Entire Section

  • 2021

    • W849/2021 — B&F Partners Limited

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      WAIVER AND MODIFICATION NOTICE

      To B&F Partners Limited
      Address Office 409, Park Towers A, PO Box 73570, DIFC, Dubai, UAE
      DFSA Firm Reference No. F001976
      Notice No. W849/2021

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

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

      RULES WAIVED

      TABLE A
      Rulebook Module Rule
      AML Chapter 11 Rule 11.2.1(2)

      RULES MODIFIED

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

      TABLE B
      Rule Modified Text
      GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(1)(a), (c) and (d) must be resident in the U.A.E.

      CONDITIONS

      None.

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name: Mohamad El-Khalil
         
      Position: Director, Supervision
         
      DATE OF ISSUE: 18/02/2021

       

    • W848/2021 — Hines Europe Real Estate Investments Limited (DIFC Representative Office)

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      WAIVER AND MODIFICATION NOTICE

      To Hines Europe Real Estate Investments Limited (DIFC Representative Office)
      Address Gate Village Building 4, Level 33, Office 33A, PO Box 113355, Dubai, UAE
      DFSA Firm Reference No. F006486
      Notice No. W848/2021

      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
      REP 4.7.4

      Marketing of Foreign Funds

      (1) A Representative Office must ensure that it does not market a Unit of a Foreign Fund which is a Property Fund unless:
      (a) The Fund is an Alternative Investment Fund (AIF)a closed ended structure; and
      (b) the Fund is listed and traded on an Authorised Market Institution or an exchange regulated in a Recognised Jurisdiction, unless the Units are to be Offered, issued or sold by means only of Private Placement.
      (2) For the purposes of (1), a "Property Fund" is a Foreign Fund in respect of which 60% or more of the Fund’s assets comprise Real Property, Property Related Assets or Units in another Property Fund.
      (3) For the purpose of (1)(a), a Fund is an AIF if it is managed by an Alternative Investment Fund Manager (AIFM) authorised by a competent authority in a Member State of the European Union in accordance with the requirements of Directive 2011/61/EU of the European Parliament and of the Council of Alternative Investment Fund Managers, as amended from time to time.

      Guidance

      A closed-ended legal structure is an investment vehicle used by a Fund that does not continuously issue or redeem Units based on the net asset value of the Fund.

      CONDITIONS

      The above-mentioned person must obtain written confirmation from the AIFM that Units in the Fund will only be Offered, issued or sold as follows:

      (a) by way of Private Placement;
      (b) to a Professional Investor who is not a natural person; and
      (c) for a minimum subscription of USD10 million.

      REVOCATION

      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: Justin Baldacchino
         
      Position: Managing Director, Supervision
         
      DATE OF ISSUE: 8 February 2021

    • W847/2021 — Berkshire Hathaway Specialty Insurance Company

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      WAIVER AND MODIFICATION NOTICE

      To Berkshire Hathaway Specialty Insurance Company
      Address Unit 2105, Level 21, Index Tower, DIFC, PO Box 506861, Dubai, UAE
      DFSA Firm Reference No. F004309
      Notice No. W847/2021

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

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

      RULES WAIVED

      TABLE A
      Rulebook Module Rule
      AML Chapter 11 Rule 11.2.1(2)

      RULES MODIFIED

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

      TABLE B
      Rule Modified Text
      GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(1)(a), (c) and (d) must be resident in the U.A.E.

      CONDITIONS

      None.

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name: Mohamad El-Khalil
         
      Position: Director, Supervision
         
      DATE OF ISSUE: 2 February 2021

       

    • W846/2021 — Nasdaq Inc

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      WAIVER AND MODIFICATION NOTICE

      To Nasdaq Inc
      Address 805 King Farm Boulevard, 1st Floor, Rockville, MD, 20850, United States
      DFSA Firm Reference No. F001025
      Notice No. W846/2021

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

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

      RULES WAIVED

      TABLE A
      Rulebook Module Rule
      MKT Rule 3.2.10(a), (b) and (c) and App 4, Rule 3.3.8(1)(a), (c), (d), (e) and (f), Rule 3.4.2(2)(b)(i), Rule 3.5.3, Rule 4.2.3(1)(c), (2) and (3), Rule 4.2.4(2), (3), (4), (5) and (6), Rule 4.3.3, Rule 4.3.5, Rule 4.4.3, Rule 4.4.4, Rule 4.6.1 and App 2 (items 2.2(b), 2.3, 2.5, 3.1, 7.1, 7.2), Rule 5.1.4(2)(h), Rule 9.7.4, Rule 9.7.8 and App 6.2 (items 4, 5, 6, 7, 8, 9 and 11).

