Entire Section

  • 2006

    • W 236/06 OSR — Credit Suisse Group

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      MODIFICATION NOTICE

      To Credit Suisse Group
      Address Level 9 &10,
      The Gate, DIFC,
      PO Box 33660,
      Dubai, UAE
      DFSA Firm Reference No. F000011
      Notice No. W236/2006

      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 December 2006 and remains in effect until further notice.

      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 Rule 2.4.1 (1)(b)(ii).

      Rule Modified Text
      OSR 2.4.1(1)
      2.4.1 (1) The DFSA, for the purposes of Article 14(2)(d) of the Markets Law 2004, prescribes an Offer as an Exempt Offer where:
      (a) the Offer satisfies at least one of the following conditions:
      (i) the Securities are Commercial Paper, certificates of deposit or bills of exchange;
      (ii) the Offer is made to no more than 50 Offerees in the DIFC in any 12 month period;
      (iii) the total consideration payable for the Securities does not exceed one million dollars; or
      (iv) the Securities are Debentures and the minimum consideration which may be paid by any Person for the Securities acquired by him pursuant to the Offer is $50,000; or
      (b) the Offer is of Securities that:
      (i) are Shares and are offered by the Issuer to members, creditors or Employees of the Issuer or their Relatives;
      (ii) are issued and offered by a Body Corporate to its employees or to a member or an Employee of a member of the same Group as the Body Corporate;
      (iii) result from the conversion of a Convertible and a Prospectus relating to the Convertible has been published in the DIFC under these Rules; or
      (iv) are Shares, Certificates representing Shares, or Warrants to subscribe for Shares in a Body Corporate offered by the Body Corporate in exchange for Securities in the same Body Corporate and the Offer does not result in any increase in the issued Share capital of that Body Corporate.
      (2) An Exempt Offer is a Personal Exempt Offer if it:
      (a) satisfies the conditions set out in Rules 2.4.1(1)(a)(ii) and (iii);
      (b) may only be accepted by the Person to whom it is made; and
      (c) is made to a Person who is likely to be interested in the Offer having regard to:
      (i) previous contact between the Person making the Offer and that Person;
      (ii) a professional or other connection between the Person making the Offer and that Person; or
      (iii) statements or actions by that Person that indicate that they are interested in offers of that kind.

      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 : Jane Coakley
      Position : Managing Director
      Date : 28 December 2006

    • W 222/06 GEN — Morgan Stanley & Co International Limited

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      MODIFICATION NOTICE

      To Morgan Stanley & Co International Limited
      Address Level 5, West Wing, The Gate, Dubai, United Arab Emirates
      DFSA Firm Reference No. F000168
      Notice No. W222/2006

      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 29 November 2006 and remains in force until 29 November 2008 or until further notice 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 GEN/VER12/11-06.

      Rule Modified Text
      GEN 8.2.1
      (1) An Authorised Person must prepare and maintain all financial accounts and statements in accordance with:
      (a) the International Financial Reporting Standards (IFRS); or
      (b) the generally accepted accounting principles of the United Kingdom (UK GAAP);
      unless (2) or (3) applies.
      (2) If an Authorised Firm is an Islamic Financial Institution it must prepare and maintain all financial accounts and statements in accordance with the accounting standards of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
      (3) If an Authorised Person operates an Islamic Window it must prepare and maintain all financial accounts and statements in accordance with the IFRS, as supplemented by AAOIFI FAS 18 in respect of its Islamic Financial Business.
      GEN 8.6.1

