Entire Section

  • 2006

    • W 01/06 COB — Julius Baer

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      MODIFICATION NOTICE

      To Julius Baer
      Address Julius Baer (Middle East) Limited
      Level 5, Emirates Towers
      PO Box 504925
      Dubai
      United Arab Emirates
      DFSA Firm Reference No. F000001
      Notice No. W 01/06

      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 below.

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

      Effective date: This notice comes into effect on 16th January 2006 and expires on 16th January 2007 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 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, if such assets are not held with the Authorised Firm, has provided the Authorised Firm with written confirmation of this fact that he has such assets or his approved entity has provided such confirmation to the Authorised Firm;
      (ii) ………………………………
      (2) ………………………………
      (3) For the purposes of (1) (a)(i), an “approved entity” means:
      (a) a Regulated Financial Institution in a Zone 1 country;
      (b) a Bank regulated by the Central Bank of the UAE;
      (c) an Authorised Firm;
      (d) an Ancillary Services Provider Providing Accountancy Services;
      (e) a DFSA registered auditor; or
      (f) an auditor entitled to practice that profession in a Zone 1 country.

      CONDITIONS

      The modifications in respect of the Rules specified above remain in effect for the duration of the period set out above.

      INTERPRETATION

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

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

      Name : Jane Coakley
      Position : Managing Director — Authorisation
      Date : 16th January 2006

    • W 02/06 GEN — Franklin Templeton Investment Management Limited

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      MODIFICATION NOTICE

      To Franklin Templeton Investment Management Limited
      Address Franklin Templeton Investment Management Limited
      Level 5, 640-B, Al Ghurair City Office Towers
      PO Box 55311
      Dubai
      United Arab Emirates
      DFSA Firm Reference No. F000004
      Notice No. W 02/06

      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 below.

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

      Effective date: This notice comes into effect on 26 January 2006 and remains in effect for three years from the day it comes into effect or until the date on which any rule specified herein is amended, whichever is 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 GEN/VER6/12-05.

      Rule Modified Text
      GEN 8.2.1 (1) An Authorised Person must prepare and maintain all financial accounts and statements in accordance with the International Financial Reporting Standards (IFRS) unless (2) or (3) applies or in accordance with generally accepted accounting principles of the United Kingdom.
      GEN 8.6.1

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

      (a) conduct an audit of the Authorised Person’s accounts in accordance with the requirements of the relevant standards published by the International Auditing and Assurance Standards Board (IAASB) in respect of conventional financial business and the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) in respect of any Islamic Financial Business undertaken or in accordance with legal and regulatory requirements under UK law and auditing standards issued by its Auditing Practices Board.
      […]
      (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 AAOIFI in respect of Islamic Financial Business or in accordance with legal and regulatory requirements under UK law and auditing standards issued by its Auditing Practices Board.
      (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB and to AAOIFI auditing standards in respect of Islamic Financial Business or to the UK law and auditing standards issued by its Auditing Practices Board.

      CONDITIONS

      Valid for three years from the day it comes into force.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Jane Coakley
      Position : Managing Director — Authorisation
      Date : 26 January 2006

    • W 03/06 COB — Julius Baer

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      MODIFICATION NOTICE

      To Julius Baer
      Address Julius Baer (Middle East) Limited
      Level 5, Emirates Towers
      PO Box 504925
      Dubai
      United Arab Emirates
      DFSA Firm Reference No. 10001
      Notice No. W003/2006

      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 below.

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

      Effective date: This notice comes into effect on 26 January 2006 and remains in effect until further notice or the date on which any rule specified herein is amended, whichever is 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/VER2/08-05].

      Rule Modified Text
      COB APP 3.1.1
      (1) For the purpose of Rule 8.2.1, an Authorised Firm must include the following general information:
      (g) if applicable, a statement that the Transaction was Executed on an execution only or other basis, as the case may be;
      (h) the date and time of the Transaction
      (i) …………………………………………
      (j) …………………………………………
      (k) ………………………………………..
      (l) for Collective Investment Funds, at statement that the price at which the Transaction has been Executed is on a Historic Price or Forward Price basis, as the case may be.
      (2)………………………………………………………
      (3) At the request of the client, an Authorised Firm will provide separately the following general information:
      (a) a statement that the Transaction was executed on an Execution only basis or other basis;
      (b) the time of the transaction; and
      (c) for Collective Investment Funds, a statement that the price at which the Transaction has been executed is on Historic Price or Forward Price basis, as the case may be.

      CONDITIONS

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

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 26 January 2006

    • W 04/06 OSR — Ports, Customs and Free Zone Corporation (PCFC)

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      MODIFICATION NOTICE

      To Ports, Customs and Free Zone Corporation (PCFC)
      Address Emirates Towers
      Level 47
      PO Box 17000
      Dubai, UAE
      DFSA Firm Reference No. F000214
      Notice No. W004/2006

      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 below.

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

      Effective date: This notice comes into effect on 26 January 2006 and remains in effect until further notice subject to the condition specified below or the date on which any rule specified herein is amended, whichever is earlier.

      RULES WAIVED

      The Rules waived are set out in the table below.

      The version of Rules to which this notice relates is

      Module Version Rule
      Offered Securities Rules
      (OSR/VER3/09-05)
      OSR rule 8.4.3

      CONDITIONS

      OSR Rule 8.4.3 has been waived on the condition that Mr Hamed Kazim continues to be employed by PCFC and ensures that PCFC complies with any applicable provisions in the Markets Law 2004 and the Offered Securities Rules.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 26 January 2006

    • W 09/06 OSR — Mashreqbank psc

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      WAIVER NOTICE

      To Mashreqbank psc
      Address PO Box 1250, Deira, Dubai, United Arab Emirates
      DFSA Firm Reference No. F000218
      Notice No. W009/2006

      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 2006 and remains in effect until further notice 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.

      Module Version Rule
      Offered Securities Rules version 3/09-05 OSR Rule 8.4.3

      CONDITIONS

      The waiver in respect of the Rule specified above remains in effect for the duration of the period set out above on condition that:

      (a) Nil

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Jane Coakley
      Position : Managing Director, Authorisation
      Date : 1 February 2006

    • W 14/06 OSR — Kingdom Hotel Investments

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      MODIFICATION NOTICE

      To Kingdom Hotel Investments
      Address c/o Dewey Ballantine
      One London Wall
      London EC2Y 5EZ
      England
      UK
      DFSA Firm Reference No. F000220
      Notice No. W014/2006

      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 below.

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

      Effective date: This notice comes into effect on 28 February 2006 and expires on 31 December 2006 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 OSR/VER3/09-05

      Rule Modified Text

      Appendix 2.1.16
      Interim financial statements
      (a) A Reporting Entity must publish a semi-annual financial statement for the first six months of each financial year or period; and
      (b) If the figures have either been audited or reviewed by the auditors, comments to this effect should be included.
      Without delay and in any event no later than 60 90 days of the end of the period to which the statement relates.

      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) 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 : Jane Coakley
      Position : Managing Director, Authorisation
      Date : 7 February 2006

    • W 15/06 OSR — Man Industries (India) Limited

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      WAIVER NOTICE

      To Man Industries (India) Limited
      Address Man House 102 SV Road
      Ville Parle (W), Mumbai 400 506, India
      DFSA Firm Reference No. F000225
      Notice No. W015/2006

      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 the date that the securities of Man Industries (India) Limited has been admitted to the Official List of Securities as confirmed by the Dubai International Financial Exchange and remains in effect until further notice subject to the conditions specified below 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.

      Module Version Rule
      Offered Securities Rules version 3/09-05 OSR Rule 8.4.3

      CONDITIONS

      The waiver in respect of the Rule specified above remains in effect on condition that Mr Anil Cherian continues to be employed by Man Industries (India) Limited in his capacity as Company Secretary.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Jane Coakley
      Position : Managing Director, Authorisation
      Date : 16th February 2006

    • W 16/06 ASP — Bin Shabib & Associates (BSA) Limited Liability Partnership

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      WAIVER NOTICE

      To Bin Shabib & Associates (BSA) Limited Liability Partnership
      Address 19th Floor, Dubai World Trade Centre, PO Box 262, Dubai — UAE
      DFSA Firm Reference No. F000148
      Notice No. W 016/2006

      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 8 March 2006 and expires on 7 December 2006 or the date on which any Rule specified herein is amended or the date at which the firm is in compliance with the Rule specified herein, which ever is the earlier.

      RULES MODIFIED

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

      Module Version Rule
      ASP/VER/1/09-04 ASP 10.2.1

      CONDITIONS

      The waivers in respect of the Rule specified above remains in effect for the duration of the period set out above on condition that Bin Shabib & Associates (BSA) Limited Liability Partnership maintain professional indemnity insurance appropriate to the nature and size of the firm’s business.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive Officer
      Date : 8 March 2006

    • W 17/06 PIB — Lloyds TSB Offshore Limited

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      WAIVER NOTICE

      To Lloyds TSB Offshore Limited
      Address PO Box 160, 25 New Street, St. Helier, Jersey, JE4 8RG
      DFSA Firm Reference No. F000192
      Notice No. W017/2006

      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 5th March 2006 and remains in effect until further notice.

      RULES WAIVED

      The Rules waived are set out in Table A below.

      Module Version Rule
      PIB/VER2/08-05 PIB rule 1.2.1
      PIB/VER2/08-05 PIB 2.1.1toPIB 2.10.4(inclusive)

      CONDITIONS

      The waivers and modifications 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 quarterly basis, Lloyds TSB Offshore Limited will submit to the DFSA a copy of the regulatory returns provided to their lead regulator, the Jersey Financial Services Commission.
      (b) On an annual basis, Lloyds TSB Offshore Limited will submit to the DFSA one set of completed prudential returns, as prepared by PricewaterhouseCoopers CI LLP or PricewaterhouseCoopers, as appropriate, the Company's auditors in each jurisdiction.
      (c) On an annual basis, Lloyds TSB Offshore Limited will submit its audited Annual Report and Accounts to the DFSA, as well as to the Jersey Financial Services Commission.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Joyce C. Maykut QC
      Position : General Counsel
      Date : 5th March 2006

    • W 18/06 REC — Morgan Stanley & Co. International Limited

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      WAIVER NOTICE

      To Morgan Stanley & Co. International Limited
      Address Level 5, West Wing, The Gate, DIFC
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000168
      Notice No. W018/2006

      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 23rd February 2006, until further notice, 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.

      Module Version Rule
      REC/VER2/08-05 REC 7.2.2 (a) An applicant for Recognition must not be an Authorised Firm or an applicant to be an Authorised Firm

      CONDITIONS

      All deals to be executed from the London office (principal place of business).

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 23rd February 2006

    • W 19/06 PIB — Morgan Stanley & Co. International Limited

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      WAIVER NOTICE

      To Morgan Stanley & Co. International Limited
      Address Level 5, West Wing, The Gate, DIFC
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000168
      Notice No. W019/2006

      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 23rd February 2006 and remains in effect until further notice.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      PIB/VER2/08-05 PIB Rule 1.2.1
      PIB/VER2/08-05 Rules PIB 1.4.1 to PIB 1.4.3 (inclusive)
      PIB/VER2/08-05 Rules PIB 2.1.1 to PIB 2.10.4 (inclusive)

      CONDITIONS

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

      (a) Morgan Stanley & Co. International Limited submits to the DFSA a copy of their Financial Services Authority (FSA) Section D Capital Adequacy Summary every quarter — to be submitted to the DFSA within one month of the due date to the FSA.
      (b) On an annual basis, Morgan Stanley & Co. International Limited submits to the DFSA its audited Annual Accounts and Review, within one month of being signed off.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 23rd February 2006

    • W 20/06 AUT — Morgan Stanley & Co. International Limited

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      MODIFICATION NOTICE

      To Morgan Stanley & Co. International Limited
      Address Level 5, West Wing, The Gate, DIFC Dubai, United Arab Emirates
      DFSA Firm Reference No. F000168
      Notice No. W020/2006

      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 the 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 23rd February 2006 and remains in effect until 23rd August 2006, 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 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 part of the notice relates is AUT/VER2/08-05.

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

      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 Knott
      Position Chief Executive
      Date 23rd February 2006

    • W 21/06 COB — Credit Suisse

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      MODIFICATION NOTICE

      To Credit Suisse
      Address The Gate Building, 9th Floor East, DIFC, PO Box 33660, Dubai – UAE
      DFSA Firm Reference No. 10011
      Notice No. W 021/2006

      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 below.

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

      Effective date: This notice comes into effect on 23 February 2006 and expires on 22 February 2007 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 A3.1.1
      (1) For the purposes of COB Rule 8.2.1, an Authorised Firm must include the following general information:
      (a) …………………………………………………………………..
      …………………………………………………………………..
      (g) if applicable, a statement that information about whether the Transaction was Executed on an execution only or other basis, will be supplied on request;
      (h) the date and time of the Transaction and a statement that information about the time of the Transaction will be supplied on request;
      (i) …………………………………………………………………..
      …………………………………………………………………..
      (l) for Collective Investment Funds, at a statement that the price at which the Transaction has been Executed whether on a Historic Price or Forward Price basis, will be supplied on request.

      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 Knott
      Position : Chief Executive
      Date : 22 February 2006

    • W 22/06 REC — ABN AMRO Bank NV

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      WAIVER NOTICE

      To ABN AMRO Bank NV
      Address Gustav Mahlerlaan 10,
      Amsterdam,
      Netherlands
      DFSA Firm Reference No. F000071
      Notice No. W022/2006

      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 26th March 2006, until further notice, 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.

      Module Version Rule
      REC/VER2/08-05 REC 7.2.2 (a) An applicant for Recognition must not be an Authorised Firm or an applicant to be an Authorised Firm

      CONDITIONS

      Nil

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 26th March 2006

    • W 24/06 PIB — Argent Financial Group International LLP

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      WAIVER NOTICE

      To Argent Financial Group International LLP
      Address Dubai International Financial Centre
      Building #3, 3rd Floor P.O Box 75632
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000116
      Notice No. W24/2006

      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 20th March 2006 and remains in effect until further notice.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      PIB/VER2/08-05 PIB Rule 1.2.1, 1.4, (Financial Resources & The Trading Book)
      PIB/VER2/08-05 PIB Chapter 2 (all sections) (Capital)
      PIB/VER2/08-05 PIB Chapter 4, Sections 4.3 to 4.10 (Credit Risk)
      PIB/VER2/08-05 PIB Chapter 5, Section 5.6 (Market Risk)
      PIB/VER2/08-05 PIB Chapter 7, Section 7.3 and 7.4 (Group Risk)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect for the duration of that period set out above on condition that Argent Financial Group International LLP submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy Summary report to the FSA within ten business days after the due date for submission 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 Knott
      Position : Chief Executive
      Date : 20th March 2006

    • W 27/06 PRS — Deutsche Bank AG

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Deutsche Bank AG
      Address Deutsche Bank AG London, Winchester House, 1 Great Winchester Street,
      London, EC2N 2DB, UK
      DFSA Firm Reference No. F000045
      Notice No. W027/2006

      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 below.

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

      Effective date: This notice comes into effect on 28 February 2006 and expires on the date on which the stabilisation programme in respect of ordinary shares issued by Kingdom Hotel Investments listed on the Dubai International Financial Exchange Limited ends.

      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 PRS/VER1/08-05

      Rule Modified Text

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

      Rule 6.1.1
      6.1 Application
      6.1.1
      (1) This chapter applies to a Person who, during the period covered by the Stabilisation Window, engages in any activity, in relation to a dual-listed Share or Debenture, which has been admitted to trading, or which is the subject of an application for admission to trading, on an Authorised Market Insitution in the DIFC and on an exchange located outside the DIFC, where that activity might reasonably have, or be intended to have, the effect of stabilising the price of the Share or Debenture.
      (2) The Shares and Debentures referred to in (1) are Shares or Debentures:
      (a) which are publicly Offered in or from the DIFC for the first time by way of an Prospectus Offer, that is, Shares or Debentures which are the subject of an initial public offer or of an additional public offer of further Shares or Debentures to rank alongside those al in issue; and
      (b) in respect of which the total cost of the Shares or Debentures subject to the Offer at the Offer Price is at least $10,000,000.
      (3) For the purposes of (1), a "dual listed Share or Debenture" includes a Share and a Certificate over that Share or Debenture which is the subject of an application to have the Share and a Certificate over that Share or Debenture admitted to an Official List of Securities or its equivalent in another jurisdiction.

      Rule 6.2.1
      6.2 Price Stabilisation in the DIFC: listing on Exchanges in Recognised Jurisdictions
      6.2.1
      (1) Where the dual listing of the Shares or Debentures referred to in 6.1.1, is on an Authorised Market Institution in the DIFC and on an exchange in a Recognised Jurisdiction, and is in place at or near the same time, then (2) applies with respect to any Price Stabilisation activity conducted or to be conducted by a Person on an Exchange in the DIFC.
      (2) In relation to any such Price Stabilisation activities the Person must comply with either PRS or, subject to (3), the law of that Recognised Jurisdiction:
      (a) the Person must comply with PRS; or,
      (b) subject to (3), the law of that Recognised Jurisdiction shall apply in the DIFC as if it was a Rule of the DFSA.
      (3) If, in accordance with (2), a Person intends to comply with the law of a Recognised Jurisdiction instead of the PRS then such a Person must obtain the prior written consent of the DFSA. The DFSA may attach conditions to any such approval.

      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) 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 : Jane Coakley
      Position : Managing Director, Authorisation
      Date : 28 February 2006

    • W 28/06 PIB — IXIS Asset Management UK Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To IXIS Asset Management UK Limited
      Address P.O. Box 118257, Dubai — UAE
      DFSA Firm Reference No. F000234
      Notice No. W028/2006

      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 27 March 2006 and remains in effect until further notice.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      PIB/VER4/01-06 PIB Rule 1.2.1
      PIB/VER4/01-06 PIB Rules 1.4.1 to 1.4.3 (inclusive)
      PIB/VER4/01-06 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 IXIS Asset Management UK Limited submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy summary report to the Financial Services Authority (FSA), within ten business days of the due date for submission 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 Knott
      Position : Chief Executive
      Date : 27 March 2006

    • W 29/06 PIB — DBS Bank Ltd.

      Click herehere to view the PDF

      WAIVER NOTICE

      To DBS Bank Ltd.
      Address Dubai International Financial Centre
      The Gate, 12th Floor Business Centre
      Office # 20, PO Box 121208
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000164
      Notice No. W 29/2006

      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 29th March 2006 and remains in effect until further notice.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      PIB/VER2/08-05 PIB Chapter 1, PIB Section 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER2/08-05 PIB Chapter 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that DBS Bank Limited submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy Summary report to MAS, within ten business days of the due date for submission to MAS.

      INTERPRETATION

      The provisions in this notice are to be construed in 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 Knott
      Position : Chief Executive
      Date : 29th March 2006

    • W 33/06 GEN — Kotak Mahindra (UK) Limited

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Kotak Mahindra (UK) Limited
      Address The Fairmont Hotel, Office No 515, P.O. Box 16498, Dubai, UAE
      DFSA Firm Reference No. F000049
      Notice No. W033/2006

      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 below.

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

      Effective date: This notice comes into effect on 11 April 2006 and remains in effect for three years from the day it comes into effect or until the date on which any rule specified herein is amended, whichever is earlier.

      RULES MODIFIED

      The Rule listed in the left hand column of the table below is 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 GEN/VER6/12-05.

      Rule Modified Text
      GEN 8.2.1 (1) An Authorised Person must prepare and maintain all financial accounts and statements in accordance with the International Financial Reporting Standards (IFRS) unless (2) or (3) applies or in accordance with generally accepted accounting principles of the United Kingdom.
      GEN 8.6.1 An Authorised Firm or Authorised Market Institution, as applicable, must in writing require its auditor to:

      (a) conduct an audit of the Authorised Person's accounts in accordance with the requirements of the relevant standards published by the International Auditing and Assurance Standards Board (IAASB) in respect of conventional financial business and the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) in respect of any Islamic Financial Business undertaken or in accordance with legal and regulatory requirements under UK law and auditing standards issued by the UK Auditing Practices Board.

      [...]

      (c) produce an Author's Annual Report which states whether:

      (i) the auditor has audited the Authorised Person's annual financial statements in accordance with the IAASB or AAOIFI in respect of Islamic Financial Business or in accordance with legal and regulatory requirements under UK law and auditing standards issued by the UK Auditing Practices Board.

      (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB and to AAOIFI auditing standards in respect of Islamic Financial Business or to the UK law and auditing standards issued by the UK Auditing Practices Board.

      CONDITIONS

      N/A

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Jane Coakley
      Position : Managing Director, Authorisation
      Date : 18 April 2006

    • W 34/06 COB — Kotak Mahindra (UK) Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To Kotak Mahindra (UK) Limited
      Address The Fairmont Dubai, Office No:515, PO Box: 16498, Dubai, UAE
      DFSA Firm Reference No. F000049
      Notice No. W034 / 2006

      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 the date of the coming into force of the Collective Investment Law 2006 and expires 20 business days after that date.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      COB VER 5/04-06 COB 6.9.1 to COB 6.9.7 inclusive.

      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 Knott
      Position : Chief Executive
      Date : 06 April 2006

    • W 35/06 COB — Julius Baer (Middle East) Ltd

      Click herehere to view the PDF

      WAIVER NOTICE

      To Julius Baer (Middle East) Ltd
      Address Level 5, Emirates Towers Offices, P O Box 504925, Dubai, UAE
      DFSA Firm Reference No. F000001
      Notice No. W35/2006

      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 the date of the coming into force of the Collective Investment Law 2006 and expires 20 business days after that date.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      COB VER 5/04-06 COB 6.9.1 to COB 6.9.7 inclusive.

      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 : Jane Coakley
      Position : Managing Director
      Date : The coming into force of the Collective Investments Law 2006

    • W 36/06 COB — DBS Bank Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To DBS Bank Limited
      Address Office 20, 12th Floor, Business Centre, PO Box: 21208,
      The Gate, DIFC, Dubai, UAE
      DFSA Firm Reference No. F000164
      Notice No. W036 / 2006

      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 the date of the coming into force of the Collective Investment Law 2006 and expires 20 business days after that date.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      COB VER 5/04-06 COB 6.9.1 to COB 6.9.7 inclusive.

