
      Address Cisco Systems Finance International,
      Block P6,
      Est Point Business Park,
      Dublin 3,
      Ireland
      DFSA Firm Reference No. F000963
      Notice No. W068/2008

      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 8.2.1
      (1) An Authorised Person must prepare and maintain all financial accounts and statements in accordance with:
      (a) the International Financial Reporting Standards (IFRS); or
      (b) the generally accepted accounting principles of the United States (USGAAP) as defined under Auditing Standards of the American Institute of Certified Public Accounting of the United States (AICPA) standard SAS No. 69 and if repealed then as defined in the relevant standard as issued by the Financial Accounting Standards Board (FASB) that replaces SAS no. 69,
      unless (2) or (3) applies.
      (2) If an Authorised Firm is an Islamic Financial Institution it must prepare and maintain all financial accounts and statements in accordance with the accounting standards of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
      (3) If an Authorised Person operates an Islamic Window it must prepare and maintain all financial accounts and statements in accordance with the IFRS or USGAAP, as supplemented by AAOIFI FAS 18 in respect of its Islamic Financial Business.
      GEN 8.6.1 An Authorised Firm or Authorised Market Institution, as applicable, must in writing require its auditor to:
      (a) conduct an audit of the Authorised Person's accounts in accordance with the requirements of the relevant standards published by:
      (i) the International Auditing and Assurance Standards Board (IAASB) or the Generally Accepted Auditing Standards as issued by American Institute of Certified Public Accountants Auditing Standards Board (US GAAS), that is, the Auditing Standards of the Public Company Accounting Oversight Board of the United States (PCAOB) or (AICPA) in respect of conventional financial business; and
      (ii) by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) in respect of any Islamic Financial Business;
      (b) produce a report on the audited accounts which states:
      (i) whether, in the auditor's opinion, the accounts have been properly prepared in accordance with the requirements imposed by this chapter;
      (ii) in particular, whether the accounts give a true and fair view of the financial position of the Authorised Person for the financial year and of the state of the Authorised Person's affairs at the end of the financial year end; and
      (iii) any other matter or opinion relating to the requirements of this chapter;
      (c) produce an Auditor's Annual Report which states whether:
      (i) the auditor has audited the Authorised Person's annual financial statements in accordance with the IAASB or USGAAS or AAOIFI auditing standards in respect of Islamic Financial Business;
      (ii) the auditor has Audited the Authorised Person's annual financial statements in accordance with the IAASB, PCAOB or AICPA auditing standards and AAOIFI auditing standards in respect of Islamic Financial Business;
      (iii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB, PCAOB or AICPA auditing standards and AAOIFI auditing standards in respect of Islamic Financial Business;
      (iv) …………………………..and so on as per the Rulebook text up to and including (h).

      CONDITIONS

      The Modification remains in effect for the duration of the period set out below on condition that the above named Person to whom this notice applies carries on Financial Services through a Branch in the DIFC.

      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 31 December 2009 or until further notice, whichever is the earlier.

      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 : Ian Johnston
      Position : Acting Chief Executive
      DATE OF ISSUE: 15th October 2008

    • W 067/08 CIR — Morgan Stanley & Co International plc

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      MODIFICATION NOTICE

      To Morgan Stanley & Co International plc
      Address Level 5, West Wing,
      The Gate, DIFC,
      PO Box 506501,
      Dubai, UAE
      DFSA Firm Reference No. F000168
      Notice No. W067/2008

      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
      CIR 3.5.1 An Authorised Firm may make an Offer or undertake a Transaction for or on behalf of a Client in respect of a Unit of a Foreign Fund where:
      (a) the Fund is a Designated Fund in a Recognised Jurisdiction; and
      (b) except where the Offer is made to, or the Transaction is undertaken for or on behalf of, a Professional Client if the Fund is a Property Fund, the requirements in Rule 3.7.1 are satisfied when the Fund is a Property Fund.
      CIR 3.6.1
      (1) An Authorised Firm may make an Offer or undertake a Transaction for or on behalf of a Client in respect of a Unit of a Foreign Fund where:
      (a) one or more of the following apply:
      (i) the custodian of the Fund meets one of the requirements in (4) and the investment manager of the Fund meets one of the requirements in (5);
      (ii) both the custody and investment management activities of the Fund are performed by a Person who meets the requirements in (6); or
      (iii) the Fund has been rated in accordance with the requirement in (7);
      and
      (b) except where the Offer is made to, or the Transaction is undertaken for or on behalf of, a Professional Client if the Fund is a Property Fund, the requirements in Rule 3.7.1 are satisfied when the Fund is a Property Fund.
      (2) …………..and so on as per the Rulebook text up to and including (7)

      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 : Ian Johnston
      Position : Acting Chief Executive
      DATE OF ISSUE: 15th October 2008

    • W 064/08 PIB — State Bank of India

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      WAIVER AND MODIFICATION NOTICE

      To State Bank of India
      Address Level 2,
      Gate Village 5,
      DIFC,
      PO Box 45035,
      Dubai,
      UAE
      DFSA Firm Reference No. F000329
      Notice No. W064/2008

      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 PIB Chapter 2
      PIB Chapter 4 (Credit Risk) All the Rules in sections PIB 4.3 to PIB 4.10 inclusive
      PIB Chapter 5 (Market Risk) All the Rules in sections PIB 5.3 to PIB 5.9 inclusive
      PIB Chapter 7 (Group Risk) All the Rules in sections PIB 7.3 and PIB 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 1 or 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 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 WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision

      DATE OF ISSUE:

      6th October 2008

    • W 063/08 COB — Louvre Fund Advisors (Middle East) Limited

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      MODIFICATION NOTICE

      To Louvre Fund Advisors (Middle East) Limited
      Address Level 1, Link up Business Centre, Sheikh Zayed Road, PO Box
      506601, Dubai
      DFSA Firm Reference No. F000458
      Notice No. W063/2008

      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
      COB 2.3.2
      (1) An Authorised Firm may classify a Person as a Professional Client only if such a Person:
      (a) either:
      (i) has net assets of at least $500,000 calculated in accordance with Rule 2.4.1; or
      (ii) is, or has been in the previous 2 years:
      (A) an Employee of the Authorised Firm; or
      (B) an Employee in a professional position in another Authorised Firm;
      (b) subject to (2), appears, on reasonable grounds, to the Authorised Firm, to have sufficient experience and understanding of relevant financial markets, products or transactions and any associated risks following the analysis specified in Rule 2.5.1; and
      (c) has not elected to be treated as a Retail Client in accordance with Rule 2.3.3.
      (2) An Authorised Firm may consider the following Persons as possessing the necessary degree of experience and understanding of relevant financial markets, products or transactions without having to undertake the analysis referred to in (1)(b):
      (a) a Collective Investment Fund or a regulated pension fund;
      (b) an Authorised Firm, a Regulated Financial Institution or the management company of a regulated pension fund;
      (c) a properly constituted government, government agency, central bank or other national monetary authority of any country or jurisdiction;
      (d) a public authority or state investment body;
      (e) a supranational organisation whose members are either countries, central banks or national monetary authorities;
      (f) an Authorised Market Institution, regulated exchange or regulated clearing house;
      (g) a Body Corporate whose shares are listed or admitted to trading on any regulated exchange of an IOSCO member country;
      (h) a Body Corporate which has called up share capital of at least $10,000,000; or
      (i) any other institutional investor whose main activity is to invest in financial instruments, including an entity dedicated to the securitisation of assets or other financial transactions.
      (3) A personal investment vehicle may be classified as a Professional Client without having to meet the requirements in (1)(a)(i) if it is established and operated for the sole purpose of facilitating the management of the investment portfolio of an existing Professional Client.
      (4) A Regulated Financial Institution, or Foreign Fund, including the Operator, management company or Special Purpose Vehicle of such a Fund, may be classified as a Professional Client without having to meet the requirements of (1)(a)(i) if the applicable legislation in its home jurisdiction does not require it to have such net assets.

      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: 6th October 2008

    • W 060/08 PIB — Woori Bank

      Click herehere to view the PDF

      WAIVER AND MODIFICATION NOTICE

      To Woori Bank
      Address Suite 06:06, Level 6, Dubai World Trade Centre, Rashid
      Tower, P.O. Box 506760, Dubai, UAE
      DFSA Firm Reference No. F000913
      Notice No. W60/2008

      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 PIB 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 WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 9 September 2008

    • W 057/08 OSR — China Securities and Surveillance Technology, Inc

      Click herehere to view the PDF

      WAIVER AND MODIFICATION NOTICE

      To China Securities and Surveillance Technology, Inc
      Address Mr Terence Yap
      Vice Chairman and CFO
      China Securities and Surveillance Technology, Inc
      C-/
      Mac Capital Limited
      Suite 115, Building 4, Gold & Diamond Park
      Interchange 4, Sheikh Zayed Road
      P.O. Box 122723,
      DUBAI, U.A.E
      DFSA Firm Reference No. F000966
      Notice No. W57/2008

      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
      Rulebook Module Rule
      OSR A2.2.1 Item 3, A3.1.1 Item 2, A3.1.1 Item 7 and A3.1.1 Item 11

      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 accordingly. In this notice Table B shows only those items that have been modified. The remaining items are unaltered and remain in force.

