Entire Section

  • Waivers and Modification Notices

    The DFSA is empowered, under Article 25 of the Regulatory Law, to waive or modify any DFSA rule upon application by a Person, if it considers it appropriate to do so. The DFSA will publish details of these waivers or modifications unless it is satisfied that it is inappropriate or unnecessary to do so.

    Chapter 11 of the General (GEN) module of the DFSA Rulebook and chapter 9 of the Regulatory Policy and Process Sourcebook Module (RPP) outline how a Person can apply for a waiver or modification. Application forms are available in the Application Forms and Notices Module (AFN).

    • 2020

      • W705/2020 — ArgoGlobal Underwriting (Dubai) Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To ArgoGlobal Underwriting (Dubai) Limited 
        Address Office 401, Level 3&4, Precinct Building 2, DIFC, PO Box 482067, Dubai, UAE 
        DFSA Firm Reference No. F001366
        Notice No. W705/2020

        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 8.6.2 

        An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Naweed Lalani
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

         

      • W704/2020 — Shields Reinsurance Brokers Limited

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        MODIFICATION NOTICE

        To Shields Reinsurance Brokers Limited 
        Address Unit 811A, Level 8, Liberty House, DIFC, PO Box 507203, Dubai, UAE
        DFSA Firm Reference No. F004131
        Notice No. W704/2020

        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 8.6.2 An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Naweed Lalani
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

      • W703/2020 — Audacia Capital Limited

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        MODIFICATION NOTICE

        To Audacia Capital Limited 
        Address Unit C108,Level 1, Burj Daman, Dubai International Financial Centre, Dubai, PO box 506970, United Arab Emirates 
        DFSA Firm Reference No. F002709
        Notice No. W703/2020

        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 8.6.2 

        An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.

        PIB 10.3.2 
        (1) An Authorised Firm must establish and maintain an IRAP which details the processes and procedures by which the firm will identify, assess, aggregate and monitor the risks faced by it.
        (2) The firm must conduct the IRAP assessment at least annually giving due regard to the Guidance in section A10.1 of App10.
        (3) The IRAP assessment conducted by the firm pursuant to (2) must be approved by its Governing Body and then submitted to the DFSA within four five months from the end of the firm’s financial year, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (4) …..

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

         

      • W702/2020 — Century Private Wealth Limited

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        MODIFICATION NOTICE

        To Century Private Wealth Limited
        Address Unit S2105, Level 21, Emirates Financial Towers, DIFC, PO Box 507185, Dubai, UAE 
        DFSA Firm Reference No. F005207
        Notice No. W702/2020

        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 8.6.2  An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        PIB 10.3.2
        (1) An Authorised Firm must establish and maintain an IRAP which details the processes and procedures by which the firm will identify, assess, aggregate and monitor the risks faced by it.
        (2) The firm must conduct the IRAP assessment at least annually giving due regard to the Guidance in section A10.1 of App10.
        (3) The IRAP assessment conducted by the firm pursuant to (2) must be approved by its Governing Body and then submitted to the DFSA within four five months from the end of the firm’s financial year, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.​​​​​​​
        (4) …..

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

      • W701/2020 — Emaar Capital (DIFC) Limited

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        MODIFICATION NOTICE

        To Emaar Capital (DIFC) Limited 
        Address Level 3, Gate Village Building 4, DIFC, PO Box 506677, Dubai, UAE 
        DFSA Firm Reference No. F005670
        Notice No. W701/2020

        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 
        PIB 10.3.2 
        (1) An Authorised Firm must establish and maintain an IRAP which details the processes and procedures by which the firm will identify, assess, aggregate and monitor the risks faced by it.
        (2) The firm must conduct the IRAP assessment at least annually giving due regard to the Guidance in section A10.1 of App10.
        (3) The IRAP assessment conducted by the firm pursuant to (2) must be approved by its Governing Body and then submitted to the DFSA within four five months from the end of the firm’s financial year, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (4) …..

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

         

      • W700/2020 — GFH Capital Limited

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        MODIFICATION NOTICE

        To GFH Capital Limited 
        Address Suite 1 & 2, Level 4, Precinct Building 3, The Gate District, DIFC, PO Box 506544, Dubai, UAE
        DFSA Firm Reference No. F000064
        Notice No. W700/2020

        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 8.6.2 An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

      • W699/2020 — Quilvest (Dubai) Limited

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        MODIFICATION NOTICE

        To Quilvest (Dubai) Limited 
        Address Office 5, Level 1, Gate Village 4, DIFC, PO Box 506724, Dubai, UAE 
        DFSA Firm Reference No. F000780
        Notice No. W699/2020

        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 8.6.2 

        An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.

        GEN 11.8.12 
        (1) An Authorised Firm must submit to the DFSA an annual report on its Controllers within four five months of its financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (2) …..

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

         

      • W698/2020 — Permaneo Capital Ltd

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        MODIFICATION NOTICE

        To Permaneo Capital Ltd 
        Address Unit N804B, Level 8, North Tower, Emirates Financial Tower, DIFC, PO Box 58553, Dubai, UAE
        DFSA Firm Reference No. F005515
        Notice No. W698/2020

        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 8.6.2 An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

      • W697/2020 — Tabarak Investment Capital Limited

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        MODIFICATION NOTICE

        To Tabarak Investment Capital Limited  
        Address Level 2, Office C208, Burj Daman, DIFC, PO Box 506824, Dubai, UAE 
        DFSA Firm Reference No. F001127
        Notice No. W697/2020

        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 8.6.2 

        An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

         

      • W696/2020 — Swissquote MEA Ltd.

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        MODIFICATION NOTICE

        To Swissquote MEA Ltd. 
        Address Office No 3, Level 9, Currency House Building, Tower 2, DIFC, PO Box 125115, Dubai, UAE 
        DFSA Firm Reference No. F001438
        Notice No. W696/2020

        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 8.6.2 An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

      • W695/2020 — TP ICAP (Dubai) Limited

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        MODIFICATION NOTICE

        To TP ICAP (Dubai) Limited 
        Address Office 7 & 8, Level 1, Gate Village Building 1, DIFC, PO Box 506627, Dubai, UAE  
        DFSA Firm Reference No. F001884
        Notice No. W695/2020

        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 8.6.2 

        An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.

        PIB 10.3.2  
        (1) An Authorised Firm must establish and maintain an IRAP which details the processes and procedures by which the firm will identify, assess, aggregate and monitor the risks faced by it.
        (2) The firm must conduct the IRAP assessment at least annually giving due regard to the Guidance in section A10.1 of App10.
        (3) The IRAP assessment conducted by the firm pursuant to (2) must be approved by its Governing Body and then submitted to the DFSA within four five months from the end of the firm’s financial year, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (4) …..
        PIB 10.4.2  
        (1) An Authorised Firm must implement and maintain an ICAAP which details the processes and procedures by which the firm will assess and maintain adequate Capital Resources in relation to the risks faced by it.
        (2) The firm must conduct an ICAAP assessment at least annually giving due regard to the Guidance in section A10.2 of App10.
        (3) The ICAAP assessment conducted by the firm pursuant to (2) must be approved by its Governing Body and then submitted to the DFSA within four five months from the end of the firm’s financial year, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (4) In addition to (2), the firm must conduct an ICAAP assessment:
        (a) whenever there is material change to the business, strategy, nature or scale of the activities of the firm which may have a significant impact on its risk profile or adequacy of its Capital Resources or Adjusted Capital Resources, as applicable; or
        (b) as and when required by the DFSA.
        (5) The ICAAP assessment conducted by the firm pursuant to (4) must be approved by its Governing Body and then submitted to the DFSA within two months from the date of such material change or requirement.

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

         

      • W694/2020 — Charles Monat Associates Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Charles Monat Associates Limited 
        Address Unit GD-PB-05-06-OF-08, Level 6, Gate District Precinct Building 05, DIFC, P O Box 507269, Dubai, UAE 
        DFSA Firm Reference No. F005417
        Notice No. W694/2020

        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 8.6.2  An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        GEN 11.8.12 
        (1) An Authorised Firm must submit to the DFSA an annual report on its Controllers within four five months of its financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (2) …..

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

      • W693/2020 — ASAS Capital Ltd

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        MODIFICATION NOTICE

        To ASAS Capital Ltd  
        Address Office 702, Level 7, South Tower, Emirates Financial Towers, DIFC, PO Box 506806, Dubai, UAE  
        DFSA Firm Reference No. F001039
        Notice No. W693/2020

        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 8.6.2 

        An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.

        PIB 10.3.2  
        (1) An Authorised Firm must establish and maintain an IRAP which details the processes and procedures by which the firm will identify, assess, aggregate and monitor the risks faced by it.
        (2) The firm must conduct the IRAP assessment at least annually giving due regard to the Guidance in section A10.1 of App10.
        (3) The IRAP assessment conducted by the firm pursuant to (2) must be approved by its Governing Body and then submitted to the DFSA within four five months from the end of the firm’s financial year, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (4) …..

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

         

      • W692/2020 — Jadwa Investment (DIFC) Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Jadwa Investment (DIFC) Limited 
        Address Office 101, Gate Village 7, DIFC, P.O. Box 121869,
        Dubai, UAE 
        DFSA Firm Reference No. F004938
        Notice No. W692/2020

        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 8.6.2 An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four six months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 30 June 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

      • W691/2020 — Safanad (Dubai) Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Safanad (Dubai) Limited  
        Address Office 402a, Level 4, The Gate Building, East Wing, PO Box 506704, DIFC, Dubai, UAE.  
        DFSA Firm Reference No. F002528
        Notice No. W691/2020

        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 
        PIB 10.3.2  
        (1) An Authorised Firm must establish and maintain an IRAP which details the processes and procedures by which the firm will identify, assess, aggregate and monitor the risks faced by it.
        (2) The firm must conduct the IRAP assessment at least annually giving due regard to the Guidance in section A10.1 of App10.
        (3) The IRAP assessment conducted by the firm pursuant to (2) must be approved by its Governing Body and then submitted to the DFSA within four five months from the end of the firm’s financial year, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (4) …..

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

         

      • W690/2020 — Trading Point MENA Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Trading Point MENA Limited 
        Address Unit S1901, Level 19, South Tower, Emirates Financial Towers, DIFC, PO Box 507013, Dubai, UAE 
        DFSA Firm Reference No. F003484
        Notice No. W690/2020

        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 8.6.2  An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four six months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        GEN 11.8.12 
        (1) An Authorised Firm must submit to the DFSA an annual report on its Controllers within four six months of its financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (2) …..
        PIB 10.3.2
        (1) An Authorised Firm must establish and maintain an IRAP which details the processes and procedures by which the firm will identify, assess, aggregate and monitor the risks faced by it.
        (2) The firm must conduct the IRAP assessment at least annually giving due regard to the Guidance in section A10.1 of App10.
        (3) The IRAP assessment conducted by the firm pursuant to (2) must be approved by its Governing Body and then submitted to the DFSA within four six months from the end of the firm’s financial year, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (4) …..
        PIB 10.4.2 
        (1) An Authorised Firm must implement and maintain an ICAAP which details the processes and procedures by which the firm will assess and maintain adequate Capital Resources in relation to the risks faced by it.
        (2) The firm must conduct an ICAAP assessment at least annually giving due regard to the Guidance in section A10.2 of App10.
        (3) The ICAAP assessment conducted by the firm pursuant to (2) must be approved by its Governing Body and then submitted to the DFSA within four six months from the end of the firm’s financial year, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (4) In addition to (2), the firm must conduct an ICAAP assessment:
        (a) whenever there is material change to the business, strategy, nature or scale of the activities of the firm which may have a significant impact on its risk profile or adequacy of its Capital Resources or Adjusted Capital Resources, as applicable; or
        (b) as and when required by the DFSA.
        (5) The ICAAP assessment conducted by the firm pursuant to (4) must be approved by its Governing Body and then submitted to the DFSA within two months from the date of such material change or requirement.

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 30 June 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

      • W689/2020 — Quilter Cheviot Limited (DIFC Branch)

        Click here to view PDF.

        MODIFICATION NOTICE

        To Quilter Cheviot Limited (DIFC Branch) 
        Address Unit 415, Level 4, Index Tower, DIFC, PO Box 482062, Dubai, UAE 
        DFSA Firm Reference No. F005266
        Notice No. W689/2020

        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 8.6.2  

        An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.

        GEN 11.8.12  
        (1) An Authorised Firm must submit to the DFSA an annual report on its Controllers within four five months of its financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (2) .....

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

         

      • W688/2020 — Alpen Capital (ME) Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Alpen Capital (ME) Limited 
        Address Level 4, Gate Precinct Building 5, DIFC, PO Box 121806, Dubai, UAE 
        DFSA Firm Reference No. F000219
        Notice No. W688/2020

        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 8.6.2 An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

      • W687/2020 — Affirma Capital MENA Ltd

        Click here to view PDF.

        MODIFICATION NOTICE

        To Affirma Capital MENA Ltd 
        Address DIFC, PO Box 506622, Dubai, UAE  
        DFSA Firm Reference No. F005267
        Notice No. W687/2020

        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 8.6.2   An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

         

      • W686/2020 — Gulf International Finance Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Gulf International Finance Limited 
        Address Unit No S402, Level 7, Emirates Financial Towers, DIFC, PO Box 507050, Dubai, UAE 
        DFSA Firm Reference No. F003201
        Notice No. W686/2020

        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 8.6.2  An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        GEN 11.8.12 
        (1) An Authorised Firm must submit to the DFSA an annual report on its Controllers within four five months of its financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.​​​​​​​
        (2) …..

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

      • W685/2020 — Five Capital Advisors (DIFC) Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Five Capital Advisors (DIFC) Limited 
        Address Unit OT 14-48, Level 14, Central Park Offices, DIFC, PO Box 482092, Dubai, UAE 
        DFSA Firm Reference No. F003622
        Notice No. W685/2020

        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 8.6.2 

        An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

         

      • W684/2020 — Tradition (Dubai) Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Tradition (Dubai) Limited 
        Address Unit 3, Level 2, Currency House, DIFC, PO Box 506530, DIFC, Dubai, UAE 
        DFSA Firm Reference No. F000039
        Notice No. W684/2020

        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 8.6.2  An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        GEN 11.8.12 
        (1) An Authorised Firm must submit to the DFSA an annual report on its Controllers within four five months of its financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (2) …..
        PIB 10.3.2
        (1) An Authorised Firm must establish and maintain an IRAP which details the processes and procedures by which the firm will identify, assess, aggregate and monitor the risks faced by it.
        (2) The firm must conduct the IRAP assessment at least annually giving due regard to the Guidance in section A10.1 of App10.
        (3) The IRAP assessment conducted by the firm pursuant to (2) must be approved by its Governing Body and then submitted to the DFSA within four five months from the end of the firm’s financial year, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (4) …..
        PIB 10.4.2 
        (1) An Authorised Firm must implement and maintain an ICAAP which details the processes and procedures by which the firm will assess and maintain adequate Capital Resources in relation to the risks faced by it.
        (2) The firm must conduct an ICAAP assessment at least annually giving due regard to the Guidance in section A10.2 of App10.
        (3) The ICAAP assessment conducted by the firm pursuant to (2) must be approved by its Governing Body and then submitted to the DFSA within four five months from the end of the firm’s financial year, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (4) In addition to (2), the firm must conduct an ICAAP assessment:
        (a) whenever there is material change to the business, strategy, nature or scale of the activities of the firm which may have a significant impact on its risk profile or adequacy of its Capital Resources or Adjusted Capital Resources, as applicable; or
        (b) as and when required by the DFSA.
        (5) The ICAAP assessment conducted by the firm pursuant to (4) must be approved by its Governing Body and then submitted to the DFSA within two months from the date of such material change or requirement.

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

      • W683/2020 — Private Client Services by Mercer (Dubai) Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Private Client Services by Mercer (Dubai) Limited 
        Address Unit 510, Level 5, Gate Precinct Building 3, DIFC, PO Box 507288, Dubai, UAE 
        DFSA Firm Reference No. F002996
        Notice No. W683/2020

        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 8.6.2 

        An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four six months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.

        GEN 11.8.12 
        (1) An Authorised Firm must submit to the DFSA an annual report on its Controllers within four six months of its financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (2) …..

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 30 June 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

         

      • W682/2020 — Mubasher Financial Services (DIFC) Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Mubasher Financial Services (DIFC) Limited 
        Address Office 303, Level 3, Liberty House, DIFC, PO Box 507133, Dubai, UAE 
        DFSA Firm Reference No. F003661
        Notice No. W682/2020

        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 8.6.2 An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

      • W681/2020 — MENA Re Underwriters Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To MENA Re Underwriters Limited 
        Address Unit 210-212, Level 2, Gate Village 8, DIFC, PO Box 507056, Dubai, UAE 
        DFSA Firm Reference No. F003051
        Notice No. W681/2020

        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 8.6.2 

        An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.

        GEN 11.8.12 
        (1) An Authorised Firm must submit to the DFSA an annual report on its Controllers within four five months of its financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (2) …..

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Naweed Lalani
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

         

      • W680/2020 — Arch Underwriters (Gulf) Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Arch Underwriters (Gulf) Limited 
        Address Unit 304, Level 3, Park Towers, DIFC, PO Box 507178, Dubai, UAE 
        DFSA Firm Reference No. F003767
        Notice No. W680/2020

        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 8.6.2  An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        GEN 11.8.12 
        (1) An Authorised Firm must submit to the DFSA an annual report on its Controllers within four five months of its financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (2) …..

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Naweed Lalani
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

      • W679/2020 — Gulf Reinsurance Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Gulf Reinsurance Limited 
        Address Unit 304, Level 3, Park Towers, DIFC, PO Box 507178, Dubai, UAE 
        DFSA Firm Reference No. F000814
        Notice No. W679/2020

        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 8.6.2 

        An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.

        GEN 11.8.12 
        (1) An Authorised Firm must submit to the DFSA an annual report on its Controllers within four five months of its financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (2) …..
        PIN 6.5.5 

        The auditor’s report on the Annual Regulatory Return, and any actuarial report prepared as at the reporting date in accordance with section 7.2 or 7.3, must be submitted in writing by the Insurer with the DFSA within four five months of the Insurer’s reporting date, where the reporting date occurs between 31 December 2019 and 31 March 2020 inclusive.

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Naweed Lalani
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

         

      • W678/2020 — Risk Exchange (DIFC) Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Risk Exchange (DIFC) Limited 
        Address Office 602, 6th Floor, Liberty House, PO Box 507348, Dubai, UAE 
        DFSA Firm Reference No. F002239
        Notice No. W678/2020

        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 8.6.2  An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        GEN 11.8.12 
        (1) An Authorised Firm must submit to the DFSA an annual report on its Controllers within four five months of its financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.​​​​​​​
        (2) …..

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Naweed Lalani
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

      • W677/2020 — Columbia Threadneedle Investments (ME) Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Columbia Threadneedle Investments (ME) Limited 
        Address Level 2, Gate Village 5, DIFC, PO Box 482005, Dubai, UAE 
        DFSA Firm Reference No. F003433
        Notice No. W677/2020

        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 8.6.2 

        An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

         

      • W676/2020 — KHK & Partners Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To KHK & Partners Limited 
        Address Unit S1802, Level 18, Emirates Financial Towers, DIFC, PO Box 507046, Dubai, UAE 
        DFSA Firm Reference No. F003251
        Notice No. W676/2020

        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 8.6.2  An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        GEN 11.8.12 
        (1) An Authorised Firm must submit to the DFSA an annual report on its Controllers within four five months of its financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (2) …..
        PIB 10.3.2
        (1) An Authorised Firm must establish and maintain an IRAP which details the processes and procedures by which the firm will identify, assess, aggregate and monitor the risks faced by it.
        (2) The firm must conduct the IRAP assessment at least annually giving due regard to the Guidance in section A10.1 of App10.
        (3) The IRAP assessment conducted by the firm pursuant to (2) must be approved by its Governing Body and then submitted to the DFSA within four five months from the end of the firm’s financial year, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (4) …..

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

      • W675/2020 — FundedByMe MENA Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To FundedByMe MENA Limited 
        Address Unit N411, Level 4, Emirates Financial Towers, DIFC, PO Box 506610, Dubai, UAE 
        DFSA Firm Reference No. F004344
        Notice No. W675/2020

        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 8.6.2 

        An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Naweed Lalani
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

         

      • W674/2020 — Zenith Bank (UK) Limited - (DIFC Branch)

        Click here to view PDF.

        MODIFICATION NOTICE

        To Zenith Bank (UK) Limited - (DIFC Branch) 
        Address Office 1301C, North Tower, Emirates Financial Towers, DIFC, PO Box 507015, Dubai, UAE 
        DFSA Firm Reference No. F002652
        Notice No. W674/2020

        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 8.6.2  An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        GEN 11.8.12 
        (1) An Authorised Firm must submit to the DFSA an annual report on its Controllers within four five months of its financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (2) …..
        CIR 9.4.2(1)
        (1) A Fund Manager must produce the required annual report and interim report as follows:
        (a) an annual report within four five months after the end of each annual accounting period, where that annual accounting period ends between 31 December 2019 and 31 March 2020 inclusive; and
        (b) an interim report within two five months after the end of each interim accounting period, where that interim accounting period ends between 31 December 2019 and 31 March 2020 inclusive.

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

      • W673/2020 — KAMCO Investment Company (DIFC) Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To KAMCO Investment Company (DIFC) Limited 
        Address Office 205 , Level 2, Gate Village Building 1, DIFC, PO Box 507205, Dubai, UAE 
        DFSA Firm Reference No. F002963
        Notice No. W673/2020

        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 8.6.2 

        An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four six months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 30 June 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

         

      • W672/2020 — Amalabh Capital Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Amalabh Capital Limited 
        Address Unit P7A-13B, Level P7, Park Towers, DIFC, PO Box 116103, Dubai, UAE 
        DFSA Firm Reference No. F003854
        Notice No. W672/2020

        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 8.6.2 An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        GEN 11.8.12
        (1) An Authorised Firm must submit to the DFSA an annual report on its Controllers within four five months of its financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (2) …..
        PIB 10.3.2
        (1) An Authorised Firm must establish and maintain an IRAP which details the processes and procedures by which the firm will identify, assess, aggregate and monitor the risks faced by it.
        (2) The firm must conduct the IRAP assessment at least annually giving due regard to the Guidance in section A10.1 of App10.
        (3) The IRAP assessment conducted by the firm pursuant to (2) must be approved by its Governing Body and then submitted to the DFSA within four five months from the end of the firm’s financial year, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (4) …..

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

      • W671/2020 — Investbridge Capital Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Investbridge Capital Limited 
        Address Office No 6, Level 6, Gate Village Building 6, DIFC, PO Box 482051, Dubai, UAE 
        DFSA Firm Reference No. F001473
        Notice No. W671/2020

        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 8.6.2  An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        PIB 10.3.2 
        (1) An Authorised Firm must establish and maintain an IRAP which details the processes and procedures by which the firm will identify, assess, aggregate and monitor the risks faced by it.
        (2) The firm must conduct the IRAP assessment at least annually giving due regard to the Guidance in section A10.1 of App10.
        (3) The IRAP assessment conducted by the firm pursuant to (2) must be approved by its Governing Body and then submitted to the DFSA within four five months from the end of the firm’s financial year, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (4) .....
        PIB 10.4.2 
        (1) An Authorised Firm must implement and maintain an ICAAP which details the processes and procedures by which the firm will assess and maintain adequate Capital Resources in relation to the risks faced by it.
        (2) The firm must conduct an ICAAP assessment at least annually giving due regard to the Guidance in section A10.2 of App10.
        (3) The ICAAP assessment conducted by the firm pursuant to (2) must be approved by its Governing Body and then submitted to the DFSA within four five months from the end of the firm’s financial year, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (4) In addition to (2), the firm must conduct an ICAAP assessment:
        (a) whenever there is material change to the business, strategy, nature or scale of the activities of the firm which may have a significant impact on its risk profile or adequacy of its Capital Resources or Adjusted Capital Resources, as applicable; or
        (b) as and when required by the DFSA.
        (5) The ICAAP assessment conducted by the firm pursuant to (4) must be approved by its Governing Body and then submitted to the DFSA within two months from the date of such material change or requirement.

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

      • W670/2020 — HC Middle East Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To HC Middle East Limited 
        Address Level 3, Gate Village 6, Dubai International Financial Centre, PO Box 506673, Dubai, UAE 
        DFSA Firm Reference No. F000667
        Notice No. W670/2020

        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 8.6.2  An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        GEN 11.8.12 
        (1) An Authorised Firm must submit to the DFSA an annual report on its Controllers within four five months of its financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (2) .....

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 30 April 2020 

      • W669/2020 — Gateway Investment Management Services (DIFC) Ltd.

