Entire Section

  • 2005

    • W 01/05 GEN — Julius Baer (Middle East) Ltd.

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      MODIFICATION NOTICE

      To Julius Baer (Middle East) Ltd
      Address Level 5, Emirates Towers, P.O. Box 504925, Dubai, United Arab Emirates
      DFSA Reference No. 10001
      Notice No. W 01/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective date: This notice comes into effect on 24 January 2005 and expires on 30 April 2006.

      RULES MODIFIED

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

      The version of Rules to which this notice relates is GEN/VER2/253/10-04.

      rule modified Text
      GEN rule 8.6.2
      (1) An Authorised Firm must submit any auditor’s reports and financial statements required by this chapter to the DFSA within four months of the Authorised Firm’s financial year end. 31 December 2005.
      (2) For the purpose of (1), the auditors reports and financial statements must cover at least the following periods:
      (a) 20 September 2004 to 31 December 2004; and
      (b) 1 January 2005 to 31 December 2005.

      CONDITIONS

      The modifications in respect of the Rules specified above remain in effect for the duration of the period set out above on condition that Julius Baer (Middle East) Ltd:

      (a) submit during 2005 and 2006 quarterly prudential returns required under PIB App7 for each quarter, including the reporting period ending 31 December 2004, within one month of the end of the relevant reporting period;
      (b) submit the annual Controllers report required under AUT section 15.3, for 31 December 2004 by 30 April 2005 and for 31 December 2005 by 30 April 2006; and
      (c) submit non-audited annual prudential returns, required under PIB App7, for 31 December 2004 by 30 April 2005.

      INTERPRETATION

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

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

      This notice was issued by:
      Name : Jamie Orchard
      Position : Managing Director
      Date : 24 January 2005

    • W 02/05 PIB — Franklin Templeton Investment Management Limited

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      WAIVER NOTICE

      To Franklin Templeton Investment Management Limited
      Address 640-B Office Tower, Al Ghurair Centre, Deira, PO Box 55311, Dubai – United Arab Emirates
      DFSA Reference No. 10004
      Notice No. W 02/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective Date: This notice comes into effect on 20th February 2005 and remains in effect until further notice.

      RULES WAIVED

      The Rules waived are set out in the table below.

      DFSA Rulebook Module Version rule
      PIB/VER1/255/09-04 PIB rule 1.2.1
      PIB/VER1/255/09-04 PIB Rules 1.4.1 to 1.4.3 (inclusive)
      PIB/VER1/255/09-04 PIB Rules 2.1.1 to 2.10.4 (inclusive)

      CONDITIONS

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

      (a) on a six monthly basis, the above mentioned Person submits to the DFSA relevant extracts from their latest Financial Services Authority (FSA) quarterly reporting statement, within one month of the due date of submission to the FSA.

      INTERPRETATION

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

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

      This notice was issued by:
      Name : David King
      Position : Acting Chief Executive
      Date : 20 February 2005

    • W 03/05 COB — Credit Suisse (pre 13 May 2005 merger)

      This Notice was withdrawn on 13th May 2005.




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      MODIFICATION NOTICE

      To Credit Suisse
      Address The Gate Building, 9th Floor East, DIFC, PO Box 33660, Dubai - UAE
      DFSA Firm Reference No. 10006
      Notice No. W 03/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective date: This notice comes into effect on 23 February 2005 and expires on 22 February 2006 or the date on which any rule specified herein is amended, which ever is the earlier.

      RULES MODIFIED

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

      The version of Rules to which this notice relates is COB/VER1/261/09-04.

      Rule Modified Text
      COB 3.2.2
      (1) A Client is a Person who the Authorised Firm has determined, prior to the establishment of a relationship, is:
      (a) an individual who:
      (i) has at least $1 million in liquid assets and, if such assets are not held with the Authorised Firm, has provided the Authorised Firm with written confirmation of this fact that he has such assets or his approved entity has provided such confirmation to the Authorised Firm;
      (ii) …………………………………………………………..
      (2) ……………………………………………………………………………
      (3) For the purposes of (1) (a)(i), an “approved entity” means:
      (a) a Regulated Financial Institution in a Zone 1 country;
      (b) a Bank regulated by the Central Bank of the UAE;
      (c) an Authorised Firm;
      (d) an Ancillary Services Provider Providing Accountancy Services;
      (e) a DFSA registered auditor; or
      (f) an auditor entitled to practice that profession in a Zone 1 country.

      CONDITIONS

      None

      INTERPRETATION

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

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

      This notice was issued by:

      Name : David King
      Position : Acting Chief Executive
      Date : 23 February 2005

    • W 04/05 COB — Credit Suisse (pre 13 May 2005 merger)

      This Notice was withdrawn on 13th May 2005.




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      MODIFICATION NOTICE

      To Credit Suisse
      Address The Gate Building, 9th Floor East, DIFC, PO Box 33660, Dubai - UAE
      DFSA Firm Reference No. 10006
      Notice No. W 04/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective date: This notice comes into effect on 23 February 2005 and expires on 22 February 2006 or the date on which any rule specified herein is amended, which ever is the earlier.

      RULES MODIFIED

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

      The version of Rules to which this notice relates is COB/VER1/261/09-04.

      Rule Modified Text
      COB A3.1.1
      (1) For the purposes of rule 8.2.1, an Authorised Firm must include the following general information:
      (a) ………………………………………………………………….. …………………………………………………………………..
      (g) if applicable, a statement that the Transaction was Executed on an execution only or other basis, as the case may be, will be supplied on request;
      (h) the date and time of the Transaction and a statement that information about the time of the Transaction will be supplied on request;
      (i) ………………………………………………………………….. …………………………………………………………………..
      (l) for Collective Investment Funds, at a statement that the price at which the Transaction has been Executed is on a Historic Price or Forward Price basis, as the case may be, will be supplied on request.

      CONDITIONS

      None

      INTERPRETATION

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

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

      This notice was issued by:

      Name : David King
      Position : Acting Chief Executive
      Date : 23 February 2005

    • W 05/05 PIB — Credit Suisse (pre 13 May 2005 merger)

      This Notice was withdrawn on 13th May 2005.




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      WAIVER NOTICE

      To Credit Suisse
      Address The Gate Building, 9th Floor East, DIFC, PO Box 33660, Dubai - UAE
      DFSA Firm Reference No. 10006
      Notice No. W 05/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective date: This notice comes into effect on 1 April 2005 and remains in effect until further notice.

      RULES WAIVED

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

      DFSA Rulebook Module Version Rule
      PIB/VER1/255/09-04 PIB Chapter 1, Section 1.2 & 1.4 (Financial Resources & The Trading Book)
      PIB/VER1/255/09-04 PIB Chapter 2, all Sections (Capital)
      PIB/VER1/255/09-04 PIB Chapter 4, Sections 4.3 to 4.10 (Credit Risk)
      PIB/VER1/255/09-04 PIB Chapter 5, Sections 5.3 to 5.9 (Market Risk)
      PIB/VER1/255/09-04 PIB Chapter 7, Sections 7.3 and 7.4 (Group Risk)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect for the duration of the period set out above on condition that Credit Suisse submits to the DFSA a copy of the Swiss Federal Banking Commission’s (SFBC’s) Capital Adequacy Summary every quarter; to be submitted to the DFSA within ten days of the due date to the SFBC.

      INTERPRETATION

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

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

      This notice was issued by:

      Name : David King
      Position : Acting Chief Executive
      Date : 28 March 2005

    • W 06/05 COB — Credit Suisse (pre 13 May 2005 merger)

      This Notice was withdrawn on 13th May 2005.




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      MODIFICATION NOTICE

      To Credit Suisse
      Address The Gate Building, 9th Floor East, DIFC, PO Box 33660, Dubai - UAE
      DFSA Firm Reference No. 10006
      Notice No. W 06/05

      THE DFSA HEREBY GIVES NOTICE THAT:

      The Rules specified in the table herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply to that Person in the modified form prescribed in that table.

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

      Effective date: This notice comes into effect on 1 April 2005 and expires on 31 May 2005 or the date on which any rule specified herein is amended, which ever is the earlier.

      RULES MODIFIED

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

      The version of Rules to which this notice relates is COB/VER1/261/09-04.

      Rule Modified Text
      COB 3.2.2
      (3) A Client includes a Person who:
      (a) is an existing Client who has been previously serviced by Credit Suisse’s Dubai Representative Office; and
      (b) is an individual who has at least $1 million in liquid assets.

      CONDITIONS

      The modifications in respect of the Rules specified above remain in effect for the duration of the period set out above on condition that Credit Suisse shall report to the DFSA on each of 15 April, 29 April, 13 May and 27 May 2005 regarding its progress in obtaining the required Client documentation.

      INTERPRETATION

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

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

      This notice was issued by:

      Name : David King
      Position : Acting Chief Executive
      Date : 28 March 2005

    • W 07/05 GEN — The GCC Energy Fund Managers Ltd.

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      MODIFICATION NOTICE

      To The GCC Energy Fund Managers Ltd
      Address Level 22, Emirates Towers
      PO Box 504904
      Dubai, UAE
      DFSA Firm Reference No. 10002
      Notice No. W 07/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective date: This notice comes into effect on 30 March 2005 and expires on 30 April 2006.

      RULES MODIFIED

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

      The version of Rules to which this notice relates is GEN/VER2/253/10-04.

      rule modified Text
      GEN rule 8.6.2
      (1) An Authorised Firm must submit any auditor’s reports and financial statements required by this chapter to the DFSA within four months of the Authorised Firm’s financial year end. 31 December 2005.
      (2) For the purposes of (1), the auditor’s reports and financial statements must cover at least the following periods:
      (a) 17 September 2004 to 31 December 2004; and
      (b) 1 January 2005 to 31 December 2005.

      CONDITIONS

      The modifications in respect of the rule specified above remain in effect for the duration of the period set out above on condition that The GCC Energy Fund Managers Ltd:

      (a) submit during 2005 and 2006 quarterly prudential returns required under PIB App7 for each quarter, including the reporting period ending 31 December 2004, within one month of the end of the relevant reporting period;
      (b) submit the annual Controllers report required under AUT section 15.3, for 31 December 2004 by 30 April 2005 and for 31 December 2005 by 30 April 2006; and
      (c) submit non-audited annual prudential returns, required under PIB App7, for 31 December 2004 by 30 April 2005.

      INTERPRETATION

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

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

      This notice was issued by:
      Name : David King
      Position : Acting Chief Executive Officer
      Date : 30 March 2005

    • W 08/05 PIB — Merrill Lynch Bank (Suisse) S.A

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      WAIVER NOTICE

      To Merrill Lynch Bank (Suisse) S.A
      Address PO Box 3911, Dubai UAE
      DFSA Firm Reference No. 10010
      Notice No. W 08/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective Date: This notice comes into effect on 7 April 2005 and expires on 7 April 2007 or the date on which any rule specified herein is amended, which ever is the earlier.

      RULES WAIVED

      The Rules waived are set out in the table below.

      DFSA Rulebook Module Version rule
      PIB/VER1/255/09-04 PIB rule 1.2.1
      PIB/VER1/255/09-04 PIB Rules 1.4.1 to 1.4.3 (inclusive)
      PIB/VER1/255/09-04 PIB Rules 2.1.1 to 2.10.4 (inclusive)

      CONDITIONS

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

      (a) Merrill Lynch Bank (Suisse) S. A. submits to the DFSA a copy of the Swiss Federal Banking Commission’s (SFBC’s) Capital Adequacy Summary every six months; to be submitted to the DFSA within ten days of the due date to the SFBC.