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

      (a) conduct an audit of the Authorised Person’s accounts in accordance with the requirements of the relevant standards published by:
      (i) the International Auditing and Assurance Standards Board (IAASB) or the Auditing Standards issued by the UK Auditing Practices Board (APB), in respect of conventional financial business; and
      (ii) the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) in respect of any Islamic Financial Business undertaken;
      (b) produce a report on the audited accounts which states:
      (i) whether, in the auditor’s opinion, the accounts have been properly prepared in accordance with the requirements imposed by this chapter;
      (ii) in particular, whether the accounts give a true and fair view of the financial position of the Authorised Person for the financial year and of the state of the Authorised Person’s affairs at the end of the financial year end; and
      (iii) any other matter or opinion relating to the requirements of this chapter;
      (c) produce an Auditor’s Annual Report which states whether:
      (i) the auditor has audited the Authorised Person’s annual financial statements in accordance with the IAASB or APB and AAOIFI in respect of Islamic Financial Business;
      (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or APB and to AAOIFI auditing standards in respect of Islamic Financial Business;
      (iii) the auditor has received all necessary information and explanations for the purposes of preparing this report to the DFSA;
      (iv) …………………………..and so on up to and including (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 : Jane Coakley
      Position : Managing Director, Authorisation
      Date : 29 November 2006

    • W 221/06 OSR — Morgan Stanley & Co. International Limited

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      MODIFICATION NOTICE

      To Morgan Stanley & Co International Limited
      Address Level 5, West Wing, The Gate, Dubai, United Arab Emirates
      DFSA Firm Reference No. F00168
      Notice No. W221/2006

      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 November 2006 and remains in force until further notice.

      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/VER6/10-06].

      Rule Modified Text
      OSR 2.4.1
      (1) The DFSA, for the purposes of Article 14(2)(d) of the Markets Law 2004, prescribes an Offer as an Exempt Offer where:
      (a) the Offer satisfies at least one of the following conditions:
      (i) the Securities are Commercial Paper, certificates of deposit or bills of exchange;
      (ii) the Offer is made to no more than 50 Offerees in the DIFC in any 12 month period;
      (iii) the total consideration payable for the Securities does not exceed one million dollars; or
      (iv) the Securities are Debentures and the minimum consideration which may be paid by any Person for the Securities acquired by him pursuant to the Offer is $50,000; or
      (b) the Offer is of Securities that:
      (i) are Shares and are offered by the Issuer to members, creditors or Employees of the Issuer or their Relatives; are issued and offered by a Body Corporate pursuant to an employee compensation plan to Employees of a member of the same Group as the Body Corporate;
      (ii) are issued and offered by a Body Corporate to a member of the same Group as the Body Corporate;
      (iii) result from the conversion of a Convertible and a Prospectus relating to the Convertible has been published in the DIFC under these Rules; or
      (iv) are Shares, Certificates representing Shares, or Warrants to subscribe for Shares in a Body Corporate offered by the Body Corporate in exchange for Securities in the same Body Corporate and the Offer does not result in any increase in the issued Share capital of that Body Corporate.
      (2) An Exempt Offer is a Personal Exempt Offer if it:
      (a) satisfies the conditions set out in Rules 2.4.1(1)(a)(ii) and (iii);
      (b) may only be accepted by the Person to whom it is made; and
      (c) is made to a Person who is likely to be interested in the Offer having regard to:
      (i) previous contact between the Person making the Offer and that Person;
      (ii) a professional or other connection between the Person making the Offer and that Person; or
      (iii) statements or actions by that Person that indicate that they are interested in offers of that kind.

      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 : Jane Coakley
      Position : Managing Director, Authorisation
      Date : 30 November 2006

    • W 178/06 PIN — Liberty Mutual Insurance Europe Limited

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      WAIVER NOTICE

      To Liberty Mutual Insurance Europe Limited
      Address Al Murooj Rotana Hotel & Suites, Al Saffa Street, PO Box
      117546, Dubai, UAE
      DFSA Firm Reference No. F000264
      Notice No. W178/2006

      THE DFSA HEREBY GIVES NOTICE THAT:

      The Rules specified in the table below 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 22 November 2006 and remains in effect until further notice.

