Entire Section

  • 2013 2013

    • W214/2013 CIR — ICD-Brookfield Management Limited

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      WAIVER AND MODIFICATION NOTICE

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

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

      2. The Rules specified in the left hand column of Table B herein do not apply to the above mentioned Person with respect to the Domestic Fund ICD-Brookfield Dubai Real Estate Fund I LP in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

      RULES WAIVED

      TABLE A
      Rulebook Module Rule
      CIR Rule 13.4.4(3)(a)

      RULES MODIFIED

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

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

      CONDITIONS

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

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

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

    • W222/2013 GEN — Union Bank of India

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      MODIFICATION NOTICE

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

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

      Rule Modified Text
      GEN 8.2.1
      (1) An Authorised Person must prepare and maintain all financial accounts and statements in accordance with:
      (a) the International Financial Reporting Standards (IFRS),; or
      (b) the generally accepted accounting principles in India (Indian GAAP),

      except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
      (2) In this Rule Indian GAAP means accounting and valuation principles in accordance with the guidelines of the Accounting Standards Board of the Institute of Chartered Accountants of India, including the Indian National Accounting Standards, and the statutory provisions and directives of the Reserve Bank of India.
      GEN 8.6.1 An Authorised Firm or Authorised Market Institution, as applicable, must in writing require its auditor to:
      (a) conduct an audit of the Authorised Person's accounts in accordance with the requirements of the relevant standards published by the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“Indian GAAS”) issued by the Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India in respect of its financial business;
      (b) produce a report on the audited accounts which states:
      (i) whether, in the auditor's opinion, the accounts have been properly prepared in accordance with the requirements imposed by this chapter;
      (ii) in particular, whether the accounts give a true and fair view of the financial position of the Authorised Person for the financial year and of the state of the Authorised Person's affairs at the end of the financial year end; and
      (iii) any other matter or opinion relating to the requirements of this chapter;
      (c) produce an Auditor's Annual Report which states whether:
      (i) the auditor has audited the Authorised Person's annual financial statements in accordance with the IAASB or Indian GAAS;
      (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or Indian GAAS;
      (iii) the auditor has received all necessary information and explanations for the purposes of preparing this report to the DFSA;
      (iv) …………and so on as per the Rulebook text up to and including (h).

      CONDITIONS

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name: Bryan Stirewalt
      Position: Managing Director, Supervision
      DATE OF ISSUE: 18 February 2013

    • W231/2013 GEN — Bank of Baroda

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      MODIFICATION NOTICE

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

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

      Rule Modified Text
      GEN 8.2.1
      (1) An Authorised Person must prepare and maintain all financial accounts and statements in accordance with:
      (a) the International Financial Reporting Standards (IFRS),; or
      (b) the generally accepted accounting principles in India (Indian GAAP),
      except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
      (2) In this Rule Indian GAAP means accounting and valuation principles in accordance with the guidelines of the Accounting Standards Board of the Institute of Chartered Accountants of India, including the Indian National Accounting Standards, and the statutory provisions and directives of the Reserve Bank of India.
      GEN 8.6.1

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

      (a) conduct an audit of the Authorised Person's accounts in accordance with the requirements of the relevant standards published by the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards ("Indian GAAS") issued by the Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India in respect of its financial business;
      (b) produce a report on the audited accounts which states:
      (i) whether, in the auditor's opinion, the accounts have been properly prepared in accordance with the requirements imposed by this chapter;
      (ii) in particular, whether the accounts give a true and fair view of the financial position of the Authorised Person for the financial year and of the state of the Authorised Person's affairs at the end of the financial year end; and
      (iii) any other matter or opinion relating to the requirements of this chapter;
      (c) produce an Auditor's Annual Report which states whether:
      (i) the auditor has audited the Authorised Person's annual financial statements in accordance with the IAASB or Indian GAAS;
      (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or Indian GAAS;
      (iii) the auditor has received all necessary information and explanations for the purposes of preparing this report to the DFSA;
      (iv) …………and so on as per the Rulebook text up to and including (h).

      CONDITIONS

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

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

    • W241/2013 GEN — ICAP Securities Limited

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      MODIFICATION NOTICE

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

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

      Rule Modified Text
      GEN 8.2.1
      (1) An Authorised Person must prepare and maintain all financial accounts and statements in accordance with:
      (a) the International Financial Reporting Standards (IFRS),; or
      (b) the generally accepted accounting principles in the United Kingdom (UK GAAP),
      except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
      (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
      GEN 8.6.1 An Authorised Firm or Authorised Market Institution, as applicable, must in writing require its auditor to:
      (a) conduct an audit of the Authorised Person's accounts in accordance with the requirements of the relevant standards published by the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards ("UK GAAS") issued by the UK Auditing Practices Board, in respect of its financial business;
      (b) produce a report on the audited accounts which states:
      (i) whether, in the auditor's opinion, the accounts have been properly prepared in accordance with the requirements imposed by this chapter;
      (ii) in particular, whether the accounts give a true and fair view of the financial position of the Authorised Person for the financial year and of the state of the Authorised Person's affairs at the end of the financial year end; and
      (iii) any other matter or opinion relating to the requirements of this chapter;
      (c) produce an Auditor's Annual Report which states whether:
      (i) the auditor has audited the Authorised Person's annual financial statements in accordance with the IAASB or UK GAAS;
      (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
      (iii) the auditor has received all necessary information and explanations for the purposes of preparing this report to the DFSA;
      (iv) …………………………..and so on as per the Rulebook text up to and including (h).

