W 079/07 COB — Menafactors Limited

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To Menafactors Limited
Address Office no. 207, Level 2,
Twin Towers, Beniyas Street
Deira, Dubai, United Arab Emirates
DFSA Firm Reference No. F000261
Notice No. W079/2007


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.

Rule Modified Text
COB 3.2.2
(1) Subject to (2) and (3) 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) an individual who:
(i) is an employee of the Authorised Firm; and
(ii) meets the conditions in (1)(a)(ii) and (iii);
(c) an Undertaking which has had, or any of whose Holding Companies or Subsidiaries has had, in the last two years, called up share capital or net assets of at least $5 million. In the case of a limited liability partnership calculated without deducting loans owing to any of the partners;
(d) a trustee of a trust or pension fund which has had in the last two years assets of at least $5 million calculated by aggregating the value of the cash and investments forming part of the trust’s or fund’s assets, but before deducting its liabilities;
(e) a properly constituted government, government agency, central bank or other national monetary authority of any country or jurisdiction;
(f) a public authority or state investment body;
(g) a supranational organisation whose members are either countries, central banks or national monetary authorities;
(h) an Authorised Firm or Regulated Financial Institution;
(i) an Authorised Market Institution, regulated exchange or regulated clearing house;
(j) an Undertaking which is a Holding Company or Subsidiary of an Undertaking in (h) or (i) with that undertakings consent;
(k) a Body Corporate whose shares are listed or admitted to trading on any regulated exchange of an IOSCO member country; or
(l) a Collective Investment Fund or Special Purpose Vehicle.
(a) For the purposes only of giving advice of the kind specified in (b) (i) or the making of arrangements of the kind specified in (b) (ii), a Client is a Person who appears to the Authorised Firm on reasonable grounds to be:
(i) an individual who has at least $1 million in liquid assets; or
(ii) an Undertaking.
(b) For the purposes of (a):
(i) the advice is limited to generic advice as defined under GEN Rule 2.11.1 (3); or
(ii) the arrangements as defined under GEN Rule 2.9.1 are limited to the making of a referral to an Authorised Firm or to an entity authorised or licensed and supervised by a Financial Services Regulator.
(3) For the purposes only of providing factoring or forfaiting services, a Client is a Person who is an Undertaking.
(4) Any Person who does not meet the criteria in (1) or, (2) or (3) is a Retail Customer.




This notice comes into effect on the date of issue 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.


Name : David Knott
Position : Chief Executive
DATE OF ISSUE: 16 September 2007