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    • 2015 2015

      • W404/2015 GEN — Standard & Poor's Credit Market Services Europe Limited

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        MODIFICATION NOTICE

        To Standard & Poor's Credit Market Services Europe Limited
        Address PO Box 506650 Dubai,
        United Arab Emirates
        DFSA Firm Reference No. F001912
        Notice No. W404/2015

        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 7.5.2

        The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be 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 12 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: Bryan Stirewalt
        Position: Managing Director, Supervision
        DATE OF ISSUE: 20 September 2015

      • W388/2015 GEN — Moody's Investors Service Middle East Limited

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        MODIFICATION NOTICE

        To Moody's Investors Service Middle East Limited
        Address Level 3, Gate Precinct Building 3, DIFC, PO Box 506845,
        Dubai, United Arab Emirates
        DFSA Firm Reference No. F002033
        Notice No. W388/2015

        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 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be 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 12 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: Bryan Stirewalt
        Position: Managing Director, Supervision
        DATE OF ISSUE: 09 July 2015

    • 2014 2014

      • W274/2014 GEN — XL Re Europe SE

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        MODIFICATION NOTICE

        To XL Re Europe SE
        Address Office 15073, Level 15 The Gate, Dubai International
        Financial Centre, PO Box 12108, Dubai, UAE
        DFSA Firm Reference No. F001609
        Notice No. W274/2014

        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 in the United States (US GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule US GAAP has the meaning given to that term in statement no. 162 as issued by the Financial Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the Generally Accepted Auditing Standards (US GAAS) as issued by American Institute of Certified Public Accountants Auditing Standards Board and the Auditing Standards of the Public Company Accounting Oversight Board of the United States in respect of its 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 US GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or US GAAS;
        (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 the condition 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: Bryan Stirewalt
        Position: Managing Director, Supervision
        DATE OF ISSUE: 17 April 2014

      • W276/2014 GEN — Fisher Asset Management LLC

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        MODIFICATION NOTICE

        To Fisher Asset Management LLC
        Address Office 15, 15th Floor, The Gate Building, DIFC,
        PO Box 121208, Dubai, UAE
        DFSA Firm Reference No. F002240
        Notice No. W276/2014

        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 in the United States (US GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule US GAAP has the meaning given to that term in statement no. 162 as issued by the Financial Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the Generally Accepted Auditing Standards (US GAAS) as issued by American Institute of Certified Public Accountants Auditing Standards Board and the Auditing Standards of the Public Company Accounting Oversight Board of the United States in respect of its 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 US GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or US GAAS;
        (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 the condition 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: Bryan Stirewalt
        Position: Managing Director, Supervision
        DATE OF ISSUE: 27 April 2014

      • W277/2014 GEN — Nomura Asset Management U.K. Limited

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        MODIFICATION NOTICE

        To Nomura Asset Management U.K. Limited
        Address Office No. 6, Level 6, Precinct Building 6, Dubai International Financial Centre, PO Box 506535, Dubai, UAE
        DFSA Firm Reference No. F002437
        Notice No. W277/2014

        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 in the United Kingdom (UK GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards ("UK GAAS") issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        (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 the condition 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 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: Bryan Stirewalt
        Position: Managing Director, Supervision
        DATE OF ISSUE: 04 May 2014

      • W281/2014 GEN — HDFC Bank Limited

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        MODIFICATION NOTICE

        To HDFC Bank Limited
        Address PO Box 64546, Office 1, Level 4, The Gate Village 2,
        DIFC, Dubai, UAE
        DFSA Firm Reference No. F001898
        Notice No. W281/2014

        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 in India (Indian GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule Indian GAAP means accounting and valuation principles in accordance with the guidelines of the Accounting Standards Board of the Institute of Chartered Accountants of India, including the Indian National Accounting Standards, and the statutory provisions and directives of the Reserve Bank of India.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards ("Indian GAAS") issued by the Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India in respect of its 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 Indian GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or Indian GAAS;
        (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 the condition 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: Prasanna Seshachellam
        Position: Director, Supervision
        DATE OF ISSUE: 03 June 2014

      • W288/2014 GEN — Invesco Asset Management Limited

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        MODIFICATION NOTICE

        To Invesco Asset Management Limited
        Address Level 3, Precinct Building 4, DIFC, PO Box 506599, Dubai,
        UAE
        DFSA Firm Reference No. F000070
        Notice No. W288/2014

        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 in the United Kingdom (UK GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards ("UK GAAS") issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        (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 the condition 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 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: Bryan Stirewalt
        Position: Managing Director, Supervision
        DATE OF ISSUE: 26 August 2014

      • W290/2014 GEN — Mitsubishi UFJ Securities International plc

        Click herehere to view PDF.

        MODIFICATION NOTICE

        To Mitsubishi UFJ Securities International plc
        Address Office 301, Level 3, East Wing, The Gate, Dubai International
        Financial Centre, PO Box 506894, Dubai, UAE
        DFSA Firm Reference No. F002623
        Notice No. W290/2014

        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 in the United Kingdom (UK GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards ("UK GAAS") issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        (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 the condition 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 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: Bryan Stirewalt
        Position: Managing Director
        DATE OF ISSUE: 31st August 2014

      • W291/2014 GEN — ING Asset Management B.V.

        Click herehere to view PDF.

        MODIFICATION NOTICE

        To ING Asset Management B.V.
        Address Office 206, Level 2, Tower 1, Al Fattan Currency House,
        DIFC, P.O. 506679, Dubai, UAE
        DFSA Firm Reference No. F002049
        Notice No. W291/2014

        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 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (b), (c) and (d) must be 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 12 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: Bryan Stirewalt
        Position: Managing Director, Supervision
        DATE OF ISSUE: 01 September 2014

      • W298/2014 COB — ICAP Energy Limited (DIFC Branch)

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        MODIFICATION NOTICE

        To ICAP Energy Limited (DIFC Branch)
        Address Office No 34, Level 15, Gate Building, DIFC, PO Box 506744,
        Dubai, UAE
        DFSA Firm Reference No. F002260
        Notice No. W298/2014

        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 any Holding Company is a Professional Client.

        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: Bryan Stirewalt
        Position: Managing Director, Supervision
        DATE OF ISSUE: 14th October 2014

      • W348/2014 GEN — ICAP Securities Limited

        Click herehere to view PDF.

        MODIFICATION NOTICE

        To ICAP Securities Limited
        Address Level 15, Office No 34, Gate Building, DIFC, PO Box 506744, Dubai, UAE
        DFSA Firm Reference No. F001660
        Notice No. W348/2014

        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 8.2.2
        (1) An Authorised Person must, except as provided under Rule 8.2.3, prepare and maintain all financial statements in accordance with:
        (a) the International Financial Reporting Standards (IFRS); or
        (b) the Generally Accepted Accounting Principles in the United Kingdom (UK GAAP).
        (2) In this Rule, UK GAAP means accounting and valuation principles set-out in the guidelines of the UK Accounting Standards Board.
        GEN 8.6.1

        An Authorised Person must, in writing, require its Auditor to:

        (a) conduct an audit of and produce a Financial Statement Auditor's Report on the Authorised Person's financial statements in accordance with the International Standards on Auditing, or the International Standards on Auditing (UK and Ireland) (ISAs (UK and Ireland)) issued by the UK Audit and Assurance Council;
        (b) produce a Regulatory Returns Auditor's Report in accordance with the Rules in AUD App1 as relevant;
        (c) produce, if the Authorised Firm is permitted to control or hold Client Money, a Client Money Auditor's Report in accordance with the Rules in AUD App2;
        (d) produce, if the Authorised Firm is permitted to control or hold Insurance Monies, an Insurance Monies Auditor's Report in accordance with the Rules in AUD App3; and
        (e) produce, if the Authorised Firm is permitted to hold or control Client Investments, Arrange Custody or Provide Custody in or from the DIFC, a Safe Custody Auditor's Report in respect of such business as applicable, in accordance with the Rules in AUD App4.

        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 carries on Financial Services through a Branch in the DIFC.

        If the condition 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 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: Bryan Stirewalt
        Position: Managing Director
        DATE OF ISSUE: 22 December 2014

      • W355/2014 GEN — ICAP Energy Limited (DIFC Branch)

        Click herehere to view PDF.

        MODIFICATION NOTICE

        To ICAP Energy Limited (DIFC Branch)
        Address Office No 34, Level 15, Gate Building, DIFC, PO Box 506744, Dubai, UAE
        DFSA Firm Reference No. F002260
        Notice No. W355/2014

        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 8.2.2
        (1) An Authorised Person must, except as provided under Rule 8.2.3, prepare and maintain all financial statements in accordance with:
        (a) the International Financial Reporting Standards (IFRS); or
        (b) the Generally Accepted Accounting Principles in the United Kingdom (UK GAAP).
        (2) In this Rule, UK GAAP means accounting and valuation principles set-out in the guidelines of the UK Accounting Standards Board.
        GEN 8.6.1

        An Authorised Person must, in writing, require its Auditor to:

        (a) conduct an audit of and produce a Financial Statement Auditor's Report on the Authorised Person's financial statements in accordance with the International Standards on Auditing, or the International Standards on Auditing (UK and Ireland) (ISAs (UK and Ireland)) issued by the UK Audit and Assurance Council;
        (b) produce a Regulatory Returns Auditor's Report in accordance with the Rules in AUD App1 as relevant;
        (c) produce, if the Authorised Firm is permitted to control or hold Client Money, a Client Money Auditor's Report in accordance with the Rules in AUD App2;
        (d) produce, if the Authorised Firm is permitted to control or hold Insurance Monies, an Insurance Monies Auditor's Report in accordance with the Rules in AUD App3; and
        (e) produce, if the Authorised Firm is permitted to hold or control Client Investments, Arrange Custody or Provide Custody in or from the DIFC, a Safe Custody Auditor's Report in respect of such business as applicable, in accordance with the Rules in AUD App4.

        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 carries on Financial Services through a Branch in the DIFC.

        If the condition 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 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: Bryan Stirewalt
        Position: Managing Director
        DATE OF ISSUE: 22 December 2014

    • 2013 2013

      • W214/2013 CIR — ICD-Brookfield Management Limited

        Click herehere to view PDF file.

        WAIVER AND MODIFICATION NOTICE

        To ICD-Brookfield Management Limited
        Address Office 611–615, Level 6, Gate Village 7 DIFC, PO Box 333888, Dubai, United Arab Emirates
        DFSA Firm Reference No. F001776
        Notice No. W214/2013

        THE DFSA HEREBY GIVES NOTICE THAT:

        1. The Rules specified in Table A herein do not apply to the above mentioned Person with respect to the Domestic Fund ICD-Brookfield Dubai Real Estate Fund I LP.

        AND

        2. The Rules specified in the left hand column of Table B herein do not apply to the above mentioned Person with respect to the Domestic Fund ICD-Brookfield Dubai Real Estate Fund I LP 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
        CIR Rule 13.4.4(3)(a)

        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
        CIR 13.4.18
        (1) The Fund Manager of a Property Fund must, subject to the approval of the Trustee, appoint a Person who is able to provide professional valuation services in accordance with the Rules in this section.
        (2) The Fund Manager must ensure that the Person appointed under (1) values each Real Property prior to its acquisition and disposal.
        (3) The Fund Manager must commission the Person referred to in (1) to produce a valuation report of the Property Fund each every two years in accordance with Rule 13.4.22. The net asset value of the Fund following this valuation must be reported in the annual report of the Fund.

