Entire Section

  • 2009

    • W 196/09 PIB — Fortis Bank

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      WAIVER AND MODIFICATION NOTICE

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

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

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

      RULES WAIVED

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

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on 20 January 2009 and remains in force until further notice.

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 162/09 GEN — Jasper Corporate Finance Limited

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      MODIFICATION NOTICE

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

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on 1 January 2010 and remains in force until 31 December 2010 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 20 December 2009

    • W 155/09 GEN — IDBI Bank Limited

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      MODIFICATION NOTICE

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

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 6 December 2009

    • W 152/09 GEN — Punjab National Bank Limited

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      MODIFICATION NOTICE

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

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 6 December 2009

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

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      MODIFICATION NOTICE

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

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : Paul M Koster
      Position : Chief Executive
      DATE OF ISSUE: 19 November 2009

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

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      WAIVER AND MODIFICATION NOTICE

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

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

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

      RULES WAIVED

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

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

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

    • W 125/09 GEN — RFIB Group Limited

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      MODIFICATION NOTICE

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

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

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

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

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      MODIFICATION NOTICE

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

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

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

    • W 123/09 GEN — Killik & Co LLP

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      MODIFICATION NOTICE

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

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

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

    • W 122/09 GEN — Goldman Sachs International

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      MODIFICATION NOTICE

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

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

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

    • W 121/09 GEN — CELF Investment Advisors Ltd

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      MODIFICATION NOTICE

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

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

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

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

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      MODIFICATION NOTICE

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

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

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

    • W 118/09 GEN — State Bank of India

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      MODIFICATION NOTICE

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

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

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

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

      Click herehere to view PDF

      MODIFICATION NOTICE

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

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

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

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

      Click herehere to view PDF

      MODIFICATION NOTICE

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

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

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

    • W 115/09 GEN — Guggenheim Capital Markets LLC

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      MODIFICATION NOTICE

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

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

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

    • W 114/09 GEN — Standard Bank Plc

      Click herehere to view PDF

      MODIFICATION NOTICE

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

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

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

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

      Click herehere to view PDF

      MODIFICATION NOTICE

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

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

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

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

      Click herehere to view PDF

      MODIFICATION NOTICE

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

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

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

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

      Click herehere to view PDF

      MODIFICATION NOTICE

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

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

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

    • W 110/09 GEN — Persia International Bank Plc

      Click herehere to view PDF

      MODIFICATION NOTICE

      To Persia International Bank Plc
      Address Level 4, The Gate Building,
      Dubai International Financial Centre,
      PO Box 119871,
      Dubai, UAE
      DFSA Firm Reference No. F000008
      Notice No. W110/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

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

    • W 109/09 GEN — Standard Chartered Bank

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      MODIFICATION NOTICE

      To Standard Chartered Bank
      Address 7th Floor, Building 1, The Gate Precinct,
      Dubai International Financial Centre,
      PO Box 999,
      Dubai, UAE
      DFSA Firm Reference No. F000003
      Notice No. W109/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

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

    • W 108/09 GEN — Deutsche Bank AG

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      MODIFICATION NOTICE

      To Deutsche Bank AG
      Address Level 3, West Wing, The Gate Building,
      Dubai International Financial Centre,
      PO Box 504902,
      Dubai UAE
      DFSA Firm Reference No. F000045
      Notice No. W108/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

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

    • W 107/09 GEN — Merrill Lynch Bank (Suisse) SA

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      MODIFICATION NOTICE

      To Merrill Lynch Bank (Suisse) SA
      Address 5th Floor, East Wing, The Gate Building,
      Dubai International Financial Centre,
      PO Box 3911,
      Dubai, UAE
      DFSA Firm Reference No. F000010
      Notice No. W107/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

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

    • W 106/09 GEN — Liberty Mutual Insurance Europe Limited

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      MODIFICATION NOTICE

      To Liberty Mutual Insurance Europe Limited
      Address Office 9, Level 1, Gate Village GV-07,
      Dubai International Financial Centre,
      PO Box 506574,
      Dubai, UAE
      DFSA Firm Reference No. F000264
      Notice No. W106/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

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

    • W 105/09 GEN — ICICI Bank Limited

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      MODIFICATION NOTICE

      To ICICI Bank Limited
      Address Office No. 5, Level 5, Building 4 East,
      Dubai International Financial Centre,
      PO Box 506529,
      Dubai, UAE
      DFSA Firm Reference No. F000068
      Notice No. W105/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

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

    • W 104/09 GEN — JPMorgan Chase Bank, N.A.

      Click herehere to view PDF

      MODIFICATION NOTICE

      To JPMorgan Chase Bank, N.A.
      Address Level 7, Building 3,
      Dubai International Financial Centre,
      PO Box 506551,
      Dubai, UAE
      DFSA Firm Reference No. F000327
      Notice No. W104/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

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

    • W 103/09 GEN — Banque de Commerce et de Placements SA

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      MODIFICATION NOTICE

      To Banque de Commerce et de Placements SA
      Address Level 7, The Gate Precinct Building 3,
      Dubai International Financial Centre,
      PO Box 506584,
      Dubai, U.A.E.
      DFSA Firm Reference No. F000267
      Notice No. W103/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

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

    • W 102/09 GEN — Axis Bank Limited formerly UTI Bank Limited

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      MODIFICATION NOTICE

      To Axis Bank Limited formerly UTI Bank Limited
      Address Unit No 1101, Dubai National Insurance Building,
      Al Yamanah Towers, Port Saeed, Deira,
      PO Box 506593,
      Dubai,
      UAE
      DFSA Firm Reference No. F000326
      Notice No. W102/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

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

    • W 101/09 PIB — Fortis Bank (Nederland) NV

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      WAIVER AND MODIFICATION NOTICE

      To Fortis Bank (Nederland) NV
      Address Level 5, The Gate Building
      P.O. Box 506820
      DIFC, Dubai - UAE
      DFSA Firm Reference No. F001036
      Notice No. W101/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

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

      RULES WAIVED

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

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 07 May 2009

    • W 091/09 AUT — The GCC Energy Fund Managers Limited

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      WAIVER NOTICE

      To The GCC Energy Fund Managers Limited
      Address 22nd Floor, Emirates Towers
      Sheikh Zayed Road
      P.O. Box 504946
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000002
      Notice No. W091/2009

      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:

      (a) does not carry on 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 30th June 2009 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : Ian Johnston
      Position : Deputy Chief Executive
      Date : 23-February-2009

    • W 086/09 GEN — Cisco Capital Dubai Limited

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      MODIFICATION NOTICE

      To Cisco Capital Dubai Limited
      Address Level 25
      Monarch Office Tower
      Sheikh Zayed Road
      P.O. Box 500321
      Dubai, UAE
      DFSA Firm Reference No. F000963
      Notice No. W086/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : Paul M Koster
      Position : Chief Executive
      DATE OF ISSUE: 15-January-2009

    • W 085/09 GEN — Nomura International plc

      Click herehere to view PDF

      MODIFICATION NOTICE

      To Nomura International plc
      Address Level 6, Precinct Building 6
      Dubai International Financial Centre
      Po Box 506535 Dubai, UAE
      DFSA Firm Reference No. F001008
      Notice No. W085/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 12-January-2009

    • W 135/09 CIR — Liongate Capital Management (Dubai) Limited

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      MODIFICATION NOTICE

      To Liongate Capital Management (Dubai) Limited
      Address Level 12, Office 8
      The Gate
      PO Box 121208
      Dubai
      United Arab Emirates
      DFSA Firm Reference No. F001062
      Notice No. W135/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

      Rule Modified Text
      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) 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 (4)(d)
      (5) For the purposes of (1)(a)(i), the investment manager must be a Person who is:
      (a) authorised and supervised by the DFSA or a Financial Services Regulator located in a Recognised Jurisdiction;
      (b) a member of a Group that is subject to consolidated supervision by a Financial Services Regulator in a Recognised Jurisdiction and the activities of the investment manager are included within the scope of the supervision; or
      (c) appointed under an agreement by another Person who is subject to supervision by a Financial Services Regulator in a Recognised Jurisdiction and the agreement is in accordance with the requirements of the Regulator. ; or
      (d) in relation only to the Liongate Defensive Fund and Raiffeisen Liongate Fund (R332), authorised and regulated by the Malta Financial Services Authority;
      (6) …………..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 : Paul M Koster
      Position : Chief Executive
      DATE OF ISSUE: 20-August-2009

    • W 237/09 GEN — Merrill Lynch International

      Click herehere to view PDF

      MODIFICATION NOTICE

      To Merrill Lynch International
      Address 2nd Floor GV 06
      The Gate Village
      Dubai International Financial Center
      PO Box 506576
      Dubai, U.A.E
      DFSA Firm Reference No. F000216
      Notice No. W237/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on 1 January 2010 and remains in force until 31 December 2010 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 29 December 2009

    • W 236/09 GEN — Daiwa Securities SMBC Europe Limited

      Click herehere to view PDF

      MODIFICATION NOTICE

      To Daiwa Securities SMBC Europe Limited
      Address Unit-6, 1st floor
      Gate Village 1
      Dubai International Financial Center
      P.O. Box 506657
      Dubai, UAE
      DFSA Firm Reference No. F000498
      Notice No. W236/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on 1 January 2010 and remains in force until 31 December 2010 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 29 December 2009