      TABLE B
      Rule Modified Text
      OSR A 3.1.1, Item 1
      Event Threshold for decision Shares Certificates Over Shares
      An alteration of the constitutional documents of the Reporting Entity including any alteration to the memorandum of association, articles of association, bye-laws or any other instrument constituting the Reporting Entity. Majority or in accordance with the Issuer’s Bylaws and the relevant US statute. X X
      OSR A3.1.1, Item 6.
      Event Threshold for decision Shares Certificates Over Shares
      The granting of Share components to the Issuer’s Directors’ or Employees’ compensation schemes. Majority or in accordance with the Issuer’s Bylaws and the relevant US statute. X X
      OSR A3.1.1, Item 6.
      Event Threshold for decision Shares Certificates Over Shares
      The granting of authority to the Governing Body of the Issuer to allot Shares. Majority or in accordance with the Issuer’s Bylaws and the relevant US statute. X X

      CONDITIONS

      1. The Issuer must retain its primary listing on NYSE and continues to be subject to the NYSE 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 that ordinary Shares of China Securities and Surveillance Technology, Inc. are admitted to the Official List of Securities of the Dubai International Financial Exchange 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 WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Acting Chief Executive
      DATE OF ISSUE: 2nd September 2008

    • W 054/08 PIB — UBS AG

      Click herehere to view the PDF

      WAIVER AND MODIFICATION NOTICE

      To UBS AG
      Address Dubai International Financial Centre, Level 5, Building 6,
      PO Box 506542
      Dubai, UAE
      DFSA Firm Reference No. F000321
      Notice No. W054/2008

      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 PIB Chapter 2
      PIB Chapter 4 (Credit Risk) All the Rules in sections PIB 4.3 to PIB 4.10 inclusive
      PIB Chapter 5 (Market Risk) All the Rules in PIB section 5.6
      PIB Chapter 7 (Group Risk) All the Rules in sections PIB 7.3 and PIB 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 WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision

      DATE OF ISSUE:

      4 August 2008

    • W 053/08 PIN — Assicurazioni Generali S.p.A

      Click herehere to view the PDF

      WAIVER NOTICE

      To Assicurazioni Generali S.p.A
      Address Office 49, Level 15, Business Centre, The Gate, DIFC, PO
      Box 125115
      DFSA Firm Reference No. F000666
      Notice No. W053/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

      The Rule specified in table herein does not apply to the above mentioned Person.

      RULES WAIVED

      Rulebook Module Rule
      PIN Appendix 10 A10.2.3

      CONDITIONS

      The waiver in respect of the Rule 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 submits to the DFSA annual and quarterly audited consolidated accounts for the Insurers’ Group prepared in accordance with the International Financial Reporting Standards (IFRS) and publishes those accounts on the Insurer’s website. Such accounts must be submitted to the DFSA within ten (10) days of the date upon which the Person is required to lodge the accounts with the Istituto per la Vigilanza sulle Assicurazioni Private e di Interesse Collettivo (ISVAP).

      If the condition stated above is breached, this notice ceases to have effect forthwith and the Rule 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 was issued by:

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

      Name : Ian Johnston
      Position : Acting Chief Executive
      Date : 3 August 2008

    • W 052/08 OSR — NetSol Technologies Inc

      Click herehere to view the PDF

      WAIVER AND MODIFICATION NOTICE

      To NetSol Technologies Inc
      Address 23901, Calabasas Road, Suite 2072,
      Calabasas, California, 91024
      United States of America
      DFSA Firm Reference No. F000804
      Notice No. W052/2008

      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
      Rulebook module Rule
      OSR A2.2.1 Item 3, A3.1.1 Item 7 and A3.1.1 Item 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 accordingly. In this notice Table B shows only those items that have been modified. The remaining items are unaltered and remain in force.

      TABLE B
      Rule Modified Text
      OSR A2.1.1,
      Item 19

      Events Requirements Time Shares Warrants over Shares Debentures Warrants over Debentures Certificates over Shares Certificates over Debentures
      Proposed, new issues and results of new issues of Securities Market disclosure of the class, number, date of issue, and consideration received for the issue of the Securities and details of changes in share capital. Without delay or in accordance with the time permissible for the relevant US SEC filings. X X X X X X

      OSR A3.1.1, Item 1
      Event Threshold for decision Shares Certificates over Shares
      An alteration of the constitutional documents of the Reporting Entity including any alteration to the memorandum of association, articles of association, bye-laws or any other instrument constituting the Reporting Entity. Majority or in accordance with the Issuer's articles of association and the relevant US statute. X X

      OSR A3.1.1, Item 6.
      Event Threshold for decision Shares Certificates over Shares
      The granting of authority to the Governing Body of the Issuer to allot Shares. Majority or in accordance with the Issuer's articles of association and the relevant US statute. X X

      OSR A3.2.1, Item 1.
      Event Threshold for decision Shares Certificates Over Shares Units
      The removal or appointment of a Director or Partner to the Governing Body by an Issuer. Majority or in accordance with the laws of the State of Nevada. X X X

      OSR A3.2.1, Item 2.
      Event Threshold for decision Shares Certificates over Shares Units
      The removal of an auditor by an Issuer Majority unless the auditor is found to be negligent and/or acts contrary to US accounting and auditing rules and principles. X X X

      OSR A4.3.10

      The annual report of a Reporting Entity must:

      (a) identify the chairman, the Chief Executive, the Directors and the members of the nomination, audit and remuneration committees;
      (b) set out the number of meetings of the Governing Body and of those committees that were held;
      (c) set out a record of individual attendance by Directors at meetings;
      (d) describe the manner of operation of the Governing Body, including as to which types of decisions are taken by the Governing Body and which are delegated to management;
      (e) describe the work of the nomination committee, including the process it has used in relation to Governing Body appointments;
      (f) contain a statement of remuneration policy and detail the remuneration of each Director (including the chairman) and the Chief Executive; and
      (g) describe the work of the audit committee in discharging its responsibilities; and
      (h) set out the information required under (a) to (g) explicitly or be incorporated by reference to other statutory documents required to be published by the SEC which contain such information.
      OSR A4.3.11

      The DirectorsCEO and Chief Financial Officer must, in the annual report:

      (a) explain their responsibility for the accounts; and
      (b) report whether or not, in their opinion, the business of the Reporting Entity is a going concern, with supporting assumptions or qualifications as necessary.

      CONDITIONS

      1. The Issuer must retain its primary listing on NASDAQCM and continues to be subject to the NASDAQCM Listing Rules as amended or waived or modified from time to time.
      2. Documents incorporated by reference in the annual report must be published in accordance with the time table for lodgment of annual report under OSR A2.1.1 item 13.

      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 : Acting Chief Executive
      DATE OF ISSUE: 29 July 2008

    • W 046/08 PIB — Intesa Sanpaolo S.p.A

      Click herehere to view the PDF

      WAIVER AND MODIFICATION NOTICE

      To Intesa Sanpaolo S.p.A
      Address Level 3, Unit 4 & 5,
      The Gate Village 1,
      Dubai International Financial Centre,
      P. O. Box 506736
      Dubai, UAE.
      DFSA Firm Reference No. F000902
      Notice No. W046/2008

      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 PIB 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 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 1 or 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 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 WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : David Knott
      Position : Chief Executive
      DATE OF ISSUE: 14 June 2008

    • W 045/08 PIB — Schroder Investment Management Limited

      Click herehere to view the PDF

      WAIVER AND MODIFICATION NOTICE

      To Schroder Investment Management Limited
      Address First Floor, Gate Village 6, DIFC
      PO Box 506612 Dubai UAE
      DFSA Firm Reference No. F000513
      Notice No. W045/2008

      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 PIB Chapter 2
      PIB Chapter 4 (Credit Risk) All the Rules in sections PIB 4.3 to PIB 4.10 inclusive
      PIB Chapter 5 (Market Risk) All the Rules in PIB section 5.6
      PIB Chapter 7 (Group Risk) All the Rules in sections PIB 7.3 and PIB 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 WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 6 July 2008

    • W 042/08 COB — Morgan Stanley & Co International plc

      Click here to view the PDF

      MODIFICATION NOTICE

      To Morgan Stanley & Co International plc
      Address Level 5, The Gate — West Wing, PO Box 506501
      DFSA Firm Reference No. F000168
      Notice No. W42/2008

      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
      COB 6.3.3 When an Authorised Firm publishes Investment Research, it must take reasonable steps to ensure that the Investment Research:
      (a) clearly identifies the types of Clients for whom it is principally intended;
      (b) distinguishes fact from opinion or estimates, and includes references to sources of data and any assumptions used;
      (c) specifies the date when it was first published;
      (d) specifies the period the ratings or recommendations are intended to cover;
      (e) contains a clear and unambiguous explanation of the rating or recommendation system used;
      (f) includes a distribution of the different ratings or recommendations, in percentage terms:
      (i) for all Investments; and
      (ii) for Investments in each sector covered; and
      (iii) for Investments, if any, where the Authorised Firm has undertaken corporate finance business with or for the Issuer over the past 12 months; and
      (g) if intended for use only by a Professional Client or Market Counterparty, contains a clear warning that it should not be relied upon by or distributed to Retail Clients.

