Entire Section

  • 2008

    • W 001/08 AUT — Fimat International Banque SA (Dubai Branch)

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Fimat International Banque SA (Dubai Branch)
      Address Level 41
      Emirates Towers
      Sheikh Zayed Road
      P.O. Box 31303
      Dubai
      UAE
      DFSA Firm Reference No. F00643
      Notice No. W001/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

      None.

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 7 January 2008

    • W 004/08 CIR — Gulf Fund Management Limited

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Gulf Fund Management Limited
      Address Gate Village 1, Level 1, Suite 5, Dubai International Financial Center
      DFSA Firm Reference No. F000428
      Notice No. W004/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

      Rule Modified Text
      CIR 13.5.2

      Permitted Investment Vehicles and Listing

      (1) An Operator of a Domestic Fund which is a Property Fund must use only a closed-ended legal structure for the investment vehicle. However, subject to the requirements under (2)–(7) an Operator may in the Constitution and the Prospectus of a Private Property Fund:
      (a) permit Unitholders to make a written request to the Trustee 18 months after the close of the subscription period set out in the initial private placement memorandum of the Fund to offer their Units for resale to existing Unitholders of the Fund;
      (b) require the Trustee to comply with such a request in accordance with the requirements in (2);
      (c) permit Unitholders to make a written request to the Trustee 18 months after the close of the subscription period set out in the initial private placement memorandum of the Fund to buy back any Units not sold to other Unitholders following the process specified in (2); and (d) require the Trustee to comply with such a request in accordance with the requirements of (3)–(8).
      (2) The Trustee must:
      (a) offer the Units which are the subject of a request under (1)(a) by means of an open bidding process to existing Unitholders within 3 months of the date of the request; and
      (b) give effect to a transfer of one or more of the offered Units, following the acceptance by the offering Unitholder of a bid in respect of a Unit to which the offer relates.
      (3) If any of the Units offered in (2) remain unsold then the Trustee may, subject to the conditions specified under (4) and applying the deductions specified under (5), upon receiving a request from the relevant Unitholder, buy back such Units by paying a sum equal to the value of the relevant Units calculated in accordance with the most recently available net asset valuation for those Units where such valuation is not more than 3 months old.
      (4) The buy-back in (3) is subject to the following conditions:
      (a) the Trustee’s oversight committee and the Operator are satisfied that adequate liquid assets of the type referred to under (7) will be maintained and such buy-back does not adversely affect the Fund and the remaining Unitholders; and
      (b) the number of the Units in respect of which payment is to be made does not, when aggregated with any Units bought back during the 6 month period occurring immediately before such buy-back, exceed 10% of the Units of the Fund at the beginning of the said 6 month period.
      (5) The buy-back in (3) is subject to the following deductions:
      (a) the deduction of 15% of the value of the price of the Units calculated in accordance with (3); and
      (b) the deduction of any reasonable costs incurred by the Operator and the Trustee when dealing with a request under (1)(c).
      (6) If more than one request is received by the Operator under (1)(c) during any particular 6 month period the Operator must, give priority to each request in accordance with the terms of the Constitution and Prospectus.
      (7) The type of liquid assets referred to in (4)(a) are cash or assets which can be readily converted into cash, including but not limited to marketable securities, government bonds, treasury bills and notes that mature within 90 days.
      (8) If the Fund in (1) is a Public Fund, then the Operator must use either an Investment Company or Investment Trust as the investment vehicle.
      (9) If the Fund in (1) is a Public Fund, then the Operator must ensure that it is listed and traded on an Authorised Market Institution or is listed and traded on an exchange in a Recognised Jurisdiction.
      CIR 13.5.3
      (1) An Operator of a Property Fund must, subject to (2), call a meeting of Unitholders to vote on the election of at least three experts who are independent of the Operator to sit on an investment committee of the Fund.
      (2) An Operator of a Private Fund which is constituted as an Investment Trust need not must appoint an investment committee comprising at least three experts who are independent of the Operator.
      (3) The committee members in (1) and (2) are appointed to review investment opportunities and must not involve themselves in the day to day management of the Fund.
      (4) The Trustee of a Private Fund which is an Investment Trust, must appoint an oversight committee comprising at least three individuals who are independent of the Operator.
      (5) A Person is independent of the Operator for the purposes of this Rule if that Person meets the requirements under Article 34 of the Law.
      CIR 13.5.11

