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W 024/07 COB — Clariden Leu Asset Management (Dubai) Limited

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MODIFICATION NOTICE

To Clariden Leu Asset Management (Dubai) Limited
Address Office no. 20, Level 12, The Gate, DIFC,
P O Box 506577, Dubai, UAE
DFSA Firm Reference No. F000313
Notice No. W024/2007

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 12 March 2007 and remains in effect until further notice or 12 March 2008, 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/VER8/02-07.

Rule Modified Text
COB 3.2.2
(1) 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 the investment portfolio of a Client under (1).
(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 paid-up share capital of at least US$1 million.
(4) A personal investment vehicle that is a Body Corporate or trust must be valued in accordance with the methodology in (1)(c) or (d) as applicable and if a foundation, must be valued in the same manner as a trust.
(5) 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.
(6) For the purposes of (5) the defined term Close Relative includes grandchildren of the primary account holder.
(7) Any person who does not meet the criteria in (1), (2) or (5) is a Retail Customer.
COB 3.2.6
(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) The 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) or (5) then the records must include documents which evidence that individual’s status as a Close Relative and, where relevant, the legal documentations referred to in Rule 3.2.2(5)(b).

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:

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 : Ian A. Johnston
Position : Managing Director, Policy & Legal Services
Date : 15 March 2007