    • W 189/09 GEN — Standard Bank Plc

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      MODIFICATION NOTICE

      To Standard Bank Plc
      Address 16th Floor
      Emirates Towers
      PO Box 504904
      Dubai, U.A.E
      DFSA Firm Reference No. F000028
      Notice No. W189/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on 1 January 2009 and remains in force until 31 December 2010 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 20 December 2009

    • W 188/09 GEN — Guggenheim Capital Markets LLC

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      MODIFICATION NOTICE

      To Guggenheim Capital Markets LLC
      Address Level 3
      Gate Village 6
      Dubai International Financial Centre
      PO Box 506587
      Dubai, U.A.E
      DFSA Firm Reference No. F000332
      Notice No. W188/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

      Rule Modified Text
      GEN 8.2.1
      (1) An Authorised Person must prepare and maintain all financial accounts and statements in accordance with:
      (a) the International Financial Reporting Standards (IFRS); or
      (b) the generally accepted accounting principles of the United States (USGAAP) as defined under Auditing Standards of the American Institute of Certified Public Accounting of the United States (AICPA) standard SAS No. 69 and if repealed then as defined in the relevant standard as issued by the Financial Accounting Standards Board (FASB) that replaces SAS no. 69,
      unless (2) or (3) applies.
      (2) If an Authorised Firm is an Islamic Financial Institution it must prepare and maintain all financial accounts and statements in accordance with the accounting standards of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
      (3) If an Authorised Person operates an Islamic Window it must prepare and maintain all financial accounts and statements in accordance with the IFRS or USGAAP, as supplemented by AAOIFI FAS 18 in respect of its Islamic Financial Business.
      GEN 8.6.1 An Authorised Firm or Authorised Market Institution, as applicable, must in writing require its auditor to:
      (a) conduct an audit of the Authorised Person's accounts in accordance with the requirements of the relevant standards published by:
      (i) the International Auditing and Assurance Standards Board (IAASB) or the Generally Accepted Auditing Standards as issued by American Institute of Certified Public Accountants Auditing Standards Board (US GAAS), that is, the Auditing Standards of the Public Company Accounting Oversight Board of the United States (PCAOB) or (AICPA) in respect of conventional financial business; and
      (ii) 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 1 January 2010 and remains in force until 31 December 2010 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 20 December 2009

    • W 187/09 GEN — Kotak Mahindra (UK) Limited

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      MODIFICATION NOTICE

      To Kotak Mahindra (UK) Limited
      Address Office No 307-308
      Sharafi Building
      Karama
      PO Box 121753
      Dubai, U.A.E
      DFSA Firm Reference No. F000049
      Notice No. W187/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on 1 January 2009 and remains in force until 31 December 2010 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 20 December 2009

    • W 186/09 GEN — Mizuho Corporate Bank, Ltd.

      Click herehere to view PDF

      MODIFICATION NOTICE

      To Mizuho Corporate Bank, Ltd.
      Address Level 2, Building No 5, The Gate Village, Dubai International Financial Centre, PO Box 506607, Dubai, UAE
      DFSA Firm Reference No. F000420
      Notice No. W186/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on 1 January 2010 and remains in force until 31 December 2010 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : MICHAEL ZAMORSKI
      Position : MANAGING DIRECTOR, SUPERVISION
      DATE OF ISSUE: 20 DECEMBER 2009

    • W 185/09 GEN — Permal Investment Management Services Limited

      Click herehere to view PDF

      MODIFICATION NOTICE

      To Permal Investment Management Services Limited
      Address Level 8, West Wing
      The Gate Building
      Dubai International Financial Centre
      PO Box 506520
      Dubai, U.A.E
      DFSA Firm Reference No. F000012
      Notice No. W185/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on 1 January 2009 and remains in force until 31 December 2010 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 20 December 2009

    • W 184/09 GEN — The Bank of Tokyo Mitsubishi UFJ, Ltd

      Click herehere to view PDF

      MODIFICATION NOTICE

      To The Bank of Tokyo Mitsubishi UFJ, Ltd
      Address Level 1, Gate Village 6, The Gate Village, Dubai International Financial Centre, PO Box 506614, Dubai, UAE
      DFSA Firm Reference No. F000470
      Notice No. W184/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on 1 January 2010 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: 20 DECEMBER 2009

    • W 183/09 GEN — State Bank of India

      Click herehere to view PDF

      MODIFICATION NOTICE

      To State Bank of India
      Address Level 2, Gate Village 5, Dubai International Financial Centre, PO Box 45035, Dubai, UAE
      DFSA Firm Reference No. F000239
      Notice No. W183/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on 1 January 2010 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: 20 DECEMBER 2009

    • W 182/09 GEN — Lloyds TSB Bank plc.

      Click herehere to view PDF

      MODIFICATION NOTICE

      To Lloyds TSB Bank plc.
      Address 4th Floor East
      The Gate Building
      Dubai International Financial Centre
      PO Box 121404
      Dubai, U.A.E
      DFSA Firm Reference No. F000069
      Notice No. W182/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on 1 January 2009 and remains in force until 31 December 2010 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 20 December 2009

    • W 180/09 GEN — Persia International Bank Plc

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      MODIFICATION NOTICE

      To Persia International Bank Plc
      Address Level 4
      The Gate Building
      Dubai International Financial Centre
      PO Box 119871
      Dubai, U.A.E
      DFSA Firm Reference No. F000008
      Notice No. W180/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on 1 January 2009 and remains in force until 31 December 2010 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 20 December 2009

    • W 179/09 GEN — Standard Chartered Bank

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      MODIFICATION NOTICE

      To Standard Chartered Bank
      Address 7th Floor, Building 1
      The Gate Precinct
      Dubai International Financial Centre
      P.O. Box 999
      Dubai, U.A.E
      DFSA Firm Reference No. F000003
      Notice No. W179/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on 1 January 2009 and remains in force until 31 December 2010 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 20 December 2009

    • W 178/09 GEN — E*Trade Securities Limited

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      MODIFICATION NOTICE

      To E*Trade Securities Limited
      Address Level 2, Building 5
      The Gate Village
      Dubai International Financial Centre
      PO Box 506638
      Dubai, U.A.E
      DFSA Firm Reference No. F000396
      Notice No. W178/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on 1 January 2009 and remains in force until 31 December 2010 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 20 December 2009

    • W 177/09 GEN — CELF Investment Advisors Ltd

      Click herehere to view PDF

      MODIFICATION NOTICE

      To CELF Investment Advisors Ltd
      Address Level 7 East
      Precinct Building 3
      Dubai International Financial Centre
      PO Box 506564
      Dubai, U.A.E
      DFSA Firm Reference No. F000300
      Notice No. W177/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on 1 January 2009 and remains in force until 31 December 2010 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 20 December 2009

    • W 176/09 GEN — Merrill Lynch Bank (Suisse) SA

      Click herehere to view PDF

      MODIFICATION NOTICE

      To Merrill Lynch Bank (Suisse) SA
      Address 5th Floor, East Wing, The Gate Building, Dubai International Financial Centre, P.O. Box 3911, Dubai, U.A.E
      DFSA Firm Reference No. F000010
      Notice No. W176/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on 1 January 2010 and remains in force until 31 December 2010 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : MICHAEL ZAMORSKI
      Position : MANAGING DIRECTOR, SUPERVISION
      DATE OF ISSUE: 20 DECEMBER 2009

    • W 175/09 GEN — Goldman Sachs International

      Click herehere to view PDF

      MODIFICATION NOTICE

      To Goldman Sachs International
      Address Level 5, Building 1
      Gate Precinct
      Dubai International Financial Centre
      PO Box 506588
      Dubai, U.A.E
      DFSA Firm Reference No. F000297
      Notice No. W175/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on 1 January 2010 and remains in force until 31 December 2010 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 20 December 2009

    • W 174/09 GEN — Liberty Mutual Insurance Europe Limited

      Click herehere to view PDF

      MODIFICATION NOTICE

      To Liberty Mutual Insurance Europe Limited
      Address Level 1, Office 9
      GV-07Gate Village
      Dubai International Financial Centre
      PO Box 506574
      Dubai, U.A.E
      DFSA Firm Reference No. F000264
      Notice No. W174/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on 1 January 2009 and remains in force until 31 December 2010 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 20 December 2009

    • W 173/09 GEN — Killik & Co LLP

      Click herehere to view PDF

      MODIFICATION NOTICE

      To Killik & Co LLP
      Address Unit 55, Level 2
      Building 5, The Gate Precinct
      Dubai International Financial Centre
      PO Box 506606
      Dubai, U.A.E
      DFSA Firm Reference No. F000421
      Notice No. W173/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on 1 January 2009 and remains in force until 31 December 2010 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 20 December 2009

    • W 172/09 GEN — ICICI Bank Limited

      Click herehere to view PDF

      MODIFICATION NOTICE

      To ICICI Bank Limited
      Address Office No. 5, Level 5, Building 4 East, Dubai International Financial Centre, PO BOX 506529, Dubai, U.A.E
      DFSA Firm Reference No. F000068
      Notice No. W172/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on 1 January 2010 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: 20 DECEMBER 2009

    • W 171/09 GEN — JPMorgan Chase Bank, N.A.

