Entire Section

  • 2014 2014

    • W274/2014 GEN — XL Re Europe SE

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      MODIFICATION NOTICE

      To XL Re Europe SE
      Address Office 15073, Level 15 The Gate, Dubai International
      Financial Centre, PO Box 12108, Dubai, UAE
      DFSA Firm Reference No. F001609
      Notice No. W274/2014

      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 States (US 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 US GAAP has the meaning given to that term in statement no. 162 as issued by the Financial 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 (US GAAS) as issued by American Institute of Certified Public Accountants Auditing Standards Board and the Auditing Standards of the Public Company Accounting Oversight Board of the United States 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 US GAAS;
      (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or US 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: 17 April 2014

    • W276/2014 GEN — Fisher Asset Management LLC

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      MODIFICATION NOTICE

      To Fisher Asset Management LLC
      Address Office 15, 15th Floor, The Gate Building, DIFC,
      PO Box 121208, Dubai, UAE
      DFSA Firm Reference No. F002240
      Notice No. W276/2014

      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 States (US 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 US GAAP has the meaning given to that term in statement no. 162 as issued by the Financial 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 (US GAAS) as issued by American Institute of Certified Public Accountants Auditing Standards Board and the Auditing Standards of the Public Company Accounting Oversight Board of the United States 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 US GAAS;
      (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or US 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: 27 April 2014

    • W277/2014 GEN — Nomura Asset Management U.K. Limited

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      MODIFICATION NOTICE

      To Nomura Asset Management U.K. Limited
      Address Office No. 6, Level 6, Precinct Building 6, Dubai International Financial Centre, PO Box 506535, Dubai, UAE
      DFSA Firm Reference No. F002437
      Notice No. W277/2014

      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: 04 May 2014

    • W281/2014 GEN — HDFC Bank Limited

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      MODIFICATION NOTICE

      To HDFC Bank Limited
      Address PO Box 64546, Office 1, Level 4, The Gate Village 2,
      DIFC, Dubai, UAE
      DFSA Firm Reference No. F001898
      Notice No. W281/2014

      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: Prasanna Seshachellam
      Position: Director, Supervision
      DATE OF ISSUE: 03 June 2014

    • W288/2014 GEN — Invesco Asset Management Limited

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      MODIFICATION NOTICE

      To Invesco Asset Management Limited
      Address Level 3, Precinct Building 4, DIFC, PO Box 506599, Dubai,
      UAE
      DFSA Firm Reference No. F000070
      Notice No. W288/2014

      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: 26 August 2014

    • W290/2014 GEN — Mitsubishi UFJ Securities International plc

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      MODIFICATION NOTICE

      To Mitsubishi UFJ Securities International plc
      Address Office 301, Level 3, East Wing, The Gate, Dubai International
      Financial Centre, PO Box 506894, Dubai, UAE
      DFSA Firm Reference No. F002623
      Notice No. W290/2014

      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: 31st August 2014

    • W291/2014 GEN — ING Asset Management B.V.

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      MODIFICATION NOTICE

      To ING Asset Management B.V.
      Address Office 206, Level 2, Tower 1, Al Fattan Currency House,
      DIFC, P.O. 506679, Dubai, UAE
      DFSA Firm Reference No. F002049
      Notice No. W291/2014

      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 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (b), (c) and (d) must be resident in the U.A.E.

      CONDITIONS

      None.

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever is the earlier.

      INTERPRETATION

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

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

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

      Name: Bryan Stirewalt
      Position: Managing Director, Supervision
      DATE OF ISSUE: 01 September 2014

    • W298/2014 COB — 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. W298/2014