      Use of Special Purpose Vehicles

      (1) The Operator of a Property Fund may hold Real Property for the Fund:
      (a) through a Special Purpose Vehicle, subject to (2) and (3), only if the Fund or the Trustee, as the case may be, has majority ownership and control of the Special Purpose Vehicle; or
      (b) in accordance with the arrangements for ownership and control in (4).
      (2) A Special Purpose Vehicle set up by the Operator of a Fund under (1) may itself hold Real Property through another Special Purpose Vehicle (the second Special Purpose Vehicle) for the sole purpose of directly holding Real Property for the Fund or arranging financing for the Fund but the second Special Purpose Vehicle must not hold Real Property for the Fund or Trustee, as the case may be, through another Special Purpose Vehicle
      (3) The Operator of the Fund must ensure that:
      (a) neither the Constitution of any Special Purpose Vehicle nor the organisation, transactions or activities of such vehicles must under any circumstance contravene any requirements of the Rules in this section;
      (b) the board of directors of each of the Special Purpose Vehicles must be appointed by the Operator in agreement with the Trustee or Persons performing oversight functions of the Fund and where elected, the investment committee; and
      (c) both the Fund and the Special Purpose Vehicles must appoint the same auditor and adopt the same accounting principles and policies.
      (4) For the purposes of (1)(b), where the Special Purpose Vehicles is wholly owned by the Operator of the Property Fund the Operator and Trustee must ensure that the following safeguards have been implemented before the Trustee issues any of the Fund’s Units:
      (a) a declaration of trust has been executed by the Special Purpose Vehicles declaring that all assets of any nature whatsoever are held on behalf of the Trustee of the Fund;
      (b) a declaration of trust has been executed by the Operator declaring that the Shares it holds in respect of the Special Purpose Vehicles are held on behalf of the Trustee of the Fund and declaring that it will not deal with the such Shares in any way without express instructions from the Trustee and will not pass any resolutions contrary to the express wishes of the Trustee;
      (c) the Trust Deed contains an indemnity provision, the effect of which is that the Operator agrees to use any powers and rights vested through its ownership of the Special Purpose Vehicles’ Shares in accordance with the express wishes of the Trustee, failing which it shall indemnify the Investment Trust;
      (d) a resolution has been passed by the Governing Body of the Operator, the effect of which is that the signing authority for the Special Purpose Vehicles rests legally with one or more representatives of the Trustee; and
      (e) a resolution has been passed by the Governing Body of the Operator stating that the original documents including but not limited to certificates of title and Special Purpose Vehicles share certificates which are required to complete any transaction concerning Real Property or other assets of the Fund, remain in the possession of the Trustee at all times, unless the documents are to be dealt with in accordance with transactions approved by the Trust, specifically including the Investment Trust’s Oversight Committee.
      (5) The Trustee of a Private Property Fund with arrangements falling within (4) must provide the DFSA with a legal opinion addressed to the DFSA stating that the trusts and resolutions prescribed under (4) are legally effective within the DIFC and in compliance with the requirements of this Rule.
      CIR 13.5.18
      (1) The Operator and, if appointed, the Trustee must not engage Affected Persons as property agents for rendering services to the Fund, including advisory or agency services in property transactions except in the case of:
      (a) locating suitable assets for acquisition;
      (b) designing leasing programmes for newly acquired vacant buildings; or
      (c) property management services;. but only where such services are contracted on normal commercial terms and subject to the prior approval of the Trustee in accordance with Rule 6.4.1.
      CIR 13.5.22
      (1) The Operator must ensure that the property is acquired within a reasonable time from the date of the report and in any event not later than six months from the date of valuation and, subject to (2) at a price no more than 5% above the valuation price.
      (2) The Operator of a Private Fund may acquire Real Property at a price more than 5% above the independent valuation price but only in the following circumstances:
      (a) if the purchase price represents an amount which is greater than 5% but less than 10% of the most recently calculated Net Asset Value of the Fund, the Operator may acquire the property where the purchase has been recommended by the Operator’s investment committee, no objection has been raised by the Trustee’s oversight committee and it has notified all the Unitholders in writing of the proposed purchase and received no request within 10 days of such notice being issued from any Unitholder to call a Unitholder meeting;
      (b) if the purchase price represents an amount which is greater than 10% but less than 20% of the most recently calculated Net Asset Value of the Fund, Operator may acquire the property where it has obtained an ordinary resolution of the Unitholders agreeing to the relevant purchase; or
      (c) if the purchase price represents an amount which is greater than 20% of the most recently calculated Net Asset Value of the Fund, Operator may acquire the property where it has obtained a Special Resolution of the Unitholders agreeing to the relevant purchase.
      CIR 13.5.23
      (1) An Operator must ensure that any valuation report prepared by the Independent Valuer:
      (a) includes all material details in relation to the basis of valuation and the assumptions used;
      (b) describes and explains the valuation methodologies adopted;
      (c) outlines the overall structure and condition of the relevant market including an analysis of the supply and demand situation, the market trend and investment activities;
      (d) includes a brief description of the property, its location, the nature of the interest the Fund holds in the property, existing use, any encumbrances concerning or affecting the property, lease expiry profile, the capital value in existing state at the date the valuation was performed, net monthly income from the property, and any other matters which may affect the property or its value;
      (e) confirms the independent status of the valuer and that the valuation report is prepared on a fair and unbiased basis; and
      (f) explains the rationale for choosing the particular valuation method if more than one method is adopted.
      (2) In relation to a Private Fund, the Operator’s investment committee and the Trustee’s oversight committee must be satisfied on reasonable grounds that the independent valuation report contains sufficient detail and rationale in respect of the matters under (1) for the purpose of making an informed judgment about the merits of the proposed acquisition or disposal of the relevant Real Property.
      CIR 17.1.1
      (1) This chapter applies to a Person in accordance with the application provisions under Chapter 1 but only in relation to a Domestic Fund which is a Public Fund.
      (2) Sections 17.4 to 17.11 apply to a Person in accordance with Chapter 1 in relation to a Private Fund which has implemented oversight arrangements pursuant to Rule 13.5.3(4).

      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:

      (a) ensures that every Prospectus, in respect of a Fund which takes advantage of the relief set forth above, contains this notice; and
      (b) if a request is made by a Unitholder under Rule 13.5.2(1)(a) or (c), the Operator informs the DFSA forthwith of such a request being received and prior to carrying out any action in relation to such a request.

      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 : Jane Coakley
      Position : Acting Chief Executive
      DATE OF ISSUE: 24 January 2008

    • W 006/08 PIB — Thames River Capital LLP

      Click herehere to view the PDF

      WAIVER AND MODIFICATION NOTICE

      To Thames River Capital LLP
      Address 15th Floor, Commercial Tower, Crowne Plaza Complex,
      Sheikh Zayed Road, P.O. Box 58101, Dubai - UAE
      DFSA Firm Reference No. F000715
      Notice No. W006/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

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

      RULES WAIVED

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

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      This notice was issued by:

      Name : Jane Coakley
      Position : Acting Chief Executive

      DATE OF ISSUE:

      17th January 2008

    • W 010/08 CIR — NewDawn GSE Asset Management Limited

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To NewDawn GSE Asset Management Limited
      Address The Gate, East Wing, 13th Floor,
      DIFC, Dubai - UAE
      DFSA Firm Reference No. F000301
      Notice No. W010/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

      Rule Modified Text
      CIR Rule 6.2.2(1)(a)
      (1) An Operator must ensure that the following activities, whether performed by the Operator itself or performed by a Fund Administrator appointed by the Operator under a Delegation Arrangement, are performed in the DIFC:
      (a) asset pricing and Fund valuation;
      (b) issuing and redeeming the Fund’s Units; and
      (c) record keeping and maintaining the Unitholders register.

