W 018/07 COB — ICICI Bank Limited
|To||ICICI Bank Limited|
The Gate Precinct Building 4
PO BOX 506529
|DFSA Firm Reference No.||F000068|
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 31 January 2007 and continues in effect until further notice or until the date on which any Rule specified herein is amended, whichever is the earlier.
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/VER7/08-06.
(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;
(b) ……………and so on until and including (l)…
(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, the portfolio’s of any Close Relatives of that Client.
(3) For the purposes of (2), the term Close Relative includes grandchildren of the Client.
(4) For the purpose of (2) a personal investment vehicle must be a:
(a) Body Corporate;
(c) trust, or
(d) foundation; and
have net assets or share capital of at least $1 million.
(5) A personal investment vehicle that is a Body Corporate or trust must be valued in accordance with the methodology specified in (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.
(1) An Authorised Firm must keep records of the verification process undertaken for each Client including any documents which evidence the Client’s status.
(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.
(3) These records must be kept for at least six years from the date on which the business relationship has ended. If the date on which the business relationship ended remains unclear it may be taken to have ended on the date of the completion of the last transaction.
(4) If an individual is classified as a Client by virtue of Rule 3.2.2(2) then the records must include documents which evidence that individual’s status as a Close Relative.
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 :||Michael Zamorski|
|Position :||Managing Director—Supervision|
|Date :||31 January 2007|