W 057/07 COB — UBS AG
|Address||Level 5, Building 6, DIFC District
P.O.Box—506542, Dubai, UAE
|DFSA Firm Reference No.||F000321|
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.
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.
(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 as per the Rulebook text up to 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 an individual who is a Client under (1) including, if applicable, the investment portfolio of any Close Relative 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
(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, 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 Close Relative for the purposes of Rule 3.2.2(2) then the records must include documents which evidence that individual's status as a Close Relative.
This notice comes into effect on the date of issue of this notice and remains in force until further notice.
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 :||David Knott|
|Position :||Chief Executive|
|DATE OF ISSUE :||19 August 2007|