      Module Version Rule
      PIN/VER2/228/10-04 PIN Chapter 4 (Capital), Section PIN 4.3.2 to PIN 4.3.4 (inclusive)
      PIN/VER2/228/10-04 PIN Rule 6.2.4
      PIN/VER2/228/10-04 PIN Chapter 7 (Actuaries), all Sections

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that Liberty Mutual Insurance Europe Limited submits to the DFSA annually a copy of the UK Financial Services Authority's (FSA's) Capital Resources Summary and the Liberty Group Capital Adequacy Summary; 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 : Jane Coakley
      Position : Managing Director
      Date : 22 November 2006

    • W 167/06 PIN — AIG MEMSA General Insurance Company Limited

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      MODIFICATION NOTICE

      To AIG MEMSA General Insurance Company Limited
      Address Level 11, The Gate, Dubai International Financial Centre, PO Box 117719, Dubai, United Arab Emirates
      DFSA Firm Reference No. F000016
      Notice No. W167/2006

      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 August 2006 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 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 PIN/VER2/228/10-04

      Rule Modified Text
      PIN 6.3.1 Subject to PIN Rule 6.3.4, an Insurer must, at the end of March February, June May, September August and December November in each year, prepare a Quarterly Regulatory Return in respect of the period commencing at the start of the Insurer’s reporting period and ending on that date.

      CONDITIONS

      Nil

      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 : 2 August 2006

    • W 119/06 PIN — AIG MEMSA General Insurance Company Ltd

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      MODIFICATION NOTICE

      To AIG MEMSA General Insurance Company Ltd
      Address Level 11, The Gate Building, PO Box 117719,
      Dubai International Financial Centre, Dubai, UAE
      DFSA Firm Reference No. F000016
      Notice No. W119/2006

      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 28th May and remains in effect until further notice or on the date on which any rule specified herein is amended, whichever is the earlier.

      RULES MODIFIED

      The Rule listed in the left hand column of the table below is 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 the Rule to which this notice relates is PIN/VER2/228/10-04.

      Rule Modified Text
      PIN App4 Rule A4.2.3 (d) amend to "in the case of all other insurers, $ 10m".

      CONDITIONS

      The modification in respect of the Rule specified above remain in effect on condition that:

      (a) AIG MEMSA General Insurance Company Ltd enters into a General Guarantee Agreement with its parent company American International Underwriters Overseas Limited and provides the DFSA with a copy of the signed Agreement; and
      (b) this Agreement stays in place. Should the Agreement terminate AIG MEMSA General Insurance Company Ltd will be subject to PIN App4 Rule A4.2.3 (d) as amended from time to time.

      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 : 28th May 2006

    • W 68/06 PIB — Persia International Bank Plc

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      WAIVER NOTICE

      To Persia International Bank Plc
      Address Level 4, The Gate, DIFC
      PO Box: 119871, Dubai, UAE.
      DFSA Firm Reference No. F000008
      Notice No. W 068/2006

      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 24 May 2006 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/VER5/04-06 PIB Chapter 1, Section PIB 1.2 & PIB 1.4 (Financial Resources & The Trading Book)
      PIB/VER5/04-06 PIB Chapter 2, all Sections (Capital)
      PIB/VER5/04-06 PIB Chapter 4, Sections PIB 4.3 to PIB 4.10 (Credit Risk)
      PIB/VER5/04-06 PIB Chapter 5, Sections PIB 5.3 to PIB 5.9 (Market Risk)
      PIB/VER5/04-06 PIB Chapter 7, Sections PIB 7.3 to PIB 7.4 (Group Risk)

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that the Authorised Firm submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy Summary report to UK Financial Services Authority (UK FSA) within ten business days of the due date for submission to UK 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 : 24 May 2006

    • W 32/06 OSR — Kingdom Hotel Investments

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      MODIFICATION NOTICE

      To Kingdom Hotel Investments
      Address DIFC
      PO Box 121223
      Dubai, UAE
      DFSA Firm Reference No. F000220
      Notice No. W032/2006

      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 30th March 2006 and expires on the date on which any Rule specified herein is amended or until further notice.