      CONDITIONS

      None

      EFFECTIVE PERIOD

      This notice comes into effect on 8th February 2008 and expires on 8th September 2008 or the date on which any Rule specified herein is amended, which ever is the earlier.

      INTERPRETATION

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

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

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

      Name : David Knott
      Position : Chief Executive
      DATE OF ISSUE: 10th February 2008

    • W 014/08 CIR — MENA Infrastructure Fund (GP) Limited

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To MENA Infrastructure Fund (GP) Limited
      Address The Gate, East Wing, 13th Floor,
      DIFC, Dubai - UAE
      DFSA Firm Reference No. F000314
      Notice No. W014/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

      Rule Modified Text
      CIR Rule 6.2.2(1)(a)
      (1) An Operator must ensure that the following activities, whether performed by the Operator itself or performed by a Fund Administrator appointed by the Operator under a Delegation Arrangement, are performed in the DIFC:
      (a) asset pricing and Fund valuation;
      (b) issuing and redeeming the Fund’s Units; and
      (c) record keeping and maintaining the Unitholders register.

      CONDITIONS

      None

      EFFECTIVE PERIOD

      This notice comes into effect on 8th February 2008 and expires on 8th September 2008 or the date on which any Rule specified herein is amended, which ever is the earlier.

      INTERPRETATION

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

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

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

      Name : David Knott
      Position : Chief Executive
      DATE OF ISSUE: 10th February 2008

    • W 015/08 AUT — Renaissance Group (Dubai) Limited

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Renaissance Group (Dubai) Limited
      Address Level 12, Office No. 14, PO Box 506669, The Gate
      Building, DIFC
      DFSA Firm Reference No. F000697
      Notice No. W015/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

      None.

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : David Knott
      Position : Chief Executive
      DATE OF ISSUE: 13th February 2008

    • W 017/08 PIB — Lion Capital Management Limited

      Click herehere to view the PDF

      WAIVER AND MODIFICATION NOTICE

      To Lion Capital Management Limited
      Address Office 1009, Number One Tower
      Sheikh Zayed Road
      P.O.Box 29069
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000731
      Notice No. W017/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

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

      RULES WAIVED

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

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : David Knott
      Position : Chief Executive

      DATE OF ISSUE:

      21st February 2008

    • W 018/08 GEN — SEI Investments (Europe) Limited

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To SEI Investments (Europe) Limited
      Address Office No. 4, Level 15, The Gate
      Dubai International Financial Centre
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000737
      Notice No. W018/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until 31 December 2009 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : Jan Bladen
      Position : Acting Chief Executive
      DATE OF ISSUE: 24 February 2008

    • W 047/08 CIR — Lionhart (Middle East) Limited

      View PDFView PDF

      MODIFICATION NOTICE

      To Lionhart (Middle East) Limited
      Address P O Box 213783,
      Dubai, UAE
      DFSA Firm Reference No. F000769
      Notice No. W047/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

      Rule Modified Text
      CIR 3.6.1
      (1) An Authorised Firm may make an Offer or undertake a Transaction for or on behalf of a Client in respect of a Unit of a Foreign Fund where:
      (a) one or more of the following apply:
      (i) the custodian of the Fund meets one of the requirements in (4) and the investment manager of the Fund meets one of the requirements in (5) or (8);
      (ii) both the custody and investment management activities of the Fund are performed by a Person who meets the requirements in (6); or
      (iii) the Fund has been rated in accordance with the requirement in (7);
      and
      (b) if the Fund is a Property Fund, the requirements in Rule 3.7.1 are satisfied.
      (2) For the purposes of (1)(a), the “custodian” is a Person who is retained by the Fund, the Operator of the Fund or the Fund’s Directors or Partners under a commercial arrangement which is not an employee contract of service to safeguard the Fund’s assets.
      (3) For the purposes of (1)(a), the “investment manager” is a Person who is retained directly or indirectly by the Fund, the Operator of the Fund or the Fund’s Directors or Partners under a commercial arrangement which is not an employee contract of service to manage the Fund’s assets.
      (4) …….and so on until and including (7)……
      (8) For the purposes of (1) (a), where the investment manager is appointed under an agreement by another Person who is not subject to supervision by a Financial Services Regulator in a Recognised Jurisdiction, the investment manager must be authorised and supervised by the Financial Services Authority (UK).