        Click here to view PDF.

        MODIFICATION NOTICE

        To Gateway Investment Management Services (DIFC) Ltd. 
        Address Level 5, Gate Village 6, DIFC, PO Box 506822, Dubai, UAE  
        DFSA Firm Reference No. F001118
        Notice No. W669/2020

        THE DFSA HEREBY GIVES NOTICE THAT: 

        The Rules specified in the left-hand column of the table herein do not apply in the form appearing in the Rulebook but instead apply as modified in the right-hand column of the table to the abovementioned Person in respect of the following Fund it manages:

        1. Al Hadaf Open Ended PCC (C000035).

         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.

        Rule Modified Text 
        CIR 9.4.2(1) 
        (1) A Fund Manager must produce the required annual report and interim report as follows:
        (a) an annual report within four five months after the end of each annual accounting period, where that annual accounting period ends between 31 December 2019 and 31 March 2020 inclusive; and
        (b) ..

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 28 April 2020 

         

      • W668/2020 — Gateway Investment Management Services (DIFC) Ltd.

        Click here to view PDF.

        MODIFICATION NOTICE

        To Gateway Investment Management Services (DIFC) Ltd. 
        Address Level 5, Gate Village 6, DIFC, PO Box 506822, Dubai, UAE 
        DFSA Firm Reference No. F001118
        Notice No. W668/2020

        THE DFSA HEREBY GIVES NOTICE THAT: 

        The Rules specified in the left-hand column of the table herein do not apply in the form appearing in the Rulebook but instead apply as modified in the right-hand column of the table to the abovementioned Person in respect of the following Funds it manages:

        1. Guidance ATEL GCC Leasing Income Financing Fund (OEIC) (C000020); and
        2. Guidance ATEL GCC Leasing Fund (OEIC) Ltd (C000021).

        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.

        Rule Modified Text 
        CIR 9.4.2(1)
        (1) A Fund Manager must produce the required annual report and interim report as follows:
        (a) an annual report within four six months after the end of each annual accounting period, where that annual accounting period ends between 31 December 2019 and 31 March 2020 inclusive; and
        (b) ..

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 30 June 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 28 April 2020

      • W667/2020 — Woori Bank

        Click here to view PDF.

        MODIFICATION NOTICE

        To Woori Bank  
        Address Level 11, Unit 1102A, The Gate Building, East Wing, DIFC, PO Box 506760, Dubai, UAE  
        DFSA Firm Reference No. F000913
        Notice No. W667/2020

        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 8.6.2 

        An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Arvind Baghel
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 28 April 2020 

         

      • W666/2020 — Guy Carpenter (Middle East) Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Guy Carpenter (Middle East) Limited 
        Address Unit 02, Level 3, Currency House Building 1, DIFC, PO Box 506572, Dubai, UAE 
        DFSA Firm Reference No. F001789
        Notice No. W666/2020

        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 8.6.2  An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        GEN 11.8.12 
        (1) An Authorised Firm must submit to the DFSA an annual report on its Controllers within four five months of its financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (2) …..

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Arvind Baghel
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 28 April 2020 

      • W665/2020 — Mercer Financial Services Middle East Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Mercer Financial Services Middle East Limited 
        Address Office 01B, Level 5, Gate Precinct Building 2, DIFC, PO Box 215306, Dubai, UAE  
        DFSA Firm Reference No. F001250
        Notice No. W665/2020

        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 8.6.2 

        An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive

        GEN 11.8.12 
        (1) An Authorised Firm must submit to the DFSA an annual report on its Controllers within four five months of its financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (2) .....

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Arvind Baghel
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 28 April 2020 

         

      • W664/2020 — Marsh Management Services (MENA) Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Marsh Management Services (MENA) Limited 
        Address Office 302, Level 3, Tower 1, Al Fattan Currency House, DIFC, P.O. Box 506770, Dubai, UAE 
        DFSA Firm Reference No. F000844
        Notice No. W664/2020

        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 8.6.2  An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        GEN 11.8.12 
        (1) An Authorised Firm must submit to the DFSA an annual report on its Controllers within four five months of its financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (2) …..

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Arvind Baghel
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 28 April 2020 

      • W663/2020 — Aon Benfield Middle East Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Aon Benfield Middle East Limited  
        Address Office No 2,3 and 4, Level 5, Al Fattan Currency House, DIFC, PO Box 506746, Dubai, UAE  
        DFSA Firm Reference No. F001995
        Notice No. W663/2020

        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 8.6.2 

        An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Arvind Baghel
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 28 April 2020 

         

      • W662/2020 — GMG (Dubai) Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To GMG (Dubai) Limited 
        Address Office 1, 1st Floor, Currency House, PO Box 506821, Dubai, UAE 
        DFSA Firm Reference No. F001134
        Notice No. W662/2020

        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 8.6.2  An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        PIB 10.3.2 
        (1) An Authorised Firm must establish and maintain an IRAP which details the processes and procedures by which the firm will identify, assess, aggregate and monitor the risks faced by it.
        (2) The firm must conduct the IRAP assessment at least annually giving due regard to the Guidance in section A10.1 of App10.
        (3) The IRAP assessment conducted by the firm pursuant to (2) must be approved by its Governing Body and then submitted to the DFSA within four five months from the end of the firm’s financial year, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (4) …..
        PIB 10.4.2 
        (1) An Authorised Firm must implement and maintain an ICAAP which details the processes and procedures by which the firm will assess and maintain adequate Capital Resources in relation to the risks faced by it.
        (2) The firm must conduct an ICAAP assessment at least annually giving due regard to the Guidance in section A10.2 of App10.
        (3) The IRAP assessment conducted by the firm pursuant to (2) must be approved by its Governing Body and then submitted to the DFSA within four five months from the end of the firm’s financial year, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive
        (4) In addition to (2), the firm must conduct an ICAAP assessment:
        (a) whenever there is material change to the business, strategy, nature or scale of the activities of the firm which may have a significant impact on its risk profile or adequacy of its Capital Resources or Adjusted Capital Resources, as applicable; or
        (b) as and when required by the DFSA.
        (5) The ICAAP assessment conducted by the firm pursuant to (4) must be approved by its Governing Body and then submitted to the DFSA within two months from the date of such material change or requirement.

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 28 April 2020

      • W661/2020 — Lighthouse Canton Capital (DIFC) Pte Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Lighthouse Canton Capital (DIFC) Pte Limited  
        Address Unit 204, Level 2, Gate Village 11, DIFC, PO Box 507026, Dubai, UAE  
        DFSA Firm Reference No. F004068
        Notice No. W661/2020

        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 8.6.2 

        An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive

        GEN 11.8.12 
        (1) An Authorised Firm must submit to the DFSA an annual report on its Controllers within four five months of its financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (2) .....
        PIB 10.3.2 
        (1) An Authorised Firm must establish and maintain an IRAP which details the processes and procedures by which the firm will identify, assess, aggregate and monitor the risks faced by it.
        (2) The firm must conduct the IRAP assessment at least annually giving due regard to the Guidance in section A10.1 of App10.
        (3) The IRAP assessment conducted by the firm pursuant to (2) must be approved by its Governing Body and then submitted to the DFSA within four five months from the end of the firm’s financial year, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (4) .....

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 28 April 2020 

         

      • W660/2020 — Bemo Investment Firm LTD

        Click here to view PDF.

        MODIFICATION NOTICE

        To Bemo Investment Firm LTD 
        Address Unit 109, Level 1, Gate Village 1, PO Box 506671, Dubai, UAE 
        DFSA Firm Reference No. F000624
        Notice No. W660/2020

        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 8.6.2  An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 28 April 2020

      • W659/2020 — JB Drax Honoré (DIFC) Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To JB Drax Honoré (DIFC) Limited  
        Address Unit 20-31, Level 20, Central Park Offices, DIFC, PO Box 507215, Dubai, UAE  
        DFSA Firm Reference No. F005031
        Notice No. W659/2020

        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 8.6.2 

        An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive

        GEN 11.8.12 
        (1) An Authorised Firm must submit to the DFSA an annual report on its Controllers within four five months of its financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (2) .....
        PIB 10.3.2 
        (1) An Authorised Firm must establish and maintain an IRAP which details the processes and procedures by which the firm will identify, assess, aggregate and monitor the risks faced by it.
        (2) The firm must conduct the IRAP assessment at least annually giving due regard to the Guidance in section A10.1 of App10.
        (3) The IRAP assessment conducted by the firm pursuant to (2) must be approved by its Governing Body and then submitted to the DFSA within four five months from the end of the firm’s financial year, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (4) .....
        PIB 10.4.2 
        (1) An Authorised Firm must implement and maintain an ICAAP which details the processes and procedures by which the firm will assess and maintain adequate Capital Resources in relation to the risks faced by it.
        (2) The firm must conduct an ICAAP assessment at least annually giving due regard to the Guidance in section A10.2 of App10.
        (3) The ICAAP assessment conducted by the firm pursuant to (2) must be approved by its Governing Body and then submitted to the DFSA within four five months from the end of the firm’s financial year, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (4) In addition to (2), the firm must conduct an ICAAP assessment:
        (a) whenever there is material change to the business, strategy, nature or scale of the activities of the firm which may have a significant impact on its risk profile or adequacy of its Capital Resources or Adjusted Capital Resources, as applicable; or
        (b) as and when required by the DFSA.
        (5) The ICAAP assessment conducted by the firm pursuant to (4) must be approved by its Governing Body and then submitted to the DFSA within two months from the date of such material change or requirement.

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 28 April 2020 

         

      • W658/2020 — NCB Capital (DIFC) Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To NCB Capital (DIFC) Limited 
        Address Office 1904, Level 19, Index Tower, DIFC, PO Box 124620, Dubai, UAE 
        DFSA Firm Reference No. F000768
        Notice No. W658/2020

        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 
        PIB 10.3.2 
        (1) An Authorised Firm must establish and maintain an IRAP which details the processes and procedures by which the firm will identify, assess, aggregate and monitor the risks faced by it.
        (2) The firm must conduct the IRAP assessment at least annually giving due regard to the Guidance in section A10.1 of App10.
        (3) The IRAP assessment conducted by the firm pursuant to (2) must be approved by its Governing Body and then submitted to the DFSA within four five months from the end of the firm’s financial year, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (4) …..
        PIB 10.4.2 
        (1) An Authorised Firm must implement and maintain an ICAAP which details the processes and procedures by which the firm will assess and maintain adequate Capital Resources in relation to the risks faced by it.
        (2) The firm must conduct an ICAAP assessment at least annually giving due regard to the Guidance in section A10.2 of App10.
        (3) The ICAAP assessment conducted by the firm pursuant to (2) must be approved by its Governing Body and then submitted to the DFSA within four five months from the end of the firm’s financial year, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.​​​​​​​
        (4) In addition to (2), the firm must conduct an ICAAP assessment:
        (a) whenever there is material change to the business, strategy, nature or scale of the activities of the firm which may have a significant impact on its risk profile or adequacy of its Capital Resources or Adjusted Capital Resources, as applicable; or
        (b) as and when required by the DFSA.
        (5) The ICAAP assessment conducted by the firm pursuant to (4) must be approved by its Governing Body and then submitted to the DFSA within two months from the date of such material change or requirement.

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 28 April 2020

      • W657/2020 — Antarah Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Antarah Limited 
        Address Office No. N301-303, Level 3, Emirates Financial Towers, DIFC, PO Box 23325, Dubai, UAE 
        DFSA Firm Reference No. F001778
        Notice No. W657/2020

        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 8.6.2 

        An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive

        GEN 11.8.12 
        (1) An Authorised Firm must submit to the DFSA an annual report on its Controllers within four five months of its financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (2) .....

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Arvind Baghel
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 27 April 2020 

         

      • W656/2020 — Credit Europe Bank (Dubai) Ltd

        Click here to view PDF.

        MODIFICATION NOTICE

        To Credit Europe Bank (Dubai) Ltd 
        Address Unit S1404, Level 14, Emirates Financial Towers, DIFC, PO Box 506719, Dubai, UAE 
        DFSA Firm Reference No. F000843
        Notice No. W656/2020

        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 
        PIB 10.3.2 
        (1) An Authorised Firm must establish and maintain an IRAP which details the processes and procedures by which the firm will identify, assess, aggregate and monitor the risks faced by it.
        (2) The firm must conduct the IRAP assessment at least annually giving due regard to the Guidance in section A10.1 of App10.
        (3) The IRAP assessment conducted by the firm pursuant to (2) must be approved by its Governing Body and then submitted to the DFSA within four six months from the end of the firm’s financial year, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (4) …..
        PIB 10.4.2 
        (1) An Authorised Firm must implement and maintain an ICAAP which details the processes and procedures by which the firm will assess and maintain adequate Capital Resources in relation to the risks faced by it.
        (2) The firm must conduct an ICAAP assessment at least annually giving due regard to the Guidance in section A10.2 of App10.
        (3) The ICAAP assessment conducted by the firm pursuant to (2) must be approved by its Governing Body and then submitted to the DFSA within four six months from the end of the firm’s financial year, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (4) In addition to (2), the firm must conduct an ICAAP assessment:
        (a) whenever there is material change to the business, strategy, nature or scale of the activities of the firm which may have a significant impact on its risk profile or adequacy of its Capital Resources or Adjusted Capital Resources, as applicable; or
        (b) as and when required by the DFSA.
        (5) The ICAAP assessment conducted by the firm pursuant to (4) must be approved by its Governing Body and then submitted to the DFSA within two months from the date of such material change or requirement.

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 30 June 2020 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: Arvind Baghel
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 27 April 2020

      • W655/2020 — TransRe Europe S.A.

        Click here to view PDF.

        MODIFICATION NOTICE

        To TransRe Europe S.A. 
        Address Unit 106, Level 1, Gate Village Building 04, DIFC, PO Box 507218, Dubai, UAE 
        DFSA Firm Reference No. F002629
        Notice No. W655/2020

        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 8.6.2 

        An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive

        PIN 6.5.5 

        The auditor’s report on the Annual Regulatory Return, and any actuarial report prepared as at the reporting date in accordance with section 7.2 or 7.3, must be submitted in writing by the Insurer with the DFSA within four five months of the Insurer’s reporting date, where the reporting date occurs between 31 December 2019 and 31 March 2020 inclusive.

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Arvind Baghel
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 27 April 2020 

         

      • W654/2020 — Takaful Re Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Takaful Re Limited 
        Address Office 401a, Level 4, Burj Daman, DIFC, PO BOX 211181, Dubai, UAE 
        DFSA Firm Reference No. F000067
        Notice No. W654/2020

        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 8.6.2  An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        PIN 6.5.5  The auditor’s report on the Annual Regulatory Return, and any actuarial report prepared as at the reporting date in accordance with section 7.2 or 7.3, must be submitted in writing by the Insurer with the DFSA within four five months of the Insurer’s reporting date, where the reporting date occurs between 31 December 2019 and 31 March 2020 inclusive.

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Arvind Baghel
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 27 April 2020

      • W653/2020 — Besso Re (Middle East) Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Besso Re (Middle East) Limited 
        Address Unit Office GV04/L02/211, Level 2, Gate Village Building 04, DIFC, PO Box 507220, Dubai, UAE 
        DFSA Firm Reference No. F003873
        Notice No. W653/2020

        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 8.6.2 

        An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive

        GEN 11.8.12 
        (1) An Authorised Firm must submit to the DFSA an annual report on its Controllers within four five months of its financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (2) .....

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Arvind Baghel
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 27 April 2020 

         

      • W652/2020 — Arqaam Capital Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Arqaam Capital Limited 
        Address Level 27, Index Tower, DIFC, PO Box 506687, Dubai, UAE 
        DFSA Firm Reference No. F000407
        Notice No. W652/2020

        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 
        CIR 9.4.2(1) 
        (1) A Fund Manager must produce the required annual report and interim report as follows:
        (a) an annual report within four five months after the end of each annual accounting period, where that annual accounting period ends between 31 December 2019 and 31 March 2020 inclusive; and
        (b) ..

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 27 April 2020

      • W651/2020 — Strategic Investment Capital Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Strategic Investment Capital Limited  
        Address Unit 301A, Level 3, Park Towers, DIFC, Dubai, PO Box 507318, UAE 
        DFSA Firm Reference No. F003495
        Notice No. W651/2020

        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 8.6.2 

        An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 27 April 2020 

         

      • W650/2020 — Elyseum Capital Partners Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Elyseum Capital Partners Limited 
        Address Office 1304, Level 13, Emirates Financial Towers, North Tower, DIFC, PO Box 506971, Dubai, UAE 
        DFSA Firm Reference No. F002808
        Notice No. W650/2020

        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 8.6.2  An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four six months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 30 June 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 27 April 2020 

      • W649/2020 — Bank J. Safra Sarasin Asset Management (Middle East) Ltd

        Click here to view PDF.

        MODIFICATION NOTICE

        To Bank J. Safra Sarasin Asset Management (Middle East) Ltd 
        Address Unit C, 1202 A, Level 12, Burj Daman, DIFC, PO Box 506774, Dubai, UAE 
        DFSA Firm Reference No. F002221
        Notice No. W649/2020

        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 8.6.2 

        An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive

        PIB 10.3.2 
        (1) An Authorised Firm must establish and maintain an IRAP which details the processes and procedures by which the firm will identify, assess, aggregate and monitor the risks faced by it.
        (2) The firm must conduct the IRAP assessment at least annually giving due regard to the Guidance in section A10.1 of App10.
        (3) The IRAP assessment conducted by the firm pursuant to (2) must be approved by its Governing Body and then submitted to the DFSA within four five months from the end of the firm’s financial year, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (4) .....

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 27 April 2020 

         

      • W648/2020 — Hamilton Managing General Agency (Dubai) Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Hamilton Managing General Agency (Dubai) Limited 
        Address Unit 301 & 401, Level 3 & 4, Gate Precinct Building 2, DIFC, PO Box 506762, Dubai, UAE 
        DFSA Firm Reference No. F001291
        Notice No. W648/2020

        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 8.6.2  An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        GEN 11.8.12 
        (1) An Authorised Firm must submit to the DFSA an annual report on its Controllers within four five months of its financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (2) …..

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Arvind Baghel
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 23 April 2020 

      • W647/2020 — Munich Re Syndicate Middle East Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Munich Re Syndicate Middle East Limited 
        Address Office 301 & 401, Gate Precinct Building 2, DIFC, PO Box 506518, Dubai, UAE 
        DFSA Firm Reference No. F000159
        Notice No. W647/2020

        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 8.6.2 

        An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive

        GEN 11.8.12 
        (1) An Authorised Firm must submit to the DFSA an annual report on its Controllers within four five months of its financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive
        (2) .....

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Arvind Baghel
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 23 April 2020 

         

      • W646/2020 — Tell Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Tell Limited 
        Address Office 403, Level 4, Burj Daman, DIFC, PO Box 506983, Dubai, UAE 
        DFSA Firm Reference No. F003077
        Notice No. W646/2020

        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 8.6.2  An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 23 April 2020 

      • W645/2020 — Ark Capital Management (Dubai) Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Ark Capital Management (Dubai) Limited 
        Address Office No S2402, Level 24, Emirates Financial Towers, PO Box 211036, Dubai, UAE 
        DFSA Firm Reference No. F002214
        Notice No. W645/2020

        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 8.6.2 

        An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 23 April 2020 

         

      • W644/2020 — Willis Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Willis Limited 
        Address Unit 9 &10, Level 2, Gate Village Building 4, DIFC, PO Box 507018, Dubai, UAE 
        DFSA Firm Reference No. F002983
        Notice No. W644/2020

        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 8.6.2  An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four six months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 30 June 2020 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: Arvind Baghel
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 23 April 2020

      • W643/2020 — Faber Capital (DIFC) Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Faber Capital (DIFC) Limited 
        Address Office 104, Gate Village Building 7, DIFC, PO Box 507000, Dubai, UAE 
        DFSA Firm Reference No. F003013
        Notice No. W643/2020

        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 8.6.2 

        An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four six months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive

        GEN 11.8.12 
        (1) An Authorised Firm must submit to the DFSA an annual report on its Controllers within four six months of its financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive
        (2) .....

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 30 June 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 23 April 2020 

         

      • W642/2020 — MUFG Bank Ltd

        Click here to view PDF.

        MODIFICATION NOTICE

        To MUFG Bank, Ltd. 
        Address Office No 301, East Wing, The Gate, Level 3, DIFC PO Box 506614, Dubai, UAE 
        DFSA Firm Reference No. F000470
        Notice No. W642/2020

        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 8.6.2  An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four six months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 30 September 2020 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: Arvind Baghel
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 21 April 2020 

      • W641/2020 — Royal & Sun Alliance Insurance plc

        Click here to view PDF.

        MODIFICATION NOTICE

        To Royal & Sun Alliance Insurance plc 
        Address Office No 11 & 12, Level 1, Gate Village 4, DIFC, PO Box 28648, Dubai, UAE 
        DFSA Firm Reference No. F001547
        Notice No. W641/2020

        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 8.6.2 

        An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive

        PIN 6.5.5 

        The auditor’s report on the Annual Regulatory Return, and any actuarial report prepared as at the reporting date in accordance with section 7.2 or 7.3, must be submitted in writing by the Insurer with the DFSA within four five months of the Insurer’s reporting date, where the reporting date occurs between 31 December 2019 and 31 March 2020 inclusive

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Arvind Baghel
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 21 April 2020 

         

      • W640/2020 — FFA Private Bank (Dubai) Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To FFA Private Bank (Dubai) Limited 
        Address Office 410, Level 4, Precinct Building 5, DIFC, PO Box 506567, Dubai, UAE 
        DFSA Firm Reference No. F000240
        Notice No. W640/2020

        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 8.6.2  An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 21 April 2020 

      • W639/2020 — iSCF Capital Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To iSCF Capital Limited 
        Address Office No 1303, Level 13, Emirates Financial Towers, South Wing, DIFC, PO Box 506887, Dubai, UAE 
        DFSA Firm Reference No. F002656
        Notice No. W639/2020

        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 8.6.2 

        An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive

        GEN 11.8.12 
        (1) An Authorised Firm must submit to the DFSA an annual report on its Controllers within four five months of its financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive
        (2) ..... 
        PIB 10.3.2 
        (1) An Authorised Firm must establish and maintain an IRAP which details the processes and procedures by which the firm will identify, assess, aggregate and monitor the risks faced by it.
        (2) The firm must conduct the IRAP assessment at least annually giving due regard to the Guidance in section A10.1 of App10.
        (3) The IRAP assessment conducted by the firm pursuant to (2) must be approved by its Governing Body and then submitted to the DFSA within four five months from the end of the firm’s financial year, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (4) .....
        PIB 10.4.2 
        (1) An Authorised Firm must implement and maintain an ICAAP which details the processes and procedures by which the firm will assess and maintain adequate Capital Resources in relation to the risks faced by it.
        (2) The firm must conduct an ICAAP assessment at least annually giving due regard to the Guidance in section A10.2 of App10.
        (3) The ICAAP assessment conducted by the firm pursuant to (2) must be approved by its Governing Body and then submitted to the DFSA within four five months from the end of the firm’s financial year, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        (4) In addition to (2), the firm must conduct an ICAAP assessment:
        (a) whenever there is material change to the business, strategy, nature or scale of the activities of the firm which may have a significant impact on its risk profile or adequacy of its Capital Resources or Adjusted Capital Resources, as applicable; or
        (b) as and when required by the DFSA.
        (5) The ICAAP assessment conducted by the firm pursuant to (4) must be approved by its Governing Body and then submitted to the DFSA within two months from the date of such material change or requirement.

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 21 April 2020 

         

      • W638/2020 — Nasco Reinsurance Brokers (DIFC) Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Nasco Reinsurance Brokers (DIFC) Limited
        Address Office 207, Level 2, Tower 2, Currency House, DIFC, PO Box 506585, Dubai, UAE
        DFSA Firm Reference No. F003523
        Notice No. W638/2020

        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 8.6.2 An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive.
        PIN 6.5.5 The auditor’s report on the Annual Regulatory Return, and any actuarial report prepared as at the reporting date in accordance with section 7.2 or 7.3, must be submitted in writing by the Insurer with the DFSA within four five months of the Insurer’s reporting date, where the reporting date occurs between 31 December 2019 and 31 March 2020 inclusive.

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Arvind Baghel
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 21 April 2020

      • W637/2020 — Mirabaud (Middle East) Limited

        Click here to view PDF.