      Click herehere to view PDF

      MODIFICATION NOTICE

      To JPMorgan Chase Bank, N.A.
      Address Level 7
      Building 3
      Dubai International Financial Centre
      PO Box 506551
      Dubai, U.A.E
      DFSA Firm Reference No. F000327
      Notice No. W171/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on 1 January 2010 and remains in force until 31 December 2010 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 20 December 2009

    • W 170/09 GEN — Banque de Commerce et de Placements SA

      Click herehere to view PDF

      MODIFICATION NOTICE

      To Banque de Commerce et de Placements SA
      Address Level 7, The Gate Precinct Building 3, Dubai International Financial Centre, P.O.BOX 506 584, Dubai, UAE
      DFSA Firm Reference No. F000267
      Notice No. W170/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on 1 January 2010 and remains in force until 31 December 2010 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : MICHAEL ZAMORSKI
      Position : MANAGING DIRECTOR, SUPERVISION
      DATE OF ISSUE: 20 DECEMBER 2009

    • W 169/09 GEN — Axis Bank Limited formerly UTI Bank Limited

      Click herehere to view PDF

      MODIFICATION NOTICE

      To Axis Bank Limited formerly UTI Bank Limited
      Address Unit No 1101, Dubai National Insurance Building, Al Yamanah Towers, Port Saeed, Deira, PO Box 506593, Dubai, U.A.E
      DFSA Firm Reference No. F001180
      Notice No. W169/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on 1 January 2010 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: 20 DECEMBER 2009

    • W 168/09 GEN — Franklin Templeton Investment Management Ltd

      Click herehere to view PDF

      MODIFICATION NOTICE

      To Franklin Templeton Investment Management Ltd
      Address Office No. 3, Level 5
      Precinct Building 5
      Dubai International Financial Centre
      PO Box 506613
      Dubai, U.A.E
      DFSA Firm Reference No. F000004
      Notice No. W168/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on 1 January 2009 and remains in force until 31 December 2010 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 20 December 2009

    • W 167/09 GEN — Woori Bank

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      MODIFICATION NOTICE

      To Woori Bank
      Address Unit 619, Level 6
      Liberty House
      Dubai International Financial Centre
      PO Box 506760
      Dubai, U.A.E
      DFSA Firm Reference No. F000913
      Notice No. W167/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

      Rule Modified Text
      GEN 8.2.1
      (1) An Authorised Person must prepare and maintain all financial accounts and statements in accordance with:
      (a) the International Financial Reporting Standards (IFRS); or
      (b) the generally accepted accounting principles of the United States (USGAAP) as defined under Auditing Standards of the American Institute of Certified Public Accounting of the United States (AICPA) standard SAS No. 69 and if repealed then as defined in the relevant standard as issued by the Financial Accounting Standards Board (FASB) that replaces SAS no. 69,
      unless (2) or (3) applies.
      (2) If an Authorised Firm is an Islamic Financial Institution it must prepare and maintain all financial accounts and statements in accordance with the accounting standards of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
      (3) If an Authorised Person operates an Islamic Window it must prepare and maintain all financial accounts and statements in accordance with the IFRS or USGAAP, as supplemented by AAOIFI FAS 18 in respect of its Islamic Financial Business.
      GEN 8.6.1 An Authorised Firm or Authorised Market Institution, as applicable, must in writing require its auditor to:
      (a) conduct an audit of the Authorised Person's accounts in accordance with the requirements of the relevant standards published by:
      (i) the International Auditing and Assurance Standards Board (IAASB) or the Generally Accepted Auditing Standards as issued by American Institute of Certified Public Accountants Auditing Standards Board (US GAAS), that is, the Auditing Standards of the Public Company Accounting Oversight Board of the United States (PCAOB) or (AICPA) in respect of conventional financial business; and
      (ii) 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 1 January 2010 and remains in force until 31 December 2010 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 20 December 2009

    • W 166/09 GEN — SEI Investments

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      MODIFICATION NOTICE

      To SEI Investments
      Address Office No. 4
      Level 15
      The Gate Building
      Dubai International Financial Centre
      Dubai, U.A.E
      DFSA Firm Reference No. F000737
      Notice No. W166/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on 1 January 2009 and remains in force until 31 December 2010 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 20 December 2009

    • W 164/09 GEN — Nomura International plc

      Click herehere to view PDF

      MODIFICATION NOTICE

      To Nomura International plc
      Address Level 6
      Precinct Building 6
      Dubai International Financial Centre
      PO Box 506535
      Dubai, U.A.E
      DFSA Firm Reference No. F001008
      Notice No. W164/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on 1 January 2010 and remains in force until 31 December 2010 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 20 December 2009

    • W 163/09 GEN — Natixis Global Associates UK Limited

      Click herehere to view PDF

      MODIFICATION NOTICE

      To Natixis Global Associates UK Limited
      Address Level 5, Building 8
      Gate Village
      Dubai International Financial Centre
      PO Box 118257
      Dubai, U.A.E
      DFSA Firm Reference No. F000234
      Notice No. W163/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on 1 January 2009 and remains in force until 31 December 2010 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 20 December 2009

    • W 161/09 GEN — RFIB Group Limited

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      MODIFICATION NOTICE

      To RFIB Group Limited
      Address Office 8, Level 1
      Building 7, The Gate Village
      Dubai International Financial Centre
      PO Box 506670
      Dubai, U.A.E
      DFSA Firm Reference No. F000162
      Notice No. W161/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on 1 January 2009 and remains in force until 31 December 2010 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 20 December 2009

    • W 160/09 GEN — The Bank of New York

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      MODIFICATION NOTICE

      To The Bank of New York
      Address Level 6, Gate Precinct Building 5
      Gate District
      Dubai International Financial Centre
      PO Box 506723
      Dubai, U.A.E
      DFSA Firm Reference No. F000706
      Notice No. W160/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

      Rule Modified Text
      GEN 8.2.1
      (1) An Authorised Person must prepare and maintain all financial accounts and statements in accordance with:
      (a) the International Financial Reporting Standards (IFRS); or
      (b) the generally accepted accounting principles of the United States (USGAAP) as defined under Auditing Standards of the American Institute of Certified Public Accounting of the United States (AICPA) standard SAS No. 69 and if repealed then as defined in the relevant standard as issued by the Financial Accounting Standards Board (FASB) that replaces SAS no. 69,
      unless (2) or (3) applies.
      (2) If an Authorised Firm is an Islamic Financial Institution it must prepare and maintain all financial accounts and statements in accordance with the accounting standards of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
      (3) If an Authorised Person operates an Islamic Window it must prepare and maintain all financial accounts and statements in accordance with the IFRS or USGAAP, as supplemented by AAOIFI FAS 18 in respect of its Islamic Financial Business.
      GEN 8.6.1 An Authorised Firm or Authorised Market Institution, as applicable, must in writing require its auditor to:
      (a) conduct an audit of the Authorised Person's accounts in accordance with the requirements of the relevant standards published by:
      (i) the International Auditing and Assurance Standards Board (IAASB) or the Generally Accepted Auditing Standards as issued by American Institute of Certified Public Accountants Auditing Standards Board (US GAAS), that is, the Auditing Standards of the Public Company Accounting Oversight Board of the United States (PCAOB) or (AICPA) in respect of conventional financial business; and
      (ii) 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 1 January 2010 and remains in force until 31 December 2010 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 20 December 2009

    • W 159/09 GEN — GFI Securities Ltd

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      MODIFICATION NOTICE

      To GFI Securities Ltd
      Address Unit 607, 6th floor
      Liberty House
      Dubai International Financial Centre
      Sheikh Zayed Road
      Dubai, U.A.E
      DFSA Firm Reference No. F000783
      Notice No. W159/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on 1 January 2009 and remains in force until 31 December 2010 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 20 December 2009

    • W 158/09 GEN — The Bank of Nova Scotia

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      MODIFICATION NOTICE

      To The Bank of Nova Scotia
      Address Office 302, Level 3, Precinct Building 3, Dubai International Financial Centre, PO Box 506848, Dubai, U.A.E
      DFSA Firm Reference No. F001180
      Notice No. W158/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

      If the condition stated above is breached, this notice ceases to have effect forthwith and the Rules specified in the table herein apply to the above mentioned Person in 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 1 January 2010 and remains in force until 31 December 2010 or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : MICHAEL ZAMORSKI
      Position : MANAGING DIRECTOR, SUPERVISION
      DATE OF ISSUE: 20 DECEMBER 2009

    • W 157/09 GEN — Punjab National Bank Ltd

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      MODIFICATION NOTICE

      To Punjab National Bank Ltd
      Address Office 206 Liberty House, Dubai International Financial Centre,
      PO Box 506844, Dubai, U.A.E
      DFSA Firm Reference No. F001087
      Notice No. W157/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on 1 January 2010 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: 20 DECEMBER 2009

