Entire Section

  • 2004

    • W 01/04 GEN — The GCC Energy Funds Managers Ltd.

      Click herehere to view the PDF

      WAIVER NOTICE

      To The GCC Energy Funds Managers Ltd.
      Address 22nd Floor, Emirates Towers, PO Box 504904, Dubai, United Arab Emirates
      DFSA Reference No. 10002
      Notice No. W 01/04

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective Date: This notice comes into effect on 17 September 2004 and expires on 17 September 2006 or the date on which any rule specified herein is amended, which ever is the earlier.

      RULES WAIVED

      The Rules waived are set out in the table below.

      DFSA Rulebook Module Version rule
      GEN/VER1/252/09-04 GEN rule 5.3.13

      CONDITIONS

      None

      INTERPRETATION

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

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

      This notice was issued by:
      Name : David King
      Position : Acting Chief Executive
      Date : 17 September 2004

    • W 05/04 PIB — Mellon Global Investments Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To Mellon Global Investments Limited
      Address Level 41, Emirates Towers, PO Box 31303, Dubai – United Arab Emirates
      DFSA Reference No. 10007
      Notice No. W 05/04

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective Date: This notice comes into effect on 1 February 2005 and expires on 1 February 2007.

      RULES WAIVED

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

      DFSA Rulebook Module Version rule
      PIB/VER1/255/09-04 PIB rule 1.2.1
      PIB/VER1/255/09-04 PIB Rules 1.4.1 to 1.4.3 (inclusive)
      PIB/VER1/255/09-04 PIB Rules 2.1.1 to 2.10.4 (inclusive)

      CONDITIONS

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

      (a) on a six monthly basis, the above mentioned Person submits to the DFSA relevant extracts from their latest UK Financial Services Authority (FSA) quarterly reporting statement, within 1 month of its being submitted to the FSA.

      INTERPRETATION

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

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

      This notice was issued by:
      Name : David King
      Position : Acting Chief Executive
      Date : 22 December 2004

    • W 06/04 AUT — Mellon Global Investments Limited

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Mellon Global Investments Limited
      Address Level 41, Emirates Towers, PO Box 31303, Dubai – United Arab Emirates
      DFSA Reference No. 10007
      Notice No. W 06/04

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective Date: Date: This This notice comes into effect on 1 February 2005 and expires on 1 February 2007.

      RULES MODIFIED

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

      The version of Rules to which this notice relates is AUT/VER1/254/09-04.

      rule modified Text
      AUT 10.3.2
      (1) The Authorised Individuals referred to in rule 10.3.1(a), (c) and (d) must be ordinarily resident in the U.A.E.
      (2) An Authorised Firm may appoint additional Authorised Individuals, who are not ordinarily resident in the U.A.E, to conduct the Licensed Functions referred to in rule 10.3.1 (c) and (d).

      CONDITIONS

      None

      INTERPRETATION

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

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

      This notice was issued by:
      Name : David King
      Position : Acting Chief Executive
      Date : 22 December 2004

    • W 07/04 PIB — Franklin Templeton Investment Management Limited

      This Notice was withdrawn on 20th February 2005 and has been replaced by Notice No. W 02/05.




      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Franklin Templeton Investment Management Limited
      Address 640-B Office Tower, Al Ghurair Centre, Deira, PO Box 55311, Dubai, United Arab Emirates
      DFSA Reference No. 10004
      Notice No. W 07/04

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective date: This notice comes into effect on 30 November 2004 and remains in effect until further notice.

      RULES MODIFIED

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

      The version of Rules to which this notice relates is PIB/VER1/255/09-04.

      Rule Modified Text
      PIB rule 1.1.1
      (1) This module (PIB) applies to every Authorised Firm other than an Insurer.
      (2) The Rules in this module, subject to (3), apply to an Authorised Firm in accordance with its Category determined under section 1.3.
      (3) If Franklin Templeton Investment Management Limited is a Category 4 firm then as the independent regulator of Financial Services and Related activities for the DIFC. only the following Rules apply, Rules 1.1.1, 1.3.1 to 1.3.7 (inclusive), 1.5.1, 1.5.2, 1.5.3, 1.6.1, 1.6.2 and 1.6.3.
      (4) Table 2 in this chapter is to be construed accordingly.

      CONDITIONS

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

      (a) Franklin Templeton Investment Management Limited submit, every six months to the DFSA, a copy of its most recent quarterly reporting statement to the UK Financial Services Authority (FSA), to be submitted to the DFSA within ten days of the due date to the FSA.

      INTERPRETATION

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

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

      This notice was issued by:

      Name : David King
      Position : Acting Chief Executive
      Date : 30 November 2004

    • W 08/04 AUT — Franklin Templeton Investment Management Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To Franklin Templeton Investment Management Limited
      Address 640-B Office Tower, Al Ghurair Centre, Deira, PO Box 55311, Dubai – United Arab Emirates
      DFSA Reference No. 10004
      Notice No. W 08/04

      THE DFSA HEREBY GIVES NOTICE THAT:

      The Rules specified in the table herein do not apply to the above mentioned Person in relation to Brian Rowe (an Authorised Individual).