        MODIFICATION NOTICE

        To Mirabaud (Middle East) Limited 
        Address 24th floor, North Tower, Emirates Financial Towers, DIFC, PO Box 506666, Dubai, UAE 
        DFSA Firm Reference No. F000505
        Notice No. W637/2020

        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 8.6.2 

        An Authorised Person must submit any reports produced by its Auditor that are required by this chapter to the DFSA within four five months of the Authorised Person’s financial year end, where that financial year ends between 31 December 2019 and 31 March 2020 inclusive

        CONDITIONS

        None

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force until 31 May 2020 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: Christian Cameron
           
        Position: Director, Supervision
           
        DATE OF ISSUE: 21 April 2020 

         

      • W636/2020 — A.P. Moller Capital P.S (DIFC Branch)

        Click here to view PDF.

        MODIFICATION NOTICE

        To A.P. Moller Capital P/S (DIFC Branch) 
        Address Unit 1503, Level 15, Currency House - Tower 2, DIFC, PO Box 507271, Dubai, UAE 
        DFSA Firm Reference No. F004181
        Notice No. W636/2020

        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.

        Rule Modified Text 
        GEN 8.2.2 
        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 Kingdom of Denmark (Danish GAAP). 
         
        (2) In this Rule, Danish GAAP means the accounting and valuation standards and principles set out in the guidelines of the Danish Accounting Standards Committee established by the Institute of Public Accountants in Denmark.

        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: Justin Baldacchino
           
        Position: Managing Director, Supervision
           
        DATE OF ISSUE: 20 April 2020 

         

      • W635/2020 — Exotix Partners LLP (Dubai)

        Click here to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To Exotix Partners LLP (Dubai)
        Address Unit 215, Level 2, Gate Village Building 5, DIFC, PO Box 482099, Dubai, UAE
        DFSA Firm Reference No. F002410 
        Notice No. W635/2020

        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(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: 29 March 2020

         

      • W634/2020 — Mitsubishi UFJ Asset Management (UK) Ltd.

        Click here to view PDF.

        MODIFICATION NOTICE

        To Mitsubishi UFJ Asset Management (UK) Ltd. 
        Address Level 3, East Wing, The Gate, PO Box 507063, DIFC, Dubai, UAE 
        DFSA Firm Reference No. F005735
        Notice No. W634/2020

         

        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: 19 March 2020 

         

      • W633/2020 — Markel International (Dubai) Limited

        Click here to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To Markel International (Dubai) Limited
        Address Precinct Building 2, Level 3, DIFC, PO Box 506914, Dubai, UAE
        DFSA Firm Reference No. F002699
        Notice No. W633/2020

        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(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 Baldachino
        Position: Managing Director
        DATE OF ISSUE: 24 February 2020

         

      • W632/2020 - Berkshire Hathaway Specialty Insurance Company

        Click here to view PDF.

        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. W632/2020

        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: 4 February 2020

         

    • 2019 2019

      • W631/2019 — Nasdaq Inc

        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. W631/2019

        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
        MKT Rules 3.3.4(b), 3.3.4(c), 3.3.5, 3.3.8(1)(b), 9.7.5 and 9.7.6.

        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 5.1.8(2)











        Table in MKT A2.1.1.

        A Reporting Entity must make the market disclosure required in (1) within the following time periods:

        (a) in relation to its annual financial report, as soon as possible after the financial statements have been approved, but no later than 120 days after the end of the financial period;
        (b) in relation to its semi-annual financial report, as soon as possible and in any event no later than 60 days after the end of the period to which the report relates or in accordance with the time permissible for the relevant US SEC filings; and
        (c) in relation to its preliminary financial results, as soon as possible but no later than 30 minutes before the market opens on the day after the approval of the Board or in accordance with the time permissible for the relevant US SEC filings.
        EVENT GIVING RISE TO DISCLOSURE OBLIGATION DISCLOSURE REQUIRED TIME OF DISCLOSURE
        ... ... ... ...
        6.2 The requirement to file a semi-annual financial report pursuant to Article 45(1)(a) of the Law Market disclosure of the report prepared in accordance with the relevant requirements set out in Rule 5.1.6 In accordance with Rule 5.1.8(2)(b) (as modified pursuant to Article 25(1) of the Regulatory Law 2004).
        6.3 The requirement to file preliminary financial results pursuant to Article 45(1)(b) of the Law Market disclosure of the preliminary financial results. In accordance with Rule 5.1.8(2)(c) (as modified pursuant to Article 25(1) of the Regulatory Law 2004).
        ... ... ... ...

        CONDITIONS

        1. 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.

        2. Documents incorporated by reference in the annual report must be published in accordance with the timetable for lodgement of the annual report under MKT Rule A2.1.1 item 6.

        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: 19 December 2019

      • W630/2019 — Guy Carpenter (Middle East) Limited

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To Guy Carpenter (Middle East) Limited
        Address Unit 02, Level 3, Currency House Building 1, DIFC, PO Box 506572, Dubai, UAE
        DFSA Firm Reference No. F001789
        Notice No. W630/2019

        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: Arvind Baghel


        Position: Acting Managing Director, Supervision
        DATE OF ISSUE: 12 December, 2019

      • W629/2019 — Emaar Capital (DIFC) Limited

        Click herehere to view PDF.

        WAIVER NOTICE

        To Emaar Capital (DIFC) Limited
        Address Level 3, Gate Village Building 4, DIFC, PO Box 506677, Dubai, UAE
        DFSA Firm Reference No. F005670
        Notice No. W629/2019

        THE DFSA HEREBY GIVES NOTICE THAT:

        The Rules specified in the table herein do not apply to the above mentioned Person with respect to a Fund that is a REIT.

        RULES WAIVED

        Rulebook Module Rule
        CIR CIR 13.4.1(3)

        CONDITIONS

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

        (a) the above named Person to whom this notice applies must, with respect to the relevant Fund, comply with the requirements set out in:
        (i) CIR Rule 8.3.2(2), namely, it must ensure that any Related Party Transaction is on terms at least as favourable to the relevant Fund as any comparable arrangement on normal commercial terms negotiated at arm's length with an independent third party; and
        (ii) CIR Rules 13.4.18 to 13.4.24; and
        (b) the relevant Fund must remain a QIF until such time as it is listed and traded on an Authorised Market Institution or an exchange in a Recognised Jurisdiction.

        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: Arvind Baghel


        Position: Acting Managing Director, Supervision
        DATE OF ISSUE: 27 November, 2019

      • W628/2019 — MS Amlin (MENA) Limited

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To MS Amlin (MENA) Limited
        Address Level 3, Precinct Building 2, DIFC, PO Box 506929, Dubai, UAE
        DFSA Firm Reference No. F002680
        Notice No. W628/2019

        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: Arvind Baghel


        Position: Acting Managing Director, Supervision
        DATE OF ISSUE: 21/11/2019

      • W627/2019 — IPG Howden Dubai (DIFC)

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To IPG Howden Dubai (DIFC)
        Address TBA
        DFSA Firm Reference No. F004772
        Notice No. W627/2019

        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: Arvind Baghel


        Position: Acting Managing Director, Supervision
        DATE OF ISSUE: 10 November 2019

      • W626/2019 — EC3 Brokers MEA Limited

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To EC3 Brokers MEA Limited
        Address Office No ST 20-06, Level 20,
        Emirates Financial Towers, DIFC,
        Dubai, UAE
        DFSA Firm Reference No. F002018
        Notice No. W626/2019

        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: Arvind Baghel


        Position: Acting Managing Director, Supervision
        DATE OF ISSUE: 10 November 2019

      • W624/2019 — Houlihan Lokey (MEA Financial Advisory) Limited

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To Houlihan Lokey (MEA Financial Advisory) Limited
        Address Unit 1204, Level 12, Index Tower, DIFC, PO Box 507303, Dubai, UAE
        DFSA Firm Reference No. F002414
        Notice No. W624/2019

        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: Arvind Baghel


        Position: Acting Managing Director, Supervision
        DATE OF ISSUE: 5 November, 2019

      • W623/2019 — RKH Specialty Limited

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To RKH Specialty Limited
        Address Gate Village 11, The Exchange, Office 107, Level 1, PO Box 482078, Dubai, UAE
        DFSA Firm Reference No. F003832
        Notice No. W623/2019

        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: Arvind Baghel


        Position: Acting Managing Director, Supervision
        DATE OF ISSUE: 5 November, 2019

      • W622/2019 — SinoGulf (DIFC) Limited

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To SinoGulf (DIFC) Limited
        Address Suite 414, Liberty House, DIFC, PO Box 49929, Dubai, UAE
        DFSA Firm Reference No. F000633
        Notice No. W622/2019

        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: Arvind Baghel


        Position: Acting Managing Director, Supervision
        DATE OF ISSUE: 22/10/2019

      • W621/2019 — The Access Bank UK Limited

        Click herehere to view PDF.

        WAIVER AND 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. W621/2019

        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: Arvind Baghel


        Position: Acting Managing Director, Supervision
        Date of Issue: 18 September 2019

      • W620/2019 — Kotak Mahindra Bank Limited

        Click herehere to view PDF.

        MODIFICATION NOTICE

        To Kotak Mahindra Bank Limited
        Address Office 703, Level 7, Al Fattan Currency House, Office Tower
        2, DIFC, PO Box 16498, Dubai, UAE
        DFSA Firm Reference No. F000186
        Notice No. W620/2019

        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 India (Indian GAAP).

        (2) In this Rule, Indian GAAP means accounting and valuation principles set-out in the guidelines of the Accounting Standards Board of the Institute of Chartered Accountants of India, including the statutory provisions and directives of the Reserve Bank of India.

        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 Generally Accepted Auditing Standards (Indian GAAS) issued by the Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India;
        (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: Arvind Baghel


        Position: Acting Managing Director, Supervision
        DATE OF ISSUE: 16 October 2019

      • W619/2019 — Macquarie Bank Limited

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To Macquarie Bank Limited
        Address Office 4, Level 3, Building 11, The Gate Village, DIFC, PO Box 506751, Dubai, UAE
        DFSA Firm Reference No. F001369
        Notice No. W619/2019

        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: Arvind Baghel


        Position: Acting Managing Director, Supervision
        Date of Issue: 18 September 2019

      • W618/2019 — Quayside Reinsurance Company Limited

        Click herehere to view PDF.

        WAIVER NOTICE

        To Quayside Reinsurance Company Limited
        Address Unit 302, Level 3, Tower 1, Al Fattan Currency House, DIFC, PO Box 506770, Dubai, UAE
        DFSA Firm Reference No. F005640
        Notice No. W618/2019

        THE DFSA HEREBY GIVES NOTICE THAT:

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

        RULES WAIVED

        Rulebook Module Rule
        PIN Appendix 4 All Rules in section A4.8 (Concentration risk component)
        PIN Appendix 4 All Rules in section A4.9 (Size factor component)
        PIN Rule 7.2.3

        CONDITIONS

        None

        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: Arvind Baghel


        Position: Acting Managing Director, Supervision
        DATE OF ISSUE: 24 September 2019

      • W617/2019 — State Street Global Advisors Limited

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To State Street Global Advisors Limited
        Address Unit OT 15-38, Level 15, Central Park Offices, DIFC, PO Box 26838, Dubai, UAE
        DFSA Firm Reference No. F004037
        Notice No. W617/2019

        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: Arvind Baghel


        Position: Acting Managing Director, Supervision
        DATE OF ISSUE: 5 September 2019

      • W616/2019 — Wethaq (Capital Markets) Ltd

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To Wethaq (Capital Markets) Ltd
        Address Unit 8 & 9, Level 4, Gate Precinct Building 5, PO Box 74777, DIFC, Dubai, UAE
        DFSA Firm Reference No. F005322
        Notice No. W616/2019

        THE DFSA HEREBY GIVES NOTICE THAT:

        The Rules specified in Table 1 to this notice are waived in relation to Wethaq (Capital Markets) Ltd.

        The Rules specified in the left hand column of Table 2 to this notice do not apply to Wethaq (Capital Markets) Ltd in the form appearing in the Rulebook but instead apply as modified in the right hand column of that table.

        RULES WAIVED

        TABLE 1
        Module Rules
        GEN Section 5.2, Rules 5.3.4, 5.3.5, 5.3.6, 5.3.13, 5.3.14, 5.3.15, 5.3.16, 5.3.17, 5.3.30, 5.3.31, Sections 8.2 and 8.3, and Rule 8.6.3.
        COB Sections 5.5, 5.6 and 5.7.

        RULES MODIFIED

        TABLE 2
        Rule Modified Text
        GEN 7.4.2

        The Senior Executive Officer function is carried out by an individual who:

        (a) has, either alone or jointly with other Authorised Individuals, ultimate responsibility for:
        (i) the day-to-day management, supervision and control of one or more (or all) parts of an Authorised Firm's Financial Services carried on in or from the DIFC;
        (ii) the Authorised Firm's compliance with the applicable Rules in PIN or PIB;
        (iii) compliance matters in relation to the Authorised Firm's Financial Services; and
        (iv) carrying out the functions of the Money Laundering Reporting Officer including implementation of the Authorised Firm's anti-money laundering policies, procedures, systems and controls and oversight of its compliance with the Rules in AML and any relevant anti money laundering legislation applicable in the DIFC;and
        (b) is a Director, Partner or Senior Manager of the Authorised Firm.
        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;
        (b) produce a Regulatory Returns Auditor's Report in accordance with the Rules in AUD App1 as relevant;
        (c)(a) 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; and
        (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)(b) 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.
        COB 5.4.1

        A Trust Service Provider must, except in relation to the first issuance, maintain professional indemnity insurance cover appropriate to the nature and size of the Trust Service Provider's business.

        PIB 6.12.2

        Except for the first issuance of sukuk, Aan Authorised Firm must:

        (a) take out and maintain professional indemnity insurance cover appropriate to the nature, size, complexity and risk profile of the Authorised Firm's business;
        (b) at least annually, provide the DFSA with a copy of the professional indemnity insurance cover in (a) covering the following twelve month period; and
        (c) notify the DFSA of any material changes to the cover in (a), including the level of cover, its renewal or termination.

        CONDITIONS

        None.

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue and remains in force for a period of 12 months from this date.

        INTERPRETATION

        The provisions in this notice are to be constructed 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 capitalisaton 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: Chief Executive
        DATE OF ISSUE: 26 August 2019

      • W615/2019 — Chubb Underwriting (DIFC) Limited

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To Chubb Underwriting (DIFC) Limited
        Address Units 3 and 4, 7th Floor, Currency House, Dubai International Financial Centre PO Box 482028, Dubai, UAE
        DFSA Firm Reference No. F001287
        Notice No. W615/2019

        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: Naweed Lalani


        Position: Director, Supervision
        DATE OF ISSUE: 22 August 2019

      • W614/2019 — Berry Palmer & Lyle Limited

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        WAIVER AND MODIFICATION NOTICE

        To Berry Palmer & Lyle Limited
        Address N403, 4th Floor, Emirates Financial Towers, DIFC, PO Box 23325, Dubai, UAE
        DFSA Firm Reference No. F003745
        Notice No. W614/2019

        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: Naweed Lalani


        Position: Director, Supervision
        DATE OF ISSUE: 22 August 2019

      • W613/2019 — StormHarbour Securities LLP

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To StormHarbour Securities LLP
        Address Unit 6, Level 15, Gate Building, DIFC, PO Box 121208, Dubai, UAE
        DFSA Firm Reference No. F004138
        Notice No. W613/2019

        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: Lawrence Paramasivam


        Position: Director, Supervision
        DATE OF ISSUE: 21 August 2019

      • W612/2019 — TokenMarket Capital Limited

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To TokenMarket Capital Limited
        Address Unit 8 & 9, Level 4, Gate Precinct Building 5, PO Box 74777, DIFC, Dubai, UAE
        DFSA Firm Reference No. F004794
        Notice No. W612/2019

        THE DFSA HEREBY GIVES NOTICE THAT:

        The Rules specified in Table 1 to this notice are waived in relation to Token Market Capital Limited.

        The Rules specified in the left hand column of Table 2 to this notice do not apply to Token Market Capital Limited in the form appearing in the Rulebook but instead apply as modified in the right hand column of that table.

        RULES WAIVED

        TABLE 1
        Module Rules
        GEN Section 5.2, Rules 5.3.4, 5.3.5, 5.3.6, 5.3.13, 5.3.14, 5.3.15, 5.3.16, 5.3.17, 5.3.30, 5.3.31 and Section 8.
        PIB Section 6.12

        RULES MODIFIED

        TABLE 2
        Rule Modified Text
        GEN 7.4.2

        The Senior Executive Officer function is carried out by an individual who:

        (a) has, either alone or jointly with other Authorised Individuals, ultimate responsibility for:
        (i) the day-to-day management, supervision and control of one or more (or all) parts of an Authorised Firm's Financial Services carried on in or from the DIFC;
        (ii) the Authorised Firm's compliance with the applicable Rules in PIN or PIB;
        (iii) compliance matters in relation to the Authorised Firm's Financial Services; and
        (iv) the implementation of an Authorised Firm's anti-money laundering policies, procedures, systems and controls and day to day oversight of its compliance with the Rules in AML and any relevant anti money laundering legislation applicable in the DIFC; and
        (b) is a Director, Partner or Senior Manager of the Authorised Firm.

        CONDITIONS

        None.

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue and remains in force for a period of 12 months from this date.

        INTERPRETATION

        The provisions in this notice are to be constructed 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 capitalisaton 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: Peter Smith


        Position: Acting Chief Executive
        DATE OF ISSUE: 5 August 2019

      • W611/2019 — Maybank Islamic Berhad (Dubai-DIFC Branch)

        Click herehere to view PDF.

        WAIVER NOTICE

        To Maybank Islamic Berhad (Dubai-DIFC Branch)
        Address Units 310 , Level 3, Gate Precinct Building 3, Dubai International Financial Centre, Dubai, 506507, United Arab Emirates
        DFSA Firm Reference No. F004600
        Notice No. W611/2019

        THE DFSA HEREBY GIVES NOTICE THAT:

        The Rule specified in the table herein does not apply with respect to the above-mentioned Authorised Firm.

        RULES WAIVED

        Rulebook Module Rule
        IFR Rule 3.5.1(d)

        CONDITIONS

        The above-mentioned waiver remains in effect for the duration of the period set out below on condition that no more than one member of the Authorised Firm's Shari'a Supervisory Board is a director or Controller with respect to the Authorised Firm.

        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: Chief Executive
        DATE OF ISSUE: 25 July 2019

      • W610/2019 — Gateway Investment Management Services (DIFC) Ltd

        Click herehere to view PDF.

        MODIFICATION NOTICE

        To Gateway Investment Management Services (DIFC) Ltd
        Address Level 5, Gate Village 6, DIFC, PO Box 506822, Dubai, UAE
        DFSA Firm Reference No. F001118
        Notice No. W610/2019

        THE DFSA HEREBY GIVES NOTICE THAT:

        The Rule specified in the left hand column of the table herein does not apply to the above mentioned Person with respect to the Guidance Equipment Leasing Income Fund (OEIC) Limited in the form appearing in the Rulebook but instead applies as modified in the right hand column of the table.

        RULES MODIFIED

        The Rule specified in the left-hand column is 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.

        Rule Modified Text
        CIR 12A.3.1

        (1) For the purposes of Article 27(1)(e) of the Law, the Fund Manager of a Qualified Investor Fund that is not an Investment Trust must ensure that the legal title to Fund Property is registered with an Eligible Custodian.

        (2) The requirement in Article 27(1)(e) of the Law does not apply to the Fund Manager of a Qualified Investor Fund if it is:

        (a) a Property Fund;
        (b) a Private Equity Fund; or
        (c) a Fund investing in an interest in the operation of a Real Property asset (such as investment in an infrastructure project); or
        (d) a Feeder Fund to the extent that it invests in a Master Fund that is a Property Fund and/or a Private Equity Fund.

        (3) If the Fund Manager of a Qualified Investor Fund itself holds Fund Property of a kind referred to in (2), it must have in place effective arrangements which ensure that the Fund Property is not available to creditors in the event of the insolvency of the Fund Manager.

        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: Chief Executive
        DATE OF ISSUE: 25 July 2019

      • W609/2019 — NBK Capital Partners Limited

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To NBK Capital Partners Limited
        Address Level 4, Precinct Building 3, DIFC, PO Box 506506, Dubai, UAE
        DFSA Firm Reference No. F000150
        Notice No. W609/2019

        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: Arvind Baghel


        Position: Acting Managing Director, Supervision
        DATE OF ISSUE: 24 July 2019

      • W608/2019 — Colchester Global Investors Middle East Limited

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To Colchester Global Investors Middle East Limited
        Address Index Tower, Unit 403, Level 4, PO Box 506850, DIFC, Dubai, UAE
        DFSA Firm Reference No. F005205
        Notice No. W608/2019

        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: Arvind Baghel


        Position: Acting Managing Director, Supervision
        DATE OF ISSUE: 18 July 2019

      • W607/2019 — Moody's Investors Service Middle East Limited

        Click herehere to view PDF.

        MODIFICATION NOTICE

        To Moody's Investors Service Middle East Limited
        Address Level 3, Gate Precinct Building 3, DIFC, PO Box 506845,
        Dubai, United Arab Emirates
        DFSA Firm Reference No. F002033
        Notice No. W607/2019

        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(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: Arvind Baghel


        Position: Acting Managing Director, Supervision
        DATE OF ISSUE: 26 June 2019

      • W606/2019 — TransRe Zurich Limited

        Click herehere to view PDF.

        MODIFICATION NOTICE

        To TransRe Zurich Limited
        Address Office No 11, Level 15, The Gate Building, DIFC, PO BOX
        506933, Dubai, UAE
        DFSA Firm Reference No. F002629
        Notice No. W606/2019

        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 Luxembourg (Lux GAAP).

        (2) In (1)(b), Lux GAAP means accounting and valuation principles set out in laws administered by, and regulations, directives and guidelines issued by, the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg.

        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, as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier (CSSF);
        (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: Arvind Baghel


        Position: Acting Managing Director, Supervision
        DATE OF ISSUE: 20 June 2019

      • W605/2019 — Actis UK Advisers Limited

        Click herehere to view PDF.

        MODIFICATION NOTICE

        To Actis UK Advisers Limited
        Address Unit 801, South Tower Emirates Financial Towers DIFC PO Box
        506925 Dubai, UAE
        DFSA Firm Reference No. F005245
        Notice No. W605/2019

        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: Arvind Baghel


        Position: Acting Managing Director, Supervision
        DATE OF ISSUE: 18 June 2019

      • W604/2019 — Actis UK Advisers Limited

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To Actis UK Advisers Limited
        Address Unit S520A, Level 5, Emirates Financial Towers, DIFC, PO Box
        506878, Dubai, UAE
        DFSA Firm Reference No. F005245
        Notice No. W604/2019

        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: Arvind Baghel


        Position: Acting Managing Director, Supervision
        DATE OF ISSUE: 18 June 2019

      • W603/2019 — Rasameel Investment House Limited

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To Rasameel Investment House Limited
        Address Unit S520A, Level 5, Emirates Financial Towers, DIFC, PO Box
        506878, Dubai, UAE
        DFSA Firm Reference No. F000930
        Notice No. W603/2019

        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: Arvind Baghel


        Position: Acting Managing Director, Supervision
        DATE OF ISSUE: 16 June 2019

      • W602/2019 — Old Mutual International Middle East Limited

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To Old Mutual International Middle East Limited
        Address Office 7 & 8, Level 2, Gate Village 07, The Gate District,
        DIFC, PO Box 482062, Dubai, UAE
        DFSA Firm Reference No. F001255
        Notice No. W602/2019

        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: Arvind Baghel


        Position: Acting Managing Director, Supervision
        DATE OF ISSUE: 22 April 2019

      • W601/2019 — Starr Underwriting Agents (Dubai) Limited

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To Starr Underwriting Agents (Dubai) Limited
        Address Level 4, Precinct Building 2, DIFC, PO Box 507061, Dubai,
        UAE
        DFSA Firm Reference No. F003221
        Notice No. W601/2019

        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: Arvind Baghel


        Position: Acting Managing Director, Supervision
        DATE OF ISSUE: 17 April 2019

      • W600/2019 — Gateway Investment Management Services (DIFC) Ltd

        Click herehere to view PDF.

        WAIVER NOTICE

        To Gateway Investment Management Services (DIFC) Ltd
        Address Level 5, Gate Village 6, DIFC, PO Box 506822, Dubai, UAE
        DFSA Firm Reference No. F001118
        Notice No. W600/2019

        THE DFSA HEREBY GIVES NOTICE THAT:

        The Rule specified in Table A does not apply to the abovementioned Person with respect to the following Funds managed by that Person:

        (a) Al Hadaf Open Ended PCC (C000035);
        (b) Pearl Capital (Commercial Real Estate) Fund (CEIC) Limited (C000066); and
        (c) Income Dividend Fund (OEIC) Limited (C000058).