      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 : Jane Coakley
      Position : Acting Chief Executive
      DATE OF ISSUE: 1st July 2008

    • W 041/08 CIR — Credit Suisse

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      MODIFICATION NOTICE

      To Credit Suisse
      Address The Gate Building, 9th Floor East, DIFC, PO Box 33660, Dubai
      UAE
      DFSA Firm Reference No. F000011
      Notice No. W41/2008

      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
      CIR 3.4.1
      (1) The requirements in this section do not apply where an Authorised Firm undertakes an Execution-Only Transaction
      (2) The requirements in this section do not apply to an Authorised Firm in respect of a Transaction in relation to the Units of a Foreign Fund in circumstances where:
      (a) the Fund is an employee compensation, reward or share scheme (the "employee benefit plan") where the Units of the Fund are available only to Employees of the Authorised Firm or of a member of its Group pursuant to the terms of an employee benefit plan;
      (b) for the purposes of this Rule, the Employees for whom the Authorised Firm is undertaking Transactions are eligible employees employed at the firm's Branch; and
      (c) a full offering memorandum and a FAQ document have been provided to such eligible employees.
      (3) An "eligible employee" for the purposes (2), is an Employee who is a senior executive of the Authorised Firm's Branch who fulfils the net worth or net income entry criteria under the employee benefit plan.

      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 : Jane Coakley
      Position : Acting Chief Executive
      DATE OF ISSUE: 1st July 2008

    • W 040/08 COB — Credit Suisse

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      MODIFICATION NOTICE

      To Credit Suisse
      Address The Gate Building, 9th Floor East, DIFC,
      PO Box 33660, Dubai, UAE
      DFSA Firm Reference No. F000011
      Notice No. W40/2008

      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
      COB 6.9.2
      (1) When an Authorised Firm Executes a Transaction in an Investment for a Client, it must ensure a confirmation note is sent to the Client as soon as possible and in any case, subject to (4) and (5), no later than 2 business days following the date of Execution of the Transaction.
      (2) Where an Authorised Firm has executed a Transaction or series of Transactions in accordance with Rule 6.8.5, the Authorised Firm must send a confirmation note relating to those Transactions as soon as possible, but, subject to (4) and (5), no later than 2 business days following the last Transaction.
      (3) The confirmation note must include the details of the Transaction in accordance with App3 section A3.1.
      (4) An Authorised Firm is not required to issue a confirmation note where a Professional Client has advised in writing that he does not wish to receive such confirmation notes.
      (5) Where the Transaction in (1) or (2) involves a Unit, an Authorised Firm must ensure a confirmation note is sent to the Client as soon as practicable, but in any event no later than the business day following receipt from the relevant third party.

      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 : Jane Coakley
      Position : Acting Chief Executive
      DATE OF ISSUE: 1st July 2008

    • W 039/08 COB — Julius Baer

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      MODIFICATION NOTICE

      To Julius Baer
      Address Julius Baer (Middle East) Limited
      Level5, emirates Towers
      PO Box 504925
      Dubai
      United Arab Emirates
      DFSA Firm Reference No. F10001
      Notice No. W039/2008

      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
      COB A3.1.1
      (1) For the purposes of Rule 6.9.2, an Authorised Firm must include the following general information:

      …………..and so on as per the Rulebook text up to and including (f)
      (g) if applicable, a statement that the Transaction was Executed on an Execution-Only basis;
      (h) the date and time of the Transaction;
      …………..and so on as per the Rulebook text up to and including (k)
      (l) for Collective Investment Funds, at statement that the price at which the Transaction has been Executed is on a Historic Price or Forward Price basis, as the case may be.
      …………..and so on as per the Rulebook text up to and including (2).
      (3) At the request of the Client, an Authorised Firm will provide separately the following general information;
      (a) a statement that the Transaction was executed on an Execution-Only Basis or other basis;
      (b) the time of the Transaction; and
      (c) for Funds, a statement that the price at which the Transaction has been executed is on Historic Price or Forward Price basis, as the case may be.

      CONDITIONS

      The waiver shall remain valid subject to the condition that no substantial changes are made to Clause 1.8 "Contract Notes" of Julius Baer (ME) Ltd Additional Terms and Conditions relating to a DIFC Account.

      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 : Jane Coakley
      Position : Acting Chief Executive
      DATE OF ISSUE: 1st July 2008

    • W 038/08 COB PIN GLO — Takaful Re Limited

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      MODIFICATION NOTICE

      To Takaful Re Limited
      Address -Office 3, Level 4, Gate District, Precinct Building 3, Dubai International Financial Centre, PO Box 211181, Dubai, UAE
      DFSA Firm Reference No. F000067
      Notice No. W038/2008

      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
      COB 7.2.3 An Insurer must ensure that it does not carry on, through an establishment maintained by it in the DIFC, both Long-Term Insurance Business and General Insurance Business unless the General Insurance Business is restricted to Class 1 or Class 2 or both it establishes one or more Long-Term Insurance Funds and one or more General Insurance Funds in accordance with the provisions of PIN Chapter 3 (as modified).
      PIN Chapter 3

      All the text in this chapter is struck through and is replaced in its entirety by the text below:

      3 INSURANCE FUNDS

      3.1 Application and notification
      3.1.1 This chapter applies to all Insurers.
      3.1.2 An Insurer must notify the DFSA immediately upon becoming aware that its Gross Written Premium in respect of its Life business:
      (a) is likely to exceed; or
      (b) exceeds,
      $2 million in any one financial year.

      Guidance

      This chapter sets out requirements in respect of the establishment of Insurance Funds.
      3.2 Establishment of insurance funds
      3.2.1 An Insurer that is required, under the provisions of section 3.3, to establish or maintain an Insurance Fund in respect of a part of its business must identify separately in its books and records the assets, liabilities, revenues and expenses attributable to that business. Those assets, liabilities, revenues and expenses must be recorded separately and accounted for as an Insurance Fund.
      3.3 Attribution of contracts to a fund
      3.3.1 All contracts of Long-Term Insurance effected by a DIFC Incorporated Insurer must be attributed to a Long-Term Insurance Fund.
      3.3.2 Except as allowed in Rule 3.3.3, all contracts of General Insurance effected by a DIFC Incorporated Insurer must be attributed to a General Insurance Fund.
      3.3.3 An Insurer may attribute insurance contracts in General Insurance Class 1 or Class 2 to a Long-Term Insurance Fund.
      3.4 Segregation of assets and liabilities
      3.4.1 All assets, liabilities, revenues and expenses in respect of a Contract of Insurance that is attributed to an Insurance Fund must be recorded as assets, liabilities, revenues and expenses of that Insurance Fund.
      3.4.2 An Insurer may at any time attribute any of its assets to an Insurance Fund that were not previously attributed to an Insurance Fund.

      Guidance

      A transaction described in Rule 3.4.2 is sometimes described as a transfer of capital into the Insurance Fund.
      3.4.3 All revenues and expenses arising by way of earnings, revaluation or other change to the assets and liabilities of an Insurance Fund must be recorded as revenues and expenses, or movements in capital, of that Insurance Fund.
      3.4.4 An Insurer which is required to maintain an Insurance Fund must maintain adequate accounting and other records to identify the contracts and the assets, liabilities, revenues and expenses attributable to the Insurance Fund.
      3.5 Limitation on use of assets in insurance fund
      3.5.1 Except as provided in this section, assets that are attributable to an Insurance Fund must be applied only for the purposes of the business attributed to the Insurance Fund.
      3.5.2 Assets attributable to an Insurance Fund may not be transferred so as to be available for other purposes of the Insurer except:
      (a) where the transfer constitutes appropriation of a surplus determined in accordance with section 7.3, provided that the transfer is performed within four months of the Reference Date of the actuarial investigation referred to in that Rule;
      (b) where the transfer constitutes a payment of dividend or return of capital, in accordance with Rule 3.5.4;
      (c) where the transfer is made in exchange for other assets at fair value;
      (d) where the transfer constitutes reimbursement of expenditure borne on behalf of the Insurance Fund, and in respect of expenses attributable to the Insurance Fund; or
      (e) where the transfer constitutes reattribution of assets attributed to the Insurance Fund in error.
      (f) where the transfer constitutes payments under the terms of the Wakala or Mudaraba agreements between Takaful contributors and the shareholders.
      3.5.3 Assets attributable to an Insurance Fund must not be distributed by way of dividend or by way of return of capital.
      3.5.4 Assets attributable to an Insurance Fund must not be lent or otherwise made available for use for any other purposes of the Insurer or any purposes of any party Related to the Insurer.
      3.5.5 An Insurer may not enter into any arrangement, whether or not described as a contract of reinsurance, whereby an Insurance Fund of the Insurer stands in the same relation to the Insurer as though the Insurer were the reinsurer in a contract of reinsurance in which the Insurance Fund is the cedant.