      CONDITIONS

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name: Bryan Stirewalt
      Position: Managing Director
      DATE OF ISSUE: 1 July 2013

    • W243/2013 GEN — Clements (Dubai) Limited

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      MODIFICATION NOTICE

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

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

      Rule Modified Text
      GEN 8.2.1
      (1) An Authorised Person must prepare and maintain all financial accounts and statements in accordance with:
      (a) the International Financial Reporting Standards (IFRS),; or
      (b) the generally accepted accounting principles in the United Kingdom (UK GAAP),

      except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
      (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
      GEN 8.6.1

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

      (a) conduct an audit of the Authorised Person's accounts in accordance with the requirements of the relevant standards published by the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“UK GAAS”) issued by the UK Auditing Practices Board, in respect of its financial business;
      (b) produce a report on the audited accounts which states:
      (i) whether, in the auditor's opinion, the accounts have been properly prepared in accordance with the requirements imposed by this chapter;
      (ii) in particular, whether the accounts give a true and fair view of the financial position of the Authorised Person for the financial year and of the state of the Authorised Person's affairs at the end of the financial year end; and
      (iii) any other matter or opinion relating to the requirements of this chapter;
      (c) produce an Auditor's Annual Report which states whether:
      (i) the auditor has audited the Authorised Person's annual financial statements in accordance with the IAASB or UK GAAS;
      (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
      (iii) the auditor has received all necessary information and explanations for the purposes of preparing this report to the DFSA;
      (iv) …………………………..and so on as per the Rulebook text up to and including (h).

      CONDITIONS

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name: Bryan Stirewalt
      Position: Managing Director, Supervision
      DATE OF ISSUE: 25th July 2013

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

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      MODIFICATION NOTICE

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

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

      Rule Modified Text
      GEN 8.2.1
      (1) An Authorised Person must prepare and maintain all financial accounts and statements in accordance with:
      (a) the International Financial Reporting Standards (IFRS),; or
      (b) the generally accepted accounting principles in the United Kingdom (UK GAAP),

      except to the extent it complies with section 4.2 of the Islamic Finance Rules (IFR) module with respect of its Islamic Financial Business.
      (2) In this Rule UK GAAP means accounting and valuation principles in accordance with the guidelines of the UK Accounting Standards Board.
      GEN 8.6.1

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

      (a) conduct an audit of the Authorised Person's accounts in accordance with the requirements of the relevant standards published by the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing standards (“UK GAAS”) issued by the UK Auditing Practices Board, in respect of its financial business;
      (b) produce a report on the audited accounts which states:
      (i) whether, in the auditor's opinion, the accounts have been properly prepared in accordance with the requirements imposed by this chapter;
      (ii) in particular, whether the accounts give a true and fair view of the financial position of the Authorised Person for the financial year and of the state of the Authorised Person's affairs at the end of the financial year end; and
      (iii) any other matter or opinion relating to the requirements of this chapter;
      (c) produce an Auditor's Annual Report which states whether:
      (i) the auditor has audited the Authorised Person's annual financial statements in accordance with the IAASB or UK GAAS;
      (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or UK GAAS;
      (iii) the auditor has received all necessary information and explanations for the purposes of preparing this report to the DFSA;
      (iv) …………………………..and so on as per the Rulebook text up to and including (h).

      CONDITIONS

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name: Bryan Stirewalt
      Position: Managing Director, Supervision
      DATE OF ISSUE: 06 August 2013

    • W212/2013 GEN — KPI Ahli Chartered Accountants

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      MODIFICATION NOTICE

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

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

      The modification in respect of the Rules specified above remains in effect for the duration of the period set out below on condition that the above named Person to whom this notice applies:

      (1) appoints and maintains an Engagement Quality Control Reviewer (as defined in International Standard on Quality Control (ISQC) 1) who:
      (a) holds a Recognised Professional Qualification;
      (b) has at least five years of prior relevant experience in the past seven years in auditing financial services; and
      (c) is a member in good standing of a Recognised Professional Body;
      (2) ensures that the person appointed under (1) above reviews the audit work of the Audit Principal in relation to any Authorised Firm; and
      (3) does not change a material term of the appointment, or the identity of the person appointed, under (1) above without the prior approval of the DFSA.
      If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in the table herein apply to the above mentioned Person to whom this notice applies in their unmodified form as they appear in the applicable module of the Rulebook in force at the relevant time.

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name: Ian Johnston
      Position: Chief Executive Officer
      DATE OF ISSUE: 15 January 2013

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

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      MODIFICATION NOTICE

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

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

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

      CONDITIONS

      The modification in respect of the Rules specified above remains in effect for the duration of the period set out below on condition that the above named Person to whom this notice applies:

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

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

    • W230/2013 GEN — Moore Stephens, Chartered Accountants

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      MODIFICATION NOTICE

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

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      RULES MODIFIED

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

      Rule Modified Text
      GEN 8.9.3

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

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

      CONDITIONS

      The modification in respect of the Rules specified above remains in effect for the duration of the period set out below on condition that the above named Person to whom this notice applies:

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

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

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

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