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  • Notices

    • Waivers and Modification Notices

      The DFSA is empowered, under Article 25 of the Regulatory Law, to waive or modify any DFSA rule upon application by a Person, if it considers it appropriate to do so. The DFSA will publish details of these waivers or modifications unless it is satisfied that it is inappropriate or unnecessary to do so.

      Chapter 11 of the General (GEN) module of the DFSA Rulebook and chapter 9 of the Regulatory Policy and Process Sourcebook Module (RPP) outline how a Person can apply for a waiver or modification. Application forms are available in the Application Forms and Notices Module (AFN).

      • 2018

        • W571/2018 — HSBC Bank Middle East Limited (“HBME”)

          Click here to view PDF.

          MODIFICATION NOTICE

          To HSBC Bank Middle East Limited ("HBME")
          Address Level 1, Building No. 8, Gate Village, DIFC, Dubai, UAE
          DFSA Firm Reference No. F003452
          Notice No. W571/2018

          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
          PIB A9.3.1

          (1) Outflows (liabilities), except for those from Retail Clients, must be included in the Maturity Ladder according to their earliest contractual maturity. Outflows (liabilities) from Retail Clients must be included in the Maturity Ladder using conservative behavioural assumptions derived from analysis of historical data covering the operations of at least the previous five years.

          (2) Contingent liabilities may be excluded from the Maturity Ladder only if there is a likelihood that the conditions necessary to trigger them will not be fulfilled.

          (3) Inflows (assets) must be included in the Maturity Ladder according to their latest contractual maturity, except that:

          (a) undrawn committed standby facilities provided by other banks are included at sight;
          (b) marketable assets are included at sight, at a discount, and
          (c) assets which have been pledged as Collateral are excluded from the Maturity Ladder.

          CONDITIONS

          1. HBME must ensure that behavioural assumptions determining the outflows (liabilities) from Retail Clients are approved in writing by the DFSA before they are used to calculate the net cumulative Maturity Mismatch position under PIB Rule 9.3.11.

          2. HBME must ensure that it reviews and updates at least annually the behavioural assumptions determining the outflows (liabilities) from Retail Clients. The results of any review including any revised assumptions must be submitted to, and approved in writing by, the DFSA, before being used to calculate the net cumulative Maturity Mismatch position under PIB Rule 9.3.11.

          3. HBME must immediately notify the DFSA in writing of any event or potential event that has or is likely to have any impact on the Rules as modified by this notice.

          4. 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 to whom this notice applies in their unmodified form as they appear in the applicable module of the Rulebook in force at the relevant time.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further written notice from 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 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: Bryan Stirewalt


          Position: Managing Director, Supervision
          DATE OF ISSUE: 10 July 2018

        • W570/2018 — Equitativa (Dubai) Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Equitativa (Dubai) Limited
          Address Unit 2301, 2302, 2303, Level 23, Index Tower, DIFC, PO Box
          482015, Dubai, UAE
          DFSA Firm Reference No. F001310
          Notice No. W570/2018

          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 with respect to Emirates REIT (CEIC) Limited (the Fund) 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: 13.4.5(1) The Fund Manager of a Public Property Fund may borrow either directly or through its Special Purpose Vehicle for financing investment or operating purposes, but aggregate borrowings must not at any time exceed 65 50% of the gross asset value of the Fund.
          IFR: 6.11.5 A Fund Manager of an Islamic REIT may borrow either directly or through its Special Purpose Vehicle up to 65 50% of the gross asset value of the Fund provided that such borrowings are shari'a compliant.

          CONDITIONS

          The 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 will only use the increase in the borrowing limit of 15% of the gross asset value of the Fund to acquire new Fund Property and not to cover operating costs.

          If the condition 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 to whom this notice applies in their unmodified form as they appear in the applicable module of the Rulebook in force at the relevant time.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          INTERPRETATION

          The provisions in this notice are to be constructed 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 capitalisaton 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: Bryan Stirewalt


          Position: Managing Director, Supervision
          DATE OF ISSUE: 27 June 2018

        • W569/2018 — Arma Underwriting Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Arma Underwriting Limited
          Address Office 505b, Precinct Building 3, Dubai International
          Financial Centre, PO Box 507217, Dubai, UAE
          DFSA Firm Reference No. F003891
          Notice No. W569/2018

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.

          AND.

          2. The Rules specified in the left hand column of Table B 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.

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(1)(a),(c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt


          Position: Managing Director, Supervision
          DATE OF ISSUE: 4 June 2018

        • W568/2018 — Rasameel Investment House Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Rasameel Investment House Limited
          Address Unit N1204A, Level 12, Emirates Financial Towers, DIFC,
          PO Box 506878, Dubai, UAE
          DFSA Firm Reference No. F000930
          Notice No. W568/2018

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.

          AND.

          2. The Rules specified in the left hand column of Table B 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.

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(1)(a),(c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt


          Position: Managing Director, Supervision
          DATE OF ISSUE: 27 May 2018

        • W567/2018 — State Street Global Advisors Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To State Street Global Advisors Limited
          Address Unit OT 15-38, Level 15, Central Park Offices, DIFC, PO Box
          26838, Dubai, UAE
          DFSA Firm Reference No. F004037
          Notice No. W567/2018

          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
          GEN 8.2.2.

          (1) An Authorised Person must, except as provided under Rule 8.2.3, prepare and maintain all financial statements in accordance with:

          (a) the International Financial Reporting Standards (IFRS); or
          (b) the Generally Accepted Accounting Principles in the United Kingdom (UK GAAP).

          (2) In this Rule, UK GAAP has the meaning given to that term in statement no. 162 issued by the UK Accounting Standards Board.

          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, or the International Standards on Auditing (UK and Ireland) (ISAs (UK and Ireland)) issued by the UK Audit and Assurance Council;
          (b) produce a Regulatory Returns Auditor's Report in accordance with the Rules in AUD App1 as relevant;
          (c) 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) 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; and
          (e) produce, if the Authorised Firm is permitted to hold or control Client Investments, Arrange Custody 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.

          CONDITIONS

          The 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 carries on Financial Services through a Branch in the DIFC.

          If this condition stated above in breached, this notice ceases to have effect forthwith and the Rules specified in the table herein apply to the above menioned Person to whom this notice applies in their unmodified form as they appear in the applicable module of the Rulebook in force at the relevant time.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          INTERPRETATION

          The provisions in this notice are to be constructed 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 capitalisaton 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: Bryan Stirewalt


          Position: Managing Director, Supervision
          DATE OF ISSUE: 27 May 2018

        • W566/2018 — State Street Global Advisors Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To State Street Global Advisors Limited
          Address Unit OT 15-38, Level 15, Central Park Offices, DIFC, PO
          Box 26838, Dubai, UAE
          DFSA Firm Reference No. F004037
          Notice No. W566/2018

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.

          AND.

          2. The Rules specified in the left hand column of Table B 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.

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(1)(a),(c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt


          Position: Managing Director, Supervision
          DATE OF ISSUE: 27 May 2018

        • W565/2018 — Old Mutual International Middle East Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Old Mutual International Middle East Limited
          Address Level 4, Precinct Building 2, DIFC, PO Box 507061, Dubai,
          UAE
          DFSA Firm Reference No. F001255
          Notice No. W565/2018

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.

          AND.

          2. The Rules specified in the left hand column of Table B 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.

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(1)(a),(c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt


          Position: Managing Director, Supervision
          DATE OF ISSUE: 25 April 2018

        • W564/2018 — Sumitomo Mitsui Banking Corporation

          Click here to view PDF.

          MODIFICATION NOTICE

          To Sumitomo Mitsui Banking Corporation
          Address Building 1, 5th Floor, Gate Precinct, DIFC, PO Box 506559,
          Dubai, UAE.
          DFSA Firm Reference No. F000223
          Notice No. W564/2018

          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
          COB 2.3.5

          (1) For the purposes of Rule 2.3.3(1)(a)(ii), a person is a 'service-based' Professional Client if:

          (a) The Financial Service provided to that Person is Providing Credit;
          (b) The Person is an Undertaking; and
          (c) The Credit Facility in question is provided to the Person solely for the purposes of facilitating a project financing activity of another Person, with whom the first Person has exclusive contractual arrangements to pass on the proceeds of the Credit Facility, in return for an asset or entitlement that finances the loan obligations incurred by the first Person for use in the business activities of;
          (i) The Person:
          (ii) a controller of the Person
          (iii) any member of the Group to which the Person belongs; or
          (iv) a joint venture of a Person referred to in (i) – (iii)

          (2) In (1)(c), a project financing activity means a long-term financing arrangement established by a Person to obtain a Credit Facility to finance its infrastructure or industrial project through the use of an Undertaking which is a special purpose vehicle that is neither owned nor controlled by that Person (ii), a controller is an individual who:

          (a) owns a majority of the shares of the Undertaking
          (b) is able to appoint or remove a majority of the board members of the Undertaking; or
          (c) controls a majority of the voting rights of the Undertaking (or that of a Holding Company of the Undertaking).

          CONDITIONS

          The Rule modification in this notice shall only apply in relation to the specific corporate borrower named in section 3.3 of the application form GEN1 received from Sumitomo Mitsui Banking Corporation dated 26 February 2018.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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: Bryan Stirewalt


          Position: Managing Director, Supervision
          DATE OF ISSUE: 18 April 2018

        • W563/2018 — Smart Crowd Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Smart Crowd Limited
          Address The FinTech HIVE at DIFC, Level 4, Gate Precinct 5, DIFC,
          Dubai, UAE
          DFSA Firm Reference No. F004285
          Notice No. W563/2018

          THE DFSA HEREBY GIVES NOTICE THAT:

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

          The Rules specified in the left hand column of Table 2 to this notice do not apply to SmartCrowd 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
          COB Rules 11.3.2, 11.3.5 and 11.5.3
          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, 5.3.17, 5.3.30, 5.3.31, 7.4.5, 7.4.6, 7.4.8 and Section 8
          AML Rules 11.2.1, 11.2.3 and 11.2.4

          RULES MODIFIED

          TABLE 2
          Rule Modified Text
          GEN 2.2.10F

          A Crowdfunding Operator must not Operate a Crowdfunding Platform that facilitates a Person investing in the following kinds of Investments through the platform:

          (a) Warrants, Certificates, Units or Structured Products; or
          (b) Derivatives.
          GEN 2.29.1

          (1) In Rule 2.2.2, a Person carries on the activity of Operating a Crowdfunding Platform if the Person:

          (a) Operates a Loan Crowdfunding Platform; or
          (b) Operates an Investment Crowdfunding Platform.

          (2) A Person Operates a Loan Crowdfunding Platform under (1)(a) if it does both of the following:

          (a) operates an electronic platform that facilitates the bringing together of potential lenders and borrowers; and
          (b) administers a loan agreement that results from operating the electronic platform.

          (3) If the Person referred to in (2) also provides a facility that assists a lender to transfer his rights and obligations under a loan agreement referred to in that paragraph, that activity is also included within Operating a Loan Crowdfunding Platform.

          (4) A Person Operates an Investment Crowdfunding Platform under (1)(b) if it does both of the following:

          (a) operates an electronic platform that facilitates the bringing together of potential investors and Persons who wish to sell property obtain funding for a business or project, resulting in an investor making an Investment in property with the Person seeking funding; and
          (b) administers an Investment that results from operating the electronic platform.

          (5) If the Person referred to in (4) also provides a facility that assists an investor to sell an investment referred to in that paragraph, that activity is also included within Operating an Investment Crowdfunding Platform.

          (6) In this Rule:

          (a) “administer a loan agreement” means:
          (i) provide information or perform other duties under the loan agreement on behalf of the borrower or lender;
          (ii) take steps to obtain the repayment of the loan; or
          (iii) exercise rights or perform obligations under the loan agreement on behalf of the borrower or lender;
          (b) “administer an Investment” means:
          (i) provide information or perform other duties relating to the property or Investment on behalf of the Issuer or investor;
          (ii) take steps to obtain the payment of any amount payable by the Issuer to an investor; or
          (iii) exercise rights or perform obligations relating to the Investment on behalf of the Issuer or investor;
          (iv) arrange for any services to be provided relating to the property; or
          (v) arrange for the sale of the property at the end of the investment period;
          (c) “electronic platform” means a website or other form of electronic media.; and
          (d) “property” means a house, villa or apartment including if applicable, any land attached to the house, villa or apartment.

          (7) A Person (A) administers a loan agreement or an Investment for the purposes of this Rule if A performs a function itself or through another Person who has been appointed by A, acts under an arrangement with A or acts at A's direction.

          (8) In this Rule, a reference to an investor making an Investment in property includes making an investment in a legal vehicle that owns the property (whether directly or indirectly).

          GEN 5.3.9 An Authorised Person must ensure that the Compliance Officer has access to it allocates sufficient resources to compliance, including an adequate number of competent staff, to perform his and that compliance duties can be carried out objectively and independently of operational and business functions.
          GEN 5.3.10 An Authorised Person must ensure that persons performing compliance duties have the Compliance Officer has unrestricted access to relevant records and to the Authorised Person's Governing Body and senior management.
          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) compliance matters in relation to the Authorised Firm's Financial Services; and
          (iii) implementation of the Authorised Firm's anti-money laundering policies, procedures, systems and controls and oversight of its compliance with the Rules in AML and any relevant anti money laundering legislation applicable in the DIFC; and
          (b) is a Director, Partner or Senior Manager of the Authorised Firm.
          GEN 7.5.1 (1) An Authorised Firm must, subject to (2), make the following appointments appoint a Senior Executive Officer and ensure that the position is they are held by one or more an Authorised Individuals at all times:.
          (a) Senior Executive Officer;
          (b) Finance Officer;
          (c) Compliance Officer; and
          (d) Money Laundering Reporting Officer.
          (2) .....
          GEN 7.6.13 An Authorised Firm must ensure, in the case of an individuals seeking to perform the Licensed Functions of Senior Executive Officer, Money Laundering Reporting Officer, or Compliance Officer, that such the individuals are is able to demonstrate sufficient knowledge of relevant anti money laundering requirements.
          COB 11.2.2

          In this chapter:

          (a) “borrower” means a Person that has borrowed or is seeking to borrow money using a Loan Crowdfunding Platform;
          (b) “commitment period” means the period specified by the operator during which lenders may commit to lending money to a particular borrower or investors may commit to investing with a particular Issuer in a particular property;
          (c) “cooling-off period”, for Investment Crowdfunding, means the period referred to in Rule 11.5.2 when an investor may withdraw his commitment to invest with an Issuer in a particular property;
          (d) “investor” means an investor or potential investor using an Investment Crowdfunding Platform;
          (e) “lender” means a Person who:
          (i) lends money under a loan agreement; or
          (ii) by assignment has assumed the rights and obligations of a Person who has lent money under a loan agreement;
          (f) “loan agreement” means a loan agreement between a borrower and lender referred to in Rule 11.4.1;
          (g) “operator” means a Crowdfunding Operator;
          (h) “platform” means the website or other electronic media used to provide the service;
          (ha) “property” means a house, villa or apartment including, if applicable, any land attached to the house, villa or apartment.
          (hb) “seller” means a person selling property using a Real Estate Crowdfunding Platform;
          (i) “service” means Operating a Crowdfunding Platform; and
          (j) “transfer”, in relation to a loan agreement, means the assignment by the lender of his rights and obligations under the agreement to another Person.
          COB 11.3.1 An operator must disclose prominently on its website the main risks to lenders or investors of using a Crowdfunding Platform, including that:
          (a) the lender or investor may lose all or part of their money or may experience delays in being paid investment in real estate is speculative, the market value of property can fall and rental income is not guaranteed;
          (b) borrowers or Issuers on the platform may include new businesses and, as many new businesses fail, a loan to such a borrower or an investment with such an Issuer may involve high risks;
          (c) the lender may not be able to transfer their loan, or the investor may not be able to sell their Investment, when they wish to, or at all; and
          (b) the investor will not own the property; rather the investor will have an interest in another legal entity that owns the property;
          (c) as the investor's interest in that entity is not listed or traded, it is likely to be an 'illiquid' investment; that is, it may be difficult to sell the interest because of a lack of investors willing to buy such an interest. So the investor must be prepared to commit to investing for the full investment period;
          (d) as real estate is an 'illiquid asset'; that is, an asset that cannot always be easily sold, it may be difficult to sell the property at the end of the investment period, resulting in a delay in investors receiving their capital or in the property being sold at a loss; and
          (de) if for any reason the operator ceases to carry on its business, the lender or investor may lose their money, incur costs or experience delays in the investment being wound up being paid.
          COB 11.3.3. An operator must disclose prominently on its website key information about how its service operates, including:
          (a) details of how the platform functions;
          (b) details of how and by whom the operator is remunerated for the service it provides, including fees and charges it imposes;
          (c) any financial interest of the operator or a Related Person that may create a conflict of interest;
          (d) the eligibility criteria for borrowers or Issuers sellers that use the service;
          (e) the minimum and maximum amounts, if any, of loans or Investments that may be sought by a borrower or an Issuer a seller using the service;
          (f) what, if any, security is usually sought from borrowers or Issuers, when it might be exercised and any limitations on its use;
          (g) the eligibility criteria for lenders or investors that use the service;
          (h) any limits on the amounts a lender may lend or an investor may invest using the service, including limits for individual loans or investments and limits that apply over any 12 month period;
          (i) when a lender or an investor may withdraw a commitment to provide funding, and the procedure for exercising such a right;
          (j) what will happen if loans sought by a borrower or funds sought by an Issuer for a property either fail to meet, or exceed, the target level;
          (k) steps the operator will take if there is a material change in a borrower's or an Issuer's circumstances and the rights of the lender and borrower or Issuer and investor in that situation;
          (k) the precise nature of the legal interest investors will receive in relation to the property;
          (ka) what, if any, rights, obligations or role an investor has in relation to the property after he has invested;
          (kb) the term of the Investment, what happens at the end of the term, the circumstances if any in which the property may be sold before the end of the term or the term may be extended and if there are any circumstances in which the property may be sold contrary to the wishes of some investors, for example, if a majority of investors agree or at the operator's direction;
          (l) how the operator will deal with overdue payments or a default by a borrower or an Issuer relating to a property;
          (la) the expenses likely to be incurred in relation to the property, including valuation, management, maintenance, insurance expenses and taxes and how they will be paid for;
          (lb) who will arrange valuation, management, maintenance and insurance services, how the provider of those services is chosen and remunerated, their role and how potential conflicts of interest will be prevented or managed;
          (m) which jurisdiction's laws will govern the loan agreement between the lender and borrower;
          (m) arrangements for the holding of title to property on behalf of investors, including any Special Purpose Vehicle that is used for that purpose and the role and duties of the Special Purpose Vehicle and how the interests of investors are protected;
          (n) arrangements and safeguards for Client Assets Money held or controlled by the operator, including details of any legal arrangements (such as nominee companies) that may be used to hold Client Assets Money;
          (o) any facility it provides to facilitate the transfer of loans or the sale of Investments, the conditions for using the facility and any risks relating to the use of that facility;
          (p) measures it has in place to ensure the platform is not used for money-laundering or other unlawful activities;
          (q) measures it has in place for the security of information technology systems and data protection; and
          (r) contingency arrangements it has in place to ensure the orderly administration of loans or Investments if it ceases to carry on business.
          COB 11.3.6

          (1) An operator must conduct due diligence on each borrower or Issuer seller before allowing it to use its service and on each property that is to be sold using the service.

