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W 174/06 GEN — Liberty Mutual Insurance Europe Limited

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MODIFICATION NOTICE

To Liberty Mutual Insurance Europe Limited
Address Al Murooj Rotana Hotel & Suites, Al Saffa Street, PO Box
117546, Dubai, UAE
DFSA Firm Reference No. F000264
Notice No. W174/2006

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 the Person in the modified form prescribed in that table.

This notice is issued by the DFSA under Article 25 of the Regulatory Law 2004.

Effective date: This notice comes into effect on 22 November 2006 and expires on 21 November 2009 or the date on which any Rule specified herein is amended, whichever 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/VER10/06-06.

Rule Modified Text
GEN 8.2.1 (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 Kingdom (UKGAAP);
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).

If an Authorised Person operates an Islamic Window it must prepare and maintain all financial accounts and statements in accordance with the IFRS, 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)in respect of conventional financial business — the International Auditing and Assurance Standards Board (IAASB) or the generally accepted auditing principles of the United Kingdom; and
(ii)in respect of any Islamic Financial Business — the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI);
…………..
(b)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 the generally accepted auditing principles of the United Kingdom, and AAOIFI in respect of Islamic Financial Business;
(ii)the auditor has carried out any other procedures considered necessary, having regard to the IAASB or the generally accepted auditing principles of the United Kingdom, and AAOIFI in respect of Islamic Financial Business;
…………………

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 : Jane Coakley
Position : Managing Director
Date : 22 November 2006