        CONDITIONS

        The waiver in respect of the Rules specified above remains in effect for the duration of the period set out below on condition that the above named Person to whom this notice applies must ensure that, at all times:

        (a) at least 80% of the Fund's capital commitments are invested in direct or indirect Real Property investments which the Fund Manager reasonably expects, at the time of acquisition, to hold for more than 3 years unless the Fund's investment committee of independent experts agrees otherwise; and
        (b) the following provisions are included in the Fund's Constitution:
        (i) the Fund Manager shall undertake an annual valuation of the Fund Property on a “fair market value” basis and such valuation will be notified to investors in the annual report of the Fund; and
        (ii) the Fund's auditors will review all asset valuations as part of the audit process in relation to producing the annual audited financial statements for the Fund.

        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: Ian Johnston
        Position: Chief Executive
        Date: 24 July 2013

      • W222/2013 GEN — Union Bank of India

        Click herehere to view PDF file.

        MODIFICATION NOTICE

        To Union Bank of India
        Address Office No 208-210, Level 2, The Gate Village 10, Dubai International Financial Centre, PO Box 115584, Dubai, UAE
        DFSA Firm Reference No. F000787
        Notice No. W222/2013

        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 in India (Indian GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule Indian GAAP means accounting and valuation principles in accordance with the guidelines of the Accounting Standards Board of the Institute of Chartered Accountants of India, including the Indian National Accounting Standards, and the statutory provisions and directives of the Reserve Bank of India.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“Indian GAAS”) issued by the Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India in respect of its 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 Indian GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or Indian GAAS;
        (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 the condition 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: Bryan Stirewalt
        Position: Managing Director, Supervision
        DATE OF ISSUE: 18 February 2013

      • W231/2013 GEN — Bank of Baroda

        Click herehere to view PDF file.

        MODIFICATION NOTICE

        To Bank of Baroda
        Address Office No 403, Level 4, Gate Building, DIFC, PO Box 506748,
        Dubai, UAE
        DFSA Firm Reference No. F001649
        Notice No. W231/2013

        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 in India (Indian GAAP),
        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule Indian GAAP means accounting and valuation principles in accordance with the guidelines of the Accounting Standards Board of the Institute of Chartered Accountants of India, including the Indian National Accounting Standards, and the statutory provisions and directives of the Reserve Bank of India.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards ("Indian GAAS") issued by the Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India in respect of its 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 Indian GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or Indian GAAS;
        (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 the condition 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 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: Bryan Stirewalt
        Position: Managing Director, Supervision
        DATE OF ISSUE: 16 April 2013

      • W241/2013 GEN — ICAP Securities Limited

        Click herehere to view PDF.

        MODIFICATION NOTICE

        To ICAP Securities Limited
        Address Level 15, Office No 34, Gate Building, DIFC,
        PO Box 506744, Dubai, UAE
        DFSA Firm Reference No. F001660
        Notice No. W241/2013

        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 in the United Kingdom (UK GAAP),
        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards ("UK GAAS") issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        (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 the condition 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 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: Bryan Stirewalt
        Position: Managing Director
        DATE OF ISSUE: 1 July 2013

      • W243/2013 GEN — Clements (Dubai) Limited

        Click herehere to view PDF.

        MODIFICATION NOTICE

        To Clements (Dubai) Limited
        Address Office 15352, The Gate Building, Level 15, DIFC Street, P.O. Box 262, Dubai
        DFSA Firm Reference No. F002007
        Notice No. W243/2013

        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 in the United Kingdom (UK GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“UK GAAS”) issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        (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 the condition 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 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: Bryan Stirewalt
        Position: Managing Director, Supervision
        DATE OF ISSUE: 25th July 2013

      • W246/2013 GEN — ICAP Energy Limited (DIFC Branch)

        Click herehere to view PDF.

        MODIFICATION NOTICE

        To ICAP Energy Limited (DIFC Branch)
        Address Office No 34, Level 15, Gate Building, DIFC, PO Box 506744, Dubai, UAE
        DFSA Firm Reference No. F002260
        Notice No. W246/2013

        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 in the United Kingdom (UK GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“UK GAAS”) issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        (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 the condition 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 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: Bryan Stirewalt
        Position: Managing Director, Supervision
        DATE OF ISSUE: 06 August 2013

      • W212/2013 GEN — KPI Ahli Chartered Accountants

        Click herehere to view PDF file.

        MODIFICATION NOTICE

        To KPI Ahli Chartered Accountants
        Address Suite 3108, The Citadel, Business Bay, P.O Box 121395, Dubai, UAE
        DFSA Firm Reference No. F001936
        Notice No. W212/2013

        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 8.9.3 In assessing whether an Audit Principal is fit and proper, the Auditor must ensure that the Audit Principal at a minimum:
        (a) holds a Recognised Professional Qualification;
        (b) has at least five years of prior relevant experience in the past seven years in auditing financial services; and
        (c) is a member in good standing of a Recognised Professional Body.

        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) appoints and maintains an Engagement Quality Control Reviewer (as defined in International Standard on Quality Control (ISQC) 1) who:
        (a) holds a Recognised Professional Qualification;
        (b) has at least five years of prior relevant experience in the past seven years in auditing financial services; and
        (c) is a member in good standing of a Recognised Professional Body;
        (2) ensures that the person appointed under (1) above reviews the audit work of the Audit Principal in relation to any Authorised Firm; and
        (3) does not change a material term of the appointment, or the identity of the person appointed, under (1) above without the prior approval of the DFSA.
        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 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: Chief Executive Officer
        DATE OF ISSUE: 15 January 2013

      • W218/2013 GEN — Usamah Tabbarah & Co - Nexia International

        Click herehere to view PDF file.

        MODIFICATION NOTICE

        To Usamah Tabbarah & Co - Nexia International
        Address Office 226, Emarat Atrium Building, Sheikh Zayed Road, PO Box 215223, Dubai, UAE
        DFSA Firm Reference No. F001054
        Notice No. W218/2013

        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 8.9.3 In assessing whether an Audit Principal is fit and proper, the Auditor must ensure that the Audit Principal at a minimum:
        (a) holds a Recognised Professional Qualification;
        (b) has at least five years of prior relevant experience in the past seven years in auditing financial services; and
        (c) is a member in good standing of a Recognised Professional Body.

        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) appoints and maintains an Engagement Quality Control Reviewer (as defined in International Standards on Quality Control (ISQC) 1) who:
        (a) holds a Recognised Professional Qualification;
        (b) has at least five years of prior relevant experience in the past seven years in auditing financial services; and
        (c) is a member in good standing of a Recognised Professional Body.
        (2) ensures that the person appointed under (1) above reviews the audit work of the Audit Principal in relation to any Authorised Firm; and
        (3) does not change a material term of the appointment, or the identity of the person appointed, under (1) above without the prior approval of the DFSA.

        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 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: Bryan Stirewalt
        Position: Managing Director, Supervision
        DATE OF ISSUE: 05 February 2013

      • W230/2013 GEN — Moore Stephens, Chartered Accountants

        Click herehere to view PDF file.

        MODIFICATION NOTICE

        To Moore Stephens, Chartered Accountants
        Address Suite M 5A, Zalfa Building, Garhoud
        PO Box 28817, Dubai, UAE
        DFSA Firm Reference No. F000383
        Notice No. W230/2013

        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 8.9.3

        In assessing whether an Audit Principal is fit and proper, the Auditor must ensure that the Audit Principal at a minimum:

        (a) holds a Recognised Professional Qualification;
        (b) has at least five years of prior relevant experience in the past seven years in auditing financial services; and
        (c) is a member in good standing of a Recognised Professional Body.

        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) appoints and maintains an Engagement Quality Control Reviewer (as defined in International Standards on Quality Control (ISQC) 1) who:
        (a) holds a Recognised Professional Qualification;
        (b) has at least five years of prior relevant experience in the past seven years in auditing financial services; and
        (c) is a member in good standing of a Recognised Professional Body.
        (2) ensures that the person appointed under (1) above reviews the audit work of the Audit Principal in relation to any Authorised Firm; and
        (3) does not change a material term of the appointment, or the identity of the person appointed, under (1) above without the prior approval of the DFSA.

        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 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: Bryan Stirewalt
        Position: Managing Director, Supervision
        DATE OF ISSUE: 16 April 2013

    • 2012

      • W 156/2012 PIB — Coutts & Co

        Click herehere to view PDF

        WAIVER AND MODIFICATION NOTICE

        To Coutts & Co
        Address Office No. 203, Level 2, Gate Village Building No. 4, DIFC, PO Box 506833, Dubai, UAE
        DFSA Firm Reference No. F001368
        Notice No. W156/2012

        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: Paul M. Koster
        Position: Chief Executive
        DATE OF ISSUE: 12 February 2012

      • W185/2012 PIB — Perella Weinberg Partners UK LLP

        Click herehere to view PDF

        WAIVER AND MODIFICATION NOTICE

        To Perella Weinberg Partners UK LLP
        Address Office 304, Gate Village Building 1, PO Box 506582, DIFC, Dubai, UAE
        DFSA Firm Reference No. F001570
        Notice No. W185/2012

        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: Ian Johnston
        Position: Chief Executive
        DATE OF ISSUE: 6 September 2012

      • W201/2012 PIB — Standard Life International Limited

        Click herehere to view PDF file.

        WAIVER AND MODIFICATION NOTICE

        To Standard Life International Limited
        Address Office No 19, Level 15, The Gate, DIFC, PO Box 121208, Dubai, UAE
        DFSA Firm Reference No. F001615
        Notice No. W201/2012

        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: Bryan Stirewalt
        Position: Managing Director, Supervision
        DATE OF ISSUE: 20 November 2012

      • W 155/2012 PIB — Moelis & Company UK LLP, DIFC Branch

        Click herehere to view PDF

        WAIVER AND MODIFICATION NOTICE

        To Moelis & Company UK LLP, DIFC Branch
        Address Suite 03, Level 6, Gate Precinct 3, DIFC, PO Box 506777, Dubai, UAE
        DFSA Firm Reference No. F001620
        Notice No. W155/2012

        THE DFSA HEREBY GIVES NOTICE THAT:

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

        AND

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

        RULES WAIVED

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

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

        RULES MODIFIED

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

        TABLE B
        Rule Modified Text
        PIB Rule 1.2.1 An Authorised Firm must:
        (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
        (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

        CONDITIONS

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

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

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

        EFFECTIVE PERIOD

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

        INTERPRETATION

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

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

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

        Name: Paul Koster
        Position: Chief Executive
        DATE OF ISSUE: 2 January 2012

      • W 168/2012 PIB — ICAP Securities Limited

        Click herehere to view PDF

        WAIVER AND MODIFICATION NOTICE

        To ICAP Securities Limited
        Address Office No 42, Level 15, The Gate Building, DIFC, PO Box 506744, Dubai, UAE
        DFSA Firm Reference No. F001660
        Notice No. W168/2012

        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: Ian Johnston
        Position: Deputy Chief Executive
        DATE OF ISSUE: 22 April 2012

      • W 169/2012 PIB — The Bank of Tokyo-Mitsubishi UFJ Ltd.