      INTERPRETATION

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

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

      This notice was issued by:
      Name : David King
      Position : Acting Chief Executive
      Date : 7 April 2005

    • W 09/05 COB — Credit Suisse

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      MODIFICATION NOTICE

      To Credit Suisse
      Address The Gate Building, 9th Floor East, DIFC, PO Box 33660, Dubai - UAE
      DFSA Firm Reference No. 10011
      Notice No. W 09/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective Date: This notice comes into effect on 13 May 2005 and expires on 22 February 2006 or the date on which any rule specified herein is amended, which ever is the earlier.

      RULES MODIFIED

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

      The version of Rules to which this notice relates is COB/VER1/261/09-04.

      rule modified Text
      COB rule 3.2.2
      (1) A Client is a Person who the Authorised Firm has determined, prior to the establishment of a relationship, is:
      (a) an individual who:
      (i) has at least $1 million in liquid assets and, if such assets are not held with the Authorised Firm, has provided the Authorised Firm with written confirmation of this fact that he has such assets or his approved entity has provided such confirmation to the Authorised Firm;
      (ii) ………………………………
      (2) …………………………………...............
      (3) For the purposes of (1) (a)(i), an “approved entity” means:
      (a) a Regulated Financial Institution in a Zone 1 country;
      (b) a Bank regulated by the Central Bank of the UAE;
      (c) an Authorised Firm;
      (d) an Ancillary Services Provider Providing Accountancy Services;
      (e) a DFSA registered auditor; or
      (f) an auditor entitled to practice that profession in a Zone 1 country.

      CONDITIONS

      None

      INTERPRETATION

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

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

      This notice was issued by:
      Name : David King
      Position : Acting Chief Executive
      Date : 11 May 2005

    • W 10/05 COB — Credit Suisse

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      MODIFICATION NOTICE

      To Credit Suisse
      Address The Gate Building, 9th Floor East, DIFC, PO Box 33660, Dubai - UAE
      DFSA Firm Reference No. 10011
      Notice No. W 10/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective Date: This notice comes into effect on 13 May 2005 and expires on 22 February 2006 or the date on which any rule specified herein is amended, which ever is the earlier.

      RULES MODIFIED

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

      The version of Rules to which this notice relates is COB/VER1/261/09-04.

      rule modified Text
      COB rule A3.1.1 (1) For the purposes of rule 8.2.1, an Authorised Firm must include the following general information:
      (a) ………………………………………………………………….. …………………………………………………………………..
      (g) if applicable, a statement that the Transaction was Executed on an execution only or other basis, as the case may be, will be supplied on request;
      (h) the date and time of the Transaction and a statement that information about the time of the Transaction will be supplied on request;
      (i) ………………………………………………………………….. …………………………………………………………………..
      (l) for collective investment funds, at a statement that the price at which the Transaction has been Executed is on a Historic Price or Forward Price basis, as the case may be, will be supplied on request.

      CONDITIONS

      None

      INTERPRETATION

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

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

      This notice was issued by:
      Name : David King
      Position : Acting Chief Executive
      Date : 11 May 2005

    • W 11/05 PIB — Credit Suisse

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      WAIVER NOTICE

      To Credit Suisse
      Address The Gate Building, 9th Floor East, DIFC, PO Box 33660, Dubai - UAE
      DFSA Firm Reference No. 10011
      Notice No. W 11/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective Date: This notice comes into effect on 13 May 2005 and remains in effect until further notice.

      RULES WAIVED

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

      DFSA Rulebook Module Version rule
      PIB/VER1/255/09-04 PIB Chapter 1, Section 1.2 & 1.4 (Financial Resources & The Trading Book)
      PIB/VER1/255/09-04 PIB Chapter 2, all Sections (Capital)
      PIB/VER1/255/09-04 PIB Chapter 4, Sections 4.3 to 4.10 (Credit Risk)
      PIB/VER1/255/09-04 PIB Chapter 5, Sections 5.3 to 5.9 (Market Risk)
      PIB/VER1/255/09-04 PIB Chapter 7, Sections 7.3 and 7.4 (Group Risk)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect for the duration of the period set out above on condition that Credit Suisse submits to the DFSA a copy of the Swiss Federal Banking Commission’s (SFBC’s) Capital Adequacy Summary every quarter; to be submitted to the DFSA within ten days of the due date to the SFBC.

      INTERPRETATION

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

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

      This notice was issued by:
      Name : David King
      Position : Acting Chief Executive
      Date : 11 May 2005

    • W 12/05 COB — Credit Suisse

      This Notice expired on 31st May 2005 and was replaced by Notice No. W 13/05.




      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Credit Suisse
      Address The Gate Building, 9th Floor East, DIFC, PO Box 33660, Dubai - UAE
      DFSA Reference No. 10011
      Notice No. W 12/05

      THE DFSA HEREBY GIVES NOTICE THAT:

      The Rules specified in the table herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply to that Person in the modified form prescribed in that table.

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

      Effective date: This notice comes into effect on 13 May 2005 and expires on 31 May 2005 or the date on which any rule specified herein is amended, which ever is the earlier.

      RULES MODIFIED

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

      The version of Rules to which this notice relates is COB/VER1/261/09-04.

      Rule Modified Text
      COB rule 3.2.2
      (3) A Client includes a Person who:
      (a) is an existing Client who has been previously serviced by Credit Suisse’s Dubai Representative Office; and
      (b) is an individual who has at least $1 million in liquid assets.

      CONDITIONS

      The modifications in respect of the Rules specified above remain in effect for the duration of the period set out above on condition that Credit Suisse shall report to the DFSA on each of 13 May and 27 May 2005 regarding its progress in obtaining the required Client documentation.

      INTERPRETATION

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

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

      This notice was issued by:

      Name : David King
      Position : Acting Chief Executive
      Date : 11 May 2005

    • W 13/05 COB — Credit Suisse

      This Notice expired on 31st August 2005.




      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Credit Suisse
      Address The Gate Building, 9th Floor East, DIFC, PO Box 33660, Dubai, UAE
      DFSA Firm Reference No. 10011
      Notice No. W 13/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective date: This notice comes into effect on 1 June 2005 and expires on 31 August 2005 or the date on which any rule specified herein is amended, which ever is the earlier.

      RULES MODIFIED

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

      The version of Rules to which this notice relates is COB/VER1/261/09-04.

      Rule Modified Text
      COB 3.2.2
      (3) A Client includes a Person who:
      (a) is an existing Client who has been previously serviced by Credit Suisse’s Dubai Representative Office; and
      (b) is an individual who has at least $1 million in liquid assets.

      CONDITIONS

      The modifications in respect of the Rules specified above remain in effect for the duration of the period set out above on condition that Credit Suisse reports to the DFSA on each of 9 June, 23 June, 7 July, 21 July, 4 August and 18 August 2005 on its progress in obtaining the required Client documentation.

      INTERPRETATION

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

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

      This notice was issued by:

      Name : David Knott
      Position : Chief Executive
      Date : June 01 2005

    • W 14/05 AUT — Permal Investment Management Services Limited

      This Notice was withdrawn on 7th September 2005 and has been replaced by Notice No. W 21/05.




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      MODIFICATION NOTICE

      To Permal Investment Management Services Limited
      Address The Gate Building, 8th Floor West
      DFSA Firm Reference No. 10012
      Notice No. W 14/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective date: This notice comes into effect on 13 June 2005 and expires on 30 June 2006, or the date on which any rule specified herein is amended, which ever is the earlier.

      RULES MODIFIED

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

      The version of Rules to which this notice relates is AUT/VER1/254/09-04.

      Rule Modified Text
      AUT 10.3.2
      (1) The Authorised Individuals referred to in AUT rule 10.3.1(a), (c) and (d) must be ordinarily resident in the U.A.E.
      (2) An Authorised Firm may appoint additional Authorised Individuals, who are not ordinarily resident in the u.a.e., to conduct the Licensed Functions referred to in AUT rule 10.3.1(c) and (d).

      CONDITIONS

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

      (a) Mr Ahmed Nashaat is and remains authorised by the DFSA as the UAE resident Compliance Officer and Money Laundering Reporting Officer, in compliance with AUT rule 10.3.2;
      (b) Mr David Fielden provides compliance and anti-money laundering oversight from London and remains authorised by the DFSA as Compliance Officer and Money Laundering Reporting Officer;
      (c) On 30 June 2005 and quarterly thereafter, Mr Ahmed Nashaat provides a report to Mr David Fielden on all relevant compliance Related activities, initiatives and issues, in addition to seeking Guidance and counsel as required; and
      (d) Mr David Fielden visits the Branch Office at least once a year in order to provide compliance and anti-money laundering training, in addition to updates and training on the DFSA Regulations.

      INTERPRETATION

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

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

      This notice was issued by:

      Name : David Knott
      Position : Chief Executive
      Date : 13 June 2005

    • W 15/05 PIB — Permal Investment Management Services Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To Permal Investment Management Services Limited
      Address The Gate Building, 8th Floor West
      DFSA Firm Reference No. 10012
      Notice No. W 15/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective Date: This notice comes into effect on 13 June 2005 and expires on 30 June 2007 or the date on which any rule specified herein is amended, which ever is the earlier.

      RULES WAIVED

      The Rules waived are set out in the table below.

      DFSA Rulebook Module Version rule
      PIB/VER1/255/09-04 PIB rule 1.2.1
      PIB/VER1/255/09-04 PIB Rules 1.4.1 to 1.4.3 (inclusive)
      PIB/VER1/255/09-04 PIB Rules 2.1.1 to 2.10.4 (inclusive)

      CONDITIONS

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

      (a) on a six-monthly basis, commencing on 30 June 2005, the above mentioned Person submits to the DFSA relevant extracts from its latest UK Financial Services Authority (FSA) quarterly reporting statement, within 1 month of its being submitted to the FSA.
      (b) on an annual basis, the above mentioned Person submits to the DFSA its Audited Annual Accounts and Directors’ Report within 1 month of its being signed off.

      INTERPRETATION

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

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

      This notice was issued by:
      Name : David Knott
      Position : Chief Executive
      Date : 13 June 2005

    • W 16/05 PIB — Barclays Bank PLC

      Click herehere to view the PDF

      WAIVER NOTICE

      To Barclays Bank PLC
      Address Building 1, ENOC House, Zabeel Road,
      Dubai, United Arab Emirates
      DFSA Firm Reference No. 10013
      Notice No. W 16/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective Date: This notice comes into effect on 17 September 2004 and expires on 17 September 2006 or the date on which any rule specified herein is amended, which ever is the earlier.

      RULES WAIVED

      The Rules waived are set out in the table below.

      DFSA Rulebook Module Version rule
      PIB/VER1/255/09-04 PIB rule 1.2.1
      PIB/VER1/255/09-04 PIB Rules 1.4.1 to 1.4.3 (inclusive)
      PIB/VER1/255/09-04 PIB Rules 2.1.1 to 2.10.4 (inclusive)

      CONDITIONS

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

      (a) Barclays Bank PLC submits to the DFSA a copy of the United Kingdom’s Financial Services Authority’s (FSA) Section D of the Capital Adequacy Summary every six months; to be submitted to the DFSA within ten days of the due date to the FSA.

      INTERPRETATION

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

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

      This notice was issued by:
      Name : David Knott
      Position : Chief Executive
      Date : 30 June 2005

    • W 17/05 AUT — Barclays Bank PLC

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Barclays Bank PLC
      Address Building 1, ENOC House, Zabeel Road,
      Dubai, United Arab Emirates
      DFSA Firm Reference No. 10013
      Notice No. W17/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective Date: This notice comes into effect on 30 June 2005 and expires on 30 June 2007 or the date on which any rule specified herein is amended, which ever is the earlier.

      RULES MODIFIED

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

      The version of Rules to which this notice relates is AUT/VER1/254/09-04.