        RULES WAIVED

        TABLE A
        Rulebook Module Rule
        CIR Rule 9.3.8

        CONDITIONS

        This notice is issued on the condition that the abovementioned Person provides, to the satisfaction of the DFSA, a formal written confirmation obtained from the Fund Administrator of each Fund, in respect of the financial year of each Fund, that the relevant Fund:

        (a) has not launched;
        (b) has not received investor money; and
        (c) in the case of the Income Dividend Fund (OEIC) Limited, has not incurred expenses greater than [AED750,000] within the relevant financial year.

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force for 24 months, unless in relation to a Fund one of the following events occurs during the relevant financial year of the Fund, in which case this waiver ceases to apply in relation to that Fund for that financial year and any subsequent financial year. The relevant events are that the Fund:

        (a) is launched;
        (b) receives investor money; or
        (c) incurs expenses above AED [AED750,000] in the case of the Income Dividend Fund (OEIC) Limited.

        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: Chief Executive
        DATE OF ISSUE: 9 April 2019

      • W599/2019 — Markel International (Dubai) Limited

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To Markel International (Dubai) Limited
        Address Precinct Building 2, Level 3, DIFC, PO Box 506914, Dubai,
        UAE
        DFSA Firm Reference No. F002699
        Notice No. W599/2019

        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: Arvind Baghel


        Position: Acting Managing Director, Supervision
        DATE OF ISSUE: 27 March 2019

      • W598/2019 — Talbot Underwriting (MENA) Ltd

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To Talbot Underwriting (MENA) Ltd
        Address Level 3, The Gate Precinct Building 2, DIFC, PO Box
        506809, Dubai, UAE
        DFSA Firm Reference No. F001099
        Notice No. W598/2019

        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: Arvind Baghel


        Position: Acting Managing Director, Supervision
        DATE OF ISSUE: 27 March 2019

      • W597/2019 — Swiss Re Corporate Solutions Limited

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To Swiss Re Corporate Solutions Limited
        Address Office 502, Level 5, Precinct Building 4, DIFC, PO Box
        506603, Dubai, UAE
        DFSA Firm Reference No. F001676
        Notice No. W597/2019

        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: Arvind Baghel


        Position: Acting Managing Director, Supervision
        DATE OF ISSUE: 25 March 2019

      • W596/2019 — Cantor Fitzgerald Europe (DIFC Branch)

        Click herehere to view PDF.

        MODIFICATION NOTICE

        To Cantor Fitzgerald Europe (DIFC Branch)
        Address Unit 14 Level 3, Gate Village Building 10
        Dubai International Financial Centre
        PO Box 482030
        Dubai, United Arab Emirates
        DFSA Firm Reference No. F005034
        Notice No. W596/2019

        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: Arvind Baghel


        Position: Acting Managing Director, Supervision
        DATE OF ISSUE: 11 March 2019

      • W595/2019 — Farringdon Asset Management PTE Limited

        Click herehere to view PDF.

        MODIFICATION NOTICE

        To Farringdon Asset Management PTE Limited
        Trading as Farringdon Asset Management PTE Limited (DIFC Branch)
        Address Units S319, Level 3, Emirates Financial Towers, DIFC, PO Box
        507182, Dubai, UAE.
        DFSA Firm Reference No. F005032
        Notice No. W595/2019

        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 Singapore Financial Reporting Standards (Singapore FRS).

        (2) In this Rule, Singapore FRS means accounting and valuation principles set-out in the guidelines of the Accounting Standards Council of Singapore.

        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 Singapore Standards on Auditing (SSA) issued by the Institute of Singapore Chartered Accountants;
        (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: Arvind Baghel


        Position: Acting Managing Director, Supervision
        DATE OF ISSUE: 5 March 2019

      • W594/2019 — S&P Global Ratings Europe Limited

        Click herehere to view PDF.

        MODIFICATION NOTICE

        To S&P Global Ratings Europe Limited
        Address Unit 501, Level 5, The Gate Precinct Building 1, DIFC,
        PO Box 506650, Dubai, UAE
        DFSA Firm Reference No. F001912
        Notice No. W594/2019

        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(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: Arvind Baghel


        Position: Acting Managing Director, Supervision
        DATE OF ISSUE: 26 February 2019

      • W593/2019 — Berkshire Hathaway Specialty Insurance Company

        Click herehere to view PDF.

        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. W593/2019

        THE DFSA HEREBY GIVES NOTICE THAT:

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

        AND.

        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: Arvind Baghel


        Position: Acting Managing Director, Supervision
        DATE OF ISSUE: 10 February 2019

      • W592/2019 — ICBC Standard Bank Plc (DIFC Branch)

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To ICBC Standard Bank Plc (DIFC Branch)
        Address Office 1501, 15th Floor, Al Fattan Currency House, Tower
        2, DIFC, PO Box 506960, Dubai, UAE
        DFSA Firm Reference No. F000028
        Notice No. W592/2019

        THE DFSA HEREBY GIVES NOTICE THAT:

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

        AND.

        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: Arvind Baghel


        Position: Acting Managing Director, Supervision
        DATE OF ISSUE: 3 January 2019

    • 2018 2018

      • W591/2018 — Wilfred T. Fry (Personal Financial Planning) Limited

        Click herehere to view PDF.

        MODIFICATION NOTICE

        To Wilfred T. Fry (Personal Financial Planning) Limited
        Address Office N310, Level 3, Emirates Financial Towers, Dubai
        International Financial Centre, PO Box 507290, Dubai,
        United Arab Emirates
        DFSA Firm Reference No. F005071
        Notice No. W591/2018

        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: Arvind Baghel


        Position: Acting Managing Director, Supervision
        DATE OF ISSUE: 19 December 2018

      • W590/2018 — MS Amlin (MENA) Limited

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To MS Amlin (MENA) Limited
        Address Level 3, Precinct Building 2, DIFC, PO Box 506929, Dubai,
        UAE
        DFSA Firm Reference No. F002680
        Notice No. W590/2018

        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: Arvind Baghel


        Position: Acting Managing Director, Supervision
        DATE OF ISSUE: 19 December 2018

      • W589/2018 — Smart Crowd Limited

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To Smart Crowd Limited
        Address The FinTech HIVE at DIFC, Level 4, Gate Precinct 5, DIFC,
        Dubai, UAE
        DFSA Firm Reference No. F004285
        Notice No. W589/2018

        THE DFSA HEREBY GIVES NOTICE THAT:

        The previous Waiver and Modification Notice No. W582/2018 is revoked and replaced by this Notice.

        The Rules specified in Table 1 to this notice are waived in relation to SmartCrowd Limited.

        The Rules specified in the left hand column of Table 2 to this notice do not apply to SmartCrowd Limited in the form appearing in the Rulebook but instead apply as modified in the right hand column of that table.

        RULES WAIVED

        TABLE 1
        Module Rules
        COB Rules 11.3.2 and 11.3.5
        GEN Section 5.2, Rules 5.3.4, 5.3.5, 5.3.6, 5.3.13, 5.3.14, 5.3.15, 5.3.16, 5.3.17, 5.3.30, 5.3.31, 7.4.5, 7.4.6, 7.4.8 and Section 8
        AML Rules 11.2.1, 11.2.3 and 11.2.4

        RULES MODIFIED

        TABLE 2
        Rule Modified Text
        GEN 2.2.10F

        A Crowdfunding Operator must not Operate a Crowdfunding Platform that facilitates a Person investing in the following kinds of Investments through the platform:

        (a) Warrants, Certificates, Units or Structured Products; or
        (b) Derivatives.
        GEN 2.29.1

        (1) In Rule 2.2.2, a Person carries on the activity of Operating a Crowdfunding Platform if the Person:

        (a) Operates a Loan Crowdfunding Platform; or
        (b) Operates an Investment Crowdfunding Platform.

        (2) A Person Operates a Loan Crowdfunding Platform under (1)(a) if it does both of the following:

        (a) operates an electronic platform that facilitates the bringing together of potential lenders and borrowers; and
        (b) administers a loan agreement that results from operating the electronic platform.

        (3) If the Person referred to in (2) also provides a facility that assists a lender to transfer his rights and obligations under a loan agreement referred to in that paragraph, that activity is also included within Operating a Loan Crowdfunding Platform.

        (4) A Person Operates an Investment Crowdfunding Platform under (1)(b) if it does both of the following:

        (a) operates an electronic platform that facilitates the bringing together of potential investors and Persons who wish to sell property obtain funding for a business or project, resulting in an investor making an Investment in property with the Person seeking funding; and
        (b) administers an Investment that results from operating the electronic platform.

        (5) If the Person referred to in (4) also provides a facility that assists an investor to sell an investment referred to in that paragraph, that activity is also included within Operating an Investment Crowdfunding Platform.

        (6) In this Rule:

        (a) “administer a loan agreement” means:
        (i) provide information or perform other duties under the loan agreement on behalf of the borrower or lender;
        (ii) take steps to obtain the repayment of the loan; or
        (iii) exercise rights or perform obligations under the loan agreement on behalf of the borrower or lender;
        (b) “administer an Investment” means:
        (i) provide information or perform other duties relating to the property or Investment on behalf of the Issuer or investor;
        (ii) take steps to obtain the payment of any amount payable by the Issuer to an investor; or
        (iii) exercise rights or perform obligations relating to the Investment on behalf of the Issuer or investor;
        (iv) arrange for any services to be provided relating to the property; or
        (v) arrange for the sale of the property at the end of the investment period;
        (c) “electronic platform” means a website or other form of electronic media.; and
        (d) “property” means a house, villa or apartment including if applicable, any land attached to the house, villa or apartment.

        (7) A Person (A) administers a loan agreement or an Investment for the purposes of this Rule if A performs a function itself or through another Person who has been appointed by A, acts under an arrangement with A or acts at A's direction.

        (8) In this Rule, a reference to an investor making an Investment in property includes making an investment in a legal vehicle that owns the property (whether directly or indirectly).

        GEN 5.3.9 An Authorised Person must ensure that the Compliance Officer has access to it allocates sufficient resources to compliance, including an adequate number of competent staff, to perform his and that compliance duties can be carried out objectively and independently of operational and business functions.
        GEN 5.3.10 An Authorised Person must ensure that persons performing compliance duties have the Compliance Officer has unrestricted access to relevant records and to the Authorised Person's Governing Body and senior management.
        GEN 7.4.2 The Senior Executive Officer function is carried out by an individual who:
        (a) has, either alone or jointly with other Authorised Individuals, ultimate responsibility for:
        (i) the day-to-day management, supervision and control of one or more (or all) parts of an Authorised Firm's Financial Services carried on in or from the DIFC;
        (ii) compliance matters in relation to the Authorised Firm's Financial Services; and
        (iii) implementation of the Authorised Firm's anti-money laundering policies, procedures, systems and controls and oversight of its compliance with the Rules in AML and any relevant anti money laundering legislation applicable in the DIFC; and
        (b) is a Director, Partner or Senior Manager of the Authorised Firm.
        GEN 7.5.1

        (1) An Authorised Firm must, subject to (2), make the following appointments appoint a Senior Executive Officer and ensure that the position is they are held by one or more an Authorised Individuals at all times:.

        (a) Senior Executive Officer; and
        (b) Finance Officer;
        (c) Compliance Officer; and
        (d) Money Laundering Reporting Officer.

        (2) .....

        GEN 7.6.13 An Authorised Firm must ensure, in the case of an individuals seeking to perform the Licensed Functions of Senior Executive Officer, Money Laundering Reporting Officer, or Compliance Officer, that such the individuals are is able to demonstrate sufficient knowledge of relevant anti money laundering requirements.
        COB 11.2.2

        In this chapter:

        (a) “borrower” means a Person that has borrowed or is seeking to borrow money using a Loan Crowdfunding Platform;
        (b) “commitment period” means the period specified by the operator during which lenders may commit to lending money to a particular borrower or investors may commit to investing with a particular Issuer in a particular property;
        (c) “cooling-off period”, for Investment Crowdfunding, means the period referred to in Rule 11.5.2 when an investor may withdraw his commitment to invest with an Issuer in a particular property;
        (d) “investor” means an investor or potential investor using an Investment Crowdfunding Platform;
        (e) “lender” means a Person who:
        (i) lends money under a loan agreement; or
        (ii) by assignment has assumed the rights and obligations of a Person who has lent money under a loan agreement;
        (f) “loan agreement” means a loan agreement between a borrower and lender referred to in Rule 11.4.1;
        (g) “operator” means a Crowdfunding Operator;
        (h) “platform” means the website or other electronic media used to provide the service;
        (ha) “property” means a house, villa or apartment including, if applicable, any land attached to the house, villa or apartment.
        (hb) “seller” means a person selling property using a Real Estate Crowdfunding Platform;
        (i) “service” means Operating a Crowdfunding Platform; and
        (j) “transfer”, in relation to a loan agreement, means the assignment by the lender of his rights and obligations under the agreement to another Person.
        COB 11.3.1

        An operator must disclose prominently on its website the main risks to lenders or investors of using a Crowdfunding Platform, including that:

        (a) the lender or investor may lose all or part of their money or may experience delays in being paid investment in real estate is speculative, the market value of property can fall and rental income is not guaranteed;
        (b) borrowers or Issuers on the platform may include new businesses and, as many new businesses fail, a loan to such a borrower or an investment with such an Issuer may involve high risks;
        (c) the lender may not be able to transfer their loan, or the investor may not be able to sell their Investment, when they wish to, or at all; and
        (b) the investor will not own the property; rather the investor will have an interest in another legal entity that owns the property;
        (c) as the investor's interest in that entity is not listed or traded, it is likely to be an 'illiquid' investment; that is, it may be difficult to sell the interest because of a lack of investors willing to buy such an interest. So the investor must be prepared to commit to investing for the full investment period;
        (d) as real estate is an 'illiquid asset'; that is, an asset that cannot always be easily sold, it may be difficult to sell the property at the end of the investment period, resulting in a delay in investors receiving their capital or in the property being sold at a loss; and
        (de) if for any reason the operator ceases to carry on its business, the lender or investor may lose their money, incur costs or experience delays in the investment being wound up being paid.
        COB 11.3.3 An operator must disclose prominently on its website key information about how its service operates, including:
        (a) details of how the platform functions;
        (b) details of how and by whom the operator is remunerated for the service it provides, including fees and charges it imposes;
        (c) any financial interest of the operator or a Related Person that may create a conflict of interest;
        (d) the eligibility criteria for borrowers or Issuers sellers that use the service;
        (e) the minimum and maximum amounts, if any, of loans or Investments that may be sought by a borrower or an Issuer a seller using the service;
        (f) what, if any, security is usually sought from borrowers or Issuers, when it might be exercised and any limitations on its use;
        (g) the eligibility criteria for lenders or investors that use the service;
        (h) any limits on the amounts a lender may lend or an investor may invest using the service, including limits for individual loans or investments and limits that apply over any 12 month period;
        (i) when a lender or an investor may withdraw a commitment to provide funding, and the procedure for exercising such a right;
        (j) what will happen if loans sought by a borrower or funds sought by an Issuer for a property either fail to meet, or exceed, the target level;
        (k) steps the operator will take if there is a material change in a borrower's or an Issuer's circumstances and the rights of the lender and borrower or Issuer and investor in that situation;
        (k) the precise nature of the legal interest investors will receive in relation to the property;
        (ka) what, if any, rights, obligations or role an investor has in relation to the property after he has invested;
        (kb) the term of the Investment, what happens at the end of the term, the circumstances if any in which the property may be sold before the end of the term or the term may be extended and if there are any circumstances in which the property may be sold contrary to the wishes of some investors, for example, if a majority of investors agree or at the operator's direction;
        (l) how the operator will deal with overdue payments or a default by a borrower or an Issuer relating to a property;
        (la) the expenses likely to be incurred in relation to the property, including valuation, management, maintenance, insurance expenses and taxes and how they will be paid for;
        (lb) who will arrange valuation, management, maintenance and insurance services, how the provider of those services is chosen and remunerated, their role and how potential conflicts of interest will be prevented or managed;
        (m) which jurisdiction's laws will govern the loan agreement between the lender and borrower;
        (m) arrangements for the holding of title to property on behalf of investors, including any Special Purpose Vehicle that is used for that purpose and the role and duties of the Special Purpose Vehicle and how the interests of investors are protected;
        (n) arrangements and safeguards for Client Assets Money held or controlled by the operator, including details of any legal arrangements (such as nominee companies) that may be used to hold Client Assets Money;
        (o) any facility it provides to facilitate the transfer of loans or the sale of Investments, the conditions for using the facility and any risks relating to the use of that facility;
        (p) measures it has in place to ensure the platform is not used for money-laundering or other unlawful activities;
        (q) measures it has in place for the security of information technology systems and data protection; and
        (r) contingency arrangements it has in place to ensure the orderly administration of loans or Investments if it ceases to carry on business.
        COB 11.3.6

        (1) An operator must conduct due diligence on each borrower or Issuer seller before allowing it to use its service and on each property that is to be sold using the service.

        (2) The due diligence under (1) must include, as a minimum, taking reasonable steps to verify in relation to the borrower or Issuer seller:

        (a) its identity, including if it is a Body Corporate details of its incorporation and business registration;
        (b) the identity and place of domicile of each of its directors, officers and controllers if it is a Body Corporate; and
        (c) the fitness and propriety of the seller.
        (c) its fitness and propriety and that of each of the Persons referred to in (b);
        (d) its financial strength, including checking financial statements;
        (e) its financial history and past performance and its credit history, including checking with external credit agencies;
        (f) any credentials or expertise it claims to have;
        (g) the valuation of its business, current borrowing or funding levels (if any) and the source of any existing borrowing or funding;
        (h) its business proposal;
        (i) its commitment and that of its directors, officers and controllers to the business, including how much capital they have provided and any potential flight risk; and
        (j) that its business is being carried on in accordance with applicable laws in the jurisdiction where it is based.

        (3) The due diligence under (1) must include, as a minimum, the operator taking reasonable steps to verify in relation to the property that:

        (a) the seller holds valid legal title to the property and is able to sell the property free of any encumbrance;
        (b) construction of the property is fully completed; and
        (c) the property is available for letting or, if it is not available for letting because it requires renovation, refurbishment or alteration, that planning permission for the renovation, refurbishment or alteration can be readily obtained.

        (4) The due diligence under (1) must include the operator obtaining an independent valuation report on the property.

        COB 11.3.7

        An operator must disclose prominently on its website relevant information about each property and seller borrower or Issuer, including as a minimum:

        (a) full details about the property, including the location and condition of the property and whether it is currently rented;
        (b) the information about the property referred to in Rule 11.3.6(3);
        (c) information about the seller referred to in Rule 11.3.6(2);
        (d) an independent valuation report on the property referred to in Rule 11.3.6(4);
        (e) the precise nature of the legal interest that investors will receive in relation to the property;
        (f) the estimated charges and expenses relating to the property; and
        (g) the estimated annual rental income on the property, after deducting charges and expenses and setting out key assumptions made.
        (a) the name of the borrower or Issuer, the full name and position of each of its directors and officers and the full name of each controller;
        (b) the place of incorporation of the borrower or Issuer and the place of domicile of each director, officer and controller;
        (c) a description of the borrower's or Issuer's business;
        (d) the most recent financial statements, if any, of the borrower or Issuer and a warning that the operator gives no assurances about their accuracy;
        (e) the valuation of the borrower's or Issuer's business, its current borrowing levels and the source of its borrowing and its liquidity;
        (f) a detailed description of the proposal for which it is seeking funding including:
        (i) the total funding sought;
        (ii) how the funds will be used; and
        (iii) the target level of funding sought and what will happen if that level is not met or is exceeded;
        (g) the results of the due diligence carried out by the operator on the borrower or Issuer and any limits on the due diligence that could be carried out;
        (h) any grading or rating by the operator of the borrower's or Issuer's creditworthiness, including:
        (i) how the grading or rating has been assessed;
        (ii) an explanation of what the different grading or rating levels mean; and
        (iii) a clear statement that this should not be taken as advice about whether money should be lent to the borrower or invested with the Issuer;
        (i) for a loan or Debenture, the duration of the loan or Debenture, details of interest payable and any other rights attaching to the loan or Debenture;
        (j) for a Share issue, any rights attaching to the Share, such as dividend, voting or pre-emption rights;
        (k) whether any security is being provided and, if so, the circumstances in which it might be exercised and any limitations on its use;
        (l) if applicable, any other reward or benefit attaching to the loan or Investment and the terms on which it is available;
        (m) for a Share issue, whether investors have any protection from their shareholding being diluted by the issue of further Shares; and
        (n) that the borrower or Issuer, and information provided about the borrower or Issuer, are not checked or approved by the DFSA.
        COB 11.3.8

        An operator must:

        (a) not advertise a specific lending or Investment proposal that is available on its platform; and
        (b) take reasonable steps to ensure that borrowers and Issuers sellers that use its platform do not advertise the lending or Investment proposal

        unless the advertisement is made on the platform and is accessible only to existing Clients who use the platform.

        COB 11.3.9

        (1) This Rule applies if a material change occurs relating to a property or Investments in a property borrower or Issuer, its business, its proposal or the carrying out of its proposal.

        (2) In this Rule, a “material change” means any change or new matter that may significantly affect the value of the property, the ability to rent the property, the return on the property or the value of the Investment borrower's ability to meet its payment obligations under the loan agreement or that may significantly affect an Issuer's business or its ability to carry out its proposal.

        (3) If the material change occurs during the commitment period, the operator must:

        (a) disclose prominently on its website details of the material change;
        (b) notify committed lenders or investors of the material change and require them to reconfirm their commitment within 5 business days; and
        (c) if reconfirmation is not provided within the period specified in (b), cancel the commitment.

        (4) If the material change occurs after the commitment period, the operator must disclose prominently on its website:

        (a) details of the material change;
        (b) any change in the rights of the lenders and the borrower, or the investors and the Issuer, arising from the material change; and
        (c) what steps, if any, the operator is proposing to take as a result of the change.

        (5) A disclosure or notification under (3) or (4) must be made as soon as practicable after the operator becomes aware of the material change.

        COB 11.3.10

        An operator must take reasonable steps to restrict a seller borrower or an Issuer from seeking funding on another crowdfunding platform during the commitment period.

        COB 11.3.11 An operator must ensure that lenders or investors who use its service are able to have access to the same information on its website about a seller, property borrower or an Issuer or a lending or investment proposal, and that access to the information is provided at the same time.
        COB 11.3.12 If an operator provides an auto-lending system or auto-investing system, or any other facility that provides some lenders or investors with the opportunity to lend or invest money ahead of other lenders or investors, it must disclose prominently on its website that some lenders or investors may have preferential access to better proposals.
        COB 11.3.13 If an operator provides an auto-lending system or auto-investing system, it must disclose prominently to lenders or investors who use the facility that no assessment is made that any loan or Investment selected by the system is suitable for the lender or investor.
        COB 11.3.14

        (1) An operator must take reasonable steps to ensure that its officers and employees and their family members do not:

        (a)lend money or provide finance to a borrower or an Issuer
        (b)borrow money from a lender or receive funding from an investor; or
        (c)hold any direct or indirect interest in the capital or voting rights of a borrower or lender or an Issuer or investor.
        (a) invest in a property using the platform;
        (b) rent a property that has been purchased using the platform; or
        (c) sell a property or any interest in a property using the platform.

        (2) The restriction in (1)(a) does not apply to an investment that has been made by an officer, employee or family member from the date of issue of this Notice until the Test Period ends.

        COB 11.3.15

        If an operator provides a means of communication (a “forum”) for lenders and borrowers or Issuers and investors to discuss funding proposals made using the service, it must:

        (a) refer lenders or investors to the forum as a place where they can find, or take part in, further discussion about proposals, while clearly stating that the operator does not conduct due diligence on information on the forum;
        (b) restrict posting of comments on the forum to Persons who are Clients using the service;
        (c) ensure that all Clients using the forum have equal access to information posted on the forum;
        (d) require a Person posting a comment on the forum to disclose clearly if he is affiliated in any way with a borrower or an Issuer seller or is being compensated, directly or indirectly, to promote a proposal to purchase a property by a borrower or an Issuer;
        (e) take reasonable steps to monitor and prevent posts on the forum that are potentially misleading or fraudulent;
        (f) immediately take steps to remove a post, or to require a post to be deleted or amended, if the operator becomes aware that (d) or (e) have not been complied with; and
        (g) not participate in discussions on the forum except to moderate posts or to take steps referred to in (f).
        COB 11.3.16

        If an operator provides a facility that assists the transfer of rights or obligations under a loan agreement or the sale of Investments, it must ensure that:

        (a) the facility relates only to loans or Investments originally facilitated using its service;
        (b) transfers can take place only between lenders or investors who are already Clients using the service and have initially lent money under loan agreements or initially subscribed for Investments invested in property using the service;
        (c) in the case of a loan agreement, the facility allows only a lender (and not the borrower) to transfer rights and obligations under the agreement;
        (d) in the case of a loan agreement, a lender must transfer the rights and obligations relating to the whole of a loan made (and not just a part of the loan);
        (e) potential transferees or buyers have access to all information on the website about the property and investment borrower or Issuer that was available to earlier lenders or investors; and
        (f) fees it charges for the use of the facility are designed to recover its costs of providing the facility, rather than generating additional income.
        COB 11.3.18

        The operator must:

        (a) maintain a business cessation plan that sets out appropriate contingency arrangements to ensure the orderly administration of property and loan agreements or Investments in the event that it ceases to carry on its business;
        and
        (b) ensure, as far as reasonably practicable, that the contingency arrangements can be implemented if necessary.
        COB 11.5.2

        (1) An Investment Crowdfunding Operator must ensure that investors who have committed to investing in a property providing funding to a particular Issuer may withdraw that commitment, without any penalty and without giving a reason, during the cooling-off period.

