W 055/07 COB — Fortis Banque (Suisse S.A.)
Click here to view the PDF
MODIFICATION NOTICE
| To | Fortis Banque (Suisse S.A.) |
| Address | The Gate—Level 5, East Wing, P.O. Box 211104, Dubai, United Arab Emirates |
| DFSA Firm Reference No. | F000050 |
| Notice No. | W055/2007 |
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 26 June 2007 and remains in force until further notice.
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/VER9/06-07].
| 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)
including, if applicable, the investment portfolio of any Close
Relative of that Client.
(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)
and (iii); 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 (2) and (5) the defined term Close
Relative includes grandchildren of the Client.
(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 : | Michael Zamorski |
| Position : | Managing Director, Supervision |
| Date : | 27 June 2007 |