      Rule modified Text
      AUT 10.3.2
      (1) The Authorised Individuals referred to in AUT rule 10.3.1(a), (c) and (d) must be ordinarily resident in the U.A.E
      (2) An Authorised Firm may appoint additional Authorised Individuals, who are not ordinarily resident in the U.A.E, to conduct the Licensed Functions referred to in AUT rule 10.3.1 (c) and (d).

      CONDITIONS

      None

      INTERPRETATION

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

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

      This notice was issued by:
      Name : David Knott
      Position : Chief Executive
      Date : 30 June 2005

    • W 18/05 AUT — Barclays Bank PLC

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Barclays Bank PLC
      Address Building 1, ENOC House, Zabeel Road, Dubai, United Arab Emirates
      DFSA Firm Reference No. 10013
      Notice No. W 18/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective date: This notice comes into effect on 30 June 2005 and expires on 30 June 2006 or the date on which any rule specified herein is amended, which ever is the earlier.

      RULES MODIFIED

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

      The version of Rules to which this notice relates is AUT/VER1/254/09-04.

      rule modified Text
      AUT 10.3.3

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

      (a) whose head office and registered office is located in the DIFC, must register with the DFSA all of its Directors as Licensed Directors; or
      (b) whose head office and registered office is not located in the DIFC must register with the DFSA at least one of its Directors or the Regional Head of Investment Banking and Debt Capital Markets for UK, Europe and the Middle East as a Licensed Director who is ultimately responsible for the Authorised Firm’s Financial Services carried on in or from the DIFC.

      CONDITIONS

      None

      INTERPRETATION

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

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

      This notice was issued by:
      Name : David Knott
      Position : Chief Executive
      Date : 30 June 2005

    • W 20/05 COB — Credit Suisse

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Credit Suisse
      Address The Gate Building, 9th Floor East, DIFC, PO Box 33660, Dubai - UAE
      DFSA Firm Reference No. 10011
      Notice No. W 20/05

      THE DFSA HEREBY GIVES NOTICE THAT:

      The Rules specified in the table herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply to that Person in the modified form prescribed in that table.

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

      Effective Date: This notice comes into effect on 4 August 2005 and expires on 4 August 2006 or the date on which any rule specified herein is amended, whichever is the earlier.

      RULES MODIFIED

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

      The version of Rules to which this notice relates is COB/VER1/261/09-04.

      rule modified Text
      COB rule 3.2.2
      (1) ………………………………………………………………….. …………………………………………………………………..
      (2) Any Person who does not meet the criteria in (1) is a Retail Customer.
      (2) A Personal Investment Vehicle or the trustee of such a vehicle is a Client if it is established and operated for the sole purpose of providing a vehicle to facilitate efficient management of a Client's Investment portfolio including, if applicable, that of any Close Relatives of that Client.
      (3) For the purposes of (2) a Personal Investment Vehicle must be a:
      (a) Body Corporate;
      (b) Partnership;
      (c) trust; or
      (d) foundation and have net assets or share capital of at least $1 million.
      (4) For the purposes of (2), the term Close Relative includes grandchildren of the Client.
      (5) A Personal Investment Vehicle that is a Body Corporate or trust must be valued in accordance with (1) (c) or (d) as applicable and if a foundation, must be valued in the same manner as a trust.
      (6) Any Person who does not meet the criteria in (1) or (2) is a Retail Customer.

      CONDITIONS

      None

      INTERPRETATION

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

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

      This notice was issued by:
      Name : David Knott
      Position : Chief Executive
      Date : 04 August 2005

    • W 21/05 AUT — Permal Investment Management Services Limited

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Permal Investment Management Services Limited
      Address The Gate Building, 8th Floor West
      DFSA Firm Reference No. 10012
      Notice No. W 21/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective Date: This notice comes into effect on 25 August 2005 and expires on 30 September 2006, or the date on which any rule specified herein is amended, which ever is the earlier.

      RULES MODIFIED

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

      The version of Rules to which this notice relates is AUT/VER1/254/09-04.

      rule modified Text
      AUT rule 10.3.2
      (1) The Authorised Individuals referred to in rule 10.3.1(a), (c) and (d) must be ordinarily resident in the U.A.E.
      (2) An Authorised Firm may appoint additional Authorised Individuals, who are not ordinarily resident in the u.a.e., to conduct the Licensed Functions referred to in AUT rule 10.3.1(c) and (d).

      CONDITIONS

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

      (a) Mr Ahmed Nashaat is and remains authorised by the DFSA as the UAE resident Compliance Officer and Money Laundering Reporting Officer, in compliance with AUT rule 10.3.2;
      (b) Mr Marc Cane provides compliance and anti-money laundering oversight from London and remains authorised by the DFSA as Compliance Officer and Money Laundering Reporting Officer;
      (c) On 30 September 2005 and quarterly thereafter, Mr Ahmed Nashaat provides a report to Mr Marc Cane on all relevant compliance and anti-money laundering Related activities, initiatives and issues, in addition to seeking Guidance and counsel as required; and
      (d) Mr Marc Cane visits the Branch Office at least once a year in order to provide compliance and anti-money laundering training, in addition to updates and training on the DFSA Regulations.

      INTERPRETATION

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

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

      This notice was issued by:


      David Knott
      Chief Executive

    • W 22/05 PIB — Banque MeesPierson BGL SA

      Click herehere to view the PDF

      WAIVER NOTICE

      To Banque MeesPierson BGL SA
      Address The Gate Building, 5th Floor – East Wing, PO Box 211104, Dubai - UAE
      DFSA Firm Reference No. 10014
      Notice No. W 22/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective Date: This notice comes into effect on 6 September 2005 and expires on 6 September 2007 or the date on which any rule specified herein is amended, which ever is the earlier.

      RULES WAIVED

      The Rules waived are set out in the table below.

      Module Version rule
      PIB/VER1/255/09-04 PIB rule 1.2.1
      PIB/VER1/255/09-04 PIB Rules 1.4.1 to 1.4.3 (inclusive)
      PIB/VER1/255/09-04 PIB Rules 2.1.1 to 2.10.4 (inclusive)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect for the duration of the period set out above on condition that Banque MeesPierson BGL SA submits to the DFSA a copy of the Swiss Federal Banking Commission’s (SFBC’s) Capital Adequacy Summary every six months; to be submitted to the DFSA within ten business days of the due date to the SFBC.

      INTERPRETATION

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

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

      This notice was issued by:
      Name : David Knott
      Position : Chief Executive
      Date : 6 September 2005

    • W 23/05 AUT — Banque MeesPierson BGL SA

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Banque MeesPierson BGL SA
      Address The Gate Building, 5th Floor – East Wing, PO Box 211104, Dubai - UAE
      DFSA Firm Reference No. 10014
      Notice No. W 23/05

      THE DFSA HEREBY GIVES NOTICE THAT:

      The Rules specified in the table herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply to that Person in the modified form prescribed in that table.

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

      Effective date: This notice comes into effect on 6 September 2005 and expires on 6 September 2006, or the date on which any rule specified herein is amended, which ever is the earlier.

      RULES MODIFIED

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

      The version of Rules to which this notice relates is AUT/VER1/254/09-04.

      Rule Modified Text
      AUT 10.3.2
      (1) The Authorised Individuals referred to in rule 10.3.1(a), (c) and (d) must be ordinarily resident in the U.A.E.
      (2) An Authorised Firm may appoint additional Authorised Individuals, who are not ordinarily resident in the U.A.E, to conduct the Licensed Functions referred to in rule 10.3.1 (c) and (d).

      CONDITIONS

      None

      INTERPRETATION

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

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

      This notice was issued by:

      Name : David Knott
      Position : Chief Executive
      Date : 6 September 2005

    • W 24/05 REC — Deutsche Bank AG

      Click herehere to view the PDF

      WAIVER NOTICE

      To Deutsche Bank AG
      Address Taunusanlage 12, 60325 Frankfurt am Main, Germany
      DFSA Firm Reference No. F000045
      Notice No. W24/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective date: This notice comes into effect on 23rd September 2005, until further notice, or the date on which any rule specified herein is amended, which ever is the earlier.

      RULES WAIVED

      The Rules waived are set out in the table below.

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

      CONDITIONS

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

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

      INTERPRETATION

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

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

      This notice was issued by:

      Name : David Knott
      Position : Chief Executive
      Date : 23rd September 2005

    • W 25/05 COB — Merrill Lynch Bank (Suisse) S.A

      Click herehere to view the PDF

      MODIFICATION NOTICE

      To Merrill Lynch Bank (Suisse) S.A
      Address Business Centre 6th Floor
      Khalid Bin Al Waleed Street
      PO Box 3911
      Dubai
      UAE
      DFSA Firm Reference No. 10010
      Notice No. W 25/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective Date: This notice comes into effect on 23rd October 2005 and expires on 22nd October 2006 or the date on which any rule specified herein is amended, which ever is the earlier.

      RULES MODIFIED

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

      The version of Rules to which this notice relates is COB/VER1/261/09-04

      rule modified Text
      COB 3.2.2
      Client
      (1) A Client is a Person who the Authorised Firm has determined, prior to the establishment of a relationship, is:
      (a) an individual who:
      (i) has at least $1 million in liquid assets and has provided the Authorised Firm with written confirmation of this fact or any entity within the Merrill Lynch Group has provided such confirmation:
      (ii) appears to the Authorised Firm, after analysis, to have sufficient financial experience and understanding to participate in financial markets; and
      (iii) has consented in writing to being treated as a Client; or
      (iv) was a customer of the Merrill Lynch Group immediately prior to the Authorised Firm’s authorisation by the DFSA who fulfils the criteria in (i) and (ii) and has been notified in writing by the Authorised Firm, that it will be providing specific Investment Business Services to him and he has not objected to being treated as a Client prior to his account being transferred to the Authorised Firm.
      (2) Any Person who does not meet the criteria in (1) is a Retail Customer.

      CONDITIONS

      None.

      INTERPRETATION

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

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

      This notice was issued by:
      Name : David Knott
      Position : Chief Executive
      Date : 23rd October 2005

    • W 26/05 OSR — Dubai International Financial Exchange Limited

      MODIFICATION NOTICE

      Click herehere to view the PDF

      To Dubai International Financial Exchange Limited
      Address Level 7 The Exchange Building, Gate District, PO Box 53536, Dubai UAE
      DFSA Firm Reference No. F000026
      Notice No. W 26/05

      THE DFSA HEREBY GIVES NOTICE THAT:

      (1) The Rules specified in the table herein do not, subject to (2), apply to the above mentioned Person in the form appearing in the Rulebook but instead apply to that Person in the modified form prescribed in that table below.

      (2) The modification to the specified Rules applies in respect only of admitting to the Official List of Securities on 26th September 2005 the 5 products issued by Deutsche Bank which are Designated Investments, the details of which have been previously provided to the DFSA.

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

      Effective date: This notice comes into effect on 22 September 2005 and expires on 26 September 2005.

      RULES MODIFIED

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

      The version of Rules to which this notice relates is OSR/VER 2/08-05.

      Rule Modified Text
      OSR 7.2.1
      (1) Subject to (2), at least 5 days 48 hours prior to an admission of Securities to an Official List of Securities, an Exchange must provide the DFSA with notice of the decision and include the following information in the notification:
      (a) a copy of the listing application;
      (b) a copy of the assessment of the listing application carried out by the exchange;
      and;
      (c) any information requested by the DFSA.
      (2) ……………………………
      (3) ……………………………

      CONDITIONS

      None.

      INTERPRETATION

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

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

      This notice was issued by:

      Name : David Knott
      Position : Chief Executive
      Date : 22 September 2005

    • W 27/05 AUT — INVESCO Asset Management Limited

      MODIFICATION NOTICE

      Click herehere to view the PDF

      To INVESCO Asset Management Limited
      Address Level 42, Emirates Towers, PO Box 31303, Dubai - UAE
      DFSA Firm Reference No. 10015
      Notice No. W 27/05

      THE DFSA HEREBY GIVES NOTICE THAT:

      The Rules specified in the table herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply to that Person in the modified form prescribed in that table.