      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 : Jane Coakley
      Position : Managing Director
      Date : The coming into force of the Collective Investments Law 2006

    • W 37/06 COB — Mellon Global Investments Ltd

      Click herehere to view the PDF

      WAIVER NOTICE

      To Mellon Global Investments Ltd
      Address Level 42, Emirates Tower, Dubai, UAE
      DFSA Firm Reference No. F000007
      Notice No. W37/2006

      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 the date of the coming into force of the Collective Investment Law 2006 and expires 20 business days after that date.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      COB VER 5/04-06 6.9.1 to 6.9.7 inclusive.

      CONDITIONS

      None

      INTEPRETATION

      The provisions in this notice are to be construed in accordance with section 6.2 of GEN 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 : Jane Coakley
      Position : Managing Director
      Date : The coming into force of the Collective Investments Law 2006

    • W 38/06 COB — Argent Financial Group International LLP

      Click herehere to view the PDF

      WAIVER NOTICE

      To Argent Financial Group International LLP
      Address Dubai International Financial Centre
      Building #3, 3rd Floor P.O. Box 75632
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000116
      Notice No. W38/2006

      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 the date of the coming into force of the Collective Investment Law 2006 and expires 20 business days after that date.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      COB VER 5/04-06 COB 6.9.1 to COB 6.9.7 inclusive.

      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 : Jane Coakley
      Position : Managing Director
      Date : The coming into force of the Collective Investments Law 2006

    • W 39/06 COB — ICICI Bank Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To ICICI Bank Limited
      Address Suite 712, RAK Businessmen Centre, Fairmont Hotel,
      PO Box:24459, Dubai, UAE
      DFSA Firm Reference No. F000068
      Notice No. W039 / 2006

      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 the date of the coming into force of the Collective Investment Law 2006 and expires 20 business days after that date.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      COB VER 5/04-06 COB 6.9.1 to COB 6.9.7 inclusive.

      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 : Jane Coakley
      Position : Managing Director
      Date : The coming into force of the Collective Investments Law 2006

    • W 40/06 COB — Fortis Banque (Suisse) S.A.

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Fortis Banque (Suisse) S.A.
      Address The Gate Building
      Level 5, East Wing,
      PO Box 211104,
      Dubai, UAE
      DFSA Firm Reference No. F000050
      Notice No. W40/2006

      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 below.

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

      Effective date: This notice comes into effect on 14 June 2006 and expires on 13 June 2007 or the date on which any Rule specified herein is amended, whichever 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/VER5/04/06.

      Rule Modified Text
      COB 3.2.2
      Client
      (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 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; or
      (iv) was a customer of the firm immediately prior to the firm's authorisation by the DFSA and:
      (a) the firm has confirmed in writing that the customer has at least $1 million in liquid assets and meets the requirement (ii); and
      (b) the customer has been notified in writing and he has not objected to being treated as a Client for the purposes of the DFSA Rulebook.
      (2) Where individuals have linked or joint bank accounts, a Client is a Close Relative of the primary account holder, where the primary account holder is a Client under (1), but only in circumstances where either:
      (a) that Close Relative fulfils the requirement in (1) (a) (ii); or
      (b) in accordance with the provisions of a legal document all Financial Services transactions between the Authorised Firm and the Close Relative are agreed by the primary account holder.
      (3) For the purposed of (2) the defined term Close Relative includes grandchildren of the primary account holder.
      (4) A Personal investment Vehicle or the trustee of such a vehicle is a Client if it is established and operated for the sole purpose of providing a vehicle to facilitate efficient management of a Client's investment portfolio including, if applicable, that any Close Relatives of that Client.
      (5) For the purpose of (4) a Personal Investment Vehicle must be a:
      a) Body Corporate;
      b) Partnership;
      c) trust; or
      d) foundation; and
           have net assets or share capital of at least $1 million.
      (6) For the purposes of (4), the term Close Relative includes any individuals mentioned in 3.2.2 (3) above.
      (7) A Personal Investment Vehicle that is a Body Corporate, Partnership, trust or foundation must not for the purposes of this Rule be valued and classified under 3.2.2(1).
      (8) Any Person who does not meet the criteria in (1), (2), (3) or (4) is a Retail Customer.
      COB 3.2.6
      Record Keeping
      (1) .....................
      (2) If the Client in (1) is an individual the records must include the analysis undertaken, the reasons for the Authorised Firm concluding that the individual merits classification as a Client, and the Client's written consent to be treated as a Client, unless the Client is a Client under (1)(iv), in such case the written consent is not required but a copy of the one way written notification must be retained by the Authorised Firm.
      COB 8.1.1
      Client Agreement
      (1) .....................

      An Authorised Firm must, for Clients who were customers of the Authorised Firm immediately prior to it being authorised by the DFSA advise the Clients by way of a one way notification of the regulatory status of the Authorised Firm.

      CONDITIONS

      N/A

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Jane Coakley
      Position : Managing Director
      Date : 14 June 2006

    • W 41/06 COB — Standard Bank Plc

      Click herehere to view the PDF

      WAIVER NOTICE

      To Standard Bank Plc
      Address 16th Floor, Emirates Towers
      P.O.Box - 504904
      Dubai
      United Arab Emirates
      DFSA Firm Reference No. F000028
      Notice No. W041 / 2006

      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 the date of the coming into force of the Collective Investment Law 2006 and expires 20 business days after that date.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      COB VER 5/04-06 COB 6.9.1 to COB 6.9.7 inclusive.

      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 : Jane Coakley
      Position : Managing Director
      Date : The coming into force of the Collective Investments Law 2006

    • W 42/06 COB — Injazat Capital Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To Injazat Capital Limited
      Address Office 235, Level 2, Building 7
      Dubai Media City, Dubai UAE
      DFSA Firm Reference No. F000064
      Notice No. W42/2006

      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 the date of the coming into force of the Collective Investment Law 2006 and expires 20 business days after that date.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      COB VER 5/04-06 COB 6.9.1 to COB 6.9.7 inclusive.

      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 : Jane Coakley
      Position : Managing Director
      Date : The coming into force of the Collective Investments Law 2006

    • W 43/06 GEN — Permal Investment Management Services Limited

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Permal Investment Management Services Limited
      Address Permal Investment Management Services Limited
      The Gate Building,
      8th Floor West,
      Dubai
      United Arab Emirates
      DFSA Firm Reference No. F000012
      Notice No. W43/2006

      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 below.

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

      Effective date: This notice comes into effect on 26 April 2006 and expires on 30 April 2009 or the date on which any rule specified herein is amended, whichever is 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 GEN/VER8/04-06.

      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) unless (2) or (3) applies; or
      (b) generally accepted accounting principles of the United Kingdom.
      (2) ……..and so on until (3).
      GEN 8.6.1 An Authorised Firm or Authorised Market Institution, as applicable, must in writing require its auditor to:
      (a) conduct an audit of the Authorised Person’s accounts in accordance with the requirements of the relevant standards published by the International Auditing and Assurance Standards Board (IAASB) or International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board (APB) of the UK in accordance with legal and regulatory requirements under UK Law, in respect of conventional financial business and the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) in respect of any Islamic Financial Business undertaken;
      (b) ………………….
      (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 International Standards on Auditing (UK and Ireland) issued by APB in accordance with legal and regulatory requirements under UK Law, or AAOIFI in respect of Islamic Financial Business;
      (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB, International Standards on Auditing (UK and Ireland) issued by APB in accordance with legal and regulatory requirements under UK Law, and to AAOIFI auditing standards in respect of Islamic Financial Business;
      (d) ……..and so on until (h).

      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 Knott
      Position : Chief Executive
      Date : 26 April 2006

    • W 45/06 COB — Superfund Financial (Middle East) Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To Superfund Financial (Middle East) Limited
      Address C/o Dubai International Finance Centre,
      Level 12, The Gate,
      Dubai, UAE
      DFSA Firm Reference No. F000158
      Notice No. W045/2006

      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 the date of the coming into force of the Collective Investment Law 2006 and expires 20 business days after that date.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      COB VER 5/04-06 COB 6.9.1 to COB 6.9.7 inclusive.

      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 : Jane Coakley
      Position : Managing Director
      Date : The coming into force of the Collective Investments Law 2006

    • W 46/06 COB — IXIS Middle East Ltd

      Click herehere to view the PDF

      WAIVER NOTICE

      To IXIS Middle East Ltd
      Address Office 103A, Level 1, Tower 42,
      Gulf Towers, Oud Metha Road
      PO Box 11825
      Dubai, UAE
      DFSA Firm Reference No. F000221
      Notice No. W046/2006

      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 the date of the coming into force of the Collective Investment Law 2006 and expires 20 business days after that date.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      COB VER 5/04-06 COB 6.9.1 to COB 6.9.7 inclusive.

      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 : Jane Coakley
      Position : Managing Director
      Date : The coming into force of the Collective Investments Law 2006

    • W 47/06 GEN — Lloyds TSB Bank plc.

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Lloyds TSB Bank plc.
      Address The Gate, East Wing, Level 4, P.O. Box 121404, Dubai, UAE
      DFSA Firm Reference No. F000069
      Notice No. W47/2006

      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 below.

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

      Effective date: This notice comes into effect on 4th May 2006 and remains in effect for three years from the date it comes into effect 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 GEN VER 8/04-06.

      Rule Modified Text
      GEN 8.2.1(1) An Authorised Person must prepare and maintain all financial accounts and statements in accordance with the International Financial Reporting Standards (IFRS) unless (2) or (3) applies or in accordance with generally accepted accounting principles of the United Kingdom.
      GEN 8.6.1 An Authorised Firm or Authorised Market Institution, as applicable, must in writing require its auditor to:
      (a) conduct an audit of the Authorised Person’s accounts in accordance with the requirements of the relevant standards published by the International Auditing and Assurance Standards Board (IAASB) in respect of conventional financial business and the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) in respect of any Islamic Financial Business undertaken or in accordance with legal and regulatory requirements under UK law and auditing standards issued by the UK Auditing Practices Board.
      […]
      (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 AAOIFI in respect of Islamic Financial Business or in accordance with legal and regulatory requirements under UK law and auditing standards issued by the UK Auditing Practices Board.
      (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB and to AAOIFI auditing standards in respect of Islamic Financial Business or to the UK law and auditing standards issued by the UK Auditing Practices Board.

      CONDITIONS

      N/A

      INTERPRETATION

      The provisions in this notice are to be construed in 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 Knott
      Position : Chief Executive
      Date : 4th May 2006

    • W 48/06 COB — Franklin Templeton Investment Management Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To Franklin Templeton Investment Management Limited
      Address 640-B, Al Ghurair City Office Towers.
      P.O Box 55311
      Dubai, UAE
      DFSA Firm Reference No. F000004
      Notice No. W48/2006

      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 the date of the coming into force of the Collective Investment Law 2006 and expires 20 business days after that date.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      COB VER 5/04-06 COB 6.9.1 to COB 6.9.7 inclusive.

      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 : Jane Coakley
      Position : Managing Director
      Date : The coming into force of the Collective Investments Law 2006

    • W 49/06 GEN — Persia International Bank Plc

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Persia International Bank Plc
      Address Level 4, The Gate, DIFC
      PO Box: 119871
      Dubai
      United Arab Emirates
      DFSA Firm Reference No. F000008
      Notice No. W049/2006

      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 below.

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

      Effective date: This notice comes into effect on 27 April 2006 and expires on 30 April 2009 or the date on which any rule specified herein is amended, whichever is 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 GEN VER 8/04-06.

      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) unless (2) or (3) applies; or
      (b) generally accepted accounting principles of the United Kingdom.
      (2) ........and so on until (3).
      GEN 8.6.1 An Authorised Firm or Authorised Market Institution, as applicable, must in writing require its auditor to:
      (a) conduct an audit of the Authorised Person's accounts in accordance with the requirements of the relevant standards published by the International Auditing and Assurance Standards Board (IAASB) or International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board (APB) of the UK in accordance with legal and regulatory requirements under UK Law, in respect of conventional financial business and the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) in respect of any Islamic Financial Business undertaken;
      (b) ......................
      (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 International Standards on Auditing (UK and Ireland) issued by APB in accordance with legal and regulatory requirements under UK Law, or AAOIFI in respect of Islamic Financial Business;
      (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB, International Standards on Auditing (UK and Ireland) issued by APB in accordance with legal and regulatory requirements under UK Law, and to AAOIFI auditing standards in respect of Islamic Financial Business;
      (d) ........and so on until (h).

      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 Knott
      Position : Chief Executive
      Date : 27 April 2006

    • W 50/06 COB — Bank Sarasin — Alpen (ME) Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To Bank Sarasin — Alpen (ME) Limited
      Address Dubai Media City, Bldg. No. 9, Office No. 25/26, PO Box 502193
      DFSA Firm Reference No. F000009
      Notice No. W050/2006

      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 the date of the coming into force of the Collective Investment Law 2006 and expires 20 business days after that date.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      COB VER 5/04-06 COB 6.9.1 to COB 6.9.7 inclusive.

      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 : Jane Coakley
      Position : Managing Director
      Date : The coming into force of the Collective Investments Law 2006

    • W 51/06 COB — NBK Capital Ltd

      Click herehere to view the PDF

      WAIVER NOTICE

      To NBK Capital Ltd
      Address Business Centre
      Level 12, The Gate
      Dubai, UAE
      DFSA Firm Reference No. F000150
      Notice No. W051/2006

      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 the date of the coming into force of the Collective Investment Law 2006 and expires 20 business days after that date.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      COB VER 5/04-06 6.9.1 to 6.9.7 inclusive.

      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 Knott
      Position : Chief Executive
      Date : The coming into force of the Collective Investments Law 2006

    • W 52/06 COB — IXIS Asset Management UK Ltd

      Click herehere to view the PDF

      WAIVER NOTICE

      To IXIS Asset Management UK Ltd
      Address Office 103 A Level 1
      Tower A2 Gulf Towers
      Oud Metha Road
      P O Box 118257
      Dubai
      UAE
      DFSA Firm Reference No. F000234
      Notice No. W052/2006

      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 the date of the coming into force of the Collective Investment Law 2006 and expires 20 business days after that date.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      COB VER 5/04-06 6.9.1 to 6.9.7 inclusive.

      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 Knott
      Position : Chief Executive
      Date : The coming into force of the Collective Investments Law 2006

    • W 53/06 GEN — Man Investments (Middle East) Limited

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Man Investments (Middle East) Limited
      Address Level 5, West Wing, The Gate, DIFC
      DFSA Firm Reference No. F000066
      Notice No. W053/2006

      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 below.

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

      Effective date: This notice comes into effect on the 26 April 2006 and expires on 31 July 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 GEN VER 8/04-06.

      Rule Modified Text
      GEN Rule 8.6.2
      (1) An Authorised Firm must submit any auditor's report and financial statements required by this chapter to the DFSA within four months of the Authorised Firms financial year end 31 March 2007
      (2) For the purpose of (1), the auditor's report and financial statements must cover at least the following periods:
      (a) 1 December 2005 to 31 March 2006; and
      (b) 1 April 2006 to 31 March 2007

      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 Knott
      Position : Chief Executive
      Date : 26 April 2006

    • W 54/06 COB — Lloyds TSB Offshore Limited Dubai

      Click herehere to view the PDF

      WAIVER NOTICE

      To Lloyds TSB Offshore Limited Dubai
      Address Level 4, The Gate
      DIFC, P.O. Box 121404,
      Dubai, UAE
      DFSA Firm Reference No. F000192
      Notice No. W054/2006

      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 the date of the coming into force of the Collective Investment Law 2006 and expires 20 business days after that date.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      COB VER 5/04-06 COB 6.9.1 to COB 6.9.7 inclusive.

      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 Knott
      Position : Chief Executive
      Date : The coming into force of the Collective Investments Law 2006

    • W 55/06 COB — Ansbacher & Co Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To Ansbacher & Co Limited
      Address Level 4, West Wing, The Gate Building, DIFC
      DFSA Firm Reference No. F000005
      Notice No. W055/2006

      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 the date of the coming into force of the Collective Investment Law 2006 and expires 20 business days after that date.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      COB VER 5/04-06 COB 6.9.1 to COB 6.9.7 inclusive.

      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 : Jane Coakley
      Position : Managing Director
      Date : The coming into force of the Collective Investments Law 2006

    • W 56/06 COB — Fortis Banque (Suisse) S.A

      Click herehere to view the PDF

      WAIVER NOTICE

      To Fortis Banque (Suisse) S.A
      Address The Gate, Level 5, East Wing, Dubai International Financial
      Centre
      DFSA Firm Reference No. F000050
      Notice No. W056/2006

      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 the date of the coming into force of the Collective Investment Law 2006 and expires 20 business days after that date.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      COB VER 5/04-06 COB 6.9.1 to COB 6.9.7 inclusive.

      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 Knott
      Position : Chief Executive
      Date : The coming into force of the Collective Investments Law 2006

    • W 57/06 COB — Lloyds TSB Bank Plc

      Click herehere to view the PDF

      WAIVER NOTICE

      To Lloyds TSB Bank Plc
      Address Level 4 East, The Gate Building, DIFC
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000069
      Notice No. W057/2006

      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 the date of the coming into force of the Collective Investment Law 2006 and expires 20 business days after that date.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      COB VER5/04-06 COB 6.9.1 to COB 6.9.7 inclusive.

      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 Knott
      Position : Chief Executive
      Date : The coming into force of the Collective Investments Law 2006

    • W 59/06 COB — Credit Suisse

      Click herehere to view the PDF

      WAIVER NOTICE

      To Credit Suisse
      Address The Gate Building, 9th Floor East, DIFC, PO Box 33660,
      Dubai, UAE
      DFSA Firm Reference No. F000011
      Notice No. W059 / 2006

      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 23 April 2006 and expires on 17 May 2006.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      COB VER 5/04-06 COB 6.9.1 to COB 6.9.7 inclusive.

      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 Knott
      Position : Chief Executive
      Date : 23 April 2006

    • W 60/06 GEN — Lloyds TSB Bank Plc

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Lloyds TSB Bank Plc
      Address Lloyds TSB Bank Plc
      The Gate Building
      Level 4 East,
      Dubai,
      United Arab Emirates
      DFSA Firm Reference No. F000069
      Notice No. W060/2006

      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 below.

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

      Effective date: This notice comes into effect on 26 April 2006 and will expire on 30 April 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 GEN/VER8/4-06.

      Rule Modified Text
      GEN 8.6.2
      (1) An Authorised Person must submit any auditor’s reports and financial statements required by this chapter to the DFSA within four months of the Authorised Person’s financial year end 31 December 2006.
      (2) For the purposes of (1), the auditor’s reports and financial statements must cover at least the following periods:
      (a) 1 December 2005 to 31 December 2005; and
      (b) 1 January 2006 to 31 December 2006.

      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 Knott
      Position : Chief Executive
      Date : 26 April 2006

    • W 61/06 AUT — Citigroup Global Markets Limited

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Citigroup Global Markets Limited
      Address C/O Citibank N.A. Dubai
      P O Box 749
      Dubai — UAE
      DFSA Firm Reference No. F000153
      Notice No. W 61 / 06

      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 below.

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

      Effective date: This notice comes into effect on 04 May 2006 and remains in effect until further notice or the date on which the current Managing Director for Middle East and North Afica region registered as the Licensed Director of the firm by way of this rule modification remains in his office, whichever is 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 AUT/VER2/08-05.

      Rule Modified Text
      AUT 10.3.4 An Authorised Firm which is a Body Corporate, other than a Limited Liability Partnership:
      (a) whose head office and registered office is located in the DIFC, must register with the DFSA all of its Directors as Licensed Directors; or
      (b) whose head office and registered office is not located in the DIFC must register with the DFSA at least one of its Directors or the Managing Director for Middle East and North Africa region as a Licensed Director who is ultimately responsible for the Authorised Firm’s Financial Services carried on in or from the DIFC.

      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 Knott
      Position : Chief Executive
      Date : 04 May 2006

    • W 62/06 REC — Citigroup Global Markets Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To Citigroup Global Markets Limited
      Address C/O Citibank N.A. Dubai
      P O Box 749
      Dubai — UAE
      DFSA Firm Reference No. F000153
      Notice No. W 62 / 06

      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 04 May 2006, until further notice, 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.

      Module Version Rule
      REC/VER2/08-05 REC 7.2.2 (a)

      CONDITIONS

      All trades on the DIFX are to be executed by the London office of Citigroup Global Markets Limited (principal place of business).

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 04 May 2006

    • W 63/06 PIB — Citigroup Global Markets Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To Citigroup Global Markets Limited
      Address C/O Citibank N.A. Dubai
      P O Box 749
      Dubai — UAE
      DFSA Firm Reference No. F000153
      Notice No. W 63 / 06

      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 04 May 2006 and remains in effect until further notice.

      RULES WAIVED

      The Rules waived are set out in the table below.

      DFSA Rulebook Module Version Rule
      PIB/VER2/08-05 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER2/08-05 PIB Chapter 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that Citigroup Global Markets Limited submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy Summary report to FSA, within ten business days of the due date for submission to 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 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 Knott
      Position : Chief Executive
      Date : 04 May 2006

    • W 64/06 GEN — Standard Chartered Bank

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Standard Chartered Bank
      Address PO Box: 999, Dubai, U.A.E.
      DFSA Firm Reference No. F000003
      Notice No. W064/2006

      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 below.

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

      Effective date: This notice comes into effect on 26 April 2006 and expires on 30 April 2009 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 GEN/VER8/04-06.

      Rule Modified Text
      GEN 8.6.1

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

      (a) conduct an audit of the Authorised Person’s accounts in accordance with the requirements of the relevant standards published by the International Auditing and Assurance Standards Board (IAASB) or International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board (APB) of the UK in accordance with legal and regulatory requirements under UK Law, in respect of conventional financial business and the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) in respect of any Islamic Financial Business undertaken;
      (b) ..............
      (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 International Standards on Auditing (UK and Ireland) issued by APB in accordance with legal and regulatory requirements under UK Law, or AAOIFI in respect of Islamic Financial Business;
      (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB, International Standards on Auditing (UK and Ireland) issued by APB in accordance with legal and regulatory requirements under UK Law, and to AAOIFI auditing standards in respect of Islamic Financial Business;
      (d) ....... and so on until (h).