      CONDITIONS

      None

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : David Knott
      Position : Chief Executive
      DATE OF ISSUE: 17 July 2008

    • W 021/08 PIB — GFI Securities Limited

      Click herehere to view the PDF

      WAIVER AND MODIFICATION NOTICE

      To GFI Securities Limited
      Address Level 5, Union House Building,
      Port Saeed Road, Deira,
      P.O. Box 43659,
      Dubai, U.A.E.
      DFSA Firm Reference No. F000783
      Notice No. W021/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

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

      RULES WAIVED

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

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : David Knott
      Position : Chief Executive
      4th March 2008

    • W 022/08 PIB — Credit Agricole Cheuvreux

      Click herehere to view the PDF

      WAIVER AND MODIFICATION NOTICE

      To Credit Agricole Cheuvreux
      Address Unit 2, 7th Floor, Precinct Building 2
      The Gate District, DIFC
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000753
      Notice No. W022/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

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

      RULES WAIVED

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

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : David Knott
      Position : Chief Executive
      DATE OF ISSUE: 5th March 2008

    • W 028/08 GEN — The Bank of New York

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To The Bank of New York
      Address Level 6, Gate Precinct Building 5
      Gate District, DIFC
      PO Box 506723, Dubai
      United Arab Emirates
      DFSA Firm Reference No. F000706
      Notice No. W028/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

      Rule Modified Text
      GEN 8.2.1
      (1) An Authorised Person must prepare and maintain all financial accounts and statements in accordance with:
      (a) the International Financial Reporting Standards (IFRS); or
      (b) the generally accepted accounting principles of the United States (USGAAP) as defined under Auditing Standards of the American Institute of Certified Public Accounting of the United States (AICPA) standard SAS No. 69 and if repealed then as defined in the relevant standard as issued by the Financial Accounting Standards Board (FASB) that replaces SAS no. 69,

      unless (2) or (3) applies.

      (2) If an Authorised Firm is an Islamic Financial Institution it must prepare and maintain all financial accounts and statements in accordance with the accounting standards of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
      (3) If an Authorised Person operates an Islamic Window it must prepare and maintain all financial accounts and statements in accordance with the IFRS or USGAAP, as supplemented by AAOIFI FAS 18 in respect of its Islamic Financial Business.
      GEN 8.6.1 An Authorised Firm or Authorised Market Institution, as applicable, must in writing require its auditor to:
      (a) conduct an audit of the Authorised Person’s accounts in accordance with the requirements of the relevant standards published by:
      (i) the International Auditing and Assurance Standards Board (IAASB) or the Generally Accepted Auditing Standards as issued by American Institute of Certified Public Accountants Auditing Standards Board (US GAAS), that is, the Auditing Standards of the Public Company Accounting Oversight Board of the United States (PCAOB) or (AICPA) in respect of conventional financial business; and
      (ii) by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) in respect of any Islamic Financial Business;
      (b) produce a report on the audited accounts which states:
      (i) whether, in the auditor’s opinion, the accounts have been properly prepared in accordance with the requirements imposed by this chapter;
      (ii) in particular, whether the accounts give a true and fair view of the financial position of the Authorised Person for the financial year and of the state of the Authorised Person’s affairs at the end of the financial year end; and
      (iii) any other matter or opinion relating to the requirements of this chapter;
      (c) produce an Auditor’s Annual Report which states whether:
      (i) the auditor has audited the Authorised Person’s annual financial statements in accordance with the IAASB or USGAAS or AAOIFI auditing standards in respect of Islamic Financial Business;
      (ii) the auditor has Audited the Authorised Person’s annual financial statements in accordance with the IAASB, PCAOB or AICPA auditing standards and AAOIFI auditing standards in respect of Islamic Financial Business;
      (iii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB, PCAOB or AICPA auditing standards and AAOIFI auditing standards in respect of Islamic Financial Business;
      (iv) …………………………..and so on as per the Rulebook text up to and including (h).

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until 31 December 2009 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : David Knott
      Position : Chief Executive
      DATE OF ISSUE: 10th Aprl 2008

    • W 030/08 PIB — Argent Financial Group International LLP

      Click herehere to view the PDF

      WAIVER AND MODIFICATION NOTICE

      To Argent Financial Group International LLP
      Address Building #3, 3rd Floor
      PO Box 506503
      Dubai, UAE
      DFSA Firm Reference No. F000116
      Notice No. W030/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

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

      RULES WAIVED

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

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in PIB Chapter 2
      PIB Chapter 4 (Credit Risk) All the Rules in sections 4.3 to 4.10 inclusive
      PIB Chapter 5 (Market Risk) All the Rules in 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 : Michael Zamorski
      Position : Managing Director
      DATE OF ISSUE: 15 May 2008

    • W 031/08 AUT — Lloyds TSB Offshore Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To Lloyds TSB Offshore Limited
      Address 4th Floor East, the Gate, DIFC, PO Box 12140
      DFSA Firm Reference No. F000192
      Notice No. W031/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES WAIVED

      TABLE A
      PIB module Rule
      AUT Chapter 10 AUT Rule 10.3.1 (a)

      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 does not carry on any Financial Services in or from the Dubai International Financial Centre.

      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 22 August 2008 or until further notice, whichever is earlier.

      INTERPRETATION

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

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

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

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

    • W 032/08 PIB — KBC Financial Products UK Limited

      Click herehere to view the PDF

      WAIVER AND MODIFICATION NOTICE

      To KBC Financial Products UK Limited
      Address Office No.6, Level 3, Gate Village Building 4 -
      DIFC District
      P.O. Box 113355,
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000811
      Notice No. W032/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

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

      RULES WAIVED

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

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : David Knott
      Position : Chief Executive
      DATE OF ISSUE: 15 May 2008

    • W 033/08 GEN — KBC Financial Products UK Limited

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To KBC Financial Products UK Limited
      Address Office No.6, Level 3, Gate Village Building 4,
      DIFC District
      P.O. Box 113355,
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000811
      Notice No. W033/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

      If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in the table herein apply to the above mentioned Person in 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 31 December 2009 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : David Knott
      Position : Chief Executive
      DATE OF ISSUE: 15 May 2008

    • W 035/08 GEN — VR Advisory Services (Dubai) Limited

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To VR Advisory Services (Dubai) Limited
      Address DIFC Gate Village, Building 4, Level 3, Office 5, PO Box
      113355
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000763
      Notice No. W035/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