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

      Effective date: This notice comes into effect on 25 September 2005 and expires on 25 September 2006, or the date on which any rule specified herein is amended, which ever is the earlier.

      RULES MODIFIED

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

      The version of Rules to which this notice relates is AUT/VER1/254/09-04.

      Rule Modified Text
      AUT 10.3.2
      (1) The Authorised Individuals referred to in rule 10.3.1(a), (c) and (d) must be ordinarily resident in the U.A.E.
      (2) An Authorised Firm may appoint additional Authorised Individuals, who are not ordinarily resident in the U.A.E, to conduct the Licensed Functions referred to in rule 10.3.1 (c) and (d).

      CONDITIONS

      None.

      INTERPRETATION

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

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

      This notice was issued by:

      Name : David Knott
      Position : Chief Executive
      Date : 25 September 2005

    • W 28/05 PIB — INVESCO Asset Management Limited

      Click herehere to view the PDF

      WAIVER NOTICE

      To INVESCO Asset Management Limited
      Address Level 42, Emirates Towers, PO Box 31303, Dubai - UAE
      DFSA Firm Reference No. 10015
      Notice No. W 28/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective date: This notice comes into effect on 25 September 2005 and expires on 25 September 2007 or the date on which any rule specified herein is amended, which ever is the earlier.

      RULES WAIVED

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

      Module Version Rule
      PIB/VER1/255/09-04 PIB rule 1.2.1
      PIB/VER1/255/09-04 PIB Rules 1.4.1 to 1.4.3 (inclusive)
      PIB/VER1/255/09-04 PIB Rules 2.1.1 to 2.10.4 (inclusive)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect for the duration of the period set out above on condition that INVESCO Asset Management Limited submits to the DFSA a copy of the UK Financial Services Authority’s (FSA’s) latest quarterly reporting statement every six months; to be submitted to the DFSA within ten business days of the due date to the FSA.

      INTERPRETATION

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

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

      This notice was issued by:

      Name : David Knott
      Position : Chief Executive
      Date : 25 September 2005

    • W 29/05 PIB — Deutsche Bank AG

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      WAIVER NOTICE

      To Deutsche Bank AG
      Address 3rd Floor West, The Gate Building, Dubai International Financial Centre
      DFSA Firm Reference No. 10016
      Notice No. W 29/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective Date: This notice comes into effect on 26th September 2005 and remains in effect until further notice.

      RULES WAIVED

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

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

      CONDITIONS

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

      (a) Deutsche Bank AG submits to the DFSA, on a quarterly basis and in English, a summary of its latest monthly and quarterly capital adequacy returns to the Bundesbank and BaFin; these are to be submitted to the DFSA within ten days of the due date of submission to the Bundesbank and BaFin
      (b) On an annual basis, Deutsche Bank AG submits to the DFSA its audited Annual Accounts and Review, in English, within one month of being signed off.

      INTERPRETATION

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

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

      This notice was issued by:
      Name : David Knott
      Position : Chief Executive
      Date : 26th September 2005

    • W 30/05 AUT — Deutsche Bank AG

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      MODIFICATION NOTICE

      To Deutsche Bank AG
      Address 3rd Floor West, The Gate Building Dubai International Financial Centre
      DFSA Firm Reference No. 10016
      Notice No. W 30/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective date: This notice comes into effect on 26th September 2005 and expires on 25th September 2006, or the date on which any rule specified herein is amended, which ever is the earlier.

      RULES MODIFIED

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

      The version of Rules to which this notice relates is AUT/VER2/08-05.

      rule modified Text
      AUT 10.3.3

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

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

      CONDITIONS

      None

      INTERPRETATION

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

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

      This notice was issued by:
      Name : David Knott
      Position : Chief Executive
      Date : 26 September 2005

    • W 31/05 COB — Credit Suisse

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      MODIFICATION NOTICE

      To Credit Suisse
      Address The Gate Building, 9th Floor East, DIFC, PO Box 33660, Dubai,
      UAE
      DFSA Firm Reference No. 10011
      Notice No. W 31/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective date: This notice comes into effect on 01 October 2005 and remains in effect until further notice or the date on which any rule specified herein is amended, whichever is earlier.

      RULES MODIFIED

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

      The version of Rules to which this notice relates is COB/VER2/08-05.

      rule modified Text
      COB 3.2.2
      (1) A Client is a Person who the Authorised Firm has determined, prior to the establishment of a relationship, is:
      (a) an individual who:
      (i) has at least $1 million in liquid assets and, if such assets are not held with the Authorised Firm, has provided the Authorised Firm with written confirmation of this fact that he has such assets or his approved entity has provided such confirmation to the Authorised Firm;
      (ii) appears to the AF, after analysis, to have sufficient financial experience and understanding to participate in financial markets and;
      (iii) has consented in writing to being treated as a client;
      (b) an individual who:
      (i) is an Employee of the Authorised Firm; and
      (ii) meets the conditions in (1) (a) (ii) and (iii)
      (c) ... and so on ... up to (l)

      ..................
      (2) For the purposes of (1) (a)(i), an “approved entity” means:
      (a) a Regulated Financial Institution in a Zone 1 country;
      (b) a Bank regulated by the Central Bank of the UAE;
      (c) an Authorised Firm;
      (d) an Ancillary Services Provider providing Accountancy Services;
      (e) a DFSA registered auditor; or
      (f) an auditor entitled to practice that profession in a Zone 1 country.
      (3) A Personal Investment Vehicle or the trustee of such a vehicle is a Client if it is established and operated for the sole purpose of providing a vehicle to facilitate efficient management of a Client's Investment portfolio including, if applicable, that of any Close Relatives of that Client.
      (4) For the purposes of (3) a Personal Investment Vehicle must be a:
      (a) Body Corporate;
      (b) Partnership;
      (c) trust; or
      (d) foundation and have net assets or share capital of at least $1 million.
      (5) For the purposes of (3), the term Close Relative includes grandchildren of the Client.
      (6) A Personal Investment Vehicle must be valued in accordance with (1) (c) or (d) as applicable and if a foundation, must be valued in the same manner as a trust.
      (7) Where individuals have linked or joint Bank accounts, a Close Relative of the primary accountholder is a Client, if the primary account holder is a Client under (1), but only in circumstances where either:
      (a) that Close Relative fulfils the requirement (1) (a) (ii); or
      (b) in accordance with the provisions of a legal document all Financial Services transactions between the Authorised Firm and the Close Relative are agreed by the primary account holder.
      (8) For the purposes of (7) the defined term Close Relative includes grandchildren of the primary account holder.
      (9) Any Person who does not meet the criteria in (1), (4) or (7) is a Retail Customer.

      CONDITIONS

      None

      INTERPRETATION

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

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

      This notice was issued by:
      Name : David Knott
      Position : Chief Executive
      Date : 26 September 2005

    • W 32/05 PIB — The GCC Energy Fund Managers Limited

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      MODIFICATION NOTICE

      To The GCC Energy Fund Managers Limited
      Address Emirates Towers
      22nd Floor, PO Box 504904
      Dubai, UAE
      DFSA Firm Reference No. 10002
      Notice No. W 32/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective date: This notice comes into effect on 21 November 2005 and remains in effect until further notice or the date on which any rule specified herein is amended, whichever is earlier.

      RULES MODIFIED

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

      The version of Rules to which this notice relates is PIB/VER2/08-05.

      rule modified Text
      PIB rule A4.8.1.
      (1) An Authorised Firm may treat the following Exposures as exempt from the Concentration Risk limits in chapter 4 if they are to Counterparties not Connected to the Authorised Firm:
      (a) …………………and so on until (d).
      (e) Exposures with a maturity of one year or less, not constituting its own Capital Resources, to a:
      (i) Zone 1 deposit-taker or principal dealer;
      (ii) Zone 1 Clearing House or exchange; or
      (iii) Multinational Development Bank; or
      (iv) HSBC Bank Middle East Limited.
      (f) ………………….and so on until (h).

      CONDITIONS

      None.

      INTERPRETATION

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

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

      This notice was issued by:
      Name : David Knott
      Position : Chief Executive
      Date : 21 November 2005

    • W 33/05 COB — Julius Baer

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      MODIFICATION NOTICE

      To Julius Baer
      Address Julius Baer (Middle East) Limited
      Level 5, Emirates Towers
      PO Box 504925
      Dubai
      United Arab Emirates
      DFSA Firm Reference No. 10001
      Notice No. W 33/05

      THE DFSA HEREBY GIVES NOTICE THAT:

      (1) The Rules specified in the table herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply to that Person in the modified form prescribed in Table A.

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

      Effective date: This notice comes into effect on 6 December 2005 and expires on the date on which any Rule specified herein is amended.

      RULES MODIFIED

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

      TABLE A

      Rule Modified Text
      COB 3.2.2
      Client
      (1) A Client is a Person who the Authorised Firm has determined, prior to the establishment of a relationship is:
      (a) an individual who:
      (i) has at least $1 million in liquid assets and has provided the Authorised Firm with written confirmation of this fact;
      (ii) appears to the Authorised Firm, after analysis, to have sufficient financial experience and understanding to participate in financial markets; and
      (iii) was a customer of the firm immediately prior to the firm’s authorisation by the DFSA and has received, from the firm, a one way written notification advising the customer that the customer will be treated as a Client for the purposes of the DFSA Rules; or
      (iv) has consented in writing to being treated as a Client;
      (b) ……………and so on until (l)
      (2) Where individuals have linked or joint bank accounts, a Client is a Close Relative of the primary account holder, where the primary account holder is a Client under (1), but only in circumstances where either:
      (a) that Close Relative fulfils the requirement in (1) (a) (ii); or
      (b) in accordance with the provisions of a legal document all Financial Services transactions between the Authorised Firm and the Close Relative are agreed by the primary account holder.
      (3) For the purposes of (2) the defined term Close Relative includes grandchildren of the primary account holder.
      (4) A Personal Investment Vehicle or the trustee of such a vehicle is a Client if it is established and operated for the sole purpose of providing a vehicle to facilitate efficient management of a Client's investment portfolio including, if applicable, that any Close Relatives of that Client.
      (5) For the purpose of (4) a Personal Investment Vehicle must be a:
      a) Body Corporate;
      b) Partnership;
      c) trust; or
      d) foundation; and
      have net assets or share capital of at least $1 million.
      (6) For the purposes of (4), the term Close Relative includes grandchildren of the Client.
      (7) A Personal Investment Vehicle that is a Body Corporate or trust must be valued in accordance with (1) (c) or (d) as applicable and if a foundation, must be valued in the same manner as a trust.
      (8) Any Person who does not meet the criteria in (1), (2) or (3) is a Retail Customer.
      COB 3.2.6
      Record Keeping
      (1) …………………
      (2) If the Client in (1) is an individual the records must include the analysis undertaken, the reasons for the Authorised Firm concluding that the individual merits classification as a Client, and the Client’s written consent to be treated as a Client, and where an individual was a customer of the firm immediately prior to the firm’s authorisation by the DFSA, a copy of the one way written notification, advising the customer that the customer will be treated as a Client for the purposes of the DFSA Rules.
      (3) …………………
      (4) If an individual is classified as a Client by virtue of Rule 3.2.2(3) then the records must include documents which evidence that individual’s status as a Close Relative of the primary account holder and, where relevant, the legal documentations referred to in Rule 3.2.2(3)(b).
      COB 8.1.1
      Client Agreement
      (1) …………………
      (2) An Authorised Firm must, for Clients who were customers of the Authorised Firm immediately prior to it being authorised by the DFSA, advise the Clients by way of a one way notification, of the regulatory status of the Authorised Firm.