      CONDITIONS

      NONE

      INTEPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 26 April 2006

    • W 65/06 COB — Permal Investment Management Service Ltd

      Click herehere to view the PDF

      WAIVER NOTICE

      To Permal Investment Management Service Ltd
      Address The Gate Building,
      8th Floor West,
      Dubai
      United Arab Emirates
      DFSA Firm Reference No. F000012
      Notice No. W065/2006

      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 25 April 2006 and expires on 17 May 2006.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      COB VER 5/04-06 6.9.1 to 6.9.7 inclusive.

      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 : Jane Coakley
      Position : Managing Director
      Date : 25 April 2006

    • W 66/06 COB — Deutsche Bank AG

      Click herehere to view the PDF

      WAIVER NOTICE

      To Deutsche Bank AG
      Address The Gate, West Wing, Level 3, PO Box 504902, Dubai, UAE
      DFSA Firm Reference No. F000045
      Notice No. W066/2006

      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 26 April 2006 and expires on 17 May 2006.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      COB VER5/04-06 COB 6.9.1 to COB 6.9.7 inclusive.

      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 Knott
      Position : Chief Executive
      Date : 26 April 2006

    • W 67/06 PIB — Mellon Global Investments Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To Mellon Global Investments Limited
      Address Level 42, Emirates Towers, PO Box 31303, Dubai — United
      Arab Emirates
      DFSA Firm Reference No. F000007
      Notice No. W 067/2006

      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 24 May 2006 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/VER5/04-06 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER5/04-06 PIB Chapter 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy summary report to the UK Financial Services Authority, within ten business days of the due date for submission to the UK Financial Services Authority.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 24 May 2006

    • W 69/06 PIB — Barclays Bank PLC

      Click herehere to view the PDF

      WAIVER NOTICE

      To Barclays Bank PLC
      Address The Gate Building, DIFC, 8th floor, West Wing,
      P.O. Box 506520, Dubai — United Arab Emirates
      DFSA Firm Reference No. F000013
      Notice No. W069/2006

      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 4 June 2006 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/VER5/04-06 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER5/04-06 PIB Chapter 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy summary report to the UK Financial Services Authority, within ten business days of the due date for submission to the UK Financial Services Authority.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Jane Coakley
      Position : Managing Director
      Date : 4 June 2006

    • W 70/06 PIB — Permal Investment Management Services Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To Permal Investment Management Services Limited
      Address The Gate Building, DIFC, 8th floor, West Wing,
      P.O. Box 506520, Dubai — United Arab Emirates
      DFSA Firm Reference No. F000012
      Notice No. W 070/2006

      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 24 May 2006 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/VER5/04-06 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER5/04-06 PIB Chapter 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy summary report to the UK Financial Services Authority, within ten business days of the due date for submission to the UK Financial Services Authority.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 24 May 2006

    • W 71/06 PIB — Standard Bank Plc

      Click herehere to view the PDF

      WAIVER NOTICE

      To Standard Bank Plc
      Address 16th Floor, Emirates Towers
      P.O.Box — 504904
      Dubai
      United Arab Emirates
      DFSA Firm Reference No. F000028
      Notice No. W 071/2006

      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 24 May 2006 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/VER5/04-06 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER5/04-06 PIB Chapter 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy Summary report to UK Financial Services Authority (UK FSA) within ten business days of the due date for submission to UK 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 Knott
      Position : Chief Executive
      Date : 24 May 2006

    • W 72/06 PIB — Fortis Banque (Suisse) S.A.

      Click herehere to view the PDF

      WAIVER NOTICE

      To Fortis Banque (Suisse) S.A.
      Address Level 5, The Gate Building, DIFC, East Wing,
      P.O. Box 211104, Dubai — United Arab Emirates
      DFSA Firm Reference No. F000050
      Notice No. W072/2006

      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 24 May 2006 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/VER5/04-06 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER5/04-06 PIB Chapter 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy summary report to the Swiss Federal Banking Commission, within ten business days of the due date for submission to the Swiss Federal Banking Commission.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 24 May 2006

    • W 73/06 PIB — Franklin Templeton Investment Management Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To Franklin Templeton Investment Management Limited
      Address 640-B, Al Ghurair City Office Towers, PO Box 55311, Dubai — United Arab Emirates
      DFSA Firm Reference No. F000004
      Notice No. W073/2006

      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 24 May 2006 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/VER5/04-06 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER5/04-06 PIB Chapter 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy summary report to the UK Financial Services Authority, within ten business days of the due date for submission to the UK Financial Services Authority.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 24 May 2006

    • W 75/06 PIB — INVESCO Asset Management Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To INVESCO Asset Management Limited
      Address Level 42, Emirates Towers, PO Box 31303,
      Dubai — United Arab Emirates
      DFSA Firm Reference No. F000070
      Notice No. W075/2006

      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 24 May 2006 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/VER5/04-06 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER5/04-06 PIB Chapter 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy summary report to the UK Financial Services Authority, within ten business days of the due date for submission to the UK Financial Services Authority.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 24 May 2006

    • W 76/06 PIB — Lloyds TSB Bank Plc

      Click herehere to view the PDF

      WAIVER NOTICE

      To Lloyds TSB Bank Plc
      Address Level 4, The Gate Building, East Wing, PO Box 121404, Dubai — United Arab Emirates
      DFSA Firm Reference No. F000069
      Notice No. W076/2006

      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 24 May 2006 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/VER5/04-06 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER5/04-06 PIB Chapter 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy summary report to the UK Financial Services Authority, within ten business days of the due date for submission to the UK Financial Services Authority.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 24 May 2006

    • W 77/06 PIB — Ansbacher & Co Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To Ansbacher & Co Limited
      Address Level 4, The Gate Building, West Wing, PO Box 12080, DIFC, Dubai — United Arab Emirates
      DFSA Firm Reference No. F000005
      Notice No. W077/2006

      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 28 May 2006 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/VER5/04-06 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER5/04-06 PIB Chapter 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy summary report to the UK Financial Services Authority, within ten business days of the due date for submission to the UK Financial Services Authority.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 28 May 2006

    • W 78/06 PIB — Morgan Stanley & Co. International Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To Morgan Stanley & Co. International Limited
      Address Level 5, The Gate, West Wing, PO Box 506501 DIFC, Dubai — United Arab Emirates
      DFSA Firm Reference No. F000168
      Notice No. W078/2006

      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 24 May 2006 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/VER5/04-06 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER5/04-06 PIB Chapter 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy summary report to the UK Financial Services Authority, within ten business days of the due date for submission to the UK Financial Services Authority.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 24 May 2006

    • W 79/06 PIB — ICICI Bank Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To ICICI Bank Limited
      Address Suite 712, Rak Businessmen Centre, The Fairmont Hotel, PO Box 24459, Dubai — United Arab Emirates
      DFSA Firm Reference No. F000068
      Notice No. W079/2006

      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 24 May 2006 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/VER5/04-06 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER5/04-06 PIB Chapter 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy summary report to the Reserve Bank of India, within ten business days of the due date for submission to the Reserve Bank of India.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 24 May 2006

    • W 80/06 PIB — Deutsche Bank AG

      Click herehere to view the PDF

      WAIVER NOTICE

      To Deutsche Bank AG
      Address Level 3, The Gate Building, West Wing, PO Box 504902,
      DIFC, Dubai — United Arab Emirates
      DFSA Firm Reference No. F000045
      Notice No. W080/2006

      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 24 May 2006 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/VER5/04-06 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER5/04-06 PIB Chapter 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy summary report in English to the Bundesbank and BaFin, within ten business days of the due date for submission to the Bundesbank and BaFin.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 24 May 2006

    • W 81/06 PIB — Kotak Mahindra (UK) Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To Kotak Mahindra (UK) Limited
      Address The Fairmont Dubai, Office No. 515, PO Box 121753,
      Dubai — United Arab Emirates
      DFSA Firm Reference No. F000049
      Notice No. W 081/2006

      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 24 May 2006 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/VER5/04-06 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER5/04-06 PIB Chapter 2, all Sections (Capital)
      PIB/VER5/04-06 PIB Chapter 4, Sections PIB 4.3 to PIB 4.10 (Credit Risk)
      PIB/VER5/04-06 PIB Chapter 5, Section PIB 5.6 (Foreign Exchange Risk Capital Requirement)
      PIB/VER5/04-06 PIB Chapter 7, Sections PIB 7.3 and PIB 7.4 (Group Risk)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy summary report to the UK Financial Services Authority, within ten business days of the due date for submission to the UK Financial Services Authority.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 24 May 2006

    • W 82/06 COB — Man Investments Middle East Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To Man Investments Middle East Limited
      Address Level 5, West Wing, The Gate, DIFC
      DFSA Firm Reference No. F000066
      Notice No. W082/2006

      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 3 May 2006 and expires on 17 May 2006.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      COB VER 5/04-06 COB 6.9.1 to COB 6.9.7 inclusive.

      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 Knott
      Position : Chief Executive
      Date : 3 May 2006

    • W 83/06 PIB — HSBC Bank Middle East Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To HSBC Bank Middle East Limited
      Address Level 3 & 4, Precinct Building 4, Unit 5, Gate District, DIFC, P.O. Box 506553, Dubai — UAE
      DFSA Firm Reference No. F000268
      Notice No. W083/2006

      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 24 September 2006 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.

      Module Version Rule
      PIB/VER7/08-06 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER7/08-06 PIB Chapter 2, all Sections (Capital)
      PIB/VER7/08-06 PIB Chapter 4, Sections PIB 4.3 to PIB 4.10 (Credit Risk)
      PIB/VER7/08-06 PIB Chapter 5, Sections PIB 5.3 to PIB 5.9 (Market Risk)
      PIB/VER7/08-06 PIB Chapter 7, Sections PIB 7.3 and PIB 7.4 (Group Risk)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest capital adequacy summary report to the Jersey Financial Services Commission ("JFSC"), within ten business days of the due date for submission to the JFSC.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Jane Coakley
      Position : Managing Director
      Authorisation
      Date : 24 September 2006

    • W 84/06 COB — GCC Energy Fund Managers Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To GCC Energy Fund Managers Limited
      Address Emirates Towers,
      22nd Floor,
      P O Box 504946,
      Dubai, UAE
      DFSA Firm Reference No. F000002
      Notice No. W084/2006

      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 8 May 2006 Collective Investment Law 2006 and expires on the 17 May 2006.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      COB VER 5/04-06 COB 6.9.1 to COB 6.9.7 inclusive.

      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 Knott
      Position : Chief Executive
      Date : 8 May 2006

    • W 85/06 COB — Morgan Stanley & Co. International Limited

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Morgan Stanley & Co. International Limited
      Address Level 5, The Gate, Dubai, UAE
      DFSA Firm Reference No. F000168
      Notice No. W85/2006

      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 below.

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

      Effective date: This notice comes into effect on 18 May 2006 and expires on 18 May 2007 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/VER4/01-06.

      Rule Modified Text
      COB 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 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; or
      (iv) was a customer of the firm immediately prior to the firm’s authorisation by the DFSA and:
      (a) the firm has confirmed in writing that the customer meets the requirements in (i) and (ii); and
      (b) the customer has been notified in writing and he has not objected to being treated as a Client for the purposes of the DFSA Rulebook.
      COB 8.1.1
      (2) An Authorised Firm must, for Clients who were customers of the Authorised Firm immediately prior to it being authorised by the DFSA, advise the Clients by way of a one way notification, of the regulatory status of the Authorised Firm.

      CONDITIONS

      N/A

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 18 May 2006

    • W 86/06 COB — Franklin Templeton Investment Management Ltd

      Click herehere to view the PDF

      WAIVER NOTICE

      To Franklin Templeton Investment Management Ltd
      Address 640 – B, Al Ghurair City Office Towers, Al Rigga Street,
      P O Box 55311, Dubai, UAE
      DFSA Firm Reference No. F000004
      Notice No. W86/2006

      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 the 18th of May and expires on the 15th of August 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.

      Module Version Rule
      COB VER 5/04-06 COB 6.9.4; COB 6.9.5

      CONDITIONS

      N/A

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 18 May 2006

    • W 87/06 PIB — Sumitomo Mitsui Banking Corporation

      Click herehere to view the PDF

      WAIVER NOTICE

      To Sumitomo Mitsui Banking Corporation
      Address Offices 3 and 31, Business Centre, Level 12
      The Gate, DIFC, PO Box 121208, Dubai — UAE
      DFSA Firm Reference No. F000223
      Notice No. W087/2006

      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 24 May 2006 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/VER5/04-06 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER5/04-06 PIB Chapter 2, all Sections (Capital)
      PIB/VER5/04-06 PIB Chapter 4, Sections PIB 4.3 to PIB 4.10 (Credit Risk)
      PIB/VER5/04-06 PIB Chapter 5, Sections PIB 5.3 to PIB 5.9 (Market Risk)
      PIB/VER5/04-06 PIB Chapter 7, Sections PIB 7.3 and PIB 7.4 (Group Risk)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that Sumitomo Mitsui Banking Corporation submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy Summary report to Financial Services Agency of Japan, within ten business days of the due date for submission to Financial Services Agency of Japan.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 24 May 2006

    • W 88/06 PIB — Credit Suisse

      Click herehere to view the PDF

      WAIVER NOTICE

      To Credit Suisse
      Address Level 9, The Gate, East Wing, DIFC, PO Box 33660,
      Dubai — UAE
      DFSA Firm Reference No. F000011
      Notice No. W088/2006

      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 24 May 2006 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/VER5/04-06 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER5/04-06 PIB Chapter 2, all Sections (Capital)
      PIB/VER5/04-06 PIB Chapter 4, Sections PIB 4.3 to PIB 4.10 (Credit Risk)
      PIB/VER5/04-06 PIB Chapter 5, Sections PIB 5.3 to PIB 5.9 (Market Risk)
      PIB/VER5/04-06 PIB Chapter 7, Sections PIB 7.3 and PIB 7.4 (Group Risk)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that Credit Suisse submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy Summary report to the Swiss Federal Banking Commission within ten business days of the due date for submission to the Swiss Federal Banking Commission.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 24 May 2006

    • W 89/06 COB — Permal Investment Management Services Limted

      Click herehere to view the PDF

      WAIVER NOTICE

      To Permal Investment Management Services Limted
      Address The Gate Building, 8th Floor West, Dubai, UAE
      DFSA Firm Reference No. F000012
      Notice No. W89/2006

      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 the 18th of May 2006 and expires on the 15th August 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.

      Module Version Rule
      COB VER 5/04-06 COB 6.9.1 to COB 6.9.7

      CONDITIONS

      N/A

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 18 May 2006

    • W 90/06 GEN — Deutsche Bank AG

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Deutsche Bank AG
      Address The Gate, West Wing, Level 3, PO Box 504902, Dubai, UAE
      DFSA Firm Reference No. F000045
      Notice No. W90/2006

      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 below.

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

      Effective date: This notice comes into effect on 18th May 2006 and expires on 18th May 2009 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 GEN/VER8/4-06.

      Rule Modified Text
      GEN 8.2.1 (1) An Authorised Person must prepare and maintain all financial accounts and statements in accordance with the International Financial Reporting Standards (IFRS) unless (2) or (3) applies or in accordance with generally accepted accounting principles of the United States of America.
      GEN 8.6.1 An Authorised Firm or Authorised Market Institution, as applicable, must in writing require its auditor to:
      (a) conduct an audit of the Authorised Person's accounts in accordance with the requirements of the relevant standards published by the International Auditing and Assurance Standards Board (IAASB) or the 'Institute der Wirtschaftspruerfer (German Institute of Auditors) and in supplementary compliance with the Standards of Public Accounting Oversight Board (United States) in respect of conventional financial business and the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) in respect of any Islamic Financial Business undertaken;
      […]
      (c) produce an Auditor's Annual Report which states whether:
      (i) the auditor has audited the Authorised Person's annual financial statements in accordance with the IAASB, or the 'Institute der Wirtschaftspruerfer (German Institute of Auditors) and in supplementary compliance with the Standards of Public Accounting Oversight Board (United States) 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 'Institute der Wirtschaftspruerfer (German institute of Auditors) and in supplementary compliance with the Standards of Public Accounting Oversight Board (United States) and to AAOIFI auditing standards in respect of Islamic Financial Business.

      CONDITIONS

      N/A

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 18 May 2006

    • W 92/06 AUT — Superfund Financial (Middle East) Limited

      Click herehere to view the PDF

      WAIVER AND MODIFICATION NOTICE

      To Superfund Financial (Middle East) Limited
      Address Dubai International Finance Centre, Level 12, The Gate, Dubai, U.A.E.
      DFSA Firm Reference No. F000158
      Notice No. W092/2006

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

      2. The Rules specified in Table B herein do not apply to the above mentioned Person the form appearing in the Rulebook but instead apply to the 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 11 May 2006 and expires on 30 June 2006 or the date on which any Rule specified herein is amended, whichever is earlier.

      RULES WAIVED

      The Rules waived are set out in Table A below.

      Module Version Rule
      AUT/VER4/04-06 Rules 10.2.2 (h), 11.3.1, 11.3.2

      RULES MODIFIED

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

      The version of Rules to which this part of the notice relates is AUT/VER4/04-06.

      TABLE B

      Rule Modified Text
      AUT 11.2.1
      11.2.1 An Authorised Firm must not permit an individual to perform a Licensed Function on its behalf, except as permitted by section 9.4 unless that individual is an Authorised Individual who: (a) has been assessed by the Authorised Firm as competent to perform that Licensed Function in accordance with Rule 11.2.2. ; and

      (b) in respect of the Licensed Function of Licensed Representative;
      (i) that individual holds, or is exempt from having to hold, a relevant qualification in accordance with Rule 11.3.1; or
      (ii) only performs that Licensed Function while under appropriate supervision by an Authorised Individual assessed as competent under Rule 11.2.2 and Rule 11.3.1 in respect of the same activity.

      INTERPRETATION

      The provisions in this notice are to be construed in 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 Knott
      Position : Chief Executive
      Date : 11 May 2006

    • W 94/06 AUT— Lloyds TSB Bank Plc

      Click herehere to view the PDF

      WAIVER AND MODIFICATION NOTICE

      To Lloyds TSB Bank Plc
      Address 4th Floor East, The Gate, Dubai International Financial Centre,
      P.O. Box 121404, Dubai, UAE
      DFSA Firm Reference No. F000069
      Notice No. W094/2006

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND
      2. The Rules specified in Table B herein do not apply to the above mentioned Person the form appearing in the Rulebook but instead apply to the 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 11 May 2006 and expires on 30 June 2006 or the date on which any Rule specified herein is amended, whichever is earlier.

      RULES WAIVED

      The Rules waived are set out in Table A below.

      Module Version Rule
      AUT/VER4/04-06 Rules 10.2.2 (h), 11.3.1, 11.3.2

      RULES MODIFIED

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

      The version of Rules to which this part of the notice relates is AUT/VER4/04-06.

      TABLE B

      Rule Modified Text
      AUT 11.2.1

      11.2.1   An Authorised Firm must not permit an individual to perform a Licensed Function on its behalf, except as permitted by section 9.4 unless that individual is an Authorised Individual who:

      (a) has been assessed by the Authorised Firm as competent to perform that Licensed Function in accordance with Rule 11.2.2.; and
      (b) in respect of the Licensed Function of Licensed Representative;
      (i) that individual holds, or is exempt from having to hold, a relevant qualification in accordance with Rule 11.3.1; or
      (ii) only performs that Licensed Function while under appropriate supervision by an Authorised Individual assessed as competent under Rule 11.2.2 and Rule 11.3.1 in respect of the same activity.

      INTERPRETATION

      The provisions in this notice are to be construed in accordance with section 6.2 of GEN 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 Knott
      Position : Chief Executive
      Date : 11 May 2006

    • W 95/06 AUT — State Bank of India

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To State Bank of India
      Address Office #201, 2nd Floor, Al Attar Towers
      Sheikh Zayed Road,
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000239
      Notice No. W095/2006

      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 below.

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

      Effective date: This notice comes into effect on 14th December 2006 and remains in effect until further notice or the date on which the current Chief General Manager (Foreign Offices) registered as the Licensed Director of the firm, by way of this rule modification, remains in office, whichever is 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 AUT/VER6/08-06.

      Rule Modified Text
      AUT 10.3.4 An Authorised Firm which is a Body Corporate, other than a Limited Liability Partnership:
      (a) whose head office and registered office is located in the DIFC, must register with the DFSA all of its Directors as Licensed Directors; or
      (b) whose head office and registered office is not located in the DIFC must register with the DFSA at least one of its Directors or the Chief General Manager (Foreign Offices) as a Licensed Director who is ultimately responsible for the Authorised Firm’s Financial Services carried on in or from the DIFC.

      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:

      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 : Jane Coakley
      Position : Managing Director, Authorisation
      Date : 14th December 2006

    • W 96/06 PIB — EFG Bank

      Click herehere to view the PDF

      WAIVER NOTICE

      To EFG Bank
      Address Precinct building 5, Level 5 North
      P.O.Box — 506502
      Dubai International Financial Centre
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000083
      Notice No. W 096/2006

      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 28 May 2006 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/VER5/04-06 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER5/04-06 PIB Chapter 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy Summary report to the Swiss Federal Banking Commission within ten business days of the due date for submission to the Swiss Federal Banking Commission.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 28 May 2006

    • W 97/06 COB — Lloyds TSB Bank plc

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      WAIVER NOTICE

      To Lloyds TSB Bank plc
      Address The Gate, PO Box 121404, Dubai
      DFSA Firm Reference No. F000069
      Notice No. W97/2006

      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 the 18th of May 2006 and expires on the 15th August 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.

      Module Version Rule
      COB VER 5/04-06 COB 6.9.1 to COB 6.9.7

      CONDITIONS

      N/A

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 18 May 2006

    • W 98/06 AUT — Julius Baer

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      WAIVER AND MODIFICATION NOTICE

      To Julius Baer
      Address Julius Baer (Middle East) Limited
      Level 5, Emirates Towers
      PO Box 504925
      Dubai
      United Arab Emirates
      DFSA Firm Reference No. F000001
      Notice No. W098/2006

      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 Table B 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 15th May 2006 and expires on 30 June 2006 or the date on which any Rule specified herein is amended, whichever is earlier.

      RULES WAIVED

      The Rules waived are set out in Table A below.