      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
      COB 2.3.2
      (1) An Authorised Firm may classify a Person as a Professional Client only if such a Person:
      (a) either:
      (i) has net assets of at least $500,000 calculated in accordance with Rule 2.4.1; or
      (ii) is, or has been in the previous 2 years:
      (A) an Employee of the Authorised Firm; or
      (B) an Employee in a professional position in another Authorised Firm;
      (b) subject to (2), appears, on reasonable grounds, to the Authorised Firm, to have sufficient experience and understanding of relevant financial markets, products or transactions and any associated risks following the analysis specified in Rule 2.5.1; and
      (c) has not elected to be treated as a Retail Client in accordance with Rule 2.3.3.
      (2) An Authorised Firm may consider the following Persons as possessing the necessary degree of experience and understanding of relevant financial markets, products or transactions without having to undertake the analysis referred to in (1)(b):
      (a) a Collective Investment Fund or a regulated pension fund;
      (b) an Authorised Firm, a Regulated Financial Institution or the management company of a regulated pension fund;
      (c) a properly constituted government, government agency, central bank or other national monetary authority of any country or jurisdiction;
      (d) a public authority or state investment body;
      (e) a supranational organisation whose members are either countries, central banks or national monetary authorities;
      (f) an Authorised Market Institution, regulated exchange or regulated clearing house;
      (g) a Body Corporate whose shares are listed or admitted to trading on any regulated exchange of an IOSCO member country;
      (h) a Body Corporate which has called up share capital of at least $10,000,000; or
      (i) any other institutional investor whose main activity is to invest in financial instruments, including an entity dedicated to the securitisation of assets or other financial transactions.
      (3) A personal investment vehicle may be classified as a Professional Client without having to meet the requirements in (1)(a)(i) if it is established and operated for the sole purpose of facilitating the management of the investment portfolio of an existing Professional Client.
      (4) An Undertaking may be classified as a Professional Client without having to meet the requirements of (1)(a)(i) if any Holding Company is a Professional Client.

      CONDITIONS

      None.

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name: Bryan Stirewalt
      Position: Managing Director, Supervision
      DATE OF ISSUE: 14th October 2014

    • W348/2014 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. W348/2014

      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 8.2.2
      (1) An Authorised Person must, except as provided under Rule 8.2.3, prepare and maintain all financial statements in accordance with:
      (a) the International Financial Reporting Standards (IFRS); or
      (b) the Generally Accepted Accounting Principles in the United Kingdom (UK GAAP).
      (2) In this Rule, UK GAAP means accounting and valuation principles set-out in the guidelines of the UK Accounting Standards Board.
      GEN 8.6.1

      An Authorised Person must, in writing, require its Auditor to:

      (a) conduct an audit of and produce a Financial Statement Auditor's Report on the Authorised Person's financial statements in accordance with the International Standards on Auditing, or the International Standards on Auditing (UK and Ireland) (ISAs (UK and Ireland)) issued by the UK Audit and Assurance Council;
      (b) produce a Regulatory Returns Auditor's Report in accordance with the Rules in AUD App1 as relevant;
      (c) produce, if the Authorised Firm is permitted to control or hold Client Money, a Client Money Auditor's Report in accordance with the Rules in AUD App2;
      (d) produce, if the Authorised Firm is permitted to control or hold Insurance Monies, an Insurance Monies Auditor's Report in accordance with the Rules in AUD App3; and
      (e) produce, if the Authorised Firm is permitted to hold or control Client Investments, Arrange Custody or Provide Custody in or from the DIFC, a Safe Custody Auditor's Report in respect of such business as applicable, in accordance with the Rules in AUD App4.

      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 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 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
      DATE OF ISSUE: 22 December 2014

    • W355/2014 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. W355/2014

      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 8.2.2
      (1) An Authorised Person must, except as provided under Rule 8.2.3, prepare and maintain all financial statements in accordance with:
      (a) the International Financial Reporting Standards (IFRS); or
      (b) the Generally Accepted Accounting Principles in the United Kingdom (UK GAAP).
      (2) In this Rule, UK GAAP means accounting and valuation principles set-out in the guidelines of the UK Accounting Standards Board.
      GEN 8.6.1

      An Authorised Person must, in writing, require its Auditor to:

      (a) conduct an audit of and produce a Financial Statement Auditor's Report on the Authorised Person's financial statements in accordance with the International Standards on Auditing, or the International Standards on Auditing (UK and Ireland) (ISAs (UK and Ireland)) issued by the UK Audit and Assurance Council;
      (b) produce a Regulatory Returns Auditor's Report in accordance with the Rules in AUD App1 as relevant;
      (c) produce, if the Authorised Firm is permitted to control or hold Client Money, a Client Money Auditor's Report in accordance with the Rules in AUD App2;
      (d) produce, if the Authorised Firm is permitted to control or hold Insurance Monies, an Insurance Monies Auditor's Report in accordance with the Rules in AUD App3; and
      (e) produce, if the Authorised Firm is permitted to hold or control Client Investments, Arrange Custody or Provide Custody in or from the DIFC, a Safe Custody Auditor's Report in respect of such business as applicable, in accordance with the Rules in AUD App4.

      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 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 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
      DATE OF ISSUE: 22 December 2014