      CONDITIONS

      Nil

      INTERPRETATION

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

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

      This notice was issued by:

      Name :

      Jane Coakley

      Position :

      Managing Director — Authorisation

      Date : 6 December 2005

    • W 35/05 PIB — Kotak Mahindra (UK) Limited

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      WAIVER NOTICE

      To Kotak Mahindra (UK) Limited
      Address The Fairmont Dubai, Office No 515, P.O. Box 16498, Dubai - UAE
      DFSA Firm Reference No. F000049
      Notice No. W 35/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective date: This notice comes into effect on 28 November 2005 and expires on 28 November 2007 or the date on which any rule specified herein is amended, which ever is the earlier.

      RULES WAIVED

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

      Module Version Rule
      PIB/VER1/255/09-04 PIB rule 1.2.1
      PIB/VER1/255/09-04 Rules PIB 1.4.1 to PIB 1.4.3 (inclusive)
      PIB/VER1/255/09-04 Rules PIB 2.1.1 to PIB 2.10.4 (inclusive)
      PIB/VER1/255/09-04 Rules PIB 4.3.1 to PIB 4.10.2 (inclusive)
      PIB/VER1/255/09-04 Rules PIB 5.6.1 to PIB 5.6.3 (inclusive)
      PIB/VER1/255/09-04 Rules PIB 7.3.1 to PIB 7.4.2 (inclusive)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect for the duration of the period set out above on condition that Kotak Mahindra (UK) Limited submits to the DFSA a copy of the UK Financial Services Authority’s (FSA’s) Capital Adequacy Summary every quarter; to be submitted to the DFSA within ten business days of the due date to the FSA.

      INTERPRETATION

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

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

      This notice was issued by:

      Name : David Knott
      Position : Chief Executive
      Date : 28 November 2005

    • W 36/05 AUT — Kotak Mahindra (UK) Limited

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      MODIFICATION NOTICE

      To Kotak Mahindra (UK) Limited
      Address The Fairmont Dubai, Office No 515, P.O. Box 16498, Dubai - UAE
      DFSA Firm Reference No. F000049
      Notice No. W 36/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective date: This notice comes into effect on 28 November 2005 and expires on 28 November 2006, or the date on which any Rule specified herein is amended, which ever is the earlier.

      RULES MODIFIED

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

      The version of Rules to which this notice relates is AUT/VER2/08-05.

      Rule Modified Text
      AUT 10.3.2.
      (1) The Authorised Individuals referred to in Rule 10.3.1(a), (c) and (d) must be ordinarily resident in the U.A.E.
      (2) An Authorised Firm may appoint additional Authorised Individuals, who are not ordinarily resident in the U.A.E, to conduct the Licensed Functions referred to in Rule 10.3.1 (c) and (d).

      CONDITIONS

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

      (a) Mr Shyam Kumar is and remains authorised by the DFSA as the UAE resident Compliance Officer and Money Laundering Reporting Officer, in compliance with AUT Rule 10.3.2;
      (b) Mr Varadarajan Viswanathan provides compliance and anti money laundering oversight from London and remains authorised by the DFSA as the Compliance Officer and Money Laundering Reporting Officer;
      (c) Mr Shyam Kumar provides a monthly report to Mr Varadarajan Viswanathan on all relevant compliance related activities, initiatives and issues, in addition to seeking guidance and counsel as required; and
      (d) Mr Varadarajan Viswanathan visits the branch office at least once a year in order to provide compliance and anti money laundering training, in addition to updates and training on the DFSA regulations.

      INTERPRETATION

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

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

      This notice was issued by:
      Name : David Knott
      Position : Chief Executive
      Date : 28 November 2005

    • W 37/05 COB — Kotak Mahindra (UK) Limited

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      MODIFICATION NOTICE

      To Kotak Mahindra (UK) Limited
      Address The Fairmont Dubai, Office No 515, P.O. Box 16498, Dubai - UAE
      DFSA Firm Reference No. F000049
      Notice No. W 37/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective date: This notice comes into effect on 28 November 2005 and expires on 28 November 2006, or the date on which any Rule specified herein is amended, which ever is the earlier.

      RULES MODIFIED

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

      The version of Rules to which this notice relates is COB/VER2/08-05.

      Rule Modified Text
      COB 3.2.2.
      (1)……………………………………………………………………………
      (2) Any Person who does not meet the criteria in (1) is a Retail Customer.
      (2) A Personal Investment Vehicle or the trustee of such a vehicle is a Client if it is established and operated for the sole purpose of providing a vehicle to facilitate efficient management of a Client's investment portfolio including, if applicable, that of any Close Relatives of that Client.
      (3) For the purposes of (2) a Personal Investment Vehicle must be a:
      (a) Body Corporate;
      (b) Partnership;
      (c) trust; or
      (d) foundation
      and have net assets or share capital of at least $1 million, or be ultimately owned by Persons who meet the requirements of 3.2.2 (1) (a) (i) and (ii).
      (4) For the purposes of (2), the term Close Relative includes grandchildren of the Client.
      (5) A Personal Investment Vehicle must be valued in accordance with (1) (c) or (d) as applicable and if a foundation, must be valued in the same manner as a trust.
      (6) Any Person who does not meet the criteria in (1) or (2) is a Retail Customer.

      CONDITIONS

      None

      INTERPRETATION

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

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

      This notice was issued by:
      Name : David Knott
      Position : Chief Executive
      Date : 28 November 2005

    • W 38/05 COB, PIN, PFN, GLO — Takaful Re Limited

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      MODIFICATION NOTICE

      To Takaful Re Limited
      Address Level 41, Emirates Towers Offices, PO Box 211181, Dubai - UAE
      DFSA Firm Reference No. F000067
      Notice No. W 38/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective date: This notice comes into effect on 1 December 2005 and expires on 1 December 2007, or the date on which any Rule specified herein is amended, which ever is the earlier.

      RULES MODIFIED

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

      The version of Rules to which this notice relates is COB/VER1/261/09-04, PIN/VER2/228/10-04, PFN/VER3/02-05, and GLO/VER4/08-05.

      Rule Modified Text
      COB 2.2.2.
      (1)
      (4) An Insurer must ensure that it does not carry on, in or from the DIFC, both Long-Term Insurance Business and General Insurance Business unless it establishes one or more Long-Term Insurance Funds and one or more General Insurance Funds in accordance with the provisions of PIN Chapter 3 (as modified) the General Insurance Business is restricted to Class 1 or Class 2 or both.
      PIN Chapter 3. [To be replaced in its entirety by the text attached as Annex 1]
      PIN 4.6. [To be replaced in its entirety by the text attached as Annex 2]
      PIN 7.2.3. Every Insurer must provide to the DFSA as at each reporting date a written report relating to its General Insurance Business, prepared by an Actuary who has the qualifications set out in section 7.5. Where an Insurer maintains one or more General Insurance Funds, a separate report must be provided in respect of each fund.
      PIN App10 and PIN App11. [New appendices to be added as in Annex 3 attached.]
      PFN PIN 6.2.5.

      Except as provided otherwise in this Rule, aAn Insurer that maintains an Long-Term Insurance Fund must complete a Fund Return in respect of each Long-Term Insurance Fund that it maintains. A Fund Return includes all of the assets, liabilities, revenues and expenses attributable to the Fund, regardless of the residency status or location of the customer or of any asset or liability. An Insurer to which this Rule applies is not required to complete a Fund Return in the following cases:

      (a) where the Insurer is deemed to constitute a single, Long-Term Insurance Fund, such that the information contained in the Fund Return would be identical to that in the Global Return; and
      (b) where a Cell of the Insurer is deemed to constitute a single, Long-Term Insurance Fund, such that the information contained in the Fund Return would be identical to that in the Cell Return.
      PFN PIN 6.2 Guidance
      PFN PIN 6.4.5 (c)(ii)
      PFN PIN 6.4.6 (g)
      PFN PIN 6.4.8 (and associated Guidance)
      PFN PIN 6.5.25
      PFN PIN 6.6 Guidance 2
      PFN Form PIN1, line 39.3
      [The words “Long-Term Insurance Fund” are to be replaced by “Insurance Fund” wherever they occur.]
      GLO

      General Insurance Fund

      A fund in respect of General Insurance Business established and maintained in accordance with PIN 3 (as modified).


      Insurance Fund

      A General Insurance Fund or a Long-Term Insurance Fund.

      CONDITIONS

      None

      INTERPRETATION

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

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

      This notice was issued by:
      Name : David Knott
      Position : Chief Executive
      Date : 1 December 2005

      Annex 1

      3 INSURANCE FUNDS

      3.1 Introduction

      3.1.1

      This chapter applies to all Insurers.

      Guidance

      1. This chapter sets out requirements in respect of the establishment of Insurance Funds.

      3.2 Establishment of insurance funds

      3.2.1

      An Insurer that is required, under the provisions of section 3.3, to establish or maintain an Insurance Fund in respect of a part of its business must identify separately in its books and records the assets, liabilities, revenues and expenses attributable to that business. Those assets, liabilities, revenues and expenses must be recorded separately and accounted for as an Insurance Fund.

      3.3 Attribution of contracts to a fund

      3.3.1

      All contracts of Long-Term Insurance effected by a DIFC Incorporated Insurer must be attributed to a Long-Term Insurance Fund.

      3.3.2

      Except as allowed in Rule 3.3.3, all contracts of General Insurance effected by a DIFC Incorporated Insurer must be attributed to a General Insurance Fund.

      3.3.3

      An Insurer may attribute insurance contracts in General Insurance Class 1 or Class 2 to a Long-Term Insurance Fund.

      3.4 Segregation of assets and liabilities

      3.4.1

      All assets, liabilities, revenues and expenses in respect of a Contract of Insurance that is attributed to an Insurance Fund must be recorded as assets, liabilities, revenues and expenses of that Insurance Fund.

      3.4.2

      An Insurer may at any time attribute any of its assets to an Insurance Fund that were not previously attributed to an Insurance Fund.

      Guidance

      A transaction described in Rule 3.4.2 is sometimes described as a transfer of capital into the Insurance Fund.

      3.4.3

      All revenues and expenses arising by way of earnings, revaluation or other change to the assets and liabilities of an Insurance Fund must be recorded as revenues and expenses, or movements in capital, of that Insurance Fund.

      3.4.4

      An Insurer which is required to maintain an Insurance Fund must maintain adequate accounting and other records to identify the contracts and the assets, liabilities, revenues and expenses attributable to the Insurance Fund.

      3.5 Limitation on use of assets in insurance fund

      3.5.1

      Except as provided in this section, assets that are attributable to an Insurance Fund must be applied only for the purposes of the business attributed to the Insurance Fund.

      3.5.2

      Assets attributable to an Insurance Fund may not be transferred so as to be available for other purposes of the Insurer except:

      (a) where the transfer constitutes appropriation of a surplus determined in accordance with section 7.3, provided that the transfer is performed within four months of the Reference Date of the actuarial investigation referred to in that Rule;
      (b) where the transfer constitutes a payment of dividend or return of capital, in accordance with Rule 3.5.4;
      (c) where the transfer is made in exchange for other assets at fair value;
      (d) where the transfer constitutes reimbursement of expenditure borne on behalf of the Insurance Fund, and in respect of expenses attributable to the Insurance Fund; or
      (e) where the transfer constitutes reattribution of assets attributed to the Insurance Fund in error.
      (f) where the transfer constitutes payments under the terms of the Wakala or Mudaraba agreements between Takaful contributors and the shareholders.

      3.5.3

      Assets attributable to an Insurance Fund must not be distributed by way of dividend or by way of return of capital.

      3.5.4

      Assets attributable to an Insurance Fund must not be lent or otherwise made available for use for any other purposes of the Insurer or any purposes of any party Related to the Insurer.