        Click herehere to view PDF

        WAIVER AND MODIFICATION NOTICE

        To The Bank of Tokyo-Mitsubishi UFJ Ltd.
        Address Level 1, Building 6, Gate Village, DIFC, PO Box 506614, Dubai, UAE
        DFSA Firm Reference No. F000470
        Notice No. W169/2012

        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 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: Bryan Stirewalt
        Position: Managing Director, Supervision
        DATE OF ISSUE: 30 April 2012

      • W 157/2012 PIB — UBS AG

        Click herehere to view PDF

        WAIVER AND MODIFICATION NOTICE

        To UBS AG
        Address DIFC, Building 6, 5th Floor, PO Box 506542, Dubai, UAE
        DFSA Firm Reference No. F000321
        Notice No. W157/2012

        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 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: Bryan Stirewalt
        Position: Managing Director, Supervision
        DATE OF ISSUE: 19 February 2012

      • W 159/2012 PIB — VTB Capital plc

        Click herehere to view PDF

        WAIVER AND MODIFICATION NOTICE

        To VTB Capital plc
        Address Office 403, Level 4, Currency House, Tower 2, DIFC,
        PO Box 482088, Dubai, UAE
        DFSA Firm Reference No. F000994
        Notice No. W159/2012

        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 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: Bryan Stirewalt
        Position: Managing Director, Supervision
        DATE OF ISSUE: 19 February 2012

      • W 176/2012 PIB — JP Morgan Chase Bank, N.A.

        Click herehere to view PDF

        WAIVER AND MODIFICATION NOTICE

        To JP Morgan Chase Bank, N.A.
        Address Level 3, West Wing, The Gate, DIFC PO Box 506551
        DFSA Firm Reference No. F000327
        Notice No. W176/2012

        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: Bryan Stirewalt
        Position: Managing Director, Supervision
        DATE OF ISSUE: 26 June 2012

      • W192/2012 GEN — Moody's Investors Service Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Moody's Investors Service Limited
        Address PO Box 506845
        Dubai, United Arab Emirates
        DFSA Firm Reference No. F001925
        Notice No. W192/2012

        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 in the United Kingdom (UK GAAP),
        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards ("UK GAAS") issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        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 the condition 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: Bryan Stirewalt
        Position: Managing Director, Supervision
        DATE OF ISSUE: 27 September 2012

      • W193/2012 COB — Moody's Investor's Service Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Moody's Investor's Service Limited
        Address PO Box 506845
        Dubai, United Arab Emirates
        DFSA Firm Reference No. F001925
        Notice No. W193/2012

        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 8.6.3
        (1) A Credit Rating Agency must ensure that its Employees who have a relevant material interest in a Rating Subject or its Related Party are not involved in the preparation or review of the relevant Credit Rating or able to influence that process.
        (2) For the purposes of Rule 8.6.3(1), an Employee of a Credit Rating Agency has a material interest in a Rating Subject if the Employee:
        (a) owns a security or a derivative relating to a Rating Subject or its Related Party, other than holdings in diversified collective investment funds;
        (b) has had a recent employment or other significant business relationship with a Rating Subject or its Related Party which may cause, or may be perceived as causing, conflicts of interest; or
        (c) has a Close Relative who, due to his Employment with the is currently employed by a Rating Subject or its Related Party, may cause or may be perceived as causing a conflict of interest.
        COB 8.8.2
        (1) A Credit Rating Agency must disclose on its website and include in its announcements relating to Credit Ratings and its annual report the general nature of its arrangements relating to fees and charges with, or relating to, the Rating Subject including:
        (a) whether the Credit Rating Agency or any member of its Group receives any fees, charges or other monetary benefits which are unrelated to the provision by the Credit Rating Agency of its Credit Ratings, and if so, the proportion of such benefits relating to the aggregate fees and charges in respect of the provision of Credit Ratings; and
        (b) if the Credit Rating Agency receives 10% or more of its aggregate annual revenue from a single Rating Subject or its Related Party, information about that source.
        (2) Where a Credit Rating Agency is a member of a Group, the 10% aggregate annual income referred to in (1)(b) may be calculated by aggregating the net revenue of all Credit Rating Agencies within the Group.
        COB 8.8.3 A Credit Rating Agency must, where the Rating Subject is a structured financial product, disclose in its Credit Ratings, to the extent it is aware at the time of issuing the Credit Rating, whether the Relevant Information is made publicly available by the Rating Subject, or whether all, or some of, such information remains non-public.

        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: Bryan Stirewalt
        Position: Acting Chief Executive
        DATE OF ISSUE: 27 September 2012

      • W200/2012 GEN — Standard Life International Limited

        Click herehere to view PDF file.

        MODIFICATION NOTICE

        To Standard Life International Limited
        Address Office No 19, Level 15, The Gate, DIFC, PO Box 121208, Dubai, UAE
        DFSA Firm Reference No. F001615
        Notice No. W200/2012

        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 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be 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: Bryan Stirewalt
        Position: Managing Director, Supervision
        DATE OF ISSUE: 20 November 2012

      • W 154/2012 GEN — Moelis & Company UK LLP DIFC Branch

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Moelis & Company UK LLP, DIFC Branch
        Address Suite 03, Level 6, Gate Precinct 3, DIFC, PO Box 506777, Dubai, UAE
        DFSA Firm Reference No. F001620
        Notice No. W154/2012

        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 in the United Kingdom (UK GAAP),
        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards ("UK GAAS") issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        (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 the condition 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 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: Paul Koster
        Position: Chief Executive
        DATE OF ISSUE: 2 January 2012

      • W 163/2012 GEN — Swiss Re Corporate Solutions Ltd

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Swiss Re Corporate Solutions Ltd
        Address Office number 38 & 53, Level 15,
        The Gate Building
        DIFC, PO Box 506603
        Dubai, UAE
        DFSA Firm Reference No. F001676
        Notice No. W163/2012

        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 in Switzerland (Swiss GAAP),
        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule Swiss GAAP means accounting and valuation principles in accordance with the Swiss Code of Obligations, the Swiss Federal Law on banks and its relative Implementing Ordinance, as well as with the statutory provisions and directives issued by the Swiss Federal Banking Commission.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards ("Swiss GAAS"), in respect of its 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 Swiss GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or Swiss GAAS;
        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 the condition 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: Paul M. Koster
        Position: Chief Executive Officer
        DATE OF ISSUE: 28 March 2012

      • W191/2012 GEN — Standard & Poor's Credit Market Services Europe Limited Dubai Branch

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Standard & Poor's Credit Market Services Europe Limited Dubai Branch
        Address PO Box 506650
        Dubai, United Arab Emirates
        DFSA Firm Reference No. F001912
        Notice No. W191/2012

        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 in the United Kingdom (UK GAAP),
        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards ("UK GAAS") issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        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 the condition 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 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: Bryan Stirewalt
        Position: Managing Director, Supervision
        DATE OF ISSUE: 27 September 2012

      • W209/2012 GEN — Wells Fargo Bank, National Association

        Click herehere to view PDF file.

        MODIFICATION NOTICE

        To Wells Fargo Bank, National Association
        Address Suite 1404, Park Place Tower, Sheikh Zayed Road, PO Box 53089, Dubai, UAE
        DFSA Firm Reference No. F001853
        Notice No. W209/2012

        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 un-altered. 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 in the United States (US GAAP),
        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule US GAAP has the meaning given to that term in statement no. 162 as issued by the Financial Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the Generally Accepted Auditing Standards (US GAAS) as issued by American Institute of Certified Public Accountants Auditing Standards Board and the Auditing Standards of the Public Company Accounting Oversight Board of the United States in respect of its 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 US GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or US GAAS;
        (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 the condition 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 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: Bryan Stirewalt
        Position: Managing Director
        DATE OF ISSUE: 20 December 2012

      • W190/2012 GEN — Moody's Investors Service Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Moody's Investors Service Limited
        Address PO Box 506845
        Dubai, United Arab Emirates
        DFSA Firm Reference No. F001925
        Notice No. W190/2012

        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 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be 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 12 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 : Bryan Stirewalt
        Position : Managing Director, Supervision
        DATE OF ISSUE: 27 September 2012

      • W183/2012 GEN — Moody's Investors Service Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Moody's Investors Service Limited
        Address PO Box 506845
        Dubai, United Arab Emirates
        DFSA Firm Reference No. F001925
        Notice No. W183/2012

        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
        2.27.1
        (1) In Rule 2.2.2, Operating a Credit Rating Agency means undertaking one or more Credit Rating Activities for the purpose of producing a Credit Rating with a view to that Credit Rating being:
        (a) disseminated to the public; or
        (b) distributed to a Person by subscription;
        whether or not it is in fact disseminated or distributed.
        (2) For the purposes of (1):
        (a) Credit Rating Activities are data and information analysis or the evaluation, approval, issue or review of a Credit Rating; and
        (b) a Credit Rating is an opinion expressed using an established and defined ranking system of rating categories regarding the creditworthiness of a Rating Subject.
        (3) In (2), a Rating Subject means:
        (a) a Person other than a natural person;
        (b) a credit commitment; or
        (c) a debt or debt-like Investment.
        (4) For the purposes of this Rule, a Person carrying out one or more of the activities specified in (1) on or before the date on which this Rule becomes effective is deemed to be duly authorised to carry on that activity for the period specified in (5) as long as that Person:
        (a) has submitted a duly completed application to the DFSA using the appropriate AFN for a licence to carry out the Financial Service of Operating a Credit Rating Agency; and
        (b) continues to carry on its business as documented in such application and supporting documents thereto (including the requests for Waivers and Modifications), which has been submitted by Moody's Investors Service Limited to the DFSA on the 13th of August 2012.
        (5) The effective period for the purposes of (4) is the period between the date on which this notice is issued and the date when whichever of the following occurs first:
        (a) expiry of 30 days;
        (b) the grant of a licence to the Applicant by the DFSA;
        (c) withdrawal of the licence application by the Applicant; or
        (d) notification by the DFSA of its decision not to grant a licence to the Applicant.

        CONDITIONS

        This notice ceases to have effect if any one or more of the conditions stated in paragraph (4) of the modified Rule above is breached, in which event the specified Rule in its unmodified form becomes operative.

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains effective for a period determined by reference to paragraph (5) of the modified Rule above.

        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 : Chief Executive
        DATE OF ISSUE: 16 August 2012

    • 2011

      • W 114/2011 GEN — Itau Middle East Securities Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Itau Middle East Securities Limited
        Address Suite 305, 3rd Floor, Al Fattan Tower, Currency House,
        PO Box 482034, DIFC
        Dubai, United Arab Emirates
        DFSA Firm Reference No. F000851
        Notice No. W114/2011

        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 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be 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 12 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: Bryan Stirewalt
        Position: Managing Director, Supervision
        DATE OF ISSUE: 19 June 2011

      • W 151/2011 GEN — Western Asset Management Company Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Western Asset Management Company Limited
        Address Office No 15223, Level 15, The Gate Building, DIFC, PO Box 121208, Dubai, UAE
        DFSA Firm Reference No. F001578
        Notice No. W151/2011

        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 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be 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: Paul M. Koster
        Position: Chief Executive
        DATE OF ISSUE: 22 December 2011

      • W 152/2011 GEN — Western Asset Management Company Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Western Asset Management Company Limited
        Address Office No 15223, Level 15, The Gate Building, DIFC, PO Box 121208, Dubai, UAE
        DFSA Firm Reference No. F001578
        Notice No. W152/2011

        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 in the United Kingdom (UK GAAP),
        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards ("UK GAAS") issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        (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 the condition 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 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: Paul M. Koster
        Position: Chief Executive
        DATE OF ISSUE: 22 December 2011

      • W 153/2011 PIB — Western Asset Management Company Limited

        Click herehere to view PDF

        WAIVER AND MODIFICATION NOTICE

        To Western Asset Management Company Limited
        Address Office No 15223, Level 15, The Gate Building, DIFC, PO Box 121208, Dubai, UAE
        DFSA Firm Reference No. F001578
        Notice No. W153/2011

        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: Paul M. Koster
        Position: Chief Executive
        DATE OF ISSUE: 22 December 2011

      • W 093/2011 PIB — BGC Brokers L.P.