      TABLE A

      Module Version Rule
      AUT/VER4/04-06 Rules 10.2.2 (h), 11.3.1, 11.3.2

      RULES MODIFIED

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

      The version of Rules to which this part of the notice relates is AUT/VER4/04-06.

      TABLE B

      Rule Modified Text
      AUT 11.2.1
      11.2.1 An Authorised Firm must not permit an individual to perform a Licensed Function on its behalf, except as permitted by section 9.4 unless that individual is an Authorised Individual who: (a) has been assessed by the Authorised Firm as competent to perform that Licensed Function in accordance with Rule 11.2.2. ; and

      (b) in respect of the Licensed Function of Licensed Representative;
      (i) that individual holds, or is exempt from having to hold, a relevant qualification in accordance with Rule 11.3.1; or
      (ii) only performs that Licensed Function while under appropriate supervision by an Authorised Individual assessed as competent under Rule 11.2.2 and Rule 11.3.1 in respect of the same activity.

      INTERPRETATION

      The provisions in this notice are to be construed in 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 : Jane Coakley
      Position : Managing Director
      Date : 15th May 2006.

    • W 99/06 AUT — Merrill Lynch Bank (Suisse) S.A

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      WAIVER AND MODIFICATION NOTICE

      To Merrill Lynch Bank (Suisse) S.A
      Address PO Box 3911, Dubai UAE
      DFSA Firm Reference No. F000010
      Notice No. W099/2006

      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 Table B 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 15th May 2006 and expires on 30 June 2006 or the date on which any Rule specified herein is amended, whichever is earlier.

      RULES WAIVED

      The Rules waived are set out in Table A below.

      Table A

      Module Version Rule
      AUT/VER4/04-06 Rules AUT 10.2.2(h), AUT 11.3.1, AUT 11.3.2

      RULES MODIFIED

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

      The versions of Rules to which this part of the notice relates is AUT/VER4/04-06.

      TABLE B

      Rule Modified Text
      AUT 11.2.1 An Authorised Firm must not permit an individual to perform a Licensed Function on its behalf, except as permitted by section 9.4 unless that individual is an Authorised Individual who: (a) has been assessed by the Authorised Firm as competent to perform that Licensed Function in accordance with Rule 11.2.2. ; and
      (b) in respect of the Licensed Function of Licensed Representative;
      (i) that individual holds, or is exempt from having to hold, a relevant qualification in accordance with Rule 11.3.1; or
      (ii) only performs that Licensed Function while under appropriate supervision by an Authorised Individual assessed as competent under Rule 11.2.2 and Rule 11.3.1 in respect of the same activity.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Jane Coakley
      Position : Managing Director
      Date 15th May 2006.

    • W 101/06 PIB — ABN AMRO Bank NV

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      WAIVER NOTICE

      To ABN AMRO Bank NV
      Address Gustav Mahlerlaan 10, 1082 PP Amsterdam
      The Netherlands
      DFSA Firm Reference No. F000071
      Notice No. W101/2006

      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 19th June 2006 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/VER5/04-06 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER5/04-06 PIB Chapter 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy summary report to de Nederlandsche Bank, within ten business days of the due date for submission to de Nederlandsche Bank.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Jane Coakley
      Position : Managing Director
      Date : 19th June 2006

    • W 104/06 GEN — Merrill Lynch Bank (Suisse) SA

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      MODIFICATION NOTICE

      To Merrill Lynch Bank (Suisse) SA
      Address PO Box 3911, Dubai, UAE
      DFSA Firm Reference No. F000010
      Notice No. W104/2006

      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 below.

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

      Effective date: This notice comes into effect on 24 May 2006 and expires on 24 May 2009 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 GEN/VER8/04-06.

      Rule Modified Text
      GEN 8.2.1(1) An Authorised Person must prepare and maintain all financial accounts and statements in accordance with the International Financial Reporting Standards (IFRS) unless (2) or (3) applies or in accordance with Swiss Law and the Company’s articles of incorporation.
      GEN 8.6.1 An Authorised Firm or Authorised Market Institution, as applicable, must in writing require its auditor to:
      (a) conduct an audit of the Authorised Person’s accounts in accordance with the requirements of the relevant standards published by the International Auditing and Assurance Standards Board (IAASB) in respect of the conventional financial business and the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) in respect of any Islamic Financial Business undertaken or in accordance with Swiss Auditing Standards.
      […]
      (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 AAOIFI in respect of Islamic Financial business or in accordance with Swiss Auditing Standards.
      (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB and to AAOIFI auditing standards in respect of Islamic Financial Business or in accordance with Swiss Auditing Standards.

      CONDITIONS

      Nil

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 24 May 2006

    • W 105/06 COB — Man Investments Middle East Limited

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      WAIVER NOTICE

      To Man Investments Middle East Limited
      Address Level 5, West Wing, The Gate, DIFC
      DFSA Firm Reference No. F000066
      Notice No. W105/2006

      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 the 24 May 2006 and expires on 15 August 2006.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      COB VER 5/04-06 COB 6.9.1 to COB 6.9.7 inclusive.

      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 Knott
      Position : Chief Executive
      Date : 24 May 2006

    • W 106/06 PIB — Banque de Commerce et de Placements SA

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      WAIVER NOTICE

      To Banque de Commerce et de Placements SA
      Address Level 7, Tenancy 6, 7 and 8, Gate Precinct Building 3,
      Dubai International Financial Centre,
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000267
      Notice No. W106/2006

      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 November 2006 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.

      Module Version Rule
      PIB/VER7/08-06 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER7/08-06 PIB Chapter 2, all Sections (Capital)
      PIB/VER7/08-06 PIB Chapter 4, Sections PIB 4.3 to PIB 4.10 (Credit Risk)
      PIB/VER7/08-06 PIB Chapter 5, Sections PIB 5.3 to PIB 5.9 (Market Risk)
      PIB/VER7/08-06 PIB Chapter 7, Sections PIB 7.3 and PIB 7.4 (Group Risk)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy Summary report to the Swiss Federal Banking Commission (SFBC), within ten business days of the due date for submission to the SFBC.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Jane Coakley
      Position : Managing Director, Authorisation
      Date : 1st November 2006

    • W 107/06 AUT — Banque de Commerce et de Placements SA

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      MODIFICATION NOTICE

      To Banque de Commerce et de Placements SA
      Address Level 7, Tenancy 6, 7 and 8, Gate Precinct Building 3,
      Dubai International Financial Centre,
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000267
      Notice No. W107/2006

      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 1st November 2006 and remains in effect until 1st May 2007, 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 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 part of the notice relates is AUT/VER6/08-06.

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

      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 : Jane Coakley
      Position : Managing Director, Authorisation
      Date : 1st November 2006

    • W 108/06 AUT — Banque de Commerce et de Placements SA

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      MODIFICATION NOTICE

      To Banque de Commerce et de Placements SA
      Address Level 7, Tenancy 6, 7 and 8, Gate Precinct Building 3,
      Dubai International Financial Centre,
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000267
      Notice No. W108/2006

      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 below.

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

      Effective date: This notice comes into effect on 1st November 2006 and remains in effect until further notice or the date on which the current Head Trade Finance Department BCP Head Office registered as Licensed Director by way of this Rule modification ceases his office, 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 AUT/VER6/08-06.

      Rule Modified Text
      AUT 10.3.4 An Authorised Firm which is a Body Corporate, other than a Limited Liability Partnership:
      (a) whose head office and registered office is located in the DIFC, must register with the DFSA all of its Directors as Licensed Directors; or
      (b) whose head office and registered office is not located in the DIFC must register with the DFSA at least one of its Directors or the Head Trade Finance Department BCP Head Office as a Licensed Director who is ultimately responsible for the Authorised Firm’s Financial Services carried on in or from the DIFC.

      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 : Jane Coakley
      Position : Managing Director, Authorisation
      Date : 1st November 2006

    • W 109/06 COB — Superfund Financial (Middle East) Limited

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      WAIVER NOTICE

      To Superfund Financial (Middle East) Limited
      Address Level 12, The Gate, Dubai, UAE
      DFSA Firm Reference No. F000158
      Notice No. W 109/2006

      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 the 24 May 2006 and expires on 15 August 2006.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      COB VER 5/04-06 COB 6.9.1 to COB 6.9.7 inclusive.

      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 Knott
      Position : Chief Executive
      Date : 24 May 2006

    • W 110/06 TKO — MTN International (Mauritius) Limited

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      MODIFICATION NOTICE

      To MTN International (Mauritius) Limited
      Address Freshfields Bruckhaus Deringer
      Attn. of Bruce Embley
      65 Fleet Street
      London EC4Y 1HS
      United Kingdom
      DFSA Firm Reference No. F000272
      Notice No. W110/2006

      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 the 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 18 May 2006 and expires on 18 May 2007 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 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 part of the notice relates is TKO/VER1/09-05.

      Rule Modified Text
      TKO 11.1.1 A Bidder must:
      (a) post the Bid Document to shareholders within 21 days 75 days of its announcement of a firm intention to make a Bid; and
      (b) ……
      TKO A1.2.1
      (1) Subject to (2) below, [i]n the case of a Securities Exchange Bid, the Bidder must disclose the following information relating to the financial affairs of the Bidder:
      (a) for the past 3 financial years for which the information has been published, turnover, net profit or loss before and after taxation, the amount of tax, extraordinary items, minority shareholders’ interests, the amount absorbed by dividends and earnings and dividends per Share;
      (b) a statement of the assets and liabilities shown in the latest published audited accounts;
      (c) a cash flow statement if provided in the latest published audited accounts;
      (d) all known material changes in the financial or trading position of the Bidder subsequent to the latest published audited accounts or a statement that there are no known material changes;
      (e) details relating to items referred to in paragraph (a) above in respect of any interim statement or preliminary announcement made since the latest published audited accounts;
      (f) inflation-adjusted information relating to paragraphs (a) and (b) if any has been published;
      (g) significant accounting policies together with any points from the notes to the accounts which are of major relevance to an appreciation of the figures, including those relating to inflation adjusted information;
      (h) a description of how the Bid is to be financed and the source of the finance, including details of the principal lenders or arrangers of such finance;
      (i) details of any reorganisation of capital including capital raisings during the two financial years preceding the commencement of the Bid Period; and
      (j) details of any bank overdrafts or loans, or other similar indebtedness, mortgages, charges or guarantees or other material contingent liabilities of the Bidder and any of its subsidiaries, or, if there are no such liabilities, a statement to such effect.
      (2) Where the Bidder is a member of a Group which prepares consolidated financial accounts, the requirement under (1) for the Bidder to disclose published information relating to its financial affairs for the past three financial years may be satisfied by disclosing the Group consolidated accounts for the same period.
      TKO A1.3 A1.3.1 Subject to (2) below, [t]he Bidder must disclose:
      (1)
      (a) the shareholdings of the Bidder and MTN Group Limited in the Target;
      (b) the holdings of Securities in the Bidder (in the case of a Securities Exchange Bid only) and in the Target in which each Director of the Bidder is directly or indirectly interested;
      (c) the holdings of Securities in the Bidder and MTN Group Limited (in the case of a Securities Exchange Bid only) and in the Target which any Person acting in concert with the Bidder owns or controls, together with the name of such Person acting in concert,
      (d) the holdings of Securities in the Bidder and MTN Group Limited (in the case of a Securities Exchange Bid only) and in the Target owned or controlled by any Person who, prior to the posting of the Bid Document, has irrevocably committed himself to accept the Bid, together with the name of such Person.
      (2)
      (a) Subject to (2) (b) and (c) holdings required to be disclosed under any of (1) (a), (b), (c) or (d) may be aggregated;
      (b) While holdings within each of (1) (a), (b), (c) or (d) may be aggregated for the purposes of (2)(a), the holdings of (1) (a), (b), (c) and (d) must not be combined to satisfy the disclosures required in (1) above;
      (c) Any aggregation of holdings must not result in misleading or deceptive disclosure;
      (d) Dealings in the Target and Bidder by financial advisers to the Bidder are not required to be disclosed under (1) where the dealings are undertaken by the financial adviser as agent for third parties not connected to the bid.

      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) MTN Group Limited shall guarantee all obligations of MTN International (Mauritius) Limited arising under the takeover offer: and
      (b) The guarantee under (a) must be clearly disclosed in the offer documents and must be legally enforceable under the laws of Dubai International Financial Centre and other applicable laws.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 18 May 2006

    • W 111/06 AUT — Bank Sarasin — Alpen (ME) Limited

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      WAIVER AND MODIFICATION NOTICE

      To Bank Sarasin — Alpen (ME) Limited
      Address P.O. Box — 121806
      Dubai International Finance Centre
      GATE Precinct Building 5, Level 4
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000009
      Notice No. W111/2006

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

      2. The Rules specified in Table B herein do not apply to the above mentioned Person the form appearing in the Rulebook but instead apply to the 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 21 May 2006 and expires on 30 June 2006 or the date on which any Rule specified herein is amended, whichever is earlier.

      RULES WAIVED

      The Rules waived are set out in Table A below.

      Module Version Rule
      AUT/VER4/04-06 Rules AUT 10.2.2 (h), AUT 11.3.1, AUT 11.3.2

      RULES MODIFIED

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

      The version of Rules to which this part of the notice relates is AUT/VER4/04-06.

      TABLE B

      Rule Modified Text
      AUT 11.2.1
      11.2.1 An Authorised Firm must not permit an individual to perform a Licensed Function on its behalf, except as permitted by section 9.4 unless that individual is an Authorised Individual who: (a) has been assessed by the Authorised Firm as competent to perform that Licensed Function in accordance with Rule 11.2.2. ; and

      (b) in respect of the Licensed Function of Licensed Representative;
      (i) that individual holds, or is exempt from having to hold, a relevant qualification in accordance with Rule 11.3.1; or

      (ii) only performs that Licensed Function while under appropriate supervision by an Authorised Individual assessed as competent under Rule 11.2.2 and Rule 11.3.1 in respect of the same activity.

      INTERPRETATION

      The provisions in this notice are to be construed in 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 Knott
      Position : Chief Executive
      Date : 21 May 2006

    • W 112/06 AUT — Alpen Capital (ME) Limited

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      WAIVER AND MODIFICATION NOTICE

      To Alpen Capital (ME) Limited
      Address P.O. Box — 121806
      Dubai International Finance Centre
      GATE Precinct Building 5, Level 4
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000219
      Notice No. W112/2006

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

      2. The Rules specified in Table B herein do not apply to the above mentioned Person the form appearing in the Rulebook but instead apply to the 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 21 May 2006 and expires on 30 June 2006 or the date on which any Rule specified herein is amended, whichever is earlier.

      RULES WAIVED

      The Rules waived are set out in Table A below.

      Module Version Rule
      AUT/VER4/04-06 Rules AUT 10.2.2 (h), AUT 11.3.1, AUT 11.3.2

      RULES MODIFIED

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

      The version of Rules to which this part of the notice relates is AUT/VER4/04-06.

      TABLE B

      Rule Modified Text
      AUT 11.2.1
      11.2.1 An Authorised Firm must not permit an individual to perform a Licensed Function on its behalf, except as permitted by section 9.4 unless that individual is an Authorised Individual who: (a) has been assessed by the Authorised Firm as competent to perform that Licensed Function in accordance with Rule 11.2.2. ; and

      (b) in respect of the Licensed Function of Licensed Representative;
      (i) that individual holds, or is exempt from having to hold, a relevant qualification in accordance with Rule 11.3.1; or

      (ii) only performs that Licensed Function while under appropriate supervision by an Authorised Individual assessed as competent under Rule 11.2.2 and Rule 11.3.1 in respect of the same activity.

      INTERPRETATION

      The provisions in this notice are to be construed in 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 Knott
      Position : Chief Executive
      Date : 21 May 2006

    • W 113/06 AUT — DBS Bank Limited

      Click herehere to view the PDF

      WAIVER AND MODIFICATION NOTICE

      To DBS Bank Limited
      Address Office 20, 12th Floor, Business Centre, PO Box: 21208,
      The Gate, DIFC, Dubai, UAE
      DFSA Firm Reference No. F000164
      Notice No. W113/2006

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

      2. The Rules specified in Table B herein do not apply to the above mentioned Person the form appearing in the Rulebook but instead apply to the 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 21 May 2006 and expires on 30 June 2006 or the date on which any Rule specified herein is amended, whichever is earlier.

      RULES WAIVED

      The Rules waived are set out in Table A below.

      Module Version Rule
      AUT/VER4/04-06 Rules AUT 10.2.2 (h), AUT 11.3.1, AUT 11.3.2

      RULES MODIFIED

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

      The version of Rules to which this part of the notice relates is AUT/VER4/04-06.

      TABLE B

      Rule Modified Text
      AUT 11.2.1
      11.2.1 An Authorised Firm must not permit an individual to perform a Licensed Function on its behalf, except as permitted by section 9.4 unless that individual is an Authorised Individual who: (a) has been assessed by the Authorised Firm as competent to perform that Licensed Function in accordance with Rule 11.2.2. ; and

      (b) in respect of the Licensed Function of Licensed Representative;
      (i) that individual holds, or is exempt from having to hold, a relevant qualification in accordance with Rule 11.3.1; or

      (ii) only performs that Licensed Function while under appropriate supervision by an Authorised Individual assessed as competent under Rule 11.2.2 and Rule 11.3.1 in respect of the same activity.

      INTERPRETATION

      The provisions in this notice are to be construed in 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 Knott
      Position : Chief Executive
      Date : 21 May 2006

    • W 114/06 AUT — Standard Bank Plc

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      WAIVER AND MODIFICATION NOTICE

      To Standard Bank Plc
      Address 16th Floor, Emirates Towers
      P.O.Box — 504904
      Dubai
      United Arab Emirates
      DFSA Firm Reference No. F000028
      Notice No. W114/2006

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

      2. The Rules specified in Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply to the 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 22 May 2006 and expires on 30 June 2006 or the date on which any Rule specified herein is amended, whichever is earlier.

      RULES WAIVED

      The Rules waived are set out in Table A.

      Module Version Rule
      AUT/VER4/04-06 Rules AUT 10.2.2 (h), AUT 11.3.1, AUT 11.3.2

      RULES MODIFIED

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

      The version of Rules to which this part of the notice relates is AUT/VER4/04-06.

      TABLE B

      Rule Modified Text
      AUT 11.2.1
      11.2.1 An Authorised Firm must not permit an individual to perform a Licensed Function on its behalf, except as permitted by section 9.4 unless that individual is an Authorised Individual who:
      (a) has been assessed by the Authorised Firm as competent to perform that Licensed Function in accordance with Rule 11.2.2. ; and
      (b) in respect of the Licensed Function of Licensed Representative;
      (i) that individual holds, or is exempt from having to hold, a relevant qualification in accordance with Rule 11.3.1; or
      (ii) only performs that Licensed Function while under appropriate supervision by an Authorised Individual assessed as competent under Rule 11.2.2 and Rule 11.3.1 in respect of the same activity.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 22 May 2006

    • W 116/06 AUT — Credit Suisse

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      WAIVER AND MODIFICATION NOTICE

      To Credit Suisse
      Address Level 9, The Gate, East Wing, DIFC, PO Box 33660,
      Dubai - UAE
      DFSA Firm Reference No. F000083
      Notice No. W116/2006

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

      2. The Rules specified in Table B herein do not apply to the above mentioned Person the form appearing in the Rulebook but instead apply to the 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 23 May 2006 and expires on 30 June 2006 or the date on which any Rule specified herein is amended, whichever is earlier.

      RULES WAIVED

      The Rules waived are set out in Table A below.

      Module Version Rule
      AUT/VER4/04-06 Rules AUT 10.2.2 (h), AUT 11.3.1, AUT 11.3.2

      RULES MODIFIED

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

      The version of Rules to which this part of the notice relates is AUT/VER4/04-06.

      TABLE B

      Rule Modified Text
      AUT 11.2.1
      11.2.1 An Authorised Firm must not permit an individual to perform a Licensed Function on its behalf, except as permitted by section 9.4 unless that individual is an Authorised Individual who: (a) has been assessed by the Authorised Firm as competent to perform that Licensed Function in accordance with Rule 11.2.2. ; and

      (b) in respect of the Licensed Function of Licensed Representative;
      (i) that individual holds, or is exempt from having to hold, a relevant qualification in accordance with Rule 11.3.1; or
      (ii) only performs that Licensed Function while under appropriate supervision by an Authorised Individual assessed as competent under Rule 11.2.2 and Rule 11.3.1 in respect of the same activity.

      INTERPRETATION

      The provisions in this notice are to be construed in 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 Knott
      Position : Chief Executive
      Date : 23 May 2006

    • W 117/06 COB — Deutsche Bank AG

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      WAIVER NOTICE

      To Deutsche Bank AG
      Address The Gate, West Wing, Level 3, PO Box 504902, Dubai, UAE
      DFSA Firm Reference No. F000045
      Notice No. W117/2006

      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 the 31 May 2006 and expires on the 15 August 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.

      Module Version Rule
      COB VER 5/04-06 COB 6.9.1 to COB 6.9.7

      CONDITIONS

      N/A

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 31 May 2006

    • W 118/06 AUT — Mashreq Capital (DIFC) Limited

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      WAIVER AND MODIFICATION NOTICE

      To Mashreq Capital (DIFC) Limited
      Address Post Box 1250, Dubai, UAE
      DFSA Firm Reference No. F000178
      Notice No. W118/2006

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

      2. The Rules specified in Table B herein do not apply to the above mentioned Person the form appearing in the Rulebook but instead apply to the 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 24 May 2006 and expires on 30 June 2006 or the date on which any Rule specified herein is amended, whichever is earlier.

      RULES WAIVED

      The Rules waived are set out in Table A below.

      Module Version Rule
      AUT/VER4/04-06 Rules AUT 10.2.2 (h), AUT 11.3.1, AUT 11.3.2

      RULES MODIFIED

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

      The version of Rules to which this part of the notice relates is AUT/VER4/04-06.

      TABLE B

      Rule Modified Text
      AUT 11.2.1
      11.2.1 An Authorised Firm must not permit an individual to perform a Licensed Function on its behalf, except as permitted by section 9.4 unless that individual is an Authorised Individual who: (a) has been assessed by the Authorised Firm as competent to perform that Licensed Function in accordance with Rule 11.2.2.; and
      (b) in respect of the Licensed Function of Licensed Representative;
      (i) that individual holds, or is exempt from having to hold, a relevant qualification in accordance with Rule 11.3.1; or
      (ii) only performs that Licensed Function while under appropriate supervision by an Authorised Individual assessed as competent under Rule 11.2.2 and Rule 11.3.1 in respect of the same activity.