          (2) The due diligence under (1) must include, as a minimum, taking reasonable steps to verify in relation to the borrower or Issuer seller:

          (a) its identity, including if it is a Body Corporate details of its incorporation and business registration;
          (b) the identity and place of domicile of each of its directors, officers and controllers if it is a Body Corporate; and
          (c) the fitness and propriety of the seller.
          (c) its fitness and propriety and that of each of the Persons referred to in (b);
          (d) its financial strength, including checking financial statements;
          (e) its financial history and past performance and its credit history, including checking with external credit agencies;
          (f) any credentials or expertise it claims to have;
          (g) the valuation of its business, current borrowing or funding levels (if any) and the source of any existing borrowing or funding;
          (h) its business proposal;
          (i) its commitment and that of its directors, officers and controllers to the business, including how much capital they have provided and any potential flight risk; and
          (j) that its business is being carried on in accordance with applicable laws in the jurisdiction where it is based.

          (3) The due diligence under (1) must include, as a minimum, the operator taking reasonable steps to verify in relation to the property that:

          (a) the seller holds valid legal title to the property and is able to sell the property free of any encumbrance;
          (b) construction of the property is fully completed; and
          (c) the property is available for letting or, if it is not available for letting because it requires renovation, refurbishment or alteration, that planning permission for the renovation, refurbishment or alteration can be readily obtained.

          (4) The due diligence under (1) must include the operator obtaining an independent valuation report on the property.

          COB 11.3.7

          An operator must disclose prominently on its website relevant information about each property and seller borrower or Issuer, including as a minimum:

          (a) full details about the property, including the location and condition of the property and whether it is currently rented;
          (b) the information about the property referred to in Rule 11.3.6(3);
          (c) information about the seller referred to in Rule 11.3.6(2);
          (d) an independent valuation report on the property referred to in Rule 11.3.6(4);
          (e) the precise nature of the legal interest that investors will receive in relation to the property;
          (f) the estimated charges and expenses relating to the property; and
          (g) the estimated annual rental income on the property, after deducting charges and expenses and setting out key assumptions made.
          (a) the name of the borrower or Issuer, the full name and position of each of its directors and officers and the full name of each controller;
          (b) the place of incorporation of the borrower or Issuer and the place of domicile of each director, officer and controller;
          (c) a description of the borrower's or Issuer's business;
          (d) the most recent financial statements, if any, of the borrower or Issuer and a warning that the operator gives no assurances about their accuracy;
          (e) the valuation of the borrower's or Issuer's business, its current borrowing levels and the source of its borrowing and its liquidity;
          (f) a detailed description of the proposal for which it is seeking funding including:
          (i) the total funding sought;
          (ii) how the funds will be used; and
          (iii) the target level of funding sought and what will happen if that level is not met or is exceeded;
          (g) the results of the due diligence carried out by the operator on the borrower or Issuer and any limits on the due diligence that could be carried out;
          (h) any grading or rating by the operator of the borrower's or Issuer's creditworthiness, including:
          (i) how the grading or rating has been assessed;
          (ii) an explanation of what the different grading or rating levels mean; and
          (iii) a clear statement that this should not be taken as advice about whether money should be lent to the borrower or invested with the Issuer;
          (i) for a loan or Debenture, the duration of the loan or Debenture, details of interest payable and any other rights attaching to the loan or Debenture;
          (j) for a Share issue, any rights attaching to the Share, such as dividend, voting or pre-emption rights;
          (k) whether any security is being provided and, if so, the circumstances in which it might be exercised and any limitations on its use;
          (l) if applicable, any other reward or benefit attaching to the loan or Investment and the terms on which it is available;
          (m) for a Share issue, whether investors have any protection from their shareholding being diluted by the issue of further Shares; and
          (n) that the borrower or Issuer, and information provided about the borrower or Issuer, are not checked or approved by the DFSA.
          COB 11.3.8

          An operator must:

          (a) not advertise a specific lending or Investment proposal that is available on its platform; and
          (b) take reasonable steps to ensure that borrowers and Issuers sellers that use its platform do not advertise the lending or Investment proposal,

          unless the advertisement is made on the platform and is accessible only to existing Clients who use the platform.

          COB 11.3.9

          (1) This Rule applies if a material change occurs relating to a property or Investments in a property borrower or Issuer, its business, its proposal or the carrying out of its proposal.

          (2) In this Rule, a “material change” means any change or new matter that may significantly affect the value of the property, the ability to rent the property, the return on the property or the value of the Investment borrower's ability to meet its payment obligations under the loan agreement or that may significantly affect an Issuer's business or its ability to carry out its proposal.

          (3) If the material change occurs during the commitment period, the operator must:

          (a) disclose prominently on its website details of the material change;
          (b) notify committed lenders or investors of the material change and require them to reconfirm their commitment within 5 business days; and
          (c) if reconfirmation is not provided within the period specified in (b), cancel the commitment.

          (4) If the material change occurs after the commitment period, the operator must disclose prominently on its website:

          (a) details of the material change;
          (b) any change in the rights of the lenders and the borrower, or the investors and the Issuer, arising from the material change; and
          (c) what steps, if any, the operator is proposing to take as a result of the change.

          (5) A disclosure or notification under (3) or (4) must be made as soon as practicable after the operator becomes aware of the material change.

          COB 11.3.10

          An operator must take reasonable steps to restrict a seller borrower or an Issuer from seeking funding on another crowdfunding platform during the commitment period.

          COB 11.3.11 An operator must ensure that lenders or investors who use its service are able to have access to the same information on its website about a seller, property borrower or an Issuer or a lending or investment proposal, and that access to the information is provided at the same time.
          COB 11.3.12 If an operator provides an auto-lending system or auto-investing system, or any other facility that provides some lenders or investors with the opportunity to lend or invest money ahead of other lenders or investors, it must disclose prominently on its website that some lenders or investors may have preferential access to better proposals.
          COB 11.3.13 If an operator provides an auto-lending system or auto-investing system, it must disclose prominently to lenders or investors who use the facility that no assessment is made that any loan or Investment selected by the system is suitable for the lender or investor.
          COB 11.3.14

          (1) An operator must take reasonable steps to ensure that its officers and employees and their family members do not:

          (a) lend money or provide finance to a borrower or an Issuer
          (b) borrow money from a lender or receive funding from an investor; or
          (c) hold any direct or indirect interest in the capital or voting rights of a borrower or lender or an Issuer or investor.
          (a) invest in a property using the platform;
          (b) rent a property that has been purchased using the platform; or
          (c) sell a property or any interest in a property using the platform.

          (2) The restriction in (1)(a) does not apply to an investment that has been made by an officer, employee or family member during the Test Period.

          COB 11.3.15

          If an operator provides a means of communication (a “forum”) for lenders and borrowers or Issuers and investors to discuss funding proposals made using the service, it must:

          (a) refer lenders or investors to the forum as a place where they can find, or take part in, further discussion about proposals, while clearly stating that the operator does not conduct due diligence on information on the forum;
          (b) restrict posting of comments on the forum to Persons who are Clients using the service;
          (c) ensure that all Clients using the forum have equal access to information posted on the forum;
          (d) require a Person posting a comment on the forum to disclose clearly if he is affiliated in any way with a borrower or an Issuer seller or is being compensated, directly or indirectly, to promote a proposal to purchase a property by a borrower or an Issuer;
          (e) take reasonable steps to monitor and prevent posts on the forum that are potentially misleading or fraudulent;
          (f) immediately take steps to remove a post, or to require a post to be deleted or amended, if the operator becomes aware that (d) or (e) have not been complied with; and
          (g) not participate in discussions on the forum except to moderate posts or to take steps referred to in (f).
          COB 11.3.16

          If an operator provides a facility that assists the transfer of rights or obligations under a loan agreement or the sale of Investments, it must ensure that:

          (a) the facility relates only to loans or Investments originally facilitated using its service;
          (b) transfers can take place only between lenders or investors who are already Clients using the service and have initially lent money under loan agreements or initially subscribed for Investments invested in property using the service;
          (c) in the case of a loan agreement, the facility allows only a lender (and not the borrower) to transfer rights and obligations under the agreement;
          (d) in the case of a loan agreement, a lender must transfer the rights and obligations relating to the whole of a loan made (and not just a part of the loan);
          (e) potential transferees or buyers have access to all information on the website about the property and investment borrower or Issuer that was available to earlier lenders or investors; and
          (f) fees it charges for the use of the facility are designed to recover its costs of providing the facility, rather than generating additional income.
          COB 11.3.18

          The operator must:

          (a) maintain a business cessation plan that sets out appropriate contingency arrangements to ensure the orderly administration of property and loan agreements or Investments in the event that it ceases to carry on its business; and
          (b) ensure, as far as reasonably practicable, that the contingency arrangements can be implemented if necessary.
          COB 11.5.2

          (1) An Investment Crowdfunding Operator must ensure that investors who have committed to investing in a property providing funding to a particular Issuer may withdraw that commitment, without any penalty and without giving a reason, during the cooling-off period.

          (2) In (1), “cooling-off period” means the period of at least 48 hours starting at the end of the commitment period.

          COB A2.1.5

          The following terms must be included in a Client Agreement between a Crowdfunding Operator and a Client that is a lender or an investor:

          (a) the operator's obligations to administer the loan or Investment, including:
          (i) how payments made by the borrower or Issuer tenant will be transferred to the lender or investor; and
          (ii) steps that will be taken if payments by a borrower or an Issuer tenant are overdue or the borrower or Issuer is in default;
          (b) if the Client is a Retail Client, the steps that will be taken by the operator and lender or investor to ensure that the lender or investor complies with any applicable limits relating to the amounts of loans or investments that may be made using the platform;
          (c) for Investment Crowdfunding, if the Client is a Retail Client, that the Client agrees to sign a risk acknowledgement form each time before he makes an Investment using the platform; and
          (d) the contingency arrangements that the operator will put in place to deal with a platform failure or if the operator ceases to carry on its business.
          COB A2.1.6

          The following terms must be included in a Client Agreement between a Crowdfunding Operator and a Client that is a borrower or an Issuer:

          (a) a restriction on the borrower or Issuer using any other crowdfunding service to raise funds during the commitment period;
          (b) a restriction on the borrower or Issuer or any Person that is Connected to the borrower or Issuer, lending or financing, or arranging lending or finance for a lender or an investor using the service;
          (c) a restriction on the borrower or Issuer advertising its proposal, or soliciting potential lenders or investors, outside the platform during the commitment period;
          (d) a requirement on the borrower or Issuer to give reasonable advance notice to the operator of any material change affecting the borrower or Issuer, its business or the carrying out of its proposal;
          (e) the obligations of the borrower or Issuer if there is any material change after funds have been provided; and
          (f) an obligation on the borrower or Issuer to produce financial statements at least annually.
          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
          Category 3C

          US $500,000

          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 4

          US $ 10,000

          Except if the Authorised Firm is authorised to Operate a Crowdfunding Platform and it holds Client Assets, in which case its Base Capital Requirement is US $ 30,000 140,000.

          Category 5 US $10 million
          CIR 2.1.18 (new)

          An arrangement does not constitute a Collective Investment Fund if:

          (a) the arrangement consists of an Investment made through a Real Estate Crowdfunding Platform operated by a Crowdfunding Operator;
          (b) the Investment is made only by investors who are Clients of the Crowdfunding Operator; and
          (c) the underlying property in which investors are investing is a single apartment, villa or house in Dubai.
          GLO (new)

          Real Estate Crowdfunding Platform: An Investment Crowdfunding Platform that facilitates Investments in property (as defined in GEN 2.29.1(6)).

          GLO

          Special Purpose Vehicle:

          (1) In FER 1.2.7(3) and MKT App 5, a legal entity the object and purpose of which is primarily to issue Securities; and

          (2) In any other case, a Body Corporate whose sole purpose, either generally or when acting in a particular capacity, is to carry out one or more of the following functions:

          (a) issuing Investments;
          (b) redeeming or terminating or repurchasing, whether with a view to re-issue or to cancellation, an issue, in whole or par, of Investments; or
          (c) entering into transactions or terminating transactions involving Investments in connection with the issue, redemption, termination or re-purchase of Investments;
          and has been explicitly established for the purpose of:
          (d) securitising assets; or.
          (e) investing in Real Property or property (as defined in GEN 2.29.1(6)).
          and, in the case of (d), has been assessed by a rating agency.
          AML 11.2.5 A Relevant Person may outsource the role of MLRO anti-money laundering functions to an individual outside the Relevant Person provided that the relevant individual under the outsourcing agreement is and remains suitable to perform that function the MLRO role.
          AML 11.3.1

          A Relevant Person must ensure that its MLRO any individual performing anti-money laundering functions for the Relevant Person has:

          (a) direct access to its senior management;
          (b) sufficient resources including, if necessary, an appropriate number of appropriately trained Employees to assist in the performance of his duties in an effective, objective and independent manner;
          (c) a level of seniority and independence within the Relevant Person to enable him to act on his own authority; and
          (d) timely and unrestricted access to information sufficient to enable him to carry out his responsibilities in Rule 11.4.1.
          AML 11.4.1

          A Relevant Person must ensure that its MLRO Senior Executive Officer implements and has oversight of and is responsible for the following matters:

          (a) the day-to-day operations for compliance by the Relevant Person with its AML policies, procedures, systems and controls;
          (b) acting as the point of contact to receive notifications from the Relevant Person's Employees under Rule 13.2.2;
          (c) taking appropriate action under Rule 13.3.1 following the receipt of a notification from an Employee ;
          (d) making, in accordance with Federal Law No. 4 of 2002, Suspicious Activity Reports;
          (e) acting as the point of contact within the Relevant Person for competent U.A.E. authorities and the DFSA regarding money laundering issues;
          (f) responding promptly to any request for information made by competent U.A.E. authorities or the DFSA;
          (g) receiving and acting upon any relevant findings, recommendations, guidance, directives, resolutions, sanctions, notices or other conclusions described in chapter 10; and
          (h) establishing and maintaining an appropriate money laundering training programme and adequate awareness arrangements under chapter 12.

          AML 12.1.1

          A Relevant Person must:

          (a) provide AML training to all relevant Employees at appropriate and regular intervals;

          (b) ensure that its AML training enables its Employees to:

          (i) understand the relevant legislation relating to money laundering, including Federal Law No. 4 of 2002, Federal Law No. 1 of 2004 and any other relevant Federal laws;
          (ii) understand its policies, procedures, systems and controls related to money laundering and any changes to these;
          (iii) recognise and deal with transactions and other activities which may be related to money laundering;
          (iv) understand the types of activity that may constitute suspicious activity in the context of the business in which an Employee is engaged and that may warrant a notification to the MLRO Senior Executive Officer under Rule 13.2.2;
          (v) understand its arrangements regarding the making of a notification to the MLRO Senior Executive Officer under Rule 13.2.2;
          (vi) be aware of the prevailing techniques, methods and trends in money laundering relevant to the business of the Relevant Person;
          (vii) understand the roles and responsibilities of Employees in combating money laundering, including the identity and responsibility of the Relevant Person's MLRO and deputy, where applicable; and
          (viii) understand the relevant findings, recommendations, guidance, directives, resolutions, sanctions, notices or other conclusions described in chapter 10; and

          (c) ensure that its AML training:

          (i) is appropriately tailored to the Relevant Person's activities, including its products, services, customers, distribution channels, business partners, level and complexity of its transactions; and
          (ii) indicates the different levels of money laundering risk and vulnerabilities associated with the matters in (c)(i).
          AML 13.2.2

          A Relevant Person must have policies, procedures, systems and controls to ensure that whenever any Employee, acting in the ordinary course of his employment, either:

          (a) knows;
          (b) suspects; or
          (c) has reasonable grounds for knowing or suspecting;

          that a person is engaged in or attempting money laundering or terrorist financing, that Employee promptly notifies the Relevant Person's MLRO Senior Executive Officer and provides the MLRO Senior Executive Officer with all relevant details.

          AML 13.3.1

          A Relevant Person must ensure that where the Relevant Person's MLRO Senior Executive Officer receives a notification under Rule 13.2.2, the MLRO Senior Executive Officer, without delay:

          (a) investigates and documents the circumstances in relation to which the notification made under Rule 13.2.2 was made;
          (b) determines whether in accordance with Federal Law No. 4 of 2002 a Suspicious Activity Report must be made to the AMLSCU and documents such determination;
          (c) if required, makes a Suspicious Activity Report to the AMLSCU as soon as practicable; and
          (d) notifies the DFSA of the making of such Suspicious Activity Report immediately following its submission to the AMLSCU.
          AML 13.3.2

          Where, following a notification to the MLRO Senior Executive Officer under 13.2.2, no Suspicious Activity Report is made, a Relevant Person must record the reasons for not making a Suspicious Activity Report.

          AML 13.3.3

          A Relevant Person must ensure that if the MLRO Senior Executive Officer decides to make a Suspicious Activity Report, his decision is made independently and is not subject to the consent or approval of any other person.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on 19 April 2018.

          The waivers in COB Rule 11.5.3, 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, 5.3.17, 5.3.30, 5.3.31, 7.4.5, 7.4.6, 7.4.8, Section 8 and AML Rules 11.2.1, 11.2.3, 11.2.4 will remain in force until the Test Period ends. The other waivers will remain in force until revoked by the DFSA.

          The modifications in GEN Rules 5.3.9, 5.3.10, 7.4.2, 7.5.1, 7.6.13, PIB Rule 3.6.2 and AML Rules 11.2.5, 11.3.1, 11.4.1, 12.1.1, 13.2.2, 13.3.1, 13.3.2, 13.3.3 will remain in force until the Test Period ends. The other modifications will remain in force 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 Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

          "Test Period" means the period specified on the Licensee's Licence during which the Licensee may test its Real Estate Crowdfunding Platform.

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

          Name: Ian Johnston


          Position: Chief Executive
          DATE OF ISSUE: 19 April 2018

        • W562/2018 — Starr Underwriting Agents (Dubai) Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Starr Underwriting Agents (Dubai) Limited
          Address Level 4, Precinct Building 2, DIFC, PO Box 507061, Dubai,
          UAE
          DFSA Firm Reference No. F003221
          Notice No. W562/2018

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.

          AND.