      Guidance

      Rule 3.5.5 operates to prohibit reinsurance between Insurance Funds of the same Insurer, as well as arrangements of the nature of internal contracts of reinsurance where the cession transaction is attributed to an Insurance Fund but the corresponding reinsurance acceptance transaction is not.
      PIN 4.6
      4.6 Insurers that undertake long-term insurance business
      4.6.1 Subject to Rule 4.6.2, this section applies only to Insurers that undertake Long-Term Insurance Business through a Long-Term Insurance Fund.
      4.6.2 This section does not apply to either:
      (a) an Insurer that is deemed to constitute a single Long- Term Insurance Fund in accordance with Rule 3.2.2(b); or
      (b) an Insurer that is a Protected Cell Company in respect of a Cell that is deemed to constitute a single Long-Term Insurance Fund in accordance with Rule 3.2.3(b).
      4.6.3 An Insurer that undertakes Long-Term Insurance Business through a Long-Term Insurance Fund must ensure that at all times, in respect of each Long-Term Insurance Fund maintained by it, the Insurer has Adjusted Fund Capital Resources equal to or higher than the amount of the Minimum Fund Capital Requirement in respect of that Long-Term Insurance Fund.
      4.6.4 The Adjusted Fund Capital Resources in respect of a Long-Term Insurance Fund maintained by an Insurer must be calculated in accordance with App7.
      4.6.5 The Minimum Fund Capital Requirement in respect of a Long- Term Insurance Fund maintained by an Insurer must be calculated in accordance with App8.
      4.6 Insurers that have established an insurance fund
      4.6.1 This section applies only to Insurers that undertake Insurance Business through Insurance Funds.
      4.6.2 An Insurer that undertakes Insurance Business through a Insurance Fund must ensure that at all times, in respect of each Insurance Fund maintained by it, the Insurer has Adjusted Fund Capital Resources equal to or higher than the amount of the Minimum Fund Capital Requirement in respect of that Insurance Fund.
      4.6.3 The Adjusted Fund Capital Resources in respect of a Long-Term Insurance Fund maintained by an Insurer must be calculated in accordance with App7.
      4.6.4 The Minimum Fund Capital Requirement in respect of a Long- Term Insurance Fund maintained by an Insurer must be calculated in accordance with App8.
      4.6.5 The Adjusted Fund Capital Resources in respect of a General Insurance Fund maintained by an insurer must be calculated in accordance with App11.
      4.6.6 The Minimum Fund Capital Requirement in respect of a General Insurance Fund maintained by an Insurer must be calculated in accordance with App12.
      PIN 7.2.3 Every Insurer must provide to the DFSA as at each reporting date a written report relating to its General Insurance Business, prepared by an Actuary who has the qualifications set out in section 7.5. Where an Insurer maintains one or more General Insurance Funds, a separate report must be provided in respect of each fund.
      PIN A10.2.5 Except as provided otherwise in this appendix, aAn Insurer that maintains an Long-Term Insurance Fund must complete a Fund Return in respect of each Long-Term Insurance Fund that it maintains. A Fund Return includes all of the assets, liabilities, revenues and expenses attributable to the Fund, regardless of the residency status or location of the customer or of any asset or liability. An Insurer to which this Rule applies is not required to complete a Fund Return in the following cases:
      (a) where the Insurer is deemed to constitute a single, Long-Term Insurance Fund, such that the information contained in the Fund Return would be identical to that in the Global Return; and
      (b) where a Cell of the Insurer is deemed to constitute a single, Long-Term Insurance Fund, such that the information contained in the Fund Return would be identical to that in the Cell Return.
      PIN A10.2 Guidance

      PIN A10.4.4 (c)(ii), PIN A10.4.6 (g), PIN A10.4.8 (and associated Guidance)

      Form IN 110 line N110-1260

      Form IN 110

      Guidance for Form IN20 paragraph IN20

      Form IN10 line N100-7300
      The words "Long-Term Insurance Fund" are struck through and are replaced by "Insurance Fund" wherever they occur in the Rules and forms specified in the left hand column.
      PIN App 11

      A new appendix is added to PIN as follows:

      App 11 CALCULATION OF ADJUSTED FUND CAPITAL RESOURCES

      A11.1 Purpose and general provisions
      A11.1.1 This appendix applies to all Insurers to which section 4.6 applies.

      Guidance
      1. This appendix sets out the manner in which an Insurer is required to calculate the Adjusted Fund Capital Resources in respect of each General Insurance Fund it maintains. The calculation is analogous to that applicable to Insurers other than Protected Cell Companies, so that (except where changes are necessary to reflect structural differences) the capital of a General Insurance Fund is determined as though it was an Insurer subject to App3.
      2. The Adjusted Fund Capital Resources are calculated by making adjustments to the equity of the fund, as at the Solvency Reference Date.
      A11.2 Adjusted fund capital resources
      A11.2.1 An Insurer must calculate the Adjusted Fund Capital Resources in respect of each General Insurance Fund maintained by it, according to the formula:

      AFCR = AFE – FHCA

      where:

      AFCR means the Adjusted Fund Capital Resources in respect of the fund;
      AFE means the adjusted fund equity in respect of that fund; and
      FHCA means the fund hybrid capital adjustment in respect of that fund.
      A11.2.2 Adjusted fund equity is calculated as set out in section A11.4. The fund hybrid capital adjustment is set out in section A11.5.
      A11.3 Base fund capital
      A11.3.1 The commencement point for calculating the adjusted fund equity in respect of a General Insurance Fund maintained by an Insurer is the base fund capital.
      A11.3.2 Subject to Rules A11.3.3, A11.3.4 and A11.3.5, the base fund capital in respect of a General Insurance Fund must consist of the following capital instruments and equity reserves of the Insurer, that are classified as capital instruments and equity reserves of the fund:
      (1) general reserves;
      (2) retained earnings;
      (3) amounts attributed to the General Insurance Fund by the Insurer in accordance with Rule 3.4.2;
      (4) in the case of a Takaful Insurer, amounts provided from the Owners' Equity by loan to the General Insurance Fund and not repaid as at the Solvency Reference Date;
      (5) current year's earnings after tax; and
      (6) hybrid capital (as defined in Rule A11.5.1).
      A11.3.3 Where an Insurer is not a DIFC Incorporated Insurer, base capital may include capital instruments and equity reserves that are approved in writing by the DFSA as equivalent to the capital instruments and equity reserves described in Rule A11.3.2.
      A11.3.4 Owners' Equity in a Takaful Insurer, that has not been transferred to the General Insurance Fund, must be classified as hybrid capital for the purposes of this section if:
      (1) under the constitutional documents of the Insurer or the terms of insurance contracts or both, the owners do not participate in the surpluses and losses of Insurance Business; and
      (2) the Owners' Equity is available for loan to the General Insurance Fund.
      A11.3.5 Hybrid capital having a term to maturity of less than five years may only be included in base fund capital with the written consent of the DFSA.
      A11.4 Adjusted fund equity
      A11.4.1 An Insurer must calculate its adjusted fund equity in respect of each General Insurance Fund as set out in this section.

      Guidance

      The purpose of these adjustments is to provide a consistent basis for the determination of the Insurer's Adjusted Fund Capital Resources and to exclude from those resources assets that may not be readily realisable for the purposes of meeting Insurance Liabilities of the General Insurance Fund.
      A11.4.2 The following items must be deducted from base fund capital, to the extent that the Insurer has not excluded them in determining its base fund capital:
      (1) any amounts in respect of appropriations to be made from the General Insurance Fund in respect of the current year, including dividends, distributions by Takaful Insurers of surplus, bonuses, pensions and welfare charges that are determined on the basis of the current year's profit, whether or not the amounts have been approved by the Insurer for payment;
      (2) the amount of any investment by the General Insurance Fund or by a Subsidiary of the General Insurance Fund, in the Insurer's own capital;
      (3) the amount of any tax liability that would be attributable to unrealised gains on investments, if those gains were realised;
      (4) the amount of deferred acquisition costs;
      (5) the amount of any deferred tax asset;
      (6) the amount of any goodwill, patents, service rights, brands and any other intangible items;
      (7) the amount of any Zakah or charity fund of a Takaful Insurer, maintained within the General Insurance Fund;
      (8) the amount of any operating assets, including inventories, plant and equipment, and vehicles; and
      (9) the amount of any assets that may not be applied to meet Insurance Liabilities attributable to the General Insurance Fund (for example, assets that are subject to fixed or floating charges, mortgages or other security).
      A11.5 Fund hybrid capital adjustment