      INTERPRETATION

      The provisions in this notice are to be construed in 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 Knott
      Position : Chief Executive
      Date : 24 May 2006

    • W 120/06 COB — AIG MEMSA General Insurance Company Ltd

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      MODIFICATION NOTICE

      To AIG MEMSA General Insurance Company Ltd
      Address Level 11, The Gate Building, PO Box 117719,
      Dubai International Financial Centre, Dubai, UAE
      DFSA Firm Reference No. F000016
      Notice No. W120/2006

      THE DFSA HEREBY GIVES NOTICE THAT:

      The Rule specified in the table herein does not apply to the above mentioned Person in the form appearing in the Rulebook but instead applies to that Person in the modified form prescribed in that table below.

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

      Effective date: This notice comes into effect on 28th May and remains in effect until further notice or on the date on which any rule specified herein is amended, whichever is the earlier.

      RULE MODIFIED

      The Rule listed in the left hand column of the table below is 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 the Rule to which this notice relates is COB/VER4/01-06.

      Rule Modified Text
      COB 2.2.2 (2) An Insurer which is a DIFC incorporated Insurer must ensure that it does not Effect a Contract of Insurance or Carry Out a Contract of Insurance with a natural person, in or from the DIFC or from a branch outside the DIFC…………

      CONDITIONS

      The modification in respect of the Rule specified above remain in effect on condition that prior to establishing a branch in another jurisdiction, the firm must seek and obtain the prior approval of the DFSA.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 28th May 2006

    • W 121/06 AUT — Standard Chartered Bank

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      WAIVER AND MODIFICATION NOTICE

      To Standard Chartered Bank
      Address PO Box 999, Dubai, U.A.E
      DFSA Firm Reference No. F000003
      Notice No. W121/2006

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND
      2. The Rules specified in Table B herein do not apply to the above mentioned Person the form appearing in the Rulebook but instead apply to the 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 28 May 2006 and expires on 30 June 2006 or the date on which any Rule specified herein is amended, whichever is earlier.

      RULES WAIVED

      The Rules waived are set out in Table A below.

      Module Version Rule
      AUT/VER4/04-06 Rules AUT 10.2.2 (h), AUT 11.3.1, AUT 11.3.2

      RULES MODIFIED

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

      The version of Rules to which this part of the notice relates is AUT/VER4/04-06.

      TABLE B

      Rule Modified Text
      AUT 11.2.1
      11.2.1 An Authorised Firm must not permit an individual to perform a Licensed Function on its behalf, except as permitted by section 9.4 unless that individual is an Authorised Individual who: (a) has been assessed by the Authorised Firm as competent to perform that Licensed Function in accordance with Rule 11.2.2. ; and

      (b) in respect of the Licensed Function of Licensed Representative;
      (i) that individual holds, or is exempt from having to hold, a relevant qualification in accordance with Rule 11.3.1; or

      (ii) only performs that Licensed Function while under appropriate supervision by an Authorised Individual assessed as competent under Rule 11.2.2 and Rule 11.3.1 in respect of the same activity.

      INTERPRETATION

      The provisions in this notice are to be construed in 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 Knott
      Position : Chief Executive
      Date : 28 May 2006

    • W 123/06 AUT — Ansbacher & Co Limited

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      WAIVER AND MODIFICATION NOTICE

      To Ansbacher & Co Limited
      Address Level 4, The Gate Building, West Wing, DIFC, Dubai, UAE
      DFSA Firm Reference No. F000005
      Notice No. W123/2006

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

      2. The Rules specified in Table B herein do not apply to the above mentioned Person the form appearing in the Rulebook but instead apply to the 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 28 May 2006 and expires on 30 June 2006 or the date on which any Rule specified herein is amended, whichever is earlier.

      RULES WAIVED

      The Rules waived are set out in Table A below.

      Module Version Rule
      AUT/VER4/04-06 Rules 10.2.2 (h), 11.3.1, 11.3.2

      RULES MODIFIED

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

      The version of Rules to which this part of the notice relates is AUT/VER4/04-06.

      TABLE B

      Rule Modified Text
      AUT 11.2.1
      11.2.1 An Authorised Firm must not permit an individual to perform a Licensed Function on its behalf, except as permitted by section 9.4 unless that individual is an Authorised Individual who: (a) has been assessed by the Authorised Firm as competent to perform that Licensed Function in accordance with Rule 11.2.2. ; and

      (b) in respect of the Licensed Function of Licensed Representative;
      (i) that individual holds, or is exempt from having to hold, a relevant qualification in accordance with Rule 11.3.1; or

      (ii) only performs that Licensed Function while under appropriate supervision by an Authorised Individual assessed as competent under Rule 11.2.2 and Rule 11.3.1 in respect of the same activity.

      INTERPRETATION

      The provisions in this notice are to be construed in 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 Knott
      Position : Chief Executive
      Date : 28 May 2006

    • W 124/06 AUT — Fortis Banque (Suisse) S.A

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      WAIVER AND MODIFICATION NOTICE

      To Fortis Banque (Suisse) S.A
      Address The Gate — Level 5, East Wing, Dubai, United Arab Emirates
      DFSA Firm Reference No. F000050
      Notice No. W124/2006

      THE DFSA HEREBY GIVES NOTICE THAT:

      1. The Rules specified in the table herein do not apply to the above mentioned Person.
            AND
      2. The Rules specified in Table B herein do not apply to the above mentioned Person the form appearing in the Rulebook but instead apply to the 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 28 May 2006 and expires on 30 June 2006 or the date on which any Rule specified herein is amended, whichever is earlier.

      RULES WAIVED

      The Rules waived are set out in Table A below.

      Module Version Rule
      AUT/VER4/04-06 Rules 10.2.2 (h), 11.3.1, 11.3.2

      RULES MODIFIED

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

      The version of Rules to which this part of the notice relates is AUT/VER4/04-06.

      TABLE B

      Rule Modified Text
      AUT 11.2.1

      11.2.1 An Authorised Firm must not permit an individual to perform a Licensed Function on its behalf, except as permitted by section 9.4 unless that individual is an Authorised Individual who: (a) has been assessed by the Authorised Firm as competent to perform that Licensed Function in accordance with Rule 11.2.2.; and

      (b) in respect of the Licensed Function of Licensed Representative;
      (i) that individual holds, or is exempt from having to hold, a relevant qualification in accordance with Rule 11.3.1; or
      (ii) only performs that Licensed Function while under appropriate supervision by an Authorised Individual assessed as competent under Rule 11.2.2 and Rule 11.3.1 in respect of the same activity.

      INTERPRETATION

      The provisions in this notice are to be construed in 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 Knott
      Position : Chief Executive
      Date : 28 May 2006

    • W 125/06 COB — Credit Suisse

      Click herehere to view the PDF

      WAIVER NOTICE

      To Credit Suisse
      Address Level 9, The Gate, East Wing, DIFC,
      PO Box 33660, Dubai, UAE
      DFSA Firm Reference No. F000011
      Notice No. W125/2006

      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 6 June 2006 and expires on 15 August 2006 or the date on which any Rule specified herein is amended, which ever is earlier.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      COB VER 5/04-06 COB 6.9.1 to COB 6.9.7

      CONDITIONS

      N/A

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Jane Coakley
      Position : Managing Director
      Date : 7 June 2006

    • W 126/06 PIB — Lehman Brothers International (Europe)

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      WAIVER NOTICE

      To Lehman Brothers International (Europe)
      Address 25 Bank Street, London E14 5LE
      United Kingdom
      DFSA Firm Reference No. F000278
      Notice No. W126/2006

      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 28th August 2006 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/VER7/08-06 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER7/08-06 PIB Chapter 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy summary report to the Financial Services Authority (FSA), within ten business days of the due date for submission 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 Knott
      Position : Chief Executive
      Date : 28th August 2006

    • W 128/06 GEN — Lehman Brothers International (Europe)

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Lehman Brothers International (Europe)
      Address 25 Bank Street, London E14 5LE
      United Kingdom
      DFSA Firm Reference No. F000278
      Notice No. W128/2006

      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 below.

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

      Effective date: This notice comes into effect on 28th August 2006 and expires on 28th August 2009 or the date on which any Rule specified herein is amended, which ever is the earlier.

      RULES WAIVED

      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 GEN/VER11/08-06.

      Rule Modified Text
      GEN 8.2.1 (1) An Authorised Person must prepare and maintain all financial accounts and statements in accordance with the International Financial Reporting Standards (IFRS) unless (2) or (3) applies or in accordance with generally accepted accounting principles of the United States of America.
      GEN 8.6.1

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

      (a) conduct an audit of the Authorised Person's accounts in accordance with the requirements of the relevant standards published by the International Auditing and Assurance Standards Board (IAASB) or in compliance with the Standards of Public Accounting Oversight Board (United States) in respect of conventional financial business and the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) in respect of any Islamic Financial Business undertaken.
      [..]
      (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 in compliance with the Standards of Public Accounting Oversight Board (United States) 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 in compliance with the Standards of Public Accounting Oversight Board (United States) and to AAOIFI auditing standards in respect of Islamic Financial Business.

      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 Knott
      Position : Chief Executive
      Date : 28th August 2006

    • W 130/06 AUT — ABN AMRO Bank NV

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To ABN AMRO Bank NV
      Address Gustav Mahlerlaan 10, 1082 PP Amsterdam
      The Netherlands
      DFSA Firm Reference No. F000071
      Notice No. W130/2006

      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 below.

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

      Effective date: This notice comes into effect on 19th June 2006 and remains in effect until further notice or the date on which the current Chief Executive Officer, Asia registered as the Licensed Director of the firm by way of this rule modification remains in his office, whichever is earlier.

      RULES MODIFIED

      The Rules listed in the left hand column of the table below is 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/VER4/04-06.

      Rule Modified Text
      AUT 10.3.4 An Authorised Firm which is a Body Corporate, other than a Limited Liability Partnership:

      (a) whose head office and registered office is located in the DIFC, must register with the DFSA all of its Directors as Licensed Directors; or

      (b) whose head office and registered office is not located in the DIFC must register with the DFSA at least one of its Directors or the Chief Executive Officer, Asia as a Licensed Director who is ultimately responsible for the Authorised Firm’s Financial Services carried on in or from the DIFC.

      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 : Jane Coakley
      Position : Managing Director
      Date : 19th June 2006

    • W 135/06 AUT — Argent Financial Group International LLP

      Click herehere to view the PDF

      WAIVER AND MODIFICATION NOTICE

      To Argent Financial Group International LLP
      Address Dubai International Financial Centre
      Building #3, 3rd Floor P.O. Box 75632
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000116
      Notice No. W135/2006

      THE DFSA HEREBY GIVES NOTICE THAT:

      1. The Rules specified in the table herein do not apply to the above mentioned Person.
           AND
      2. The Rules specified in Table B herein do not apply to the above mentioned Person the form appearing in the Rulebook but instead apply to the 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 5th June 2006 and expires on 30 June 2006 or the date on which any Rule specified herein is amended, whichever is earlier.

      RULES WAIVED

      The Rules waived are set out in Table B below.

      Module Version Rule
      AUT/VER4/04-06 Rules 10.2.2 (h), 11.3.1, 11.3.2

      RULES MODIFIED

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

      The version of Rules to which this part of the notice relates is AUT/VER4/04-06.

      TABLE B

      Rule Modified Text
      AUT 11.2.1
      11.2.1 An Authorised Firm must not permit an individual to perform a Licensed Function on its behalf, except as permitted by section 9.4 unless that individual is an Authorised Individual who: (a) has been assessed by the Authorised Firm as competent to perform that Licensed Function in accordance with Rule 11.2.2. ; and
      (b) in respect of the Licensed Function of Licensed Representative;
      (i) that individual holds, or is exempt from having to hold, a relevant qualification in accordance with Rule 11.3.1; or
      (ii) only performs that Licensed Function while under appropriate supervision by an Authorised Individual assessed as competent under Rule 11.2.2 and Rule 11.3.1 in respect of the same activity.

      INTERPRETATION

      The provisions in this notice are to be construed in 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 : Jane Coakley
      Position : Managing Director
      Date : 5th June 2006

    • W 136/06 AUT — Injazat Capital Limited

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      WAIVER AND MODIFICATION NOTICE

      To Injazat Capital Limited
      Address Office 235, Level 2, Building 7
      Dubai Media City, Dubai UAE
      DFSA Firm Reference No. F000064
      Notice No. W136/2006

      THE DFSA HEREBY GIVES NOTICE THAT:

      1. The Rules specified in the table herein do not apply to the above mentioned Person.
            AND
      2. The Rules specified in Table B herein do not apply to the above mentioned Person the form appearing in the Rulebook but instead apply to the 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 5th June 2006 and expires on 30 June 2006 or the date on which any Rule specified herein is amended, whichever is earlier.

      RULES WAIVED

      The Rules waived are set out in Table B below.

      Module Version Rule
      AUT/VER4/04-06 Rules 10.2.2 (h), 11.3.1, 11.3.2

      RULES MODIFIED

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

      The version of Rules to which this part of the notice relates is AUT/VER4/04-06.

      TABLE B

      Rule Modified Text
      AUT 11.2.1
      11.2.1 An Authorised Firm must not permit an individual to perform a Licensed Function on its behalf, except as permitted by section 9.4 unless that individual is an Authorised Individual who: (a) has been assessed by the Authorised Firm as competent to perform that Licensed Function in accordance with Rule 11.2.2. ; and
      (b) in respect of the Licensed Function of Licensed Representative;
      (i) that individual holds, or is exempt from having to hold, a relevant qualification in accordance with Rule 11.3.1; or
      (ii) only performs that Licensed Function while under appropriate supervision by an Authorised Individual assessed as competent under Rule 11.2.2 and Rule 11.3.1 in respect of the same activity.

      INTERPRETATION

      The provisions in this notice are to be construed in 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 : Jane Coakley
      Position : Managing Director
      Date : 5th June 2006

    • W 137/06 AUT — EFG Bank

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      WAIVER AND MODIFICATION NOTICE

      To EFG Bank
      Address Dubai International Financial Centre
      Precinct building 5, Level 5 North
      P.O.Box — 506502
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000083
      Notice No. W137/2006

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

      2. The Rules specified in Table B herein do not apply to the above mentioned Person the form appearing in the Rulebook but instead apply to the 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 6 June 2006 and expires on 30 June 2006 or the date on which any Rule specified herein is amended, whichever is earlier.

      RULES WAIVED

      The Rules waived are set out in Table A below.

      Module Version Rule
      AUT/VER4/04-06 Rules AUT 10.2.2 (h), AUT 11.3.1, AUT 11.3.2

      RULES MODIFIED

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

      The version of Rules to which this part of the notice relates is AUT/VER4/04-06.

      TABLE B

      Rule Modified Text
      AUT 11.2.1
      11.2.1 An Authorised Firm must not permit an individual to perform a Licensed Function on its behalf, except as permitted by section 9.4 unless that individual is an Authorised Individual who: (a) has been assessed by the Authorised Firm as competent to perform that Licensed Function in accordance with Rule 11.2.2. ; and

      (b) in respect of the Licensed Function of Licensed Representative;
      (i) that individual holds, or is exempt from having to hold, a relevant qualification in accordance with Rule 11.3.1; or

      (ii) only performs that Licensed Function while under appropriate supervision by an Authorised Individual assessed as competent under Rule 11.2.2 and Rule 11.3.1 in respect of the same activity.

      INTERPRETATION

      The provisions in this notice are to be construed in 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 : Jane Coakley
      Position : Managing Director
      Date : 6 June 2006

    • W 141/06 AUT — Gulf Capital Group Limited

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      WAIVER AND MODIFICATION NOTICE

      To Gulf Capital Group Limited
      Address Office 602, 21st Century Building, Abu Baker Al Siddique Road
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000151
      Notice No. W141/2006

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

      2. The Rules specified in Table B herein do not apply to the above mentioned Person the form appearing in the Rulebook but instead apply to the 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 7 June 2006 and expires on 30 June 2006 or the date on which any Rule specified herein is amended, whichever is earlier.

      RULES WAIVED

      The Rules waived are set out in Table A below.

      Module Version Rule
      AUT/VER4/04-06 Rules AUT 10.2.2 (h), AUT 11.3.1, AUT 11.3.2

      RULES MODIFIED

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

      The version of Rules to which this part of the notice relates is AUT/VER4/04-06.

      TABLE B

      Rule Modified Text
      AUT 11.2.1
      11.2.1 An Authorised Firm must not permit an individual to perform a Licensed Function on its behalf, except as permitted by section 9.4 unless that individual is an Authorised Individual who: (a) has been assessed by the Authorised Firm as competent to perform that Licensed Function in accordance with Rule 11.2.2. ; and
      (b) in respect of the Licensed Function of Licensed Representative;
      (i) that individual holds, or is exempt from having to hold, a relevant qualification in accordance with Rule 11.3.1; or
      (ii) only performs that Licensed Function while under appropriate supervision by an Authorised Individual assessed as competent under Rule 11.2.2 and Rule 11.3.1 in respect of the same activity.

      INTERPRETATION

      The provisions in this notice are to be construed in 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 : Jane Coakley
      Position : Managing Director
      Authorisation
      Date : 7 June 2006

    • W 142/06 GEN, AUT, PIB — RFIB Middle East

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      WAIVER AND MODIFICATION NOTICE

      To RFIB Middle East
      Address 10th floor, Capricorn Tower, Sheihk Zayed Road,
      PO Box 114444, Dubai, UAE
      DFSA Firm Reference No. F000446
      Notice No. W142/2006

      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 Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply to the 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 18 June 2006 and expires on 18 December 2006.

      RULES WAIVED

      The Rules waived are set out in Table A below.

      TABLE A

      Module Version Rule
      GEN/VER10/06-06 GEN 6.4.2, GEN A5.2.1
      AUT/VER5/06-06 AUT 8.2.2, AUT 8.2.3, AUT 10.3.4 & AUT 10.3.5

      RULES MODIFIED

      The Rules listed in the left hand column of Table B 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 part of the notice relates are AUT/VER5/06-06 and PIB/VER6/06-06.

      TABLE B

      Rule Modified Text
      AUT 10.3.1
      The above mentioned Person must ensure that that An Authorised Firm must make the following positions appointments and ensure that they are held by Mr Anthony David Harris who will be an one or more Authorised Individuals at all times:

      (a) Senior Executive Officer;

      (b) Finance Officer;

      (c) Compliance Officer; and

      (d) Money Laundering Reporting Officer.

      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.
      PIB 1.6.1
      (1) Annual returns must be signed by two officers of an Authorised Firm who are Directors, Partners or Persons previously approved by the DFSA for this purpose.
      (2) Quarterly returns must be signed by an officer of an Authorised Firm who is either a Director, Partner or Person previously approved by the DFSA for this purpose.
      PIB A7.1.1
      Applies in the form set out in that provision subject to the omission of any references in that provision to Quarterly returns.

      CONDITIONS

      Nil

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Jane Coakley
      Position : Managing Director, Authorisation
      Date : 18 June 2006

    • W 143/06 GEN, AUT, PIB — Alliance International Reinsurance Co Ltd

      Click herehere to view the PDF

      WAIVER / MODIFICATION NOTICE

      To Alliance International Reinsurance Co Ltd
      Address Suite W403, 4th Floor, The Gate, 1 Gate Drive, Gate District,
      DIFC, PO Box 73323, Dubai, UAE
      DFSA Firm Reference No. F000017
      Notice No. W143/2006

      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 Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply to the 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 18 June 2006 and expires on 18 December 2006.

      RULES WAIVED

      The Rules waived are set out in Table A below.

      TABLE A

      Module Version Rule
      GEN/VER10/06-06 GEN 6.4.2, GEN A5.2.1
      AUT/VER5/06-06 AUT 8.2.2, AUT 8.2.3, AUT 10.3.4 & AUT 10.3.5

      RULES MODIFIED

      The Rules listed in the left hand column of Table B 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 part of the notice relates are GEN/VER10/06-06, AUT/VER5/06-06, COB/VER6/06/06 and PIB/VER6/06-06.

      TABLE B

      Rule Modified Text
      GEN Rule 2.19.1
      (1) In Rule 2.2.2 Insurance Intermediation means:
      (a) advising on insurance;
      (b) acting as agent for another Person in relation to the buying or selling of insurance for that other Person; or
      (c) making arrangements with a view to another Person, whether as principal or agent, buying insurance.
      (2) In (1)(a), 'advising' means giving advice:
      (a) which is given to a Person in his capacity as a policyholder or potential policyholder, or in his capacity as agent for a policyholder or potential policyholder on the merits of his entering into a Contract of Insurance whether as principal or agent; or
      (b) that constitutes generic advice.
      (3) In (2)(a), 'advice' includes a statement, opinion or report:
      (a) where the intention is to influence a Person, in making a decision, to select a particular Contract of Insurance or insurance cover; or
      (b) which could reasonably be regarded as being intended to have such influence.
      (34) In (2)(b), 'generic advice' means any communication, subject to (45), that:
      (a) contains information about a particular Contract of Insurance or insurance cover; and
      (b) could reasonably be regarded as being intended to influence a Person when making a decision relating to any particular Contract of Insurance or type of insurance cover to which the communication relates,
      although the communication does not contain any advice on the merits of the Particular person entering into those Contracts of Insurance or obtaining insurance cover referred to in the communication.
      (45) Any communication which contains generic advice where issued by or on behalf of a government or government entity does not constitute generic advice for the purposes of this Rule.
      (56) The arrangements in (1)(c) include:
      (a) arrangements which do not bring about the transaction; and
      (b) making invitations or, engaging in any other conduct with a view to influencing another Person when making a decision in relation to a particular Contract of Insurance or insurance cover.
      (67) In (56)(b):
      (a) invitations mean any communications that directly or indirectly invite a Person to enter into a particular Contract of Insurance; and
      (b) other conduct means any conduct, though not amounting to an invitation, that can be viewed as a step in the chain that directly or indirectly leads a Person to enter in to a particular Contract of Insurance.
      AUT 10.3.1 The above mentioned Person must ensure that that An Authorised Firm must make the following positions appointments and ensure that they are held by Mr Thiruvengadaswamy Raghuraman who will be an one or more Authorised Individuals at all times:
      (a) Senior Executive Officer;
      (b) Finance Officer;
      (c) Compliance Officer; and
      (d) Money Laundering Reporting Officer.
      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.
      PIB 1.6.1
      1.6.1
      (1) Annual returns must be signed by two officers of an Authorised Firm who are either Directors, Partners or Persons previously approved by the DFSA for this purpose.
      (2) Quarterly returns must be signed by an officer of an Authorised Firm who is either a Director, Partner or Person previously approved by the DFSA for this purpose.
      PIB A7.1.1
      A7.1.1 Applies in the form set out in that provision subject to the omission of any references in that provision to Quarterly returns.

