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W854/2021 — Mamo Limited

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WAIVER AND MODIFICATION NOTICE

To Mamo Limited
Address Unit GA-00-SZ-L1-RT-201, Level 1 Gate Avenue - South Zone, Dubai International Financial Centre Dubai, UAE
DFSA Firm Reference No. F005922
Notice No. W854/2021

THE DFSA HEREBY GIVES NOTICE THAT:

The Rules specified in Table 1 to this notice are waived in relation to Mamo Limited.

The Rules specified in the left hand column of Table 2 to this notice do not apply to Mamo Limited in the form appearing in the Rulebook but instead apply as modified in the right hand column of that table.

RULES WAIVED

TABLE 1
Module Rules
GEN Section 5.2, Rules 5.3.4, 5.3.5, 5.3.6, 5.3.13, 5.3.14, 5.3.15, 5.3.16, 5.3.30, 5.3.31, Sections 8.2, 8.3 and Rule 8.6.3.

RULES MODIFIED

TABLE 2
Rule Modified Text
GEN 7.4.2 The Senior Executive Officer function is carried out by an individual who:
(a) has, either alone or jointly with other Authorised Individuals, ultimate responsibility for:
(i) the day-to-day management, supervision and control of one or more (or all) parts of an Authorised Firm’s Financial Services carried on in or from the DIFC;
(ii) carrying out the functions of the Finance Officer including responsibility for the Authorised Firm’s compliance with the applicable Rules in PIN or PIB; and
(b) is a Director, Partner or Senior Manager of the Authorised Firm.
GEN 8.6.1 An Authorised Person must, in writing, require its Auditor to:
(a) conduct an audit of and produce a Financial Statement Auditor’s Report on the Authorised Person’s financial statements in accordance with the International Standards on Auditing;
(b) produce a Regulatory Returns Auditor’s Report in accordance with the Rules in AUD App1 as relevant;
(c) (a) produce, if the Authorised Firm is permitted to control or hold Client Money, a Client Money Auditor’s Report in accordance with the Rules in AUD App2;
(d) (b) produce, if the Authorised Firm is permitted to control or hold Insurance Monies, an Insurance Monies Auditor’s Report in accordance with the Rules in AUD App3;
(e) (c) produce, if the Authorised Firm is permitted to hold or control Client Investments or Provide Custody in or from the DIFC, a Safe Custody Auditor’s Report in respect of such business as applicable, in accordance with the Rules in AUD App4; and
(f) (d) provide a Money Services Auditor's Report in accordance with the Rules in AUD App7, if the Authorised Firm is Providing Money Services, Account Information Services or Payment Initiation Services.
PIB 3.6.2
The table below sets out the Base Capital Requirement for each Category of an Authorised Firm.
   Category    Base Capital Requirement
Category 1 US $10 million
 
Category 2 US $2 million
 
Category 3A US $500,000
 
Category 3B

US $4 million

Except if the only Financial Service referred to in Rule 1.3.4 is Operating an Employee Money Purchase Scheme or Acting as the Administrator of an Employee Money Purchase Scheme, in which case the Base Capital Requirement is US $1 million.
Category 3C

US $500,000 $150,000

Except if the only Financial Service referred to in Rule 1.3.5(a) that the Authorised Firm is authorised to carry on is Managing a Collective Investment Fund in which case its Base Capital Requirement is:

(a) US $140,000 if it manages any Public Fund; or
(b) US $70,000 otherwise.
 
Category 3D US $200,000
 
Category 4

US $ 10,000

Except if the Authorised Firm:
(a) is authorised to Operate a Crowdfunding Platform and it holds Client Assets; or
(b) provides Money Transmission,

in which case its Base Capital Requirement is US $140,000.
Category 5 US $10 million
 
PIB 6.12.2 Except for Phase One of the Testing Period, an Authorised Firm must:
(a) take out and maintain professional indemnity insurance cover appropriate to the nature, size, complexity and risk profile of the Authorised Firm’s business;
(b) at least annually, provide the DFSA with a copy of the professional indemnity insurance cover in (a) covering the following twelve month period; and
(c) notify the DFSA of any material changes to the cover in (a), including the level of cover, its renewal or termination.

CONDITIONS

None.

EFFECTIVE PERIOD

This notice comes into effect on the Date of Issue and will remain in force during Phase One and Phase Two of the Testing Period or until revoked by the DFSA.

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 (other than any terms that are specifically defined above in lower case) 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 Licence Notice or in the Glossary Module of the DFSA Rulebook (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: Justin Baldacchino
   
Position: Managing Director, Supervision
   
DATE OF ISSUE: 3 June, 2021