        Click herehere to view PDF

        WAIVER AND MODIFICATION NOTICE

        To BGC Brokers L.P.
        Address Office No. 10, Level 03, Gate Village 10, PO Box 482004,
        DIFC, Dubai, UAE
        DFSA Firm Reference No. F001356
        Notice No. W093/2011

        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 : Paul Koster
        Position : Chief Executive
        DATE OF ISSUE: 20th January 2011

      • W 119/2011 PIB — Australia and New Zealand Banking Group Limited

        Click herehere to view PDF

        WAIVER AND MODIFICATION NOTICE

        To Australia and New Zealand Banking Group Limited
        Address Office 1 & 2, Level 3, Gate Village 6, DIFC, PO Box 121939 Dubai UAE
        DFSA Firm Reference No. F001365
        Notice No. W119/2011

        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 : Paul M Koster
        Position : Chief Executive Officer
        DATE OF ISSUE: 22 June 2011

      • W 105/2011 PIB — Macquarie Bank Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Macquarie Bank Limited
        Address Level 7, Building 6, Emaar Square, PO Box 506751, Dubai, UAE
        DFSA Firm Reference No. F001369
        Notice No. W105/2011

        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 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: Paul Koster
        Position: Chief Executive
        DATE OF ISSUE: 11 May 2011

      • W 103/2011 AUT — HETCO Advisory Services UK Limited d/b/a HETCO Dubai

        Click herehere to view PDF

        WAIVER AND MODIFICATION NOTICE

        To HETCO Advisory Services UK Limited d/b/a HETCO Dubai
        Address Level 7, Office No. 710, Liberty House, Dubai International Financial Centre,
        P O Box 506743, Dubai, UAE
        DFSA Firm Reference No. F001395
        Notice No. W103/2011

        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 : Ian Johnston
        Position : Acting Chief Executive
        DATE OF ISSUE: 19 April 2011

      • W 139/2011 PIB — Jefferies International Limited

        Click herehere to view PDF

        WAIVER AND MODIFICATION NOTICE

        To Jefferies International Limited
        Address Office No 4216, Level 42, Emirates Towers, Sheikh Zayed
        Road, PO Box 31303, Dubai, UAE
        DFSA Firm Reference No. F001523
        Notice No. W139/2011

        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: Paul M Koster
        Position: Chief Executive Officer
        DATE OF ISSUE: 16 November 2011

      • W 144/2011 PIB — Institutional Cash Distributors Limited

        Click herehere to view PDF

        WAIVER AND MODIFICATION NOTICE

        To Institutional Cash Distributors Limited
        Address Office No 32, Level 3, The Gate Village Building No 10, DIFC, PO Box 125115, Dubai, UAE
        DFSA Firm Reference No. F001566
        Notice No. W144/2011

        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: Paul M. Koster
        Position: Chief Executive Officer
        DATE OF ISSUE: 05 December 2011

      • W 134/2011 PIB — Blackrock Advisors (UK) Limited

        Click herehere to view PDF

        WAIVER AND MODIFICATION NOTICE

        To Blackrock Advisors (UK) Limited
        Address Level 1, Al Fattan Currency House, DIFC, PO Box 506661,
        Dubai, UAE
        DFSA Firm Reference No. F000738
        Notice No. W134/2011

        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 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: Bryan Stirewalt
        Position: Managing Director
        DATE OF ISSUE: 23 October 2011

      • W 095/2011 PIB — ICICI Bank Limited

        Click herehere to view PDF

        WAIVER AND MODIFICATION NOTICE

        To ICICI Bank Limited
        Address Office 5, Level 5, Building 4 East, DIFC, PO Box 506529,
        Dubai, UAE
        DFSA Firm Reference No. F000068
        Notice No. W095/2011

        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 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 : Bryan Stirewalt
        Position : Managing Director, Supervision
        DATE OF ISSUE: 24 January 2011

      • W 147/2011 PIB — Merrill Lynch International

        Click herehere to view PDF

        WAIVER AND MODIFICATION NOTICE

        To Merrill Lynch International
        Address 2nd floor, Gate Village 6, DIFC, PO Box 506576, Dubai, UAE
        DFSA Firm Reference No. F000216
        Notice No. W147/2011

        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 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: Bryan Stirewalt
        Position: Managing Director, Supervision
        DATE OF ISSUE: 12 December 2011

      • W 140/2011 PIB — Nomura International Plc (Dubai Branch)

        Click herehere to view PDF

        WAIVER AND MODIFICATION NOTICE

        To Nomura International Plc (Dubai Branch)
        Address Building 6, Level 6
        DIFC, P.O.Box 506535
        Dubai, UAE
        DFSA Firm Reference No. F001008
        Notice No. W140/2011

        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 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: Bryan Stirewalt
        Position: Managing Director Supervision
        DATE OF ISSUE: 30 November 2011

      • W 094/2011 GEN — BGC Brokers L.P.

        Click herehere to view PDF

        MODIFICATION NOTICE

        To BGC Brokers L.P.
        Address Office No. 10, Level 03, Gate Village 10, PO Box 482004, DIFC,
        Dubai, UAE
        DFSA Firm Reference No. F001356
        Notice No. W094/2011

        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 in the United Kingdom (UK GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“UK GAAS”) issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        (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 the condition 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 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 : Paul Koster
        Position : Chief Executive
        DATE OF ISSUE: 20th January 2011

      • W 104/2011 AUT — HETCO Advisory Services UK Limited d/b/a HETCO Dubai

        Click herehere to view PDF

        MODIFICATION NOTICE

        To HETCO Advisory Services UK Limited d/b/a HETCO Dubai
        Address Level 7, Office No. 710, Liberty House, Dubai International Financial Centre, P O Box 506743, Dubai, UAE
        DFSA Firm Reference No. F001395
        Notice No. W104/2011

        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 in the United Kingdom (UK GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards ("UK GAAS") issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        (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 the condition 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 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 : Ian Johnston
        Position : Acting Chief Executive
        DATE OF ISSUE: 19 April 2011

      • W 133/2011 GEN — Blackrock Advisors (UK) Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Blackrock Advisors (UK) Limited
        Address Level 1, Al Fattan Currency House, DIFC, PO Box 506661,
        Dubai, UAE
        DFSA Firm Reference No. F000738
        Notice No. W133/2011

        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 in the United Kingdom (UK GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“UK GAAS”) issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        (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 the condition 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 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: Bryan Stirewalt
        Position: Managing Director
        DATE OF ISSUE: 23 October 2011

      • W 137/2011 GEN — Jefferies International Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Jefferies International Limited
        Address Office No 4216, Level 42, Emirates Towers, Sheikh Zayed
        Road, PO Box 31303, Dubai, UAE
        DFSA Firm Reference No. F001523
        Notice No. W137/2011

        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 in the United Kingdom (UK GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“UK GAAS”) issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        (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 the condition 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 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: Paul M Koster
        Position: Chief Executive Officer
        DATE OF ISSUE: 16 November 2011

      • W 145/2011 GEN — Institutional Cash Distributors Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Institutional Cash Distributors Limited
        Address Office No 32, Level 3, The Gate Village Building No 10, DIFC, PO Box 125115, Dubai, UAE
        DFSA Firm Reference No. F001566
        Notice No. W145/2011

        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 in the United Kingdom (UK GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards ("UK GAAS") issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        (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 the condition 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 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 : Paul M. Koster
        Position : Chief Executive Officer
        DATE OF ISSUE: 05 December 2011

    • 2010

      • W 012/10 GEN — ABN AMRO Asset Management (Asia) Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To ABN AMRO Asset Management (Asia) Limited
        Address Liberty House, Office Nos. 615, 616 & 617
        PO Box 506827, DIFC
        Dubai, United Arab Emirates
        DFSA Firm Reference No. F001034
        Notice No. W012/2010

        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 Hong Kong Financial Reporting Standards (Hong Kong FRS)
        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 Hong Kong FRS, as supplemented by AAOIFI FAS 18 in respect of its Islamic Financial Business.
        (4) In this Rule Hong Kong FRS means accounting and valuation principles in accordance with the guidelines of the Hong Kong Institute of Certified Public Accountants (HKICPA).
        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 Hong Kong Accounting and Financial Reporting Standards, 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 the Hong Kong Institute of Certified Public Accountants (HKICPA) or AAOIFI accounting standards in respect of Islamic Financial Business;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or the the Hong Kong Accounting and Financial Reporting Standards and or 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 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 names Person to whom this notice applies carries on Financial Services through a Branch of the DIFC.

        If the condition 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 and remains in force until 31 December 2010 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: 3 March 2010

      • W 003/10 AUT — Kotak Mahindra Financial Services Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Kotak Mahindra Financial Services Limited
        Address Level 09, Office No. 914,
        Burjuman Business Towers, Bur Dubai,
        P. O. Box 16498,
        Dubai, U.A.E.
        DFSA Firm Reference No. F001116
        Notice No. W003/2010

        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 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 : Paul M. Koster
        Position : Chief Executive
        DATE OF ISSUE: 6th January 2010

      • W 001/10 GEN — JLT Risk Solutions

        Click herehere to view PDF

        MODIFICATION NOTICE

        To JLT Risk Solutions
        Address The Exchange Building,
        6th Floor,
        PO Box 506519,
        Dubai, UAE
        DFSA Firm Reference No. F000014
        Notice No. W01/2010

        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 and remains in force until 31 December 2010 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 : Managing Director, Supervision
        DATE OF ISSUE: 4 January 2010

      • W 002/10 GEN — Morgan Stanley & Co International Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Morgan Stanley & Co International Limited
        Address Level 5, West Wing,
        The Gate Building,
        PO Box 506501,
        Dubai, UAE
        DFSA Firm Reference No. F000168
        Notice No. W02/2010

        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 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 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 and remains in force until 31 December 2010 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 : Managing Director, Supervision
        DATE OF ISSUE: 4 January 2010

      • W 005/10 GEN — RBC Dexia Investor Services Trust

        Click herehere to view PDF

        MODIFICATION NOTICE

        To RBC Dexia Investor Services Trust
        Address Liberty House
        Level 10, Unit 1005
        P. O. Box 506749
        Dubai
        UAE
        DFSA Firm Reference No. F001164
        Notice No. W005/2010

        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 Canada (Canadian 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 or Canadian GAAP, as supplemented by AAOIFI FAS 18 in respect of its Islamic Financial Business.
        (4) In this rule Canadian GAAP means accounting and valuation principles in accordance with the guidelines of the Public Company Accounting Oversight Board, including the statutory provisions and directives of the Office of the Superintendent of Financial Institutions'.
        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 Public Company Accounting Oversight Board, (Canada), 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 the Public Company Accounting Oversight Board or AAOIFI in respect of Islamic Financial Business;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or the Public Company Accounting Oversight Board and or 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 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 the condition 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 and remains in force until 31 December 2010 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: 12 January 2010

