W 104/06 GEN — Merrill Lynch Bank (Suisse) SA
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MODIFICATION NOTICE
| To | Merrill Lynch Bank (Suisse) SA |
| Address | PO Box 3911, Dubai, UAE |
| DFSA Firm Reference No. | F000010 |
| Notice No. | W104/2006 |
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 24 May 2006 and expires on 24 May 2009 or the date on which any Rule specified herein is amended, which ever is the earlier.
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 GEN/VER8/04-06.
| Rule | Modified Text |
| GEN 8.2.1(1) | An Authorised Person must prepare and maintain all financial accounts and statements in accordance with the International Financial Reporting Standards (IFRS) unless (2) or (3) applies or in accordance with Swiss Law and the Company’s articles of incorporation. |
| 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 the
International Auditing and Assurance
Standards Board (IAASB) in respect of the
conventional financial business and the
Accounting and Auditing Organisation for
Islamic Financial Institutions (AAOIFI) in
respect of any Islamic Financial Business
undertaken or in accordance with Swiss
Auditing Standards.
[…]
(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 AAOIFI in respect of Islamic
Financial business or in accordance with
Swiss Auditing Standards.
(ii) the auditor has carried out any other
procedures considered necessary, having
regard to the IAASB and to AAOIFI auditing
standards in respect of Islamic Financial
Business or in accordance with Swiss Auditing
Standards.
|
CONDITIONS
Nil
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 : | David Knott |
| Position : | Chief Executive |
| Date : | 24 May 2006 |