      CONDITIONS

      (a) The above mentioned Person is restricted to advising on insurance where that advice constitutes generic advice as defined for the purposes of Rule 2.19.1.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Jane Coakley
      Position : Managing Director
      Date : 18 June 2006

    • W 144/06 GEN, AUT, PIB — JLT Risk Solutions Limited

      Click herehere to view the PDF

      WAIVER AND MODIFICATION NOTICE

      To JLT Risk Solutions Limited
      Address The Fairmont, Suite 712, Sheihk Zayed Road,
      PO Box 24459, Dubai, UAE
      DFSA Firm Reference No. F000014
      Notice No. W144/2006

      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 Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply to the 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 18 June 2006 and expires on 17 December 2006.

      RULES WAIVED

      The Rules waived are set out in Table A below.

      TABLE A

      Module Version Rule
      GEN/VER10/06-06 GEN 6.4.2, GEN A5.2.1
      AUT/VER5/06-06 AUT 8.2.2, AUT 8.2.3, AUT 10.3.4 & AUT 10.3.5

      RULES MODIFIED

      The Rules listed in the left hand column of Table B 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 part of the notice relates are AUT/VER5/06-06 and PIB/VER6/06-06.

      TABLE B

      Rule Modified Text
      AUT 10.3.1
      The above mentioned Person must ensure that that An Authorised Firm must make the following positions appointments and ensure that they are held by Mr Michael Whateley Good who will be an one or more Authorised Individuals at all times:

      (a) Senior Executive Officer;

      (b) Finance Officer;

      (c) Compliance Officer; and

      (d) Money Laundering Reporting Officer.

      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.
      PIB 1.6.1
      (1) Annual returns must be signed by two officers of an Authorised Firm who are Directors, Partners or Persons previously approved by the DFSA for this purpose.
      (2) Quarterly returns must be signed by an officer of an Authorised Firm who is either a Director, Partner or Person previously approved by the DFSA for this purpose.
      PIB A7.1.1
      Applies in the form set out in that provision subject to the omission of any references in that provision to Quarterly returns.

      CONDITIONS

      Nil

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Jane Coakley
      Position : Managing Director, Authorisation
      Date : 18 June 2006

    • W 145/06 PIB — Jefferies International Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To Jefferies International Limited
      Address Level 41, Emirates Towers Offices, Sheikh Zayed Road,
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000289
      Notice No. W145/2006

      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 31st August 2006 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/VER7/08-06 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER7/08-06 PIB Chapter 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy summary report to the Financial Services Authority, within ten business days of the due date for submission to the Financial Services Authority.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 31st August 2006

    • W 146/06 REC — Jefferies International Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To Jefferies International Limited
      Address Bracken House
      Level 4
      One Friday Street
      London EC4M9JA
      DFSA Firm Reference No. F000289
      Notice No. W146/2006

      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 20 June 2006, until further notice, 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.

      Module Version Rule
      REC/VER2/08-05 REC 7.2.2 (a)

      CONDITIONS

      Nil

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Jane Coakley
      Position : Acting Chief Executive
      Date : 20 June 2006

    • W 147/06 GEN, AUT, COB, PIB — Volaw Trust & Corporate Services Limited

      Click herehere to view the PDF

      WAIVER / MODIFICATION NOTICE

      To Volaw Trust & Corporate Services Limited
      Address 1004 Al Safa Tower, Sheikh Zayed Road,
      PO Box 73120, Dubai UAE
      DFSA Firm Reference No. F000047
      Notice No. W147/2006

      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 Table B herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply to the 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 18 June 2006 and expires on 17 June 2007.

      RULES WAIVED

      The Rules waived are set out in Table A below.

      TABLE A

      Module Version Rule
      GEN/VER10/06-06 GEN 6.4.2 and GEN A5.2.1
      AUT/VER5/06-06 AUT 8.2.2, AUT 8.2.3, AUT 10.3.4 and AUT 10.3.5
      COB/VER6/06-06 COB 3.2.4, COB 3.2.5, COB 3.2.6 and COB 6.2

      RULES MODIFIED

      The Rules listed in the left hand column of Table B 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 versions of Rules to which this part of the notice relates are GEN/VER10/06-06, AUT/VER5/06-06, COB/VER6/06/06 and PIB/VER6/06-06.

      TABLE B

      Rule Modified Text
      GEN Rule 2.11.1
      (1) In Rule 2.2.2 Advising on financial products or credit means giving advice which:
      (a) is given to a Person in his capacity as an investor or potential investor, or in his capacity as agent for an investor or a potential investor on the merits of his buying, selling, holding, subscribing for or underwriting a particular financial product (whether as principal or agent); or
      (b) is given to a Person in his capacity as a borrower or potential borrower or as agent for a borrower or potential borrower on the merits of his entering into a particular Credit Facility; or
      (c) constitutes generic advice. [Added][VER6/06-06]
      (2) Advice in (1)(a) and (b) includes a statement, opinion or report:
      (a) where the intention is to influence a Person, in making a decision, to select a particular financial product or an interest in a particular financial product or to enter into a particular Credit Facility; or
      (b) which could reasonably be regarded as being intended to have such an influence.
      (23) In (1)(c), 'generic advice' means any communication, subject to (34), that:
      (a) contains information about a particular financial product or Credit Facility; and
      (b) could reasonably be regarded as being intended to influence a Person when making a decision relating to any financial product or Credit Facility to which the communication relates,
      although the communication does not contain any advice on the merits of that Particular person entering into a transaction to buy, sell, hold, subscribe for or underwrite those financial products or enter into a particular Credit Facility, whether as principal or agent. [Added][VER6/06-06]
      (34) Any communication which contains generic advice where issued by or on behalf of a government or government entity does not constitute generic advice for the purposes of this Rule. [Added][VER10/06-06]
      AUT 10.3.1 The above mentioned Person must ensure that that An Authorised Firm must make the following positions appointments and ensure that they are held by James Gordon Hume who will be an one or more Authorised Individuals at all times:
      (a) Senior Executive Officer;
      (b) Finance Officer;
      (c) Compliance Officer; and
      (d) Money Laundering Reporting Officer.
      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.
      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 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) an individual who:
      (i) is an employee of the Authorised Firm; and
      (ii) meets the conditions in (1)(a)(ii) and (iii);
      (bc) an Undertaking which has had, or any of whose Holding Companies or Subsidiaries has had, in the last two years, called up share capital or net assets of at least $5 million. In the case of a limited liability partnership calculated without deducting loans owing to any of the partners;
      (d) a trustee of a trust or pension fund which has had in the last two years assets of at least $5 million calculated by aggregating the value of the cash and investments forming part of the trust's or fund's assets, but before deducting its liabilities;
      (e) a properly constituted government, government agency, central bank or other national monetary authority of any country or jurisdiction;
      (f) a public authority or state investment body;
      (g) a supranational organisation whose members are either countries, central banks or national monetary authorities;
      (h) an Authorised Firm or Regulated Financial Institution;
      (i) an Authorised Market Institution, regulated exchange or regulated clearing house;
      (j) an Undertaking which is a Holding Company or Subsidiary of an Undertaking in (h) or (i) with that undertakings consent;
      (k) a Body Corporate whose shares are listed or admitted to trading on any regulated exchange of an IOSCO member country; or
      (l) a Collective Investment Fund or Special Purpose Vehicle.
      (2) Any Person who does not meet the criteria in (1) is a Retail Customer.

      Guidance

      1. In obtaining an individual's consent in Rule 3.2.2(1)(a)(iii) and (b)(ii) the DFSA expects an Authorised Firm to inform the individual of the consequences of being treated as a Client.
      2. This may include a statement that the DIFC is a wholesale jurisdiction and the individual will not be afforded the retail customer protections and compensation rights that may generally be available to them in other jurisdictions.
      3.

      Liquid assets

      3.2.3 For the purpose of Rule 3.2.2(a)(i), liquid assets are cash or assets which can be readily converted into cash, including but not limited to marketable securities, government bonds, treasury bills and notes that mature within 90 days.
      PIB 1.6.1
      1.6.1
      (1) Annual returns must be signed by two officers of an Authorised Firm who are either Directors, Partners or Persons previously approved by the DFSA for this purpose.
      (2) Quarterly returns must be signed by an officer of an Authorised Firm who is either a Director, Partner or Person previously approved by the DFSA for this purpose.
      PIB A7.1.1
      A7.1.1 applies in the form set out in that provision subject to the omission of any references in that provision to Quarterly Returns.

      CONDITIONS

      (a) The above mentioned Person is restricted to advising on financial products or credit where that advice constitutes generic advice as defined for the purposes of Rule 2.2.2.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 29 June 2006

    • W 148/06 PIB — Goldman Sachs International

      Click herehere to view the PDF

      WAIVER NOTICE

      To Goldman Sachs International
      Address Business Centre, Level 12, The Gate, DIFC, P.O. Box
      121208, Dubai, UAE
      DFSA Firm Reference No. F000297
      Notice No. W148/2006

      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 6 August 2006 and remains in effect until further notice.

      RULES WAIVED

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

      DFSA Rulebook Module Version Rule
      PIB/VER6/06-06 PIB 1, Section 1.2 & 1.4 (Financial Resources & The Trading Book)
      PIB/VER6/06-06 PIB 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy summary report to the Financial Services Authority (”FSA”), within ten business days of the due date for submission 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 Knott
      Position : Chief Executive
      Date : 6 August 2006

    • W 149/06 AUT — Goldman Sachs International

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Goldman Sachs International
      Address Business Centre, Level 12, The Gate, DIFC, P.O. Box
      121208, Dubai, UAE
      DFSA Firm Reference No. F000297
      Notice No. W149/2006

      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 below.

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

      Effective date: This notice comes into effect on 6 August 2006 and remains in effect until 5 February 2007, or the date on which any Rule specified herein is amended, whichever is the earlier.

      RULES MODIFIED

      The Rules listed in the left hand column 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 part of the notice relates is AUT/VER5/06-06.

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

      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 Knott
      Position : Chief Executive
      Date : 6 August 2006

    • W 150/06 PIB — Fortis Bank

      Click herehere to view the PDF

      WAIVER NOTICE

      To Fortis Bank
      Address Level 5, East Wing, The Gate Building, PO Box 211104,
      DIFC, Dubai, UAE
      DFSA Firm Reference No. F000298
      Notice No. W150/2006

      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 28th August 2006 and remains in effect until further notice.

      RULES WAIVED

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

      Module Version Rule
      PIB/VER7/08-06 Chapter PIB 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER7/08-06 Chapter PIB 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy summary report to Commission Bancaire, Financiere et des Assurances, within ten business days of the due date for submission to Commission Bancaire, Financiere et des Assurances.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 28th August 2006

    • W 151/06 AUT — Fortis Bank

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Fortis Bank
      Address Level 5, East Wing, The Gate Building, PO Box 211104,
      DIFC, Dubai, UAE
      DFSA Firm Reference No. F000298
      Notice No. W151/2006

      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 below.

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

      Effective date: This notice comes into effect on 28th August 2006 and remains in effect until further notice or the date on which the current Chief Executive Officer, Merchant Banking — Specialised Finance ceases his office, which ever is 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 AUT/VER6/08-06.

      Rule Modified Text
      AUT 10.2.2





















      AUT 10.3.4
      Licensed Functions:

      Senior executive officer

      (a) …………

      Licensed director

      (b) Subject to Rule 10.3.3, the Licensed Director function is carried out by an individual who is a Director of an Authorised Firm which is either a Body Corporate or an unincorporated association or by the Chief Executive Officer, Merchant Banking — Specialised Finance.

      Licensed partner

      (c) ……..and so on until...(i).

      An Authorised Firm which is a Body Corporate, other than a Limited Liability Partnership:

      (a) whose head office and registered office is located in the DIFC, must register with the DFSA all of its Directors as Licensed Directors; or

      (b) whose head office and registered office is not located in the DIFC must register with the DFSA at least one of its Directors or the Chief Executive Officer, Merchant Banking — Specialised Finance as a Licensed Director who is ultimately responsible for the Authorised Firm’s Financial Services carried on in or from the DIFC.

      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 Knott
      Position : Chief Executive
      Date : 28th August 2006

    • W 152/06 AUT — Jefferies International Limited

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Jefferies International Limited
      Address Level 41, Emirates Towers Offices, Sheikh Zayed Road, Dubai,
      United Arab Emirates
      DFSA Firm Reference No. F000289
      Notice No. W152/2006

      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 the 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 31st August 2006 and expires on 28th February 2006, 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 part of the notice relates is AUT/VER6/08-06.

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

      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 Knott
      Position : Chief Executive
      Date : 31st August 2006

    • W 153/06 AUT — Lehman Brothers International (Europe)

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Lehman Brothers International (Europe)
      Address 25 Bank Street, London E14 5LE
      United Kingdom
      DFSA Firm Reference No. F000278
      Notice No. W153/2006

      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 the 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 28th August 2006 and expires on 28th February 2007 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 AUT/VER6/08-06.

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

      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 Knott
      Position : Chief Executive
      Date : 28th August 2006

    • W 155/06 COB — Credit Suisse

      Click herehere to view the PDF

      WAIVER NOTICE

      To Credit Suisse
      Address The Gate Building, 9th Floor East, DIFC,
      PO Box 33660,
      Dubai, UAE
      DFSA Firm Reference No. F000011
      Notice No. W155/2006

      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 11 July 2006 and expires on 30 September 2006.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      NOT APPLICABLE COB 6.9.7

      CONDITIONS

      The waiver in respect of the Rule specified above remains in effect for the duration of the period set out above on condition that the above named Person when undertaking transactions in respect of the Units of a Foreign Fund maintains records:

      (a) of the name of the Fund and its Operator; and
      (b) unless the above named Person has an effective waiver from COB Rule 6.9.5, that Person must also maintain records of:
      (i) whether it is a Designated Fund and, if so, in which Recognised Jurisdiction it is authorised or approved; and
      (ii) if the Fund is not a Designated Fund, the Recognised Jurisdiction in which its Investment Manager and Eligible Custodian are authorised or licensed and supervised by a Financial Services Regulator or alternatively whether the manager or custodian are licensed by the DFSA.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 11 July 2006

    • W 156/06 COB — Julius Baer (Middle East) Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To Julius Baer (Middle East) Limited
      Address Level 5, Emirates Tower, Dubai, United Arab Emirates
      DFSA Firm Reference No. F000001
      Notice No. W156/2006

      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 the date of this Notice and expires on 30 September 2006.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      NOT APPLICABLE COB 6.9.7
         
         
         
         

      CONDITIONS

      The waiver in respect of the Rule specified above remains in effect for the duration of the period set out above on condition that the above named Person when undertaking transactions in respect of the Units of a Foreign Fund maintains records:

      (a) of the name of the Fund and its Operator; and
      (b) unless the above named Person has an effective waiver from the COB 6.9.5, that Person must also maintain records of:
      (i) whether it is a Designated Fund and, if so, in which Recognised Jurisdiction it is authorised or approved; and
      (ii) if the Fund is not a Designated Fund, the Recognised Jurisdiction in which its Investment Manager and Eligible Custodian are authorised or licensed and supervised by a Financial Services Regulator or alternatively whether the manager or custodian are licensed by the DFSA.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 13 July 2006

    • W 157/06 COB — Permal Investment Management Services Ltd

      Click herehere to view the PDF

      WAIVER NOTICE

      To Permal Investment Management Services Ltd
      Address DIFC, The Gate, Level 8
      PO Box 211218
      Dubai, UAE
      DFSA Firm Reference No. F000012
      Notice No. W157/2006

      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 the date of this Notice and expires on 30 September 2006.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      COB/VER6/06-06 COB 6.9.7

      CONDITIONS

      The waiver in respect of the Rule specified above remains in effect for the duration of the period set out above on condition that the above named Person when undertaking transactions in respect of the Units of a Foreign Fund maintains records:

      (a) of the name of the Fund and its Operator; and
      (b) unless the above named Person has an effective waiver from COB Rule 6.9.5, that Person must also maintain records of:
      (i) whether it is a Designated Fund and, if so, in which Recognised Jurisdiction it is authorised or approved; and
      (ii) if the Fund is not a Designated Fund, the Recognised Jurisdiction in which its Investment Manager and Eligible Custodian are authorised or licensed and supervised by a Financial Services Regulator or alternatively whether the manager or custodian are licensed by the DFSA.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 12 July 2006

    • W 158/06 COB — NBK Capital Ltd

      Click herehere to view the PDF

      WAIVER NOTICE

      To NBK Capital Ltd
      Address Business Centre
      Level 12, The Gate
      Dubai, UAE
      DFSA Firm Reference No. F000150
      Notice No. W158/2006

      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 the date of this Notice and expires on 30 September 2006.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      COB/VER6/06-06 COB 6.9.7

      CONDITIONS

      The waiver in respect of the Rule specified above remains in effect for the duration of the period set out above on condition that the above named Person when undertaking transactions in respect of the Units of a Foreign Fund maintains records:

      (a) of the name of the Fund and its Operator; and
      (b) unless the above named Person has an effective waiver from COB Rule 6.9.5, that Person must also maintain records of:
      (i) whether it is a Designated Fund and, if so, in which Recognised Jurisdiction it is authorised or approved; and
      (ii) if the Fund is not a Designated Fund, the Recognised Jurisdiction in which its Investment Manager and Eligible Custodian are authorised or licensed and supervised by a Financial Services Regulator or alternatively whether the manager or custodian are licensed by the DFSA.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 12 July 2006

    • W 159/06 COB — IXIS Asset Management UK Ltd

      Click herehere to view the PDF

      WAIVER NOTICE

      To IXIS Asset Management UK Ltd
      Address Convention Centre
      Grand Hyatt Dubai
      PO Box 118257
      Dubai, UAE
      DFSA Firm Reference No. F000234
      Notice No. W159/2006

      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 the date of this Notice and expires on 30 September 2006.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      COB/VER6/06-06 COB 6.9.7

      CONDITIONS

      The waiver in respect of the Rule specified above remains in effect for the duration of the period set out above on condition that the above named Person when undertaking transactions in respect of the Units of a Foreign Fund maintains records:

      (a) of the name of the Fund and its Operator; and
      (b) unless the above named Person has an effective waiver from COB Rule 6.9.5, that Person must also maintain records of:
      (i) whether it is a Designated Fund and, if so, in which Recognised Jurisdiction it is authorised or approved; and
      (ii) if the Fund is not a Designated Fund, the Recognised Jurisdiction in which its Investment Manager and Eligible Custodian are authorised or licensed and supervised by a Financial Services Regulator or alternatively whether the manager or custodian are licensed by the DFSA.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 12 July 2006

    • W 160/06 COB — Man Investments Middle East Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To Man Investments Middle East Limited
      Address Level 5, West Wing, The Gate, DIFC, United Arab Emirates
      DFSA Firm Reference No. F000066
      Notice No. W160/2006

      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 the date of this Notice and expires on 30 September 2006.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      NOT APPLICABLE COB 6.9.7

      CONDITIONS

      The waiver in respect of the Rule specified above remains in effect for the duration of the period set out above on condition that the above named Person when undertaking transactions in respect of the Units of a Foreign Fund maintains records:

      (a) of the name of the Fund and its Operator; and
      (b) unless the above named Person has an effective waiver from COB Rule 6.9.5, that Person must also maintain records of:
      (i) whether it is a Designated Fund and, if so, in which Recognised Jurisdiction it is authorised or approved; and
      (ii) if the Fund is not a Designated Fund, the Recognised Jurisdiction in which its Investment Manager and Eligible Custodian are authorised or licensed and supervised by a Financial Services Regulator or alternatively whether the manager or custodian are licensed by the DFSA.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 13 July 2006

    • W 161/06 COB — Mellon Global Investments Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To Mellon Global Investments Limited
      Address Level 42, Emirates Towers, Sheikh Zayed Rd, Dubai, United
      Arab Emirates
      DFSA Firm Reference No. F000007
      Notice No. W161/2006

      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 the date of this Notice and expires on 30 September 2006.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      NOT APPLICABLE COB 6.9.7

      CONDITIONS

      The waiver in respect of the Rule specified above remains in effect for the duration of the period set out above on condition that the above named Person when undertaking transactions in respect of the Units of a Foreign Fund maintains records:

      (a) of the name of the Fund and its Operator; and
      (b) unless the above named Person has an effective waiver from COB Rule 6.9.5, that Person must also maintain records of:
      (i) whether it is a Designated Fund and, if so, in which Recognised Jurisdiction it is authorised or approved; and
      (ii) if the Fund is not a Designated Fund, the Recognised Jurisdiction in which its Investment Manager and Eligible Custodian are authorised or licensed and supervised by a Financial Services Regulator or alternatively whether the manager or custodian are licensed by the DFSA.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 13 July 2006

    • W 163/06 COB — Superfund Finance (Middle East) Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To Superfund Finance (Middle East) Limited
      Address C/o Dubai International Finance Centre, Level 12, The Gate,
      DIFC, United Arab Emirates
      DFSA Firm Reference No. F000158
      Notice No. W163/2006

      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 the date of this Notice and expires on 30 September 2006.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      NOT APPLICABLE COB 6.9.7

      CONDITIONS

      The waiver in respect of the Rule specified above remains in effect for the duration of the period set out above on condition that the above named Person when undertaking transactions in respect of the Units of a Foreign Fund maintains records:

      (a) of the name of the Fund and its Operator; and
      (b) unless the above named Person has an effective waiver from COB Rule 6.9.5, that Person must also maintain records of:
      (i) whether it is a Designated Fund and, if so, in which Recognised Jurisdiction it is authorised or approved; and
      (ii) if the Fund is not a Designated Fund, the Recognised Jurisdiction in which its Investment Manager and Eligible Custodian are authorised or licensed and supervised by a Financial Services Regulator or alternatively whether the manager or custodian are licensed by the DFSA.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 19 July 2006

    • W 166/06 COB — Deutsche Bank AG

      Click herehere to view the PDF

      WAIVER NOTICE

      To Deutsche Bank AG
      Address The Gate, West Wing, Level 3, PO Box 504902, Dubai, UAE
      DFSA Firm Reference No. F000045
      Notice No. W166/2006

      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 24 July 2006 and expires on 30 September 2006.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      COB/VER6/06-06 COB 6.9.7

      CONDITIONS

      The waiver in respect of the Rule specified above remains in effect for the duration of the period set out above on condition that the above named Person when undertaking transactions in respect of the Units of a Foreign Fund maintains records:

      (a) of the name of the Fund and its Operator; and
      (b) unless the above named Person has an effective waiver from COB Rule 6.9.5, that Person must also maintain records of:
      (i) whether it is a Designated Fund and, if so, in which Recognised Jurisdiction it is authorised or approved; and
      (ii) if the Fund is not a Designated Fund, the Recognised Jurisdiction in which its Investment Manager and Eligible Custodian are authorised or licensed and supervised by a Financial Services Regulator or alternatively whether the manager or custodian are licensed by the DFSA.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 24 July 2006

    • W 168/06 PIB — CELF Investment Advisors Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To CELF Investment Advisors Limited
      Address Office No.11 and 19, Level 12, The Gate Building, Dubai
      International Financial Centre, Dubai, Unite Arab Emirates
      DFSA Firm Reference No. F0003000
      Notice No. W168/2006

      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 14 November 2006 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/VER7/08-06 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER7/08-06 PIB Chapter 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy summary report to its Financial Services Authority United Kingdom, within ten business days of the due date for submission to Financial Services Authority United Kingdom.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Jane Coakley
      Position : Managing Director
      Date : 14 November 2006

    • W 169/06 COB — Lloyds TSB Offshore Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To Lloyds TSB Offshore Limited
      Address Level 4, The Gate, DIFC, PO Box 121404, Dubai, UAE
      DFSA Firm Reference No. F000192
      Notice No. W169/2006

      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 25 July 2006 and expires on 30 September 2006.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      COB/VER6/06-06 COB 6.9.7

      CONDITIONS

      The waiver in respect of the Rule specified above remains in effect for the duration of the period set out above on condition that the above named Person when undertaking transactions in respect of the Units of a Foreign Fund maintains records:

      (a) of the name of the Fund and its Operator; and
      (b) unless the above named Person has an effective waiver from COB Rule 6.9.5, that Person must also maintain records of:
      (i) whether it is a Designated Fund and, if so, in which Recognised Jurisdiction it is authorised or approved; and
      (ii) if the Fund is not a Designated Fund, the Recognised Jurisdiction in which its Investment Manager and Eligible Custodian are authorised or licensed and supervised by a Financial Services Regulator or alternatively whether the manager or custodian are licensed by the DFSA.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 25 July 2006

    • W 173/06 CIR — Argent Financial Group International LLP

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Argent Financial Group International LLP
      Address Building #3, 3rd Floor Dubai International Financial Centre, Dubai, UAE
      DFSA Firm Reference No. F000116
      Notice No. W173/2006

      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 below.

