W 036/07 COB — NBD Investment Bank Limited

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To NBD Investment Bank Limited
Address PO Box 777, Dubai, UAE
DFSA Firm Reference No. F000253
Notice No. W036/2007


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 the 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 19 April 2007 and remains in force until 30 August 2007 or until the date on which NBD Sana Capital is granted a Licence, which ever is the sooner.


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 the Rule to which this notice relates is COB/VER8/02-07.

Rule Modified Text
COB 6.9.5
(1) An Authorised Firm may only undertake a Transaction in respect of the Units of a Foreign Fund not falling within COB Rule 6.9.4 where:
(a) both the custodian and the investment manager of the Fund meet one of the requirements set out under (4) or (5), as applicable; or
(b) both the custody and investment management activities of the Fund are performed by a Person who meets the requirements in (6); or
(c) the Fund has been rated in accordance with the requirement in (7);

and, in any event
(d) if the Fund is a Property Fund, the requirements in COB Rule 6.9.6 are met.
(2) ……... and so on until and including (4)…..…
(5) For the purposes of (1)(a), the investment manager must be a Person who is:
(a) authorised or licensed and supervised by the DFSA or a Financial Services Regulator located in a Recognised Jurisdiction or who has submitted an application for a Licence to the DFSA seeking authorisation in relation to the carrying on of investment management activities;
(b) a member of a Group that is subject to consolidated supervision by a Financial Services Regulator in a Recognised Jurisdiction and the activities of the investment manager are included within the scope of the regulation; or
(c) appointed under an agreement by another Person who is authorised or licensed and supervised by the DFSA or another Person who is subject to regulation and supervision by a Financial Services Regulator in a Recognised Jurisdiction and the agreement is in accordance with the requirements of the regulator.
(6) ……….. and so on until and including (7)……




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
Date : 19 April 2007