      3.5.5

      An Insurer may not enter into any arrangement, whether or not described as a contract of reinsurance, whereby an Insurance Fund of the Insurer stands in the same relation to the Insurer as though the Insurer were the reinsurer in a contract of reinsurance in which the Insurance Fund is the cedant.

      Guidance

      Rule 3.5.5 operates to prohibit reinsurance between Insurance Funds of the same Insurer, as well as arrangements of the nature of internal contracts of reinsurance where the cession transaction is attributed to an Insurance Fund but the corresponding reinsurance acceptance transaction is not.


      Annex 2

      4.6 Insurers that have established an insurance fund

      4.6.1

      This section applies only to Insurers that undertake Insurance Business through Insurance Funds.

      4.6.2

      An Insurer that undertakes Insurance Business through a Insurance Fund must ensure that at all times, in respect of each Insurance Fund maintained by it, the Insurer has Adjusted Fund Capital Resources equal to or higher than the amount of the Minimum Fund Capital Requirement in respect of that Insurance Fund.

      4.6.3

      The Adjusted Fund Capital Resources in respect of a Long-Term Insurance Fund maintained by an Insurer must be calculated in accordance with App7.

      4.6.4

      The Minimum Fund Capital Requirement in respect of a Long-Term Insurance Fund maintained by an Insurer must be calculated in accordance with App8.

      4.6.5

      The Adjusted Fund Capital Resources in respect of a General Insurance Fund maintained by an insurer must be calculated in accordance with App10.

      4.6.6

      The Minimum Fund Capital Requirement in respect of a General Insurance Fund maintained by an Insurer must be calculated in accordance with App11.


      Annex 3

      App10 CALCULATION OF ADJUSTED FUND CAPITAL RESOURCES

      A10.1 Purpose and general provisions

      A10.1.1

      This appendix applies to all Insurers to which section 4.6 applies.

      Guidance

      1. This appendix sets out the manner in which an Insurer is required to calculate the Adjusted Fund Capital Resources in respect of each General Insurance Fund it maintains. The calculation is analogous to that applicable to Insurers other than Protected Cell Companies, so that (except where changes are necessary to reflect structural differences) the capital of a General Insurance Fund is determined as though it was an Insurer subject to App3.
      2. The Adjusted Fund Capital Resources are calculated by making adjustments to the equity of the fund, as at the Solvency Reference Date.

      A10.2 Adjusted fund capital resources

      A10.2.1

      An Insurer must calculate the Adjusted Fund Capital Resources in respect of each General Insurance Fund maintained by it, according to the formula: AFCR = AFE - FHCA where:

      AFCR means the Adjusted Fund Capital Resources in respect of the fund;
      AFE means the adjusted fund equity in respect of that fund; and
      FHCA means the fund hybrid capital adjustment in respect of that fund.

      A10.2.2

      Adjusted fund equity is calculated as set out in section A10.4. The fund hybrid capital adjustment is set out in section A10.5.

      A10.3 Base fund capital

      A10.3.1

      The commencement point for calculating the adjusted fund equity in respect of a General Insurance Fund maintained by an Insurer is the base fund capital.

      A10.3.2

      Subject to Rules A10.3.3, A10.3.4 and A10.3.5, the base fund capital in respect of a General Insurance Fund must consist of the following capital instruments and equity reserves of the Insurer, that are classified as capital instruments and equity reserves of the fund:

      (a) general reserves;
      (b) retained earnings;
      (c) amounts attributed to the General Insurance Fund by the Insurer in accordance with Rule 3.4.2;
      (d) in the case of a Takaful Insurer, amounts provided from the Owners' Equity by loan to the General Insurance Fund and not repaid as at the Solvency Reference Date;
      (e) current year's earnings after tax; and
      (f) hybrid capital (as defined in Rule A10.5.1).

      A10.3.3

      Where an Insurer is not a DIFC Incorporated Insurer, base capital may include capital instruments and equity reserves that are approved in writing by the DFSA as equivalent to the capital instruments and equity reserves described in Rule A10.3.2.

      A10.3.4

      Owners' Equity in a Takaful Insurer, that has not been transferred to the General Insurance Fund, must be classified as hybrid capital for the purposes of this section if: (a) under the constitutional documents of the Insurer or the terms of insurance contracts or both, the owners do not participate in the surpluses and losses of Insurance Business; and (b) the Owners' Equity is available for loan to the General Insurance Fund

      A10.3.5

      Hybrid capital having a term to maturity of less than five years may only be included in base fund capital with the written consent of the DFSA.

      A10.4 Adjusted fund equity

      A10.4.1

      An Insurer must calculate its adjusted fund equity in respect of each General Insurance Fund as set out in this section.

      Guidance

      The purpose of these adjustments is to provide a consistent basis for the determination of the Insurer's Adjusted Fund Capital Resources and to exclude from those resources assets that may not be readily realisable for the purposes of meeting Insurance Liabilities of the General Insurance Fund.

      A10.4.2

      The following items must be deducted from base fund capital, to the extent that the Insurer has not excluded them in determining its base fund capital:

      (a) any amounts in respect of appropriations to be made from the General Insurance Fund in respect of the current year, including dividends, distributions by Takaful Insurers of surplus, bonuses, pensions and welfare charges that are determined on the basis of the current year's profit, whether or not the amounts have been approved by the Insurer for payment;
      (b) the amount of any investment by the General Insurance Fund or by a Subsidiary of the General Insurance Fund, in the Insurer's own capital;
      (c) the amount of any tax liability that would be attributable to unrealised gains on investments, if those gains were realised;
      (d) the amount of deferred acquisition costs;
      (e) the amount of any deferred tax asset;
      (f) the amount of any goodwill, patents, service rights, brands and any other intangible items;
      (g) the amount of any Zakah or charity fund of a Takaful Insurer, maintained within the General Insurance Fund;
      (h) the amount of any operating assets, including inventories, plant and equipment, and vehicles; and
      (i) the amount of any assets that may not be applied to meet Insurance Liabilities attributable to the General Insurance Fund (for example, assets that are subject to fixed or floating charges, mortgages or other security).

      A10.5 Fund hybrid capital adjustment

      Guidance

      1. This section acts to limit hybrid capital to 15% of the adjusted fund equity in respect of a fund.
      2. The purpose of the fund hybrid capital adjustment is to limit the extent to which an Insurer may rely for its Adjusted Fund Capital Resources in respect of any General Insurance Fund on instruments that do not or may not constitute permanent capital of that fund.

      A10.5.1

      Fund hybrid capital includes the following items: (a) subordinated debt attributable to the fund; and (b) Owners' Equity in a Takaful Insurer of the type described in Rule A10.3.4.

      A10.5.2

      Subject to Rule A10.5.3, an Insurer must calculate its fund hybrid capital adjustment as the amount by which the total amount of hybrid capital exceeds 15% of adjusted fund equity.

      A10.5.3

      The DFSA may at its discretion permit an Insurer to apply Rule A10.5.2 as though the figure of 15% was replaced with a higher figure approved in writing by the DFSA. The approved figure may not be more than the actual percentage which the fund hybrid capital represents of adjusted fund equity, and may not in any case exceed 30%.

      App11 CALCULATION OF MINIMUM FUND CAPITAL REQUIREMENT

      A11.1 Purpose and general provisions

      A11.1.1

      This appendix applies to all Insurers to which section 4.6 applies.

      Guidance

      1. This appendix sets out the manner in which an Insurer that conducts General Insurance Business through a General Insurance Fund is required to calculate the Minimum Fund Capital Requirement in respect of each General Insurance Fund.
      2. The Minimum Fund Capital Requirement is calculated on a basis that is analogous to the basis of calculation of the Minimum Capital Requirement for Insurers other than Protected Cell Companies, as set out in App4.
      3. The effect therefore is as though each General Insurance Fund maintained by an Insurer were itself an Insurer that had to calculate a Minimum Capital Requirement in accordance with App4. Consequently, this appendix incorporates references to the provisions of App4.

      A11.2 Minimum fund capital requirement

      A11.2.1

      Subject to Rule A11.2.3, an Insurer must calculate the Minimum Fund Capital Requirement in respect of each General Insurance Fund maintained by it, according to the formula:

      MFCR = DRC + IVRC + OARC + OLRC + CRC + SFAC + URC + RRC + AMRC where:

      Term Definition
      MFCR Minimum Fund Capital Requirement in respect of the fund;
      DRC Default risk component in respect of that fund;
      IVRC Investment volatility risk component in respect of the fund;
      OARC Off-balance sheet asset risk component in respect of the fund;
      OLRC Off-balance sheet liability risk component in respect of the fund;
      CRC Concentration risk component in respect of the fund;
      SFAC Size Factor Adjustment Component in respect of the fund;
      URC Underwriting risk component in respect of the fund;
      RRC Reserving risk component in respect of the fund;
      AMRC Asset management risk component in respect of the fund.

      A11.2.2

      The methods of calculation of the components referred to in Rule A11.2.1 are set out in sections A11.4, A11.5, A11.6, A11.7, A11.8, A11.9, A11.10, A11.11, and A11.12.

      A11.2.3

      The Minimum Fund Capital Requirement in respect of a General Insurance Fund must always be equal to or higher than $10,000,000.

      A11.3 Applicability of components to assets of the fund

      A11.3.1

      Subject to Rule A11.3.2, an Insurer must calculate those components of the Minimum Fund Capital Requirement in respect of a General Insurance Fund, that are relevant to assets, in respect of every asset that is attributable to the General Insurance Fund.

      A11.3.2

      Where an Insurer arranges its affairs such that Invested Assets attributable to a General Insurance Fund are held in a Related entity, the Insurer may, with the written approval of the DFSA, calculate components of the Minimum Fund Capital Requirement by reference to the interest of the General Insurance Fund in the assets that are held by the Related entity, instead of by reference to the interest that the General Insurance Fund has in that Related entity. In that case this appendix shall be interpreted as though the assets (representing the General Insurance Fund's interest) held by the Related entity were held directly by the General Insurance Fund.

      Guidance

      The effect of Rule A11.3.2 is to provide flexibility for Insurers whose investments are managed on a pooled basis within a Group, or which establish specialist Subsidiaries to manage their investments. While the Insurer's asset in such cases is a balance with, or investment in, a Related entity, this Rule permits the Insurer to 'look through' the corporate arrangement and apply this appendix to the assets of the Related entity as though they were the Insurer's own. This flexibility extends to Invested Assets attributable to General Insurance Funds, though this provision does not provide any exemption from section 3.4 in respect of segregation of assets.

      A11.4 Default risk component

      Guidance

      The purpose of the default risk component is to require an Insurer to set aside capital to cover the risk that amounts receivable from counterparties will not be received. The basic calculation model for this component, as it applies to Insurers that are not Protected Cell Companies, is set out in section A4.4. The provisions in this section apply the relevant provisions of section A4.4 to each General Insurance Fund that an Insurer maintains.

      A11.4.1

      An Insurer must calculate the default risk component in respect of a General Insurance Fund as the sum of the amounts obtained by multiplying the value of each asset attributed to the fund with the relevant percentage, in accordance with the following tables and subject to the provisions of Rules A11.4.2 and A11.4.3:

      (a) assets that are Invested Assets: the table set out in Rule A4.4.1(a); and
      (b) assets that are not Invested Assets: the table set out in Rule A4.4.1(b).

      A11.4.2

      The provisions of Rules A4.4.2, A4.4.3, A.4.4.4, A4.4.5 and A4.4.6 must be applied, mutatis mutandis, to assets attributed to a General Insurance Fund as though references in those Rules to an Insurer were instead references to a General Insurance Fund.