        (2) In (1), “cooling-off period” means the period of at least 48 hours starting at the end of the commitment period.

        COB 11.5.3

        (1) An Investment Crowdfunding Operator must maintain effective systems and controls to ensure that a Retail Client does not invest more than US$ 50,000 in total in any calendar year using its service.

        (2) The restriction in (1) does not apply to an investment that has been made by a Retail Client from 19 April 2018 until 30 October 2018.

        COB A2.1.5

        The following terms must be included in a Client Agreement between a Crowdfunding Operator and a Client that is a lender or an investor:

        (a) the operator's obligations to administer the loan or Investment, including:
        (i) how payments made by the borrower or Issuer tenant will be transferred to the lender or investor; and
        (ii) steps that will be taken if payments by a borrower or an Issuer tenant are overdue or the borrower or Issuer is in default;
        (b) if the Client is a Retail Client, the steps that will be taken by the operator and lender or investor to ensure that the lender or investor complies with any applicable limits relating to the amounts of loans or investments that may be made using the platform;
        (c) for Investment Crowdfunding, if the Client is a Retail Client, that the Client agrees to sign a risk acknowledgement form each time before he makes an Investment using the platform; and
        (d) the contingency arrangements that the operator will put in place to deal with a platform failure or if the operator ceases to carry on its business.
        COB A2.1.6

        The following terms must be included in a Client Agreement between a Crowdfunding Operator and a Client that is a borrower or an Issuer:

        (a) a restriction on the borrower or Issuer using any other crowdfunding service to raise funds during the commitment period;
        (b) a restriction on the borrower or Issuer or any Person that is Connected to the borrower or Issuer, lending or financing, or arranging lending or finance for a lender or an investor using the service;
        (c) a restriction on the borrower or Issuer advertising its proposal, or soliciting potential lenders or investors, outside the platform during the commitment period;
        (d) a requirement on the borrower or Issuer to give reasonable advance notice to the operator of any material change affecting the borrower or Issuer, its business or the carrying out of its proposal;
        (e) the obligations of the borrower or Issuer if there is any material change after funds have been provided; and
        (f) an obligation on the borrower or Issuer to produce financial statements at least annually.
        PIB 3.6.2

        The table below sets out the Base Capital Requirement for each Category of an Authorised Firm.

        Category Base Capital Requirement
        Category 1 US $10 million
        Category 2 US $2 million
        Category 3A US $500,000
        Category 3B US $4 million
        Category 3C

        US $500,000

        Except if the only Financial Service referred to in Rule 1.3.5(a) that the Authorised Firm is authorised to carry on is Managing a Collective Investment Fund in which case its Base Capital Requirement is:

        (a) US $140,000 if it manages any Public Fund; or

        (b) US $70,000 otherwise.

        Category 4

        US $ 10,000

        Except if the Authorised Firm is authorised to Operate a Crowdfunding Platform and it holds Client Assets, in which case its Base Capital Requirement is US $30,000 140,000.

        Category 5 US $10 million
        CIR 2.1.18 (new)

        An arrangement does not constitute a Collective Investment Fund if:

        (a) the arrangement consists of an Investment made through a Real Estate Crowdfunding Platform operated by a Crowdfunding Operator;
        (b) the Investment is made only by investors who are Clients of the Crowdfunding Operator; and
        (c) the underlying property in which investors are investing is a single apartment, villa or house in Dubai.
        GLO (new) Real Estate Crowdfunding Platform: An Investment Crowdfunding Platform that facilitates Investments in property (as defined in GEN 2.29.1(6)).
        GLO

        Special Purpose Vehicle:

        (1) In FER 1.2.7(3) and MKT App 5, a legal entity the object and purpose of which is primarily to issue Securities; and

        (2) In any other case, a Body Corporate whose sole purpose, either generally or when acting in a particular capacity, is to carry out one or more of the following functions:

        (a) issuing Investments;
        (b) redeeming or terminating or repurchasing, whether with a view to re-issue or to cancellation, an issue, in whole or par, of Investments; or
        (c) entering into transactions or terminating transactions involving Investments in connection with the issue, redemption, termination or re-purchase of Investments;
        and has been explicitly established for the purpose of:
        (d) securitising assets; or.
        (e) investing in Real Property or property (as defined in GEN 2.29.1(6)).
        and, in the case of (d), has been assessed by a rating agency.
        AML 11.2.5 A Relevant Person may outsource the role of MLRO anti-money laundering functions to an individual outside the Relevant Person provided that the relevant individual under the outsourcing agreement is and remains suitable to perform that function the MLRO role.
        AML 11.3.1

        A Relevant Person must ensure that its MLRO any individual performing anti-money laundering functions for the Relevant Person has:.

        (a) direct access to its senior management;
        (b) sufficient resources including, if necessary, an appropriate number of appropriately trained Employees to assist in the performance of his duties in an effective, objective and independent manner;
        (c) a level of seniority and independence within the Relevant Person to enable him to act on his own authority; and
        (d) timely and unrestricted access to information sufficient to enable him to carry out his responsibilities in Rule 11.4.1.
        AML 11.4.1

        A Relevant Person must ensure that its MLRO Senior Executive Officer implements and has oversight of and is responsible for the following matters:

        (a) the day-to-day operations for compliance by the Relevant Person with its AML policies, procedures, systems and controls;
        (b) acting as the point of contact to receive notifications from the Relevant Person's Employees under Rule 13.2.2;
        (c) taking appropriate action under Rule 13.3.1 following the receipt of a notification from an Employee ;
        (d) making, in accordance with Federal Law No. 4 of 2002, Suspicious Activity Reports;
        (e) acting as the point of contact within the Relevant Person for competent U.A.E. authorities and the DFSA regarding money laundering issues;
        (f) responding promptly to any request for information made by competent U.A.E. authorities or the DFSA;
        (g) receiving and acting upon any relevant findings, recommendations, guidance, directives, resolutions, sanctions, notices or other conclusions described in chapter 10; and
        (h) establishing and maintaining an appropriate money laundering training programme and adequate awareness arrangements under chapter 12.
        AML 12.1.1

        A Relevant Person must:

        (a) provide AML training to all relevant Employees at appropriate and regular intervals;
        (b) ensure that its AML training enables its Employees to:
        (i) understand the relevant legislation relating to money laundering, including Federal Law No. 4 of 2002, Federal Law No. 1 of 2004 and any other relevant Federal laws;
        (ii) understand its policies, procedures, systems and controls related to money laundering and any changes to these;
        (iii) recognise and deal with transactions and other activities which may be related to money laundering;
        (iv) understand the types of activity that may constitute suspicious activity in the context of the business in which an Employee is engaged and that may warrant a notification to the MLRO Senior Executive Officer under Rule 13.2.2;
        (v) understand its arrangements regarding the making of a notification to the MLRO Senior Executive Officer under Rule 13.2.2;
        (vi) be aware of the prevailing techniques, methods and trends in money laundering relevant to the business of the Relevant Person;
        (vii) understand the roles and responsibilities of Employees in combating money laundering, including the identity and responsibility of the Relevant Person's MLRO and deputy, where applicable; and
        (viii) understand the relevant findings, recommendations, guidance, directives, resolutions, sanctions, notices or other conclusions described in chapter 10; and
        (c) ensure that its AML training:
        (i) is appropriately tailored to the Relevant Person's activities, including its products, services, customers, distribution channels, business partners, level and complexity of its transactions; and
        (ii) indicates the different levels of money laundering risk and vulnerabilities associated with the matters in (c)(i).
        AML 13.2.2

        A Relevant Person must have policies, procedures, systems and controls to ensure that whenever any Employee, acting in the ordinary course of his employment, either:

        (a) knows;
        (b) suspects; or
        (c) has reasonable grounds for knowing or suspecting;

        that a person is engaged in or attempting money laundering or terrorist financing, that Employee promptly notifies the Relevant Person's MLRO Senior Executive Officer and provides the MLRO Senior Executive Officer with all relevant details.

        AML 13.3.1

        A Relevant Person must ensure that where the Relevant Person's MLRO Senior Executive Officer receives a notification under Rule 13.2.2, the MLRO Senior Executive Officer, without delay:

        (a) investigates and documents the circumstances in relation to which the notification made under Rule 13.2.2 was made;
        (b) determines whether in accordance with Federal Law No. 4 of 2002 a Suspicious Activity Report must be made to the AMLSCU and documents such determination;
        (c) if required, makes a Suspicious Activity Report to the AMLSCU as soon as practicable; and
        (d) notifies the DFSA of the making of such Suspicious Activity Report immediately following its submission to the AMLSCU.
        AML 13.3.2

        Where, following a notification to the MLRO Senior Executive Officer under 13.2.2, no Suspicious Activity Report is made, a Relevant Person must record the reasons for not making a Suspicious Activity Report.

        AML 13.3.3

        A Relevant Person must ensure that if the MLRO Senior Executive Officer decides to make a Suspicious Activity Report, his decision is made independently and is not subject to the consent or approval of any other person.

        CONDITIONS

        None.

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue.

        The waivers in GEN Section 5.2, Rules 5.3.4, 5.3.5, 5.3.6, 5.3.13, 5.3.14, 5.3.15, 5.3.16, 5.3.17, 5.3.30, 5.3.31, 7.4.5, 7.4.6, 7.4.8, Section 8 and AML Rules 11.2.1, 11.2.3, 11.2.4 will remain in force until the Test Period ends. The other waivers will remain in force until revoked by the DFSA.

        The modifications in GEN Rules 5.3.9, 5.3.10, 7.4.2, 7.5.1, 7.6.13, PIB Rule 3.6.2 and AML Rules 11.2.5, 11.3.1, 11.4.1, 12.1.1, 13.2.2, 13.3.1, 13.3.2, 13.3.3 will remain in force until the Test Period ends. The other modifications will remain in force until revoked by the DFSA.

        INTERPRETATION

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

        Defined terms (other than any terms that are specifically defined above in lower case) 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.

        “Test Period” means the period specified on the Licensee's Licence during which the Licensee may test its Real Estate Crowdfunding Platform.

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

        Name: Bryan Stirewalt


        Position: Chief Executive
        DATE OF ISSUE: 13 December 2018

      • W588/2018 — Franklin Templeton Investments (ME) Limited

        Click herehere to view PDF.

        MODIFICATION NOTICE

        To Franklin Templeton Investments (ME) Limited
        Address Level 2, Gate Building, East Wing, DIFC, PO Box 506613,
        Dubai, UAE
        DFSA Firm Reference No. F000320
        Notice No. W588/2018

        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
        CIR 15.1.7

        Foreign Property Funds

        (1) A Foreign Fund meets the Property Fund condition referred to in Rule 15.1.5(b) or 15.1.6(1)(b) as is applicable where:

        (a) 60% or more of the Fund's assets comprise of Real Property, Property Related Assets or Units in another Property Fund;
        (b) the Fund is an Alternative Investment Fund (AIF), or a UCITS closed-ended Fund; and
        (c) the Units of the Fund are either:
        (i) listed and traded on an Authorised Market Institution or on an exchange regulated in a Recognised Jurisdiction; or
        (ii) Offered only by means of a Private Placement.

        (2) For the purposes of (1)(b), a Fund is:

        (a) 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 on Alternative Investment Fund Managers, as amended from time to time; and
        (b) a UCITS Fund if it is regulated under Directive 2014/91/EU of the European Parliament and of the Council amending Directive 2009/65/EC relating to undertakings for collective investment in transferable securities, 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

        None

        REVOCATION

        The modification notice dated 12 January 2016 (W434/2016) is hereby revoked and superseded by this notice.

        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: Chief Executive
        DATE OF ISSUE: 9 December 2018

      • W587/2018 — Guy Carpenter (Middle East) Limited

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        WAIVER AND MODIFICATION NOTICE

        To Guy Carpenter (Middle East) Limited
        Address Unit 02, Level 3, Currency House Building 1, DIFC,
        PO Box 506572, Dubai, UAE
        DFSA Firm Reference No. F001789
        Notice No. W587/2018

        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: Arvind Baghel


        Position: Acting Managing Director, Supervision
        DATE OF ISSUE: 4 December 2018

      • W586/2018 — UTI International (Singapore) Private Limited

        Click herehere to view PDF.

        MODIFICATION NOTICE

        To UTI International (Singapore) Private Limited
        Address Bharat Building No. 08-02, 3 Raffles Place, PO BOX 048617,
        Singapore
        DFSA Firm Reference No. F004210
        Notice No. W586/2018

        THE DFSA HEREBY GIVES NOTICE THAT:

        The Rule specified in the left hand column of the table herein does not apply to the above mentioned Person with respect to Al Tharwa Open Ended PCC Limited Sub Fund A in the form appearing in the Rulebook but instead applies as modified in the right hand column of the table.

        RULES MODIFIED

        The Rule specified in the left hand column is 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.

        Rule Modified Text
        CIR 12A.3.1

        (1) For the purposes of Article 27(1)(e) of the Law, the Fund Manager of a Qualified Investor Fund that is not an Investment Trust must ensure that the legal title to Fund Property is registered with an Eligible Custodian.

        (2) The requirement in Article 27(1)(e) of the Law does not apply in relation to Fund Property of a Qualified Investor Fund that is:

        (a) a Property Fund; or
        (b) a Private Equity Fund.; or
        (c) a Sub-Fund to the extent that it invests in fixed deposits held with a bank.

        (3) If the Fund Manager of a Qualified Investor Fund itself holds Fund Property of a kind referred to in (2), it must have in place effective arrangements which ensure that the Fund Property is not available to creditors in the event of the insolvency of the Fund Manager.

        CONDITIONS

        A fixed deposit account referred to in Rule 12A.3.1(2)(c) must be:

        (A) operated by two joint authorised signatories, one appointed by the Fund Administrator and the other appointed by the Fund Manager; and
        (B) held in the name of the Sub-Fund.

        If any of the conditions stated above are breached, this notice ceases to have effect immediately and the Rule specified in the table applies to the above mentioned Person to whom this notice applies in its unmodified form as it appears 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: Chief Executive
        DATE OF ISSUE: 21 November 2018

      • W585/2018 — Motion Re (Underwriting Agency) Ltd

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To Motion Re (Underwriting Agency) Ltd
        Address Office No ST 20-06, Level 20, Emirates Financial Towers,
        DIFC,PO Box 9803, Dubai, UAE
        DFSA Firm Reference No. F002018
        Notice No. W585/2018

        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: Lawrence Paramasivam


        Position: Acting Managing Director, Supervision
        DATE OF ISSUE: 8 November 2018

      • W584/2018 — Russell Investments Limited (DIFC Branch)

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        MODIFICATION NOTICE

        To Russell Investments Limited (DIFC Branch)
        Address Office 4, Level 1, Building GV03, DIFC, PO Box 506951,
        Dubai, United Arab Emirates
        DFSA Firm Reference No. F004933
        Notice No. W584/2018

        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: Eric Salomons


        Position: Acting Chief Executive
        DATE OF ISSUE: 6 November 2018

      • W583/2018 — Houlihan Lokey (MEA Financial Advisory) Limited

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To Houlihan Lokey (MEA Financial Advisory) Limited
        Address Unit 405, Level 4, Index Tower, DIFC, Po Box 507303,
        Dubai, UAE
        DFSA Firm Reference No. F002414
        Notice No. W583/2018

        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: Bryan Stirewalt


        Position: Chief Executive
        DATE OF ISSUE: 30 October 2018

      • W582/2018 — Smart Crowd Limited

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        WAIVER AND MODIFICATION NOTICE

        To Smart Crowd Limited
        Address The FinTech HIVE at DIFC, Level 4, Gate Precinct 5, DIFC,
        Dubai, UAE
        DFSA Firm Reference No. F004285
        Notice No. W582/2018

        THE DFSA HEREBY GIVES NOTICE THAT:

        The previous Waiver and Modification Notice No. W563/2018 is revoked and replaced by this Notice.

        The Rules specified in Table 1 to this notice are waived in relation to SmartCrowd Limited.

        The Rules specified in the left hand column of Table 2 to this notice do not apply to SmartCrowd Limited in the form appearing in the Rulebook but instead apply as modified in the right hand column of that table.

        RULES WAIVED

        TABLE 1
        Module Rules
        COB Rules 11.3.2 and 11.3.5
        GEN Section 5.2, Rules 5.3.4, 5.3.5, 5.3.6, 5.3.13, 5.3.14, 5.3.15, 5.3.16, 5.3.17, 5.3.30, 5.3.31, 7.4.5, 7.4.6, 7.4.8 and Section 8
        AML Rules 11.2.1, 11.2.3 and 11.2.4

        RULES MODIFIED

        TABLE 2
        Rule Modified Text
        GEN 2.2.10F

        A Crowdfunding Operator must not Operate a Crowdfunding Platform that facilitates a Person investing in the following kinds of Investments through the platform:

        (a) Warrants, Certificates, Units or Structured Products; or
        (b) Derivatives.
        GEN 2.29.1

        (1) In Rule 2.2.2, a Person carries on the activity of Operating a Crowdfunding Platform if the Person:

        (a) Operates a Loan Crowdfunding Platform; or
        (b) Operates an Investment Crowdfunding Platform.

        (2) A Person Operates a Loan Crowdfunding Platform under (1)(a) if it does both of the following:

        (a) operates an electronic platform that facilitates the bringing together of potential lenders and borrowers; and
        (b) administers a loan agreement that results from operating the electronic platform.

        (3) If the Person referred to in (2) also provides a facility that assists a lender to transfer his rights and obligations under a loan agreement referred to in that paragraph, that activity is also included within Operating a Loan Crowdfunding Platform.

        (4) A Person Operates an Investment Crowdfunding Platform under (1)(b) if it does both of the following:

        (a) operates an electronic platform that facilitates the bringing together of potential investors and Persons who wish to sell property obtain funding for a business or project, resulting in an investor making an Investment in property with the Person seeking funding; and
        (b) administers an Investment that results from operating the electronic platform.

        (5) If the Person referred to in (4) also provides a facility that assists an investor to sell an investment referred to in that paragraph, that activity is also included within Operating an Investment Crowdfunding Platform.

        (6) In this Rule:

        (a) “administer a loan agreement” means:
        (i) provide information or perform other duties under the loan agreement on behalf of the borrower or lender;
        (ii) take steps to obtain the repayment of the loan; or
        (iii) exercise rights or perform obligations under the loan agreement on behalf of the borrower or lender;
        (b) “administer an Investment” means:
        (i) provide information or perform other duties relating to the property or Investment on behalf of the Issuer or investor;
        (ii) take steps to obtain the payment of any amount payable by the Issuer to an investor; or
        (iii) exercise rights or perform obligations relating to the Investment on behalf of the Issuer or investor;
        (iv) arrange for any services to be provided relating to the property; or
        (v) arrange for the sale of the property at the end of the investment period;
        (c) “electronic platform” means a website or other form of electronic media.; and
        (d) “property” means a house, villa or apartment including if applicable, any land attached to the house, villa or apartment.

        (7) A Person (A) administers a loan agreement or an Investment for the purposes of this Rule if A performs a function itself or through another Person who has been appointed by A, acts under an arrangement with A or acts at A's direction.

        (8) In this Rule, a reference to an investor making an Investment in property includes making an investment in a legal vehicle that owns the property (whether directly or indirectly).

        GEN 5.3.9 An Authorised Person must ensure that the Compliance Officer has access to it allocates sufficient resources to compliance, including an adequate number of competent staff, to perform his and that compliance duties can be carried out objectively and independently of operational and business functions.
        GEN 5.3.10 An Authorised Person must ensure that persons performing compliance duties have the Compliance Officer has unrestricted access to relevant records and to the Authorised Person's Governing Body and senior management.
        GEN 7.4.2 The Senior Executive Officer function is carried out by an individual who:
        (a) has, either alone or jointly with other Authorised Individuals, ultimate responsibility for:
        (i) the day-to-day management, supervision and control of one or more (or all) parts of an Authorised Firm's Financial Services carried on in or from the DIFC;
        (ii) compliance matters in relation to the Authorised Firm's Financial Services; and
        (iii) implementation of the Authorised Firm's anti-money laundering policies, procedures, systems and controls and oversight of its compliance with the Rules in AML and any relevant anti money laundering legislation applicable in the DIFC; and
        (b) is a Director, Partner or Senior Manager of the Authorised Firm.
        GEN 7.5.1

        (1) An Authorised Firm must, subject to (2), make the following appointments appoint a Senior Executive Officer and ensure that the position is they are held by one or more an Authorised Individuals at all times:.

        (a) Senior Executive Officer; and
        (b) Finance Officer;
        (c) Compliance Officer; and
        (d) Money Laundering Reporting Officer.

        (2) .....

        GEN 7.6.13 An Authorised Firm must ensure, in the case of an individuals seeking to perform the Licensed Functions of Senior Executive Officer, Money Laundering Reporting Officer, or Compliance Officer, that such the individuals are is able to demonstrate sufficient knowledge of relevant anti money laundering requirements.
        COB 11.2.2

        In this chapter:

        (a) “borrower” means a Person that has borrowed or is seeking to borrow money using a Loan Crowdfunding Platform;
        (b) “commitment period” means the period specified by the operator during which lenders may commit to lending money to a particular borrower or investors may commit to investing with a particular Issuer in a particular property;
        (c) “cooling-off period”, for Investment Crowdfunding, means the period referred to in Rule 11.5.2 when an investor may withdraw his commitment to invest with an Issuer in a particular property;
        (d) “investor” means an investor or potential investor using an Investment Crowdfunding Platform;
        (e) “lender” means a Person who:
        (i) lends money under a loan agreement; or
        (ii) by assignment has assumed the rights and obligations of a Person who has lent money under a loan agreement;
        (f) “loan agreement” means a loan agreement between a borrower and lender referred to in Rule 11.4.1;
        (g) “operator” means a Crowdfunding Operator;
        (h) “platform” means the website or other electronic media used to provide the service;
        (ha) “property” means a house, villa or apartment including, if applicable, any land attached to the house, villa or apartment.
        (hb) “seller” means a person selling property using a Real Estate Crowdfunding Platform;
        (i) “service” means Operating a Crowdfunding Platform; and
        (j) “transfer”, in relation to a loan agreement, means the assignment by the lender of his rights and obligations under the agreement to another Person.
        COB 11.3.1

        An operator must disclose prominently on its website the main risks to lenders or investors of using a Crowdfunding Platform, including that:

        (a) the lender or investor may lose all or part of their money or may experience delays in being paid investment in real estate is speculative, the market value of property can fall and rental income is not guaranteed;
        (b) borrowers or Issuers on the platform may include new businesses and, as many new businesses fail, a loan to such a borrower or an investment with such an Issuer may involve high risks;
        (c) the lender may not be able to transfer their loan, or the investor may not be able to sell their Investment, when they wish to, or at all; and
        (b) the investor will not own the property; rather the investor will have an interest in another legal entity that owns the property;
        (c) as the investor's interest in that entity is not listed or traded, it is likely to be an 'illiquid' investment; that is, it may be difficult to sell the interest because of a lack of investors willing to buy such an interest. So the investor must be prepared to commit to investing for the full investment period;
        (d) as real estate is an 'illiquid asset'; that is, an asset that cannot always be easily sold, it may be difficult to sell the property at the end of the investment period, resulting in a delay in investors receiving their capital or in the property being sold at a loss; and
        (de) if for any reason the operator ceases to carry on its business, the lender or investor may lose their money, incur costs or experience delays in the investment being wound up being paid.
        COB 11.3.3 An operator must disclose prominently on its website key information about how its service operates, including:
        (a) details of how the platform functions;
        (b) details of how and by whom the operator is remunerated for the service it provides, including fees and charges it imposes;
        (c) any financial interest of the operator or a Related Person that may create a conflict of interest;
        (d) the eligibility criteria for borrowers or Issuers sellers that use the service;
        (e) the minimum and maximum amounts, if any, of loans or Investments that may be sought by a borrower or an Issuer a seller using the service;
        (f) what, if any, security is usually sought from borrowers or Issuers, when it might be exercised and any limitations on its use;
        (g) the eligibility criteria for lenders or investors that use the service;
        (h) any limits on the amounts a lender may lend or an investor may invest using the service, including limits for individual loans or investments and limits that apply over any 12 month period;
        (i) when a lender or an investor may withdraw a commitment to provide funding, and the procedure for exercising such a right;
        (j) what will happen if loans sought by a borrower or funds sought by an Issuer for a property either fail to meet, or exceed, the target level;
        (k) steps the operator will take if there is a material change in a borrower's or an Issuer's circumstances and the rights of the lender and borrower or Issuer and investor in that situation;
        (k) the precise nature of the legal interest investors will receive in relation to the property;
        (ka) what, if any, rights, obligations or role an investor has in relation to the property after he has invested;
        (kb) the term of the Investment, what happens at the end of the term, the circumstances if any in which the property may be sold before the end of the term or the term may be extended and if there are any circumstances in which the property may be sold contrary to the wishes of some investors, for example, if a majority of investors agree or at the operator's direction;
        (l) how the operator will deal with overdue payments or a default by a borrower or an Issuer relating to a property;
        (la) the expenses likely to be incurred in relation to the property, including valuation, management, maintenance, insurance expenses and taxes and how they will be paid for;
        (lb) who will arrange valuation, management, maintenance and insurance services, how the provider of those services is chosen and remunerated, their role and how potential conflicts of interest will be prevented or managed;
        (m) which jurisdiction's laws will govern the loan agreement between the lender and borrower;
        (m) arrangements for the holding of title to property on behalf of investors, including any Special Purpose Vehicle that is used for that purpose and the role and duties of the Special Purpose Vehicle and how the interests of investors are protected;
        (n) arrangements and safeguards for Client Assets Money held or controlled by the operator, including details of any legal arrangements (such as nominee companies) that may be used to hold Client Assets Money;
        (o) any facility it provides to facilitate the transfer of loans or the sale of Investments, the conditions for using the facility and any risks relating to the use of that facility;
        (p) measures it has in place to ensure the platform is not used for money-laundering or other unlawful activities;
        (q) measures it has in place for the security of information technology systems and data protection; and
        (r) contingency arrangements it has in place to ensure the orderly administration of loans or Investments if it ceases to carry on business.
        COB 11.3.6

        (1) An operator must conduct due diligence on each borrower or Issuer seller before allowing it to use its service and on each property that is to be sold using the service.