    • W 156/09 GEN — IDBI Bank Ltd

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      MODIFICATION NOTICE

      To IDBI Bank Ltd
      Address Level 3, Building 5, Gate Village, Dubai International Financial Centre, PO Box 506805, Dubai, U.A.E
      DFSA Firm Reference No. F001061
      Notice No. W156/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on 1 January 2010 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: 20 DECEMBER 2009

    • W 232/09 PIB — CELF Investment Advisors Limited

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      WAIVER AND MODIFICATION NOTICE

      To CELF Investment Advisors Limited
      Address Level 7, East
      Precinct Building 3
      Dubai International Financial Center
      PO Box 506564
      Dubai, U.A.E
      DFSA Firm Reference No. F000300
      Notice No. W232/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

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

      RULES WAIVED

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

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 095/09 PIB — Lockton Companies International Limited

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      WAIVER AND MODIFICATION NOTICE

      To Lockton Companies International Limited
      Address Unit 11 & 12, Gate Village 04, 1st Floor,
      Dubai International Financial Centre,
      PO Box 506794, Dubai, UAE
      DFSA Firm Reference No. F001042
      Notice No. W095/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

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

      RULES WAIVED

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

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : Paul M Koster
      Position : Chief Executive
      DATE OF ISSUE: 02-April-2009

    • W 088/09 GEN — Mizuho Corporate Bank Ltd.

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      MODIFICATION NOTICE

      To Mizuho Corporate Bank Ltd.
      Address The Gate Village, Building No 5, Level 2, DIFC, PO BOX 50667, Dubai, UAE.
      DFSA Firm Reference No. F000420
      Notice No. W088/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 21-January-2009

    • W 127/09 AUT — BDO Corporate Finance (Middle East) LLP

      Click herehere to view PDF

      MODIFICATION NOTICE

      To BDO Corporate Finance (Middle East) LLP
      Address DIFC, The Gate Village 10, Level 3, Office 33, PO Box 506802, Dubai, UAE
      DFSA Firm Reference No. F001076
      Notice No. W127/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

      Rule Modified Text
      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 : Paul M. Koster
      Position : Chief Executive
      DATE OF ISSUE: 19-May-2009

    • W 143/09 AUT — GFI Securities Limited

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      MODIFICATION NOTICE

      To GFI Securities Limited
      Address Unit 607, 6th Floor,
      Liberty House,
      Sheikh Zayed Road,
      Dubai, UAE
      DFSA Firm Reference No. F000783
      Notice No. W143/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

      None.

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : Paul M Koster
      Position : Chief Executive
      DATE OF ISSUE: 1 October 2009

    • W 145/09 AUT — Allianz Risk Transfer AG

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      MODIFICATION NOTICE

      To Allianz Risk Transfer AG
      Address The Gate Village 8,
      GV 08, 2nd floor, Unit 1-9,
      Dubai International Financial Centre,
      PO Box No 7659,
      Dubai, UAE
      DFSA Firm Reference No. F001184
      Notice No. W145/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

      None.

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : Ian Johnston
      Position : Acting Chief Executive
      DATE OF ISSUE: 12 November 2009

    • W 148/09 AUT — The Bank of Nova Scotia

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      MODIFICATION NOTICE

      To The Bank of Nova Scotia
      Address Office 302, Level 03,
      Precinct Building 03
      P O Box 506848
      Dubai ,UAE
      DFSA Firm Reference No. F001180
      Notice No. W148/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

      None.

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : Paul M. Koster
      Position : Chief Executive
      DATE OF ISSUE: 19th November 2009

    • W 151/09 AUT — Barclays Global Investors Ltd

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      MODIFICATION NOTICE

      To Barclays Global Investors Ltd
      Address The Gate Village 10
      Level 6, PO Box 506661
      Dubai, UAE
      DFSA Firm Reference No. F000738
      Notice No. W151/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

      None

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice.

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 6 December 2009

    • W 191/09 AUT — BDO Corporate Finance (Middle East) LLP

      Click herehere to view PDF

      MODIFICATION NOTICE

      To BDO Corporate Finance (Middle East) LLP
      Address DIFC, The Gate Village 10, Level 3 Office 33
      P.o. Box 506802, Dubai, UAE
      DFSA Firm Reference No. F001076
      Notice No. W191/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

      None.

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 195/09 PIB — JPMorgan Chase Bank, N.A.

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      WAIVER AND MODIFICATION NOTICE

      To JPMorgan Chase Bank, N.A.
      Address Level 7
      Building 3
      Dubai International Financial Center
      PO Box 506551
      Dubai, U.A.E
      DFSA Firm Reference No. F000327
      Notice No. W195/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

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

      RULES WAIVED

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

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 234/09 PIB — DBS Bank Ltd.

      Click herehere to view PDF

      WAIVER AND MODIFICATION NOTICE

      To DBS Bank Ltd.
      Address 3rd Floor, Building 3
      The Gate Precinct
      Dubai International Financial Center
      PO Box 506538
      Dubai, U.A.E
      DFSA Firm Reference No. F000164
      Notice No. W234/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

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

      RULES WAIVED

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

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 235/09 AUT — Sovereign Risk Insurance (Dubai) Limited

      Click herehere to view PDF

      MODIFICATION NOTICE

      To Sovereign Risk Insurance (Dubai) Limited
      Address World Trade Centre Residences, Apartment 1923
      PO Box 116555, Dubai
      United Arab Emirates
      DFSA Firm Reference No. F000798
      Notice No. W235/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

      None.

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 24 December 2009

    • W 098/09 GEN — Simmons & Company International Limited

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      MODIFICATION NOTICE

      To Simmons & Company International Limited
      Address Level 42, Office 4219,
      Emirates Towers,
      Sheikh Zayed Road,
      P.O. Box 31303,
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F001023
      Notice No. W098/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

      Rule Modified Text
      GEN 8.2.1
      (1) An Authorised Person must prepare and maintain all financial accounts and statements in accordance with:
      (a) the International Financial Reporting Standards (IFRS); or
      (b) the generally accepted accounting principles of United Kingdom (UK GAAP);
      unless (2) or (3) applies.
      (2) If an Authorised Firm is an Islamic Financial Institution it must prepare and maintain all financial accounts and statements in accordance with the accounting standards of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
      (3) If an Authorised Person operates an Islamic Window it must prepare and maintain all financial accounts and statements in accordance with the IFRS, as supplemented by AAOIFI FAS 18 in respect of its Islamic Financial Business.
      GEN 8.6.1 An Authorised Firm or Authorised Market Institution, as applicable, must in writing require its auditor to:
      (a) conduct an audit of the Authorised Person's accounts in accordance with the requirements of the relevant standards published by:
      (i) the International Auditing and Assurance Standards Board (IAASB) or the Auditing Standards issued by the UK Auditing Practices Board (APB), in respect of conventional financial business; and
      (ii) the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) in respect of any Islamic Financial Business undertaken;
      (b) produce a report on the audited accounts which states:
      (i) whether, in the auditor's opinion, the accounts have been properly prepared in accordance with the requirements imposed by this chapter;
      (ii) in particular, whether the accounts give a true and fair view of the financial position of the Authorised Person for the financial year and of the state of the Authorised Person's affairs at the end of the financial year end; and
      (iii) any other matter or opinion relating to the requirements of this chapter;
      (c) produce an Auditor's Annual Report which states whether:
      (i) the auditor has audited the Authorised Person's annual financial statements in accordance with the IAASB or APB auditing standards or AAOIFI auditing standards in respect of Islamic Financial Business;
      (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or APB auditing standards or 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 : Paul M Koster
      Position : Chief Executive
      DATE OF ISSUE: 02-April-2009

    • W 099/09 PIB — Simmons & Company International Limited

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      WAIVER AND MODIFICATION NOTICE

      To Simmons & Company International Limited
      Address Level 42, Office 4219,
      Emirates Towers,
      Sheikh Zayed Road,
      P.O. Box 31303,
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F001023
      Notice No. W099/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

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

      RULES WAIVED

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

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : Paul M Koster
      Position : Chief Executive
      DATE OF ISSUE: 02-April-2009

    • W 217/09 PIB — Standard Chartered Bank

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      WAIVER AND MODIFICATION NOTICE

      To Standard Chartered Bank
      Address 7th Floor, Building One
      The Gate Precinct
      Dubai International Financial Center
      P.O. Box 999
      Dubai, U.A.E
      DFSA Firm Reference No. F000003
      Notice No. W217/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

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

      RULES WAIVED

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

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on the 20 January 2009 and remains in force until further notice.