      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 unaltered the entire Rule may not be reproduced in the table. In such circumstances the unaltered 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
      MKT 3.4.4

      The prohibition in Rule 3.4.2(1) does not apply in relation to any dealing in Securities in the Reporting Entity if such dealing by the Restricted Person relates to:

      (a) undertakings or elections to take up, or the taking up of, an entitlement under a rights issue or dividend reinvestment offer, or allowing such an entitlement or offer to lapse;
      (b) undertakings to accept, or the acceptance of, a Takeover Offer under Takeover Rules;
      (c) dealings where the beneficial interest in the relevant Security does not change;
      (d) transactions between the Restricted Person and an Associate of such a person; or
      (e) transactions relating to dealings in an Employee Share Scheme in accordance with the terms of such a scheme.;
      (f) where the Reporting Entity has a written policy restricting Restricted Persons from dealing in Securities during a close period, any dealing in Securities that is expressly permitted under that policy as a limited exception to the restrictions, such as exceptions with respect to purchases of newly issued Securities from the Reporting Entity, exercise of stock options for cash and transactions approved in advance by policy administrators on an individual basis in limited circumstances described in the policy; or
      (g) dealings in Securities that are required by law, including in accordance with an order of a court or other governmental entity of competent jurisdiction, or pursuant to a written sales plan adopted in accordance with Rule 10b5-1 under the US Securities Exchange Act 1934.
      MKT
      APP 2
      A.2.1.1
      A.2.1.2  

      MARKET DISCLOSURE

      This table forms part of Rule 4.6.1.

      A Reporting Entity other than a Listed Fund must, on the occurrence of an event specified in column 1, make the required disclosure detailed in column 2, within the time specified in column 3, in respect of the Securities identified with a “✓” in column 4, of this Table.

        EVENT GIVING RISE TO DISCLOSURE OBLIGATION DISCLOSURE REQUIRED TIME OF DISCLOSURE ...
      ... ... ... ... ...
      2.2(b)
      (a) …
      (b) the resignation, retirement or removal of an existing Director; and
      (c) …

      Market disclosure of:

      (a) the effective date of the change (if it has been decided);
      (b) whether the position is executive or non-executive;
      (c) whether the position is considered to be independent; and
      (d) the nature of any functions or responsibility of the position.
      As soon as possible or as otherwise required under relevant U.S. laws and regulations or securities exchange rules. ...
      2.3 In the case of an appointment of a new Director.

      Market disclosure of:

      (a) all directorships past or present held by the Director in any other Body Corporate in the previous five years;
      (b) the experience of the Director;
      (c) details of the process by which the Director was selected;
      (d) any unspent convictions relating to serious criminal offences;
      (e) any bankruptcies or individual voluntary arrangements of the Director;
      (f) any compulsory liquidations, creditors voluntary liquidations, company voluntary arrangements, receivership or any composition or arrangement with creditors generally or any class of creditors of any Body Corporate where such an individual was the Director at the time of or within the 12 months preceding the occurrence of such events; and
      (g) any public criticism or disqualification of the individual by a governmental or regulatory authority and whether the individual has ever been disqualified by a court from acting as a Director of a Body Corporate or from acting in the management or conduct of the affairs of any Body Corporate or, if there are no such details to be disclosed, that fact.
      Within 7 days of the appointment As required under relevant U.S. laws and regulations or securities exchange rules. ...
      2.5 Any resolution passed by the Directors of the Reporting Entity other than a resolution concerning ordinary business of the Reporting Entity. Market disclosure of the resolution. As soon as possible or as otherwise required under relevant U.S. laws and regulations or securities exchange rules. ...
      3.1

      Transactions undertaken which could result in:

      (a) any significant investment (i.e. any investments equal to or greater than 5% of the value of the net assets of the Reporting Entity as per its most recent financial reports) or material change to such a significant investment outside the ordinary course of business of the Reporting Entity; or
      (b) the incurring of any significant debt (being a debt with an amount equal to or greater than 5% of the value of the net assets of the Reporting Entity as per its most recent financial reports) outside the usual and ordinary course of business of the Reporting Entity.

      Market disclosure relating to:

      (a) any decision to enter into such a transaction;
      (b) any material change or new matter affecting any matter contained in an earlier disclosure; and
      (c) a full description of the event, activity or transaction proposed or effected, as the case may be.
      As soon as possible or as otherwise required under relevant U.S. laws and regulations or securities exchange rules. ...
      7.1 Any proposed new issue of Securities. Market disclosure of the class, number and proposed date of issue and details of the changes to the share capital resulting from the new issue proposed. As soon as possible after the decision is made or as otherwise required under relevant U.S. laws and regulations or securities exchange rules. ...
      7.2 Results of the new issue.

