W 011/08 REC — SCS Commodities Corp.
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MODIFICATION NOTICE
| To | SCS Commodities Corp. |
| Address | 1 North End Avenue, Suite 1245, New York, NY10282, USA |
| DFSA Firm Reference No. | F000586 |
| Notice No. | W011/2008 |
THE DFSA HEREBY GIVES NOTICE THAT:
The Rules specified in the left hand column of the table herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.
RULES MODIFIED
The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.
| Rule | Modified Text |
| REC 7.2.3 | For the purposes of Rule 7.2.2(b), an applicant must:
(a) be:
(i) licensed or authorised to perform the financial services it
will be carrying on in the DIFC in a jurisdiction other than
the DIFC; and
(ii) regulated in respect of those activities in (i) under
arrangements that are satisfactory to the DFSA taking
into account:
(A) the regulatory regime that it and its principals are
subject to in the jurisdiction in (1); and
(B) the nature and extent of its activities on regulated
exchanges and Authorised Market Institutions.
(b) satisfy the DFSA that it:
(i) is a Body Corporate of good standing and repute;
(ii) will only conduct the Financial Service of Dealing in
Investments as Principal in relation to Commodity
Derivatives on an Authorised Market Institution, which is
licensed to operate a market in Derivatives;
(iii) has adequate and relevant expertise relating to dealing
in Investments, which are Commodity Derivatives;
(iv) has a Person, resident within the DIFC, authorised to
accept service of notice and process on behalf of the
applicant; and
(v) will have in place adequate contractual arrangements to
subject itself to the jurisdiction of the DFSA and DIFC
Court relating to all matters arising out of its activities in
or from the DIFC;
and the DFSA does not otherwise object. |
CONDITIONS
None.
EFFECTIVE PERIOD
This notice comes into effect on the date of issue and remains in force until further notice.
INTERPRETATION
The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.
Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.
THIS NOTICE IS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:
| Name : | David Knott |
| Position : | Chief Executive Officer |
| DATE OF ISSUE: | 5th February 2008 |