      • W 007/10 AUT — RBC Dexia Investor Services Trust

        Click herehere to view PDF

        MODIFICATION NOTICE

        To RBC Dexia Investor Services Trust
        Address Liberty House
        Level 10, Unit 1005
        P. O. Box 506749
        Dubai
        UAE
        DFSA Firm Reference No. F001164
        Notice No. W007/2010

        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 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 : Ian Johnston
        Position : Acting Chief Executive
        DATE OF ISSUE: 12 January 2010

      • W 011/10 AUT — Kotak Mahindra (UK) Ltd

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Kotak Mahindra (UK) Ltd
        Address Office 307-308, Sharafi Building, Karama, PO Box 121753, Dubai, UAE
        DFSA Firm Reference No. F000049
        Notice No. W011/2010

        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 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 : Managing Director, Supervision
        DATE OF ISSUE: 11 February 2010

      • W 021/10 AUT — Arabian Capital Investment & Finance Company (Dubai) Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Arabian Capital Investment & Finance Company (Dubai) Limited
        Address Office 37, Level 12, The Business Centre, DIFC, PO Box 506816, Dubai, UAE
        DFSA Firm Reference No. F000967
        Notice No. W021/2010

        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 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 : MANAGING DIRECTOR, SUPERVISION
        DATE OF ISSUE: 26 APRIL 2010

      • W 024/10 AUT — Threadneedle Portfolio Services Hong Kong Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Threadneedle Portfolio Services Hong Kong Limited
        Address Unit 5, 2nd Floor
        Gate Village 5
        PO Box 482005
        Dubai, UAE
        DFSA Firm Reference No. F001241
        Notice No. W024/2010

        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 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 : MANAGING DIRECTOR, SUPERVISION
        DATE OF ISSUE: 27 MAY 2010

      • W 032/10 AUT — Mercer Financial Services Middle East Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Mercer Financial Services Middle East Limited
        Address Office No. 111, Century Plaza,, Jumeirah Beach Road, Jumeirah 1 PO Box 215306, Dubai, UAE
        DFSA Firm Reference No. F001250
        Notice No. W032/2010

        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 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 : PAUL M. KOSTER
        Position : CHIEF EXECUTIVE
        DATE OF ISSUE: 29 JUNE 2010

      • W 054/2010 PIB — Emirates REIT Management (Private) Limited

        Click herehere to view PDF

        WAIVER NOTICE

        To Emirates REIT Management (Private) Limited
        Address Level 3, East Wing
        The Gate, DIFC
        PO Box 482015
        Dubai, UAE
        DFSA Firm Reference No. F001310
        Notice No. W054/2010

        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
        PIB All the Rules in section 4.5 — Concentration Risk

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 30 December 2010 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: 14 NOVEMBER 2010

      • W 010/10 AUT — Bloomberg Tradebook Europe Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Bloomberg Tradebook Europe Limited
        Address 8th Floor,
        The Gate Building,
        Dubai International Finance Centre
        P.O. Box 506707,
        Dubai, U.A.E
        DFSA Firm Reference No. F001106
        Notice No. W010/2010

        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 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 12 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 : Managing Director, Supervision
        DATE OF ISSUE: 2 February 2010

      • W 017/10 AUT — Permal Investment Management Services Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Permal Investment Management Services Limited
        Address The Gate, West Wing, 8th Floor
        Dubai International Financial Centre (DIFC)
        PO Box 506520
        Dubai, United Arab Emirates
        DFSA Firm Reference No. F000012
        Notice No. W017/2010

        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 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 12 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 : Managing Director, Supervision
        DATE OF ISSUE: 7 March 2010

      • W 018/10 AUT — NBK Capital Ltd

        Click herehere to view PDF

        MODIFICATION NOTICE

        To NBK Capital Ltd
        Address Level 4, Precinct Building 3,
        DIFC, PO Box 506506,
        Dubai, UAE
        DFSA Firm Reference No. F000150
        Notice No. W018/2010

        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 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 12 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 : Managing Director, Supervision
        DATE OF ISSUE: 11 March 2010

      • W 019/10 TKO — Kingdom 5-KR-211 Ltd

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Kingdom 5-KR-211 Ltd
        Address Dewey & LeBoeuf
        No 1 Minister Court Mincing Lane
        London EC3R 7YL
        United Kingdom
        DFSA Firm Reference No. F001267
        Notice No. W019/2010

        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
        TKO A1.3.4 Details of holdings required to be disclosed under this section may be disclosed in the aggregate, provided that such disclosure is not misleading or deceptive.
        TKO A1.3.5 Dealings in the Target and the Bidder by financial advisers to the Bidder are not required to be disclosed under this section where the dealings are undertaken by the financial adviser as agent for third parties not connected with the Bidder.

        CONDITIONS

        None.

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue and remains in force for 12 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 : Paul M Koster
        Position : Chief Executive
        DATE OF ISSUE: 22 March 2010

      • W 034/10 AUT — Prudential Asset Management Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Prudential Asset Management Limited
        Address Unit 5, Level 6,
        Precinct Building 5,
        DIFC, PO Box 506605,
        Dubai, UAE
        DFSA Firm Reference No. F000279
        Notice No. W034/2010

        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 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 J Zamorski
        Position : Managing Director
        DATE OF ISSUE: 04 July 2010

      • W 041/10 AUT — Religare Capital Markets plc

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Religare Capital Markets plc
        Address Unit 10, Level 4
        Gate Village Building 10
        DIFC
        P.O.Box 506842
        Dubai, UAE
        DFSA Firm Reference No. F001188
        Notice No. W041/2010

        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 resident in the U.A.E.

        CONDITIONS

        None.

        EFFECTIVE PERIOD

        The notice comes into efect 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 : Ian Johnston
        Position : Acting Chief Executive
        DATE OF ISSUE: 26 August 2010

      • W 055/2010 AUT — Threadneedle Portfolio Services Hong Kong Ltd

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Threadneedle Portfolio Services Hong Kong Ltd
        Address Unit 5, 2nd Floor
        Gate Village 5
        PO Box 482005
        Dubai, UAE
        DFSA Firm Reference No. F001241
        Notice No. W055/2010

        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 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 12 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 : Bryan Stirewalt
        Position : Managing Director, Supervision
        DATE OF ISSUE: 27th November 2010

      • W 040/10 PIB — Religare Capital Markets plc

        Click herehere to view PDF

        WAIVER AND MODIFICATION NOTICE

        To Religare Capital Markets plc
        Address Unit 10, Level 4
        Gate Village Building 10
        DIFC
        P.O.Box 506842
        Dubai, UAE
        DFSA Firm Reference No. F001188
        Notice No. W040/2010

        THE DFSA HEREBY GIVES NOTICE THAT:

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

        AND

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

        RULES WAIVED

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

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

        RULES MODIFIED

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

        TABLE B
        Rule Modified Text
        PIB Rule 1.2.1 An Authorised Firm must:
        (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
        (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

        CONDITIONS

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

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

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

        EFFECTIVE PERIOD

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

        INTERPRETATION

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

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

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

        Name : IAN JOHNSTON
        Position : ACTING CHIEF EXECUTIVE
        DATE OF ISSUE: 26 AUGUST 2010

      • W 016/10 PIB — ABN AMRO Bank N.V.

        Click herehere to view PDF

        WAIVER AND MODIFICATION NOTICE

        To ABN AMRO Bank N.V.
        Address Office 607, Level 6, Currency House, Building 1, DIFC, PO Box 506507, Dubai, UAE
        DFSA Firm Reference No. F001198
        Notice No. W016/2010

        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 : Paul M. Koster
        Position : Chief Executive
        DATE OF ISSUE: 24 February 2010

      • W 025/10 PIB — Threadneedle Portfolio Services Hong Kong Limited

        Click herehere to view PDF

        WAIVER AND MODIFICATION NOTICE

        To Threadneedle Portfolio Services Hong Kong Limited
        Address Unit 5, 2nd Floor
        Gate Village 5
        PO Box 482005
        Dubai, UAE
        DFSA Firm Reference No. F001241
        Notice No. W025/2010

        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.

        Rule Modified Text
        PIB Rule 1.2.1 An Authorised Firm must:

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

        CONDITIONS

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

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

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

        EFFECTIVE PERIOD

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

        INTERPRETATION

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

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

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

        Name : MICHAEL ZAMORSKI
        Position : MANAGING DIRECTOR, SUPERVISION
        DATE OF ISSUE: 27 MAY 2010

      • W 039/10 PIB — Exotix Limited

        Click herehere to view PDF

        WAIVER AND MODIFICATION NOTICE

        To Exotix Limited
        Address Dubai International Financial Centre
        Gate Village 7, 1st Floor
        Office 106
        P.O. Box 482099
        Dubai, UAE
        DFSA Firm Reference No. F001256
        Notice No. W039/2010

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

        Name : Ian Johnston
        Position : Acting Chief Executive
        DATE OF ISSUE: 15 August 2010

      • W 046/2010 PIB — Moelis & Company LLC

        Click herehere to view PDF

        WAIVER AND MODIFICATION NOTICE

        To Moelis & Company LLC
        Address Dubai International Financial Centre
        Gate Precinct 3,
        Level 6, Suite 03
        PO Box 506777
        Dubai, UAE
        DFSA Firm Reference No. F001283
        Notice No. W046/2010

        THE DFSA HEREBY GIVES NOTICE THAT:

        1. The Rules specified in Table A herein do not apply to the above mentioned Person.
        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 : PAUL KOSTER
        Position : CHIEF EXECUTIVE
        DATE OF ISSUE: 12 OCTOBER 2010

      • W 006/10 PIB — RBC Dexia Investor Services Trust

        Click herehere to view PDF

        WAIVER AND MODIFICATION NOTICE

        To RBC Dexia Investor Services Trust
        Address Liberty House
        Level 10, Unit 1005
        P. O. Box 506749
        Dubai
        UAE
        DFSA Firm Reference No. F001164
        Notice No. W006/2010

        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 : Ian Johnston
        Position : Acting Chief Executive
        DATE OF ISSUE: 12 January 2010

      • W 053/2010 PIB — DBS Bank Limited

        Click herehere to view PDF

        WAIVER AND MODIFICATION NOTICE

        To DBS Bank Limited
        Address 3rd Floor, Building 3, The Gate Precinct, Dubai International Financial Centre, PO Box 506538, Dubai UAE
        DFSA Firm Reference No. F000164
        Notice No. W053/2010

        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 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 : Ali Hassan
        Position : Acting Managing Director, Supervision
        DATE OF ISSUE: 11th November 2010

      • W 026/10 GEN — Threadneedle Portfolio Services Hong Kong Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Threadneedle Portfolio Services Hong Kong Limited
        Address Unit 5, 2nd Floor
        Gate Village 5
        PO Box 482005
        Dubai, UAE
        DFSA Firm Reference No. F001241
        Notice No. W026/2010

        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 Hong Kong Financial Reporting Standards (Hong Kong FRS),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule Hong Kong FRS means accounting and valuation principles in accordance with the guidelines of the Hong Kong Institute of Certified Public Accountants (HKICPA).
        Rule Modified Text
        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 the International Auditing and Assurance Standards Board (IAASB) or the Hong Kong Accounting and Financial Reporting Standards, in respect of its 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 the Hong Kong Institute of certified Public Accountants (HKICPA);
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or the Hong Kong Accounting and Financial Reporting Standards (Hong Kong FRS);
        (iii) the auditor has received all necessary information and explanations for the purposes of preparing this report to the DFSA;
        (iv)………………………………………and so on 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 names Person to whom this notice applies carries on Financial Services through a Branch of the DIFC.