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 203/09 PIB — Franklin Templeton Investment Management Limited

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      WAIVER AND MODIFICATION NOTICE

      To Franklin Templeton Investment Management Limited
      Address Office No 505
      Level 5 Building 3
      Dubai International Financial Center
      PO Box 506613
      Dubai, U.A.E
      DFSA Firm Reference No. F000004
      Notice No. W203/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

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

      RULES WAIVED

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

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 218/09 PIB — Merrill Lynch Bank (Suisse) S.A

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      WAIVER AND MODIFICATION NOTICE

      To Merrill Lynch Bank (Suisse) S.A
      Address 2nd Floor GV 06
      The Gate Village
      Dubai International Financial Centre
      PO Box 3911
      Dubai, U.A.E
      DFSA Firm Reference No. F000010
      Notice No. W218/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

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

      RULES WAIVED

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

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 219/09 PIB — Credit Suisse

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      WAIVER AND MODIFICATION NOTICE

      To Credit Suisse
      Address Level 9 & 10 East
      The Gate Building
      Dubai International Financial Center
      PO Box 33660
      Dubai, U.A.E
      DFSA Firm Reference No. F000011
      Notice No. W219/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

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

      RULES WAIVED

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

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

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

      EFFECTIVE PERIOD

      This notice comes into effect on 20 January 2009 and remains in force until further notice.

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 194/09 PIB — Permal Investment Management Services Limited

      Click herehere to view PDF

      WAIVER AND MODIFICATION NOTICE

      To Permal Investment Management Services Limited
      Address Level 8, West Wing
      The Gate
      Dubai International Financial Center
      PO Box 506520
      Dubai, U.A.E
      DFSA Firm Reference No. F000012
      Notice No. W194/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

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

      RULES WAIVED

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

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 199/09 PIB — Barclays Bank PLC

      Click herehere to view PDF

      WAIVER AND MODIFICATION NOTICE

      To Barclays Bank PLC
      Address Level 9, West Wing
      The Gate Building
      Dubai International Financial Center
      PO Box 506504
      Dubai, U.A.E
      DFSA Firm Reference No. F000013
      Notice No. W199/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

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

      RULES WAIVED

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

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 220/09 PIB — JLT Risk Solutions

      Click herehere to view PDF

      WAIVER AND MODIFICATION NOTICE

      To JLT Risk Solutions
      Address 6th Floor
      The Exchange Building
      Dubai International Financial Center
      PO Box 506519
      Dubai, U.A.E
      DFSA Firm Reference No. F000014
      Notice No. W220/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

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

      RULES WAIVED

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

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

      RULES MODIFIED

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

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

      CONDITIONS

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

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 221/09 PIB — Standard Bank Plc

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      WAIVER AND MODIFICATION NOTICE

      To Standard Bank Plc
      Address 16th Floor
      Emirates Towers
      Sheikh Zayed Road
      PO Box 504904
      Dubai, U.A.E
      DFSA Firm Reference No. F000028
      Notice No. W221/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

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

      RULES WAIVED

      As a consequence of waiving the Rules below, Table 2 in PIB Chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in PIB section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in PIB Chapter 2

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      TABLE B
      Rule Modified Text
      PIB Rule 1.2.1 An Authorised Firm must:
      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 4 Authorised Firm;
      (b) complies with its home state Financial Services Regulator's prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in Table A and Table B herein apply to the above mentioned Person as set out in the applicable module of the Rulebook in force at the relevant time.

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 222/09 PIB — Deutsche Bank AG

      Click herehere to view PDF

      WAIVER AND MODIFICATION NOTICE

      To Deutsche Bank AG
      Address Level 3, West Wing
      The Gate Building
      Dubai International Financial Center
      PO Box 504902
      Dubai, U.A.E
      DFSA Firm Reference No. F000045
      Notice No. W222/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

      1. The Rules specified in Table A herein do not apply to the above mentioned Person.

      AND

      2. The Rules specified in the left hand column of Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES WAIVED

      As a consequence of waiving the Rules below, Table 2 in PIB Chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in PIB section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in PIB Chapter 2
      PIB Chapter 4 (Credit Risk) All the Rules in sections PIB 4.3 to PIB 4.10 inclusive
      PIB Chapter 5 (Market Risk) All the Rules in sections PIB 5.3 to PIB 5.9 inclusive
      PIB Chapter 7 (Group Risk) All the Rules in sections PIB 7.3 and PIB 7.4

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      TABLE B
      Rule Modified Text
      PIB Rule 1.2.1 An Authorised Firm must:
      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 1 or 2 Authorised Firm;
      (b) complies with its home state Financial Services Regulator's prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in Table A and Table B herein apply to the above mentioned Person as set out in the applicable module of the Rulebook in force at the relevant time.

      EFFECTIVE PERIOD

      This notice comes into effect on 20 January 2009 and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 223/09 PIB — Kotak Mahindra (UK) Limited

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      WAIVER AND MODIFICATION NOTICE

      To Kotak Mahindra (UK) Limited
      Address Office No 307-308
      Sharafi Building
      Karama
      PO Box 121753
      Dubai, U.A.E
      DFSA Firm Reference No. F000049
      Notice No. W223/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

      1. The Rules specified in Table A herein do not apply to the above mentioned Person.

      AND

      2. The Rules specified in the left hand column of Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES WAIVED

      As a consequence of waiving the Rules below, Table 2 in PIB Chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in PIB section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in PIB Chapter 2
      PIB Chapter 4 (Credit Risk) All the Rules in sections PIB 4.3 to PIB 4.10 inclusive
      PIB Chapter 5 (Market Risk) All the Rules in PIB section 5.6
      PIB Chapter 7 (Group Risk) All the Rules in sections PIB 7.3 and PIB 7.4

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      TABLE B
      Rule Modified Text
      PIB Rule 1.2.1 An Authorised Firm must:
      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 3 Authorised Firm;
      (b) complies with its home state Financial Services Regulator's prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in Table A and Table B herein apply to the above mentioned Person as set out in the applicable module of the Rulebook in force at the relevant time.

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 224/09 PIB — ICICI Bank Limited

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      WAIVER AND MODIFICATION NOTICE

      To ICICI Bank Limited
      Address Office No. 5, Level 5
      Building 4 East
      Dubai International Financial Centre
      PO BOX 506529
      Dubai, U.A.E
      DFSA Firm Reference No. F000068
      Notice No. W224/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

      1. The Rules specified in Table A herein do not apply to the above mentioned Person.

      AND

      2. The Rules specified in the left hand column of Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES WAIVED

      As a consequence of waiving the Rules below, Table 2 in PIB Chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in PIB section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in PIB Chapter 2

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      TABLE B
      Rule Modified Text
      PIB Rule 1.2.1 An Authorised Firm must:
      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 4 Authorised Firm;
      (b) complies with its home state Financial Services Regulator's prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in Table A and Table B herein apply to the above mentioned Person as set out in the applicable module of the Rulebook in force at the relevant time.

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 225/09 PIB — Lloyds TSB Bank plc

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      WAIVER AND MODIFICATION NOTICE

      To Lloyds TSB Bank plc
      Address 4th Floor, East Wing
      The Gate Building
      Dubai International Financial Center
      PO Box 121404
      Dubai, U.A.E
      DFSA Firm Reference No. F000069
      Notice No. W225/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

      1. The Rules specified in Table A herein do not apply to the above mentioned Person.

      AND

      2. The Rules specified in the left hand column of Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES WAIVED

      As a consequence of waiving the Rules below, Table 2 in PIB Chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in PIB section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in PIB Chapter 2

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      TABLE B
      Rule Modified Text
      PIB Rule 1.2.1 An Authorised Firm must:
      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 4 Authorised Firm;
      (b) complies with its home state Financial Services Regulator's prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in Table A and Table B herein apply to the above mentioned Person as set out in the applicable module of the Rulebook in force at the relevant time.

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 205/09 PIB — INVESCO Asset Management Limited

      Click herehere to view PDF

      WAIVER AND MODIFICATION NOTICE

      To INVESCO Asset Management Limited
      Address Level 6, Building 5
      The Gate Precinct
      Dubai International Financial Center
      PO Box 506599
      Dubai, U.A.E
      DFSA Firm Reference No. F000070
      Notice No. W205/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

      1. The Rules specified in Table A herein do not apply to the above mentioned Person.

      AND

      2. The Rules specified in the left hand column of Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES WAIVED

      As a consequence of waiving the Rules below, Table 2 in PIB Chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in PIB section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in PIB Chapter 2

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      TABLE B
      Rule Modified Text
      PIB Rule 1.2.1 An Authorised Firm must:
      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 4 Authorised Firm;
      (b) complies with its home state Financial Services Regulator's prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in Table A and Table B herein apply to the above mentioned Person as set out in the applicable module of the Rulebook in force at the relevant time.

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 215/09 PIB — ABN AMRO Bank N.V.

      Click herehere to view PDF

      WAIVER AND MODIFICATION NOTICE

      To ABN AMRO Bank N.V.
      Address Level 2
      Gate Village 4
      Dubai International Financial Center
      PO Box 2567
      Dubai, U.A.E
      DFSA Firm Reference No. F000071
      Notice No. W215/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

      1. The Rules specified in Table A herein do not apply to the above mentioned Person.

      AND

      2. The Rules specified in the left hand column of Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES WAIVED

      As a consequence of waiving the Rules below, Table 2 in PIB Chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in PIB section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in PIB Chapter 2

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      TABLE B
      Rule Modified Text
      PIB Rule 1.2.1 An Authorised Firm must:
      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 4 Authorised Firm;
      (b) complies with its home state Financial Services Regulator's prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in Table A and Table B herein apply to the above mentioned Person as set out in the applicable module of the Rulebook in force at the relevant time.