      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/VER3/09-05

      Rule Modified Text
      Criterion 13 of A2.1.1   1 Annual report and annual financial statements. (1) Market disclosure of the annual report and annual financial statements. The annual report must include in respect of the financial year to which it relates:
      (a) a review of operations during the year and the results of those operations;
      (b) details of any significant changes in the Reporting Entity’s state of affairs during the financial year;
      (c) the Reporting Entity’s principal activities during the year and any significant changes in the nature of those activities during the year;
      (d) details of any matter or circumstance that has arisen since the end of the year that has significantly affected or may significantly affect:
      (i) the Reporting Entity’s operations in future financial years;
      (ii) the results of those operations in future financial years; or
      (iii) the Reporting Entity’s state of affairs in future financial years; and
      (e) likely developments in the Reporting Entity’s operations in future financial years and the expected results of those operations;
      (f) A statement by the auditors that the accounts give a true and fair view of the state of the Reporting Entity’s affairs, profit and loss and additional information as may be required.

      (2) The annual financial statements must be audited by an independent, competent and qualified auditor in accordance with the International Auditing and Assurance Standards Board Financial or other standards acceptable to the DFSA or where appropriate, AAOIFI standards.
      As soon as possible after the accounts have been approved but no later than 90 120 days after the end of the financial period.  

      CONDITIONS

      N/A

      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 : 30th March 2006

    • W 31/06 OSR — Investcom LLC

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      MODIFICATION NOTICE

      To Investcom LLC
      Address PO Box 9371
      Level 35 Emirates Towers
      Sheikh Zayed Road
      Dubai, UAE
      DFSA Firm Reference No. F000243
      Notice No. W031/2006

      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 30th March 2006 and expires on the date on which any Rule specified herein is amended or until further notice.

      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/VER3/09-05

      Rule Modified Text
      Criterion 13 of A2.1.1   1 Annual report and annual financial statements. (1) Market disclosure of the annual report and annual financial statements. The annual report must include in respect of the financial year to which it relates:
      (a) a review of operations during the year and the results of those operations;
      (b) details of any significant changes in the Reporting Entity’s state of affairs during the financial year;
      (c) the Reporting Entity’s principal activities during the year and any significant changes in the nature of those activities during the year;
      (d) details of any matter or circumstance that has arisen since the end of the year that has significantly affected or may significantly affect:
      (i) the Reporting Entity’s operations in future financial years;
      (ii) the results of those operations in future financial years; or
      (iii) the Reporting Entity’s state of affairs in future financial years; and
      (e) likely developments in the Reporting Entity’s operations in future financial years and the expected results of those operations;
      (f) A statement by the auditors that the accounts give a true and fair view of the state of the Reporting Entity’s affairs, profit and loss and additional information as may be required.

      (2) The annual financial statements must be audited by an independent, competent and qualified auditor in accordance with the International Auditing and Assurance Standards Board Financial or other standards acceptable to the DFSA or where appropriate, AAOIFI standards.
      As soon as possible after the accounts have been approved but no later than 90 120 days after the end of the financial period.  

      CONDITIONS

      N/A

      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 : 30th March 2006

    • W 23/06 GEN — Standard Bank Plc

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      MODIFICATION NOTICE

      To Standard Bank Plc
      Address 16th Floor, Emirates Towers
      P.O.Box – 504904
      Dubai
      United Arab Emirates
      DFSA Firm Reference No. F000028
      Notice No. W023/2006

      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 March 2006 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 GEN/VER6/12-05.

      Rule Modified Text
      GEN 8.6.1 An Authorised Firm or Authorised Market Institution, as applicable, must in writing require its auditor to:
      (a) conduct an audit of the Authorised Person’s accounts in accordance with the requirements of the relevant standards published by the International Auditing and Assurance Standards Board (IAASB) in respect of conventional financial business and the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) in respect of any Islamic Financial Business undertaken or in accordance with legal and regulatory requirements under UK law and auditing standards issued by the UK Auditing Practices Board.
      […]
      (c) produce an Auditor’s Annual Report which states whether:
      (i) the auditor has audited the Authorised Person’s annual financial statements in accordance with the IAASB or AAOIFI in respect of Islamic Financial Business or in accordance with legal and regulatory requirements under UK law and auditing standards issued by the UK Auditing Practices Board.
      (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB and to AAOIFI auditing standards in respect of Islamic Financial Business or to the UK law and auditing standards issued by the UK Auditing Practices Board.

      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 : 13 March 2006