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

        EFFECTIVE PERIOD

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

        INTERPRETATION

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

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

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

        Name : MICHAEL ZAMORSKI
        Position : MANAGING DIRECTOR, SUPERVISION
        DATE OF ISSUE: 27 MAY 2010

      • W 035/10 GEN — Mint Equities Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Mint Equities Limited
        Address Level 03, Office No 10, Gate Village 10, DIFC, P O Box 482004, Dubai, UAE
        DFSA Firm Reference No. F001086
        Notice No. W035/2010

        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 in the United Kingdom (UK GAAP),
        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards ("UK GAAS") issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        (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 the condition 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 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 : ALI HASSAN
        Position : ACTING MANAGING DIRECTOR, SUPERVISION
        DATE OF ISSUE: 13 JULY 2010

      • W 036/10 GEN — Bloomberg Tradebook Europe Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Bloomberg Tradebook Europe Limited
        Address 8th Floor, The Gate, DIFC, PO Box 506707, Dubai, UAE
        DFSA Firm Reference No. F001106
        Notice No. W036/2010

        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 in the United Kingdom (UK GAAP),
        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards ("UK GAAS") issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        (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 the condition 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 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 : Ali Hassan
        Position : Acting Managing Director, Supervision
        DATE OF ISSUE: 14 July 2010

      • W 047/2010 GEN — Moelis & Company LLC

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Moelis & Company LLC
        Address Dubai International Financial Centre
        Gate Precinct 3,
        Level 6, Suite 03
        PO Box 506777
        Dubai, UAE
        DFSA Firm Reference No. F001283
        Notice No. W047/2010

        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 in the United States (US GAAP),
        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule US GAAP has the meaning given to that term in statement no. 162 as issued by the Financial Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the Generally Accepted Auditing Standards (US GAAS) as issued by American Institute of Certified Public Accountants Auditing Standards Board and the Auditing Standards of the Public Company Accounting Oversight Board of the United States in respect of its 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 US GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or US GAAS;
        (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 the condition 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 : PAUL KOSTER
        Position : CHIEF EXECUTIVE
        DATE OF ISSUE: 12 OCTOBER 2010

      • W 061/2010 GEN — JLT Risk Solutions

        Click herehere to view PDF

        MODIFICATION NOTICE

        To JLT Risk Solutions
        Address 6th Floor,
        The Exchange Building,
        PO Box 506519,
        Dubai, UAE
        DFSA Firm Reference No. F000014
        Notice No. W061/2010

        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 in the United Kingdom (UK GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“UK GAAS”) issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        (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 the condition 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 1 January 2011 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 : Bryan Stirewalt
        Position : Managing Director, Supervision
        DATE OF ISSUE: 15 December 2010

      • W 062/2010 GEN — Natixis Global Associates UK Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Natixis Global Associates UK Limited
        Address Level 5,
        Gate Village 8,
        DIFC,
        PO Box 118257,
        Dubai, UAE
        DFSA Firm Reference No. F000234
        Notice No. W062/2010

        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 in the United Kingdom (UK GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“UK GAAS”) issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        (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 the condition 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 1 January 2011 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 : Bryan Stirewalt
        Position : Managing Director, Supervision
        DATE OF ISSUE: 15 December 2010

      • W 063/2010 GEN — Nomura International plc

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Nomura International plc
        Address Level 6,
        Precinct Building 6,
        DIFC,
        PO Box 506535,
        Dubai, UAE
        DFSA Firm Reference No. F001008
        Notice No. W063/2010

        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 in the United Kingdom (UK GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“UK GAAS”) issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        (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 the condition 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 1 January 2011 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 : Bryan Stirewalt
        Position : Managing Director, Supervision
        DATE OF ISSUE: 15 December 2010

      • W 064/2010 GEN — SEI Investments

        Click herehere to view PDF

        MODIFICATION NOTICE

        To SEI Investments
        Address Office 29, Level 3,
        Gate Village 10,
        DIFC,
        PO Box 506720,
        Dubai, UAE
        DFSA Firm Reference No. F000737
        Notice No. W064/2010

        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 in the United Kingdom (UK GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“UK GAAS”) issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        (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 the condition 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 1 January 2011 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 : Bryan Stirewalt
        Position : Managing Director, Supervision
        DATE OF ISSUE: 15 December 2010

      • W 065/2010 GEN — Franklin Templeton Investment Management Ltd

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Franklin Templeton Investment Management Ltd
        Address Office 505, Level 5,
        Building 3,
        DIFC,
        PO Box 506613,
        Dubai, UAE
        DFSA Firm Reference No. F000004
        Notice No. W065/2010

        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 in the United Kingdom (UK GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“UK GAAS”) issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        (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 the condition 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 1 January 2011 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 : Bryan Stirewalt
        Position : Managing Director, Supervision
        DATE OF ISSUE: 15 December 2010

      • W 066/2010 GEN — Liberty Mutual Insurance Europe Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Liberty Mutual Insurance Europe Limited
        Address Office 8, Level 4,
        Gate Village 05,
        DIFC,
        PO Box 506574,
        Dubai, UAE
        DFSA Firm Reference No. F000264
        Notice No. W066/2010

        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 in the United Kingdom (UK GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“UK GAAS”) issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        (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 the condition 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 1 January 2011 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 : Bryan Stirewalt
        Position : Managing Director, Supervision
        DATE OF ISSUE: 15 December 2010

      • W 067/2010 GEN — Goldman Sachs International

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Goldman Sachs International
        Address Level 5,
        Gate Precinct Building 1,
        DIFC,
        PO Box 506588,
        Dubai, UAE
        DFSA Firm Reference No. F000297
        Notice No. W067/2010

        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 in the United Kingdom (UK GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“UK GAAS”) issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        (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 the condition 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 1 January 2011 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 : Bryan Stirewalt
        Position : Managing Director, Supervision
        DATE OF ISSUE: 15 December 2010

      • W 068/2010 GEN — E*Trade Securities Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To E*Trade Securities Limited
        Address Level 2, Building 5,
        The Gate Village,
        DIFC,
        PO Box 506638,
        Dubai, UAE
        DFSA Firm Reference No. F000396
        Notice No. W068/2010

        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 in the United Kingdom (UK GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“UK GAAS”) issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        (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 the condition 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 1 January 2011 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 : Bryan Stirewalt
        Position : Managing Director, Supervision
        DATE OF ISSUE: 15 December 2010

      • W 069/2010 GEN — Persia International Bank Plc

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Persia International Bank Plc
        Address Level 4,
        The Gate,
        DIFC,
        PO Box 119871,
        Dubai, UAE
        DFSA Firm Reference No. F000008
        Notice No. W069/2010

        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 in the United Kingdom (UK GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“UK GAAS”) issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        (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 the condition 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 1 January 2011 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 : Bryan Stirewalt
        Position : Managing Director, Supervision
        DATE OF ISSUE: 15 December 2010

      • W 070/2010 GEN — Permal Investment Management Services Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Permal Investment Management Services Limited
        Address Level 8, West Wing,
        The Gate,
        PO Box 506520,
        DIFC,
        Dubai, UAE
        DFSA Firm Reference No. F000012
        Notice No. W070/2010

        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 in the United Kingdom (UK GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“UK GAAS”) issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        (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 the condition 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 1 January 2011 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 : Bryan Stirewalt
        Position : Managing Director, Supervision
        DATE OF ISSUE: 15 December 2010

      • W 071/2010 GEN — Kotak Mahindra (UK) Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Kotak Mahindra (UK) Limited
        Address Office 307–308,
        Sharafi Building,
        Karama,
        PO Box 121753,
        Dubai, UAE
        DFSA Firm Reference No. F000049
        Notice No. W071/2010

        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 in the United Kingdom (UK GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“UK GAAS”) issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        (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 the condition 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 1 January 2011 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 : Bryan Stirewalt
        Position : Managing Director, Supervision
        DATE OF ISSUE: 15 December 2010

      • W 072/2010 GEN — Standard Bank Plc

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Standard Bank Plc
        Address 16th Floor,
        Emirates Towers,
        PO Box 504904,
        Dubai, UAE
        DFSA Firm Reference No. F000028
        Notice No. W072/2010

        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 in the United Kingdom (UK GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“UK GAAS”) issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        (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 the condition 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 1 January 2011 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 : Bryan Stirewalt
        Position : Managing Director, Supervision
        DATE OF ISSUE: 15 December 2010

      • W 073/2010 GEN — Daiwa Capital Markets Europe Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Daiwa Capital Markets Europe Limited
        Address Unit 6, 1st Floor,
        Gate Village 1,
        DIFC,
        PO Box 506657,
        Dubai, UAE
        DFSA Firm Reference No. F000498
        Notice No. W073/2010

        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 in the United Kingdom (UK GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“UK GAAS”) issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        (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 the condition 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 1 January 2011 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 : Bryan Stirewalt
        Position : Managing Director, Supervision
        DATE OF ISSUE: 15 December 2010

      • W 074/2010 GEN — Punjab National Bank Ltd

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Punjab National Bank Ltd
        Address Office 206,
        Liberty House,
        DIFC,
        PO BOX 506844,
        Dubai,UAE
        DFSA Firm Reference No. F001087
        Notice No. W074/2010

        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 in India (Indian GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule Indian GAAP means accounting and valuation principles in accordance with the guidelines of the Accounting Standards Board of the Institute of Chartered Accountants of India, including the Indian National Accounting Standards, and the statutory provisions and directives of the Reserve Bank of India.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“Indian GAAS”) issued by the Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India in respect of its 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 Indian GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or Indian GAAS;
        (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 the condition 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 1 January 2011 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 : Bryan Stirewalt
        Position : Managing Director, Supervision
        DATE OF ISSUE: 15 December 2010

      • W 075/2010 GEN — Axis Bank Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Axis Bank Limited
        Address Unit 701, 7th Floor,
        Al Fattan – Currency House,
        DIFC,
        PO Box 506593,
        Dubai,UAE
        DFSA Firm Reference No. F000326
        Notice No. W075/2010

        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 in India (Indian GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule Indian GAAP means accounting and valuation principles in accordance with the guidelines of the Accounting Standards Board of the Institute of Chartered Accountants of India, including the Indian National Accounting Standards, and the statutory provisions and directives of the Reserve Bank of India.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“Indian GAAS”) issued by the Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India in respect of its 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 Indian GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or Indian GAAS;
        (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 the condition 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 1 January 2011 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 : Bryan Stirewalt
        Position : Managing Director, Supervision
        DATE OF ISSUE: 15 December 2010

      • W 076/2010 GEN — State Bank of India

        Click herehere to view PDF

        MODIFICATION NOTICE

        To State Bank of India
        Address Level 2,
        Gate Village 5,
        DIFC,
        PO Box 45035,
        Dubai, UAE
        DFSA Firm Reference No. F000239
        Notice No. W076/2010

        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 in India (Indian GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule Indian GAAP means accounting and valuation principles in accordance with the guidelines of the Accounting Standards Board of the Institute of Chartered Accountants of India, including the Indian National Accounting Standards, and the statutory provisions and directives of the Reserve Bank of India.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“Indian GAAS”) issued by the Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India in respect of its 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 Indian GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or Indian GAAS;
        (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 the condition 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 1 January 2011 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 : Bryan Stirewalt
        Position : Managing Director, Supervision
        DATE OF ISSUE: 15 December 2010

      • W 077/2010 GEN — ICICI Bank Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To ICICI Bank Limited
        Address Office 5, Level 5,
        Building 4 East,
        DIFC,
        PO Box 506529,
        Dubai, UAE
        DFSA Firm Reference No. F000068
        Notice No. W077/2010

        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 in India (Indian GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule Indian GAAP means accounting and valuation principles in accordance with the guidelines of the Accounting Standards Board of the Institute of Chartered Accountants of India, including the Indian National Accounting Standards, and the statutory provisions and directives of the Reserve Bank of India.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“Indian GAAS”) issued by the Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India in respect of its 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 Indian GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or Indian GAAS;
        (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 the condition 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 1 January 2011 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 : Bryan Stirewalt
        Position : Managing Director, Supervision
        DATE OF ISSUE: 15 December 2010

      • W 078/2010 GEN — The Bank of Nova Scotia

        Click herehere to view PDF

        MODIFICATION NOTICE

        To The Bank of Nova Scotia
        Address Office 302, Level 03,
        Precinct Building 03,
        DIFC,
        PO Box 506848,
        Dubai, UAE
        DFSA Firm Reference No. F001180
        Notice No. W078/2010

        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.