      Guidance
      1. This section acts to limit hybrid capital to 15% of the adjusted fund equity in respect of a fund.
      2. The purpose of the fund hybrid capital adjustment is to limit the extent to which an Insurer may rely for its Adjusted Fund Capital Resources in respect of any General Insurance Fund on instruments that do not or may not constitute permanent capital of that fund.
      A11.5.1 Fund hybrid capital includes the following items:
      (1) subordinated debt attributable to the fund; and
      (2) Owners' Equity in a Takaful Insurer of the type described in Rule A11.3.4.
      A11.5.2 Subject to Rule A11.5.3, an Insurer must calculate its fund hybrid capital adjustment as the amount by which the total amount of hybrid capital exceeds 15% of adjusted fund equity.
      A11.5.3 The DFSA may at its discretion permit an Insurer to apply Rule A11.5.2 as though the figure of 15% was replaced with a higher figure approved in writing by the DFSA. The approved figure may not be more than the actual percentage which the fund hybrid capital represents of adjusted fund equity, and may not in any case exceed 30%.
      PIN App 12

      A new appendix is added to PIN as follows:

      App 12 CALCULATION OF MINIMUM FUND CAPITAL REQUIREMENT

      A12.1 Purpose and general provisions
      A12.1.1 This appendix applies to all Insurers to which section 4.6 applies.

      Guidance
      1. This appendix sets out the manner in which an Insurer that conducts General Insurance Business through a General Insurance Fund is required to calculate the Minimum Fund Capital Requirement in respect of each General Insurance Fund.
      2. The Minimum Fund Capital Requirement is calculated on a basis that is analogous to the basis of calculation of the Minimum Capital Requirement for Insurers other than Protected Cell Companies, as set out in App4.
      3. The effect therefore is as though each General Insurance Fund maintained by an Insurer were itself an Insurer that had to calculate a Minimum Capital Requirement in accordance with App4. Consequently, this appendix incorporates references to the provisions of App4.
      A12.2 Minimum fund capital requirement
      A12.2.1 Subject to Rule A12.2.3, an Insurer must calculate the Minimum Fund Capital Requirement in respect of each General Insurance Fund maintained by it, according to the formula: MFCR = DRC + IVRC + OARC + OLRC + CRC + SFAC + URC + RRC + AMRC

      where:

      Term Definition
      MFCR Minimum Fund Capital Requirement in respect of the fund;
      DRC Default risk component in respect of that fund;
      IVRC Investment volatility risk component in respect of the fund;
      OARC Off-balance sheet asset risk component in respect of the fund;
      OLRC Off-balance sheet liability risk component in respect of the fund;
      CRC Concentration risk component in respect of the fund;
      SFAC Size Factor Adjustment Component in respect of the fund;
      URC Underwriting risk component in respect of the fund;
      RRC Reserving risk component in respect of the fund;
      AMRC Asset management risk component in respect of the fund.
      A12.2.2 The methods of calculation of the components referred to in Rule A12.2.1 are set out in sections A12.4, A12.5, A12.6, A12.7, A12.8, A12.9, A12.10, A12.11, and A12.12.
      A12.2.3 The Minimum Fund Capital Requirement in respect of a General Insurance Fund must always be equal to or higher than $10,000,000.
      A12.3 Applicability of components to assets of the fund
      A12.3.1 Subject to Rule A12.3.2, an Insurer must calculate those components of the Minimum Fund Capital Requirement in respect of a General Insurance Fund, that are relevant to assets, in respect of every asset that is attributable to the General Insurance Fund.
      A12.3.2 Where an Insurer arranges its affairs such that Invested Assets attributable to a General Insurance Fund are held in a Related entity, the Insurer may, with the written approval of the DFSA, calculate components of the Minimum Fund Capital Requirement by reference to the interest of the General Insurance Fund in the assets that are held by the Related entity, instead of by reference to the interest that the General Insurance Fund has in that Related entity. In that case this appendix shall be interpreted as though the assets (representing the General Insurance Fund's interest) held by the Related entity were held directly by the General Insurance Fund.

      Guidance

      The effect of Rule A12.3.2 is to provide flexibility for Insurers whose investments are managed on a pooled basis within a Group, or which establish specialist Subsidiaries to manage their investments. While the Insurer's asset in such cases is a balance with, or investment in, a Related entity, this Rule permits the Insurer to 'look through' the corporate arrangement and apply this appendix to the assets of the Related entity as though they were the Insurer's own. This flexibility extends to Invested Assets attributable to General Insurance Funds, though this provision does not provide any exemption from section 3.4 in respect of segregation of assets.
      A12.4 Default risk component

      Guidance

      The purpose of the default risk component is to require an Insurer to set aside capital to cover the risk that amounts receivable from counterparties will not be received. The basic calculation model for this component, as it applies to Insurers that are not Protected Cell Companies, is set out in section A4.4. The provisions in this section apply the relevant provisions of section A4.4 to each General Insurance Fund that an Insurer maintains.
      A12.4.1 An Insurer must calculate the default risk component in respect of a General Insurance Fund as the sum of the amounts obtained by multiplying the value of each asset attributed to the fund with the relevant percentage, in accordance with the following tables and subject to the provisions of Rules A12.4.2 and A12.4.3:
      (a) assets that are Invested Assets: the table set out in Rule A4.4.1(a); and
      (b) assets that are not Invested Assets: the table set out in Rule A4.4.1(b).
      A12.4.2 The provisions of Rules A4.4.2, A4.4.3, A.4.4.4, A4.4.5 and A4.4.6 must be applied, mutatis mutandis, to assets attributed to a General Insurance Fund as though references in those Rules to an Insurer were instead references to a General Insurance Fund.
      A12.4.3 Notwithstanding anything else in this section:
      (a) the default risk component in respect of any asset that is subject to a fixed or floating charge, mortgage or other encumbrance must be 100% of the value of the asset to the extent of that charge, mortgage or encumbrance. In the case of such assets, the percentages set out in the tables referred to above must be applied only to the amount, if any, by which the value of the asset exceeds the amount of the charge, mortgage or encumbrance; and
      (b) no default risk component must be calculated in respect of assets excluded from Adjusted Fund Capital Resources in accordance with Rules A11.4.2(d), A11.4.2(e), A11.4.2(f), A11.4.2(h), or A11.4.2(i).
      A12.5 Investment volatility risk component

      Guidance

      The purpose of the investment volatility risk component is to require an Insurer to set aside capital to cover the risk of deterioration in the values of Invested Assets. The basic calculation model for this component, as it applies to Insurers that are not Protected Cell Companies, is set out in section A4.5. The provisions in this section apply the relevant provisions of section A4.5 to each General Insurance Fund that an Insurer maintains.
      A12.5.1 An Insurer must calculate the investment volatility risk component in respect of a General Insurance Fund as the sum of the amounts obtained by multiplying the value of each Invested Asset attributable to the fund with the relevant percentage, in accordance with the table set out in Rule A4.5.1, but subject to the provisions of Rule A4.5.2.
      A12.6 Off-balance sheet asset risk component

      Guidance

      The purpose of the off-balance sheet asset risk component is to require an Insurer to set aside capital to cover the risk of default and deterioration in value in respect of exposures that the Insurer has because it is a party to a derivative contract. The provisions in this section apply the relevant provisions of section A4.6 to each General Insurance Fund that an Insurer maintains.
      A12.6.1 An Insurer is required to calculate an off-balance sheet asset risk component in respect of a General Insurance Fund, if the Insurer is, as at the Solvency Reference Date, a party to a derivative contract attributable to that fund, including a forward, future, swap, option or other similar contract, but not including:
      (a) a put option serving as a guarantee;
      (b) a foreign exchange contract having an original maturity of 14 days or less; or
      (c) an instrument traded on a futures or options exchange, which is subject to daily mark-to-market and margin payments.
      A12.6.2 An Insurer must calculate the off-balance sheet asset risk component in respect of a General Insurance Fund as the sum of the amounts obtained by applying the calculations set out in Rule A12.6.3 in respect of each derivative contract entered into by the Insurer and attributable to that fund, that meets the description in Rule A12.6.1.
      A12.6.3 The amount in respect of a derivative contract is obtained by calculating, for an asset equivalent amount as determined in Rule A12.6.4, a default risk component as set out in section A12.4 and an investment volatility risk component as set out in section A12.5, as though the asset equivalent amount were a debt obligation due from the derivative counterparty.
      A12.6.4 The asset equivalent amount in respect of a derivative is calculated as the sum of the current mark-to-market exposure of the derivative (where this is positive) and the amount obtained by multiplying the notional principal amount of the derivative by the factors specified in the table set out in Rule A4.6.4 according to the nature and residual maturity of the derivative.
      A12.7 Off-balance sheet liability risk component