      Rule Modified Text
      GEN 8.2.1
      (1) An Authorised Person must prepare and maintain all financial accounts and statements in accordance with:
      (a) the International Financial Reporting Standards (IFRS); or
      (b) the generally accepted accounting principles of the United States (USGAAP) as defined under Auditing Standards of the American Institute of Certified Public Accounting of the United States (AICPA) standard SAS No. 69 and if repealed then as defined in the relevant standard as issued by the Financial Accounting Standards Board (FASB) that replaces SAS no. 69,
      unless (2) or (3) applies.
      (2) If an Authorised Firm is an Islamic Financial Institution it must prepare and maintain all financial accounts and statements in accordance with the accounting standards of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
      (3) If an Authorised Person operates an Islamic Window it must prepare and maintain all financial accounts and statements in accordance with the IFRS or USGAAP, as supplemented by AAOIFI FAS 18 in respect of its Islamic Financial Business.
      GEN 8.6.1

      An Authorised Firm or Authorised Market Institution, as applicable, must in writing require its auditor to:

      (a) conduct an audit of the Authorised Person's accounts in accordance with the requirements of the relevant standards published by:
      (i) the International Auditing and Assurance Standards Board (IAASB) or the Generally Accepted Auditing Standards as issued by American Institute of Certified Public Accountants Auditing Standards Board (US GAAS), that is, the Auditing Standards of the Public Company Accounting Oversight Board of the United States (PCAOB) or (AICPA) in respect of conventional financial business; and
      (ii) by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) in respect of any Islamic Financial Business;
      (b) produce a report on the audited accounts which states:
      (i) whether, in the auditor's opinion, the accounts have been properly prepared in accordance with the requirements imposed by this chapter;
      (ii) in particular, whether the accounts give a true and fair view of the financial position of the Authorised Person for the financial year and of the state of the Authorised Person's affairs at the end of the financial year end; and
      (iii) any other matter or opinion relating to the requirements of this chapter;
      (c) produce an Auditor's Annual Report which states whether:
      (i) the auditor has audited the Authorised Person's annual financial statements in accordance with the IAASB or USGAAS or AAOIFI auditing standards in respect of Islamic Financial Business;
      (ii) the auditor has Audited the Authorised Person's annual financial statements in accordance with the IAASB, PCAOB or AICPA auditing standards and AAOIFI auditing standards in respect of Islamic Financial Business;
      (iii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB, PCAOB or AICPA auditing standards and AAOIFI auditing standards in respect of Islamic Financial Business;
      (iv) …………………………..and so on as per the Rulebook text up to and including (h).

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until 31 December 2009 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : David Knott
      Position : Chief Executive
      DATE OF ISSUE: 16 June 2008

    • W 044/08 PRS — Credit Suisse Securities (Europe) Limited

      Click here to view the PDF

      MODIFICATION NOTICE

      To Credit Suisse Securities (Europe) Limited
      Address Credit Suisse, London Branch, One Cabot Square, London, E14 4QJ
      DFSA Firm Reference No. F000926
      Notice No. W44/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

      None.

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : Jane Coakley
      Position : Acting Chief Executive
      DATE OF ISSUE: 2nd July 2008

    • W 048/08 AUT — Lloyds TSB Offshore Limited

      View PDFView PDF

      WAIVER NOTICE

      To Lloyds TSB Offshore Limited
      Address 4th Floor East, The Gate, DIFC, PO Box 12140
      Dubai, UAE
      DFSA Firm Reference No. F000192
      Notice No. W048/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES WAIVED

      Rulebook Module Rule
      AUT Chapter 10 AUT 10.3.1 (a)

      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 does not carry out any Financial Services in or from the Dubai International Financial Centre.

      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 23 August 2008 and remains in force until 31 January 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 : 20 July 2008

    • W 049/08 AUT — Jasper Corporate Finance Limited

      View PDFView PDF

      MODIFICATION NOTICE

      To Jasper Corporate Finance Limited
      Address 1007, Level 10, Grosvenor House Tower, Sheikh Zayed
      Road, PO Box 58549, Dubai, United Arab Emirates
      DFSA Firm Reference No. F000744
      Notice No. W049/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

      None.

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : David Knott
      Position : Chief Executive
      DATE OF ISSUE: 22 July 2008

    • W 050/08 GEN — Jasper Corporate Finance Limited

      View PDFView PDF

      MODIFICATION NOTICE

      To Jasper Corporate Finance Limited
      Address 1007, Level 10, Grosvenor House Tower, Sheikh Zayed Road,
      PO Box 58549, Dubai, United Arab Emirates
      DFSA Firm Reference No. F000744
      Notice No. W050/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until 31 December 2009 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : David Knott
      Position : Chief Executive
      DATE OF ISSUE: 22 July 2008

    • W 051/08 PIB — Jasper Corporate Finance Limited

      View PDFView PDF

      WAIVER AND MODIFICATION NOTICE

      To Jasper Corporate Finance Limited
      Address 1007, Level 10, Grosvenor House Tower, Sheikh Zayed

      Road, PO Box 58549, Dubai, United Arab Emirates
      DFSA Firm Reference No. F000744
      Notice No. W051/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

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

      RULES WAIVED

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

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : David Knott
      Position : Chief Executive
      DATE OF ISSUE: 22 July 2008

    • W 055/08 PIB — Fortis Bank

      Click herehere to view the PDF

      WAIVER AND MODIFICATION NOTICE

      To Fortis Bank
      Address Level 5, East Wing, The Gate Building, PO Box 211104,
      DIFC, Dubai, UAE
      DFSA Firm Reference No. F000298
      Notice No. W055/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

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

      RULES WAIVED

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

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

      RULES MODIFIED

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

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

      CONDITIONS

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

      (a) remains classified as a Category 1 or 2 Authorised Firm;
      (b) complies with its home state Financial Services Regulator’s prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision

      DATE OF ISSUE:

      04 August 2008

    • W 056/08 GEN — Sovereign Risk Insurance (Dubai) Limited

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Sovereign Risk Insurance (Dubai) Limited
      Address World Trade Centre Resident Apartment 1923, PO Box 116555, Dubai, UAE
      DFSA Firm Reference No. F000798
      Notice No. W56/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

      Rule Modified Text
      GEN 8.2.1
      (1) An Authorised Person must prepare and maintain all financial accounts and statements in accordance with:
      (a) the International Financial Reporting Standards (IFRS); or
      (b) the generally accepted accounting principles of the United States (USGAAP) as defined under Auditing Standards of the American Institute of Certified Public Accounting of the United States (AICPA) standard SAS No. 69 and if repealed then as defined in the relevant standard as issued by the Financial Accounting Standards Board (FASB) that replaces SAS no. 69,

      unless (2) or (3) applies.
      (2) If an Authorised Firm is an Islamic Financial Institution it must prepare and maintain all financial accounts and statements in accordance with the accounting standards of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
      (3) If an Authorised Person operates an Islamic Window it must prepare and maintain all financial accounts and statements in accordance with the IFRS or USGAAP, as supplemented by AAOIFI FAS 18 in respect of its Islamic Financial Business.
      GEN 8.6.1 An Authorised Firm or Authorised Market Institution, as applicable, must in writing require its auditor to:
      (a) conduct an audit of the Authorised Person’s accounts in accordance with the requirements of the relevant standards published by:
      (i) the International Auditing and Assurance Standards Board (IAASB) or the Generally Accepted Auditing Standards as issued by American Institute of Certified Public Accountants Auditing Standards Board (US GAAS), that is, the Auditing Standards of the Public Company Accounting Oversight Board of the United States (PCAOB) or (AICPA) in respect of conventional financial business; and
      (ii) by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) in respect of any Islamic Financial Business;
      (b) produce a report on the audited accounts which states:
      (i) whether, in the auditor’s opinion, the accounts have been properly prepared in accordance with the requirements imposed by this chapter;
      (ii) in particular, whether the accounts give a true and fair view of the financial position of the Authorised Person for the financial year and of the state of the Authorised Person’s affairs at the end of the financial year end; and
      (iii) any other matter or opinion relating to the requirements of this chapter;
      (c) produce an Auditor’s Annual Report which states whether:
      (i) the auditor has audited the Authorised Person’s annual financial statements in accordance with the IAASB or USGAAS or AAOIFI auditing standards in respect of Islamic Financial Business;
      (ii) the auditor has Audited the Authorised Person’s annual financial statements in accordance with the IAASB, PCAOB or AICPA auditing standards and AAOIFI auditing standards in respect of Islamic Financial Business;
      (iii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB, PCAOB or AICPA auditing standards and AAOIFI auditing standards in respect of Islamic Financial Business;
      (iv) …………………………and so on as per the Rulebook text up to and including (h).

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until 31 December 2009 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : David Knott
      Position : Chief Executive

      DATE OF ISSUE:

      20 August 2008

    • W 058/08 PIB AUT — Lloyds TSB Offshore Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To Lloyds TSB Offshore Limited
      Address 4th Floor East, The Gate, DIFC, PO Box 12140
      Dubai, UAE
      DFSA Firm Reference No. F000192
      Notice No. W58/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES WAIVED

      Rulebook Module Rule
      PIB Chapter 1 (General requirement) All the Rules in sections 1.5 and 1.6
      AUT Chapter 15 (Annual reporting of controllers) All the Rules in section 15.3

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect for the duration of the period set out below, on condition that the above named Person to whom this notice applies does not carry out any Financial Services in or from the Dubai International Financial Centre.

      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 31 January 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 : Acting Chief Executive
      Date : 4 September 2008

    • W 059/08 GEN — Woori Bank

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Woori Bank
      Address Suite 06:06, Level 6, Dubai World Trade Centre, Rashid Tower, P.O.
      Box 506760, Dubai, UAE
      DFSA Firm Reference No. F000913
      Notice No. W59/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until 31 December 2009 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : David Knott
      Position : Chief Executive
      DATE OF ISSUE: 9 September 2008

    • W 061/08 GEN — GE Capital Middle East & Africa Limited

      Click herehere to view PDF

      MODIFICATION NOTICE

      To GE Capital Middle East & Africa Limited
      Address Level 7, The Exchange Building, Gate District 5, DIFC, PO Box 506758, Dubai, UAE
      DFSA Firm Reference No. F000965
      Notice No. W061/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until 31 December 2009 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : Paul M Koster
      Position : Chief Executive Officer
      DATE OF ISSUE: 14-December-2008

    • W 062/08 CIR — Antarctica Asset Management (Middle East) Limited

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Antarctica Asset Management (Middle East) Limited
      Address Gate Village Business Centre, Gate Village, Building 4, Level 3,
      Dubai International Financial Centre, P.O Box 506651, Dubai,
      U.A.E
      DFSA Firm Reference No. F000634
      Notice No. W062/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

      Rule Modified Text
      CIR 3.6.1
      (1) An Authorised Firm may make an Offer or undertake a Transaction for or on behalf of a Client in respect of a Unit of a Foreign Fund where:
      (a) one or more of the following apply:
      (i) the custodian of the Fund meets one of the requirements in (4) and the investment manager of the Fund meets one of the requirements in (5);
      (ii) both the custody and investment management activities of the Fund are performed by a Person who meets the requirements in (6); or
      (iii) the Fund has been rated in accordance with the requirement in (7); or
      (iv) the Client is a Professional Client, the Fund or its Operator is a member of the Authorised Firm’s Group and the Fund is listed on an Authorised Market Institution in the DIFC or on an exchange regulated by a Financial Services Regulator in a Recognised Jurisdiction; and
      (b) if the Fund is a Property Fund, the requirements in Rule 3.7.1 are satisfied.
      (2) …….and so on as per the Rulebook text up to and including (7)……