        (2) The due diligence under (1) must include, as a minimum, taking reasonable steps to verify in relation to the borrower or Issuer seller:

        (a) its identity, including if it is a Body Corporate details of its incorporation and business registration;
        (b) the identity and place of domicile of each of its directors, officers and controllers if it is a Body Corporate; and
        (c) the fitness and propriety of the seller.
        (c) its fitness and propriety and that of each of the Persons referred to in (b);
        (d) its financial strength, including checking financial statements;
        (e) its financial history and past performance and its credit history, including checking with external credit agencies;
        (f) any credentials or expertise it claims to have;
        (g) the valuation of its business, current borrowing or funding levels (if any) and the source of any existing borrowing or funding;
        (h) its business proposal;
        (i) its commitment and that of its directors, officers and controllers to the business, including how much capital they have provided and any potential flight risk; and
        (j) that its business is being carried on in accordance with applicable laws in the jurisdiction where it is based.

        (3) The due diligence under (1) must include, as a minimum, the operator taking reasonable steps to verify in relation to the property that:

        (a) the seller holds valid legal title to the property and is able to sell the property free of any encumbrance;
        (b) construction of the property is fully completed; and
        (c) the property is available for letting or, if it is not available for letting because it requires renovation, refurbishment or alteration, that planning permission for the renovation, refurbishment or alteration can be readily obtained.

        (4) The due diligence under (1) must include the operator obtaining an independent valuation report on the property.

        COB 11.3.7

        An operator must disclose prominently on its website relevant information about each property and seller borrower or Issuer, including as a minimum:

        (a) full details about the property, including the location and condition of the property and whether it is currently rented;
        (b) the information about the property referred to in Rule 11.3.6(3);
        (c) information about the seller referred to in Rule 11.3.6(2);
        (d) an independent valuation report on the property referred to in Rule 11.3.6(4);
        (e) the precise nature of the legal interest that investors will receive in relation to the property;
        (f) the estimated charges and expenses relating to the property; and
        (g) the estimated annual rental income on the property, after deducting charges and expenses and setting out key assumptions made.
        (a) the name of the borrower or Issuer, the full name and position of each of its directors and officers and the full name of each controller;
        (b) the place of incorporation of the borrower or Issuer and the place of domicile of each director, officer and controller;
        (c) a description of the borrower's or Issuer's business;
        (d) the most recent financial statements, if any, of the borrower or Issuer and a warning that the operator gives no assurances about their accuracy;
        (e) the valuation of the borrower's or Issuer's business, its current borrowing levels and the source of its borrowing and its liquidity;
        (f) a detailed description of the proposal for which it is seeking funding including:
        (i) the total funding sought;
        (ii) how the funds will be used; and
        (iii) the target level of funding sought and what will happen if that level is not met or is exceeded;
        (g) the results of the due diligence carried out by the operator on the borrower or Issuer and any limits on the due diligence that could be carried out;
        (h) any grading or rating by the operator of the borrower's or Issuer's creditworthiness, including:
        (i) how the grading or rating has been assessed;
        (ii) an explanation of what the different grading or rating levels mean; and
        (iii) a clear statement that this should not be taken as advice about whether money should be lent to the borrower or invested with the Issuer;
        (i) for a loan or Debenture, the duration of the loan or Debenture, details of interest payable and any other rights attaching to the loan or Debenture;
        (j) for a Share issue, any rights attaching to the Share, such as dividend, voting or pre-emption rights;
        (k) whether any security is being provided and, if so, the circumstances in which it might be exercised and any limitations on its use;
        (l) if applicable, any other reward or benefit attaching to the loan or Investment and the terms on which it is available;
        (m) for a Share issue, whether investors have any protection from their shareholding being diluted by the issue of further Shares; and
        (n) that the borrower or Issuer, and information provided about the borrower or Issuer, are not checked or approved by the DFSA.
        COB 11.3.8

        An operator must:

        (a) not advertise a specific lending or Investment proposal that is available on its platform; and
        (b) take reasonable steps to ensure that borrowers and Issuers sellers that use its platform do not advertise the lending or Investment proposal

        unless the advertisement is made on the platform and is accessible only to existing Clients who use the platform.

        COB 11.3.9

        (1) This Rule applies if a material change occurs relating to a property or Investments in a property borrower or Issuer, its business, its proposal or the carrying out of its proposal.

        (2) In this Rule, a “material change” means any change or new matter that may significantly affect the value of the property, the ability to rent the property, the return on the property or the value of the Investment borrower's ability to meet its payment obligations under the loan agreement or that may significantly affect an Issuer's business or its ability to carry out its proposal.

        (3) If the material change occurs during the commitment period, the operator must:

        (a) disclose prominently on its website details of the material change;
        (b) notify committed lenders or investors of the material change and require them to reconfirm their commitment within 5 business days; and
        (c) if reconfirmation is not provided within the period specified in (b), cancel the commitment.

        (4) If the material change occurs after the commitment period, the operator must disclose prominently on its website:

        (a) details of the material change;
        (b) any change in the rights of the lenders and the borrower, or the investors and the Issuer, arising from the material change; and
        (c) what steps, if any, the operator is proposing to take as a result of the change.

        (5) A disclosure or notification under (3) or (4) must be made as soon as practicable after the operator becomes aware of the material change.

        COB 11.3.10

        An operator must take reasonable steps to restrict a seller borrower or an Issuer from seeking funding on another crowdfunding platform during the commitment period.

        COB 11.3.11 An operator must ensure that lenders or investors who use its service are able to have access to the same information on its website about a seller, property borrower or an Issuer or a lending or investment proposal, and that access to the information is provided at the same time.
        COB 11.3.12 If an operator provides an auto-lending system or auto-investing system, or any other facility that provides some lenders or investors with the opportunity to lend or invest money ahead of other lenders or investors, it must disclose prominently on its website that some lenders or investors may have preferential access to better proposals.
        COB 11.3.13 If an operator provides an auto-lending system or auto-investing system, it must disclose prominently to lenders or investors who use the facility that no assessment is made that any loan or Investment selected by the system is suitable for the lender or investor.
        COB 11.3.14

        (1) An operator must take reasonable steps to ensure that its officers and employees and their family members do not:

        (a)lend money or provide finance to a borrower or an Issuer
        (b)borrow money from a lender or receive funding from an investor; or
        (c)hold any direct or indirect interest in the capital or voting rights of a borrower or lender or an Issuer or investor.
        (a) invest in a property using the platform;
        (b) rent a property that has been purchased using the platform; or
        (c) sell a property or any interest in a property using the platform.

        (2) The restriction in (1)(a) does not apply to an investment that has been made by an officer, employee or family member from 19 April 2018 until the date of issue of this Notice.

        COB 11.3.15

        If an operator provides a means of communication (a “forum”) for lenders and borrowers or Issuers and investors to discuss funding proposals made using the service, it must:

        (a) refer lenders or investors to the forum as a place where they can find, or take part in, further discussion about proposals, while clearly stating that the operator does not conduct due diligence on information on the forum;
        (b) restrict posting of comments on the forum to Persons who are Clients using the service;
        (c) ensure that all Clients using the forum have equal access to information posted on the forum;
        (d) require a Person posting a comment on the forum to disclose clearly if he is affiliated in any way with a borrower or an Issuer seller or is being compensated, directly or indirectly, to promote a proposal to purchase a property by a borrower or an Issuer;
        (e) take reasonable steps to monitor and prevent posts on the forum that are potentially misleading or fraudulent;
        (f) immediately take steps to remove a post, or to require a post to be deleted or amended, if the operator becomes aware that (d) or (e) have not been complied with; and
        (g) not participate in discussions on the forum except to moderate posts or to take steps referred to in (f).
        COB 11.3.16

        If an operator provides a facility that assists the transfer of rights or obligations under a loan agreement or the sale of Investments, it must ensure that:

        (a) the facility relates only to loans or Investments originally facilitated using its service;
        (b) transfers can take place only between lenders or investors who are already Clients using the service and have initially lent money under loan agreements or initially subscribed for Investments invested in property using the service;
        (c) in the case of a loan agreement, the facility allows only a lender (and not the borrower) to transfer rights and obligations under the agreement;
        (d) in the case of a loan agreement, a lender must transfer the rights and obligations relating to the whole of a loan made (and not just a part of the loan);
        (e) potential transferees or buyers have access to all information on the website about the property and investment borrower or Issuer that was available to earlier lenders or investors; and
        (f) fees it charges for the use of the facility are designed to recover its costs of providing the facility, rather than generating additional income.
        COB 11.3.18

        The operator must:

        (a) maintain a business cessation plan that sets out appropriate contingency arrangements to ensure the orderly administration of property and loan agreements or Investments in the event that it ceases to carry on its business;
        and
        (b) ensure, as far as reasonably practicable, that the contingency arrangements can be implemented if necessary.
        COB 11.5.2

        (1) An Investment Crowdfunding Operator must ensure that investors who have committed to investing in a property providing funding to a particular Issuer may withdraw that commitment, without any penalty and without giving a reason, during the cooling-off period.

        (2) In (1), “cooling-off period” means the period of at least 48 hours starting at the end of the commitment period.

        COB 11.5.3

        (1) An Investment Crowdfunding Operator must maintain effective systems and controls to ensure that a Retail Client does not invest more than US$ 50,000 in total in any calendar year using its service.

        (2) The restriction in (1) does not apply to an investment that has been made by a Retail Client from 19 April 2018 until the date of issue of this Notice.

        COB A2.1.5

        The following terms must be included in a Client Agreement between a Crowdfunding Operator and a Client that is a lender or an investor:

        (a) the operator's obligations to administer the loan or Investment, including:
        (i) how payments made by the borrower or Issuer tenant will be transferred to the lender or investor; and
        (ii) steps that will be taken if payments by a borrower or an Issuer tenant are overdue or the borrower or Issuer is in default;
        (b) if the Client is a Retail Client, the steps that will be taken by the operator and lender or investor to ensure that the lender or investor complies with any applicable limits relating to the amounts of loans or investments that may be made using the platform;
        (c) for Investment Crowdfunding, if the Client is a Retail Client, that the Client agrees to sign a risk acknowledgement form each time before he makes an Investment using the platform; and
        (d) the contingency arrangements that the operator will put in place to deal with a platform failure or if the operator ceases to carry on its business.
        COB A2.1.6

        The following terms must be included in a Client Agreement between a Crowdfunding Operator and a Client that is a borrower or an Issuer:

        (a) a restriction on the borrower or Issuer using any other crowdfunding service to raise funds during the commitment period;
        (b) a restriction on the borrower or Issuer or any Person that is Connected to the borrower or Issuer, lending or financing, or arranging lending or finance for a lender or an investor using the service;
        (c) a restriction on the borrower or Issuer advertising its proposal, or soliciting potential lenders or investors, outside the platform during the commitment period;
        (d) a requirement on the borrower or Issuer to give reasonable advance notice to the operator of any material change affecting the borrower or Issuer, its business or the carrying out of its proposal;
        (e) the obligations of the borrower or Issuer if there is any material change after funds have been provided; and
        (f) an obligation on the borrower or Issuer to produce financial statements at least annually.
        PIB 3.6.2

        The table below sets out the Base Capital Requirement for each Category of an Authorised Firm.

        Category Base Capital Requirement
        Category 1 US $10 million
        Category 2 US $2 million
        Category 3A US $500,000
        Category 3B US $4 million
        Category 3C

        US $500,000

        Except if the only Financial Service referred to in Rule 1.3.5(a) that the Authorised Firm is authorised to carry on is Managing a Collective Investment Fund in which case its Base Capital Requirement is:

        (a) US $140,000 if it manages any Public Fund; or

        (b) US $70,000 otherwise.

        Category 4

        US $ 10,000

        Except if the Authorised Firm is authorised to Operate a Crowdfunding Platform and it holds Client Assets, in which case its Base Capital Requirement is US $30,000 140,000.

        Category 5 US $10 million
        CIR 2.1.18 (new)

        An arrangement does not constitute a Collective Investment Fund if:

        (a) the arrangement consists of an Investment made through a Real Estate Crowdfunding Platform operated by a Crowdfunding Operator;
        (b) the Investment is made only by investors who are Clients of the Crowdfunding Operator; and
        (c) the underlying property in which investors are investing is a single apartment, villa or house in Dubai.
        GLO (new) Real Estate Crowdfunding Platform: An Investment Crowdfunding Platform that facilitates Investments in property (as defined in GEN 2.29.1(6)).
        GLO

        Special Purpose Vehicle:

        (1) In FER 1.2.7(3) and MKT App 5, a legal entity the object and purpose of which is primarily to issue Securities; and

        (2) In any other case, a Body Corporate whose sole purpose, either generally or when acting in a particular capacity, is to carry out one or more of the following functions:

        (a) issuing Investments;
        (b) redeeming or terminating or repurchasing, whether with a view to re-issue or to cancellation, an issue, in whole or par, of Investments; or
        (c) entering into transactions or terminating transactions involving Investments in connection with the issue, redemption, termination or re-purchase of Investments;
        and has been explicitly established for the purpose of:
        (d) securitising assets; or.
        (e) investing in Real Property or property (as defined in GEN 2.29.1(6)).
        and, in the case of (d), has been assessed by a rating agency.
        AML 11.2.5 A Relevant Person may outsource the role of MLRO anti-money laundering functions to an individual outside the Relevant Person provided that the relevant individual under the outsourcing agreement is and remains suitable to perform that function the MLRO role.
        AML 11.3.1

        A Relevant Person must ensure that its MLRO any individual performing anti-money laundering functions for the Relevant Person has:.

        (a) direct access to its senior management;
        (b) sufficient resources including, if necessary, an appropriate number of appropriately trained Employees to assist in the performance of his duties in an effective, objective and independent manner;
        (c) a level of seniority and independence within the Relevant Person to enable him to act on his own authority; and
        (d) timely and unrestricted access to information sufficient to enable him to carry out his responsibilities in Rule 11.4.1.
        AML 11.4.1

        A Relevant Person must ensure that its MLRO Senior Executive Officer implements and has oversight of and is responsible for the following matters:

        (a) the day-to-day operations for compliance by the Relevant Person with its AML policies, procedures, systems and controls;
        (b) acting as the point of contact to receive notifications from the Relevant Person's Employees under Rule 13.2.2;
        (c) taking appropriate action under Rule 13.3.1 following the receipt of a notification from an Employee ;
        (d) making, in accordance with Federal Law No. 4 of 2002, Suspicious Activity Reports;
        (e) acting as the point of contact within the Relevant Person for competent U.A.E. authorities and the DFSA regarding money laundering issues;
        (f) responding promptly to any request for information made by competent U.A.E. authorities or the DFSA;
        (g) receiving and acting upon any relevant findings, recommendations, guidance, directives, resolutions, sanctions, notices or other conclusions described in chapter 10; and
        (h) establishing and maintaining an appropriate money laundering training programme and adequate awareness arrangements under chapter 12.
        AML 12.1.1

        A Relevant Person must:

        (a) provide AML training to all relevant Employees at appropriate and regular intervals;
        (b) ensure that its AML training enables its Employees to:
        (i) understand the relevant legislation relating to money laundering, including Federal Law No. 4 of 2002, Federal Law No. 1 of 2004 and any other relevant Federal laws;
        (ii) understand its policies, procedures, systems and controls related to money laundering and any changes to these;
        (iii) recognise and deal with transactions and other activities which may be related to money laundering;
        (iv) understand the types of activity that may constitute suspicious activity in the context of the business in which an Employee is engaged and that may warrant a notification to the MLRO Senior Executive Officer under Rule 13.2.2;
        (v) understand its arrangements regarding the making of a notification to the MLRO Senior Executive Officer under Rule 13.2.2;
        (vi) be aware of the prevailing techniques, methods and trends in money laundering relevant to the business of the Relevant Person;
        (vii) understand the roles and responsibilities of Employees in combating money laundering, including the identity and responsibility of the Relevant Person's MLRO and deputy, where applicable; and
        (viii) understand the relevant findings, recommendations, guidance, directives, resolutions, sanctions, notices or other conclusions described in chapter 10; and
        (c) ensure that its AML training:
        (i) is appropriately tailored to the Relevant Person's activities, including its products, services, customers, distribution channels, business partners, level and complexity of its transactions; and
        (ii) indicates the different levels of money laundering risk and vulnerabilities associated with the matters in (c)(i).
        AML 13.2.2

        A Relevant Person must have policies, procedures, systems and controls to ensure that whenever any Employee, acting in the ordinary course of his employment, either:

        (a) knows;
        (b) suspects; or
        (c) has reasonable grounds for knowing or suspecting;

        that a person is engaged in or attempting money laundering or terrorist financing, that Employee promptly notifies the Relevant Person's MLRO Senior Executive Officer and provides the MLRO Senior Executive Officer with all relevant details.

        AML 13.3.1

        A Relevant Person must ensure that where the Relevant Person's MLRO Senior Executive Officer receives a notification under Rule 13.2.2, the MLRO Senior Executive Officer, without delay:

        (a) investigates and documents the circumstances in relation to which the notification made under Rule 13.2.2 was made;
        (b) determines whether in accordance with Federal Law No. 4 of 2002 a Suspicious Activity Report must be made to the AMLSCU and documents such determination;
        (c) if required, makes a Suspicious Activity Report to the AMLSCU as soon as practicable; and
        (d) notifies the DFSA of the making of such Suspicious Activity Report immediately following its submission to the AMLSCU.
        AML 13.3.2

        Where, following a notification to the MLRO Senior Executive Officer under 13.2.2, no Suspicious Activity Report is made, a Relevant Person must record the reasons for not making a Suspicious Activity Report.

        AML 13.3.3

        A Relevant Person must ensure that if the MLRO Senior Executive Officer decides to make a Suspicious Activity Report, his decision is made independently and is not subject to the consent or approval of any other person.

        CONDITIONS

        None.

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue.

        The waivers in GEN Section 5.2, Rules 5.3.4, 5.3.5, 5.3.6, 5.3.13, 5.3.14, 5.3.15, 5.3.16, 5.3.17, 5.3.30, 5.3.31, 7.4.5, 7.4.6, 7.4.8, Section 8 and AML Rules 11.2.1, 11.2.3, 11.2.4 will remain in force until the Test Period ends. The other waivers will remain in force until revoked by the DFSA.

        The modifications in GEN Rules 5.3.9, 5.3.10, 7.4.2, 7.5.1, 7.6.13, PIB Rule 3.6.2 and AML Rules 11.2.5, 11.3.1, 11.4.1, 12.1.1, 13.2.2, 13.3.1, 13.3.2, 13.3.3 will remain in force until the Test Period ends. The other modifications will remain in force until revoked by the DFSA.

        INTERPRETATION

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

        Defined terms (other than any terms that are specifically defined above in lower case) 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.

        “Test Period” means the period specified on the Licensee's Licence during which the Licensee may test its Real Estate Crowdfunding Platform.

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

        Name: Bryan Stirewalt


        Position: Chief Executive
        DATE OF ISSUE: 30 October 2018

      • W581/2018 — Dubai Cultiv8 Investments Limited

        Click herehere to view PDF.

        MODIFICATION NOTICE

        To Dubai Cultiv8 Investments Limited
        Address Office 41, Level 15, West Wing, The Gate Building, DIFC,
        Dubai, UAE
        DFSA Firm Reference No. F004373
        Notice No. W581/2018

        THE DFSA HEREBY GIVES NOTICE THAT:

        The Rule specified in the left hand column of the table herein does not apply to the above mentioned Person with respect to Dubai Cultiv8 LP (the Fund) in the form appearing in the Rulebook but instead applies as modified in the right hand column of the table.

        RULES MODIFIED

        The Rule specified in the left hand column is 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.

        Rule Modified Text
        CIR 12A.3.1

        (1) For the purposes of Article 27(1)(e) of the Law, the Fund Manager of a Qualified Investor Fund that is not an Investment Trust must ensure that the legal title to Fund Property is registered with an Eligible Custodian.

        (2) The requirement in Article 27(1)(e) of the Law does not apply in relation to Fund Property of a Qualified Investor Fund that is:

        (a) a Property Fund; or
        (b) a Private Equity Fund.; or
        (c) a Fund of Funds to the extent that it invests in Property Funds and/or Private Equity Funds.

        (3) If the Fund Manager of a Qualified Investor Fund itself holds Fund Property of a kind referred to in (2), it must have in place effective arrangements which ensure that the Fund Property is not available to creditors in the event of the insolvency of the Fund Manager.

        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: Peter Smith


        Position: Acting Chief Executive
        DATE OF ISSUE: 25 October 2018

      • W580/2018 — Gulf Islamic Investments (DIFC) Limited

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        MODIFICATION NOTICE

        To Gulf Islamic Investments (DIFC) Limited
        Address Office 13, Level 1, Gate Village Building 3, DIFC, PO Box 507240, Dubai, UAE
        DFSA Firm Reference No. F004276
        Notice No. W580/2018

        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 with respect to GII Islamic REIT (CEIC) Ltd (the Fund) 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.

        Rule Modified Text
        CIR 13.4.5(1)

        The Fund Manager of a Public Property Fund may borrow either directly or through its Special Purpose Vehicle for financing investment or operating purposes, but aggregate borrowings must not at any time exceed 65 50% of the gross asset value of the Fund.

        IFR 6.11.5

        A Fund Manager of an Islamic REIT may borrow either directly or through its Special Purpose Vehicle up to 65 50% of the gross asset value of the Fund provided that such borrowings are Shari'a compliant.

        CONDITIONS

        The modifications of the Rules specified above remain in effect on condition that the above named Person to whom this notice applies will only use the increase in the borrowing limit of 15% of the gross asset value of the Fund to acquire new Fund Property and not to cover operating costs.