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 212/09 PIB — Citigroup Global Markets Limited

      Click herehere to view PDF

      WAIVER AND MODIFICATION NOTICE

      To Citigroup Global Markets Limited
      Address Suite 1, Level 7,
      Precinct building 2, The Gate District
      Dubai International Financial Center
      P.O. Box 506560
      Dubai, U.A.E
      DFSA Firm Reference No. F000153
      Notice No. W212/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

      1. The Rules specified in Table A herein do not apply to the above mentioned Person.

      AND

      2. The Rules specified in the left hand column of Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES WAIVED

      As a consequence of waiving the Rules below, Table 2 in PIB Chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in PIB section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in PIB Chapter 2

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      TABLE B
      Rule Modified Text
      PIB Rule 1.2.1 An Authorised Firm must:
      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 4 Authorised Firm;
      (b) complies with its home state Financial Services Regulator's prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in Table A and Table B herein apply to the above mentioned Person as set out in the applicable module of the Rulebook in force at the relevant time.

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 198/09 PIB — Morgan Stanley & Co. International Limited

      Click herehere to view PDF

      WAIVER AND MODIFICATION NOTICE

      To Morgan Stanley & Co. International Limited
      Address Level 5, West Wing
      The Gate
      Dubai International Financial Center
      PO Box 506501
      Dubai, U.A.E
      DFSA Firm Reference No. F000168
      Notice No. W198/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

      1. The Rules specified in Table A herein do not apply to the above mentioned Person.

      AND

      2. The Rules specified in the left hand column of Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES WAIVED

      As a consequence of waiving the Rules below, Table 2 in PIB Chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in PIB section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in PIB Chapter 2

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      TABLE B
      Rule Modified Text
      PIB Rule 1.2.1 An Authorised Firm must:
      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 4 Authorised Firm;
      (b) complies with its home state Financial Services Regulator's prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in Table A and Table B herein apply to the above mentioned Person as set out in the applicable module of the Rulebook in force at the relevant time.

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 208/09 PIB — Sumitomo Mitsui Banking Corporation

      Click herehere to view PDF

      WAIVER AND MODIFICATION NOTICE

      To Sumitomo Mitsui Banking Corporation
      Address 5th Floor, Building One
      Gate Precinct
      Dubai International Financial Center
      PO Box 506559
      Dubai, U.A.E
      DFSA Firm Reference No. F000223
      Notice No. W208/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

      1. The Rules specified in Table A herein do not apply to the above mentioned Person.

      AND

      2. The Rules specified in the left hand column of Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES WAIVED

      As a consequence of waiving the Rules below, Table 2 in PIB Chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in PIB section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in PIB Chapter 2
      PIB Chapter 4 (Credit Risk) All the Rules in sections PIB 4.3 to PIB 4.10 inclusive
      PIB Chapter 5 (Market Risk) All the Rules in sections PIB 5.3 to PIB 5.9 inclusive
      PIB Chapter 7 (Group Risk) All the Rules in sections PIB 7.3 and PIB 7.4

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      TABLE B
      Rule Modified Text
      PIB Rule 1.2.1 An Authorised Firm must:
      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 1 or 2 Authorised Firm;
      (b) complies with its home state Financial Services Regulator's prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in Table A and Table B herein apply to the above mentioned Person as set out in the applicable module of the Rulebook in force at the relevant time.

      EFFECTIVE PERIOD

      This notice comes into effect on 20 January 2009 and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 210/09 PIB — Natixis Global Associates UK Limited

      Click herehere to view PDF

      WAIVER AND MODIFICATION NOTICE

      To Natixis Global Associates UK Limited
      Address Level 5
      Gate Village Building 8
      Dubai International Financial Center
      PO Box 118257
      Dubai, U.A.E
      DFSA Firm Reference No. F000234
      Notice No. W210/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

      1. The Rules specified in Table A herein do not apply to the above mentioned Person.

      AND

      2. The Rules specified in the left hand column of Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES WAIVED

      As a consequence of waiving the Rules below, Table 2 in PIB Chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in PIB section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in PIB Chapter 2

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      TABLE B
      Rule Modified Text
      PIB Rule 1.2.1 An Authorised Firm must:
      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 4 Authorised Firm;
      (b) complies with its home state Financial Services Regulator's prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in Table A and Table B herein apply to the above mentioned Person as set out in the applicable module of the Rulebook in force at the relevant time.

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 207/09 PIB — State Bank of India

      Click herehere to view PDF

      WAIVER AND MODIFICATION NOTICE

      To State Bank of India
      Address Level 2
      Gate Village 5
      Dubai International Financial Center
      PO Box 45035
      Dubai, U.A.E
      DFSA Firm Reference No. F000239
      Notice No. W207/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

      1. The Rules specified in Table A herein do not apply to the above mentioned Person.

      AND

      2. The Rules specified in the left hand column of Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES WAIVED

      As a consequence of waiving the Rules below, Table 2 in PIB Chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in PIB section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in PIB Chapter 2
      PIB Chapter 4 (Credit Risk) All the Rules in sections PIB 4.3 to PIB 4.10 inclusive
      PIB Chapter 5 (Market Risk) All the Rules in sections PIB 5.3 to PIB 5.9 inclusive
      PIB Chapter 7 (Group Risk) All the Rules in sections PIB 7.3 and PIB 7.4

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      TABLE B
      Rule Modified Text
      PIB Rule 1.2.1 An Authorised Firm must:
      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 1 or 2 Authorised Firm;
      (b) complies with its home state Financial Services Regulator's prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in Table A and Table B herein apply to the above mentioned Person as set out in the applicable module of the Rulebook in force at the relevant time.

      EFFECTIVE PERIOD

      This notice comes into effect on 20 January 2009 and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 227/09 PIB — FIMBank p.l.c.

      Click herehere to view PDF

      WAIVER AND MODIFICATION NOTICE

      To FIMBank p.l.c.
      Address Level 1
      Gate village 06
      Dubai International Financial Center
      PO Box 506554
      Dubai, U.A.E
      DFSA Firm Reference No. F000262
      Notice No. W227/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

      1. The Rules specified in Table A herein do not apply to the above mentioned Person.

      AND

      2. The Rules specified in the left hand column of Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES WAIVED

      As a consequence of waiving the Rules below, Table 2 in PIB Chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in PIB section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in PIB Chapter 2

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      TABLE B
      Rule Modified Text
      PIB Rule 1.2.1 An Authorised Firm must:
      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 4 Authorised Firm;
      (b) complies with its home state Financial Services Regulator's prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in Table A and Table B herein apply to the above mentioned Person as set out in the applicable module of the Rulebook in force at the relevant time.

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 228/09 PIB — Banque de Commerce et de Placements SA

      Click herehere to view PDF

      WAIVER AND MODIFICATION NOTICE

      To Banque de Commerce et de Placements SA
      Address Level 7
      The Gate Precinct Building 3
      Dubai International Financial Center
      PO BOX 506 584
      Dubai, U.A.E
      DFSA Firm Reference No. F000267
      Notice No. W228/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

      1. The Rules specified in Table A herein do not apply to the above mentioned Person.

      AND

      2. The Rules specified in the left hand column of Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES WAIVED

      As a consequence of waiving the Rules below, Table 2 in PIB Chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in PIB section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in PIB Chapter 2
      PIB Chapter 4 (Credit Risk) All the Rules in sections PIB 4.3 to PIB 4.10 inclusive
      PIB Chapter 5 (Market Risk) All the Rules in sections PIB 5.3 to PIB 5.9 inclusive
      PIB Chapter 7 (Group Risk) All the Rules in sections PIB 7.3 and PIB 7.4

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      TABLE B
      Rule Modified Text
      PIB Rule 1.2.1 An Authorised Firm must:
      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 1 or 2 Authorised Firm;
      (b) complies with its home state Financial Services Regulator's prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in Table A and Table B herein apply to the above mentioned Person as set out in the applicable module of the Rulebook in force at the relevant time.

      EFFECTIVE PERIOD

      This notice comes into effect on 20 January 2009 and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 229/09 PIB — HSBC Bank Middle East Limited

      Click herehere to view PDF

      WAIVER AND MODIFICATION NOTICE

      To HSBC Bank Middle East Limited
      Address Unit 5, Level 3 & 4
      Precinct Building 4, Gate District
      Dubai International Financial Center
      PO Box 506553
      Dubai, U.A.E
      DFSA Firm Reference No. F000268
      Notice No. W229/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

      1. The Rules specified in Table A herein do not apply to the above mentioned Person.

      AND

      2. The Rules specified in the left hand column of Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES WAIVED

      As a consequence of waiving the Rules below, Table 2 in PIB Chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in PIB section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in PIB Chapter 2
      PIB Chapter 4 (Credit Risk) All the Rules in sections PIB 4.3 to PIB 4.10 inclusive
      PIB Chapter 5 (Market Risk) All the Rules in sections PIB 5.3 to PIB 5.9 inclusive
      PIB Chapter 7 (Group Risk) All the Rules in sections PIB 7.3 and PIB 7.4

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      TABLE B
      Rule Modified Text
      PIB Rule 1.2.1 An Authorised Firm must:
      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 1 or 2 Authorised Firm;
      (b) complies with its home state Financial Services Regulator's prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in Table A and Table B herein apply to the above mentioned Person as set out in the applicable module of the Rulebook in force at the relevant time.