      Market disclosure of the results of the issue including:

      (a) the class, number and the actual date of the issue;
      (b) consideration received; and
      (c) details of changes in the share capital.
      As soon as possible or as otherwise required under relevant U.S. laws and regulations or securities exchange rules. ...

      CONDITIONS

      The Issuer must retain its primary listing on the Nasdaq Stock Market and continue to be subject to the rules of the Nasdaq Stock Market, SEC regulatory framework and relevant US law as amended or waived or modified from time to 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: Eric Salomons
         
      Position: Head of Markets
         
      DATE OF ISSUE: 27 January 2021

    • W845/2021 — SEE Capital Limited

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      WAIVER AND MODIFICATION NOTICE

      To SEE Capital Limited
      Address Level 2, Gate Village Building 4, DIFC, PO Box 506734,
      Dubai, UAE
      DFSA Firm Reference No. F003986
      Notice No. W845/2021

      THE DFSA HEREBY GIVES NOTICE THAT:

      The Rules specified in the Table below do not apply to the above mentioned Person in respect of Sustainable REIT 1 (CEIC) Limited (‘the Fund’).

      TABLE OF RULES WAIVED

      Rule Modified Text
      IFR 6.3.1 and 6.3.2.

      CONDITIONS

      N/A

      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: Justin Baldacchino
         
      Position: Managing Director, Supervision
         
      DATE OF ISSUE: 27 January 2021

    • W844/2021 — Howden Insurance Brokers Limited

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      MODIFICATION NOTICE

      To Howden Insurance Brokers Limited
      Address Unit 07, Level 1, Gate Village Building 11, DIFC, Dubai, PO Box 482078, UAE
      DFSA Firm Reference No. F006564
      Notice No. W844/2021

      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: Justin Baldacchino
         
      Position: Managing Director, Supervision
         
      DATE OF ISSUE: 21 January 2021

    • W843/2021 — Howden Insurance Brokers Limited

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      MODIFICATION NOTICE

      To Howden Insurance Brokers Limited
      Address Unit 07, Level 1, Gate Village Building 11, DIFC, Dubai, PO Box 482078, UAE
      DFSA Firm Reference No. F006564
      Notice No. W843/2021

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

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

      RULES WAIVED

      TABLE A
      Rulebook Module Rule
      AML Chapter 11 Rule 11.2.1(2)

      RULES MODIFIED

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

      TABLE B
      Rule Modified text
      GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(1)(a),—and (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: Justin Baldacchino
         
      Position: Managing Director, Supervision
         
      DATE OF ISSUE: 21 January 2021

       

    • W842/2021 — The Access Bank UK Limited

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      MODIFICATION NOTICE

      To The Access Bank UK Limited
      Address Unit 1543, Level 15, Gate Building, DIFC, PO Box 121208, Dubai, UAE
      DFSA Firm Reference No. F003593
      Notice No. W842/2021

      THE DFSA HEREBY GIVES NOTICE THAT:

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

      AND

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

      RULES WAIVED

      TABLE A
      Rulebook Module Rule
      AML Chapter 11 Rule 11.2.1(2)

      RULES MODIFIED

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

      TABLE B
      Rule Modified text
      GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(1)(a), (c) and (d) must be resident in the U.A.E.

      CONDITIONS

      None.

      EFFECTIVE PERIOD

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

      INTERPRETATION

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

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

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

      Name: Justin Baldacchino
         
      Position: Managing Director, Supervision
         
      DATE OF ISSUE: 20th January 2021

       

    • W841/2021 — Mex Australia Pty Ltd. (DIFC Branch)

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      WAIVER AND MODIFICATION NOTICE

      To Mex Australia Pty Ltd. (DIFC Branch)
      Address Unit 8, Level 3, Gate Village Building 10, DIFC, PO Box 4055, Dubai, UAE
      DFSA Firm Reference No. F004403
      Notice No. W841/2021

      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 Australian Accounting Standards.
      (2) In this Rule, the Australian Accounting Standards means the accounting, valuation and reporting standards set out by the Australian Accounting Standards Board (AASB).
      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 auditing and assurance standards issued by the Australian Auditing and Assurance Standards Board (AUASB);
      (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;
      (e) produce, if the Authorised Firm is permitted to hold or control Client Investments 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; and
      (f) provide a Money Services Auditor's Report in accordance with the Rules in AUD App7, if the Authorised Firm is Providing Money
      Services, Account Information Services or Payment Initiation Services.

      CONDITIONS

      The modifications in respect of the Rules specified above remain 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 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: Justin Baldacchino
         
      Position: Managing Director, Supervision
         
      DATE OF ISSUE: 4 January 2021