          2. The Rules specified in the left hand column of Table B 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.

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(1)(a),(c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt


          Position: Managing Director, Supervision
          DATE OF ISSUE: 26 March 2018

        • W561/2018 — Moody's Investors Service Middle East Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Moody's Investors Service Middle East Limited
          Address Level 3, Gate Precinct Building 3, DIFC, PO Box 506845,
          Dubai, United Arab Emirates
          DFSA Firm Reference No. F002033
          Notice No. W561/2018

          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
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(1)(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt


          Position: Managing Director, Supervision
          DATE OF ISSUE: 25 March 2018

        • W560/2018 — Dalma Capital Management Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Dalma Capital Management Limited
          Address Suite 103 & 104, Level 1, Gate Village 5, DIFC, PO Box 9361,
          Dubai, UAE
          DFSA Firm Reference No. F002345
          Notice No. W560/2018

          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 respect of Quencia Open Ended PCC Limited 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. 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 8.2.4

          For the purposes of the Rules in this module, an Eligible Custodian is a Person who is a separate legal entity from the Fund Manager and who also meets one of the following criteria:

          ...

          (h) a legal entity that is:
          (i) controlled and wholly the Subsidiary of a regulated bank majority owned by one or more of the national governments of the five member states of the Gulf Cooperation Council, other than the State; and
          (ii) authorised to provide custody services, and supervised, by a Financial Services Regulator of at least one of the national governments specified in (i).

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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: Bryan Stirewalt


          Position: Managing Director, Supervision
          DATE OF ISSUE: 18 March 2018

        • W559/2018 — Markel International (Dubai) Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Markel International (Dubai) Limited
          Address Precinct Building 2, Level 3, DIFC, PO Box 506914, Dubai, UAE
          DFSA Firm Reference No. F002699
          Notice No. W559/2018

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.

          AND.

          2. The Rules specified in the left hand column of Table B 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.

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(1)(a),(c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 7 March 2018

        • W558/2018 — Gateway Investment Management Services (DIFC) Ltd.

          Click here to view PDF.

          MODIFICATION NOTICE

          To Gateway Investment Management Services (DIFC) Ltd.
          Address Level 5, Gate Village 6, DIFC, PO Box 506822, Dubai, UAE
          DFSA Firm Reference No. F001118
          Notice No. W558/2018

          THE DFSA HEREBY GIVES NOTICE THAT:

          The Rules specified in the left hand column of Table A 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.

          TABLE A
          Rule Modified Text
          CIR 13.5.1

          (1) The above mentioned Person, being the A Fund Manager of Manrre REIT (CEIC) Limited ("the Fund"), or any Person making an Offer of, or otherwise marketing, a Unit of the Fund or otherwise marketing a Fund, must not is not prohibited from including include the term "Real Estate Investment Trust" or "REIT" in the Fund's name or referring to the Fund or holding the Fund out or refer to a Fund or otherwise hold out a Fund as being a Real Estate Investment Trust or a REIT, as long as the Fund unless it is a Public Property Fund which is constituted in accordance with (2) and complies with the conditions in (3) to (7).

          (2) The Fund is a Qualified Investor Fund A REIT is a Public Property Fund which:

          (a) is constituted either as a closed-ended an Investment Company or as an Investment Trust;
          (b) is primarily aimed at investments in income-generating Real Property; and
          (c) distributes to the Unitholders at least 80% of its audited annual net income.

          (3) The Fund Manager ensures that the Fund complies with all the requirements that would normally apply to a Property Fund which is a Public Fund, except to the extent otherwise specified in (4), (5), and (6).

          (4) The reference to '6 months from the date on which the Units of the Fund are offered to the Public' in CIR Rule 13.4.1(2)(b) is to be read as '24 months from the date on which the Fund Manager notified the DFSA of the initial Offer to issue Units in the Fund'.

          (5) The Fund Manager is not required to comply with CIR Rule 14.3.1, as long as it complies with the requirements applicable to a Qualified Investor Fund with regard to the Fund's Information Memorandum.

          (6) The Fund Manager is not required to have in place adequate oversight arrangements referred to in CIR Section 10.3, or to ensure the duties of an oversight provider are carried out, for a period of 24 months from the date of this relief, or the day prior to the admission of the Fund to the Official List of Securities, whichever occurs first.

          (3)(7) If at any time during the operation of the Fund the requirements in (2) to (6) are not met, the Fund Manager, and, if appointed the Trustee, must immediately notify the DFSA and the exchange of the failure to meet the requirements in these Rules and what measures have been or will be taken to remedy the breach.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue of this notice and remains in force for 24 months from the date on which the Fund notified the DFSA of its initial Offer to issue Units in the Fund, or until the admission of the Fund to the Official List of Securities, whichever occurs first.

          INTERPRETATION

          The provisions in this notice are to be constructed 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 capitalisaton 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: Bryan Stirewalt


          Position: Managing Director, Supervision
          DATE OF ISSUE: 26 February 2018

        • W557/2018 — Berkshire Hathaway Specialty Insurance Company

          Click here to view PDF.

          WAIVER NOTICE

          To Berkshire Hathaway Specialty Insurance Company
          Address Unit 2106-B, Level 21, Index Tower, DIFC, P.O. Box 506861, Dubai,
          UAE
          DFSA Firm Reference No. F004309
          Notice No. W557/2018

          THE DFSA HEREBY GIVES NOTICE THAT:

          The Rules specified in the table herein do not apply to the above mentioned Person.

          RULES WAIVED

          Rulebook Module Rule
          PIN Chapter 4 Rules 4.3.2 - 4.3.4 (inclusive)(Capital)
          PIN Chapter 6 Rule 6.2.4 (Financial Reporting)
          PIN Chapter 7 All sections (Actuaries)

          CONDITIONS

          The waiver 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 provides the following documents and information in the English language to the DFSA within ten business days of the date they are due to be submitted to its home state Financial Services Regulator:

          (a) Its annual audited published accounts as provided to its home state Financial Services Regulator;
          (b) Any solo solvency requirement and capital adequacy requirement statement and/or returns required under its home state regulations and provided to its home state Financial Services Regulator;
          (c) Any Group solvency and capital adequacy report that is submitted to its home state Financial Services Regulator; and
          (d) In the event of any anticipated or actual breach of any prudential requirements, which require notification to its home state Financial Services Regulator, such notification is provided to DFSA forthwith with any relevant documents.

          If any one or more of the conditions stated above are 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.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 12 February 2018

        • W556/2018 — Berkshire Hathaway Specialty Insurance Company

          Click here to view PDF.

          MODIFICATION NOTICE

          To Berkshire Hathaway Specialty Insurance Company
          Address Unit 2106-B, Level 21, Index Tower, DIFC, P.O. Box 506861,
          Dubai, UAE
          DFSA Firm Reference No. F004309
          Notice No. W556/2018

          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
          GEN 8.2.2.

          (1) An Authorised Person must, except as provided under Rule 8.2.3, prepare and maintain all financial statements in accordance with:

          (a) the International Financial Reporting Standards (IFRS); or
          (b) the Generally Accepted Accounting Principles in the United States of America (US GAAP).

          (2) In this Rule, US GAAP has the meaning given to that term in statement no. 162 issued by the Financial Accounting Standards Board.

          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, or the Generally Accepted Auditing Standards (US GAAS) issued by the American Institute of Certified Public Accountants Auditing Standards Board and the Auditing Standards of the Public Company Accounting Oversight Board of the United States;
          (b) produce a Regulatory Returns Auditor's Report in accordance with the Rules in AUD App1 as relevant;
          (c) 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) 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; and
          (e) produce, if the Authorised Firm is permitted to hold or control Client Investments, Arrange Custody 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.

          CONDITIONS

          The 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 carries on Financial Services through a Branch in the DIFC.

          If this condition stated above in breached, this notice ceases to have effect forthwith and the Rules specified in the table herein apply to the above menioned Person to whom this notice applies in their unmodified form as they appear in the applicable module of the Rulebook in force at the relevant time.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          INTERPRETATION

          The provisions in this notice are to be constructed 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 capitalisaton 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: Bryan Stirewalt


          Position: Managing Director, Supervision
          DATE OF ISSUE: 12 February 2018

        • W555/2018 — Berkshire Hathaway Specialty Insurance Company

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Berkshire Hathaway Specialty Insurance Company
          Address Unit 2106-B, Level 21, Index Tower, DIFC, P.O. Box
          506861, Dubai, UAE
          DFSA Firm Reference No. F004309
          Notice No. W555/2018

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.

          AND.

          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(1)(a),(c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 12 February 2018

        • W554/2018 — ICBC Standard Bank Plc (DIFC Branch)

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To ICBC Standard Bank Plc (DIFC Branch)
          Address Office 1501, 15th Floor, Al Fattan Currency House, Tower
          2, DIFC, PO Box 506962, Dubai, UAE
          DFSA Firm Reference No. F000028
          Notice No. W554/2018

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.

          AND.

          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(1)(a),(c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 17 January 2018

        • W553/2018 — Mizuho International plc

          Click here to view PDF.

          MODIFICATION NOTICE

          To Mizuho International plc
          Address The Gate Building, East Wing, Level 5, Unit 501, DIFC,
          PO Box 506607, Dubai, UAE
          DFSA Firm Reference No. F004328
          Notice No. W553/2018

          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
          GEN 8.2.2.

          (1) An Authorised Person must, except as provided under Rule 8.2.3, prepare and maintain all financial statements in accordance with:

          (a) the International Financial Reporting Standards (IFRS); or
          (b) the Generally Accepted Accounting Principles in the United Kingdom (UK GAAP).

          (2) In this Rule, UK GAAP means accounting and valuation principles set-out in the guidelines of the UK Accounting Standards Board.

          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, or the International Standards on Auditing (UK and Ireland) (ISAs (UK and Ireland)) issued by the UK Audit and Assurance Council;
          (b) produce a Regulatory Returns Auditor's Report in accordance with the Rules in AUD App1 as relevant;
          (c) 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) 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; and
          (e) produce, if the Authorised Firm is permitted to hold or control Client Investments, Arrange Custody 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.

          CONDITIONS

          The 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 carries on Financial Services through a Branch in the DIFC.

          If this condition stated above in breached, this notice ceases to have effect forthwith and the Rules specified in the table herein apply to the above menioned Person to whom this notice applies in their unmodified form as they appear in the applicable module of the Rulebook in force at the relevant time.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          INTERPRETATION

          The provisions in this notice are to be constructed 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 capitalisaton 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: Bryan Stirewalt


          Position: Managing Director, Supervision
          DATE OF ISSUE: 14 January 2018

      • 2017

        • W552/2017 — RKH Specialty Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To RKH Specialty Limited
          Address Office 55, Level 15, The Gate Building
          PO Box 74777, Dubai, UAE
          DFSA Firm Reference No. F003832
          Notice No. W552/2017

          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
          GEN 8.2.2.

          (1) An Authorised Person must, except as provided under Rule 8.2.3, prepare and maintain all financial statements in accordance with:

          (a) the International Financial Reporting Standards (IFRS); or
          (b) the Generally Accepted Accounting Principles in the United Kingdom (UK GAAP).

          (2) In this Rule, UK GAAP means accounting and valuation principles set-out in the guidelines of the UK Accounting Standards Board.

          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, or the International Standards on Auditing (UK and Ireland) (ISAs (UK and Ireland)) issued by the UK Audit and Assurance Council;;
          (b) produce a Regulatory Returns Auditor's Report in accordance with the Rules in AUD App1 as relevant;
          (c) 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) 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; and
          (e) produce, if the Authorised Firm is permitted to hold or control Client Investments, Arrange Custody 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.

          CONDITIONS

          The 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 carries on Financial Services through a Branch in the DIFC.

          If this condition stated above in breached, this notice ceases to have effect forthwith and the Rules specified in the table herein apply to the above menioned Person to whom this notice applies in their unmodified form as they appear in the applicable module of the Rulebook in force at the relevant time.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          INTERPRETATION

          The provisions in this notice are to be constructed 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 capitalisaton 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: Bryan Stirewalt


          Position: Managing Director, Supervision
          DATE OF ISSUE: 28 December 2017

        • W551/2017 — RKH Specialty Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To RKH Specialty Limited
          Address Office 55, Level 15, The Gate Building
          PO Box 74777, Dubai, UAE
          DFSA Firm Reference No. F003832
          Notice No. W551/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.

          AND.

          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(1)(a),(c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 28 December 2017

        • W550/2017 — Lighthouse Canton Capital (DIFC) Pte Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Lighthouse Canton Capital (DIFC) Pte Limited
          Address OUnit 15481, Level 15, The Gate Building, PO Box 507026
          DIFC
          DFSA Firm Reference No. F004068
          Notice No. W550/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.

          AND.

          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(1)(a),(c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 21 December 2017

        • W549/2017 — Sarwa Digital Wealth Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Sarwa Digital Wealth Limited
          Address Unit 8 & 9, Level 4, Gate Precinct Building 5, PO Box
          74777, DIFC, Dubai UAE
          DFSA Firm Reference No. F004501
          Notice No. W549/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          The Rules specified in Table 1 to this notice are waived in relation to Sarwa Digital Wealth Limited.

          The Rules specified in the left hand column of Table 2 to this notice do not apply to Sarwa Digital Wealth 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, 5.3.17, 5.3.30, 5.3.31, 7.4.5, 7.4.6, 7.4.8 and Section 8
          CIR Rule 15.1.10
          PIB Section 6.12
          AML Rules 11.2.1, 11.2.3 and 11.2.4

          RULES MODIFIED

          TABLE 2
          Rule Modified Text
          GEN 5.3.9 An Authorised Person must ensure that the Compliance Officer has access to it allocates sufficient resources to compliance, including an adequate number of competent staff, to perform his and that compliance duties can be carried out objectively and independently of operational and business functions.
          GEN 5.3.10 An Authorised Person must ensure that persons performing compliance duties have the Compliance Officer unrestricted access to relevant records and to the Authorised Person's Governing Body and senior management.
          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) compliance matters in relation to the Authorisation Firm's Financial Services; and
          (iii) implementation of the Authorised Firm's anti-money laundering policies, procedures, systems and controls and oversight of its compliance with the Rules in AML and any relevant anti money laundering legislation applicable in the DIFC; and
          (b) is a Director, Partner or Senior Manager of the Authorised Firm.
          GEN 7.5.1
          (1) An Authorised Firm must, subject to (2), make the following appointments appoint a Senior Executive Officer and ensure that the position is they are held by one or more an Authorised Individuals at all times:.
          (a) Senior Executive Officer; and
          (b) Finance Officer;
          (c) Compliance Officer; and
          (d) Money Laundering Reporting Officer
          (2) .....
          GEN 7.6.13 An Authorised Firm must ensure, in the case of an individuals seeking to perform the Licensed Functions of Senior Executive Officer, Money Laundering Reporting Officer, or Compliance Officer, that such the individuals are is able to demonstrate sufficient knowledge of relevant anti money laundering requirements.
          AML 11.2.5 A Relevant Person may outsource the role of MLRO anti-money laundering functions to an individual outside the Relevant Person provided that the relevant individual under the outsourcing agreement is and remains suitable to perform that function the MLRO role.
          AML 11.3.1 A Relevant Person must ensure that its MLRO any individual performing anti-money laundering functions for the Relevant Person has:
          (a) direct access to its senior management;
          (b) sufficient resources including, if necessary, an appropriate number of appropriately trained Employees to assist in the performance of his duties in an effective, objective and independent manner;
          (c) a level of seniority and independence within the Relevant Person to enable him to act on his own authority; and
          (d) timely and unrestricted access to information sufficient to enable him to carry out his responsibilities in Rule 11.4.1
          AML 11.4.1 A Relevant Person must ensure that its MLRO Senior Executivee Officer implements and has oversight of and is responsible for the following matters:
          (a) the day-to-day operations for compliance by the Relevant Person with its AML policies, procedures, systems and controls;
          (b) acting as the point of contact to receive notifications from the Relevant Person's Employees under Rule 13.2.2.
          (c) taking appropriate action under Rule 13.3.1 following the receipt of a notification from an Employee;
          (d) making Suspicious Activity Reports in accordance with Federal AML legislation;
          (e) acting as the point of contact within the Relevant Person for competent U.A.E. authorities and the DFSA regarding money laundering issues;
          (f) responding promptly to any request for information made by competent U.A.E. authorities or the DFSA;
          (g) receiving and acting upon any relevant findings, recommendations, guidance, directives, resolutions, sanctions, notices or other conclusions described in chapter 10; and
          (h) establishing and maintaining an appropriate money laundering training programme and adequate awareness arrangements under chapter 12.
          AML 12.1.1 A Relevant Person must:
          (a) provide AML training to all relevant Employees at appropriate and regular intervals;
          (b) ensure that its AML training enables its Employees to:
          (i) understand the relevant legislation relating to money laundering, including Federal AML legislation;
          (ii) understand its policies, procedures, systems and controls related to money laundering and any changes to these;
          (iii) recognise and deal with transactions and other activities which may be related to money laundering;
          (iv) understand the types of activity that may constitute suspicious activity in the context of the business in which an Employee is engaged and that may warrant a notification to the MLRO Senior Executive Officer under Rule 13.2.2;
          (v) understand its arrangements regarding the making of a notification to the MLRO Senior Executive Officer under Rule 13.2.2.;
          (vi) be aware of the prevailing techniques, methods and trends in money laundering relevant to the business of the Relevant Person;
          (vii) understand the roles and responsibilities of Employees in combating money laundering, including the identity and responsibility of the Relevant Person's MLRO and deputy, where applicable; and
          (viii) understand the relevant findings, recommendations, guidance, directives, resolutions, sanctions, notices or other conclusions described in chapter 10; and
          (c) ensure that its AML training:
          (i) is appropriately tailored to the Relevant Peron's activities, including its products, services, customers, distribution channels, business partners, level and complexity of its transactions; and
          (ii) indicates the different levels of money laundering risk and vulnerabilities associated with the matters in (c)(i)
          AML 13.2.2 A Relevant Person must have policies, procedures, systems and controls to ensure that whenever any Employee, acting in the ordinary course of his employment, either:
          (a) knows;
          (b) suspects; or
          (c) has reasonable grounds for knowing or suspecting;
          that a person is engaged in or attempting money laundering or terrorist financing, that Employee promptly notifies the Relevant Person's MLRO Senior Executive Officer and provides the MLRO Senior Executive Officer with all relevant details.
          AML 13.3.1 A Relevant Person must ensure that where the Relevant Person's MLRO Senior Executive Officer receives a notification under Rule 13.2.2, the MLRO Senior Executive Officer, without delay:
          (a) investigates and documents the circumstances in relation to which the notification made under Rule 13.2.2. was made;
          (b) determines whether in accordance with Federal AML legislation a Suspicious Activity Report must be made to the AMLSCU and documents such determination;
          (c) if required, makes a Suspicious Activity Report to the AMLSCU as soon as practicable; and
          (d) notifies the DFSA of the making of such Suspicious Activity Report immediately following its submissions to the AMLSCU
          AML 13.3.2 Where, following a notification to the MLRO Senior Executive Officer under 13.2.2, no Suspicious Activity Report is made, a Relevant Person must record the reasons for not making a Suspicious Activity Report.
          AML 13.3.3 A Relevant Person must ensure that if the MLRO Senior Executive Officer decides to make a Suspicious Activity Report, his decision is made independently and is not subject to the consent or approval of any other person.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on 13 December 2017 and remains in force for a period of 12 months from this date.