        If the condition stated above is breached, this notice ceases to have effect immediately and the Rules specified in the table 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: Arvind Baghel


        Position: Director, Supervision
        DATE OF ISSUE: 21 October 2018

      • W579/2018 — Smart Investment Management Limited

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        WAIVER AND MODIFICATION NOTICE

        To Smart Investment Management Limited
        Address Unit N704D, Level 7, Emirates Financial Towers, DIFC, PO Box 507343, Dubai, UAE
        DFSA Firm Reference No. F003881
        Notice No. W579/2018

        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: Arvind Baghel


        Position: Director, Supervision
        DATE OF ISSUE: 21 October 2018

      • W578/2018 — SinoGulf (DIFC) Limited

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        WAIVER AND MODIFICATION NOTICE

        To SinoGulf (DIFC) Limited
        Address Suite 414, Liberty House, DIFC, PO Box 49929, Dubai,
        UAE
        DFSA Firm Reference No. F000633
        Notice No. W578/2018

        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: Bryan Stirewalt


        Position: Chief Executive
        DATE OF ISSUE: 17 October 2018

      • W577/2018 — The Access Bank UK Limited

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        WAIVER AND 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. W577/2018

        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: Bryan Stirewalt


        Position: Chief Executive
        DATE OF ISSUE: 16 October 2018

      • W576/2018 — Itau Middle East Limited

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To Itau Middle East Limited
        Address Suite 305, 3rd Floor, Al Fattan Tower, Currency House,
        PO Box 482034, DIFC, Dubai, UAE
        DFSA Firm Reference No. F000851
        Notice No. W576/2018

        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: Bryan Stirewalt


        Position: Chief Executive
        DATE OF ISSUE: 1 October 2018

      • W575/2018 — Capital Dynamics Limited

        Click herehere to view PDF.

        MODIFICATION NOTICE

        To Capital Dynamics Limited
        Address Unit GV-00-04-03-BC-33-0, Level 3, Gate Village Building 4,
        DIFC, PO Box 113355, Dubai, UAE
        DFSA Firm Reference No. F004649
        Notice No. W575/2018

        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: Lawrence Paramasivam


        Position: Director, Supervision
        DATE OF ISSUE: 18 September 2018

      • W574/2018 — KAMCO Investment Company (DIFC) Limited

        Click herehere to view PDF.

        MODIFICATION NOTICE

        To KAMCO Investment Company (DIFC) Limited
        Address Office 205 , Level 2, Gate Village Building 1, DIFC, PO Box
        507205, Dubai, UAE
        DFSA Firm Reference No. F002963
        Notice No. W574/2018

        THE DFSA HEREBY GIVES NOTICE THAT:

        The Rules specified in the left hand column of Table A 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.

        TABLE A
        Rule Modified Text
        CIR 8.12.2 (3)
        . . .
        (3) For the purposes of (1), and in relation to Managing Assets, the Service Provider must be:
        (a) a Person authorised by the DFSA to carry on the activity of Managing Assets; or
        (b) a Person who is authorised by a Financial Services Regulator in a Zone 1 jurisdiction or Recognised Jurisdiction to carry on an equivalent activity in that jurisdiction.; or
        (c) KAMCO Investment Company K.S.C. (Public), which is a Person authorised by the Capital Markets Authority in the State of Kuwait to carry on an equivalent activity in that jurisdiction.

        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: 14 August 2018

      • W573/2018 — NBK Capital Partners Limited

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To NBK Capital Partners Limited
        Address Level 4, Precinct Building 3, DIFC, PO Box 506506, Dubai,
        UAE
        DFSA Firm Reference No. F000150
        Notice No. W573/2018

        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: Lawrence Paramasivam


        Position: Director, Supervision
        DATE OF ISSUE: 7 August 2018

      • W572/2018 — FIL Distributors International Limited

        Click herehere to view PDF.

        MODIFICATION NOTICE

        To FIL Distributors International Limited
        Address Unit 606, Level 6, Index Tower, DIFC, Dubai, 71438
        DFSA Firm Reference No. F004688
        Notice No. W572/2018

        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 States of America (US GAAP).

        (2) In this Rule, US GAAP has the meaning given to that term in statement no. 162 issued by the Financial 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 Generally Accepted Auditing Standards (US GAAS) issued by the American Institute of Certified Public Accountants Auditing Standards Board and the Auditing Standards of the Public Company Accounting Oversight Board of the United States;
        (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: Lawrence Paramasivam


        Position: Director, Supervision
        DATE OF ISSUE: 1 August 2018

      • W571/2018 — HSBC Bank Middle East Limited (“HBME”)

        Click herehere to view PDF.

        MODIFICATION NOTICE

        To HSBC Bank Middle East Limited ("HBME")
        Address Level 1, Building No. 8, Gate Village, DIFC, Dubai, UAE
        DFSA Firm Reference No. F003452
        Notice No. W571/2018

        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
        PIB A9.3.1

        (1) Outflows (liabilities), except for those from Retail Clients, must be included in the Maturity Ladder according to their earliest contractual maturity. Outflows (liabilities) from Retail Clients must be included in the Maturity Ladder using conservative behavioural assumptions derived from analysis of historical data covering the operations of at least the previous five years.

        (2) Contingent liabilities may be excluded from the Maturity Ladder only if there is a likelihood that the conditions necessary to trigger them will not be fulfilled.

        (3) Inflows (assets) must be included in the Maturity Ladder according to their latest contractual maturity, except that:

        (a) undrawn committed standby facilities provided by other banks are included at sight;
        (b) marketable assets are included at sight, at a discount, and
        (c) assets which have been pledged as Collateral are excluded from the Maturity Ladder.

        CONDITIONS

        1. HBME must ensure that behavioural assumptions determining the outflows (liabilities) from Retail Clients are approved in writing by the DFSA before they are used to calculate the net cumulative Maturity Mismatch position under PIB Rule 9.3.11.

        2. HBME must ensure that it reviews and updates at least annually the behavioural assumptions determining the outflows (liabilities) from Retail Clients. The results of any review including any revised assumptions must be submitted to, and approved in writing by, the DFSA, before being used to calculate the net cumulative Maturity Mismatch position under PIB Rule 9.3.11.

        3. HBME must immediately notify the DFSA in writing of any event or potential event that has or is likely to have any impact on the Rules as modified by this notice.

        4. 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 written notice from the DFSA.

        INTERPRETATION

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

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

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

        Name: Bryan Stirewalt


        Position: Managing Director, Supervision
        DATE OF ISSUE: 10 July 2018

      • W570/2018 — Equitativa (Dubai) Limited

        Click herehere to view PDF.

        MODIFICATION NOTICE

        To Equitativa (Dubai) Limited
        Address Unit 2301, 2302, 2303, Level 23, Index Tower, DIFC, PO Box
        482015, Dubai, UAE
        DFSA Firm Reference No. F001310
        Notice No. W570/2018

        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 with respect to Emirates REIT (CEIC) Limited (the Fund) 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
        CIR: 13.4.5(1) The Fund Manager of a Public Property Fund may borrow either directly or through its Special Purpose Vehicle for financing investment or operating purposes, but aggregate borrowings must not at any time exceed 65 50% of the gross asset value of the Fund.
        IFR: 6.11.5 A Fund Manager of an Islamic REIT may borrow either directly or through its Special Purpose Vehicle up to 65 50% of the gross asset value of the Fund provided that such borrowings are shari'a compliant.

        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 will only use the increase in the borrowing limit of 15% of the gross asset value of the Fund to acquire new Fund Property and not to cover operating costs.

        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 constructed 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 capitalisaton 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 June 2018

      • W569/2018 — Arma Underwriting Limited

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To Arma Underwriting Limited
        Address Office 505b, Precinct Building 3, Dubai International
        Financial Centre, PO Box 507217, Dubai, UAE
        DFSA Firm Reference No. F003891
        Notice No. W569/2018

        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.

        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: Bryan Stirewalt


        Position: Managing Director, Supervision
        DATE OF ISSUE: 4 June 2018

      • W568/2018 — Rasameel Investment House Limited

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To Rasameel Investment House Limited
        Address Unit N1204A, Level 12, Emirates Financial Towers, DIFC,
        PO Box 506878, Dubai, UAE
        DFSA Firm Reference No. F000930
        Notice No. W568/2018

        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.

        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: Bryan Stirewalt


        Position: Managing Director, Supervision
        DATE OF ISSUE: 27 May 2018

      • W567/2018 — State Street Global Advisors Limited

        Click herehere to view PDF.

        MODIFICATION NOTICE

        To State Street Global Advisors Limited
        Address Unit OT 15-38, Level 15, Central Park Offices, DIFC, PO Box
        26838, Dubai, UAE
        DFSA Firm Reference No. F004037
        Notice No. W567/2018

        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 has the meaning given to that term in statement no. 162 issued by 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 this condition stated above in breached, this notice ceases to have effect forthwith and the Rules specified in the table herein apply to the above menioned 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 constructed 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 capitalisaton 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 May 2018

      • W566/2018 — State Street Global Advisors Limited

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To State Street Global Advisors Limited
        Address Unit OT 15-38, Level 15, Central Park Offices, DIFC, PO
        Box 26838, Dubai, UAE
        DFSA Firm Reference No. F004037
        Notice No. W566/2018

        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.

        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: Bryan Stirewalt


        Position: Managing Director, Supervision
        DATE OF ISSUE: 27 May 2018

      • W565/2018 — Old Mutual International Middle East Limited

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To Old Mutual International Middle East Limited
        Address Level 4, Precinct Building 2, DIFC, PO Box 507061, Dubai,
        UAE
        DFSA Firm Reference No. F001255
        Notice No. W565/2018

        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.

        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: Bryan Stirewalt


        Position: Managing Director, Supervision
        DATE OF ISSUE: 25 April 2018

      • W564/2018 — Sumitomo Mitsui Banking Corporation

        Click herehere to view PDF.

        MODIFICATION NOTICE

        To Sumitomo Mitsui Banking Corporation
        Address Building 1, 5th Floor, Gate Precinct, DIFC, PO Box 506559,
        Dubai, UAE.
        DFSA Firm Reference No. F000223
        Notice No. W564/2018

        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 2.3.5

        (1) For the purposes of Rule 2.3.3(1)(a)(ii), a person is a 'service-based' Professional Client if:

        (a) The Financial Service provided to that Person is Providing Credit;
        (b) The Person is an Undertaking; and
        (c) The Credit Facility in question is provided to the Person solely for the purposes of facilitating a project financing activity of another Person, with whom the first Person has exclusive contractual arrangements to pass on the proceeds of the Credit Facility, in return for an asset or entitlement that finances the loan obligations incurred by the first Person for use in the business activities of;
        (i) The Person:
        (ii) a controller of the Person
        (iii) any member of the Group to which the Person belongs; or
        (iv) a joint venture of a Person referred to in (i) – (iii)

        (2) In (1)(c), a project financing activity means a long-term financing arrangement established by a Person to obtain a Credit Facility to finance its infrastructure or industrial project through the use of an Undertaking which is a special purpose vehicle that is neither owned nor controlled by that Person (ii), a controller is an individual who:

        (a) owns a majority of the shares of the Undertaking
        (b) is able to appoint or remove a majority of the board members of the Undertaking; or
        (c) controls a majority of the voting rights of the Undertaking (or that of a Holding Company of the Undertaking).

        CONDITIONS

        The Rule modification in this notice shall only apply in relation to the specific corporate borrower named in section 3.3 of the application form GEN1 received from Sumitomo Mitsui Banking Corporation dated 26 February 2018.

        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: 18 April 2018

      • W563/2018 — Smart Crowd Limited

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To Smart Crowd Limited
        Address The FinTech HIVE at DIFC, Level 4, Gate Precinct 5, DIFC,
        Dubai, UAE
        DFSA Firm Reference No. F004285
        Notice No. W563/2018

        THE DFSA HEREBY GIVES NOTICE THAT:

        The Rules specified in Table 1 to this notice are waived in relation to SmartCrowd Limited.

        The Rules specified in the left hand column of Table 2 to this notice do not apply to SmartCrowd Limited in the form appearing in the Rulebook but instead apply as modified in the right hand column of that table.

        RULES WAIVED

        TABLE 1
        Module Rules
        COB Rules 11.3.2, 11.3.5 and 11.5.3
        GEN Section 5.2, Rules 5.3.4, 5.3.5, 5.3.6, 5.3.13, 5.3.14, 5.3.15, 5.3.16, 5.3.17, 5.3.30, 5.3.31, 7.4.5, 7.4.6, 7.4.8 and Section 8
        AML Rules 11.2.1, 11.2.3 and 11.2.4

        RULES MODIFIED

        TABLE 2
        Rule Modified Text
        GEN 2.2.10F

        A Crowdfunding Operator must not Operate a Crowdfunding Platform that facilitates a Person investing in the following kinds of Investments through the platform:

        (a) Warrants, Certificates, Units or Structured Products; or
        (b) Derivatives.
        GEN 2.29.1

        (1) In Rule 2.2.2, a Person carries on the activity of Operating a Crowdfunding Platform if the Person:

        (a) Operates a Loan Crowdfunding Platform; or
        (b) Operates an Investment Crowdfunding Platform.

        (2) A Person Operates a Loan Crowdfunding Platform under (1)(a) if it does both of the following:

        (a) operates an electronic platform that facilitates the bringing together of potential lenders and borrowers; and
        (b) administers a loan agreement that results from operating the electronic platform.

        (3) If the Person referred to in (2) also provides a facility that assists a lender to transfer his rights and obligations under a loan agreement referred to in that paragraph, that activity is also included within Operating a Loan Crowdfunding Platform.

        (4) A Person Operates an Investment Crowdfunding Platform under (1)(b) if it does both of the following:

        (a) operates an electronic platform that facilitates the bringing together of potential investors and Persons who wish to sell property obtain funding for a business or project, resulting in an investor making an Investment in property with the Person seeking funding; and
        (b) administers an Investment that results from operating the electronic platform.

        (5) If the Person referred to in (4) also provides a facility that assists an investor to sell an investment referred to in that paragraph, that activity is also included within Operating an Investment Crowdfunding Platform.

        (6) In this Rule:

        (a) “administer a loan agreement” means:
        (i) provide information or perform other duties under the loan agreement on behalf of the borrower or lender;
        (ii) take steps to obtain the repayment of the loan; or
        (iii) exercise rights or perform obligations under the loan agreement on behalf of the borrower or lender;
        (b) “administer an Investment” means:
        (i) provide information or perform other duties relating to the property or Investment on behalf of the Issuer or investor;
        (ii) take steps to obtain the payment of any amount payable by the Issuer to an investor; or
        (iii) exercise rights or perform obligations relating to the Investment on behalf of the Issuer or investor;
        (iv) arrange for any services to be provided relating to the property; or
        (v) arrange for the sale of the property at the end of the investment period;
        (c) “electronic platform” means a website or other form of electronic media.; and
        (d) “property” means a house, villa or apartment including if applicable, any land attached to the house, villa or apartment.

        (7) A Person (A) administers a loan agreement or an Investment for the purposes of this Rule if A performs a function itself or through another Person who has been appointed by A, acts under an arrangement with A or acts at A's direction.

        (8) In this Rule, a reference to an investor making an Investment in property includes making an investment in a legal vehicle that owns the property (whether directly or indirectly).

        GEN 5.3.9 An Authorised Person must ensure that the Compliance Officer has access to it allocates sufficient resources to compliance, including an adequate number of competent staff, to perform his and that compliance duties can be carried out objectively and independently of operational and business functions.
        GEN 5.3.10 An Authorised Person must ensure that persons performing compliance duties have the Compliance Officer has unrestricted access to relevant records and to the Authorised Person's Governing Body and senior management.
        GEN 7.4.2 The Senior Executive Officer function is carried out by an individual who:
        (a) has, either alone or jointly with other Authorised Individuals, ultimate responsibility for:
        (i) the day-to-day management, supervision and control of one or more (or all) parts of an Authorised Firm's Financial Services carried on in or from the DIFC;
        (ii) compliance matters in relation to the Authorised Firm's Financial Services; and
        (iii) implementation of the Authorised Firm's anti-money laundering policies, procedures, systems and controls and oversight of its compliance with the Rules in AML and any relevant anti money laundering legislation applicable in the DIFC; and
        (b) is a Director, Partner or Senior Manager of the Authorised Firm.
        GEN 7.5.1 (1) An Authorised Firm must, subject to (2), make the following appointments appoint a Senior Executive Officer and ensure that the position is they are held by one or more an Authorised Individuals at all times:.
        (a) Senior Executive Officer;
        (b) Finance Officer;
        (c) Compliance Officer; and
        (d) Money Laundering Reporting Officer.
        (2) .....
        GEN 7.6.13 An Authorised Firm must ensure, in the case of an individuals seeking to perform the Licensed Functions of Senior Executive Officer, Money Laundering Reporting Officer, or Compliance Officer, that such the individuals are is able to demonstrate sufficient knowledge of relevant anti money laundering requirements.
        COB 11.2.2

        In this chapter:

        (a) “borrower” means a Person that has borrowed or is seeking to borrow money using a Loan Crowdfunding Platform;
        (b) “commitment period” means the period specified by the operator during which lenders may commit to lending money to a particular borrower or investors may commit to investing with a particular Issuer in a particular property;
        (c) “cooling-off period”, for Investment Crowdfunding, means the period referred to in Rule 11.5.2 when an investor may withdraw his commitment to invest with an Issuer in a particular property;
        (d) “investor” means an investor or potential investor using an Investment Crowdfunding Platform;
        (e) “lender” means a Person who:
        (i) lends money under a loan agreement; or
        (ii) by assignment has assumed the rights and obligations of a Person who has lent money under a loan agreement;
        (f) “loan agreement” means a loan agreement between a borrower and lender referred to in Rule 11.4.1;
        (g) “operator” means a Crowdfunding Operator;
        (h) “platform” means the website or other electronic media used to provide the service;
        (ha) “property” means a house, villa or apartment including, if applicable, any land attached to the house, villa or apartment.
        (hb) “seller” means a person selling property using a Real Estate Crowdfunding Platform;
        (i) “service” means Operating a Crowdfunding Platform; and
        (j) “transfer”, in relation to a loan agreement, means the assignment by the lender of his rights and obligations under the agreement to another Person.
        COB 11.3.1 An operator must disclose prominently on its website the main risks to lenders or investors of using a Crowdfunding Platform, including that:
        (a) the lender or investor may lose all or part of their money or may experience delays in being paid investment in real estate is speculative, the market value of property can fall and rental income is not guaranteed;
        (b) borrowers or Issuers on the platform may include new businesses and, as many new businesses fail, a loan to such a borrower or an investment with such an Issuer may involve high risks;
        (c) the lender may not be able to transfer their loan, or the investor may not be able to sell their Investment, when they wish to, or at all; and
        (b) the investor will not own the property; rather the investor will have an interest in another legal entity that owns the property;
        (c) as the investor's interest in that entity is not listed or traded, it is likely to be an 'illiquid' investment; that is, it may be difficult to sell the interest because of a lack of investors willing to buy such an interest. So the investor must be prepared to commit to investing for the full investment period;
        (d) as real estate is an 'illiquid asset'; that is, an asset that cannot always be easily sold, it may be difficult to sell the property at the end of the investment period, resulting in a delay in investors receiving their capital or in the property being sold at a loss; and
        (de) if for any reason the operator ceases to carry on its business, the lender or investor may lose their money, incur costs or experience delays in the investment being wound up being paid.
        COB 11.3.3. An operator must disclose prominently on its website key information about how its service operates, including:
        (a) details of how the platform functions;
        (b) details of how and by whom the operator is remunerated for the service it provides, including fees and charges it imposes;
        (c) any financial interest of the operator or a Related Person that may create a conflict of interest;
        (d) the eligibility criteria for borrowers or Issuers sellers that use the service;
        (e) the minimum and maximum amounts, if any, of loans or Investments that may be sought by a borrower or an Issuer a seller using the service;
        (f) what, if any, security is usually sought from borrowers or Issuers, when it might be exercised and any limitations on its use;
        (g) the eligibility criteria for lenders or investors that use the service;
        (h) any limits on the amounts a lender may lend or an investor may invest using the service, including limits for individual loans or investments and limits that apply over any 12 month period;
        (i) when a lender or an investor may withdraw a commitment to provide funding, and the procedure for exercising such a right;
        (j) what will happen if loans sought by a borrower or funds sought by an Issuer for a property either fail to meet, or exceed, the target level;
        (k) steps the operator will take if there is a material change in a borrower's or an Issuer's circumstances and the rights of the lender and borrower or Issuer and investor in that situation;
        (k) the precise nature of the legal interest investors will receive in relation to the property;
        (ka) what, if any, rights, obligations or role an investor has in relation to the property after he has invested;
        (kb) the term of the Investment, what happens at the end of the term, the circumstances if any in which the property may be sold before the end of the term or the term may be extended and if there are any circumstances in which the property may be sold contrary to the wishes of some investors, for example, if a majority of investors agree or at the operator's direction;
        (l) how the operator will deal with overdue payments or a default by a borrower or an Issuer relating to a property;
        (la) the expenses likely to be incurred in relation to the property, including valuation, management, maintenance, insurance expenses and taxes and how they will be paid for;
        (lb) who will arrange valuation, management, maintenance and insurance services, how the provider of those services is chosen and remunerated, their role and how potential conflicts of interest will be prevented or managed;
        (m) which jurisdiction's laws will govern the loan agreement between the lender and borrower;
        (m) arrangements for the holding of title to property on behalf of investors, including any Special Purpose Vehicle that is used for that purpose and the role and duties of the Special Purpose Vehicle and how the interests of investors are protected;
        (n) arrangements and safeguards for Client Assets Money held or controlled by the operator, including details of any legal arrangements (such as nominee companies) that may be used to hold Client Assets Money;
        (o) any facility it provides to facilitate the transfer of loans or the sale of Investments, the conditions for using the facility and any risks relating to the use of that facility;
        (p) measures it has in place to ensure the platform is not used for money-laundering or other unlawful activities;
        (q) measures it has in place for the security of information technology systems and data protection; and
        (r) contingency arrangements it has in place to ensure the orderly administration of loans or Investments if it ceases to carry on business.
        COB 11.3.6

        (1) An operator must conduct due diligence on each borrower or Issuer seller before allowing it to use its service and on each property that is to be sold using the service.

        (2) The due diligence under (1) must include, as a minimum, taking reasonable steps to verify in relation to the borrower or Issuer seller:

        (a) its identity, including if it is a Body Corporate details of its incorporation and business registration;
        (b) the identity and place of domicile of each of its directors, officers and controllers if it is a Body Corporate; and
        (c) the fitness and propriety of the seller.
        (c) its fitness and propriety and that of each of the Persons referred to in (b);
        (d) its financial strength, including checking financial statements;
        (e) its financial history and past performance and its credit history, including checking with external credit agencies;
        (f) any credentials or expertise it claims to have;
        (g) the valuation of its business, current borrowing or funding levels (if any) and the source of any existing borrowing or funding;
        (h) its business proposal;
        (i) its commitment and that of its directors, officers and controllers to the business, including how much capital they have provided and any potential flight risk; and
        (j) that its business is being carried on in accordance with applicable laws in the jurisdiction where it is based.

        (3) The due diligence under (1) must include, as a minimum, the operator taking reasonable steps to verify in relation to the property that:

        (a) the seller holds valid legal title to the property and is able to sell the property free of any encumbrance;
        (b) construction of the property is fully completed; and
        (c) the property is available for letting or, if it is not available for letting because it requires renovation, refurbishment or alteration, that planning permission for the renovation, refurbishment or alteration can be readily obtained.

        (4) The due diligence under (1) must include the operator obtaining an independent valuation report on the property.

        COB 11.3.7

        An operator must disclose prominently on its website relevant information about each property and seller borrower or Issuer, including as a minimum:

        (a) full details about the property, including the location and condition of the property and whether it is currently rented;
        (b) the information about the property referred to in Rule 11.3.6(3);
        (c) information about the seller referred to in Rule 11.3.6(2);
        (d) an independent valuation report on the property referred to in Rule 11.3.6(4);
        (e) the precise nature of the legal interest that investors will receive in relation to the property;
        (f) the estimated charges and expenses relating to the property; and
        (g) the estimated annual rental income on the property, after deducting charges and expenses and setting out key assumptions made.
        (a) the name of the borrower or Issuer, the full name and position of each of its directors and officers and the full name of each controller;
        (b) the place of incorporation of the borrower or Issuer and the place of domicile of each director, officer and controller;
        (c) a description of the borrower's or Issuer's business;
        (d) the most recent financial statements, if any, of the borrower or Issuer and a warning that the operator gives no assurances about their accuracy;
        (e) the valuation of the borrower's or Issuer's business, its current borrowing levels and the source of its borrowing and its liquidity;
        (f) a detailed description of the proposal for which it is seeking funding including:
        (i) the total funding sought;
        (ii) how the funds will be used; and
        (iii) the target level of funding sought and what will happen if that level is not met or is exceeded;
        (g) the results of the due diligence carried out by the operator on the borrower or Issuer and any limits on the due diligence that could be carried out;
        (h) any grading or rating by the operator of the borrower's or Issuer's creditworthiness, including:
        (i) how the grading or rating has been assessed;
        (ii) an explanation of what the different grading or rating levels mean; and
        (iii) a clear statement that this should not be taken as advice about whether money should be lent to the borrower or invested with the Issuer;
        (i) for a loan or Debenture, the duration of the loan or Debenture, details of interest payable and any other rights attaching to the loan or Debenture;
        (j) for a Share issue, any rights attaching to the Share, such as dividend, voting or pre-emption rights;
        (k) whether any security is being provided and, if so, the circumstances in which it might be exercised and any limitations on its use;
        (l) if applicable, any other reward or benefit attaching to the loan or Investment and the terms on which it is available;
        (m) for a Share issue, whether investors have any protection from their shareholding being diluted by the issue of further Shares; and
        (n) that the borrower or Issuer, and information provided about the borrower or Issuer, are not checked or approved by the DFSA.
        COB 11.3.8

        An operator must:

        (a) not advertise a specific lending or Investment proposal that is available on its platform; and
        (b) take reasonable steps to ensure that borrowers and Issuers sellers that use its platform do not advertise the lending or Investment proposal,

        unless the advertisement is made on the platform and is accessible only to existing Clients who use the platform.

