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W GIC/08 — Gulf Investment Corporation

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MODIFICATION NOTICE

To Gulf Investment Corporation
Address Sharq Jaber Al Mubarak Street, PO Box 3402, Safat 13035.
DFSA Firm Reference No. N/A
Notice No. WGIC/2008

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.

RULES MODIFIED

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
CIR 6.3.2
(1) An Eligible Custodian is a Person who is a separate legal entity to the Operator and is:
(a) an Authorised Firm whose Licence authorises it to Provide Custody Services;
(b) an Authorised Firm which is a Bank;
(c) an Authorised Market Institution; or
(d) an Undertaking subject to equivalent regulation as provided in (2).
(2) An Undertaking is subject to equivalent regulation for the purposes of (1) if:
(a) it is authorised and supervised by a Financial Services Regulator in a Recognised Jurisdiction for providing custody services and is subject to a minimum capital requirement of $10 million or its equivalent in any other currency at the relevant time and has had surplus revenue over expenditure for the last two financial years;
(b) it, or its holding company, is graded by an internationally recognised rating agency such as Moodys or Standard & Poors as at least “investment grade” in respect of its financial strength and which is subject to regulation by a Financial Services Regulator or banking Regulator, in another jurisdiction which is a Zone 1 country; or
(c) it is authorised or recognised to by a Financial Services Regulator to operate as an exchange or a clearing house in a Recognised Jurisdiction.
(3) The Gulf Investment Corporation is an Eligible Custodian for the purposes only of providing custody services for Foreign Funds as long as it remains a ‘sovereign entity’ that is, an entity that is and remains:
(a) controlled by the Governments of the six GCC States;
(b) 100% owned by those Governments;
(c) rated or graded as at least ‘investment grade’ by Moody’s, Fitch or Standard & Poor’s or such other international rating agency as may be recognised by the DFSA; and
(d) regulated by the Central Bank of Kuwait.

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:

(a) Gulf Investment Corporation discloses this modification notice to the Operator of any Fund for which it intends to act in circumstances where the Units of the Fund are to be offered in or from the DIFC.

EFFECTIVE PERIOD

This notice comes into effect on 23 May 2008 and remains in force until:

(a) the expiry of 12 months thereafter; or
(b) the date on which Gulf Investment Corporation becomes an Authorised Firm whose Licence authorises it to Provide Custody Services; or
(c) amendment to CIR 6.3.2; or
(d) further notice;

which ever is the earlier.

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 IS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

Name : Ian Johnston
Position : Acting Chief Executive
DATE OF ISSUE: 19 March 2008