      CONDITIONS

      None

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : Ian Johnston
      Position : Acting Chief Executive
      DATE OF ISSUE: 8th October 2008

    • W 070/08 CIR — Antarctica Asset Management (Middle East) Limited

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Antarctica Asset Management (Middle East) Limited
      Address Gate Village Business Centre, Gate Village, Building 4, Level 3, Dubai International Financial Centre, P.O Box 506651, Dubai, U.A.E
      DFSA Firm Reference No. F000634
      Notice No. W070/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

      Rule Modified Text
      CIR 3.6.1
      (1) An Authorised Firm may make an Offer to, or undertake a Transaction for or on behalf of, a Professional Client in respect of a Unit of a Foreign Fund where:
      (a) one or more of the following apply:
      (i) the custodian of the Fund meets one of the requirements in (4) and the investment manager of the Fund meets one of the requirements in (5);
      (ii) both the custody and investment management activities of the Fund are performed by a Person who meets the requirements in (6); or
      (iii) the Fund has been rated in accordance with the requirement in (7); or
      (iv) the Fund is listed on an Authorised Market Institution in the DIFC or on an exchange regulated by a Financial Services Regulator in a Recognised Jurisdiction and the Operator or the advisor of that Fund is either Antartica Asset Management Limited or Antartica Asset Management (UK) LLP;
      and
      (b) if the Fund is a Property Fund, the requirements in Rule 3.7.1 are satisfied.
      (2) …………..and so on as per the Rulebook text up to and including (7)

      CONDITIONS

      None

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : Ian Johnston
      Position : Acting Chief Executive
      DATE OF ISSUE: 28-October-2008

    • W 072/08 GEN — Merrill Lynch International

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Merrill Lynch International
      Address The Gate Village, 2nd Floor GV 06, DIFC, PO Box 506576,
      Dubai, UAE
      DFSA Firm Reference No. F000216
      Notice No. W72/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until 31 December 2009 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : Micheal Zamorski
      Position : Managing Director
      DATE OF ISSUE: 16-November-2008

    • W 073/08 GEN — Morgan Stanley & Co International Limited

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Morgan Stanley & Co International Limited
      Address Level 5, West Wing, The Gate, PO Box: 506501,
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000168
      Notice No. W073/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until 31 December 2009 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : David Knott
      Position : Chief Executive
      DATE OF ISSUE: 17-November-2008

    • W 076/08 GEN — Franklin Templeton Investment Management Ltd

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Franklin Templeton Investment Management Ltd
      Address 505, Level 5, Building No 3, DIFC, PO Box 506613, Dubai, UAE
      DFSA Firm Reference No. F000004
      Notice No. W076/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until 31 December 2009 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

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

    • W 080/08 GEN — Daiwa Securities SMBC Europe Limited

      Click herehere to view PDF

      MODIFICATION NOTICE

      To Daiwa Securities SMBC Europe Limited
      Address The Gate village, Building 1, 1st floor, Unit-6, P.O. Box 506657 DIFC, Dubai, UAE
      DFSA Firm Reference No. F000498
      Notice No. W080/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until 31 December 2009 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 14-December-2008

    • W 081/08 GEN — Jardine Lloyd Thompson Ltd

      Click herehere to view PDF

      MODIFICATION NOTICE

      To Jardine Lloyd Thompson Ltd
      Address Exchange Building, 6th Floor, DIFC, PO Box 506519, Dubai, UAE
      DFSA Firm Reference No. F000014
      Notice No. W081/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until 31 December 2009 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 14-December-2008

    • W 082/08 PIB — Jardine Lloyd Thompson Ltd

      Click herehere to view PDF

      WAIVER AND MODIFICATION NOTICE

      To Jardine Lloyd Thompson Ltd
      Address Exchange Building, 6th Floor, DIFC, PO Box 506519, Dubai, UAE
      DFSA Firm Reference No. F000014
      Notice No. W082/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

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

      RULES WAIVED

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

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 14-December-2008

    • W 083/08 GEN — Henyep Investment Bank Limited

      Click herehere to view PDF

      MODIFICATION NOTICE

      To Henyep Investment Bank Limited
      Address Level 5, Gate Precinct Building 4,
      Dubai International Financial Centre,
      P.O.Box 506540,
      Dubai UAE
      DFSA Firm Reference No. F000048
      Notice No. W083/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until 31 December 2008 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: 15-December-2008

    • W GIC/08 — Gulf Investment Corporation

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Gulf Investment Corporation
      Address Sharq Jaber Al Mubarak Street, PO Box 3402, Safat 13035.
      DFSA Firm Reference No. N/A
      Notice No. WGIC/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

      Rule Modified Text
      CIR 6.3.2
      (1) An Eligible Custodian is a Person who is a separate legal entity to the Operator and is:
      (a) an Authorised Firm whose Licence authorises it to Provide Custody Services;
      (b) an Authorised Firm which is a Bank;
      (c) an Authorised Market Institution; or
      (d) an Undertaking subject to equivalent regulation as provided in (2).
      (2) An Undertaking is subject to equivalent regulation for the purposes of (1) if:
      (a) it is authorised and supervised by a Financial Services Regulator in a Recognised Jurisdiction for providing custody services and is subject to a minimum capital requirement of $10 million or its equivalent in any other currency at the relevant time and has had surplus revenue over expenditure for the last two financial years;
      (b) it, or its holding company, is graded by an internationally recognised rating agency such as Moodys or Standard & Poors as at least “investment grade” in respect of its financial strength and which is subject to regulation by a Financial Services Regulator or banking Regulator, in another jurisdiction which is a Zone 1 country; or
      (c) it is authorised or recognised to by a Financial Services Regulator to operate as an exchange or a clearing house in a Recognised Jurisdiction.
      (3) The Gulf Investment Corporation is an Eligible Custodian for the purposes only of providing custody services for Foreign Funds as long as it remains a ‘sovereign entity’ that is, an entity that is and remains:
      (a) controlled by the Governments of the six GCC States;
      (b) 100% owned by those Governments;
      (c) rated or graded as at least ‘investment grade’ by Moody’s, Fitch or Standard & Poor’s or such other international rating agency as may be recognised by the DFSA; and
      (d) regulated by the Central Bank of Kuwait.

