W 039/07 GEN — Gilford Securities Incorporated
Click here to view the PDF
MODIFICATION NOTICE
| To | Gilford Securities Incorporated |
| Address | Bur Juman Business Centre Suite 1800, 18th Floor P O Box 43659 Bur Dubai, Dubai United Arab Emirates |
| DFSA Firm Reference No. | F000486 |
| Notice No. | W039/2007 |
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 |
| 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 States (USGAAP) as defined
under Auditing Standards of the American
Institute of Certified Public Accounting of the
United States (AICPA) standard SAS No. 69 and if repealed then as defined in the relevant
standard as issued by the Financial
Accounting Standards Board (FASB) that
replaces SAS no. 69,
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 or USGAAP, 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 Generally
Accepted Auditing Standards as issued by
American Institute of Certified Public
Accountants Auditing Standards Board (US
GAAS), that is, the Auditing Standards of the
Public Company Accounting Oversight Board
of the United States (PCAOB) or (AICPA) in respect of
conventional financial business; and
(ii) by the Accounting and Auditing Organisation for
Islamic Financial Institutions (AAOIFI) in
respect of any Islamic Financial Business;
(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 USGAAS or AAOIFI auditing standards in
respect of Islamic Financial Business;
(ii) the auditor has Audited the Authorised
Person's annual financial statements in
accordance with the IAASB, PCAOB or
AICPA auditing standards and AAOIFI
auditing standards in respect of Islamic
Financial Business;
(iii) the auditor has carried out any other
procedures considered necessary, having
regard to the IAASB, PCAOB or AICPA
auditing standards and AAOIFI auditing
standards in respect of Islamic Financial
Business;
(iv) …………………………..and so on as per the
Rulebook text up to and including (h).
|
CONDITIONS
The Modification remains in effect for the duration of the period set out below on condition that the above named Person to whom this notice applies carries on Financial Services through a Branch in the DIFC.
If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in the table herein apply to the above mentioned Person in their unmodified form as they appear in the applicable module of the Rulebook in force at the relevant time.
EFFECTIVE PERIOD
This notice comes into effect on the date of issue of this notice and remains in force until 31 December 2009 or until further notice, whichever is the earlier.
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 : | Michael Zamorski |
| Position : | Managing Director, Supervision |
| DATE OF ISSUE : | 29 August 2007 |