      A11.4.3

      Notwithstanding anything else in this section: (a) the default risk component in respect of any asset that is subject to a fixed or floating charge, mortgage or other encumbrance must be 100% of the value of the asset to the extent of that charge, mortgage or encumbrance. In the case of such assets, the percentages set out in the tables referred to above must be applied only to the amount, if any, by which the value of the asset exceeds the amount of the charge, mortgage or encumbrance; and (b) no default risk component must be calculated in respect of assets excluded from Adjusted Fund Capital Resources in accordance with Rules A10.4.2(d), A10.4.2(e), A10.4.2(f), A10.4.2(h), or A10.4.2(i).

      A11.5 Investment volatility risk component

      Guidance

      The purpose of the investment volatility risk component is to require an Insurer to set aside capital to cover the risk of deterioration in the values of Invested Assets. The basic calculation model for this component, as it applies to Insurers that are not Protected Cell Companies, is set out in section A4.5. The provisions in this section apply the relevant provisions of section A4.5 to each General Insurance Fund that an Insurer maintains.

      A11.5.1

      An Insurer must calculate the investment volatility risk component in respect of a General Insurance Fund as the sum of the amounts obtained by multiplying the value of each Invested Asset attributable to the fund with the relevant percentage, in accordance with the table set out in Rule A4.5.1, but subject to the provisions of Rule A4.5.2.

      A11.6 Off-balance sheet asset risk component

      Guidance

      The purpose of the off-balance sheet asset risk component is to require an Insurer to set aside capital to cover the risk of default and deterioration in value in respect of exposures that the Insurer has because it is a party to a derivative contract. The provisions in this section apply the relevant provisions of section A4.6 to each General Insurance Fund that an Insurer maintains.

      A11.6.1

      An Insurer is required to calculate an off-balance sheet asset risk component in respect of a General Insurance Fund, if the Insurer is, as at the Solvency Reference Date, a party to a derivative contract attributable to that fund, including a forward, future, swap, option or other similar contract, but not including:

      (a) a put option serving as a guarantee;
      (b) a foreign exchange contract having an original maturity of 14 days or less; or
      (c) an instrument traded on a futures or options exchange, which is subject to daily mark-to-market and margin payments.

      A11.6.2

      An Insurer must calculate the off-balance sheet asset risk component in respect of a General Insurance Fund as the sum of the amounts obtained by applying the calculations set out in Rule A11.6.3 in respect of each derivative contract entered into by the Insurer and attributable to that fund, that meets the description in Rule A11.6.1.

      A11.6.3

      The amount in respect of a derivative contract is obtained by calculating, for an asset equivalent amount as determined in Rule A11.6.4, a default risk component as set out in section A11.4 and an investment volatility risk component as set out in section A11.5, as though the asset equivalent amount were a debt obligation due from the derivative counterparty.

      A11.6.4

      The asset equivalent amount in respect of a derivative is calculated as the sum of the current mark-to-market exposure of the derivative (where this is positive) and the amount obtained by multiplying the notional principal amount of the derivative by the factors specified in the table set out in Rule A4.6.4 according to the nature and residual maturity of the derivative.

      A11.7 Off-balance sheet liability risk component

      Guidance

      The purpose of the off-balance sheet liability risk component is to require an Insurer to set aside capital to cover the risk that it will be required to perform on a guarantee, letter of credit or other credit substitute that it has entered into. Although such items are not liabilities of the Insurer as at the Solvency Reference Date, they have the capacity to crystallise as liabilities at a subsequent date and therefore to affect the Insurer's capital position. The provisions in this section apply the relevant provisions of section A4.7 to each General Insurance Fund that an Insurer maintains.

      A11.7.1

      An Insurer must calculate an off-balance sheet liability risk component in respect of a General Insurance Fund if the Insurer has issued guarantees, including put options serving as guarantees, letters of credit or any other credit substitute in favour of another party, so that the General Insurance Fund is exposed to the risk of having to make payment on those instruments should the guaranteed party default.

      A11.7.2

      An Insurer must calculate its off-balance sheet risk component as the sum of the amounts obtained by applying the calculations set out in Rule A11.7.3 in respect of each guarantee, letter of credit or other credit substitute.

      A11.7.3

      The amount in respect of a guarantee, letter of credit or other credit substitute is obtained by calculating, for the nominal amount of the guarantee, letter of credit or other credit substitute, a default risk component as set out in section A8.4 and an investment volatility risk component as set out in section A8.5 in respect of the obligation or asset over which the guarantee, letter of credit or other credit substitute is written, as though that obligation or asset were an obligation or asset of the Insurer.

      A11.8 Concentration risk component

      Guidance

      The purpose of the concentration risk component is to require an Insurer to set aside capital to cover the sensitivity that it has to default or volatility in respect of assets and exposures to single counterparties or groupings of connected counterparties, or single properties. The provisions in this section apply the relevant provisions of section A4.8 to each General Insurance Fund that an Insurer maintains.

      A11.8.1

      An Insurer is required to calculate a concentration risk component in respect of a General Insurance Fund if that fund has, as at the Solvency Reference Date, an investment exposure to a single counterparty or group of Related counterparties, or to a single property, that exceeds 10% of the Adjusted Fund Capital Resources.

      A11.8.2

      For the purposes of the calculation referred to in Rule A11.8.1:

      (a) 'investment exposure' means the aggregate value of all equity, bond or other investments in or in respect of the counterparty or group of Related parties or property in question, together with off-balance sheet exposures to the same counterparty or group of Related counterparties or property that that fund has because the Insurer has issued guarantees, letters of credit or other credit substitutes (other than insurance contracts), or because it has entered into derivative contracts, but excluding any assets excluded from base fund capital in accordance with any of the Rules referred to in Rule A11.4.3(b); and
      (b) 'AAA'-Rated Governments and Government agencies are not counterparties.

      A11.8.3

      An Insurer must calculate its concentration risk component in respect of a General Insurance Fund as the sum of the amounts obtained by multiplying each investment exposure of that fund that exceeds 10% of the adjusted segmental capital resources, by the relevant factor percentage set out in the table set out in Rule A4.8.3, reading that table as though all references to Adjusted Capital Resources were references to Adjusted Fund Capital Resources, and subject to Rule A8.8.4

      A11.8.4

      If the concentration risk component in respect of an investment exposure of a General Insurance Fund, aggregated with the sum of the default risk component, investment volatility risk component and off-balance sheet asset risk component (so far as concerns that fund), in respect of the assets and off-balance sheet exposures comprising that investment exposure, exceeds 100% of that investment exposure, the concentration risk component in respect of that investment exposure must be reduced so that the total of the three components in respect of that investment exposure is equal to 100% of that investment exposure.

      A11.9 Size factor component

      Guidance

      The effect of the size factor component is to provide a relatively higher capital requirement in respect of General Insurance Funds with smaller portfolios of Invested Assets. The provisions in this section apply the relevant provisions of section A 4.9 to each General Insurance Fund that an Insurer maintains.

      A11.9.1

      The base figure for the size factor component is determined by aggregating the following components, for the General Insurance Fund:

      (a) the aggregate of the default components determined in accordance with section A11.4, in respect of Invested Assets;
      (b) the investment volatility risk component determined in accordance with section A11.5; and
      (c) the concentration risk component determined in accordance with section A11.8.

      A11.9.2

      An Insurer must calculate the size factor component in respect of General Insurance Fund by multiplying the base figure for that fund as determined in accordance with Rule A11.9.1 by the factor derived by applying the following formula, where x represents the total Invested Assets attributable to that fund, expressed in millions of dollars:

      (a) if x ≤ 100, the factor is 1.5;
      (b) if 100 < x ≤ 200, the factor is (150 + 0.5(x-100))/x;
      (c) if 200 < x ≤ 1,200, the factor is (200 - 0.2(x-200))/x; and
      (d) if x > 1,200, the factor is zero.

      A11.10 Underwriting risk component

      Guidance

      The purpose of the underwriting risk component of the Minimum Capital Requirement is to require an Insurer to set aside capital to address the risk that the cost of claims in respect of General Insurance Business will vary from the cost implicit in the premiums being charged. The basic calculation model set out in Rule A4.10.2 applies different factors to the premium in respect of different Classes of Business, based on the different perceived risk of variability associated with each. The model is modified by additional provisions dealing with certain Classes of Business. This section also restricts the extent to which reinsurance may be taken into account when calculating the underwriting risk component. The provisions in this section apply the relevant provisions of section A4.10 to each General Insurance Fund that an Insurer maintains.

      A11.10.1

      An Insurer must calculate an underwriting risk component in respect of a General Insurance Fund according to the method set out in section A4.10, applied as though all references in that section to an Insurer were instead references to that fund.

      A11.11 Reserving risk component

      Guidance

      The purpose of the reserving risk component of the Minimum Capital Requirement is to require an Insurer to set aside capital to address the risk that the cost of claims in respect of General Insurance Business will vary from the amounts recorded as liabilities in the Insurer's balance sheet. This calculation applies only to liabilities in respect of outstanding claims (the risk of deterioration in Premium Liability is addressed in the underwriting risk component in section A11.10). The principles of the calculation are similar to those in section A11.10, and apply the relevant provisions of section A4.11 to each General Insurance Fund that an Insurer maintains.

      A11.11.1

      An Insurer must calculate a reserving risk component in respect of a General Insurance Fund according to the method set out in section A4.11, applied as though all references in that section to an Insurer were instead references to that fund.

      A11.12 Asset management risk component

      Guidance

      This section requires an Insurer to set aside capital in respect of assets that it manages. The provisions in this section apply the relevant provisions of section A4.13 to each General Insurance Fund that an Insurer maintains.

      A11.12.1

      An Insurer must calculate the asset management risk component in respect of a General Insurance Fund according to the method set out in section A4.13, applied as though all references in that section to an Insurer were instead references to that fund.

    • W 39/05 GEN — Takaful Re Limited

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      MODIFICATION NOTICE

      To Takaful Re Limited
      Address Level 41, Emirates Towers Offices, PO Box 211181, Dubai - UAE
      DFSA Firm Reference No. F000067
      Notice No. W 39/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective date: This notice comes into effect on 1 December 2005 and expires on 1 December 2007, or the date on which any Rule specified herein is amended, which ever is the earlier.

      RULES MODIFIED

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

      The version of Rules to which this notice relates is GEN/VER5/09-05.

      Rule Modified Text
      GEN A4.1.3.
      (1) The classes of non-life insurance are as follows:

      Class 1 – Accident

      (a) Contracts of insurance providing fixed pecuniary benefits or benefits in the nature of indemnity, or a combination of both, against risks of the Person insured:
      (i) sustaining injury as the result of an accident or of an accident of a specified class;
      (ii) dying as the result of an accident or of an accident of a specified class; or
      (iii) becoming incapacitated in consequence of disease or of disease of a specified class; inclusive of contracts relating to industrial injury and occupational disease.
      Class 2 – Sickness

      (b) Contracts of insurance providing fixed pecuniary benefits or benefits in the nature of indemnity, or a combination of the two, against risks of loss to the Persons insured attributable to sickness or infirmity.
      (c) ….. and so on … up to Class 8
      (2) For the purposes of classification in (1), in relation to a Contract of Insurance on human life, such a contract may be classified as Class 1 or Class 2, provided that:
      (a) the policy has a duration not exceeding one year;
      (b) the policyholder is a Body Corporate, and the lives covered are those of its Employees or their dependants;
      (c) those whose lives are covered have no opportunity to choose or amend the terms of coverage; and
      (d) the benefits are not to be determined, in whole or in part, by reference to the value of, or the income from, property of any description (whether or not specified in the contracts) or by reference to the fluctuations in, or in an index of, the value of property of any description (whether or not so specified); or
      (e) it is a contract of reinsurance where the underlying contract fulfils conditions (a)-(d).

      CONDITIONS

      This modification has effect only for so long as the gross annual premiums attributable to contracts of the type specified in GEN A4.1.3(2) do not exceed $2 million.