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

      Effective Date: This notice comes into effect on 30 November 2004 and expires on the date on which Brian Rowe ceases to be authorised by the DFSA as a Compliance Officer or Money Laundering Reporting Officer or both.

      RULES WAIVED

      The Rules waived are set out in the table below.

      DFSA Rulebook Module Version rule
      AUT/VER1/254/09-04 AUT rule 10.3.2

      CONDITIONS

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

      (a) Harshendu Bindal and Borno Janekovic are and remain authorised by the DFSA as the UAE resident Compliance Officer and Money Laundering Reporting Officer respectively, in compliance with AUT rule 10.3.2
      (b) Brian Rowe provides compliance and anti Money Laundering oversight from London.
      (c) The UAE resident Compliance Officer and Money Laundering Reporting Officer provide a monthly report to Brian Rowe on all relevant compliance Related activities, initiatives and issues, in addition to seeking Guidance and counsel as required from Brian Rowe.
      (d) Brian Rowe visits the Branch office at least once in every six month period to provide compliance and anti Money Laundering training, in addition to updates and training on the DFSA regulations.

      INTERPRETATION

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

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

      This notice was issued by:
      Name : David King
      Position : Acting Chief Executive
      Date : 30 November 2004

    • W 10/04 PIB — Ansbacher & Co Limited

      This Notice expired on 30th November 2005 and was replaced by Notice No. W 42/05.




      Click herehere to view the PDF

      WAIVER NOTICE

      To Ansbacher & Co Limited
      Address Level 42, Emirates Towers, PO Box 31303, Dubai, United Arab Emirates
      DFSA Reference No. 10005
      Notice No. W 10/04

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective Date: This notice comes into effect on 1st December 2004 and remains in effect until 30th November 2005.

      RULES WAIVED

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

      DFSA Rulebook Module Version rule
      PIB/VER1/255/09-04 PIB rule 1.2.1
      PIB/VER1/255/09-04 PIB Rules 1.4.1 to 1.4.3 (inclusive)
      PIB/VER1/255/09-04 PIB Rules 2.1.1 to 2.10.4 (inclusive)

      CONDITIONS

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

      (a) on a six monthly basis, the above mentioned Person submits to the DFSA relevant extracts from their latest Financial Services Authority (FSA) quarterly reporting statement, within 1 month of it being submitted to the FSA.

      INTERPRETATION

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

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

      This notice was issued by:
      Name : David King
      Position : Acting Chief Executive
      Date : 01 December 2004

    • W 12/04 PIB — Credit Suisse

      This Notice expired on 31st March 2005.

      Click herehere to view the PDF

      WAIVER NOTICE

      To Credit Suisse
      Address The Gate Building, 9th Floor – East , Dubai International Financial Centre, PO Box 33660, Dubai, United Arab Emirates
      DFSA Reference No. 10006
      Notice No. W 12/04

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective date: This notice comes into effect on 1 January 2005 and expires on 31 March 2005.

      RULES WAIVED

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

      DFSA Rulebook Module Version Rule
      PIB/VER1/255/09-04 PIB rule 1.2.1
      PIB/VER1/255/09-04 PIB Rules 1.4.1 to 1.4.3 (inclusive)
      PIB/VER1/255/09-04 PIB Rules 2.1.1 to 2.10.4 (inclusive)

      CONDITIONS

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

      (a) Credit Suisse notifies the DFSA immediately of any material breaches of the relevant SFBC/EBK capital adequacy rules of which the DFSA would reasonably expect to be informed.

      INTERPRETATION

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

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

      This notice was issued by:

      Name : David King
      Position : Acting Chief Executive
      Date : 6 December 2004

    • W 13/04 COB — Credit Suisse

      Click herehere to view the PDF

      This Notice expired on 31st March 2005.




      MODIFICATION NOTICE

      To Credit Suisse
      Address The Gate, East Leg, Levels 9 & 10, Dubai International Financial Centre, PO Box 33660, Dubai, United Arab Emirates
      DFSA Reference No. 10006
      Notice No. W 13/04

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective date: This notice comes into effect on 1 January 2005 and expires on 31 March 2005 or the date on which any rule specified herein is amended, which ever is the earlier.

      RULES MODIFIED

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

      The version of Rules to which this notice relates is COB/VER1/261/09-04.

      Rule Modified Text
      COB rule 3.2.2
      (1) A Client is a Person who the Authorised Firm has determined, prior to the establishment of a relationship, is:
      (a) an individual who:
      (i) has at least $1 million in liquid assets and has provided the Authorised Firm with written This Notice expired on 31st March 2005. as the independent regulator of Financial Services and Related activities for the DIFC. DIFC Financial Services Authority and DFSA refers to the Dubai International Financial Centre Financial Services Authority, a body established under Dubai Law confirmation of this fact;
      (ii) appears to the Authorised Firm, after analysis, to have sufficient financial experience and understanding to participate in financial markets; and
      (iii) has consented in writing to being treated as a Client;
      (b) …………………………………………...
      (2) Any Person who does not meet the criteria in (1) or (3) is a Retail Customer.
      (3) A Client includes a Person who:
      (a) is an existing Client who has been previously serviced by Credit Suisse’s Dubai Representative Office; and
      (b) is an individual who has at least $1 million in liquid assets.