      EFFECTIVE PERIOD

      This notice comes into effect on 20 January 2009 and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 192/09 PIB — Goldman Sachs International

      Click herehere to view PDF

      WAIVER AND MODIFICATION NOTICE

      To Goldman Sachs International
      Address Level 5, Gate Precinct Building 1
      Dubai International Financial Centre
      PO Box 506588
      Dubai, U.A.E
      DFSA Firm Reference No. F000297
      Notice No. W192/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

      1. The Rules specified in Table A herein do not apply to the above mentioned Person.

      AND

      2. The Rules specified in the left hand column of Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES WAIVED

      As a consequence of waiving the Rules below, Table 2 in PIB Chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in PIB section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in PIB Chapter 2

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      TABLE B
      Rule Modified Text
      PIB Rule 1.2.1 An Authorised Firm must:
      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 4 Authorised Firm;
      (b) complies with its home state Financial Services Regulator's prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in Table A and Table B herein apply to the above mentioned Person as set out in the applicable module of the Rulebook in force at the relevant time.

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 214/09 PIB — UBS AG

      Click herehere to view PDF

      WAIVER AND MODIFICATION NOTICE

      To UBS AG
      Address 5th Floor
      Gate District Building 6
      Dubai International Financial Center
      PO Box 506542
      Dubai, U.A.E
      DFSA Firm Reference No. F000321
      Notice No. W214/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

      1. The Rules specified in Table A herein do not apply to the above mentioned Person.

      AND

      2. The Rules specified in the left hand column of Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES WAIVED

      As a consequence of waiving the Rules below, Table 2 in PIB Chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in PIB section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in PIB Chapter 2
      PIB Chapter 4 (Credit Risk) All the Rules in sections PIB 4.3 to PIB 4.10 inclusive
      PIB Chapter 5 (Market Risk) All the Rules in PIB section 5.6
      PIB Chapter 7 (Group Risk) All the Rules in sections PIB 7.3 and PIB 7.4

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      TABLE B
      Rule Modified Text
      PIB Rule 1.2.1 An Authorised Firm must:
      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 3 Authorised Firm;
      (b) complies with its home state Financial Services Regulator's prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in Table A and Table B herein apply to the above mentioned Person as set out in the applicable module of the Rulebook in force at the relevant time.

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 213/09 PIB — AXIS Bank Limited (formerly UTI Bank Limited)

      Click herehere to view PDF

      WAIVER AND MODIFICATION NOTICE

      To AXIS Bank Limited (formerly UTI Bank Limited)
      Address Unit No 1101, Dubai National Insurance Building
      Al Yamanah Towers
      Port Saeed, Deira
      PO Box 506593
      Dubai, U.A.E
      DFSA Firm Reference No. F000326
      Notice No. W213/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

      1. The Rules specified in Table A herein do not apply to the above mentioned Person.

      AND

      2. The Rules specified in the left hand column of Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES WAIVED

      As a consequence of waiving the Rules below, Table 2 in PIB Chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in PIB section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in PIB Chapter 2
      PIB Chapter 4 (Credit Risk) All the Rules in sections PIB 4.3 to PIB 4.10 inclusive
      PIB Chapter 5 (Market Risk) All the Rules in sections PIB 5.3 to PIB 5.9 inclusive
      PIB Chapter 7 (Group Risk) All the Rules in sections PIB 7.3 and PIB 7.4

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      TABLE B
      Rule Modified Text
      PIB Rule 1.2.1 An Authorised Firm must:
      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 1 or 2 Authorised Firm;
      (b) complies with its home state Financial Services Regulator's prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in Table A and Table B herein apply to the above mentioned Person as set out in the applicable module of the Rulebook in force at the relevant time.

      EFFECTIVE PERIOD

      This notice comes into effect on 20 January 2009 and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 233/09 PIB — NATIXIS

      Click herehere to view PDF

      WAIVER AND MODIFICATION NOTICE

      To NATIXIS
      Address Level 5
      Gate Village Building 8
      Dubai International Financial Center
      PO Box 506694
      Dubai, U.A.E
      DFSA Firm Reference No. F000357
      Notice No. W233/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

      1. The Rules specified in Table A herein do not apply to the above mentioned Person.

      AND

      2. The Rules specified in the left hand column of Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES WAIVED

      As a consequence of waiving the Rules below, Table 2 in PIB Chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in PIB section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in PIB Chapter 2
      PIB Chapter 4 (Credit Risk) All the Rules in sections PIB 4.3 to PIB 4.10 inclusive
      PIB Chapter 5 (Market Risk) All the Rules in sections PIB 5.3 to PIB 5.9 inclusive
      PIB Chapter 7 (Group Risk) All the Rules in sections PIB 7.3 and PIB 7.4

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      TABLE B
      Rule Modified Text
      PIB Rule 1.2.1 An Authorised Firm must:
      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 1 or 2 Authorised Firm;
      (b) complies with its home state Financial Services Regulator's prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in Table A and Table B herein apply to the above mentioned Person as set out in the applicable module of the Rulebook in force at the relevant time.

      EFFECTIVE PERIOD

      This notice comes into effect on 20 January 2009 and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 193/09 PIB — ING Bank N.V.

      Click herehere to view PDF

      WAIVER AND MODIFICATION NOTICE

      To ING Bank N.V.
      Address Offices 1-4, Level 2
      Building 5, The Gate Village
      Dubai International Financial Center
      PO Box 506641
      Dubai, U.A.E
      DFSA Firm Reference No. F000362
      Notice No. W193/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

      1. The Rules specified in Table A herein do not apply to the above mentioned Person.

      AND

      2. The Rules specified in the left hand column of Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES WAIVED

      As a consequence of waiving the Rules below, Table 2 in PIB Chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in PIB section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in PIB Chapter 2

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      TABLE B
      Rule Modified Text
      PIB Rule 1.2.1 An Authorised Firm must:
      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 4 Authorised Firm;
      (b) complies with its home state Financial Services Regulator's prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in Table A and Table B herein apply to the above mentioned Person as set out in the applicable module of the Rulebook in force at the relevant time.

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 197/09 PIB — E*TRADE Securities Limited

      Click herehere to view PDF

      WAIVER AND MODIFICATION NOTICE

      To E*TRADE Securities Limited
      Address Level 2, Building 5
      The Gate Village
      Dubai International Financial Center
      PO Box 506638
      Dubai, U.A.E
      DFSA Firm Reference No. F000396
      Notice No. W197/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

      1. The Rules specified in Table A herein do not apply to the above mentioned Person.

      AND

      2. The Rules specified in the left hand column of Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES WAIVED

      As a consequence of waiving the Rules below, Table 2 in PIB Chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in PIB section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in PIB Chapter 2

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      TABLE B
      Rule Modified Text
      PIB Rule 1.2.1 An Authorised Firm must:
      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 4 Authorised Firm;
      (b) complies with its home state Financial Services Regulator's prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in Table A and Table B herein apply to the above mentioned Person as set out in the applicable module of the Rulebook in force at the relevant time.

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 231/09 PIB — Mizuho Corporate Bank, Ltd.

      Click herehere to view PDF

      WAIVER AND MODIFICATION NOTICE

      To Mizuho Corporate Bank, Ltd.
      Address Level 2, Building No 5
      The Gate Village
      Dubai International Financial Center
      PO Box 506607
      Dubai, U.A.E
      DFSA Firm Reference No. F000420
      Notice No. W231/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

      1. The Rules specified in Table A herein do not apply to the above mentioned Person.

      AND

      2. The Rules specified in the left hand column of Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES WAIVED

      As a consequence of waiving the Rules below, Table 2 in PIB Chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in PIB section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in PIB Chapter 2

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      TABLE B
      Rule Modified Text
      PIB Rule 1.2.1 An Authorised Firm must:
      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 4 Authorised Firm;
      (b) complies with its home state Financial Services Regulator's prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in Table A and Table B herein apply to the above mentioned Person as set out in the applicable module of the Rulebook in force at the relevant time.

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 154/09 PIB — IDBI Bank Limited

      Click herehere to view PDF

      WAIVER AND MODIFICATION NOTICE

      To IDBI Bank Limited
      Address Level 3, Gate Village 5, DIFC,
      PO Box 506805, Dubai, UAE
      DFSA Firm Reference No. F001061
      Notice No. W154/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

      1. The Rules specified in Table A herein do not apply to the above mentioned Person.

      AND

      2. The Rules specified in the left hand column of Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES WAIVED

      As a consequence of waiving the Rules below, Table 2 in PIB Chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in PIB section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in PIB Chapter 2
      PIB Chapter 4 (Credit Risk) All the Rules in sections PIB 4.3 to PIB 4.10 inclusive
      PIB Chapter 5 (Market Risk) All the Rules in sections PIB 5.3 to PIB 5.9 inclusive
      PIB Chapter 7 (Group Risk) All the Rules in sections PIB 7.3 and PIB 7.4

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      TABLE B
      Rule Modified Text
      PIB Rule 1.2.1 An Authorised Firm must:
      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 1 or 2 Authorised Firm;
      (b) complies with its home state Financial Services Regulator's prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in Table A and Table B herein apply to the above mentioned Person as set out in the applicable module of the Rulebook in force at the relevant time.