      INTERPRETATION

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

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

      This notice was issued by:
      Name : David Knott
      Position : Chief Executive
      Date : 1 December 2005

    • W 40/05 PIB — Lloyds TSB Bank plc

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      WAIVER NOTICE

      To Lloyds TSB Bank plc
      Address Level 4 East, The Gate Building, DIFC
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000069
      Notice No. W 40/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective date: This notice comes into effect on 1st December 2005 and remains in effect until further notice.

      RULES WAIVED

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

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

      CONDITIONS

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

      (a) Lloyds TSB plc submits to the DFSA a copy of the Financial Services Authority’s (FSA’s) Section D Capital Adequacy Summary every quarter – to be submitted to the DFSA within one month of the due date to the FSA.
      (b) On an annual basis, LTSB submits to the DFSA its audited Annual Accounts and Review, within one month of being signed off.

      INTERPRETATION

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

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

      This notice was issued by:

      Name : Jane Coakley
      Position : Managing Director of Authorisation
      Date : 1st December 2005

    • W 41/05 COB — Lloyds TSB Bank plc

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      MODIFICATION NOTICE

      To Lloyds TSB Bank plc
      Address Level 4 East, The Gate Building, DIFC
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000069
      Notice No. W 41/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective date: This notice comes into effect on 1st December 2005 and remains in effect until further notice or the date on which any Rule specified herein is amended, which ever is the earlier.

      RULES MODIFIED

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

      The version of Rules to which this notice relates is COB/VER2/08-05.

      Rule Modified Text
      COB 3.2.2.
      (1) A Client is a Person who the Authorised Firm has determined, prior to the establishment of a relationship, is:
      (a) an individual who:
      (i) has at least $1 million in liquid assets and has provided the Authorised Firm with written confirmation of this fact;
      (ii) appears to the Authorised Firm, after analysis, to have sufficient financial experience and understanding to participate in financial markets; and
      (iii) has consented in writing to being treated as a Client; or
      (iv) was a customer of the firm immediately prior to the firm’s authorisation by the DFSA and has received, from the firm, a one way written notification advising the individual that he will be treated as a Client for the purposes of the DFSA Rules.
      (b) ………………………..
      (c) ………………………..
      (2) Any Person who does not meet the criteria in (1) or (3) is a Retail Customer.
      (3) Where individuals have linked or joint bank accounts, a Client is a Close Relative of the primary account holder, where the primary account holder is a Client under (1), but only in circumstances where either:
      (a) that Close Relative fulfils the requirement in (1) (a) (ii); or
      (b) in accordance with the provisions of a legal document all Financial Services transactions between the Authorised Firm and the Close Relative are agreed by the primary account holder.
      (4) For the purposes of (3) the defined term Close Relative includes grandchildren of the primary account holder.
      COB 3.2.6.
      (1) …………………………………………………………………
      (2) If the Client in (1) is an individual the records must include the analysis undertaken, the reasons for the Authorised Firm concluding that the individual merits classification as a Client, and the Client’s written consent to be treated as a Client, or where an individual was a customer of the firm immediately prior to the firms authorisation by the DFSA, a copy of the one way written notification, advising the customer that the customer will be treated as a Client for the purposes of the DFSA Rules.
      (3) …………………
      (4) If an individual is classified as a Client by virtue of Rule 3.2.2(3) then the records must include documents which evidence that individual’s status as a Close Relative of the primary account holder and, where relevant, the legal documentations referred to in Rule 3.2.2(3)(b).
      COB 8.1.1.
      (1) …………………………………………………………………
      (2) An Authorised Firm must, for Clients who were customers of the Authorised Firm immediately prior to it being authorised by the DFSA, advise the Clients by way of a one way notification, of the regulatory status of the Authorised Firm.

      CONDITIONS

      None.

      INTERPRETATION

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

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

      Name : Jane Coakley
      Position : Managing Director of Authorisation
      Date : 1st December 2005

    • W 42/05 PIB — Ansbacher & Co Limited

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      WAIVER NOTICE

      To Ansbacher & Co Limited
      Address Level 4, The Gate
      Dubai International Financial Centre, PO Box 120801
      Dubai, United Arab Emirates
      DFSA Firm Reference No. 10005
      Notice No. W 42/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective date: This notice comes into effect on 30 November 2005 until further notice or the date on which any Rule specified herein is amended, which ever is the earlier.

      RULES WAIVED

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

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

      CONDITIONS

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

      (a) on a six monthly basis, the above mentioned Person submits to the DFSA relevant extracts from their latest Financial Services Authority (FSA) quarterly reporting statement, within 1 month of it being submitted to the FSA.

      INTERPRETATION

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

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

      This notice was issued by:

      Name : Jane Coakley
      Position : Managing Director — Authorisation
      Date : 30 November 2005

    • W 43/05 AUT — Credit Suisse

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      MODIFICATION NOTICE

      To Credit Suisse
      Address The Gate Building, 9th Floor East, DIFC, PO Box 33660, Dubai, UAE
      DFSA Firm Reference No. 10011
      Notice No. W 43/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective date: This notice comes into effect on 2 December 2005 and remains in effect until further notice or the date on which the current Regional Head of private banking registered as the Licensed Director of the firm by way of this rule modification remains in his office, whichever is earlier.

      RULES MODIFIED

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

      The version of Rules to which this notice relates is AUT/VER2/08-05.

      Rule Modified Text
      AUT 10.3.3.

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

      (a) whose head office and registered office is located in the DIFC, must register with the DFSA all of its Directors as Licensed Directors; or
      (b) whose head office and registered office is not located in the DIFC must register with the DFSA at least one of its Directors or the Market Group Head of Private Banking for Middle East Asia as a Licensed Director who is ultimately responsible for the Authorised Firm’s Financial Services carried on in or from the DIFC.

      CONDITIONS

      None.

      INTERPRETATION

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

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

      Name : Jane Coakley
      Position : Managing Director — Authorisation
      Date : 1 December 2005

    • W 44/05 PIB — ICICI Bank Limited

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      WAIVER NOTICE

      To ICICI Bank Limited
      Address Suite 712, Rak Businessmen Centre, Fairmont Hotel, PO Box 24459, Dubai, U.A.E.
      DFSA Firm Reference No. F000068
      Notice No. W 44/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective date: This notice comes into effect on 11 December 2005 and expires on 11 December 2007 or the date on which any rule specified herein is amended, which ever is the earlier.

      RULES WAIVED

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

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

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect for the duration of the period set out above on condition that ICICI Bank Limited submits to the DFSA a copy of the Reserve Bank of India's (RBI's) Capital Adequacy Summary every six months; to be submitted to the DFSA within ten business days of the due date to the RBI.

      INTERPRETATION

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

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

      This notice was issued by:

      Name : Jane Coakley
      Position : Managing Director — Authorisation
      Date : 11 December 2005

    • W 45/05 PIB — Standard Bank Plc

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      WAIVER NOTICE

      To Standard Bank Plc
      Address 16th Floor, Emirates Towers
      PO Box 504904
      Dubai, United Arab Emirates
      DFSA Firm Reference No. F000028
      Notice No. W045/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective date: This notice comes into effect on 15th December 2005 and remains in effect until further notice.

      RULES WAIVED

      The Rules waived are set out in the table below.

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

      CONDITIONS

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

      (a) Standard Bank Plc submits to the DFSA, on a quarterly basis and in English, a summary of its latest monthly and quarterly capital adequacy returns to the FSA; these are to be submitted to the DFSA within ten days of the due date of submission to the FSA.
      (b) On an annual basis, Standard Bank Plc submits to the DFSA its audited Annual Accounts and Review, in English, within one month of being signed off.

      INTERPRETATION

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

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

      This notice was issued by:

      Name : David Knott
      Position : Chief Executive
      Date : 15th December 2005

    • W 46/05 AUT — Standard Bank Plc

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      MODIFICATION NOTICE

      To Standard Bank Plc
      Address 16th Floor, Emirates Towers PO Box 504904 Dubai, United Arab Emirates
      DFSA Firm Reference No. F00028
      Notice No. W 46/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective date: This notice comes into effect on 15th December 2005 and expires on 15th December 2007, or the date on which any Rule specified herein is amended, which ever is the earlier.

      RULES MODIFIED

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

      The version of Rules to which this notice relates is AUT/VER2/08-05.

      Rule Modified Text
      AUT 10.3.3 An Authorised Firm which is a Body Corporate, other than a Limited Liability Partnership:
      (a) whose head office and registered office is located in the DIFC, must register with the DFSA all of its Directors as Licensed Directors; or
      (b) whose head office and registered office is not located in the DIFC must register with the DFSA at least one of its Directors, or the Regional Head of Europe, Middle East and Central Asia, as a Licensed Director who is ultimately responsible for the Authorised Firm's Financial Services carried on in or from the DIFC.

      CONDITIONS

      None.

      INTERPRETATION

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

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

      This notice was issued by:

      Name : David Knott
      Position : Chief Executive
      Date : 15th December 2005

    • W 47/05 PIB — EFG Bank

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      WAIVER NOTICE

      To EFG Bank
      Address Dusit Hotel, Suite 2017, Sheikh Zayed Road, Dubai
      DFSA Firm Reference No. F000083
      Notice No. W47/05

      THE DFSA HEREBY GIVES NOTICE THAT:

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

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

      Effective date: This notice comes into effect on 28 December 2005 and remains in effect until further notice.

      RULES WAIVED

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

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

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect for the duration of the period set out above on condition that EFG Bank submits to the DFSA a copy of their Swiss Federal Banking Commission (SFBC) Capital Adequacy Summary every six months; to be submitted to the DFSA within ten business days of their due date to the SFBC.

      INTERPRETATION

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

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

      This notice was issued by:

      Name : Jane Coakley
      Position : Managing Director, Authorisation
      Date : 28 December 2005

    • W 48/05 AUT — EFG Bank

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      MODIFICATION NOTICE

      To EFG Bank
      Address Dusit Hotel, Suite 2017, Sheikh Zayed Road, Dubai
      DFSA Firm Reference No. F000083
      Notice No. W48/05

      THE DFSA HEREBY GIVES NOTICE THAT:

      The Rules specified in the table herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply to the Person in the modified form prescribed in that table.

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

      Effective Date: This notice comes into effect on 28 December 2005 and expires on 28 December 2007, or the date on which any Rule specified herein is amended, which ever is the earlier.

      RULES MODIFIED

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

      The version of Rules to which this part of the notice AUT/VER2/08-05.

      Rule Modified Text
      AUT 10.3.2
      (1) The Authorised Individuals referred to in Rule 10.3.1(a), (c) and (d) must be ordinarily resident in the U.A.E.
      (2) An Authorised Firm may appoint additional Authorised Individuals, who are not ordinarily resident in the U.A.E., to conduct the Licensed Functions referred to in Rule 10.3.1(c) and (d).

      CONDITIONS

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

      (a) Ms Farah Moukahal is and remains authorised by the DFSA as the UAE resident Compliance Officer and Money Laundering Reporting Officer, in compliance with AUT Rule 10.3.2;
      (b) Ms Karen Eggar provides compliance and anti-money laundering oversight from Geneva and remains authorised by the DFSA as Compliance Officer and Money Laundering Reporting Officer;
      (c) Ms Farah Moukahal provides a monthly written report to Ms Karen Eggar on all relevant compliance related activities, initiatives and issues, in addition to seeking guidance and as much as required; and
      (d) Ms Karen Eggar visits the Branch Office at least once a year in order to provide compliance and anti-money laundering training, in addition to updates and training on the DFSA regulations.

      INTERPRETATION

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

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

      This notice was issued by:

      Name : Jane Coakley
      Position : Managing Director, Authorisation
      Date : 28 December 2005