      Guidance

      The purpose of the off-balance sheet liability risk component is to require an Insurer to set aside capital to cover the risk that it will be required to perform on a guarantee, letter of credit or other credit substitute that it has entered into. Although such items are not liabilities of the Insurer as at the Solvency Reference Date, they have the capacity to crystallise as liabilities at a subsequent date and therefore to affect the Insurer's capital position. The provisions in this section apply the relevant provisions of section A4.7 to each General Insurance Fund that an Insurer maintains.
      A12.7.1 An Insurer must calculate an off-balance sheet liability risk component in respect of a General Insurance Fund if the Insurer has issued guarantees, including put options serving as guarantees, letters of credit or any other credit substitute in favour of another party, so that the General Insurance Fund is exposed to the risk of having to make payment on those instruments should the guaranteed party default.
      A12.7.2 An Insurer must calculate its off-balance sheet risk component as the sum of the amounts obtained by applying the calculations set out in Rule A12.7.3 in respect of each guarantee, letter of credit or other credit substitute.
      A12.7.3 The amount in respect of a guarantee, letter of credit or other credit substitute is obtained by calculating, for the nominal amount of the guarantee, letter of credit or other credit substitute, a default risk component as set out in section A8.4 and an investment volatility risk component as set out in section A8.5 in respect of the obligation or asset over which the guarantee, letter of credit or other credit substitute is written, as though that obligation or asset were an obligation or asset of the Insurer.
      A12.8 Concentration risk component

      Guidance

      The purpose of the concentration risk component is to require an Insurer to set aside capital to cover the sensitivity that it has to default or volatility in respect of assets and exposures to single counterparties or groupings of connected counterparties, or single properties. The provisions in this section apply the relevant provisions of section A4.8 to each General Insurance Fund that an Insurer maintains.
      A12.8.1 An Insurer is required to calculate a concentration risk component in respect of a General Insurance Fund if that fund has, as at the Solvency Reference Date, an investment exposure to a single counterparty or group of Related counterparties, or to a single property, that exceeds 10% of the Adjusted Fund Capital Resources.
      A12.8.2 For the purposes of the calculation referred to in Rule A12.8.1:
      (a) 'investment exposure' means the aggregate value of all equity, bond or other investments in or in respect of the counterparty or group of Related parties or property in question, together with off-balance sheet exposures to the same counterparty or group of Related counterparties or property that that fund has because the Insurer has issued guarantees, letters of credit or other credit substitutes (other than insurance contracts), or because it has entered into derivative contracts, but excluding any assets excluded from base fund capital in accordance with any of the Rules referred to in Rule A12.4.3(b); and
      (b) 'AAA'-Rated Governments and Government agencies are not counterparties.
      A12.8.3 An Insurer must calculate its concentration risk component in respect of a General Insurance Fund as the sum of the amounts obtained by multiplying each investment exposure of that fund that exceeds 10% of the adjusted segmental capital resources, by the relevant factor percentage set out in the table set out in Rule A4.8.3, reading that table as though all references to Adjusted Capital Resources were references to Adjusted Fund Capital Resources, and subject to Rule A8.8.4.
      A12.8.4 If the concentration risk component in respect of an investment exposure of a General Insurance Fund, aggregated with the sum of the default risk component, investment volatility risk component and off-balance sheet asset risk component (so far as concerns that fund), in respect of the assets and off-balance sheet exposures comprising that investment exposure, exceeds 100% of that investment exposure, the concentration risk component in respect of that investment exposure must be reduced so that the total of the three components in respect of that investment exposure is equal to 100% of that investment exposure.
      A12.9 Size factor component

      Guidance

      The effect of the size factor component is to provide a relatively higher capital requirement in respect of General Insurance Funds with smaller portfolios of Invested Assets. The provisions in this section apply the relevant provisions of section A 4.9 to each General Insurance Fund that an Insurer maintains.
      A12.9.1 The base figure for the size factor component is determined by aggregating the following components, for the General Insurance Fund:
      (a) the aggregate of the default components determined in accordance with section A12.4, in respect of Invested Assets;
      (b) the investment volatility risk component determined in accordance with section A12.5; and
      (c) the concentration risk component determined in accordance with section A12.8.
      A12.9.2 An Insurer must calculate the size factor component in respect of General Insurance Fund by multiplying the base figure for that fund as determined in accordance with Rule A12.9.1 by the factor derived by applying the following formula, where x represents the total Invested Assets attributable to that fund, expressed in millions of dollars:
      (a) if x . 100, the factor is 1.5;
      (b) if 100 < x . 200, the factor is (150 + 0.5(x-100))/x;
      (c) if 200 < x . 1,200, the factor is (200 . 0.2(x-200))/x; and
      (d) if x > 1,200, the factor is zero.
      A12.10 Underwriting risk component

      Guidance

      The purpose of the underwriting risk component of the Minimum Capital Requirement is to require an Insurer to set aside capital to address the risk that the cost of claims in respect of General Insurance Business will vary from the cost implicit in the premiums being charged. The basic calculation model set out in Rule A4.10.2 applies different factors to the premium in respect of different Classes of Business, based on the different perceived risk of variability associated with each. The model is modified by additional provisions dealing with certain Classes of Business. This section also restricts the extent to which reinsurance may be taken into account when calculating the underwriting risk component. The provisions in this section apply the relevant provisions of section A4.10 to each General Insurance Fund that an Insurer maintains.
      A12.10.1 An Insurer must calculate an underwriting risk component in respect of a General Insurance Fund according to the method set out in section A4.10, applied as though all references in that section to an Insurer were instead references to that fund.
      A12.11 Reserving risk component

      Guidance

      The purpose of the reserving risk component of the Minimum Capital Requirement is to require an Insurer to set aside capital to address the risk that the cost of claims in respect of General Insurance Business will vary from the amounts recorded as liabilities in the InsurerÂfs balance sheet. This calculation applies only to liabilities in respect of outstanding claims (the risk of deterioration in Premium Liability is addressed in the underwriting risk component in section A12.10). The principles of the calculation are similar to those in section A12.10, and apply the relevant provisions of section A4.11 to each General Insurance Fund that an Insurer maintains.
      A12.11.1 An Insurer must calculate a reserving risk component in respect of a General Insurance Fund according to the method set out in section A4.11, applied as though all references in that section to an Insurer were instead references to that fund.
      A12.12 Asset management risk component

      Guidance

      This section requires an Insurer to set aside capital in respect of assets that it manages. The provisions in this section apply the relevant provisions of section A4.13 to each General Insurance Fund that an Insurer maintains.
      A12.12.1 An Insurer must calculate the asset management risk component in respect of a General Insurance Fund according to the method set out in section A4.13, applied as though all references in that section to an Insurer were instead references to that fund.

      Two new definitions are added to GLO as follows

      GLO General Insurance Fund A fund in respect of General Insurance Business established and maintained in accordance with PIN 3 (as modified).
        Insurance Fund A General Insurance Fund or a Long-Term Insurance Fund.

      CONDITIONS

      In the event that the Gross Written Premium in respect of life business exceeds or is likely to exceed $2M in any one financial year the Authorised Firm must notify the DFSA as soon as reasonably possible

      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 : Jane Coakley
      Position : Acting Chief Executive
      DATE OF ISSUE: 1st July 2008

    • W 037/08 COB — Liberty Mutual Insurance Europe Ltd

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      MODIFICATION NOTICE

      To Liberty Mutual Insurance Europe Ltd
      Address Gate Village 7, 1st Floor, Office 9, DIFC PO Box 506574
      DFSA Firm Reference No. F000264
      Notice No. W037/2008

      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
      COB 2.2.2 [Until and including 30 June 2008]
      (1) An Authorised Firm must ensure that it does not:
      (a) if it is an Insurer, Effect a Contract of Insurance or Carry Out a Contract of Insurance through an establishment maintained by it in the DIFC; or
      (b) if it is an Insurance Intermediary, act in relation to a Contract of Insurance;
      where the contract is in relation to a risk situated within the U.A.E, unless the risk is situated in the DIFC, or the contract is one of re-insurance.