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 6 December 2009

    • W 153/09 PIB — Punjab National Bank Limited

      Click herehere to view PDF

      WAIVER AND MODIFICATION NOTICE

      To Punjab National Bank Limited
      Address DIFC, Liberty House, Office 206
      P.O. Box 506844
      Dubai, UAE
      DFSA Firm Reference No. F001087
      Notice No. W153/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

      1. The Rules specified in Table A herein do not apply to the above mentioned Person.

      AND

      2. The Rules specified in the left hand column of Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES WAIVED

      As a consequence of waiving the Rules below, Table 2 in PIB Chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in PIB section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in PIB Chapter 2
      PIB Chapter 4 (Credit Risk) All the Rules in sections PIB 4.3 to PIB 4.10 inclusive
      PIB Chapter 5 (Market Risk) All the Rules in sections PIB 5.3 to PIB 5.9 inclusive
      PIB Chapter 7 (Group Risk) All the Rules in sections PIB 7.3 and PIB 7.4

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      TABLE B
      Rule Modified Text
      PIB Rule 1.2.1 An Authorised Firm must:
      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 1 or 2 Authorised Firm;
      (b) complies with its home state Financial Services Regulator's prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in Table A and Table B herein apply to the above mentioned Person as set out in the applicable module of the Rulebook in force at the relevant time.

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 6 December 2009

    • W 147/09 PIB — The Bank of Nova Scotia

      Click herehere to view PDF

      WAIVER AND MODIFICATION NOTICE

      To The Bank of Nova Scotia
      Address Office 302, Level 03,
      Precinct Building 03
      P O Box 506848
      Dubai ,UAE
      DFSA Firm Reference No. F001180
      Notice No. W147/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

      1. The Rules specified in Table A herein do not apply to the above mentioned Person.

      AND

      2. The Rules specified in the left hand column of Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES WAIVED

      As a consequence of waiving the Rules below, Table 2 in PIB Chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in PIB section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in PIB Chapter 2

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

      TABLE B
      Rule Modified Text
      PIB Rule 1.2.1 An Authorised Firm must:
      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 4 Authorised Firm;
      (b) complies with its home state Financial Services Regulator's prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in Table A and Table B herein apply to the above mentioned Person as set out in the applicable module of the Rulebook in force at the relevant time.

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until further notice.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

      THIS NOTICE WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Paul M. Koster
      Position : Chief Executive
      DATE OF ISSUE: 19th November 2009

    • W 128/09 PIN — Dubai Holding Insurance Services PCC Limited

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      WAIVER AND MODIFICATION NOTICE

      To Dubai Holding Insurance Services PCC Limited
      Address c/o Marsh Management Services (Dubai) Limited
      Level 13 Al Gurg Tower, Riggat Al Buteen, Deira, Dubai, UAE
      DFSA Firm Reference No. F000774
      Notice No. W128/2009

      THE DFSA HEREBY GIVES NOTICE THAT:

      1. The Rules specified in Table A herein do not apply to the above mentioned Person.

      AND

      2. The Rules specified in the left hand column of Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES WAIVED

      TABLE A
      Rulebook Module Rule
      PIN Rules PIN A6.9.1 and PIN A6.9.2

      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
      PIN A4.4.1
      (1) An Insurer must calculate its default risk component as the sum of the amounts obtained by multiplying the value of each asset of the Insurer with the percentage applicable to that asset, as set out in the tables contained in this Rule and subject to the provisions of Rules A4.4.2, A4.4.5, A4.4.6 and A4.4.7.
      (a) Assets that are Invested Assets
      Asset %
      (a) Bonds Rated 'AAA', issued by a Government or Government agency 0.0
      (b) Bonds not included in (a), Rated 'A' or better 0.4
      (c) Bonds Rated 'BBB' 3.3
      (d) Bonds Rated 'BB' 7.5
      (e) Bonds Rated 'B' 13.7
      (f) Bonds Rated 'CCC' 20.2
      (g) Other Rated bonds 30.0
      (h) Secured loans – performing 2.0
      (i) Secured loans – Non-Performing 14.0
      (j) Loans to directors of the Insurer or to directors of Related parties, or to the dependent relatives of such directors 100.0
      (k) Unsecured loans to employees (except loans of less than $1,000) 100.0
      (l) Other bonds and loans 50.0
      (m) qualifying intra-group loans See note (1)
      (n) rated money market funds See note (2)
      Note 1: The percentage for a qualifying intra-group loan is determined by the credit rating of the borrowing company. The loan is to be accorded the same percentage as the equivalent rated bond under (a)-(f).  
      Note 2: A rated money market fund instrument (of 12 months or less duration) is to be accorded the same percentage as the equivalent rated bond under (a)-(f).  
      (b) Assets that are not Invested Assets
      Asset %
      (a) Reinsurance recoverable from:  
          i. reinsurers Rated 'AAA' 0.5
          ii. reinsurers Rated 'AA' 1.2
          iii. reinsurers Rated 'A' 1.9
          iv. reinsurers Rated 'BBB' 4.7
          v. reinsurers Rated 'BB' 9.6
          vi. reinsurers Rated 'B' 23.8
          vii. reinsurers Rated 'CCC' 49.7
          viii. reinsurers Rated 'R' 50.0
          ix. other reinsurers 25.0
      (b) Other assets 3.0
      (2) For the purposes of this Rule and Rule A6.8.1, an intra-group loan is a "qualifying intra-group loan" where it meets all of the following criteria:
      (a) the loan is made to a member of the Insurer's Group;
      (b) the loan does not involve the $50,000 Minimum Non-Cellular Capital Requirement under Rules A6.2.4 or the $50,000 Minimum Cellular Capital Requirement under Rule A6.2.5;
      (c) the loan repayment is for a limited period no longer than 12 months and no automatic rollover is permitted;
      (d) the loan attracts a commercial rate of interest;
      (e) the loan agreement contains a condition that the loan is repayable immediately on the instruction of the DFSA; and
      (f) the loan has been approved by the DFSA for the purposes of this Rule.
      (3) An Insurer must ensure that it holds the amounts referred to in (2)(a) as cash.
      PIN A4.5.1 Subject to Rule A4.5.2, an Insurer must calculate its investment volatility risk component as the sum of the amounts obtained by multiplying the value of each Invested Asset with the relevant percentage applicable to that asset as set out in the following table.

      Asset %
      (a) All bonds up to 1 year to maturity 1.0
      (b) Bonds between 1 and 2 years to maturity 2.0
      (c) Bonds between 2 and 5 years to maturity 4.0
      (d) Bonds between 5 and 10 years to maturity 6.0
      (e) All other bonds 8.0
      (f) Equity investments* 15.0
      (g) Preference shares 6.0
      (h) Land and buildings 18.0
      (i) Rated money market instruments 1.0
      *Note: Item (f) includes equity shares, participations in collective investment schemes (whether or not the underlying investments are themselves equity investments), participations in joint ventures, and certificates of Mudaraba and Musharaka.
      PIN A6.2.2

      Subject to Rules A6.2.4, A6.2.5, and A6.2.6, an Insurer must calculate its Minimum Segmental Capital Requirement according to the formula:

      MSCR = DRC + IVRC + OARC + OLRC + CRC + SFAC + URC + RRC + LIRC + AMRC where:

      Term Definition
      MSCR Insurer's Minimum Segmental Capital Requirement;
      DRC Insurer's default risk component in respect of that segment;
      IVRC Insurer's investment volatility risk component in respect of that segment;
      OARC Insurer's off-balance sheet asset risk component in respect of that segment;
      OLRC Insurer's off-balance sheet liability risk component in respect of that segment;
      CRC Insurer's concentration risk component in respect of that segment;
      SFAC Insurer's size factor adjustment component in respect of that segment;
      URC Insurer's underwriting risk component in respect of that segment;
      RRC Insurer's reserving risk component in respect of that segment;
      LIRC Insurer's Long-Term Insurance risk component in respect of that segment;
      AMRC Insurer's asset management risk component in respect of that segment.
      PIN A6.8.1 An Insurer is required to calculate a concentration risk component in respect of a segment if the segment has, as at the Solvency Reference Date, an investment exposure to a single counterparty or group of Related counterparties, or to a single property, that exceeds 10% of the adjusted segmental capital resources except to the extent that the investment exposure is:
      (a) a qualifying intra-group loan under Rule 4.4.1(2); or
      (b) cash held with a bank that is regulated by a central bank or other Financial Services Regulator

      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 WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Ian Johnston
      Position : Deputy Chief Executive

      DATE OF ISSUE:

      28-June-2009