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

      Effective date: This notice comes into effect on 15 August 2006 and expires on 15 February 2007 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 CIR/VER1/04-06

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

      CONDITIONS

      Nil

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Joyce C. Maykut QC
      Position : General Counsel
      Date : 15 August 2006

    • W 174/06 GEN — Liberty Mutual Insurance Europe Limited

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Liberty Mutual Insurance Europe Limited
      Address Al Murooj Rotana Hotel & Suites, Al Saffa Street, PO Box
      117546, Dubai, UAE
      DFSA Firm Reference No. F000264
      Notice No. W174/2006

      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 the 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 22 November 2006 and expires on 21 November 2009 or the date on which any Rule specified herein is amended, whichever 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 GEN/VER10/06-06.

      Rule Modified Text
      GEN 8.2.1 (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 Kingdom (UKGAAP);
      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).

      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)in respect of conventional financial business — the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing principles of the United Kingdom; and
      (ii)in respect of any Islamic Financial Business — the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI);
      …………..
      (b)produce an Auditor's Annual Report which states whether:
      (i)the auditor has audited the Authorised Person's annual financial statements in accordance with the IAASB or the generally accepted auditing principles of the United Kingdom, and 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 generally accepted auditing principles of the United Kingdom, and AAOIFI in respect of Islamic Financial Business;
      …………………

      CONDITIONS

      Nil

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Jane Coakley
      Position : Managing Director
      Date : 22 November 2006

    • W 175/06 PIB — Alliance International Reinsurance Public Company Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To Alliance International Reinsurance Public Company Limited
      Address Level 4, Suite W403, The Gate, DIFC, Dubai, UAE
      DFSA Firm Reference No. F000017
      Notice No. W175/2006

      THE DFSA HEREBY GIVES NOTICE THAT:

      The Rules specified in the table below 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 14 August 2006 and remains in effect until further notice.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      PIB/VER6/06-06 PIB Chapter 1, Section 1.2 (Financial Resources)
      PIB/VER6/06-06 PIB Chapter 2, all sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that:

      The waivers in respect of the Rules specified above remain in effect on condition that Alliance International Reinsurance Public Company Limited submits to the DFSA, on an annual basis, a copy of its latest Capital Adequacy Summary report to the Cypriot Ministry of Finance Insurance Companies Control Service within ten business days of the due date for submission to the Cypriot Ministry of Finance Insurance Companies Control Service.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Joyce Maykut
      Position : General Counsel
      Date : 14 August 2006

    • W 179/06 GEN — ICICI Bank Limited

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To ICICI Bank Limited
      Address Suite 712
      Rak Businessmen Centre
      The Fairmont Hotel
      Shaikh Zayed Road
      PO Box 24459
      Dubai UAE
      DFSA Firm Reference No. F000068
      Notice No. W179/2006

      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 the 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 17 August 2006 and expires on 16 August 2009 or the date on which any Rule specified herein is amended, whichever is 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 part of the notice relates is GEN/VER11/08-06.

      Rule Modified Text
      GEN 8.2.1(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) Indian GAAP reconciled to US GAAP;
      unless (2) or (3) applies.
      GEN 8.6.1(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) in respect of conventional financial business — the International Auditing and Assurance Standards Board (IAASB) or the Auditing Standards of the Public Company Accounting Oversight Board of the United States (PCAOB); and
      (ii) in respect of any Islamic Financial Business — the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI);
      (b) ..............
      (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 PCAOB, and AAOIFI in respect of Islamic Financial Business;
      (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or PCAOB, and AAOIFI in respect of Islamic Financial Business;

      .....................

      CONDITIONS

      Nil

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Joyce Maykut
      Position : General Counsel
      Date : 17 August 2006

    • W 180/06 GEN — AIG MEMSA General Insurance Company Limited

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To AIG MEMSA General Insurance Company Limited
      Address Level 11, The Gate, Dubai International Financial Centre, PO Box 117719, Dubai, United Arab Emirates
      DFSA Firm Reference No. F000016
      Notice No. W180/2006

      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 below.

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

      Effective date: This notice comes into effect on 22 August 2006 and remains in effect until 22 August 2009 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 GEN/VER11/08-06

      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 standards of the United States (USGAAP); 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) in respect of conventional financial business — the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards of the United States; and
      (ii) in respect of any Islamic Financial Business — the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI);
      (b) produce a report on the audited accounts which states:
      (i) whether, in the auditor’s opinion, the accounts have been properly prepared in accordance with the requirements imposed by this chapter;
      (ii) in particular, whether the accounts give a true and fair view of the financial position of the Authorised Person for the financial year and of the state of the Authorised Person’s affairs at the end of the financial year end; and
      (iii) any other matter or opinion relating to the requirements of this chapter;
      (c) produce an Auditor’s Annual Report which states whether:
      (i) the auditor has audited the Authorised Person’s annual financial statements in accordance with the IAASB or the generally accepted auditing standards of the United States, and 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 generally accepted auditing standards of the United States, and AAOIFI in respect of Islamic Financial Business;

      CONDITIONS

      Nil

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Martin Kinsky
      Position : Managing Director, Markets
      Date : 22 August 2006

    • W 181/06 AUT — UBS AG

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To UBS AG
      Address 12th Floor, The Gate Building, DIFC, Dubai, UAE
      DFSA Firm Reference No. F000321
      Notice No. W181/2006

      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 below.

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

      Effective date: This notice comes into effect on 13th September 2006 and remains in effect until further notice or the date on which the current Executive Chairman of the Middle East Group for UBS Investment Bank ceases his office, which ever is 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 AUT/VER6/08-06

      Rule Modified Text
      AUT 10.2.2 Licensed Functions:

      Senior executive officer

      (a) .........

      Licensed director

      (b) Subject to Rule 10.3.3, the Licensed Director function is carried out by an individual who is a Director of an Authorised Firm which is either a Body Corporate or an unincorporated association or by the Executive Chairman of the Middle East for UBS Investment Bank.

      Licensed partner

      (c) ......and so on until...(i).
      AUT 10.3.4 An Authorised Firm which is a Body Corporate, other than a Limited Liability Partnership:

      (a) whose head office and registered office is located in the DIFC, must register with the DFSA all of its Directors as Licensed Directors; or

      (b) whose head office and registered office is not located in the DIFC must register with the DFSA at least one of its Directors or the Executive Chairman of the Middle East for UBS Investment Bank as a Licensed Director who is ultimately responsible for the Authorised Firm’s Financial Services carried on in or from the DIFC.

      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 : Jane Coakley
      Position : Managing Director, Authorisation
      Date : 13th September 2006

    • W 182/06 PIB — UBS AG

      Click herehere to view the PDF

      WAIVER NOTICE

      To UBS AG
      Address 12th Floor, The Gate Building, DIFC, Dubai, UAE
      DFSA Firm Reference No. F000321
      Notice No. W182/2006

      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 13th September 2006 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.

      Module Version Rule
      PIB/VER7/08-06 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER7/08-06 PIB Chapter 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of UBS AG’s latest Capital Adequacy summary report submitted to the Eidgenössische Bankenkommission (“EBK”), within ten business days of the due date for submission to the EBK.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Jane Coakley
      Position : Managing Director, Authorisation
      Date : 13th September 2006

    • W 183/06 COB — UBS AG

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To UBS AG
      Address 12th Floor, The Gate Building, DIFC, Dubai, UAE
      DFSA Firm Reference No. F000321
      Notice No. W183/2006

      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 below.

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

      Effective date: This notice comes into effect on 13th September 2006 and expires on 12th September 2007 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/VER7/08-06

      Rule Modified Text
      COB 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 confirmation of this fact;

      (ii) appears to the Authorised Firm, after analysis, to have sufficient financial experience and understanding to participate in financial markets;

      (iii) has consented in writing to being treated as a Client; or

      (iv) was a customer of the UBS AG Group immediately prior to the Authorised Firm’s authorisation by the DFSA and:
      (a) the Authorised Firm or any relevant entity within the Group has confirmed in writing that the customer meets the requirements in (i) and (ii); and
      (b) the customer has been notified in writing by the Authorised Firm, and he has not objected, to being treated as a Client for the purposes of the DFSA Rulebook prior to his account being transferred to the Authorised Firm.

      (b) ......and so on until......(l)

      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 : Jane Coakley
      Position : Managing Director, Authorisation
      Date : 13th September 2006

    • W 184/06 COB — Superfund Financial (Middle East) Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To Superfund Financial (Middle East) Limited
      Address Gate Precinct Building 3, Level 6 East, DIFC
      DFSA Firm Reference No. F000158
      Notice No. W184/2006

      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 the date of this Notice and expires on the 31 October 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.

      Module Version Rule
      COB/VER 7/08-06 COB 6.9.1 to COB 6.9.5 inclusive.

      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 Knott
      Position : Chief Executive
      Date : 24 August 2006

    • W 185/06 GEN — Takaful Re Limited

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Takaful Re Limited
      Address Suite 3, Level 4, Precinct Building 3, The Gate District, Dubai
      International Financial Centre, PO Box 211181, Dubai UAE
      DFSA Firm Reference No. F000067
      Notice No. W185/2006

      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 20 August 2006 and expires on 1 December 2007, 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 GEN/VER11/08-06

      Rule Modified Text
      GEN A 4.1.3
      (1) The classes of non-life insurance are as follows:
      Class 1 — Accident
      (a) Contracts of insurance providing fixed pecuniary benefits or benefits in the nature of indemnity, or a combination of both, against risks of the Person insured:
      (i) sustaining injury as the result of an accident or of an accident of a specified class;
      (ii) dying as the result of an accident or of an accident of a specified class; or
      (iii) becoming incapacitated in consequence of disease or of disease of a specified class;
      inclusive of contracts relating to industrial injury and occupational disease.
      Class 2 — Sickness
      (b) Contracts of insurance providing fixed pecuniary benefits or benefits in the nature of indemnity, or a combination of the two, against risks of loss to the Persons insured attributable to sickness or infirmity.
      (c) ..... and so on ... up to Class 8
      (2) For the purposes of classification in (1), in relation to a Contract of Insurance on human life, such a contract may be classified as Class 1 or Class 2, provided that:
      (a) the benefits are not to be determined, in whole or in part, by reference to the value of, or the income from, property of any description (whether or not specified in the contracts) or by reference to the fluctuations in, or in an index of, the value of property of any description (whether or not so specified); and
      (b) it is a contract of reinsurance where the underlying contract fulfils conditions (a)

      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 this modification has effect only for so long as the gross annual premiums attributable to contracts of the type specified in GEN A 4.1.3(2) do not exceed $2 million.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Joyce Maykut QC
      Position : General Counsel
      Date : 20 August 2006

    • W 186/06 PIB — FIMBank p.l.c.

      Click herehere to view the PDF

      WAIVER NOTICE

      To FIMBank p.l.c.
      Address Apartment 2302, Al Attar Tower
      Sheikh Zayed Road, PO Box 2260
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000262
      Notice No. W186/2006

      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 19th October 2006 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/VER7/08-06 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER7/08-06 PIB Chapter 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy summary report to the Malta Financial Services Authority (MFSA), within ten business days of the due date for submission to the MFSA.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Joyce C. Maykut QC
      Position : General Counsel
      Date : 19th October 2006

    • W 187/06 AUT — FIMBank p.l.c.

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To FIMBank p.l.c.
      Address Apartment 2302, Al Attar Tower
      Sheikh Zayed Road, PO Box 2260
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000262
      Notice No. W187/2006

      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 the 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 19th October 2006 and remains in effect until 19th April 2007, or the date on which any Rule specified herein is amended, whichever is the earlier.

      RULES MODIFIED

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

      The version of Rules to which this part of the notice relates is AUT/VER6/08-06.

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

      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 : Joyce C. Maykut QC
      Position : General Counsel
      Date : 19th October 2006

    • W 189/06 CIR — NewDawn GSE Asset Management Limited

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      MODIFICATION NOTICE

      To NewDawn GSE Asset Management Limited
      Address Level 13, East Wing, The Gate
      Dubai International Financial Centre, Dubai, UAE
      DFSA Firm Reference No. F000301
      Notice No. W189/2006

      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 below.

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

      Effective date: This notice comes into effect on 21 September 2006 and expires on 20 March 2007 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 CIR/VER2/08-06.

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

      CONDITIONS

      Nil

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Jane Coakley
      Position : Managing Director,
      Authorisation
      Date : 21 September 2006

    • W 190/06 COB — Fortis Banque (Suisse) S.A

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      WAIVER NOTICE

      To Fortis Banque (Suisse) S.A
      Address The Gate — Level 5, East Wing, P.O. Box 211104, Dubai, United Arab Emirates
      DFSA Firm Reference No. F000050
      Notice No. W190/2006

      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 came into effect on the date of this notice and expires on 30 September 2006.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      COB VER 6/06/06 COB 6.9.7

      CONDITIONS

      The waiver in respect of the Rule specified above remains in effect for the duration of the period set out above on condition that the above named Person when undertaking transactions in respect of the Units of a Foreign Fund maintains records:

      (a) of the name of the Fund and its Operator; and
      (b) unless the above named Person has an effective waiver from COB Rule 6.9.5, that Person must also maintain records of:
      (i) whether it is a Designated Fund and, if so, in which Recognised Jurisdiction it is authorised or approved; and
      (ii) if the Fund is not a Designated Fund, the Recognised Jurisdiction in which its Investment Manager and Eligible Custodian are authorised or licensed and supervised by a Financial Services Regulator or alternatively whether the manager or custodian are licensed by the DFSA.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 24 August 2006

    • W 191/06 OSR — Fortune Management Inc

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Fortune Management Inc
      Address PO Box 113128
      7th Floor
      Dubai world Trade Centre
      Dubai UAE
      DFSA Firm Reference No. F000273
      Notice No. W191/2006

      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 below.

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

      Effective date: This notice comes into effect on 30 August 2006 and expires on 31 December 2006 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 OSR_Apps1_3_VER5_06-06.

      Rule Modified Text
      OSR Appendix 2.1.16
      Interim financial
      statements
      Requirements
      (a) A Reporting Entity must publish a semi-annual financial statement for the first six months of each financial year or period; and
      (b) ……………
      Time

      Without delay and in any event no later than 60 90 days of the end of the period to which the statement relates.

      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) 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 Knott
      Position : Chief Executive Officer
      Date : 29 August 2006

    • W 192/06 PIB — State Bank of India

      Click herehere to view the PDF

      WAIVER NOTICE

      To State Bank of India
      Address Office #201, 2nd Floor, Al Attar Towers
      Sheikh Zayed Road,
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000239
      Notice No. W192/2006

      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 14th December 2006 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/VER7/08-06 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER7/08-06 PIB Chapter 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy summary report to the Reserve Bank of India’s (RBI’s), within ten business days of the due date for submission to the RBI.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Jane Coakley
      Position : Managing Director, Authorisation
      Date : 14th December 2006

    • W 193/06 OSR — Hikma Pharmaceuticals Plc

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Hikma Pharmaceuticals Plc
      Address Broadwalk House
      5 Appold Street
      London, EC2A 2HA
      United Kingdom
      DFSA Firm Reference No. F000276
      Notice No. W193/2006

      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 below.

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

      Effective date: This notice comes into effect on 30 August 2006 and expires on 31 December 2006 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 (b) OSR_Apps1_3_VER5_06-06.

      Rule Modified Text
      OSR Appendix 2.1.16
      Interim financial
      statements
      Requirements
      (a) A Reporting Entity must publish a semi-annual financial statement for the first six months of each financial year or period; and
      (b) ……………
      Time

      Without delay and in any event no later than 60 90 days of the end of the period to which the statement relates.

      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) 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 Knott
      Position : Chief Executive Officer
      Date : 30 August 2006

    • W 194/06 REC — UBS AG

      Click herehere to view the PDF

      WAIVER NOTICE

      To UBS AG
      Address 12th Floor, The Gate Building, DIFC, Dubai, UAE
      DFSA Firm Reference No. F000321
      Notice No. W194/2006

      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 13th September 2006, until further notice, 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.

      Module Version Rule
      REC/VER2/08-05 REC 7.2.2 (a) An applicant for Recognition must not be an Authorised Firm or an applicant to be an Authorised Firm

      CONDITIONS

      All deals to be executed from the London office (principle place of business).

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Jane Coakley
      Position : Managing Director, Authorisation
      Date : 13th September 2006

    • W 195/06 AUT — JPMorgan Chase Bank, N.A.

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To JPMorgan Chase Bank, N.A.
      Address The Business Centre, Level 12, The Gate Building, DIFC,
      P.O. Box 506551, Dubai, UAE
      DFSA Firm Reference No. F000327
      Notice No. W195/2006

      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 the 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 27 September 2006 and remains in effect until 27 March 2007, or the date on which any Rule specified herein is amended, whichever is the earlier.

      RULES MODIFIED

      The Rules listed in the left hand column 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/VER6/08-06

      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

      INTERPRETATION

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

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

      Name : Jane Coakley
      Position : Managing Director
      Authorisation
      Date : 27 September 2006

    • W 196/06 CIR — Mashreq Capital (DIFC) Limited

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Mashreq Capital (DIFC) Limited
      Address Mashreq Bank Building
      Omar Bin Al Khattab Street, Deira
      Dubai, UAE
      DFSA Firm Reference No. F000178
      Notice No. W196/2006

      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 below.

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

      Effective date: This notice comes into effect on 25 September 2006 and expires on 24 March 2007 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 CIR/VER2/08-06.

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

      CONDITIONS

      Nil

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Jane Coakley
      Position : Managing Director, Authorisation
      Date : 25 September 2006

    • W 197/06 AUT — JPMorgan Chase Bank, N.A.

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To JPMorgan Chase Bank, N.A.
      Address The Business Centre, Level 12, The Gate Building, DIFC,
      P.O. Box 506551, Dubai, UAE
      DFSA Firm Reference No. F000327
      Notice No. W197/2006

      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 below.

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

      Effective date: This notice comes into effect on 27 September 2006 and remains in effect until further notice or the date on which the current Head of Treasury Services, EMEA registered as Licensed Director by way of this Rule modification ceases his office, which ever is 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 AUT/VER6/08-06

      Rule Modified Text
      AUT 10.2.2

      Licensed Functions:

      Senior executive officer

      (a) …………

      Licensed director

      (b) Subject to AUT Rule 10.3.3, the Licensed Director function is carried out by an individual who is a Director of an Authorised Firm which is either a Body Corporate or an unincorporated association or by the Head of Treasury Services, EMEA.

      Licensed partner

      (c) ……..and so on until and including….. (i).
      AUT 10.3.4

      An Authorised Firm which is a Body Corporate, other than a Limited Liability Partnership:

      (a) whose head office and registered office is located in the DIFC, must register with the DFSA all of its Directors as Licensed Directors; or
      (b) whose head office and registered office is not located in the DIFC must register with the DFSA at least one of its Directors or the Head of Treasury Services, EMEA as a Licensed Director who is ultimately responsible for the Authorised Firm’s Financial Services carried on in or from the DIFC.

      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 : Jane Coakley
      Position : Managing Director
      Authorisation
      Date : 27 September 2006

    • W 198/06 PIB — JPMorgan Chase Bank, N.A.