          INTERPRETATION

          The provisions in this notice are to be constructed 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 capitalisaton 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: Chief Executive
          DATE OF ISSUE: 13 December 2017

        • W548/2017 — StormHarbour Securities LLP

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To StormHarbour Securities LLP
          Address Unit 6, Level 15, Gate Building, DIFC, PO Box 121208,
          Dubai, UAE
          DFSA Firm Reference No. F004138
          Notice No. W548/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.

          AND.

          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director
          DATE OF ISSUE: 10 December 2017

        • W547/2017 — StormHarbour Securities LLP

          Click here to view PDF.

          MODIFICATION NOTICE

          To StormHarbour Securities LLP
          Address Unit 6, Level 15, Gate Building, DIFC, PO Box 121208,
          Dubai, UAE
          DFSA Firm Reference No. F004138
          Notice No. W547/2017

          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
          GEN 8.2.2.

          (1) An Authorised Person must, except as provided under Rule 8.2.3, prepare and maintain all financial statements in accordance with:

          (a) the International Financial Reporting Standards (IFRS); or
          (b) the Generally Accepted Accounting Principles in the United Kingdom (UK GAAP).

          (2) In this Rule, UK GAAP means accounting and valuation principles set-out in the guidelines of the UK Accounting Standards Board.

          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, or the International Standards on Auditing (UK and Ireland) (ISAs (UK and Ireland)) issued by the UK Audit and Assurance Council;;
          (b) produce a Regulatory Returns Auditor's Report in accordance with the Rules in AUD App1 as relevant;
          (c) 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) 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; and
          (e) produce, if the Authorised Firm is permitted to hold or control Client Investments, Arrange Custody 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.

          CONDITIONS

          The 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 carries on Financial Services through a Branch in the DIFC.

          If this condition stated above in breached, this notice ceases to have effect forthwith and the Rules specified in the table herein apply to the above menioned Person to whom this notice applies in their unmodified form as they appear in the applicable module of the Rulebook in force at the relevant time.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          INTERPRETATION

          The provisions in this notice are to be constructed 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 capitalisaton 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: Bryan Stirewalt


          Position: Managing Director, Supervision
          DATE OF ISSUE: 10 December 2017

        • W546/2017 — Guy Carpenter (Middle East) Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Guy Carpenter (Middle East) Limited
          Address Unit 02, Level 3, Currency House Building 1, DIFC,
          PO Box 506572, Dubai, UAE
          DFSA Firm Reference No. F001789
          Notice No. W546/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(1)(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 5 December 2017

        • W545/2017 — MS Amlin (MENA) Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To MS Amlin (MENA) Limited
          Address Level 3, Precinct Building 2, DIFC, P.O. Box 506929, Dubai, UAE
          DFSA Firm Reference No. F002680
          Notice No. W545/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(1)(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 26 November 2017

        • W544/2017 — Sphere Capital Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Sphere Capital Limited
          Address Office 55, Level 15, East Wing, The Gate, DIFC, PO Box 506734, Dubai, UAE
          DFSA Firm Reference No. F003986
          Notice No. W544/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          The Rules specified in the left hand column of Table A 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.

          TABLE A
          Rule Modified Text
          CIR 13.5.1

          (1) The above mentioned Person, being the A Fund Manager of Sustainable REIT I (CEIC) Limited ("the Fund"), or any Person making an Offer of, or otherwise marketing, a Unit of the Fund or otherwise marketing a Fund, must not is not prohibited from including include the term "Real Estate Investment Trust" or "REIT" in the Fund's name or referring to the Fund or holding the Fund out or refer to a Fund or otherwise hold out a Fund as being a Real Estate Investment Trust or a REIT, as long as the Fund unless it is a Public Property Fund which is constituted in accordance with (2) and complies with the conditions in (3) to (7).

          (2) The Fund is a Qualified Investor Fund A REIT is a Public Property Fund which:

          (a) is constituted either as a closed-ended an Investment Company or as an Investment Trust;
          (b) is primarily aimed at investments in income-generating Real Property; and
          (c) distributes to the Unitholders at least 80% of its audited annual net income.

          (3) The Fund Manager ensures that the Fund complies with all the requirements that would normally apply to a Property Fund which is a Public Fund, except to the extent otherwise specified in (4), (5), and (6).

          (4) The reference to '6 months from the date on which the Units of the Fund are offered to the Public' in CIR Rule 13.4.1(2)(b) is to be read as '24 months from the date on which the Fund Manager notified the DFSA of the initial Offer to issue Units in the Fund'.

          (5) The Fund Manager is not required to comply with CIR Rule 14.3.1, as long as it complies with the requirements applicable to a Qualified Investor Fund with regard to the Fund's Information Memorandum.

          (6) The Fund Manager is not required to have in place adequate oversight arrangements referred to in CIR Section 10.3, or to ensure the duties of an oversight provider are carried out, for a period of 24 months from the date of this relief, or the day prior to the admission of the Fund to the Official List of Securities, whichever occurs first.

          (3)(7) If at any time during the operation of the Fund the requirements in (2) to (6) are not met, the Fund Manager, and, if appointed the Trustee, must immediately notify the DFSA and the exchange of the failure to meet the requirements in these Rules and what measures have been or will be taken to remedy the breach.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue of this notice and remains in force for 24 months from the date on which the Fund notified the DFSA of its initial Offer to issue Units in the Fund, or the day before the admission of the Fund to the Official List of Securities, whichever occurs first.

          INTERPRETATION

          The provisions in this notice are to be constructed 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 capitalisaton 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: Bryan Stirewalt


          Position: Managing Director, Supervision
          DATE OF ISSUE: 13 November 2017

        • W543/2017 — Motion Re (Underwriting Agency) Ltd

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Motion Re (Underwriting Agency) Ltd
          Address Office No ST 20-06, Level 20,
          Emirates Financial Towers, DIFC,
          PO Box 9803, Dubai, UAE
          DFSA Firm Reference No. F002018
          Notice No. W543/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.

          AND

          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Arvind Baghel
          Position: Director, Supervision
          DATE OF ISSUE: 7 November 2017

        • W542/2017 — Jeffries LLC

          Click here to view PDF.

          MODIFICATION NOTICE

          To Jeffries LLC
          Address Office 803, Tower 2, Al Fattan Currency House, DIFC,
          PO Box 482087, Dubai, UAE
          DFSA Firm Reference No. F002922
          Notice No. W542/2017

          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
          GEN 8.2.2.

          (1) An Authorised Person must, except as provided under Rule 8.2.3, prepare and maintain all financial statements in accordance with:

          (a) the International Financial Reporting Standards (IFRS); or
          (b) the Generally Accepted Accounting Principles in the United States of America (US GAAP).

          (2) In this Rule, US GAAP has the meaning given to that term in statement no. 162 issued by the Financial Accounting Standards Board.

          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, or the Generally Accepted Auditing Standards (US GAAS) issued by the American Institute of Certified Public Accountants Auditing Standards Board and the Auditing Standards of the Public Company Accounting Oversight Board of the United States;
          (b) produce a Regulatory Returns Auditor's Report in accordance with the Rules in AUD App1 as relevant;
          (c) 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) 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; and
          (e) produce, if the Authorised Firm is permitted to hold or control Client Investments, Arrange Custody 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.

          CONDITIONS

          The 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 carries on Financial Services through a Branch in the DIFC.

          If this condition stated above in breached, this notice ceases to have effect forthwith and the Rules specified in the table herein apply to the above menioned Person to whom this notice applies in their unmodified form as they appear in the applicable module of the Rulebook in force at the relevant time.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          INTERPRETATION

          The provisions in this notice are to be constructed 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 capitalisaton 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: Bryan Stirewalt


          Position: Managing Director, Supervision
          DATE OF ISSUE: 26 October 2017

        • W541/2017 — RFIB Group Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To RFIB Group Limited
          Address Office 8, Level 1, Gate Village 7, DIFC, PO Box 506670,
          Dubai, UAE
          DFSA Firm Reference No. F000162
          Notice No. W541/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.

          AND.

          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director
          DATE OF ISSUE: 26 October 2017

        • W540/2017 — The Access Bank UK Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To The Access Bank UK Limited
          Address Unit 1543, Level 15, Gate Building, DIFC, PO Box 121208,
          Dubai, UAE
          DFSA Firm Reference No. F003593
          Notice No. W540/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.

          AND.

          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 25 October 2017

        • W539/2017 — Gateway Investment Management Services (DIFC) Limited

          Click here to view PDF.

          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
          Notice No. W539/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          The Rules specified in the left hand column of Table A 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.

          TABLE A
          Rule Modified Text
          CIR 8.12.2 (3)
          . . .
          (3) For the purposes of (1), and in relation to Managing Assets, the Service Provider must be:
          a) a Person authorised by the DFSA to carry on the activity of Managing Assets; or
          b) a Person who is authorised by a Financial Services Regulator in a Zone 1 jurisdiction or Recognised Jurisdiction, or by a Financial Services Regulator in the State, to carry on an equivalent activity in that jurisdiction or the State.

          CONDITIONS

          None

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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: Bryan Stirewalt


          Position: Managing Director, Supervision
          DATE OF ISSUE: 18 October 2017

        • W538/2017 — Gulf Islamic Investments (DIFC) Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Gulf Islamic Investments (DIFC) Limited
          Address Office 13, Level 1, Gate Village Building 3, PO Box
          507240, DIFC
          DFSA Firm Reference No. F004276
          Notice No. W538/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          The Rules specified in the left hand column of Table A 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.

          TABLE A
          Rule Modified Text
          CIR 13.5.1

          (1) The above mentioned Person, being the A Fund Manager of GII Islamic REIT Ltd ("the Fund"), or any Person making an Offer of, or otherwise marketing, a Unit of the Fund or otherwise marketing a Fund, must not is not prohibited from including include the term "Real Estate Investment Trust" or "REIT" in the Fund's name or referring to the Fund or holding the Fund out or refer to a Fund or otherwise hold out a Fund as being a Real Estate Investment Trust or a REIT, as long as the Fund unless it is a Public Property Fund which is constituted in accordance with (2) and complies with the conditions in (3) to (8).

          (2) The Fund is a Qualified Investor Fund A REIT is a Public Property Fund which:

          (a) is constituted either as a closed-ended an Investment Company or as an Investment Trust;
          (b) is primarily aimed at investments in income-generating Real Property; and
          (c) distributes to the Unitholders at least 80% of its audited annual net income.

          (3) The Fund Manager ensures that the Fund complies with all the requirements that would normally apply to a Property Fund which is a Public Fund, except to the extent otherwise specified in (4), (5), (6) and (7).

          (4) The reference to '6 months from the date on which the Units of the Fund are offered to the Public' in CIR Rule 13.4.1(2)(b) is to be read as '24 months from the date on which the Fund Manager notified the DFSA of the initial Offer to issue Units in the Fund'.

          (5) The Fund Manager is not required to comply with CIR Rule 14.3.1, as long as it complies with the requirements applicable to a Qualified Investor Fund with regard to the Fund's Information Memorandum.

          (6) The Fund Manager is not required to have in place adequate oversight arrangements referred to in CIR Section 10.3, or to ensure the duties of an oversight provider are carried out, for a period of 24 months from the date of this relief, or the day prior to the admission of the Fund to the Official List of Securities, whichever occurs first.

          (7) The reference to 3 members in IFR 6.2.1(a) is to be read as one member.

          (3)(8) If at any time during the operation of the Fund the requirements in (2) to (7) are not met, the Fund Manager, and, if appointed the Trustee, must immediately notify the DFSA and the exchange of the failure to meet the requirements in these Rules and what measures have been or will be taken to remedy the breach.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue of this notice and remains in force for 24 months from the date on which the Fund notified the DFSA of its initial Offer to issue Units in the Fund, or the day before the admission of the Fund to the Official List of Securities, whichever occurs first.

          INTERPRETATION

          The provisions in this notice are to be constructed 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 capitalisaton 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: Bryan Stirewalt


          Position: Managing Director, Supervision
          DATE OF ISSUE: 16 October 2017

        • W537/2017 — Bloomberg Tradebook Europe Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Bloomberg Tradebook Europe Limited
          Address Al Fattan Currency House, Level 10, PO Box 506707,
          Dubai, UAE
          DFSA Firm Reference No. F001106
          Notice No. W537/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.

          AND.

          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 15 October 2017

        • W536/2017 — SinoGulf (DIFC) Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To SinoGulf (DIFC) Limited
          Address Suite 414, Liberty House, DIFC, PO Box 49929,
          Dubai, UAE
          DFSA Firm Reference No. F000633
          Notice No. W536/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.

          AND.

          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 10 October 2017

        • W535/2017 — Korean Reinsurance Company

          Click here to view PDF.

          WAIVER NOTICE

          To Korean Reinsurance Company
          Address Unit 1102B, Floor 11, Gate Building, East Wing, DIFC, PO Box
          507203, Dubai, UAE
          DFSA Firm Reference No. F004058
          Notice No. W535/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          The Rules specified in the table herein do not apply to the above mentioned Person.

          2. The Rules specified in the left hand column of Table B 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 WAIVED

          Rulebook Module Rule
          PIN Chapter 4 Rules 4.3.2 - 4.3.4 (inclusive)(Capital)
          PIN Chapter 6 Rule 6.2.4 (Financial Reporting)
          PIN Chapter 7 All sections (Actuaries)

          CONDITIONS

          The waiver 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 provides the following documents and information in the English language to the DFSA within ten business days of the date they are due to be submitted to its home state Financial Services Regulator:

          (a) Its annual audited published accounts as provided to its home state Financial Services Regulator;
          (b) Any solo solvency requirement and capital adequacy requirement statement and/or returns required under its home state regulations and provided to its home state Financial Services Regulator;
          (c) Any Group solvency and capital adequacy report that is submitted to its home state Financial Services Regulator; and
          (d) In the event of any anticipated or actual breach of any prudential requirements, which require notification to its home state Financial Services Regulator, such notification is provided to DFSA forthwith with any relevant documents.

          If any one or more of the conditions stated above are 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.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 8 October 2017

        • W534/2017 — Charles Russell Speechlys LLP

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Charles Russell Speechlys LLP
          Address Unit 1108, 11th Floor, Index Tower, PO Box 507226, DIFC,
          Dubai, UAE
          DFSA Firm Reference No. F004161
          Notice No. W534/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.

          AND.

          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 8 October 2017

        • W533/2017 — Fulcrum Capital (Dubai) Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Fulcrum Capital (Dubai) Limited
          Address Office 201, Tower 2,
          Al Fattan Currency House,
          PO Box 506609,
          Dubai, UAE
          DFSA Firm Reference No. F001496
          Notice No. W533/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.

          AND.

          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a),(c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 26 September 2017

        • W532/2017 — Itau Middle East Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Itau Middle East Limited
          Address Suite 305, 3rd Floor, Al Fattan Tower, Currency House,
          PO Box 482034, DIFC, Dubai, UAE
          DFSA Firm Reference No. F000851
          Notice No. W532/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.

          AND.

          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a),(c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 26 September 2017

        • W531/2017 — Houlihan Lokey (MEA Financial Advisory) Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Houlihan Lokey (MEA Financial Advisory) Limited
          Address Unit 405, Level 4, Index Tower, Dubai International
          Financial Centre, P.O.Box 507303, Dubai, UAE
          DFSA Firm Reference No. F002414
          Notice No. W531/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.

          AND.

          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a),(c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 25 September 2017

        • W530/2017 — Chubb Underwriting (DIFC) Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Chubb Underwriting (DIFC) Limited
          Address Units 3 and 4, 7th Floor, Currency House
          Dubai International Financial Centre
          PO Box 482028
          Dubai UAE
          DFSA Firm Reference No. F001287
          Notice No. W530/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.

          AND.

          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a),(c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 28 August 2017

        • W529/2017 — Berry Palmer & Lyle Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Berry Palmer & Lyle Limited
          Address N403, 4th Floor, Emirates Financial Towers, PO Box 23325, DIFC, Dubai, UAE
          DFSA Firm Reference No. F003745
          Notice No. W529/2017

          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 shwown 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.

          Module Rules
          GEN 8.2.2.

          (1) An Authorised Person must, except as provided under Rule 8.2.3, prepare and maintain all financial statements in accordance with:

          (a) the International Financial Reporting Standards (IFRS); or
          (b) the Generally Accepted Accounting Principles in the United Kingdom (UK GAAP).
          (2) In this Rule, UK GAAP means accounting and valuation principles set-out in the guidelines of the UK Accounting Standards Board
          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, or the International Standards on Auditing (UK and Ireland) (ISAs (UK and Ireland)) issued by the UK Audit and Assurance Council;
          (b) produce a Regulatory Returns Auditor's Report in accordance with the Rules in AUD App1 as relevant;
          (c) 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) 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; and
          (e) produce, if the Authorised Firm is permitted to hold or control Client Investments, Arrange Custody 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.

          CONDITIONS

          The 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 carries on Financial Services through a Branch in the DIFC.

          If this condition stated above in breached, this notice ceases to have effect forthwith and the Rules specified in the table herein apply to the above menioned Person to whom this notice applies in their unmodified form as they appear in the applicable module of the Rulebook in force at the relevant time.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          INTERPRETATION

          The provisions in this notice are to be constructed 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 capitalisaton 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: Bryan Stirewalt


          Position: Managing Director, Supervision
          DATE OF ISSUE: 23 August 2017

        • W528/2017 — Berry Palmer & Lyle Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Berry Palmer & Lyle Limited
          Address N403, 4th Floor, Emirates Financial Towers, PO Box 23325, DIFC, Dubai, UAE
          DFSA Firm Reference No. F003745
          Notice No. W528/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Persons.

          AND.

          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a),(c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 23 August 2017

        • W527/2017 — Misr Insurance Company S.A.E.

          Click here to view PDF.

          WAIVER NOTICE

          To Misr Insurance Company S.A.E
          Address Level M, Officer M1, Al Fattan Currency House, DIFC, PO Box 507208, Dubai, UAE
          DFSA Firm Reference No. F003728
          Notice No. W527/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          The Rules specified in the table herein do not apply to the above mentioned Person.

          RULES WAIVED

          Rulebook Module Rule
          PIN Chapter 4 Rules 4.3.2 - 4.3.4 (inclusive)(Capital)
          PIN Chapter 6 Rule 6.2.4 (Financial Reporting)
          PIN Chapter 7 All sections (Actuaries)

          CONDITIONS

          The waiver 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 provides the following documents and information in the English language to the DFSA within ten business days of the date they are due to be submitted to its home state Financial Services Regulator:

          (a) Its annual audited published accounts as provided to its home state Financial Services Regulator;
          (b) Any solo solvency requirement and capital adequacy requirement statement and/or returns required under its home state regulations and provided to its home state Financial Services Regulator;
          (c) Any Group solvency and capital adequacy report that is submitted to its home state Financial Services Regulator; and
          (d) In the event of any anticipated or actual breach of any prudential requirements, which require notification to its home state Financial Services Regulator, such notification is provided to DFSA forthwith with any relevant documents.