      CONDITIONS

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

      (a) Credit Suisse reports to the DFSA on each of 31 January, 28 February and 31 March 2005 regarding its progress in obtaining the required Client documentation.

      INTERPRETATION

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

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

      This notice was issued by:

      Name : David King
      Position : Acting Chief Executive
      Date : 30 December 2004

    • W 03/04 PIB — Standard Chartered Bank

      This Notice was varied on 4th May 2005 and was replaced by Notice No. W 03/04 [V].




      Click herehere to view the PDF

      To Ray Ferguson, Senior Executive Officer
      Firm Standard Chartered Bank
      Licence No. 10003
      Address PO Box 999, Dubai, United Arab Emirates
      Date 20th September 2004

      NOTICE OF RULE WAIVER

      This waiver is granted by the DFSA under Article 25 of the Regulatory Law 2004.

      RULES WAIVED

      The DFSA directs that the Rules contained in the following sections in the PIB module of the DFSA Rulebook shall not apply to the Authorised Firm:

      CHAPTER 1 – GENERAL REQUIREMENTS

      • Section 1.2 – Financial resources
      • Section 1.4 – The trading book

      CHAPTER 2 – BASE CAPITAL REQUIREMENT

      • All sections

      CHAPTER 4 – CREDIT RISK

      • Section 4.3 – Credit Risk in the non-trading book
      • Section 4.4 – Counterparty risk in the Trading Book
      • Section 4.5 – Concentration risk
      • Section 4.6 – Collateral
      • Section 4.7 – Netting
      • Section 4.8 – Securitisation
      • Section 4.9 – Credit derivatives
      • Section 4.10 – Application of Credit Risk methodology to Authorised Firms engaging in Islamic financial business

      CHAPTER 5 – MARKET RISK

      • Section 5.3 – Use of internal Market Risk models
      • Section 5.4 – Interest rate risk capital requirement
      • Section 5.5 – Equity risk capital risk requirement
      • Section 5.6 – Foreign Exchange risk capital requirement
      • Section 5.7 – Commodities risk capital requirement
      • Section 5.8 – Option risk capital requirement
      • Section 5.9 – Securities Underwriting capital requirement

      CHAPTER 7 – Group Risk

      • Section 7.3 – Financial Group Capital Requirements and financial Group capital resources
      • Section 7.4 – Financial Group Concentration Risk limits

      All Rules refer to PIB version PIB/VER1/255/09-04

      CONDITIONS AND RESTRICTIONS

      These waivers shall have effect subject to the following condition:

      • submission by the Authorised Firm of a copy of the Financial Services Authority’s (FSA) Section D (Capital Adequacy Summary) every six months to the DFSA from the firm’s most recent quarterly reporting statement to the FSA; to be submitted to the DFSA within ten days of the due date to the FSA.
      EFFECTIVE DATE This notice come into effect on 20th September 2004
      DURATION Until further notice
      WAIVER REFERENCE W 03/04

      INTERPRETATION

      The interpretation of the Rulebook and defined terms apply to this waiver in the same way as they apply to the Rulebook.





      ----------------------------------
      Acting Chief Executive

    • W 03/04 [V] PIB — Standard Chartered Bank

      Click herehere to view the PDF

      WAIVER NOTICE

      To Standard Chartered Bank
      Address PO Box 999, Dubai, United Arab Emirates
      DFSA Firm Reference No. 10003
      Notice No. W 03/04 [V]

      THE DFSA HEREBY GIVES NOTICE THAT:

      Waiver Notice W 03/04 has been varied as set out below.

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

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

      Effective Date: This This notice comes into effect on 4th May 2005 and remains in effect until further notice.

      RULES WAIVED

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

      DFSA Rulebook Module Version rule
      PIB/VER1/255/09-04 PIB rule 1.2.1
      PIB/VER1/255/09-04 PIB Rules 1.4.1 to 1.4.3 (inclusive)
      PIB/VER1/255/09-04 PIB Rules 2.1.1 to 2.10.4 (inclusive)
      PIB/VER1/255/09-04 PIB Rules 4.3.1 to 4.10.2 (inclusive)
      PIB/VER1/255/09-04 PIB Rules 5.3.1 to 5.9.7 (inclusive)
      PIB/VER1/255/09-04 PIB Rules 7.3.1 to 7.4.2 (inclusive)

      CONDITIONS

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

      (a) Standard Chartered Bank submits a copy of the UK Financial Services Authority’s (FSA) Section D (Capital Adequacy Summary) every quarter to the DFSA from the firms most recent quarterly reporting statement to the FSA;
      (i) for quarters one and three the report must be submitted to the DFSA within ten days of the due date to the FSA; and
      (ii) for quarters two and four, the report must be submitted within ten days of the announcement of Standard Chartered Bank Group’s half-yearly and full year results respectively.

      INTERPRETATION

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

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

      This notice was issued by:
      Name : David King
      Position : Acting Chief Executive
      Date : 4th May 2005