        TABLE A
        Rulebook Module Rule
        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 in Canada (Canadian GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule Canadian GAAP means accounting and valuation principles in accordance with the guidelines of the Accounting Standards Board (Canada), including the statutory provisions and directives of the Office of the Superintendent of Financial Institutions.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“Canadian GAAS”) issued by the Auditing and Assurance Standards Board (Canada) in respect of its 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 Canadian GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or Canadian GAAS;
        (iii) the auditor has received all necessary information and explanations for the purposes of preparing this report to the DFSA;
        (iv) ........................................and so on 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 the condition 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 1 January 2011 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 : Bryan Stirewalt
        Position : Managing Director, Supervision
        DATE OF ISSUE: 15 December 2010

      • W 079/2010 GEN — Mizuho Corporate Bank, Ltd.

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Mizuho Corporate Bank, Ltd.
        Address Level 2,
        Gate Village 5,
        DIFC,
        PO Box 506607,
        Dubai, UAE
        DFSA Firm Reference No. F000420
        Notice No. W079/2010

        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 in Japan (Japanese GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule Japanese GAAP means accounting and valuation principles in accordance with the guidelines of the Accounting Standards Board of Japan, including the statutory provisions and directives of the Financial Services Agency of Japan.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“Japanese GAAS”) codified by Business Accounting Council together with the implementation guidance issued by the Japanese Institute of Certified Public Accountants in respect of its 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 Japanese GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or Japanese GAAS;
        (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 the condition 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 1 January 2011 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 : Bryan Stirewalt
        Position : Managing Director, Supervision
        DATE OF ISSUE: 15 December 2010

      • W 080/2010 GEN — Banque de Commerce et de Placements SA

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Banque de Commerce et de Placements SA
        Address Level 7,
        The Gate Precinct Building 3,
        DIFC,
        PO Box 506584,
        Dubai, UAE
        DFSA Firm Reference No. F000267
        Notice No. W080/2010

        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 in Switzerland (Swiss GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule Swiss GAAP means accounting and valuation principles in accordance with the Swiss Code of Obligations, the Swiss Federal Law on banks and its relative Implementing Ordinance, as well as with the statutory provisions and directives issued by the Swiss Federal Banking Commission.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“Swiss GAAS”), in respect of its 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 Swiss GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or Swiss GAAS;
        (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 the condition 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 1 January 2011 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 : Bryan Stirewalt
        Position : Managing Director, Supervision
        DATE OF ISSUE: 15 December 2010

      • W 081/2010 GEN — JPMorgan Chase Bank, N.A.

        Click herehere to view PDF

        MODIFICATION NOTICE

        To JPMorgan Chase Bank, N.A.
        Address Level 7,
        Building 3,
        DIFC,
        PO Box 506551,
        Dubai, UAE
        DFSA Firm Reference No. F000327
        Notice No. W081/2010

        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 in the United States (US GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule US GAAP has the meaning given to that term in statement no. 162 as issued by the Financial Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the Generally Accepted Auditing Standards (US GAAS) as issued by American Institute of Certified Public Accountants Auditing Standards Board and the Auditing Standards of the Public Company Accounting Oversight Board of the United States in respect of its 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 US GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or US GAAS;
        (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 the condition 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 1 January 2011 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 : Bryan Stirewalt
        Position : Managing Director, Supervision
        DATE OF ISSUE: 15 December 2010

      • W 082/2010 GEN — Guggenheim Capital Markets LLC

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Guggenheim Capital Markets LLC
        Address Gate Village 6,
        Level 3,
        DIFC,
        PO Box 506587,
        Dubai, UAE
        DFSA Firm Reference No. F000332
        Notice No. W082/2010

        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 in the United States (US GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule US GAAP has the meaning given to that term in statement no. 162 as issued by the Financial Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the Generally Accepted Auditing Standards (US GAAS) as issued by American Institute of Certified Public Accountants Auditing Standards Board and the Auditing Standards of the Public Company Accounting Oversight Board of the United States in respect of its 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 US GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or US GAAS;
        (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 the condition 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 1 January 2011 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 : Bryan Stirewalt
        Position : Managing Director, Supervision
        DATE OF ISSUE: 15 December 2010

      • W 085/2010 GEN — Morgan Stanley & Co International Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Morgan Stanley & Co International Limited
        Address 10th Floor,
        20 Bank Street,
        London
        E14 4AD,
        UK
        DFSA Firm Reference No. F000168
        Notice No. W085/2010

        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 in the United Kingdom (UK GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“UK GAAS”) issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        (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 the condition 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 1 January 2011 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 : Bryan Stirewalt
        Position : Managing Director, Supervision
        DATE OF ISSUE: 30 December 2010

      • W 086/2010 GEN — IDBI Bank Limited — DIFC Branch

        Click herehere to view PDF

        MODIFICATION NOTICE

        To IDBI Bank Limited — DIFC Branch
        Address Level 3, Gate Village 5,
        DIFC,
        PO Box 506805,
        Dubai, UAE
        DFSA Firm Reference No. F001061
        Notice No. W086/2010

        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) generally accepted accounting principles in the India (Indian GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule Indian GAAP means accounting and valuation principles in accordance with the guidelines of the Accounting Standards Board of the Institute of Chartered Accountants of India, including the Indian National Accounting Standards, and the statutory provisions and directives of the Reserve Bank of India.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“Indian GAAS”) issued by the Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India in respect of its 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 Indian GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or Indian GAAS;
        (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 the condition 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 1 January 2011 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 : Bryan Stirewalt
        Position : Managing Director, Supervision
        DATE OF ISSUE: 30 December 2010

      • W 087/2010 GEN — GFI Securities Ltd

        Click herehere to view PDF

        MODIFICATION NOTICE

        To GFI Securities Ltd
        Address Unit 607, 6th floor,
        Liberty House, DIFC,
        Sheikh Zayed Road,
        PO Box 506818,
        Dubai, UAE
        DFSA Firm Reference No. F000783
        Notice No. W087/2010

        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 in the United Kingdom (UK GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“UK GAAS”) issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        (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 the condition 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 1 January 2011 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 : Bryan Stirewalt
        Position : Managing Director, Supervision
        DATE OF ISSUE: 30 December 2010

      • W 088/2010 GEN — The Bank of New York Mellon

        Click herehere to view PDF

        MODIFICATION NOTICE

        To The Bank of New York Mellon
        Address Level 6, Gate Precinct Building 5,
        Gate District, DIFC, PO Box 506723, Dubai, UAE
        DFSA Firm Reference No. F000706
        Notice No. W088/2010

        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 in the United States (US GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule US GAAP has the meaning given to that term in statement no. 162 as issued by the Financial Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the Generally Accepted Auditing Standards (US GAAS) as issued by American Institute of Certified Public Accountants Auditing Standards Board and the Auditing Standards of the Public Company Accounting Oversight Board of the United States in respect of its 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 US GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or US GAAS;
        (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 the condition 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 1 January 2011 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 : Bryan Stirewalt
        Position : Managing Director, Supervision
        DATE OF ISSUE: 30 December 2010

      • W 089/2010 GEN — RFIB Group Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To RFIB Group Limited
        Address Office 8, Level 1, Gate Village 7, DIFC, PO Box 506670, Dubai, UAE
        DFSA Firm Reference No. F000162
        Notice No. W089/2010

        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 in the United Kingdom (UK GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“UK GAAS”) issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        (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 the condition 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 1 January 2011 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 : Bryan Stirewalt
        Position : Managing Director, Supervision
        DATE OF ISSUE: 30 December 2010

      • W 090/2010 GEN — Killik & Co LLP

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Killik & Co LLP
        Address Unit 55, Level 2, Gate Precinct Building 5, PO Box 506606, Dubai, UAE
        DFSA Firm Reference No. F000421
        Notice No. W090/2010

        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 in the United Kingdom (UK GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards ("UK GAAS") issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        (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 the condition 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 1 January 2011 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 : Bryan Stirewalt
        Position : Managing Director, Supervision
        DATE OF ISSUE: 3 January 2011

      • W 091/2010 GEN — The Bank of Tokyo-Mitsubishi UFJ, Ltd.

        Click herehere to view PDF

        MODIFICATION NOTICE

        To The Bank of Tokyo-Mitsubishi UFJ, Ltd.
        Address Level 1, Gate Village 6, DIFC, PO Box 506614, Dubai, UAE
        DFSA Firm Reference No. F000470
        Notice No. W091/2010

        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 in the Japan (Japanese GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule Japanese GAAP means accounting and valuation principles in accordance with the guidelines of the Accounting Standards Board of Japan, including the statutory provisions and directives of the Financial Services Agency of Japan.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“Japanese GAAS”) codified by Business Accounting Council together with the implementation guidance issued by the Japanese Institute of Certified Public Accountants in respect of its 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 Japanese GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or Japanese GAAS;
        (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 the condition 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 1 January 2011 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 : Bryan Stirewalt
        Position : Managing Director, Supervision
        DATE OF ISSUE: 30 December 2010

      • W 092/2010 GEN — Merrill Lynch International

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Merrill Lynch International
        Address 2nd Floor, Gate Village 6, DIFC, PO Box 506576, Dubai, UAE
        DFSA Firm Reference No. F000216
        Notice No. W092/2010

        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 in the United Kingdom (UK GAAP),

        except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
        (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
        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 the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“UK GAAS”) issued by the UK Auditing Practices Board, in respect of its 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 UK GAAS;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
        (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 the condition 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 1 January 2011 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 : Bryan Stirewalt
        Position : Managing Director, Supervision
        DATE OF ISSUE: 30 December 2010

    • 2009

      • W 196/09 PIB — Fortis Bank

        Click herehere to view PDF

        WAIVER AND MODIFICATION NOTICE

        To Fortis Bank
        Address Level 5, East Wing
        The Gate Building
        Dubai International Financial Center
        PO Box 211104
        Dubai, U.A.E
        DFSA Firm Reference No. F000298
        Notice No. W196/2009