          If any one or more conditions stated above are 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.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue of this notice and remains in force until further notice.

          INTERPRETATION

          The provisions in this notice are to be constructed 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 capitalisaton 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: Bryan Stirewalt


          Position: Managing Director, Supervision
          DATE OF ISSUE: 21 August 2017

        • W526/2017 — Beehive P2P Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Beehive P2P Limited
          Address Unit 42B, Level 3, Gate Village Building 10, DIFC, PO Box 72479, Dubai, UAE
          DFSA Firm Reference No. F004422
          Notice No. W526/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          The Rules specified in Table 1 in this notice are waived in relation to Beehive P2P Limited.

          The Rules specified in the left hand column of Table 2 in this notice do not apply to Beehive P2P 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 Rules 7.4.6 and 7.4.8
          AML Rules 11.2.1, 11.2.3 and 11.2.4

          RULES MODIFIED

          TABLE 2
          Rule Modified Text
          GEN 5.3.9 An Authorised Person must ensure that the Compliance Officer has access to it allocates sufficient resources to compliance, including an adequate number of competent staff, to perform his and that compliance duties can be carried out objectively and independently of operational and business functions.
          GEN 5.3.10 An Authorised Person must ensure that persons performing compliance duties have the Compliancc Officer has unrestricted access to relevant records and to the Authorised Person's-Governing Body and senior management.
          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) compliance matters in relation to the Authorisation Firm's Financial Services; and
          (iii) implementation of the Authorised Firm's anti-money laundering policies, procedures, systems and controls and oversight of its compliance with the Rules in AML and any relevant anti money laundering legislation applicable in the DIFC; and
          (b) is a Director, Partner or Senior Manager of the Authorised Firm.
          GEN 7.5.1
          (1) An Authorised Firm must, subject to (2), make the following appointments and ensure that they are held by one or more Authorised Individuals at all times:
          (a) Senior Executive Officer; and
          (b) Finance Officer;.
          (c) Compliance Officer; and
          (d) Money Laundering Reporting Officer
          (2) .....
          GEN 7.6.13 An Authorised Firm must ensure, in the case of an individuals seeking to perform the Licensed Functions of Senior Executive Officer, Money Laundering Reporting Officer, or Compliance Officer, that such the individuals are is able to demonstrate sufficient knowledge of relevant anti money laundering requirements.
          AML 11.2.5 A Relevant Person may outsource the role of MLRO anti-money laundering functions to an individual outside the Relevant Person provided that the relevant individual under the outsourcing agreement is and remains suitable to perform that function the MLRO role.
          AML 11.3.1 A Relevant Person must ensure that its MLRO any individual performing anti-money laundering functions for the Relevant Person has:
          (a) direct access to its senior management;
          (b) sufficient resources including, if necessary, an appropriate number of appropriately trained Employees to assist in the performance of his duties in an effective, objective and independent manner;
          (c) a level of seniority and independence within the Relevant Person to enable him to act on his own authority; and
          (d) timely and restricted access to information sufficient to enable him to carry out his responsibilities in Rule 11.4.1
          AML 11.4.1 A Relevant Person must ensure that its MLRO Senior Executivee Officer implements and has oversight of and is responsible for the following matters:
          (a) the day-to-day operations for compliance by the Relevant Person with its AML policies, procedures, systems and controls;
          (b) acting as the point of contact to receive notifications from the Relevant Person's Employees under Rule 13.2.2.
          (c) taking appropriate action under Rule 13.3.1 following the receipt of a notification from an Employee;
          (d) making, in accordance with Federal Law No. 4 of 2002, Suspicious Activity Reports;
          (e) acting as the point of contact within the Relevant Person of competent U.A.E authorities and the DFSA regarding money laundering issues;
          (f) responding promptly to any request for information made by competent U.A.E authorities or the DFSA;
          (g) receiving and acting upon any relevant findings, recommendations, guidance, directives, resolution, sanctions, notices or other conclusions described in chapter 10; and
          (h) establishing and maintaining an appropriate money laundering training programme and adequate awareness arrangements under chapter 12
          AML 12.1.1 A Relevant Person must:
          (a) provide AML training to all relevant Employees at appropriate and regular intervals;
          (b) ensure that its AML training enables its Employees to:
          (i) understand the relevant legislation relating to money laundering, including Federal Law No. 4 of 2002, Federal Law No. 1 of 2004 and any other relevant Federal laws;
          (ii) to understand its policies, procedures, systems and controls related to money laundering and any changes to these;
          (iii) recognise and deal with transactions and other activities which may be related to money laundering;
          (iv) understand the types of activity that may constitute suspicious activity in the context of the business in which an Employee is engaged and that may warrant a notification to the MLRO Senior Executive Officer under Rule 13.2.2;
          (v) understand its arrangements regarding the making of a notification to the MLRO Senior Executive Officer under Rule 13.2.2.;
          (vi) be aware of the prevailing techniques, methods and trends in money laundering relevant to the business of the Relevant Person;
          (vii) understand the roles and responsibilities of Employees in combating money laundering, including the identity and responsibility of the Relevant Person's MLRO and deputy, where applicable; and
          (viii) understand the relevant findings, recommendations, guidance, directives, resolution, sanctions, notices or other conclusions described in chapter 10; and
          (c) ensure that its AML training:
          (i) is appropriately tailored to the Relevant Peron's activities, including its products, services, customers, distribution channels, business partners, level and complexity of its transactions; and
          (ii) indicates the different levels of money laundering risk and vulnerabilities associated with the matters in (c)(i)
          AML 13.2.2 A Relevant Person must have policies, procedures, systems and controls to ensure that whenever any Employee, acting in the ordinary course of his employment, either:
          (a) knows;
          (b) suspects; or
          (c) has reasonable grounds for knowing or suspecting;
          that a person is engaged in or attempting money laundering or terrorist financing, that Employee promptly notifies the Relevant Person's MLRO Senior Executive Officer and provides the MLRO Senior Executive Officer with all relevant details.
          AML 13.3.1 A Relevant Person must ensure that where the Relevant Person's MLRO Senior Executive Officer receives a notification under Rule 13.2.2, the MLRO Senior Executive Officer, without delay:
          (a) investigates and documents the circumstances in relation to which the notification made under Rule 13.2.2. was made;
          (b) determines whether in accordance with Federal Law No. 4 of 2002 a Suspicious Activity Report must be made to the AMLSCU and documents such determination;
          (c) if required, makes a Suspicious Activity Report to the AMLSCU as soon as practicable; and
          (d) notifies the DFSA of the making of such Suspicious Activity Report immediately following its submissions to the AMLSCU
          AML 13.3.2 Where, following a notification to the MLRO Senior Executive Officer under 13.2.2, no Suspicious Activity Report is made, a Relevant Person must record the reasons for not making a Suspicious Activity Report.
          AML 13.3.3 A Relevant Person must ensure that if the MLRO Senior Executive Officer decides to make a Suspicious Activity Report, his decision is made independently and is not subject to the consent or approval of any other person.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on 1 August 2017 and remains in force until 31 December 2017.

          INTERPRETATION

          The provisions in this notice are to be constructed 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 capitalisaton 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: Chief Executive
          DATE OF ISSUE: 26 July 2017

        • W525/2017 — Beehive P2P Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Beehive P2P Limited
          Address Unit 42B, Level 3, Gate Village Building 10, DIFC, PO Box 72479, Dubai, UAE
          DFSA Firm Reference No. F004422
          Notice No. W525/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          The Rules specified in the left hand column of Table 1 in this notice do not apply to Beehive P2P Limited in the form appearing in the Rulebook but instead apply as modified in the right hand column of that table/

          RULES MODIFIED

          Rule Modified Text
          COB 6.12.1 All Money held or controlled on behalf of a Client in the course of, or in connection with, the carrying on of Investment Business in or from the DIFC is Client Money, except Money which is:
          (a) held by the Authorised Firm as a Bank in an accout with itself, provided the Authorised Firm notifies the Client in writing that the Client Money is held by it as a Bank and not in accordance with this chapter;
          (b) immediately due and payable by the Client to the Authorised Firm;
          (c) belonging to another Person within the Authorised Firm's Group unless that Person is an Authorised Firm and Regulated Financial Instiution and that Person has confirmed to the Authorised Firm, in writing, that the beneficial owner of the Money is a Person who is not part of the Authorised Firm's Group
          (d) in an account in the Client's name over which the Authorised Firm has a mandate or similar authority and who is in compliance with Rule 6.11.3 (2);
          (e) received in the form of a cheque, or other payable order, made payable to a third party than a Person or account controlled by the Authorised Firm, provided the cheque or other payable order is intended to be forwarded to the third party within three1 business days of receipt; or
          (f) Fund Property of a Fund.
          IFR 3.7.4 An Authorised Person must ensure that the internal Shari'a review is performed by the internal audit function, or the compliance function of the Authorised Person or the Shari'a Supervisory Board and that the individuals or departments involved in performing the review are competent and sufficiently indepedent to assess compliance with Shari'a.

          CONDITIONS

          None

          EFFECTIVE PERIOD

          This notice comes into effect on 1 August 2017 and remains in force until 31 July 2018.

          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: Chief Executive
          DATE OF ISSUE: 26 July 2017

        • W524/2017 — NBK Capital Partners Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To NBK Capital Partners Limited
          Address Level 4, Precinct Building 3, DIFC, PO Box 506506, Dubai, UAE
          DFSA Firm Reference No. F000150
          Notice No. W524/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          The Rules specified in Table A herein do not apply to the above mentioned Person.

          AND

          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a),(c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 26 July 2017

        • W523/2017 — EnTrustPermal Ltd

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To EnTrustPermal Ltd
          Address Level 8, The Gate, West Wing, PO Box 506520, DIFC, Dubai, UAE
          DFSA Firm Reference No. F000012
          Notice No. W523/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          The Rules specified in Table A herein do not apply to the above mentioned Person.

          AND

          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Rose Plunkett
          Position: Acting Managing Director, Supervision
          DATE OF ISSUE: 22 June 2017

        • W522/2017 — Sanne Group (Dubai) Limited

          Click here to view PDF.

          WAIVER NOTICE

          To Sanne Group (Dubai) Limited
          Address Unit 111, Level 1, Tower 2, Al Fattan Currency House, DIFC, PO Box 482042, Dubai, UAE
          DFSA Firm Reference No. F003539
          Notice No. W522/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          The Rules specified in the table herein do not apply to the above mentioned Person.

          RULES WAIVED

          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 19 June 2017

        • W520/2017 IFR — Alpha Star Holding III Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Alpha Star Holding III Limited
          Address Walkers Fiduciary Limited, Cayman Corporate Centre, 27 Hospital Road, George Town, Grand Cayman, KY1-11029008, Cayman Islands
          DFSA Firm Reference No. F004224
          Notice No. W520/2017

          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
          IFR [7.2.1] Deleted.

          For the purposes of this section and section 7.3, a reference to a Shari'a Supervisory Board is a reference to such a board, appointed by the Issuer of Islamic Securities, and which meets the following requirements:
          (a) it has at least two individuals as its members;
          (b) those members are competent to perform their functions as Shari'a Supervisory Board members;
          (c) any appointments, dismissals or changes in respect of the members of the Shari'a Supervisory Board are approved by the Governing Body of the Reporting Entity; and
          (d) no member of the Shari'a Supervisory Board is a director or Controller of the Reporting Entity.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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: Eric Salomons
          Position: Director, Head of Markets
          DATE OF ISSUE: 16 May 2017

        • W521/2017 — Arma Underwriting Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Arma Underwriting Limited
          Address Precinct Building 3, Office 505b, DIFC, PO Box 507217, Dubai, UAE
          DFSA Firm Reference No. F003891
          Notice No. W521/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.

          AND

          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 21 May 2017

        • W519/2017 AML & GEN — Old Mutual International Middle East Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Old Mutual International Middle East Limited
          Address Office 7 & 8, Level 2, Gate Village 07, The Gate District, DIFC, PO Box 482062, Dubai, UAE
          DFSA Firm Reference No. F001255
          Notice No. W519/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 7 May 2017

        • W516/2017 PIN — ACWA Power Reinsurance Co Limited

          Click here to view PDF

          WAIVER AND MODIFICATION NOTICE

          To ACWA Power Reinsurance Co Limited
          Address The Gate Precinct Building 2, Level 5, Office 1B, DIFC, P.O. Box 506770, Dubai, UAE
          DFSA Firm Reference No. F001352
          Notice No. W516/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.

          AND

          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          PIN Rule 6.3.1 (Quarterly regulatory return)
          PIN Appendix 4 Rule A4.8 (Concentration risk component)
          PIN Appendix 4 Rule A4.9 (Size factor component)

          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.

          TABLE B
          Rule Modified Text
          PIN 7.2.3
          (1) Subject to (2), Eevery Insurer must provide to the DFSA as at each reporting date a written report relating to its General Insurance Business, prepared by an Actuary who has the qualifications set out in section 7.5.
          (2) An Insurer which is a Class 3 Captive Insurer shall not be required to provide to the DFSA the written report referred to in (1).
          PIN A4.4.1
          (1) An Insurer must calculate its default risk component as the sum of the amounts obtained by multiplying the value of each asset of the Insurer with the percentage applicable to that asset, as set out in the tables contained in this Rule and subject to the provisions of Rules A4.4.2, A4.4.5, A4.4.6 and A4.4.7.
          (a) Assets that are Invested Assets
            Asset %
          (a) Bonds Rated "AAA", issued by a Government or Government Agency 0.0
          (b) Bonds not included in (a), Rated "A" or better 0.4
          (c) Bond Rated "BBB" 3.3
          (d) Bond Rated "BB" 7.5
          (e) Bonds Rated "B" 13.7
          (f) Bonds Rated "CCC" 20.2
          (g) Other Rated Bonds 30.0
          (h) Secured Loans – performing 2.0
          (i) Secured Loans – non performing 14.0
          (j) Loans to Directors of the Insurer or to Directors of related parties, or to the dependent relatives of such Directors 100.0
          (k) Unsecured loans to employees (except loans of less than $1,000) 100.0
          (l) Other bonds and loans 50.0
          (m) Qualifying intra-group loans See Note (1)
          (n) Rated money market funds See Note (2)
            Note 1: The percentage for a qualifying intra-group loan is determined by the credit rating of the borrowing company. The loan is to be accorded the same percentage as the equivalent rated bond under (a)-(f).  
            Note 2: A rated money market fund instrument (of 12 months or less duration) is to be accorded the same percentage as the equivalent rated bond under (a)-(f).  
                  (b) Assets that are not Invested Assets
          Asset %
          (a) Reinsurance recoverable from:  
                i. reinsurers Rated 'AAA' 0.5
                ii. reinsurers Rated 'AA' 1.2
                iii. reinsurers Rated 'A' 1.9
                iv. reinsurers Rated 'BBB' 4.7
                v. reinsurers Rated 'BB' 9.6
                vi. reinsurers Rated 'B' 23.8
                vii. reinsurers Rated 'CCC' 49.7
                viii. reinsurers Rated 'R' 50.0
                ix. other reinsurers 25.0
          (b) Other assets 3.0
          (2) For the purposes of this Rule, a Captive Insurer may treat an intra-Group loan as a "qualifying intra-group loan" where the intra-Group loan meets all of the following criteria:
          (a) the loan is made to a member of the Insurer's Group;
          (b) the loan repayment is for a limited period no longer than 12 months and no automatic rollover is permitted;
          (c) the loan attracts a commercial rate of interest;
          (d) the loan agreement contains a condition that the loan is repayable immediately on the instruction of the DFSA; and
          (e) the loan has been approved by the DFSA for the purposes of this Rule.
          (3) An Insurer must ensure that the amounts referred to in (2)(a) are held as cash.
          PIN A4.5.1 Subject to Rule A4.5.2, an Insurer must calculate its investment volatility risk component as the sum of the amounts obtained by multiplying the value of each Invested Asset with the relevant percentage applicable to that asset as set out in the following table.

          Asset %
          (a) All bonds up to 1 year to maturity 1.0
          (b) Bonds between 1 and 2 years to maturity 2.0
          (c) Bonds between 2 and 5 years to maturity 4.0
          (d) Bonds between 5 and 10 years to maturity 6.0
          (e) All other bonds 8.0
          (f) Equity investments* 15.0
          (g) Preference shares 6.0
          (h) Land and buildings 18.0
          (i) Qualifying intra-group loans 1.0
          *Note: Item (f) includes equity shares, participations in collective investment schemes (whether or not the underlying investments are themselves equity investments), participations in joint ventures, and certificates of Mudaraba and Musharaka.

          CONDITIONS

          None

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue of this notice and remains in force until further notice.

          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: Bryan Stirewalt

          Position: Managing Director, Supervision

          DATE OF ISSUE:

          12 April 2017

        • W517/2017 AML & GEN — Macquarie Bank Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Macquarie Bank Limited
          Address Unit 110 – 111, Level 1, Gate Village Building 6, DIFC, PO Box 506751, Dubai, UAE
          DFSA Firm Reference No. F001369
          Notice No. W517/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 25 April 2017

        • W515/2017 GEN — Moody's Investors Service Middle East Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Moody's Investors Service Middle East Limited
          Address Level 3, Gate Precinct Building 3, DIFC, PO Box 506845, Dubai, United Arab Emirates
          DFSA Firm Reference No. F002033
          Notice No. W515/2017

          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
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Arvind Baghel
          Position: Director, Supervision
          DATE OF ISSUE: 4 April 2017

        • W512/2017 AML & GEN — Rasameel Investment House Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Rasameel Investment House Limited
          Address Office 41, Level 3, Gate Village 10, DIFC, PO Box 506878, Dubai, UAE
          DFSA Firm Reference No. F000930
          Notice No. W512/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 22 March 2017

        • W511/2017 GEN — Rasameel Investment House Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Rasameel Investment House Limited
          Address Office 41, Level 3, Gate Village 10, DIFC, PO Box 506878 , Dubai, UAE
          DFSA Firm Reference No. F000930
          Notice No. W511/2017

          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
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 22 March 2017

        • W510/2017 GEN — Starr Underwriting Agents (Dubai) Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Starr Underwriting Agents (Dubai) Limited
          Address Level 4, Precinct Building 2, DIFC, PO Box 507061, Dubai, UAE
          DFSA Firm Reference No. F003221
          Notice No. W510/2017

          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
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 20/03/2017

        • W509/2017 AML & GEN — Starr Underwriting Agents (Dubai) Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Starr Underwriting Agents (Dubai) Limited
          Address Level 4, Precinct Building 2, DIFC, PO Box 507061, Dubai, UAE
          DFSA Firm Reference No. F003221
          Notice No. W509/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 20/03/2017

        • W508/2017 AML & GEN — MUFG Securities EMEA plc

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To MUFG Securities EMEA plc
          Address Level 3, East Wing, The Gate Dubai International Financial Centre PO Box 506894, Dubai UAE
          DFSA Firm Reference No. F002623
          Notice No. W508/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 6 months thereafter or until further notice, whichever 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: Nicholas Alves
          Position: Head of Regulatory Legal Affairs
          DATE OF ISSUE: 15 March 2017

        • W507/2017 GEN — MUFG Securities EMEA plc

          Click here to view PDF.

