W367/2015 CIR — Gateway Investment Management Services (DIFC) Limited
WAIVER AND MODIFICATION NOTICE
|To||Gateway Investment Management Services (DIFC) Limited|
|Address||Level 5, Gate Village 6, DIFC, PO Box 506822, Dubai, UAE|
|DFSA Firm Reference No.||F001118|
THE DFSA HEREBY GIVES NOTICE THAT:
|CIR Module||CIR 13.4.4(3)(a)|
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) In the case of an Investment Company or an Investment Partnership, the Fund Manager is responsible to the Unitholders for the safekeeping of the Fund Property.
(2) Without removing the generality of the obligation under (1) and subject to (3), a Fund Manager must, in the case of a Fund which is an Investment Company or Investment Partnership:
(a) delegate the activity of Providing Custody in relation to the Fund Property (other than in respect of any investment in Property Related Assets) to a Service Provider who is an Eligible Custodian; and
(b) comply with the delegation procedures set out in section 8.12 in relation to such a delegation.
(3) The requirement in (2) does not apply to:
(a) a Property Fund investing in Real Property where the Fund Manager has made adequate alternative arrangements that are in accordance with Rule 13.4.2; or
(b) a Private Equity Fund where the Fund Manager has made adequate alternative arrangements that are in accordance with Rule 13.3.1.
The waiver and modification in respect of the Rules specified above remains in effect for the duration of the period set out below on condition that the above named Person to whom this notice applies ensures that:
If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in the table herein apply to the above mentioned Person in the form set out in the applicable module of the Rulebook in force at the relevant time.
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:
|Position:||Chief Executive Officer|
|DATE OF ISSUE:||26 January 2015|