        COB 11.3.9

        (1) This Rule applies if a material change occurs relating to a property or Investments in a property borrower or Issuer, its business, its proposal or the carrying out of its proposal.

        (2) In this Rule, a “material change” means any change or new matter that may significantly affect the value of the property, the ability to rent the property, the return on the property or the value of the Investment borrower's ability to meet its payment obligations under the loan agreement or that may significantly affect an Issuer's business or its ability to carry out its proposal.

        (3) If the material change occurs during the commitment period, the operator must:

        (a) disclose prominently on its website details of the material change;
        (b) notify committed lenders or investors of the material change and require them to reconfirm their commitment within 5 business days; and
        (c) if reconfirmation is not provided within the period specified in (b), cancel the commitment.

        (4) If the material change occurs after the commitment period, the operator must disclose prominently on its website:

        (a) details of the material change;
        (b) any change in the rights of the lenders and the borrower, or the investors and the Issuer, arising from the material change; and
        (c) what steps, if any, the operator is proposing to take as a result of the change.

        (5) A disclosure or notification under (3) or (4) must be made as soon as practicable after the operator becomes aware of the material change.

        COB 11.3.10

        An operator must take reasonable steps to restrict a seller borrower or an Issuer from seeking funding on another crowdfunding platform during the commitment period.

        COB 11.3.11 An operator must ensure that lenders or investors who use its service are able to have access to the same information on its website about a seller, property borrower or an Issuer or a lending or investment proposal, and that access to the information is provided at the same time.
        COB 11.3.12 If an operator provides an auto-lending system or auto-investing system, or any other facility that provides some lenders or investors with the opportunity to lend or invest money ahead of other lenders or investors, it must disclose prominently on its website that some lenders or investors may have preferential access to better proposals.
        COB 11.3.13 If an operator provides an auto-lending system or auto-investing system, it must disclose prominently to lenders or investors who use the facility that no assessment is made that any loan or Investment selected by the system is suitable for the lender or investor.
        COB 11.3.14

        (1) An operator must take reasonable steps to ensure that its officers and employees and their family members do not:

        (a) lend money or provide finance to a borrower or an Issuer
        (b) borrow money from a lender or receive funding from an investor; or
        (c) hold any direct or indirect interest in the capital or voting rights of a borrower or lender or an Issuer or investor.
        (a) invest in a property using the platform;
        (b) rent a property that has been purchased using the platform; or
        (c) sell a property or any interest in a property using the platform.

        (2) The restriction in (1)(a) does not apply to an investment that has been made by an officer, employee or family member during the Test Period.

        COB 11.3.15

        If an operator provides a means of communication (a “forum”) for lenders and borrowers or Issuers and investors to discuss funding proposals made using the service, it must:

        (a) refer lenders or investors to the forum as a place where they can find, or take part in, further discussion about proposals, while clearly stating that the operator does not conduct due diligence on information on the forum;
        (b) restrict posting of comments on the forum to Persons who are Clients using the service;
        (c) ensure that all Clients using the forum have equal access to information posted on the forum;
        (d) require a Person posting a comment on the forum to disclose clearly if he is affiliated in any way with a borrower or an Issuer seller or is being compensated, directly or indirectly, to promote a proposal to purchase a property by a borrower or an Issuer;
        (e) take reasonable steps to monitor and prevent posts on the forum that are potentially misleading or fraudulent;
        (f) immediately take steps to remove a post, or to require a post to be deleted or amended, if the operator becomes aware that (d) or (e) have not been complied with; and
        (g) not participate in discussions on the forum except to moderate posts or to take steps referred to in (f).
        COB 11.3.16

        If an operator provides a facility that assists the transfer of rights or obligations under a loan agreement or the sale of Investments, it must ensure that:

        (a) the facility relates only to loans or Investments originally facilitated using its service;
        (b) transfers can take place only between lenders or investors who are already Clients using the service and have initially lent money under loan agreements or initially subscribed for Investments invested in property using the service;
        (c) in the case of a loan agreement, the facility allows only a lender (and not the borrower) to transfer rights and obligations under the agreement;
        (d) in the case of a loan agreement, a lender must transfer the rights and obligations relating to the whole of a loan made (and not just a part of the loan);
        (e) potential transferees or buyers have access to all information on the website about the property and investment borrower or Issuer that was available to earlier lenders or investors; and
        (f) fees it charges for the use of the facility are designed to recover its costs of providing the facility, rather than generating additional income.
        COB 11.3.18

        The operator must:

        (a) maintain a business cessation plan that sets out appropriate contingency arrangements to ensure the orderly administration of property and loan agreements or Investments in the event that it ceases to carry on its business; and
        (b) ensure, as far as reasonably practicable, that the contingency arrangements can be implemented if necessary.
        COB 11.5.2

        (1) An Investment Crowdfunding Operator must ensure that investors who have committed to investing in a property providing funding to a particular Issuer may withdraw that commitment, without any penalty and without giving a reason, during the cooling-off period.

        (2) In (1), “cooling-off period” means the period of at least 48 hours starting at the end of the commitment period.

        COB A2.1.5

        The following terms must be included in a Client Agreement between a Crowdfunding Operator and a Client that is a lender or an investor:

        (a) the operator's obligations to administer the loan or Investment, including:
        (i) how payments made by the borrower or Issuer tenant will be transferred to the lender or investor; and
        (ii) steps that will be taken if payments by a borrower or an Issuer tenant are overdue or the borrower or Issuer is in default;
        (b) if the Client is a Retail Client, the steps that will be taken by the operator and lender or investor to ensure that the lender or investor complies with any applicable limits relating to the amounts of loans or investments that may be made using the platform;
        (c) for Investment Crowdfunding, if the Client is a Retail Client, that the Client agrees to sign a risk acknowledgement form each time before he makes an Investment using the platform; and
        (d) the contingency arrangements that the operator will put in place to deal with a platform failure or if the operator ceases to carry on its business.
        COB A2.1.6

        The following terms must be included in a Client Agreement between a Crowdfunding Operator and a Client that is a borrower or an Issuer:

        (a) a restriction on the borrower or Issuer using any other crowdfunding service to raise funds during the commitment period;
        (b) a restriction on the borrower or Issuer or any Person that is Connected to the borrower or Issuer, lending or financing, or arranging lending or finance for a lender or an investor using the service;
        (c) a restriction on the borrower or Issuer advertising its proposal, or soliciting potential lenders or investors, outside the platform during the commitment period;
        (d) a requirement on the borrower or Issuer to give reasonable advance notice to the operator of any material change affecting the borrower or Issuer, its business or the carrying out of its proposal;
        (e) the obligations of the borrower or Issuer if there is any material change after funds have been provided; and
        (f) an obligation on the borrower or Issuer to produce financial statements at least annually.
        PIB 3.6.2

        The table below sets out the Base Capital Requirement for each Category of an Authorised Firm.

        Category Base Capital Requirement
        Category 1 US $10 million
        Category 2 US $2 million
        Category 3A US $500,000
        Category 3B US $4 million
        Category 3C

        US $500,000

        Except if the only Financial Service referred to in Rule 1.3.5(a) that the Authorised Firm is authorised to carry on is Managing a Collective Investment Fund in which case its Base Capital Requirement is:

        (a) US $140,000 if it manages any Public Fund; or
        (b) US $70,000 otherwise.
        Category 4

        US $ 10,000

        Except if the Authorised Firm is authorised to Operate a Crowdfunding Platform and it holds Client Assets, in which case its Base Capital Requirement is US $ 30,000 140,000.

        Category 5 US $10 million
        CIR 2.1.18 (new)

        An arrangement does not constitute a Collective Investment Fund if:

        (a) the arrangement consists of an Investment made through a Real Estate Crowdfunding Platform operated by a Crowdfunding Operator;
        (b) the Investment is made only by investors who are Clients of the Crowdfunding Operator; and
        (c) the underlying property in which investors are investing is a single apartment, villa or house in Dubai.
        GLO (new)

        Real Estate Crowdfunding Platform: An Investment Crowdfunding Platform that facilitates Investments in property (as defined in GEN 2.29.1(6)).

        GLO

        Special Purpose Vehicle:

        (1) In FER 1.2.7(3) and MKT App 5, a legal entity the object and purpose of which is primarily to issue Securities; and

        (2) In any other case, a Body Corporate whose sole purpose, either generally or when acting in a particular capacity, is to carry out one or more of the following functions:

        (a) issuing Investments;
        (b) redeeming or terminating or repurchasing, whether with a view to re-issue or to cancellation, an issue, in whole or par, of Investments; or
        (c) entering into transactions or terminating transactions involving Investments in connection with the issue, redemption, termination or re-purchase of Investments;
        and has been explicitly established for the purpose of:
        (d) securitising assets; or.
        (e) investing in Real Property or property (as defined in GEN 2.29.1(6)).
        and, in the case of (d), has been assessed by a rating agency.
        AML 11.2.5 A Relevant Person may outsource the role of MLRO anti-money laundering functions to an individual outside the Relevant Person provided that the relevant individual under the outsourcing agreement is and remains suitable to perform that function the MLRO role.
        AML 11.3.1

        A Relevant Person must ensure that its MLRO any individual performing anti-money laundering functions for the Relevant Person has:

        (a) direct access to its senior management;
        (b) sufficient resources including, if necessary, an appropriate number of appropriately trained Employees to assist in the performance of his duties in an effective, objective and independent manner;
        (c) a level of seniority and independence within the Relevant Person to enable him to act on his own authority; and
        (d) timely and unrestricted access to information sufficient to enable him to carry out his responsibilities in Rule 11.4.1.
        AML 11.4.1

        A Relevant Person must ensure that its MLRO Senior Executive Officer implements and has oversight of and is responsible for the following matters:

        (a) the day-to-day operations for compliance by the Relevant Person with its AML policies, procedures, systems and controls;
        (b) acting as the point of contact to receive notifications from the Relevant Person's Employees under Rule 13.2.2;
        (c) taking appropriate action under Rule 13.3.1 following the receipt of a notification from an Employee ;
        (d) making, in accordance with Federal Law No. 4 of 2002, Suspicious Activity Reports;
        (e) acting as the point of contact within the Relevant Person for competent U.A.E. authorities and the DFSA regarding money laundering issues;
        (f) responding promptly to any request for information made by competent U.A.E. authorities or the DFSA;
        (g) receiving and acting upon any relevant findings, recommendations, guidance, directives, resolutions, sanctions, notices or other conclusions described in chapter 10; and
        (h) establishing and maintaining an appropriate money laundering training programme and adequate awareness arrangements under chapter 12.

        AML 12.1.1

        A Relevant Person must:

        (a) provide AML training to all relevant Employees at appropriate and regular intervals;

        (b) ensure that its AML training enables its Employees to:

        (i) understand the relevant legislation relating to money laundering, including Federal Law No. 4 of 2002, Federal Law No. 1 of 2004 and any other relevant Federal laws;
        (ii) understand its policies, procedures, systems and controls related to money laundering and any changes to these;
        (iii) recognise and deal with transactions and other activities which may be related to money laundering;
        (iv) understand the types of activity that may constitute suspicious activity in the context of the business in which an Employee is engaged and that may warrant a notification to the MLRO Senior Executive Officer under Rule 13.2.2;
        (v) understand its arrangements regarding the making of a notification to the MLRO Senior Executive Officer under Rule 13.2.2;
        (vi) be aware of the prevailing techniques, methods and trends in money laundering relevant to the business of the Relevant Person;
        (vii) understand the roles and responsibilities of Employees in combating money laundering, including the identity and responsibility of the Relevant Person's MLRO and deputy, where applicable; and
        (viii) understand the relevant findings, recommendations, guidance, directives, resolutions, sanctions, notices or other conclusions described in chapter 10; and

        (c) ensure that its AML training:

        (i) is appropriately tailored to the Relevant Person's activities, including its products, services, customers, distribution channels, business partners, level and complexity of its transactions; and
        (ii) indicates the different levels of money laundering risk and vulnerabilities associated with the matters in (c)(i).
        AML 13.2.2

        A Relevant Person must have policies, procedures, systems and controls to ensure that whenever any Employee, acting in the ordinary course of his employment, either:

        (a) knows;
        (b) suspects; or
        (c) has reasonable grounds for knowing or suspecting;

        that a person is engaged in or attempting money laundering or terrorist financing, that Employee promptly notifies the Relevant Person's MLRO Senior Executive Officer and provides the MLRO Senior Executive Officer with all relevant details.

        AML 13.3.1

        A Relevant Person must ensure that where the Relevant Person's MLRO Senior Executive Officer receives a notification under Rule 13.2.2, the MLRO Senior Executive Officer, without delay:

        (a) investigates and documents the circumstances in relation to which the notification made under Rule 13.2.2 was made;
        (b) determines whether in accordance with Federal Law No. 4 of 2002 a Suspicious Activity Report must be made to the AMLSCU and documents such determination;
        (c) if required, makes a Suspicious Activity Report to the AMLSCU as soon as practicable; and
        (d) notifies the DFSA of the making of such Suspicious Activity Report immediately following its submission to the AMLSCU.
        AML 13.3.2

        Where, following a notification to the MLRO Senior Executive Officer under 13.2.2, no Suspicious Activity Report is made, a Relevant Person must record the reasons for not making a Suspicious Activity Report.

        AML 13.3.3

        A Relevant Person must ensure that if the MLRO Senior Executive Officer decides to make a Suspicious Activity Report, his decision is made independently and is not subject to the consent or approval of any other person.

        CONDITIONS

        None.

        EFFECTIVE PERIOD

        This notice comes into effect on 19 April 2018.

        The waivers in COB Rule 11.5.3, GEN Section 5.2, Rules 5.3.4, 5.3.5, 5.3.6, 5.3.13, 5.3.14, 5.3.15, 5.3.16, 5.3.17, 5.3.30, 5.3.31, 7.4.5, 7.4.6, 7.4.8, Section 8 and AML Rules 11.2.1, 11.2.3, 11.2.4 will remain in force until the Test Period ends. The other waivers will remain in force until revoked by the DFSA.

        The modifications in GEN Rules 5.3.9, 5.3.10, 7.4.2, 7.5.1, 7.6.13, PIB Rule 3.6.2 and AML Rules 11.2.5, 11.3.1, 11.4.1, 12.1.1, 13.2.2, 13.3.1, 13.3.2, 13.3.3 will remain in force until the Test Period ends. The other modifications will remain in force until revoked by the DFSA.

        INTERPRETATION

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

        Defined terms (other than any terms that are specifically defined above in lower case) 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.

        "Test Period" means the period specified on the Licensee's Licence during which the Licensee may test its Real Estate Crowdfunding Platform.

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

        Name: Ian Johnston


        Position: Chief Executive
        DATE OF ISSUE: 19 April 2018

      • W562/2018 — Starr Underwriting Agents (Dubai) Limited

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To Starr Underwriting Agents (Dubai) Limited
        Address Level 4, Precinct Building 2, DIFC, PO Box 507061, Dubai,
        UAE
        DFSA Firm Reference No. F003221
        Notice No. W562/2018

        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.

        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: Bryan Stirewalt


        Position: Managing Director, Supervision
        DATE OF ISSUE: 26 March 2018

      • W561/2018 — Moody's Investors Service Middle East Limited

        Click herehere to view PDF.

        MODIFICATION NOTICE

        To Moody's Investors Service Middle East Limited
        Address Level 3, Gate Precinct Building 3, DIFC, PO Box 506845,
        Dubai, United Arab Emirates
        DFSA Firm Reference No. F002033
        Notice No. W561/2018

        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(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: Bryan Stirewalt


        Position: Managing Director, Supervision
        DATE OF ISSUE: 25 March 2018

      • W560/2018 — Dalma Capital Management Limited

        Click herehere to view PDF.

        MODIFICATION NOTICE

        To Dalma Capital Management Limited
        Address Suite 103 & 104, Level 1, Gate Village 5, DIFC, PO Box 9361,
        Dubai, UAE
        DFSA Firm Reference No. F002345
        Notice No. W560/2018

        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 respect of Quencia Open Ended PCC Limited 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. 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
        CIR 8.2.4

        For the purposes of the Rules in this module, an Eligible Custodian is a Person who is a separate legal entity from the Fund Manager and who also meets one of the following criteria:

        ...

        (h) a legal entity that is:
        (i) controlled and wholly the Subsidiary of a regulated bank majority owned by one or more of the national governments of the five member states of the Gulf Cooperation Council, other than the State; and
        (ii) authorised to provide custody services, and supervised, by a Financial Services Regulator of at least one of the national governments specified in (i).

        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: 18 March 2018

      • W559/2018 — Markel International (Dubai) Limited

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To Markel International (Dubai) Limited
        Address Precinct Building 2, Level 3, DIFC, PO Box 506914, Dubai, UAE
        DFSA Firm Reference No. F002699
        Notice No. W559/2018

        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.

        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: Bryan Stirewalt
        Position: Managing Director, Supervision
        DATE OF ISSUE: 7 March 2018

      • W558/2018 — Gateway Investment Management Services (DIFC) Ltd.

        Click herehere to view PDF.

        MODIFICATION NOTICE

        To Gateway Investment Management Services (DIFC) Ltd.
        Address Level 5, Gate Village 6, DIFC, PO Box 506822, Dubai, UAE
        DFSA Firm Reference No. F001118
        Notice No. W558/2018

        THE DFSA HEREBY GIVES NOTICE THAT:

        The Rules specified in the left hand column of Table A 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.

        TABLE A
        Rule Modified Text
        CIR 13.5.1

        (1) The above mentioned Person, being the A Fund Manager of Manrre REIT (CEIC) Limited ("the Fund"), or any Person making an Offer of, or otherwise marketing, a Unit of the Fund or otherwise marketing a Fund, must not is not prohibited from including include the term "Real Estate Investment Trust" or "REIT" in the Fund's name or referring to the Fund or holding the Fund out or refer to a Fund or otherwise hold out a Fund as being a Real Estate Investment Trust or a REIT, as long as the Fund unless it is a Public Property Fund which is constituted in accordance with (2) and complies with the conditions in (3) to (7).

        (2) The Fund is a Qualified Investor Fund A REIT is a Public Property Fund which:

        (a) is constituted either as a closed-ended an Investment Company or as an Investment Trust;
        (b) is primarily aimed at investments in income-generating Real Property; and
        (c) distributes to the Unitholders at least 80% of its audited annual net income.

        (3) The Fund Manager ensures that the Fund complies with all the requirements that would normally apply to a Property Fund which is a Public Fund, except to the extent otherwise specified in (4), (5), and (6).

        (4) The reference to '6 months from the date on which the Units of the Fund are offered to the Public' in CIR Rule 13.4.1(2)(b) is to be read as '24 months from the date on which the Fund Manager notified the DFSA of the initial Offer to issue Units in the Fund'.

        (5) The Fund Manager is not required to comply with CIR Rule 14.3.1, as long as it complies with the requirements applicable to a Qualified Investor Fund with regard to the Fund's Information Memorandum.

        (6) The Fund Manager is not required to have in place adequate oversight arrangements referred to in CIR Section 10.3, or to ensure the duties of an oversight provider are carried out, for a period of 24 months from the date of this relief, or the day prior to the admission of the Fund to the Official List of Securities, whichever occurs first.

        (3)(7) If at any time during the operation of the Fund the requirements in (2) to (6) are not met, the Fund Manager, and, if appointed the Trustee, must immediately notify the DFSA and the exchange of the failure to meet the requirements in these Rules and what measures have been or will be taken to remedy the breach.

        CONDITIONS

        None.

        EFFECTIVE PERIOD

        This notice comes into effect on the date of issue of this notice and remains in force for 24 months from the date on which the Fund notified the DFSA of its initial Offer to issue Units in the Fund, or until the admission of the Fund to the Official List of Securities, whichever occurs first.

        INTERPRETATION

        The provisions in this notice are to be constructed 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 capitalisaton 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 February 2018

      • W557/2018 — Berkshire Hathaway Specialty Insurance Company

        Click herehere to view PDF.

        WAIVER NOTICE

        To Berkshire Hathaway Specialty Insurance Company
        Address Unit 2106-B, Level 21, Index Tower, DIFC, P.O. Box 506861, Dubai,
        UAE
        DFSA Firm Reference No. F004309
        Notice No. W557/2018

        THE DFSA HEREBY GIVES NOTICE THAT:

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

        RULES WAIVED

        Rulebook Module Rule
        PIN Chapter 4 Rules 4.3.2 - 4.3.4 (inclusive)(Capital)
        PIN Chapter 6 Rule 6.2.4 (Financial Reporting)
        PIN Chapter 7 All sections (Actuaries)

        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 provides the following documents and information in the English language to the DFSA within ten business days of the date they are due to be submitted to its home state Financial Services Regulator:

        (a) Its annual audited published accounts as provided to its home state Financial Services Regulator;
        (b) Any solo solvency requirement and capital adequacy requirement statement and/or returns required under its home state regulations and provided to its home state Financial Services Regulator;
        (c) Any Group solvency and capital adequacy report that is submitted to its home state Financial Services Regulator; and
        (d) In the event of any anticipated or actual breach of any prudential requirements, which require notification to its home state Financial Services Regulator, such notification is provided to DFSA forthwith with any relevant documents.

        If any one or more of the conditions stated above are 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 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: 12 February 2018

      • W556/2018 — Berkshire Hathaway Specialty Insurance Company

        Click herehere to view PDF.

        MODIFICATION NOTICE

        To Berkshire Hathaway Specialty Insurance Company
        Address Unit 2106-B, Level 21, Index Tower, DIFC, P.O. Box 506861,
        Dubai, UAE
        DFSA Firm Reference No. F004309
        Notice No. W556/2018

        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 States of America (US GAAP).

        (2) In this Rule, US GAAP has the meaning given to that term in statement no. 162 issued by the Financial 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 Generally Accepted Auditing Standards (US GAAS) issued by the American Institute of Certified Public Accountants Auditing Standards Board and the Auditing Standards of the Public Company Accounting Oversight Board of the United States;
        (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 this condition stated above in breached, this notice ceases to have effect forthwith and the Rules specified in the table herein apply to the above menioned 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 constructed 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 capitalisaton 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: 12 February 2018

      • W555/2018 — Berkshire Hathaway Specialty Insurance Company

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To Berkshire Hathaway Specialty Insurance Company
        Address Unit 2106-B, Level 21, Index Tower, DIFC, P.O. Box
        506861, Dubai, UAE
        DFSA Firm Reference No. F004309
        Notice No. W555/2018

        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: Bryan Stirewalt
        Position: Managing Director, Supervision
        DATE OF ISSUE: 12 February 2018

      • W554/2018 — ICBC Standard Bank Plc (DIFC Branch)

        Click herehere to view PDF.

        WAIVER AND MODIFICATION NOTICE

        To ICBC Standard Bank Plc (DIFC Branch)
        Address Office 1501, 15th Floor, Al Fattan Currency House, Tower
        2, DIFC, PO Box 506962, Dubai, UAE
        DFSA Firm Reference No. F000028
        Notice No. W554/2018

        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: Bryan Stirewalt
        Position: Managing Director, Supervision
        DATE OF ISSUE: 17 January 2018

      • W553/2018 — Mizuho International plc

        Click herehere to view PDF.

        MODIFICATION NOTICE

        To Mizuho International plc
        Address The Gate Building, East Wing, Level 5, Unit 501, DIFC,
        PO Box 506607, Dubai, UAE
        DFSA Firm Reference No. F004328
        Notice No. W553/2018

        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