          MODIFICATION NOTICE

          To MUFG Securities EMEA plc
          Address Level 3, East Wing, The Gate Dubai International Financial Centre PO Box 506894, Dubai UAE
          DFSA Firm Reference No. F002623
          Notice No. W507/2017

          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
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 6 months thereafter or until further notice, whichever 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: Nicholas Alves
          Position: Head of Regulatory Legal Affairs
          DATE OF ISSUE: 15 March 2017

        • W506/2017 GEN — Arig Insurance Management (DIFC) Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Arig Insurance Management (DIFC) Limited
          Address Unit C407, Level 4, Burj Daman, DIFC, PO Box 506550 Dubai, UAE
          DFSA Firm Reference No. F002837
          Notice No. W506/2017

          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
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 23 February 2017

        • W505/2017 AML & GEN — Arig Insurance Management (DIFC) Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Arig Insurance Management (DIFC) Limited
          Address Unit C407, Level 4, Burj Daman, DIFC, PO Box 506550 Dubai, UAE
          DFSA Firm Reference No. F002837
          Notice No. W505/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 23 February 2017

        • W504/2017 AML & GEN — Beehive P2P Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Beehive P2P Limited
          Address Beehive P2P Limited, Unit 42 B, Level 3, Gate Village Building 10, DIFC, Dubai, PO Box 72479, United Arab Emirates
          DFSA Firm Reference No. F003177
          Notice No. W504/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          The Rules specified in Table 1 in this notice are waived in relation to Beehive P2P Limited.

          The Rules specified in the left hand column of Table 2 in this notice do not apply to Beehive P2P 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 Rules 7.4.6 and 7.4.8
          AML Rules 11.2.1, 11.2.3 and 11.2.4

          RULES MODIFIED

          TABLE 2
          Rule Modified Text
          GEN 2A.1.1 For the purposes of Article 41B(2) of the Regulatory Law, a "Financial Product" means an Investment, a Credit Facility, a Deposit, a Profit Sharing Investment Account, or a Contract of Insurance or a Crowdfunding Loan Agreement.
          GEN 3.3.1 Pursuant to Article 41A(4) of the Regulatory Law, "financial product" in Article 41A(3)(b) of the Regulatory Law is hereby prescribed to mean an Investment, a Credit Facility, a Deposit, a Profit Sharing Investment Account, or a Contract of Insurance or a Crowdfunding Loan Agreement.
          GEN 5.3.9 An Authorised Person must ensure that the Compliance Officer has access to it allocates sufficient resources to compliance, including an adequate number of competent staff, to perform his and that compliance duties can be carried out objectively and independently of operational and business functions.
          GEN 5.3.10 An Authorised Person must ensure that persons performing compliance duties have the Compliance Officer has unrestricted access to relevant records and to the Authorised Person's Governing Body and senior management.
          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) compliance matters in relation to the Authorised Firm's Financial Services; and
          (iii) implementation of the Authorised Firm's anti-money laundering policies, procedures, systems and controls and oversight of its compliance with the Rules in AML and any relevant anti money laundering legislation applicable in the DIFC; and
          (b) is a Director, Partner or Senior Manager of the Authorised Firm.
          GEN 7.5.1
          (1) An Authorised Firm must, subject to (2), make the following appointments and ensure that they are held by one or more Authorised Individuals at all times:
          (a) Senior Executive Officer; and
          (b) Finance Officer;.
          (c) Compliance Officer; and
          (d) Money Laundering Reporting Officer.
          (2) .....
          GEN 7.6.13 An Authorised Firm must ensure, in the case of an individuals seeking to perform the Licensed Functions of Senior Executive Officer, Money Laundering Reporting Officer, or Compliance Officer, that such the individuals are is able to demonstrate sufficient knowledge of relevant anti money laundering requirements.
          GEN A.2.2.1 For the purposes of Rule A2.1.2:

          Shares
          (a) a Share is a share or stock in the share capital of any Body Corporate or any unincorporated body but excluding a Unit;
          Debentures
          (b) a Debenture is an instrument creating or acknowledging indebtedness, whether secured or not, but excludes:
          (i) an instrument creating or acknowledging indebtedness for, or for money borrowed to defray, the consideration payable under a contract for the supply of goods or services;
          (ii) a cheque or other bill of exchange, a banker's draft or a letter of credit (but not a bill of exchange accepted by a banker);
          (iii) a banknote, a statement showing a balance on a bank account, or a lease or other disposition of property; and
          (iv) a Contract of Insurance; and
          (v) a Crowdfunding Loan Agreement;
          .....
          COB 2.3.3
          (1) An Authorised Firm may classify a Person as a Professional Client if that Person:
          (a) meets the requirements to be:
          (i) a "deemed" Professional Client pursuant to Rule 2.3.4;
          (ii) a "service-based" Professional Client pursuant to either paragraph (3), Rule 2.3.5 or Rule 2.3.6; or
          (iii) an "assessed" Professional Client pursuant to either Rule 2.3.7 or Rule 2.3.8; and
          (b) has not opted-in to be classified as a Retail Client in accordance with the requirements in Rule 2.4.1.
          (2) If an Authorised Firm becomes aware that a Professional Client no longer fulfils the requirements to remain classified as a Professional Client, the Authorised Firm must, as soon as possible, inform the Client that this is the case and the measures that are available to the firm and the Client to address that situation.
          (3) For the purposes of (1)(a)(ii), a Person is also a 'service-based' Professional Client if:
          (a) the service provided to that Person is Operating a Loan-based Crowdfunding Platform; and
          (b) the Person is a Body Corporate and is using the service to borrow funds from lenders.
          COB 6.12.1 All Money held or controlled on behalf of a Client in the course of, or in connection with, the carrying on of Investment Business in or from the DIFC is Client Money, except Money which is:
          (a) held by the Authorised Firm as a Bank in an account with itself, provided the Authorised Firm notifies the Client in writing that the Client Money is held by it as a Bank and not in accordance with this chapter;
          (b) immediately due and payable by the Client to the Authorised Firm;
          (c) belonging to another Person within the Authorised Firm's Group unless that Person is an Authorised Firm or Regulated Financial Institution and that Person has confirmed to the Authorised Firm, in writing, that the beneficial owner of the Money is a Person who is not part of the Authorised Firm's Group;
          (d) in an account in the Client's name over which the Authorised Firm has a mandate or similar authority and who is in compliance with Rule 6.11.3 (2);
          (e) received in the form of a cheque, or other payable order, made payable to a third party other than a Person or account controlled by the Authorised Firm, provided the cheque or other payable order is intended to be forwarded to the third party within three1 business days of receipt; or
          (f) Fund Property of a Fund.
          COB A2.1.1
          (1) The key information which an Authorised Firm is required to provide to a Client and include in the Client Agreement with that Client pursuant to Rule 3.3.2 must include:
          (a) the core information set out in:
          (i) Rule A2.1.2 (1) if it is a Retail Client; and
          (ii) Rule A2.1.2(2) if it is a Professional Client; and
          (b) where relevant, the additional information required under Rules A2.1.3 for Investment Business and Rule A2.1.4 for Investment Management .; and
          (c) the additional terms set out in (2) and (3) if the Client Agreement relates to the use of a loan-based crowdfunding platform.
          (2) The following terms must be included in a Client Agreement between the Authorised Firm and a Client that is a lender:
          (a) the operator's obligations to administer the loan, including how repayments made by the borrower will be transferred to the lender and steps that will be taken if repayments by a borrower are overdue or the borrower is in default;
          (b) the steps that will be taken by the operator and lender to ensure that the lender complies with any applicable limits relating to the amounts of loans that may be made using the platform; and
          (c) the contingency arrangements that the operator will put in place to deal with a platform failure or the operator ceasing to carry on its business.
          (3) The following terms must be included in a Client Agreement between the Authorised Firm and a Client that is a borrower:
          (a) a restriction on the borrower using any other crowdfunding service to raise funds during the commitment period;
          (b) a restriction on the borrower or any Person Connected to the borrower, lending or financing, or arranging lending or finance for, a lender using the service;
          (c) a restriction on the borrower advertising its proposal, or soliciting potential lenders, outside the platform during the commitment period;
          (d) a restriction on the borrower making any material change to its proposal during the commitment period;
          (e) a requirement on the borrower to give reasonable advance notice to the operator of any material change affecting the borrower, its business or the carrying out of its proposal; and
          (f) the obligations of the borrower if there is any material change after funds have been provided.
          IFR 3.7.4 An Authorised Person must ensure that the internal Shari'a review is performed by the internal audit function, or the compliance function of the Authorised Person or the Shari'a Supervisory Board and that the individuals or departments involved in performing the review are competent and sufficiently independent to assess compliance with Shari'a.
          AML 11.2.5 A Relevant Person may outsource the role of MLRO anti-money laundering functions to an individual outside the Relevant Person provided that the relevant individual under the outsourcing agreement is and remains suitable to perform that functionthe MLRO role.
          AML 11.3.1 A Relevant Person must ensure that its MLRO any individual performing anti-money laundering functions for the Relevant Person has:
          (a) direct access to its senior management;
          (b) sufficient resources including, if necessary, an appropriate number of appropriately trained Employees to assist in the performance of his duties in an effective, objective and independent manner;
          (c) a level of seniority and independence within the Relevant Person to enable him to act on his own authority; and
          (d) timely and unrestricted access to information sufficient to enable him to carry out his responsibilities in Rule 11.4.1.
          AML 11.4.1 A Relevant Person must ensure that its MLRO Senior Executive Officer implements and has oversight of and is responsible for the following matters:
          (a) the day-to-day operations for compliance by the Relevant Person with its AML policies, procedures, systems and controls;
          (b) acting as the point of contact to receive notifications from the Relevant Person's Employees under Rule 13.2.2;
          (c) taking appropriate action under Rule 13.3.1 following the receipt of a notification from an Employee ;
          (d) making, in accordance with Federal Law No. 4 of 2002, Suspicious Activity Reports;
          (e) acting as the point of contact within the Relevant Person for competent U.A.E. authorities and the DFSA regarding money laundering issues;
          (f) responding promptly to any request for information made by competent U.A.E. authorities or the DFSA;
          (g) receiving and acting upon any relevant findings, recommendations, guidance, directives, resolutions, sanctions, notices or other conclusions described in chapter 10; and
          (h) establishing and maintaining an appropriate money laundering training programme and adequate awareness arrangements under chapter 12.
          AML 12.1.1 A Relevant Person must:
          (a) provide AML training to all relevant Employees at appropriate and regular intervals;
          (b) ensure that its AML training enables its Employees to:
          (i) understand the relevant legislation relating to money laundering, including Federal Law No. 4 of 2002, Federal Law No. 1 of 2004 and any other relevant Federal laws;
          (ii) understand its policies, procedures, systems and controls related to money laundering and any changes to these;
          (iii) recognise and deal with transactions and other activities which may be related to money laundering;
          (iv) understand the types of activity that may constitute suspicious activity in the context of the business in which an Employee is engaged and that may warrant a notification to the MLRO Senior Executive Officer under Rule 13.2.2;
          (v) understand its arrangements regarding the making of a notification to the MLRO Senior Executive Officer under Rule 13.2.2;
          (vi) be aware of the prevailing techniques, methods and trends in money laundering relevant to the business of the Relevant Person;
          (vii) understand the roles and responsibilities of Employees in combating money laundering, including the identity and responsibility of the Relevant Person's MLRO and deputy, where applicable; and
          (viii) understand the relevant findings, recommendations, guidance, directives, resolutions, sanctions, notices or other conclusions described in chapter 10; and
          (c) ensure that its AML training:
          (i) is appropriately tailored to the Relevant Person's activities, including its products, services, customers, distribution channels, business partners, level and complexity of its transactions; and
          (ii) indicates the different levels of money laundering risk and vulnerabilities associated with the matters in (c)(i).
          AML 13.2.2 A Relevant Person must have policies, procedures, systems and controls to ensure that whenever any Employee, acting in the ordinary course of his employment, either:
          (a) knows;
          (b) suspects; or
          (c) has reasonable grounds for knowing or suspecting;
          that a person is engaged in or attempting money laundering or terrorist financing, that Employee promptly notifies the Relevant Person's MLRO Senior Executive Officer and provides the MLRO Senior Executive Officer with all relevant details.
          AML 13.3.1 A Relevant Person must ensure that where the Relevant Person's MLRO Senior Executive Officer receives a notification under Rule 13.2.2, the MLROSenior Executive Officer, without delay:
          (a) investigates and documents the circumstances in relation to which the notification made under Rule 13.2.2 was made;
          (b) determines whether in accordance with Federal Law No. 4 of 2002 a Suspicious Activity Report must be made to the AMLSCU and documents such determination;
          (c) if required, makes a Suspicious Activity Report to the AMLSCU as soon as practicable; and
          (d) notifies the DFSA of the making of such Suspicious Activity Report immediately following its submission to the AMLSCU.
          AML 13.3.2 Where, following a notification to the MLRO Senior Executive Officer under 13.2.2, no Suspicious Activity Report is made, a Relevant Person must record the reasons for not making a Suspicious Activity Report.
          AML 13.3.3 A Relevant Person must ensure that if the MLRO Senior Executive Officer decides to make a Suspicious Activity Report, his decision is made independently and is not subject to the consent or approval of any other person.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on 1 March 2017 and remains in force until 1 August 2017.

          INTERPRETATION

          In this Notice:

          (a) "administer" a loan agreement includes:
          (i) provide information or perform other duties under the loan agreement on behalf of the borrower or lender;
          (ii) take steps to obtain the repayment of the loan; or
          (iii) exercise rights or obligations under the loan agreement on behalf of the borrower or lender;
          (b) "borrower" means a Person who borrows or is seeking to borrow money using the service;
          (c) "commitment period" means the period specified by the operator during which lenders may commit to lending money to a particular borrower;
          (d) "Crowdfunding Loan Agreement" means a loan agreement that results from the use of the service;
          (e) "electronic platform" or "platform" means a website or other form of electronic media used to provide the service;
          (f) "lender" means a person who:
          (i) lends money under a loan agreement; or
          (ii) by assignment has assumed the rights and obligations of a person who has lent money under a loan agreement;
          (g) "loan agreement" means a loan agreement between a borrower and lender;
          (h) "operator" means Beehive P2P Limited;
          (i) "Operating a Loan-based Crowdfunding Platform" means carrying on any one or more of the following activities:
          (i) operating an electronic platform that facilitates the bringing together of potential lenders and borrowers;
          (ii) administering a loan agreement that results from operating the electronic platform; or
          (iii) providing a facility that assists a lender under a loan agreement referred to in (ii) to transfer his rights and obligations under the loan agreement to another person;
          (j) "service" means the service provided by Beehive P2P Limited of Operating a Loan-based Crowdfunding Platform.

          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 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: Chief Executive
          DATE OF ISSUE: 19 February 2017

        • W503/2017 AML & GEN — ICBC Standard Bank PLC (DIFC Branch)

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To ICBC Standard Bank PLC (DIFC Branch)
          Address Office No 1501, 15th Floor, Currency Tower, DIFC, PO Box 482049, Dubai, UAE
          DFSA Firm Reference No. F000028
          Notice No. W503/2017

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 17 January 2017

        • W502/2017 GEN — ICBC Standard Bank PLC (DIFC Branch)

          Click here to view PDF.

          MODIFICATION NOTICE

          To ICBC Standard Bank PLC (DIFC Branch)
          Address Office No 1501, 15th Floor, Currency Tower, DIFC, PO Box 482049, Dubai, UAE
          DFSA Firm Reference No. F000028
          Notice No. W502/2017

          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
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 17 January 2017

      • 2016

        • W501/2016 COB — Clements (Dubai) Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Clements (Dubai) Limited
          Address Office 509, Level 5, Building 3, Gate Precinct, DIFC, PO Box 30613, Dubai, UAE
          DFSA Firm Reference No. F002007
          Notice No. W501/2016

          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 Rule specified in the left hand column is 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.

          Rule Modified Text
          COB 2.3.8
          (1) For the purposes of Rule 2.3.3(1)(a)(iii), an Undertaking is an 'assessed' Professional Client if the Undertaking:
          (a) appears on reasonable grounds to have sufficient experience and understanding of relevant financial markets, products or transactions and any associated risks, following the analysis set out in Rule 2.4.3; and
          (b) either:
          (i) has own funds or called up capital of at least $1 million; and or
          (ii) meets the conditions specified under (3). appears, on reasonable grounds, to have sufficient experience and understanding of relevant financial markets, products or transactions and any associated risks, following the analysis set out in Rule 2.4.3.
          (2) An Authorised Firm may also classify an Undertaking as a Professional Client if the Undertaking has:
          (a) a controller;
          (b) a Holding Company;
          (c) a Subsidiary; or
          (d) a joint venture partner,

          who meets the requirements to be classified as an 'assessed' Professional Client pursuant to either Rule 2.3.7(1)(a) and (b)(ii) or Rule 2.3.8(1) as applicable, or a 'deemed' Professional Client pursuant to Rule 2.3.4(1).
          (3) For the purposes of (1)(b)(ii), the conditions are that:
          (a) the Undertaking:
          (i) is a 'not for profit' organisation which conducts humanitarian services in a High Risk Area;
          (ii) operates in a region declared by the World Health Organisation to be affected by pandemic or endemic disease;
          (iii) provides support or ancillary services to an organisation of the kind described under (i) or (ii); or
          (iv) carries on an activity of operating a school, diplomatic mission, healthcare services, security or other similar service or operation to support expatriate workers in a High Risk Area;
          (b) the Financial Service provided to the Undertaking is either Insurance Intermediation or Insurance Management and relates to one or more of the following types of Contracts of Insurance:
          (i) life and personal accident, which includes war and terrorism;
          (ii) group medical, which includes disease or medical evacuation;
          (iii) world auto fleet Insurance, which includes war and terrorism;
          (iv) combined general liability;
          (v) defence base act insurance for contractors working on military bases;
          (vi) marine cargo for shipment and inland transit of goods;
          (vii) kidnap and ransom, which includes threat;
          (viii) political violence, which includes war and terrorism;
          (ix) political risk, which includes expropriation, nationalisation and confiscation; or
          (x) any other Contract of Insurance of a type similar to those specified in (i) to (ix);
          (c) if Insurance Management services are provided to the Undertaking, the Authorised Firm informs the Undertaking before it enters into a Contract of Insurance if the service is being provided as an Insurance Agent of the relevant insurer, and not as an Insurance Broker.
          (34) In this Rule:
          (a) the terms 'own funds' and 'called up capital' in (1)(a) have the meaning given under Rule 2.3.4(3)(b) or (c) as the case may be; and
          (b) the term 'controller' in (2)(a) means an individual who meets the criteria in Rule 2.3.5(2).; and
          (c) 'High Risk Area' in (3) means a country or location affected by war or war-like activities.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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: Chief Executive
          DATE OF ISSUE: 20 December, 2016

        • W500/2016 AML & GEN — MS Amlin (MENA) Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To MS Amlin (MENA) Limited
          Address Level 3, Precinct Building 2, DIFC, P.O. Box 506929, Dubai, UAE
          DFSA Firm Reference No. F002680
          Notice No. W500/2016

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 18 December 2016

        • W499/2016 GEN — MS Amlin (MENA) Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To MS Amlin (MENA) Limited
          Address Level 3, Precinct Building 2, DIFC, P.O. Box 506929, Dubai, UAE
          DFSA Firm Reference No. F002680
          Notice No. W499/2016

          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
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 18 December 2016

        • W498/2016 AML & GEN — Merrill Lynch International (DIFC Branch)

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Merrill Lynch International (DIFC Branch)
          Address 2nd Floor, Gate Village 6,
          DIFC, PO Box 506576,
          Dubai, UAE
          DFSA Firm Reference No. F000216
          Notice No. W498/2016

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 5 December 2016

        • W497/2016 AML & GEN — Oaktree Capital Management (Dubai) Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Oaktree Capital Management (Dubai) Limited
          Address Office No 15052, The Gate, Level 15, DIFC, PO Box 121208, Dubai, UAE
          DFSA Firm Reference No. F002385
          Notice No. W497/2016

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 5 December 2016

        • W496/2016 GEN — Oaktree Capital Management (Dubai) Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Oaktree Capital Management (Dubai) Limited
          Address Office No 15052, The Gate, Level 15, DIFC, PO Box
          121208, Dubai, UAE
          DFSA Firm Reference No. F002385
          Notice No. W496/2016

          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
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 5 December 2016

        • W495/2016 GEN — ActivTrades Plc (trading as ActivTrades)

          Click here to view PDF.