      An Insurer must ensure that it does not in or from the DIFC:
      (a) Effect a Contract of Insurance or Carry Out a Contract of Insurance which is a contract of Long-Term Insurance; or
      (b) Effect Contracts of Insurance or Carry Out Contracts of Insurance in or from the DIFC a Contract of Insurance which is in relation to a risk situated within the U.A.E.;
      unless such a contract is a contract of reinsurance.
      (2) An Insurer which is a DIFC incorporated Insurer must ensure that it does not Effect a Contract of Insurance or Carry Out a Contract of Insurance with a natural person, in or from the DIFC , unless the contract is:
      (a) a contract of General Insurance effected or carried out collectively with the members of a Partnership or other unincorporated association, where the insured interest is held in common by the members of the Partnership or unincorporated association; or
      (b) a contract of reinsurance effected or carried out with Lloyd's Underwriters.
      (3) An Insurer which is not a DIFC incorporated Insurer must ensure that it does not Effect Contracts of Insurance or Carry Out a Contract of Insurance with a natural person through a Branch in the DIFC unless the contract is:
      (a) a contract of General Insurance effected or carried out collectively with the members of a Partnership or other unincorporated association, where the insured interest is held in common by the members of the Partnership or unincorporated association; or
      (b) a contract of reinsurance effected or carried out with Lloyd's Underwriters.
      (4) An Insurer must ensure that it does not carry on, in or from the DIFC, both Long-Term Insurance Business and General Insurance Business unless the General Insurance Business is restricted to Class 1 or Class 2 or both.
      (5) An Insurer which is a Protected Cell Company must ensure that, all when it carries on Insurance Business in accordance with (1)-(4) as applicable, such business is attributable to a particular Cell of that Insurer.
      COB 7.2.2 [On and after 1 July 2008]

      An Authorised Firm must ensure that it does not:

      (a) if it is an Insurer, Effect a Contract of Insurance or Carry Out a Contract of Insurance through an establishment maintained by it in the DIFC; or
      (b) if it is an Insurance Intermediary, act in relation to a Contract of Insurance;

      where the contract is in relation to a risk situated within the U.A.E, unless the risk is situated in the DIFC, or the contract is one it is a contract of reinsurance.

      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 : Jane Coakley
      Position : Acting Chief Executive
      DATE OF ISSUE: 25 June 2008

    • W 036/08 PIB — Permal Investment Management Services Ltd

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      WAIVER AND MODIFICATION NOTICE

      To Permal Investment Management Services Ltd
      Address The Gate Building, DIFC, 8th Floor, West Wing, PO Box
      506520, Dubai, UAE
      DFSA Firm Reference No. F000012
      Notice No. W036/2008

      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 PIB 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 WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 23 June 2008

    • W 034/08 AUT — HC Investment Banking (DIFC) Limited

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      MODIFICATION NOTICE

      To HC Investment Banking (DIFC) Limited
      Address Level 3, Gate Village 6, Dubai International Financial
      Centre, P.O. Box 506673, Dubai, UAE
      DFSA Firm Reference No. F000667
      Notice No. W034/2008

      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
      AUT 10.3.2 The Authorised Individuals referred to in Rule 10.3.1(a), (c) and (d) must be ordinarily resident in the U.A.E.

      CONDITIONS

      None.

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue and remains in force for 6 months thereafter or until further notice, whichever is the earlier.

      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 : Acting Chief Executive
      DATE OF ISSUE: 28 May 2008

    • W 029/08 PRS — Morgan Stanley & Co International Plc

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      MODIFICATION NOTICE

      To Morgan Stanley & Co International Plc
      Address 25 Cabot Square
      Canary Wharf
      London E14 4QA
      United Kingdom
      DFSA Firm Reference No. F000168
      Notice No. W029/2008

      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 Rule 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 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 or Debentures have been admitted to trading Offer Price is made public and ending on the earlier of:
      (a) the 30th calendar day after the Shares or Debentures 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.
      PRS 6.1.1
      (1) This chapter applies to a Person who, during the period covered by the Stabilisation Window, engages in any activity, in relation to a dual-listed Share or Debenture, which has been admitted to trading, or which is the subject of an application for admission to trading, on an Authorised Market Institution in the DIFC and on an exchange located outside the DIFC, where that activity might reasonably have, or be intended to have, the effect of stabilising the price of the Share or Debenture.
      (2) The Shares and Debentures referred to in (1) are 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; and
      (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.
      (3) For the purposes of (1), a “dual listed Share or Debenture” includes a Share, or Debenture or a Certificate over that Share or Debenture which is the subject of an application to have the Share, or Debenture or a Certificate over that Share or Debenture admitted to an Official List of Securities or its equivalent in another jurisdiction.

      CONDITIONS

      None.

      EFFECTIVE PERIOD

      This notice comes into effect on the date on which the Shares to be issued by Depa Limited (“Shares”) are admitted to the Official List of the Dubai International Financial Exchange Limited (“DIFX”) and expires on the date on which the stabilisation programme in respect of the Shares the DIFX ends.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with section 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: 23 April 2008

    • W 027/08 AUT — The Bank of New York

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      MODIFICATION NOTICE

      To The Bank of New York
      Address Level 6, Gate Precinct Building 5
      Gate District, DIFC
      PO Box 506723, Dubai
      United Arab Emirates
      DFSA Firm Reference No. F000706
      Notice No. W027/2008

      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
      AUT 10.3.2 The Authorised Individuals referred to in Rule 10.3.1(a), (c) and (d) must be ordinarily resident in the U.A.E.

      CONDITIONS

      None.

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue and remains in force for 6 months thereafter or until further notice, whichever is the earlier.

      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: 10th Aprl 2008

    • W 024/08 GEN — Casa Trading Ltd

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      MODIFICATION NOTICE

      To Casa Trading Ltd
      Address 1857 N. Harlem Avenue,
      Chicago,
      Illinois 60707,
      United States
      DFSA Firm Reference No. F000728
      Notice No. W024/2008

      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 : Martin Kinsky
      Position : Managing Director, Markets
      DATE OF ISSUE: 6 April 2008

    • W 026/08 PIB — The Bank of New York

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      WAIVER AND MODIFICATION NOTICE

      To The Bank of New York
      Address Level 6, Gate Precinct Building 5
      Gate District, DIFC
      PO Box 506723, Dubai
      United Arab Emirates
      DFSA Firm Reference No. F000706
      Notice No. W026/2008

      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
      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 WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : David Knott
      Position : Chief Executive

      DATE OF ISSUE:

      10th April 2008

    • W 023/08 GEN — DENEX Energy Trading Limited

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      MODIFICATION NOTICE

      To DENEX Energy Trading Limited
      Address Level 5
      Gate Precinct Building 2
      PO Box 65777
      Dubai
      DFSA Firm Reference No. F000713
      Notice No. W023/2008

      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 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) 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;
      (b) restricts that activity to transactions involving or relating only to Commodities Derivatives when the Person carries on that activity as a member of an Authorised Market Institution or Recognised Body; and
      (c) carries on that activity for its own account or whilst the Person is owned by two joint venture partners who are respectively wholly-owned Subsidiaries of Tatweer Dubai LLC and NEXEN, Inc., each of whom own 50% of voting shares of the Person, carries on that activity:
      (i) for such a partner; or
      (ii) for another Body Corporate which is in the same Group as such a partner, provided that any such member of the Group for which the Person carries on such activity is Tatweer Dubai LLC, NEXEN Inc or a wholly-owned Subsidiary of Tatweer Dubai LLC or NEXEN Inc

      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
      DATE OF ISSUE: 5 March 2008

    • W 020/08 GEN — GFI Securities Limited

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      MODIFICATION NOTICE

      To GFI Securities Limited
      Address Level 5, Union House Building,
      Port Saeed Road, Deira,
      P.O. Box 43659,
      Dubai, U.A.E.
      DFSA Firm Reference No. F000783
      Notice No. W020/2008

      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 8.2.1
      (1) An Authorised Person must prepare and maintain all financial accounts and statements in accordance with:
      (a) the International Financial Reporting Standards (IFRS); or
      (b) the generally accepted accounting principles of United Kingdom (UK GAAP);
      unless (2) or (3) applies.
      (2) If an Authorised Firm is an Islamic Financial Institution it must prepare and maintain all financial accounts and statements in accordance with the accounting standards of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
      (3) If an Authorised Person operates an Islamic Window it must prepare and maintain all financial accounts and statements in accordance with the IFRS, as supplemented by AAOIFI FAS 18 in respect of its Islamic Financial Business.
      GEN 8.6.1 An Authorised Firm or Authorised Market Institution, as applicable, must in writing require its auditor to:
      (a) conduct an audit of the Authorised Person's accounts in accordance with the requirements of the relevant standards published by:
      (i) the International Auditing and Assurance Standards Board (IAASB) or the Auditing Standards issued by the UK Auditing Practices Board (APB), in respect of conventional financial business; and
      (ii) the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) in respect of any Islamic Financial Business undertaken;
      (b) produce a report on the audited accounts which states:
      (i) whether, in the auditor's opinion, the accounts have been properly prepared in accordance with the requirements imposed by this chapter;
      (ii) in particular, whether the accounts give a true and fair view of the financial position of the Authorised Person for the financial year and of the state of the Authorised Person's affairs at the end of the financial year end; and
      (iii) any other matter or opinion relating to the requirements of this chapter;
      (c) produce an Auditor's Annual Report which states whether:
      (i) the auditor has audited the Authorised Person's annual financial statements in accordance with the IAASB or APB auditing standards or AAOIFI auditing standards in respect of Islamic Financial Business;
      (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or APB auditing standards and to AAOIFI auditing standards in respect of Islamic Financial Business;
      (iii) the auditor has received all necessary information and explanations for the purposes of preparing this report to the DFSA;
      (iv) …………………………..and so on as per the Rulebook text up to and including (h).