        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 20 January 2009 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: 22 December 2009

      • W 162/09 GEN — Jasper Corporate Finance Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Jasper Corporate Finance Limited
        Address 1007, Level 10
        Grosvenor House Tower
        Sheikh Zayed Road
        PO Box 58549
        Dubai, U.A.E
        DFSA Firm Reference No. F000744
        Notice No. W162/2009

        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 1 January 2010 and remains in force until 31 December 2010 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 : Managing Director, Supervision
        DATE OF ISSUE: 20 December 2009

      • W 155/09 GEN — IDBI Bank Limited

        Click herehere to view PDF

        MODIFICATION NOTICE

        To IDBI Bank Limited
        Address Level 3, Gate Village 5, DIFC,
        PO Box 506805, Dubai, UAE
        DFSA Firm Reference No. F001061
        Notice No. W155/2009

        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 India (Indian 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 or Indian GAAP, as supplemented by AAOIFI FAS 18 in respect of its Islamic Financial Business.
        (4) In this rule Indian GAAP means accounting and valuation principles in accordance with the guidelines of the Accounting Standards Board of India, including the Indian National Accounting Standards, and the statutory provisions and directives of the Reserve Bank of India.
        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 Indian Auditing Standards 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 Indian 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 the Indian Auditing Standards and or 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 : Michael Zamorski
        Position : Managing Director, Supervision
        DATE OF ISSUE: 6 December 2009

      • W 152/09 GEN — Punjab National Bank Limited

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        MODIFICATION NOTICE

        To Punjab National Bank Limited
        Address DIFC, Liberty House, Office 206
        P.O. Box 506844
        Dubai, UAE
        DFSA Firm Reference No. F001087
        Notice No. W152/2009

        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 India (Indian 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 or Indian GAAP, as supplemented by AAOIFI FAS 18 in respect of its Islamic Financial Business.
        (4) In this rule Indian GAAP means accounting and valuation principles in accordance with the guidelines of the Accounting Standards Board of India, including the Indian National Accounting Standards, and the statutory provisions and directives of the Reserve Bank of India.
        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 Indian Auditing Standards 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 Indian 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 the Indian Auditing Standards and or 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 : Michael Zamorski
        Position : Managing Director, Supervision
        DATE OF ISSUE: 6 December 2009

      • W 149/09 GEN — The Bank of Nova Scotia

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        MODIFICATION NOTICE

        To The Bank of Nova Scotia
        Address Office 302, Level 03,
        Precinct Building 03
        P O Box 506848
        Dubai ,UAE
        DFSA Firm Reference No. F001180
        Notice No. W149/2009

        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 Canada (Canadian 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 or Canadian GAAP, as supplemented by AAOIFI FAS 18 in respect of its Islamic Financial Business.
        (4) In this rule Canadian GAAP means accounting and valuation principles in accordance with the guidelines of the Public Company Accounting Oversight Board, including the statutory provisions and directives of the Office of the Superintendent of Financial Institutions'.
        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 Public Company Accounting Oversight Board, (Canada), 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 Public Company Accounting Oversight Board or AAOIFI in respect of Islamic Financial Business;
        (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or the Public Company Accounting Oversight Board and or 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 the condition 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 : Paul M Koster
        Position : Chief Executive
        DATE OF ISSUE: 19 November 2009

      • W 126/09 PIB — ABN AMRO Asset Management (Asia) Limited

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        WAIVER AND MODIFICATION NOTICE

        To ABN AMRO Asset Management (Asia) Limited
        Address 5th Floor, East Wing, The Gate Building, DIFC, PO Box 211104, Dubai, UAE
        DFSA Firm Reference No. F001034
        Notice No. W126/2009

        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 : Paul M. Koster
        Position : Chief Executive
        DATE OF ISSUE: 17-May-2009

      • W 125/09 GEN — RFIB Group Limited

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        MODIFICATION NOTICE

        To RFIB Group Limited
        Address Office 8, Level 1, Building 7, The Gate Village,
        Dubai International Financial Centre,
        PO Box 506670,
        Dubai, UAE
        DFSA Firm Reference No. F000162
        Notice No. W125/2009

        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 : Michael Zamorski
        Position : Managing Director, Supervision
        DATE OF ISSUE: 11-May-2009

      • W 124/09 GEN — Natixis Global Associates UK Limited

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        MODIFICATION NOTICE

        To Natixis Global Associates UK Limited
        Address Level 5, Gate Village Building 8,
        Dubai International Financial Centre,
        PO Box 118257,
        Dubai, UAE
        DFSA Firm Reference No. F000234
        Notice No. W124/2009

        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 : Michael Zamorski
        Position : Managing Director, Supervision
        DATE OF ISSUE: 11-May-2009

      • W 123/09 GEN — Killik & Co LLP

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        MODIFICATION NOTICE

        To Killik & Co LLP
        Address Unit 55, Level 2, The Gate Precinct Building 5,
        Dubai International Financial Centre,
        PO Box 506606,
        Dubai, UAE
        DFSA Firm Reference No. F000421
        Notice No. W123/2009

        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 : Michael Zamorski
        Position : Managing Director, Supervision
        DATE OF ISSUE: 11-May-2009

      • W 122/09 GEN — Goldman Sachs International

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        MODIFICATION NOTICE

        To Goldman Sachs International
        Address Level 5, Gate Precinct Building 1,
        Dubai International Financial Centre,
        PO Box 506588,
        Dubai, UAE
        DFSA Firm Reference No. F000297
        Notice No. W122/2009

        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 : Michael Zamorski
        Position : Managing Director, Supervision
        DATE OF ISSUE: 11-May-2009

      • W 121/09 GEN — CELF Investment Advisors Ltd

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        MODIFICATION NOTICE

        To CELF Investment Advisors Ltd
        Address Level 7 East, Precinct Building 3,
        Dubai International Financial Centre,
        PO Box 506564,
        Dubai, UAE
        DFSA Firm Reference No. F000300
        Notice No. W121/2009

        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 : Michael Zamorski
        Position : Managing Director, Supervision
        DATE OF ISSUE: 11-May-2009

      • W 120/09 GEN — E*Trade Securities Limited

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        MODIFICATION NOTICE

        To E*Trade Securities Limited
        Address Level 2, Building 5, The Gate Village,
        Dubai International Financial Centre,
        PO Box 506638,
        Dubai, UAE
        DFSA Firm Reference No. F000396
        Notice No. W120/2009

        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 : Michael Zamorski
        Position : Managing Director, Supervision
        DATE OF ISSUE: 11-May-2009

      • W 118/09 GEN — State Bank of India

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        MODIFICATION NOTICE

        To State Bank of India
        Address Level 2, Gate Village 5,
        Dubai International Financial Centre,
        PO Box 45035,
        Dubai, UAE
        DFSA Firm Reference No. F000239
        Notice No. W118/2009

        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 India (Indian 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 or Indian GAAP, as supplemented by AAOIFI FAS 18 in respect of its Islamic Financial Business.
        (4) In this rule Indian GAAP means accounting and valuation principles in accordance with the guidelines of the Accounting Standards Board of India, including the Indian National Accounting Standards, and the statutory provisions and directives of the Reserve Bank of India.
        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 Indian Auditing Standards 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 Indian 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 Indian Auditing Standards and or 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 : Michael Zamorski
        Position : Managing Director, Supervision
        DATE OF ISSUE: 11-May-2009

      • W 117/09 GEN — The Bank of Tokyo Mitsubishi UFJ, Ltd

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        MODIFICATION NOTICE

        To The Bank of Tokyo Mitsubishi UFJ, Ltd
        Address Level 1, Gate Village 6, The Gate Village,
        Dubai International Financial Centre,
        PO Box 506614,
        Dubai, UAE
        DFSA Firm Reference No. F000470
        Notice No. W117/2009

        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 Japan (Japanese 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 or Japanese GAAP, as supplemented by AAOIFI FAS 18 in respect of its Islamic Financial Business.
        (4) In this rule Japanese GAAP means accounting and valuation principles in accordance with the guidelines of the Accounting Standards Board of Japan, including the statutory provisions and directives of the Financial Services Agency of Japan.
        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 Japanese Auditing Standards 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 Japanese 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 Japanese Auditing Standards and or 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 : Michael Zamorski
        Position : Managing Director, Supervision
        DATE OF ISSUE: 11-May-2009

      • W 116/09 GEN — Mizuho Corporate Bank, Ltd.

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        MODIFICATION NOTICE

        To Mizuho Corporate Bank, Ltd.
        Address Level 2, Building No 5, The Gate Village,
        Dubai International Financial Centre,
        PO Box 506607,
        Dubai, UAE
        DFSA Firm Reference No. F000420
        Notice No. W116/2009

        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 Japan (Japanese 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 or Japanese GAAP, as supplemented by AAOIFI FAS 18 in respect of its Islamic Financial Business.
        (4) In this rule Japanese GAAP means accounting and valuation principles in accordance with the guidelines of the Accounting Standards Board of Japan, including the statutory provisions and directives of the Financial Services Agency of Japan.
        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 Japanese Auditing Standards 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 Japanese 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 Japanese Auditing Standards and or 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 : Michael Zamorski
        Position : Managing Director, Supervision
        DATE OF ISSUE: 11-May-2009

      • W 115/09 GEN — Guggenheim Capital Markets LLC

        Click herehere to view PDF

        MODIFICATION NOTICE

        To Guggenheim Capital Markets LLC
        Address Level 3, Gate Village 6,
        Dubai International Financial Centre,
        PO Box 506587,
        Dubai, UAE
        DFSA Firm Reference No. F000332
        Notice No. W115/2009

        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) 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 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 : Michael Zamorski
        Position : Managing Director, Supervision
        DATE OF ISSUE: 11-May-2009

      • W 114/09 GEN — Standard Bank Plc

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        MODIFICATION NOTICE

        To Standard Bank Plc
        Address 16th Floor, Emirates Towers,
        PO Box 504904,
        Dubai, UAE
        DFSA Firm Reference No. F000028
        Notice No. W114/2009

        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 : Michael Zamorski
        Position : Managing Director, Supervision
        DATE OF ISSUE: 11-May-2009

      • W 113/09 GEN — Kotak Mahindra (UK) Limited

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        MODIFICATION NOTICE

        To Kotak Mahindra (UK) Limited
        Address Office No 307-308, Sharafi Building,
        Karama,
        PO Box 121753,
        Dubai, UAE
        DFSA Firm Reference No. F000049
        Notice No. W113/2009

        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 : Michael Zamorski
        Position : Managing Director, Supervision
        DATE OF ISSUE: 11-May-2009

      • W 112/09 GEN — Permal Investment Management Services Limited

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        MODIFICATION NOTICE

        To Permal Investment Management Services Limited
        Address Level 8, West Wing, The Gate Building,
        Dubai International Financial Centre
        PO Box 506520,
        Dubai, UAE
        DFSA Firm Reference No. F000012
        Notice No. W112/2009

        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 : Michael Zamorski
        Position : Managing Director, Supervision
        DATE OF ISSUE: 11-May-2009

      • W 111/09 GEN — Lloyds TSB Bank plc.

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        MODIFICATION NOTICE

        To Lloyds TSB Bank plc.
        Address 4th Floor East, The Gate Building,
        Dubai International Financial Centre,
        PO Box 121404,
        Dubai, UAE
        DFSA Firm Reference No. F000069
        Notice No. W111/2009

        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 parag