          MODIFICATION NOTICE

          To ActivTrades Plc
          (trading as ActivTrades)
          Address N1702A & N1702B, Level 17, Emirate Financial Towers, PO
          Box 507112, DIFC, United Arab Emirates.
          DFSA Firm Reference No. F003511
          Notice No. W495/2016

          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
          GEN 8.2.2
          (1) An Authorised Person must, except as provided under Rule 8.2.3, prepare and maintain all financial statements in accordance with:
          (a) the International Financial Reporting Standards (IFRS); or
          (b) the Generally Accepted Accounting Principles in the United Kingdom (UK GAAP).
          (2) In this Rule, UK GAAP means accounting and valuation principles set-out in the guidelines of the UK Accounting Standards Board.
          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, or the International Standards on Auditing (UK and Ireland) (ISAs (UK and Ireland)) issued by the UK Audit and Assurance Council;
          (b) produce a Regulatory Returns Auditor's Report in accordance with the Rules in AUD App1 as relevant;
          (c) 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) 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; and
          (e) produce, if the Authorised Firm is permitted to hold or control Client Investments, Arrange Custody 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.

          CONDITIONS

          The 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 carries on Financial Services through a Branch in the DIFC.

          If the condition 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 to whom this notice applies in their unmodified form as they appear in the applicable module of the Rulebook in force at the relevant time.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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: Chief Executive
          DATE OF ISSUE: 23 November 2016

        • W494/2016 GEN — Tavira Securities Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Tavira Securities Limited
          Address Unit S316 , Level 3, South Tower,
          Emirates Financial Towers, Dubai International Financial Centre, PO Box 507091 Dubai,
          United Arab Emirates
          DFSA Firm Reference No. F002929
          Notice No. W494/2016

          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
          GEN 8.2.2
          (1) An Authorised Person must, except as provided under Rule 8.2.3, prepare and maintain all financial statements in accordance with:
          (a) the International Financial Reporting Standards (IFRS); or
          (b) the Generally Accepted Accounting Principles in the United Kingdom (UK GAAP).
          (2) In this Rule, UK GAAP means accounting and valuation principles set-out in the guidelines of the UK Accounting Standards Board.
          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, or the International Standards on Auditing (UK and Ireland) (ISAs (UK and Ireland)) issued by the UK Audit and Assurance Council;
          (b) produce a Regulatory Returns Auditor's Report in accordance with the Rules in AUD App1 as relevant;
          (c) 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) 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; and
          (e) produce, if the Authorised Firm is permitted to hold or control Client Investments, Arrange Custody 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.

          CONDITIONS

          The 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 carries on Financial Services through a Branch in the DIFC.

          If the condition 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 to whom this notice applies in their unmodified form as they appear in the applicable module of the Rulebook in force at the relevant time.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 13 November 2016

        • W493/2016 AML & GEN — Bloomberg Tradebook Europe Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Bloomberg Tradebook Europe Limited
          Address Al Fattan Currency House, Level 10, PO Box 506707, Dubai, UAE
          DFSA Firm Reference No. F001106
          Notice No. W493/2016

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 9 November 2016

        • W492/2016 GEN — Bloomberg Tradebook Europe Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Bloomberg Tradebook Europe Limited
          Address Al Fattan Currency House, Level 10, PO Box 506707, Dubai, UAE
          DFSA Firm Reference No. F001106
          Notice No. W492/2016

          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
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 9 November 2016

        • W491/2016 GEN — Motion Re (Underwriting Agency) Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Motion Re (Underwriting Agency) Limited
          Address Office No ST 20-06, Level 20, Emirates Financial Towers, DIFC, PO Box 9803, Dubai, UAE
          DFSA Firm Reference No. F002018
          Notice No. W491/2016

          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
          GEN 7.5.2

          The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 9 November 2016

        • W490/2016 GEN & AML — Motion Re (Underwriting Agency) Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Motion Re (Underwriting Agency) Limited
          Address Office No ST 20-06, Level 20, Emirates Financial Towers, DIFC, PO Box 9803, Dubai, UAE
          DFSA Firm Reference No. F002018
          Notice No. W490/2016

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.

          AND

          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 9 November 2016

        • W489/2016 GEN — Liberty Specialty Markets MENA Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Liberty Specialty Markets MENA Limited
          Address Gate Village 5, Level 4, DIFC, PO BOX, 506574, Dubai, UAE
          DFSA Firm Reference No. F002783
          Notice No. W489/2016

          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
          GEN 11.6.1
          (1) An Authorised Firm, may, subject to (2) appoint an individual, who is not an Authorised Individual, to carry out the functions of an Authorised Individual where the following conditions are met:
          (a) the absence of the Authorised Individual is temporary or reasonably unforeseen;
          (b) the functions are carried out for 12 24 weeks maximum in any consecutive 12 months; and
          (c) the Authorised Individual has the relevant skills and experience to carry out these functions.
          (2) …….and so on as per the Rulebook text up to and including (3)……

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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: Bryan Stirewalt
          POSITION: Managing Director, Supervision
          DATE OF ISSUE: 9 November 2016

        • W488/2016 GEN — Liberty Mutual Insurance Europe Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Liberty Mutual Insurance Europe Limited
          Address Gate Village, Level 4, DIFC, PO BOX, 506574, Dubai, UAE
          DFSA Firm Reference No. F000264
          Notice No. W488/2016

          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
          GEN 11.6.1
          (1) An Authorised Firm, may, subject to (2) appoint an individual, who is not an Authorised Individual, to carry out the functions of an Authorised Individual where the following conditions are met:
          (a) the absence of the Authorised Individual is temporary or reasonably unforeseen;
          (b) the functions are carried out for 12 24 weeks maximum in any consecutive 12 months; and
          (c) the Authorised Individual has the relevant skills and experience to carry out these functions.
          (2) …….and so on as per the Rulebook text up to and including (3)……

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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: Bryan Stirewalt
          POSITION: Managing Director, Supervision
          DATE OF ISSUE: 9 November 2016

        • W487/2016 AML & GEN — RFIB Group Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To RFIB Group Limited
          Address Office 8, Level 1, Gate Village 7, DIFC, PO Box 506670, Dubai, UAE
          DFSA Firm Reference No. F000162
          Notice No. W487/2016

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Arvind Baghel
          Position: Director, Supervision
          DATE OF ISSUE: 30 October 2016

        • W486/2016 GEN — RFIB Group Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To RFIB Group Limited
          Address Office 8, Level 1, Gate Village 7, DIFC, PO Box 506670, Dubai, UAE
          DFSA Firm Reference No. F000162
          Notice No. W486/2016

          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
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Arvind Baghel
          Position: Director, Supervision
          DATE OF ISSUE: 30 October 2016

        • W485/2016 GEN — The Access Bank UK Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To The Access Bank UK Limited
          Address Unit 1543 , Level 15, Gate Building, Dubai International Financial Centre, PO Box 121208, Dubai, United Arab Emirates
          DFSA Firm Reference No. F003593
          Notice No. W485/2016

          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
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 23 October 2016

        • W484/2016 AML & GEN — The Access Bank UK Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To The Access Bank UK Limited
          Address Unit 1543 , Level 15, Gate Building, Dubai International Financial Centre, PO Box 121208, Dubai, United Arab Emirates
          DFSA Firm Reference No. F003593
          Notice No. W484/2016

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 23 October 2016

        • W483/2016 GEN — SinoGulf (DIFC) Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To SinoGulf (DIFC) Limited ("SGDL")
          Address Suite 414, Liberty House, DIFC, PO Box 49929, Dubai, UAE
          DFSA Firm Reference No. F000633
          Notice No. W483/2016

          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
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 18 October 2016

        • W482/2016 AML & GEN — SinoGulf (DIFC) Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To SinoGulf (DIFC) Limited
          Address Suite 414, Liberty House, DIFC, PO Box 49929, Dubai, UAE
          DFSA Firm Reference No. F000633
          Notice No. W482/2016

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 18 October 2016

        • W481/2016 GEN — Itau Middle East Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Itau Middle East Limited
          Address Suite 305, 3rd Floor, Al Fattan Tower, Currency House,
          PO Box 482034, DIFC, Dubai, UAE
          DFSA Firm Reference No. F000851
          Notice No. W481/2016

          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
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 28 September 2016

        • W480/2016 AML & GEN — Itau Middle East Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Itau Middle East Limited
          Address Suite 305, 3rd Floor, Al Fattan Tower, Currency House,
          PO Box 482034, DIFC, Dubai, UAE
          DFSA Firm Reference No. F000851
          Notice No. W480/2016

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 28 September 2016

        • W479/2016 GEN — Pictet Asset Management Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Pictet Asset Management Limited
          Address Unit 6 & 7, Level 2, Gate Village Building 10, Dubai International Financial Centre, PO Box 507083, Dubai, United Arab Emirates
          DFSA Firm Reference No. F003423
          Notice No. W479/2016

          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
          GEN 8.2.2
          (1) An Authorised Person must, except as provided under Rule 8.2.3, prepare and maintain all financial statements in accordance with:
          (a) the International Financial Reporting Standards (IFRS); or
          (b) the Generally Accepted Accounting Principles in the United Kingdom (UK GAAP).
          (2) In this Rule, UK GAAP means accounting and valuation principles set-out in the guidelines of the UK Accounting Standards Board.
          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, or the International Standards on Auditing (UK and Ireland) (ISAs (UK and Ireland)) issued by the UK Audit and Assurance Council;
          (b) produce a Regulatory Returns Auditor's Report in accordance with the Rules in AUD App1 as relevant;
          (c) 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) 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; and
          (e) produce, if the Authorised Firm is permitted to hold or control Client Investments, Arrange Custody 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.

          CONDITIONS

          The 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 carries on Financial Services through a Branch in the DIFC.

          If the condition 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 to whom this notice applies in their unmodified form as they appear in the applicable module of the Rulebook in force at the relevant time.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 21 September 2016

        • W478/2016 GEN — Mitsubishi UFJ Securities International plc

          Click here to view PDF.

          MODIFICATION NOTICE

          To Mitsubishi UFJ Securities International plc
          Address Level 3, East Wing, The Gate
          Dubai International Financial Centre
          PO Box 506894, Dubai UAE
          DFSA Firm Reference No. F002623
          Notice No. W478/2016

          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
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 6 months thereafter or until further notice, whichever 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: Arvind Baghel
          Position: Director, Supervision
          DATE OF ISSUE: 10 August 2016

        • W477/2016 AML & GEN — Mitsubishi UFJ Securities International plc

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Mitsubishi UFJ Securities International plc
          Address Level 3, East Wing, The Gate
          Dubai International Financial Centre
          PO Box 506894, Dubai UAE
          DFSA Firm Reference No. F002623
          Notice No. W477/2016

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 6 months thereafter or until further notice, whichever 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: Arvind Baghel
          Position: Director, Supervision
          DATE OF ISSUE: 10 August 2016

        • W476/2016 GEN — Catlin Middle East Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Catlin Middle East Limited
          Address Office 403, Level 4, Gate Precinct Building 3
          Dubai International Financial Centre
          PO Box 506884
          Dubai, UAE
          DFSA Firm Reference No. F002438
          Notice No. W476/2016

          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
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 24 July 2016

        • W475/2016 AML & GEN — Catlin Middle East Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Catlin Middle East Limited
          Address Office 403, Level 4, Gate Precinct Building 3
          Dubai International Financial Centre
          PO Box 506884
          Dubai, UAE
          DFSA Firm Reference No. F002438
          Notice No. W475/2016

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 24 July 2016

        • W474/2016 GEN — Fulcrum Capital (Dubai) Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Fulcrum Capital (Dubai) Limited
          Address Office 201, Tower 2,
          Al Fattan Currency House,
          PO Box 506509,
          Dubai, UAE
          DFSA Firm Reference No. F001496
          Notice No. W474/2016

          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
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 21 July 2016

        • W473/2016 AML & GEN — Fulcrum Capital (Dubai) Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Fulcrum Capital (Dubai) Limited
          Address Office 201, Tower 2,
          Al Fattan Currency House,
          PO Box 506509,
          Dubai, UAE
          DFSA Firm Reference No. F001496
          Notice No. W473/2016

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 21 July 2016

        • W472/2016 GEN — NBK Capital Partners Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To NBK Capital Partners Limited
          Address Level 4, Precinct Building 3, DIFC, PO Box 506506, Dubai, UAE
          DFSA Firm Reference No. F000150
          Notice No. W472/2016

          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
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 20 July 2016

        • W471/2016 AML & GEN — NBK Capital Partners Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To NBK Capital Partners Limited
          Address Level 4, Precinct Building 3, DIFC, PO Box 506506, Dubai, UAE
          DFSA Firm Reference No. F000150
          Notice No. W471/2016

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 20 July 2016

        • W470/2016 GEN — Takaful Re Limited (A firm in run-off)

          Click here to view PDF.

          MODIFICATION NOTICE

          To Takaful Re Limited (A firm in run-off)
          Address Office 401a, Level 4, Building by Daman (Burj Daman), DIFC,
          PO Box 211181, Dubai, UAE
          DFSA Firm Reference No. F000067
          Notice No. W470/2016

          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
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 19 July 2016

        • W469/2016 GEN — AES Financial Services Ltd

          Click here to view PDF.

          MODIFICATION NOTICE

          To AES Financial Services Ltd
          Address OFFICE 102, First Floor, Burj Daman, DIFC, Dubai
          DFSA Firm Reference No. F003476
          Notice No. W469/2016

          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
          GEN 8.2.2
          (1) An Authorised Person must, except as provided under Rule 8.2.3, prepare and maintain all financial statements in accordance with:
          (a) the International Financial Reporting Standards (IFRS); or
          (b) the Generally Accepted Accounting Principles in the United Kingdom (UK GAAP).
          (2) In this Rule, UK GAAP means accounting and valuation principles set-out in the guidelines of the UK Accounting Standards Board.
          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, or the International Standards on Auditing (UK and Ireland) (ISAs (UK and Ireland)) issued by the UK Audit and Assurance Council;
          (b) produce a Regulatory Returns Auditor's Report in accordance with the Rules in AUD App1 as relevant;
          (c) 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) 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; and
          (e) produce, if the Authorised Firm is permitted to hold or control Client Investments, Arrange Custody 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.

          CONDITIONS

          The 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 carries on Financial Services through a Branch in the DIFC.

          If the condition 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 to whom this notice applies in their unmodified form as they appear in the applicable module of the Rulebook in force at the relevant time.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 27 June 2016

        • W468/2016 GEN — AES Financial Services Ltd

          Click here to view PDF.