      Click herehere to view the PDF

      WAIVER NOTICE

      To JPMorgan Chase Bank, N.A.
      Address The Business Centre, Level 12, The Gate Building, DIFC,
      P.O. Box 506551, Dubai, UAE
      DFSA Firm Reference No. F000327
      Notice No. W198/2006

      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 27 September 2006 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/VER7/08-06 PIB Chapter 1, PIB Section 1.2 & PIB Section 1.4 (Financial Resources & The Trading Book)
      PIB/VER7/08-06 PIB Chapter 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy summary report to the Office of the Comptroller of Currency (”OCC”), within ten business days of the due date for submission to the OCC.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Jane Coakley
      Position : Managing Director
      Authorisation
      Date : 27 September 2006

    • W 199/06 GEN — JPMorgan Chase Bank, N.A.

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To JPMorgan Chase Bank, N.A.
      Address The Business Centre, Level 12, The Gate Building, DIFC,
      P.O. Box 506551, Dubai, UAE
      DFSA Firm Reference No. F000327
      Notice No. W199/2006

      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 below.

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

      Effective date: This notice comes into effect on 27 September 2006 and on 27 September 2009 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 GEN/VER11/08-06.

      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) US GAAP;
      unless (2) or (3) applies.
      (2) ..................
      (3) …………...
      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:
      (i) in respect of conventional financial business, by the International Auditing and Assurance Standards Board (IAASB), the Auditing Standards of the Public Company Accounting Oversight Board of the United States (PCAOB) or the Auditing Standards of The American Institute of Certified Public Accountants of the United States (AICPA); and
      (ii) in respect of any Islamic Financial Business, by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI);
      (b) ..............
      (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, PCAOB or AICPA, and AAOIFI in respect of Islamic Financial Business;
      (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB, PCAOB or AICPA, and AAOIFI in respect of Islamic Financial Business;
      (d) ………….and so on until and including… (h).

      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 : Jane Coakley
      Position : Managing Director
      Authorisation
      Date : 27 September 2006

    • W 200/06 OSR — Deutsche Bank AG

      Click herehere to view the PDF

      WAIVER NOTICE

      To Deutsche Bank AG
      Address Deutsche Bank AG
      Taunusanlage 12,
      60325 Frankfurt am Main
      DFSA Firm Reference No. F000045
      Notice No. W200/2006

      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 12th September 2006 and expires on the date on which any Rule specified herein is amended.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      OSR/VER5/06-06 OSR A2.4.1 (4)
      OSR/VER5/06-06 OSR A2.4.1 (9)
      OSR/VER5/06-06 OSR A2.4.1 (14)

      CONDITIONS

      NIL

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Jane Coakley
      Position : Managing Director, Authorisation
      Date : 12th September 2006

    • W 202/06 PIB — UTI Bank Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To UTI Bank Limited
      Address Unit No.1101, Dubai National Insurance Building
      Al Yamanah Towers, Port Saeed, Deira
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000326
      Notice No. W202/2006

      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 April 2007 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/VER8/02-07 PIB Chapter 1, PIB Section 1.2 & PIB Section 1.4 (Financial Resources & The Trading Book)
      PIB/VER8/02-07 PIB Chapter 2, all Sections (Capital)
      PIB/VER8/02-07 PIB Chapter 4, PIB Section 4.3 to PIB Section 4.10 (Credit Risk)
      PIB/VER8/02-07 PIB Chapter 5, PIB Section 5.3 to PIB Section 5.9 (Market Risk)
      PIB/VER8/02-07 PIB Chapter 7, PIB Section 7.3 and PIB Section 7.4 (Group Risk)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy Summary report to the Reserve Bank of India, within ten business days of the due date for submission to the Reserve Bank of India.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Ian Johnston
      Position : Managing Director, Policy & Legal Services
      Date : 1st April 2007

    • W 205/06 GEN — Lloyds TSB Offshore Limited

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      MODIFICATION NOTICE

      To Lloyds TSB Offshore Limited
      Address The Gate, 4th Floor East, PO Box 121404, Dubai
      DFSA Firm Reference No. F0000192
      Notice No. W205/2006

      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 below.

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

      Effective date: This notice comes into effect on 17 October 2006 and remains in effect for three years from the date it comes into effect 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 GEN/VER11/08/06.

      Rule Modified Text
      GEN 8.2.1
      (1) An Authorised Person must prepare and maintain all financial accounts and statements in accordance with the International Financial Reporting Standards (IFRS) or in accordance with generally accepted accounting principles of the United Kingdom unless (2) or (3) applies.
      (2) ....................
      (3) ....................
      GEN 8.6.1

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

      (a) conduct an audit of the Authorised Person's accounts in accordance with the requirements of the relevant standards published by the International Auditing and Assurance Standards Board (IAASB) or in accordance with legal and regulatory requirements under UK law and auditing standards issued by the UK Auditing Practices Board in respect of conventional financial business and the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) in respect of any Islamic Financial Business undertaken;
      (b) ....................;
      (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 in accordance with legal and regulatory requirements under UK law and auditing standards issued by the UK Auditing Practices 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 to the UK law and auditing standards issued by the UK Auditing Practices Board and to AAOIFI auditing standards in respect of Islamic Financial Business;
      ....................

      CONDITIONS

      N/A

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 17 October 2006

    • W 206/06 COB — Merrill Lynch Bank (Suisse) S.A

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      MODIFICATION NOTICE

      To Merrill Lynch Bank (Suisse) S.A
      Address The Gate Building 5th Floor
      DFSA Firm Reference No. F00010
      Notice No. W206/2006

      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 below.

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

      Effective date: This notice comes into effect on 6th November 2006 and expires on 7th November 2007 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/VER7/08-06].

      Rule Modified Text
      COB 3.2.2 Client
      (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 confirmation of this fact or any entity within the Merrill Lynch Group has provided such confirmation:
      (ii) appears to the Authorised Firm, after analysis, to have sufficient financial experience and understanding to participate in financial markets; and
      (iii) either
      (A) has consented in writing to being treated as a Client; or
      (B) was a customer of the Merrill Lynch Group as of the effective date of this waiver, who fulfils the criteria in (i) and (ii) and has been notified in writing by the Authorised Firm, that it will be providing specific Investment Business Services to him and he has not objected to being treated as a Client prior to his account being transferred to the Authorised Firm;
      (b)……………
      (c)…………..
      (d)………….
      (e)…………..
      (f)……………
      (g)……………
      (h)………….
      (i)…………..
      (j)…………..
      (k)…………..
      (l)…………..
      (2) Any person who does not meet the criteria in (1) is a Retail Customer.
      ……………………….

      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 : Jane Coakley
      Position : Managing Director
      Date : 6th November 2006

    • W 207/06 AUT — Rothschild (Middle East) Limited

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      MODIFICATION NOTICE

      To Rothschild (Middle East) Limited
      Address PO Box 506570, Level 15 Business Centre
      The Gate Building, DIFC
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000356
      Notice No. W207/2006

      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 below.

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

      Effective date: This notice comes into effect on 29th November 2006 and expires on 29th May 2007 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 AUT/VER6/08-06.

      Module Version Rule
      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

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Jane Coakley
      Position : Managing Director, Authorisation
      Date : 29th November 2006

    • W 208/06 GEN — RFIB Middle East

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To RFIB Middle East
      Address Level 12, DIFC Business Centre, The Gate
      PO Box 121208
      Dubai, UAE
      DFSA Firm Reference No. F000162
      Notice No. W208/2006

      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 below.

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

      Effective date: This notice comes into effect on 16th November 2006 and remains in effect until 16th November 2008 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 GEN/VER11/08-06.

      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 Kingdom (UKGAAP);
      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) in respect of conventional financial business — the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing principles of the United Kingdom; and
      (ii) in respect of any Islamic Financial Business — the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI);
      (b) produce a report on the audited accounts which states:
      (i) whether, in the auditor’s opinion, the accounts have been properly prepared in accordance with the requirements imposed by this chapter;
      (ii) in particular, whether the accounts give a true and fair view of the financial position of the Authorised Person for the financial year and of the state of the Authorised Person’s affairs at the end of the financial year end; and
      (iii) any other matter or opinion relating to the requirements of this chapter;
      (c) produce an Auditor’s Annual Report which states whether:
      (i) the auditor has audited the Authorised Person’s annual financial statements in accordance with the IAASB or the generally accepted auditing principles of the United Kingdom, and 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 generally accepted auditing principles of the United Kingdom, and AAOIFI in respect of Islamic Financial Business;
      (iii) … and so on until all including (viii).
      (d) … and so on until all imcluding (h).

      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 : Michael Zamorski
      Position : Managing Director, Supervision
      Date : 16th November 2006

    • W 209/06 PIB — Natexis Banques Populaires

      Click herehere to view the PDF

      WAIVER NOTICE

      To Natexis Banques Populaires
      Address Office 705, Juma Al Majid Building
      Khalid Bin Al Walid Street, PO Box 33770
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F00357
      Notice No. W209/2006

      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 28th November 2006 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.

      Module Version Rule
      PIB/VER7/08-06 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER7/08-06 PIB Chapter 2, all Sections (Capital)
      PIB/VER7/08-06 PIB Chapter 4, Sections PIB 4.3 to PIB 4.10 (Credit Risk)
      PIB/VER7/08-06 PIB Chapter 5, Sections PIB 5.3 to PIB 5.9 (Market Risk)
      PIB/VER7/08-06 PIB Chapter 7, Sections PIB 7.3 and PIB 7.4 (Group Risk)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a half yearly basis, a copy of its latest Capital Adequacy Summary report to the Banque De France, Commission Bancaire, within ten business days of the due date for submission to the Banque De France, Commission Bancaire.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Jane Coakley
      Position : Managing Director, Authorisation
      Date : 28th November 2006

    • W 211/06 PIN — Allianz SE (Dubai Branch)

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      WAIVER NOTICE

      To Allianz SE (Dubai Branch)
      Address Al Attar Business Tower, #2902
      PO Box 7659, Dubai, UAE
      DFSA Firm Reference No. F000022
      Notice No. W211/2006

      THE DFSA HEREBY GIVES NOTICE THAT:

      The Rules specified in the table below 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 03 January 2007 and remains in effect until further notice.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version Rule
      PIN/VER3/229/08-06 PIN Chapter 4 (Capital Adequacy), all Sections, except PIN Rule 4.2.2
      PIN/VER3/229/08-06 PIN Rule 6.2.4
      PIN/VER3/229/08-06 PIN Chapter 7 (Actuaries), all Sections
      PIN/VER3/229/08-06 PIN Chapter 8 (Consolidated Supervision), all Sections

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that Allianz SE submits to the DFSA annually a copy of the German Federal Financial Supervisory Authority’s (BaFin) Overview of the Solvency Margin (Reinsurance Companies); to be submitted to the DFSA within ten business days of the due date to BaFIN.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Jane Coakley
      Position : Managing Director
      Date : 03 January 2007

    • W 212/06 GEN — IXIS Asset Management UK Limited

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To IXIS Asset Management UK Limited
      Address 3rd Floor
      Gate Precinct Building 3
      DIFC
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000234
      Notice No. W212/2006

      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 below.

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

      Effective date: This Notice comes into effect on the date of this Notice and remains in force until 4 December 2008 or until further notice whichever is 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 GEN/VER12/11-06.

      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 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 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 and AAOIFI in respect of Islamic Financial Business;
      (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or APB 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 up to and including (h)…………………...
      .

      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 : Jane Coakley
      Position : Managing Director
      Date : 4 December 2006

    • W 213/06 PIB — Fortis Bank

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Fortis Bank
      Address Level 5, East Wing, The Gate Building, PO Box 211104,
      DIFC, Dubai, UAE
      DFSA Firm Reference No. F000298
      Notice No. W213/2006

      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 below.

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

      Effective date: This notice comes into effect on 04.01.2007 and expires on 04.01.2009 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 [PIB VER7/08-06].

      Rule Modified Text
      PIB 1.6.3 (2)
      (2) An Authorised Firm must submit to the DFSA any other returns required by PIB App7 within one two months of the end of the reporting period to which the return relates.

      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:

      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 : Jane Coakley
      Position : Managing Director, Authorisation
      Date : 04 January 2007

    • W 214/06 PIB — ING Bank N.V.

      Click herehere to view the PDF

      WAIVER NOTICE

      To ING Bank N.V.
      Address Offices 25 & 29, Level 15, Business Centre, The Gate,
      Dubai International Financial Centre, PO Box 121208,
      Dubai, UAE
      DFSA Firm Reference No. F000362
      Notice No. W214/2006

      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 19 December 2006 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.

      Module Version Rule
      PIB/VER7/08-06 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER7/08-06 PIB Chapter 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy summary report to De Nederlandsche Bank, within ten business days of the due date for submission to De Nederlandsche Bank.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Jane Coakley
      Position : Managing Director, Authorisation
      Date : 19 December 2006

    • W 216/06 GEN — Henyep Investment (UAE) Limited

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      MODIFICATION NOTICE

      To Henyep Investment (UAE) Limited
      Address Level 5, Gate Precinct Building 4
      Dubai International Financial Centre
      PO Box 506540
      Dubai UAE
      DFSA Firm Reference No. F000048
      Notice No. W216/2006

      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 below.

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

      Effective date: This notice comes into effect on 21 December 2006 and remains in force until 21 December 2008 or until further notice whichever 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 GEN/VER12/11-06.

      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 o the 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 and AAOIFI in respect of Islamic Financial Business;
      (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or APB 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 up to and including (h)…………………...

      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 : Michael Zamorski
      Position : Managing Director, Supervision
      Date : 21 December 2006

    • W 219/06 AUT — Gulflink International Securities Limited

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Gulflink International Securities Limited
      Address Office Number 31, Level 12 Business Centre
      The Gate Building, DIFC
      PO Box 121208
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000322
      Notice No. W219/2006

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

      None.

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name : David Knott
      Position : Chief Executive
      DATE OF ISSUE: 13th December 2007

    • W 220/06 PIB — JLT Risk Solutions

      Click herehere to view the PDF

      WAIVER NOTICE

      To JLT Risk Solutions
      Address Exchange Building, 6th Floor,
      PO Box 506519
      Dubai International Financial Centre
      Dubai UAE
      DFSA Firm Reference No. F000014
      Notice No. W220/2006

      THE DFSA HEREBY GIVES NOTICE THAT:

      The Rules specified in the table below 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 14th December 2006 and remains in effect until further notice.

      Module Version Rule
      PIB/VER6/06-06 PIB Chapter 1, PIB 1.2 (Financial Resources)
      PIB/VER6/06-06 PIB Chapter 2, all sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that:

      The waivers in respect of the Rules specified above remain in effect, on condition that JLT Risk Solutions Ltd submits to the DFSA, on an annual basis, a copy of its latest Capital Adequacy Summary report to the Financial Services Authority (UK) within ten business days of the due date for submission to the Financial Services Authority (UK).

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Michael Zamorski
      Position : Managing Director — Supervision
      Date : 14th December. 2006

    • W 223/06 REC — ING Bank NV

      Click herehere to view the PDF

      WAIVER NOTICE

      To ING Bank NV
      Address Amstelveenseweg 500
      1081 KL,
      Amsterdam,
      Netherlands
      DFSA Firm Reference No. F000362
      Notice No. W223/2006

      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 6 December 2006, and continues in force until further notice, 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.

      Module Version Rule
      REC/VER2/08-05 REC 7.2.2(a) An applicant for Recognition must not be an Authorised Firm or an applicant to be an Authorised Firm

      CONDITIONS

      Nil

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 : Jane Coakley
      Position : Managing Director, Authorisation
      Date : 6 December 2006

    • W 224/06 PIB — E*TRADE Securities Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To E*TRADE Securities Limited
      Address Level 12, The Gate Building, DIFC, P.O. Box 121208, Dubai, UAE
      DFSA Firm Reference No. F000396
      Notice No. W224/2006

      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 11 January 2007 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/VER7/08-06 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER7/08-06 PIB Chapter 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy summary report to the Financial Services Authority (”FSA”), within ten business days of the due date for submission 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 Knott
      Position : Chief Executive
      Date : 11 January 2007

    • W 225/06 GEN — JLT Risk Solutions

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To JLT Risk Solutions
      Address The Exchange Building, Dubai International Financial Centre
      PO Box 506519
      Dubai UAE
      DFSA Firm Reference No. F000014
      Notice No. W225/2006

      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 below.

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

      Effective date: This notice comes into effect on the 14th December 2006 and remains in force until 14th December 2008 or until further notice whichever 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 GEN/VER12/11-06.

      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 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 and AAOIFI in respect of Islamic Financial Business;
      (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or APB 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 up to and including (h)…………………....

      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 : Michael Zamorski
      Position : Managing Director, Supervision
      Date : 14th December. 2006

    • W 227/06 AUT — E*TRADE Securities Limited

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To E*TRADE Securities Limited
      Address Level 12, The Gate Building, DIFC, P.O. Box 121208, Dubai, UAE
      DFSA Firm Reference No. F000396
      Notice No. W227/2006

      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 the 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 11 January 2007 and remains in effect until 11 July 2007, or the date on which any Rule specified herein is amended, whichever is the earlier.

      RULES MODIFIED

      The Rules listed in the left hand column 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 part of the notice relates is AUT/VER6/08-06.

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

      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 Knott
      Position : Chief Executive
      Date : 11 January 2007

    • W 228/06 GEN — Banque de Commerce et de Placements SA

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Banque de Commerce et de Placements SA
      Address Level 7, Tenancy 6, 7 and 8, Gate Precinct Building 3,
      Dubai International Financial Centre,
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000267
      Notice No. W228/2006

      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 below.

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

      Effective date: This notice comes into effect on 11 January 2007 and remains in force until 24 May 2009 or until further notice whichever 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 GEN/VER12/11-06.

      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 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 or to AAOIFI auditing standards in respect of Islamic Financial Business;
      (iii) the auditor has received all necessary information and explanations for the purposes of preparing this report to the DFSA;
      (iv) …………………………..and so on up to and including (h)…………………....

      CONDITIONS

      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 Knott
      Position : Chief Executive
      Date : 11 January 2007

    • W 230/06 GEN — E*TRADE Securities Limited

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To E*TRADE Securities Limited
      Address Level 12, The Gate Building, DIFC, P.O. Box 121208, Dubai, UAE
      DFSA Firm Reference No. F000396
      Notice No. W230/2006

      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 below.

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

      Effective date: This notice comes into effect on 11 January 2007 and remains in effect until 29 November 2008, or the date on which any Rule specified herein is amended, whichever 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 GEN/VER12/11-06.

      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 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:
      (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 and AAOIFI in respect of Islamic Financial Business;
      (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or APB 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 up to and including (h)…………………....

      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 Knott
      Position : Chief Executive
      Date : 11 January 2007

    • W 232/06 GEN — Goldman Sachs International

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Goldman Sachs International
      Address Business Centre, Level 12, The Gate, DIFC, P.O. Box 121208, Dubai—U.A.E.
      DFSA Firm Reference No. F000297
      Notice No. W232/2006

      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 below.

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

      Effective date: This notice comes into effect on 14 December 2006 and remains in force until 14 December 2008 or until further notice whichever 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 GEN/VER12/11-06.

      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 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 and AAOIFI in respect of Islamic Financial Business;
      (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or APB 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 up to and including (h)…………………....

      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 : Michael Zamorski
      Position : Managing Director Supervision
      Date : 14 December 2006

    • W 237/06 PIB — Commander Asset Management Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To Commander Asset Management Limited
      Address Level 8, Convention Tower,
      P.O. Box 9522,
      Dubai,
      U.A.E.
      DFSA Firm Reference No. F000337
      Notice No. W237/2006

      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 7 February 2007 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/VER7/08-06 PIB Chapter 1, PIB Section 1.2 & PIB Section 1.4 (Financial Resources Trading Book)
      PIB/VER7/08-06 PIB Chapter 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy summary report to the UK Financial Services Authority, within ten business days of the due date for submission to the UK Financial Services Authority

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 7 February 2007

    • W 233/06 GEN — UTI Bank Limited

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To UTI Bank Limited
      Address Unit No.1101, Dubai National Insurance Building
      Al Yamanah Towers, Port Saeed, Deira
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000326
      Notice No. W233/2006

      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 below.

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

      Effective date: This notice comes into effect on 1st April 2007 and expires on 1st April 2009 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 GEN/VER13/02-07.

      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 Institute of Chartered Accountants of India, including the Indian National Accounting Standards, and the statutory provisions and directives of the Reserve Bank of India.
      GEN 8.6.1 An Authorised Firm or Authorised Market Institution, as applicable, must in writing require its auditor to:
      (a) conduct an audit of the Authorised Person’s accounts in accordance with the requirements of the relevant standards published by:
      (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 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 up to and including
      (h)………………………………

      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:

      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 : Ian Johnston
      Position : Managing Director, Policy & Legal Services
      Date : 1st April 2007

    • W 74/06 PIB — Merrill Lynch Bank (Suisse) S.A

      Click herehere to view the PDF

      WAIVER NOTICE

      To Merrill Lynch Bank (Suisse) S.A
      Address Business Centre, 6th floor, Khalid Bin Al Waleed Street,
      P O Box 3911, Dubai — United Arab Emirates
      DFSA Firm Reference No. F000010
      Notice No. W074/2006

      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 24 May 2006 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/VER5/04-06 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER5/04-06 PIB Chapter 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy summary report to the Swiss Federal Banking Commission, within ten business days of the due date for submission to the Swiss Federal Banking Commission.

      INTERPRETATION

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

      Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the 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 Knott
      Position : Chief Executive
      Date : 24 May 2006

    • W 215/06 PIB — Merrill Lynch International

      Click herehere to view the PDF

      WAIVER NOTICE

      To Merrill Lynch International
      Address Level 5, East Wing, The Gate Building, DIFC, P.O. Box 3911,
      Dubai, U.A.E
      DFSA Firm Reference No. F000216
      Notice No. W215/2006

      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 14 January 2007 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.

      Module Version Rule
      PIB/VER7/08-06 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER7/08-06 PIB Chapter 2, all Sections (Capital)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy summary report to the Financial Services Authority ("FSA"), within ten business days of the due date for submission 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 Knott
      Position : Chief Executive
      Date : 14 January 2007