      CONDITIONS

      The Modification remains in effect for the duration of the period set out below on condition that the above named Person to whom this notice applies carries on Financial Services through a Branch in the DIFC.

      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 31 December 2009 or until further notice, whichever is the earlier.

      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: 4th March 2008

    • W 019/08 PIB — SEI Investments (Europe) Limited

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      WAIVER AND MODIFICATION NOTICE

      To SEI Investments (Europe) Limited
      Address Office No. 4, Level 15, The Gate
      Dubai International Financial Centre
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000737
      Notice No. W019/2008

      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 WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Jan Bladen
      Position : Acting Chief Executive

      DATE OF ISSUE:

      24 February 2008

    • W 016/08 OSR — Marsh & McLennan Companies, Inc.

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      MODIFICATION NOTICE

      To Marsh & McLennan Companies, Inc.
      Address c/- Trowers & Hamlins, Burjuman Business Tower, Sheikh
      Khalifa bin Zayed Road (Trade Centre Road), PO Box 23092,
      Dubai,UAE
      DFSA Firm Reference No. F000795
      Notice No. W016/2008

      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 : David Knott
      Position : Chief Executive Officer
      DATE OF ISSUE: 20 February 2008

    • W 013/08 PIB — Barclays Global Investors Limited

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      WAIVER AND MODIFICATION NOTICE

      To Barclays Global Investors Limited
      Address Level 15, Business Centre, East Wing, The Gate Building,
      DIFC, P.O. Box 125115, Dubai — U.A.E.
      DFSA Firm Reference No. F000738
      Notice No. W013/2008

      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 PIB 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 WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : David Knott
      Position : Chief Executive

      DATE OF ISSUE:

      4th February 2008

    • W 012/08 COB — Credit Suisse

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      MODIFICATION NOTICE

      To Credit Suisse
      Address The Gate Building, 9th Floor East, DIFC, PO Box 33660, Dubai
      UAE
      DFSA Firm Reference No. F0000111
      Notice No. W012/2008

      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
      COB 6.9.1
      (1) An Authorised Firm must comply with the requirements in the Rules in this section when it undertakes a Transaction in the Units of a Foreign Fund except where the Transaction: [Amended][VER7/08-06]
      (a) is an execution only Transaction as defined in Rule 6.8.1(2)(b);
      (b) is carried out in connection with or for the purposes of a discretionary portfolio management agreement which it has entered into with a Client and the Authorised Firm provides to the Client information required under Rule 6.9.2;
      (c) is carried out with the Operator of a Foreign Fund for the purpose of redeeming a Unit of that Fund for or on behalf of a Client; or
      (d) falls within (3) or (4)
      (2) An Authorised Firm must not enter into Transactions in relation to the Units of a Foreign Fund with any Persons other than a Client. [Added][VER7/08-06]
      (3) The requirements in this section do not apply to a Transaction in relation to the Units of a Foreign Fund where an Authorised Firm:
      (a) enters into the Transaction on an Authorised Market Institution in the DIFC or on an exchange regulated by a Financial Services Regulator in a Recognised Jurisdiction; and
      (b) the Authorised Firm has provided to the Client the information of the kind referred to in Rule 6.9.2(4) prior to the execution of the Transaction for or on behalf of that Client.
      (4) The requirements in this section do not apply to an Authorised Firm in respect of a Transaction in relation to the Units of a Foreign Fund in circumstances where:
      (a) the Fund is an employee compensation, reward or share scheme (the “employee benefit plan”) where the Units of the Fund are available only to Employees of the Authorised Firm or of a member of its Group pursuant to the terms of an employee benefit plan;
      (b) for the purposes of this Rule, the Employees for whom the Authorised Firm is undertaking Transactions are eligible employees employed at the firm’s Branch; and
      (c) a full offering memorandum and a FAQ document have been provided to such eligible employees.
      (5) An “eligible employee” for the purposes (4), is an Employee who is a senior executive of the Authorised Firm’s Branch who fulfils the net worth or net income entry criteria under the employee benefit plan.

      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: 5th February 2008

    • W 011/08 REC — SCS Commodities Corp.

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      MODIFICATION NOTICE

      To SCS Commodities Corp.
      Address 1 North End Avenue, Suite 1245, New York, NY10282, USA
      DFSA Firm Reference No. F000586
      Notice No. W011/2008

      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
      REC 7.2.3 For the purposes of Rule 7.2.2(b), an applicant must:
      (a) be:
      (i) licensed or authorised to perform the financial services it will be carrying on in the DIFC in a jurisdiction other than the DIFC; and
      (ii) regulated in respect of those activities in (i) by a Financial Services Regulator to a standard satisfactory to the DFSA
      (ii) regulated in respect of those activities in (i) under arrangements that are satisfactory to the DFSA taking into account:
      (A) the regulatory regime that it and its principals are subject to in the jurisdiction in (1); and
      (B) the nature and extent of its activities on regulated exchanges and Authorised Market Institutions.
      (b) satisfy the DFSA that it:
      (i) is a Body Corporate of good standing and repute;
      (ii) will only conduct the Financial Service of Dealing in Investments as Principal in relation to Commodity Derivatives on an Authorised Market Institution, which is licensed to operate a market in Derivatives;
      (iii) has adequate and relevant expertise relating to dealing in Investments, which are Commodity Derivatives;
      (iv) has a Person, resident within the DIFC, authorised to accept service of notice and process on behalf of the applicant; and
      (v) will have in place adequate contractual arrangements to subject itself to the jurisdiction of the DFSA and DIFC Court relating to all matters arising out of its activities in or from the DIFC;
      and the DFSA does not otherwise object.

      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 Officer
      DATE OF ISSUE: 5th February 2008

    • W 009/08 OSR — Sphere Investments Limited

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      WAIVER NOTICE

      To Sphere Investments Limited
      Address Spheres Investments Limited, 680 Murray Street, West Perth, Western Australia, 6005 Australia
      DFSA Firm Reference No. F000623
      Notice No. W009/2008

      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 A2.1.1(16) and A3.1.1(5)

      CONDITIONS

      None.

      EFFECTIVE PERIOD

      This notice comes into effect, in respect of OSR Rule A3.1.1 (5), on the date of issue of this notice and remains in force until the above named Person is required to obtain shareholder approval pursuant to ASX Listing rule 7.2 exception 9 or until further notice, whichever is the earlier.

      This notice comes into effect, in respect of OSR Rule A2.1.1 (16), 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: 31 January 2008

    • W 008/08 GEN — HSBC Middle East Leasing Partnership

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      MODIFICATION NOTICE

      To HSBC Middle East Leasing Partnership
      Address Precinct Building 4, DIFC, Dubai, UAE
      DFSA Firm Reference No. F000665
      Notice No. W008/2008

      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 8.6.2
      (1) An Authorised Person must submit any auditor’s reports and financial statements required by this chapter to the DFSA within the four months of the Authorised Person’s financial year end.
      (2) The Authorised Firm need not submit an auditor’s report for the financial year ending in 2007.

      CONDITIONS

      None.

      EFFECTIVE PERIOD

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

      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: 31st January 2008

    • W 007/08 PIB — Natixis Global Associates UK Limited

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      WAIVER AND MODIFICATION NOTICE

      To Natixis Global Associates UK Limited
      Address 3rd Floor
      DIFC Gate Precinct Building 3
      PO Box 118257,
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000234
      Notice No. W007/2008

      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 WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      This notice was issued by:

      Name : Jane Coakley
      Position : Acting Chief Executive

      DATE OF ISSUE:

      21 January 2008

    • W 005/08 PIB — Landesbank Baden-Württemberg

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      WAIVER AND MODIFICATION NOTICE

      To Landesbank Baden-Württemberg
      Address Office 616, Regus Business Centre, Port Saeed Road,
      P.O. Box 43659, Dubai, United Arab Emirates
      DFSA Firm Reference No. F000696
      Notice No. W005/2008

      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 WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      This notice was issued by:

      Name : Ian A. Johnston
      Position : Managing Director Policy and Legal Services/
      Acting Chief Executive

      DATE OF ISSUE:

      15 January 2008

    • W 003/08 OSR — Goldman Sachs Group, Inc.

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Goldman Sachs Group, Inc.
      Address Trowers & Hamlins, Burjuman Business Tower, Sheikh Khalifa bin Zayed Road (Trade Centre Road), PO Box 23092, Dubai,UAE
      DFSA Firm Reference No. F000323
      Notice No. W003/2008

      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 : 07 January 2008

    • W 002/08 PIB — City of London Investment Management Company Limited

      Click herehere to view the PDF

      WAIVER AND MODIFICATION NOTICE

      To City of London Investment Management Company Limited
      Address 18th Floor, Burjuman Business Tower
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000647
      Notice No. W002/2008

      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
      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 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 : Ian Johnston
      Position : Acting Chief Executive
      DATE OF ISSUE : 3 January 2008