      CONDITIONS

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

      (a) Gulf Investment Corporation discloses this modification notice to the Operator of any Fund for which it intends to act in circumstances where the Units of the Fund are to be offered in or from the DIFC.

      EFFECTIVE PERIOD

      This notice comes into effect on 23 May 2008 and remains in force until:

      (a) the expiry of 12 months thereafter; or
      (b) the date on which Gulf Investment Corporation becomes an Authorised Firm whose Licence authorises it to Provide Custody Services; or
      (c) amendment to CIR 6.3.2; or
      (d) further notice;

      which ever 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: 19 March 2008

    • W 078/08 PIB — Celf Investments Advisors Limited

      Click herehere to view the PDF

      WAIVER AND MODIFICATION NOTICE

      To Celf Investments Advisors Limited
      Address Level 7 East, Precinct Building 3, PO Box 506564, DIFC, Dubai, UAE
      DFSA Firm Reference No. F000300
      Notice No. W078/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

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

      RULES WAIVED

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

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director
      DATE OF ISSUE: 30 November 2006

    • W 025/08 AML — Man Investments (Middle East) Ltd

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Man Investments (Middle East) Ltd
      Address Level 5, West Wing, The Gate, DIFC, PO Box 73221, Dubai
      DFSA Firm Reference No. F000066
      Notice No. W025/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

      Rule Modified Text
      AML 3.4.3
      (1) The obligations under Rules 3.4.1 and 3.4.2 must, subject to (4), be fulfilled before the Authorised Firm effects any Transaction on behalf of the customer.
      (2) It is an Authorised Firm’s responsibility when it next has contact with a customer who was an existing customer, prior to the Authorised Firm’s authorisation by the DFSA, to assess whether it has performed the identification of that customer which would have been required had these Rules been applicable when the customer became a customer, and to obtain without delay any missing information or evidence about the true identity of all relevant parties.
      (3) With regard to Insurance Business carried on in or from the DIFC, if it is necessary for sound business reasons to enter into an insurance contract before the identification requirements under Rules 3.4.1 and 3.4.2 can be completed:
      (a) an Authorised Firm must have controls which ensure that any money received is not passed on to any Person until the customer identification requirements have been fulfilled; or
      (b) a member of the senior management of an Authorised Firm may authorise in writing the payment of the money.
      (4) The Authorised Firm does not have to fulfil the obligations under Rules 3.4.1 and 3.4.2 before a Transaction is effected where it has, on reasonable grounds, established that:
      (a) following a preliminary risk assessment the proposed Transaction presents a low risk in relation to money laundering and terrorist financing;
      (b) it would be prejudicial to the customer to interrupt or delay the normal course of business in respect of effecting the Transaction; and
      (c) the Transaction is in respect of subscription for Units.
      (5) Where the Authorised Firm is unable to establish and verify the identity of the customer referred to in (4) within the 30 days following the receipt of an application for subscription for a Unit it must:
      (a) consider the circumstances and determine whether to make an internal Suspicious Transaction Report to the MLRO;
      (b) where it has determined not to make such a report, return to the customer any monies associated with the Transaction excluding any reasonable costs incurred by the Authorised Firm;
      (c) where the Authorised Firm has determined to make such a report, not return any monies or provide any Units to the customer, but instead it must act in accordance with instructions issued by the MLRO; and
      (d) not establish any further customer relationship with that customer until the verification process has been completed for that customer in accordance with the AML Rules.

      CONDITIONS

      None

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : David Knott
      Position : Chief Executive
      DATE OF ISSUE: 9 April 2008

    • W 069/08 PIB — ICICI Bank Limited

      Click herehere to view the PDF

      WAIVER AND MODIFICATION NOTICE

      To ICICI Bank Limited
      Address Dubai International Financial Centre #5, 5th floor, Building 4
      East, Sheikh Zayed Road, P.O. Box 506529, Dubai, U.A.E.
      DFSA Firm Reference No. F000068
      Notice No. W069/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

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

      RULES WAIVED

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

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

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

    • W 065/08 AUT — Invesco Asset Management Limited

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Invesco Asset Management Limited
      Address Building 5, DIFC Precinct, 6th Floor, DIFC, PO Box 506599,
      Dubai, U.A.E.
      DFSA Firm Reference No. F000070
      Notice No. W065/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

      Rule Modified Text
      AUT 9.4.1
      (1) An Authorised Firm, may, subject to (2) appoint an individual, who is not an Authorised Individual, to carry out the functions of an Authorised Individual where the following conditions are met:
      (a) the absence of the Authorised Individual is temporary or reasonably unforeseen;
      (b) the functions are carried out for 12 24 weeks maximum in any consecutive 12 months; and
      (c) the Authorised Individual has the relevant skills and experience to carry out these functions.
      (2) …….and so on as per the Rulebook text up to and including (3)……

      CONDITIONS

      None

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

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

    • W 066/08 CIR — Emirates Investment Services Limited (EIS)

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Emirates Investment Services Limited (EIS)
      Address Level 8, East Wing,
      Gate Building,
      DIFC,
      P.O.Box 506578,
      Dubai, UAE
      DFSA Firm Reference No. F000163
      Notice No. W066/2008

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

      None

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

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