          MODIFICATION NOTICE

          To AES Financial Services Ltd
          Address Office 102, First Floor, Burj Daman, DIFC, Dubai
          DFSA Firm Reference No. F003476
          Notice No. W468/2016

          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
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 27 June 2016

        • W467/2016 AML & GEN — AES Financial Services Ltd

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To AES Financial Services Ltd
          Address Office 102, First Floor, Burj Daman, DIFC, Dubai
          DFSA Firm Reference No. F003476
          Notice No. W467/2016

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 27 June 2016

        • W466/2016 AML — HSBC Bank Middle East Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To HSBC Bank Middle East Limited
          Address Level 1, Building No. 8, Gate Village,
          Dubai International Financial Centre,
          P.O. Box 502601,
          Dubai, United Arab Emirates.
          DFSA Firm Reference No. F003452
          Notice No. W466/2016

          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
          AML 14.3.1
          (1) A Relevant Person must inform the DFSA in writing as soon as possible if, in relation to its activities carried on in or from the DIFC or in relation to any of its branches or Subsidiaries, it:
          (a) receives a request for information from a regulator or agency responsible for AML, counter-terrorism financing, or sanctions regarding enquiries into potential money laundering or terrorist financing or sanctions breaches;
          (b) becomes aware, or has reasonable grounds to believe, that a money laundering event has occurred or may have occurred in or through its business;
          (c) becomes aware of any money laundering or sanctions matter in relation to the Relevant Person or a member of its Group which could result in adverse reputational consequences to the Relevant Person; or
          (d) becomes aware of any a significant breach of a Rule in this module or breach of Federal Law No. 4 of 2002 or Federal Law No. 1 of 2004 by the Relevant Person or any of its Employees.
          (2) A Relevant Person must inform the DFSA in writing as soon as possible if, in relation to its activities carried on through its branches or Subsidiaries, it:
          (a) becomes aware of any money laundering or sanctions matter in relation to the Relevant Person or a member of its Group which could result in adverse reputational consequences to the Relevant Person; or
          (b) becomes aware of a significant breach of any legislation applicable in the jurisdiction of the relevant branch or Subsidiary or any such breach by any of its, or the relevant Subsidiary's, Employees.
          AML 14.5.1
          (1) A Relevant Person which is:
          (a) an Authorised Person;
          (b) a Registered Auditor; or
          (c) a person who is a DNFBP in one of the following classes:
          (i) a real estate developer or agency which carries out transactions with a customer involving the buying or selling of real property;
          (ii) a law firm, notary firm, or other independent legal business;
          (iii) an accounting firm, audit firm or insolvency firm; or
          (iv) a company service provider,
          must complete the AML Return form in AFN on an annual basis and submit such form to the DFSA within four 4 months of its financial year end.
          (2) A Relevant Person which is an Authorised Firm must, in respect of its activities conducted through its branches and Subsidiaries, submit periodic management information to the DFSA.
          (3) In (2) "periodic" means the time periods mutually agreed with the DFSA.
          (4) The information specified in (2) must be submitted in the format mutually agreed with the DFSA.
          (5) In (2) "management information" means:
          (a) all board, board committee and executive management committee papers and minutes relating to matters concerning AML, CTF and compliance with relevant resolutions and sanctions issued by the United Nations Security Council: and
          (b) any other AML, CTF or sanctions related information of which the DFSA would reasonably expect to be notified or which the DFSA has requested for the purposes of this Rule.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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: Chief Executive
          DATE OF ISSUE: 30 June 2016

        • W465/2016 GEN — HSBC Bank Middle East Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To HSBC Bank Middle East Limited
          Address Level 1, Building No. 8, Gate Village,
          Dubai International Financial Centre,
          P.O. Box 502601,
          Dubai, United Arab Emirates.
          DFSA Firm Reference No. F003452
          Notice No. W465/2016

          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
          GEN 3.5.1
          (1) A Person in Rule 3.4.1(2) (a) to (d) must, subject to (2), take reasonable care to ensure that any Financial Promotion it makes in or from the DIFC:
          (a) is clear, fair and not misleading;
          (b) includes the Person's name, address and regulatory status (except in the case of Financial Promotions made via the television or radio);
          (c) if it is intended only for Professional Clients, is not sent or directed to any Person who appears on reasonable grounds not to be a Professional Client, and contains a clear statement that only a Person meeting the criteria for a Professional Client should act upon it; and
          (d) which is provided to or directed at a Retail Client and contains any information or representation relating to past performance, or any forecast based on past performance or on any other assumptions:
          (i) presents a balanced view of the financial products or financial services to which the Financial Promotion relates;
          (ii) identifies, in an easy to understand manner, the information from which the past performance or forecast is derived and how any key facts and assumptions used in that context are drawn; and
          (iii) contains a prominent warning that past performance is not necessarily a reliable indicator of future performance.
          (2) A Person described in Rule 3.4.1(2)(a) who makes a Financial Promotion to an existing client in the DIFC is not required to comply with (1) provided that in making the Financial Promotion that Person complies with the requirements of the relevant Financial Services Regulator in the UAE which relate to Financial Promotions.
          (3) If an Authorised Firm issues any Financial Promotions through a branch located outside the DIFC it must ensure that the promotion includes the following statement:

          "Issued by [insert branch name and address], which is regulated by [insert the name of the relevant Financial Services Regulator] for the purposes of this promotion and lead regulated by the Dubai Financial Services Authority",

          except in the case of promotion via the television or radio.
          GEN 6.4.2
          (1) An Authorised Person must take reasonable care to ensure that every key business document which is in connection with the Authorised Person carrying on a Financial Service in or from the DIFC includes one of the disclosures under this Rule.
          (2) A key business document includes letterhead whether issued by post, fax or electronic means, terms of business, client agreements, written promotional materials, business cards, prospectuses and websites but does not include compliment slips, account statements or text messages.
          (3) The disclosure required under this Rule, subject to (6), is:
          (a) 'Regulated by the Dubai Financial Services Authority'; or
          (b) 'Regulated by the DFSA'.
          (4) The DFSA logo must not be reproduced without express written permission from the DFSA and in accordance with any conditions for use.
          (5) Rules 6.4.2(1) to (4) also apply to the operation and administration of an Official List of Securities by an Authorised Market Institution.
          (6) In respect of business conducted through branches located outside the DIFC, the disclosure required under this Rule is:

          "Issued by [insert branch name and address], which is regulated by [insert the name of the relevant Financial Services Regulator] and lead regulated by the Dubai Financial Services Authority.
          GEN 8.2.2 An Authorised Person must, except as provided under Rule 8.2.3, prepare and maintain all financial statements in accordance with the International Financial Reporting Standards (IFRS) as endorsed by the European Union Commission.
          GEN 11.10.7
          (1) An Authorised Person must advise the DFSA immediately if it becomes aware, or has reasonable grounds to believe, that any of the following matters may have occurred or may be about to occur:
          (a) the Authorised Person's failure to satisfy the fit and proper requirements;
          (b) any matter which could have a significant adverse effect on the Authorised Person's reputation;
          (c) any matter in relation to the Authorised Person which could result in serious adverse financial consequences to the financial system or to other firms;
          (d) a significant breach of a Rule by the Authorised Person or any of its Employees;
          (e) a breach by the Authorised Person or any of its Employees of any requirement imposed by any applicable law by the Authorised Person or any of its Employees;
          (f) subject to Rule 11.10.8, any proposed restructuring, merger, acquisition, reorganisation or business expansion which could have a significant impact on the Authorised Person's risk profile or resources;
          (g) any significant failure in the Authorised Person's systems or controls, including a failure reported to the Authorised Person by the firm's auditor;
          (h) any action that would result in a material change in the capital adequacy or solvency of the Authorised Person Firm; or
          (i) non-compliance with Rules due to an emergency outside the Authorised Person's control and the steps being taken by the Authorised Person.
          (2) For the purposes of (1) "Authorised Person" includes that Person's Subsidiaries as well as that Person's branches wherever located.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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: Chief Executive
          DATE OF ISSUE: 30 June 2016

        • W464/2016 PIB — HSBC Bank Middle East Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To HSBC Bank Middle East Limited
          Address Level 1, Building No. 8, Gate Village,
          Dubai International Financial Centre,
          P.O. Box 502601,
          Dubai, United Arab Emirates.
          DFSA Firm Reference No. F003452
          Notice No. W464/2016

          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
          PIB 4.12.6
          (1) Subject to Rule 4.12.8, an Authorised Firm must risk-weight any CR Exposure in the PSE asset class in accordance with the following table:

          Risk Weights for the PSE asset class
          Credit Quality Grade 1 2 3 4 5 6 Unrated
          Risk Weight 20% 50% 100% 100% 100% 150% 100%
          (2) In (1), sovereign PSEs in the UAE and GCC that exhibit Credit Risks comparable to their central government must be treated in accordance with the requirements set out in PIB Rule 4.12.5
          (3) For the purposes of this Rule, a sovereign PSE is a PSE which has been designated as such by its national authorities or otherwise as per specific written instructions from the DFSA regarding the prudential treatment of any such Exposure.
          PIB 4.12.16 An Authorised Firm must apply a 100% 75% risk weight to any CR Exposure in the regulatory retail asset class.
          PIB 4.12.17 An Authorised Firm must risk weight any CR Exposure in the residential mortgage asset class in accordance with the following table:

          Risk weights for the residential mortgage asset class

          Condition Risk Weight
          Loans fully secured on residential property to a maximum loan to value of 80% 50% 35%
          Loans secured on residential property in excess of a loan to value of 80% 100% 75%
          PIB 4.15.1 This section applies with respect to Trading Book and Non-Trading Book transactions as calculated in App2 and Non-Trading Book transactions as calculated in and section 4.8 or otherwise as advised in writing by the DFSA.
          PIB 4.15.5 Subject to PIB Rule 4.5.6 and IFR Rule 5.4.15, an Authorised Firm must ensure that Exposures in its Non-Trading Book and, subject to Rule 4.15.6, Trading Book to a Counterparty or to a group of Closely Related Counterparties or to a group of Connected Counterparties, after taking into account the effect of any eligible Credit Risk mitigations, do not exceed 25% of its Capital Resources.
          PIB 4.15.6 Where an Authorised Firm's Non-Trading Book Exposure or Trading Book Exposure to a Counterparty or to a group of Closely Related Counterparties or to a group of Connected Counterparties, each on its own or when added together to any Non-Trading Book Exposure, is likely to exceed 25% of its Capital Resources, the Authorised Firm must immediately give the DFSA written notice explaining the nature of its Trading Book Exposure and seeking specific instructions guidance from the DFSA regarding the prudential treatment of any such Exposure.
          PIB 8.5.1
          (1) No entity other than one of the following may be the Parent of, or any of the Parents of, an Authorised Firm in Category 1 or 5:
          (a) another Authorised Firm in Category 1 or 5; or
          (b) a Regulated Financial Institution licensed to carry on the activities of accepting deposits; or
          (c) upon specific written approval of the DFSA, a Holding Company that is subject to consolidated supervision, as part of a Group containing an entity in (a) or (b), where the Holding Company and the entity in (a) or (b) are both located in the same jurisdiction.
          (2) An entity other than one referred to in (1)(a) and (b) may be the Parent of an Authorised Firm in Category 1 or 5 where the ultimate, or any intermediate, Parent is an entity of the type specified under (1)(a) or (b).

          CONDITIONS

          1. The above mentioned Person must notify the DFSA immediately in writing of any event or potential event that has or is likely to have any impact on the Rules as modified by this notice.
          2. Upon such notification, the above mentioned Person must engage with the DFSA without delay to reassess the risks.
          3. If any one or more of the conditions stated above are breached, this notice ceases to have effect forthwith and the Rules specified in the table herein apply to the above mentioned Person in their unmodified form as set out in the applicable module of the Rulebook in force at the relevant time.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further written notice from the DFSA.

          INTERPRETATION

          1. 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.
          2. 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) and PIB Section 1.2. 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: Chief Executive
          DATE OF ISSUE: 30 June 2016

        • W463/2016 AML — Sanne Group (Dubai) Limited

          Click here to view PDF.

          WAIVER NOTICE

          To Sanne Group (Dubai) Limited
          Address Unit 111, Level 1, Tower 2, Al Fattan Currency House, DIFC, PO Box 482042, Dubai, UAE
          DFSA Firm Reference No. F003539
          Notice No. W463/2016

          THE DFSA HEREBY GIVES NOTICE THAT:

          The Rules specified in the table herein do not apply to the above mentioned Person.

          RULES WAIVED

          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue of this notice and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 19 June 2016

        • W461/2016 GEN — EnTrustPermal Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To EnTrustPermal Limited
          Address Level 8, The Gate, West Wing, PO Box 506520, DIFC, Dubai, UAE
          DFSA Firm Reference No. F000012
          Notice No. W461/2016

          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
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Lawrence Paramasivm
          Position: Acting Managing Director, Supervision
          DATE OF ISSUE: 23 May 2016

        • W460/2016 AML & GEN — EnTrustPermal Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To EnTrustPermal Limited
          Address Level 8, The Gate, West Wing, PO Box 506520, DIFC, Dubai, UAE
          DFSA Firm Reference No. F000012
          Notice No. W460/2016

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Lawrence Paramasivm
          Position: Acting Managing Director, Supervision
          DATE OF ISSUE: 23 May 2016

        • W459/2016 GEN — Liquidity Finance LLP

          Click here to view PDF.

          MODIFICATION NOTICE

          To Liquidity Finance LLP
          Address Office 605, Currency House-Building 1, DIFC, PO Box 506990,
          Dubai, UAE
          DFSA Firm Reference No. F002939
          Notice No. W459/2016

          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
          GEN 8.2.2
          (1) An Authorised Person must, except as provided under Rule 8.2.3, prepare and maintain all financial statements in accordance with:
          (a) the International Financial Reporting Standards (IFRS); or
          (b) the Generally Accepted Accounting Principles in the United Kingdom (UK GAAP).
          (2) In this Rule, UK GAAP means accounting and valuation principles set-out in the guidelines of the UK Accounting Standards Board.
          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, or the International Standards on Auditing (UK and Ireland) (ISAs (UK and Ireland)) issued by the UK Audit and Assurance Council;
          (b) produce a Regulatory Returns Auditor's Report in accordance with the Rules in AUD App1 as relevant;
          (c) 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) 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; and
          (e) produce, if the Authorised Firm is permitted to hold or control Client Investments, Arrange Custody 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.

          CONDITIONS

          The 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 carries on Financial Services through a Branch in the DIFC.

          If the condition 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 to whom this notice applies in their unmodified form as they appear in the applicable module of the Rulebook in force at the relevant time.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 16th May 2016

        • W458/2016 GEN — Neuberger Berman Europe Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Neuberger Berman Europe Limited
          Address Unit 10 & 11, Level 13, East Wing, The Gate Building, Dubai International Financial Centre, PO Box 121208, Dubai, United Arab Emirates
          DFSA Firm Reference No. F003478
          Notice No. W458/2016

          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
          GEN 8.2.2
          (1) An Authorised Person must, except as provided under Rule 8.2.3, prepare and maintain all financial statements in accordance with:
          (a) the International Financial Reporting Standards (IFRS); or
          (b) the Generally Accepted Accounting Principles in the United Kingdom (UK GAAP).
          (2) In this Rule, UK GAAP means accounting and valuation principles set-out in the guidelines of the UK Accounting Standards Board.
          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, or the International Standards on Auditing (UK and Ireland) (ISAs (UK and Ireland)) issued by the UK Audit and Assurance Council;
          (b) produce a Regulatory Returns Auditor's Report in accordance with the Rules in AUD App1 as relevant;
          (c) 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) 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; and
          (e) produce, if the Authorised Firm is permitted to hold or control Client Investments, Arrange Custody 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.

          CONDITIONS

          The 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 carries on Financial Services through a Branch in the DIFC.

          If the condition 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 to whom this notice applies in their unmodified form as they appear in the applicable module of the Rulebook in force at the relevant time.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 6 June 2016

        • W457/2016 GEN — Old Mutual International Middle East Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Old Mutual International Middle East Limited
          Address Office 7 & 8, Level 2, Gate Village 07, The Gate District,
          DIFC, PO Box 482062, Dubai, UAE
          DFSA Firm Reference No. F001255
          Notice No. W457/2016

          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
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 9 May 2016

        • W456/2016 AML & GEN — Old Mutual International Middle East Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Old Mutual International Middle East Limited
          Address Office 7 & 8, Level 2, Gate Village 07, The Gate District,
          DIFC, PO Box 482062, Dubai, UAE
          DFSA Firm Reference No. F001255
          Notice No. W456/2016

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 9 May 2016

        • W455/2016 GEN — NN Investment Partners B.V. Dubai Branch

          Click here to view PDF.

          MODIFICATION NOTICE

          To NN Investment Partners B.V. Dubai Branch
          Address Unit 206, Level 2, Al Fattan Currency House, Dubai International Financial Centre, PO Box 506679, Dubai, UAE
          DFSA Firm Reference No. F003105
          Notice No. W455/2016

          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
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 9 May 2016

        • W454/2016 AML & GEN — NN Investment Partners B.V. Dubai Branch

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To NN Investment Partners B.V. Dubai Branch
          Address Unit 206, Level 2, Al Fattan Currency House, Dubai International Financial Centre, PO Box 506679, Dubai, UAE
          DFSA Firm Reference No. F003105
          Notice No. W454/2016

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 9 May 2016

        • W453/2016 GEN — Macquarie Bank Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Macquarie Bank Limited
          Address Unit 110–111, Level 1, Gate Village Building 6, DIFC, PO Box 506751, Dubai, UAE
          DFSA Firm Reference No. F001369
          Notice No. W453/2016

          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
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 1 May 2016

        • W452/2016 AML & GEN — Macquarie Bank Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Macquarie Bank Limited
          Address Unit 110–111, Level 1, Gate Village Building 6, DIFC, PO Box 506751, Dubai, UAE
          DFSA Firm Reference No. F001369
          Notice No. W452/2016

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 1 May 2016

        • W451/2016 GEN — Exotix Partners LLP (Dubai Branch)

          Click here to view PDF.

          MODIFICATION NOTICE

          To Exotix Partners LLP (Dubai Branch)
          Address Office 106, 1st Floor, Gate Village Building 7, DIFC, PO Box
          482099, Dubai, UAE
          DFSA Firm Reference No. F002410
          Notice No. W451/2016

          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
          GEN 8.2.2
          (1) An Authorised Person must, except as provided under Rule 8.2.3, prepare and maintain all financial statements in accordance with:
          (a) the International Financial Reporting Standards (IFRS); or
          (b) the Generally Accepted Accounting Principles in the United Kingdom (UK GAAP).
          (2) In this Rule, UK GAAP means accounting and valuation principles set-out in the guidelines of the UK Accounting Standards Board.
          Rule Modified Text
          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, or the International Standards on Auditing (UK and Ireland) (ISAs (UK and Ireland)) issued by the UK Audit and Assurance Council;
          (b) produce a Regulatory Returns Auditor's Report in accordance with the Rules in AUD App1 as relevant;
          (c) 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) 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; and
          (e) produce, if the Authorised Firm is permitted to hold or control Client Investments, Arrange Custody 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.

          CONDITIONS

          The 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 carries on Financial Services through a Branch in the DIFC.

          If the condition 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 to whom this notice applies in their unmodified form as they appear in the applicable module of the Rulebook in force at the relevant time.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 17 April 2016

        • W450/2016 GEN — Takaful Re Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Takaful Re Limited
          Address Office 401a, Level 4, Building by Daman (Burj Daman), DIFC, PO BOX 211181 , Dubai, U.A.E.
          DFSA Firm Reference No. F000067
          Notice No. W450/2016

          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
          GEN 11.6.1
          (1) An Authorised Firm, may, subject to (2) appoint an individual, who is not an Authorised Individual, to carry out the functions of an Authorised Individual where the following conditions are met:
          (a) the absence of the Authorised Individual is temporary or reasonably unforeseen;
          (b) the functions are carried out for 12 24 weeks maximum in any consecutive 12 months; and
          (c) the Authorised Individual has the relevant skills and experience to carry out these functions.
          (2) . . . . . ..and so on as per the Rulebook text up to and including (3). . . . . .

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 30 March 2016

        • W449/2016 GEN — Rasameel Investment Bank Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Rasameel Investment Bank Limited
          Address Office 41, Level 3, Gate Village 10, DIFC, PO Box 506878 ,
          Dubai, UAE
          DFSA Firm Reference No. F000930
          Notice No. W449/2016

          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
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 30 March 2016

        • W448/2016 AML & GEN — Rasameel Investment Bank Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Rasameel Investment Bank Limited
          Address Office 41, Level 3, Gate Village 10, DIFC, PO Box 506878,
          Dubai, UAE
          DFSA Firm Reference No. F000930
          Notice No. W448/2016

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 30 March 2016

        • W447/2016 GEN — Moody's Investors Service Middle East Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Moody's Investors Service Middle East Limited
          Address Level 3, Gate Precinct Building 3, DIFC, PO Box 506845, Dubai, United Arab Emirates
          DFSA Firm Reference No. F002033
          Notice No. W447/2016

          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
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 30 March 2016

        • W446/2016 GEN — Bastion Capital London Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Bastion Capital London Limited
          Address Unit 3, Level 2, Al Fattan Currency House – Tower 2, Dubai International Financial Centre, PO Box 643805 Dubai, UAE
          DFSA Firm Reference No. F002870
          Notice No. W446/2016

          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
          GEN 8.2.2
          (1) An Authorised Person must, except as provided under Rule 8.2.3, prepare and maintain all financial statements in accordance with:
          (a) the International Financial Reporting Standards (IFRS); or
          (b) the Generally Accepted Accounting Principles in the United Kingdom (UK GAAP).
          (2) In this Rule, UK GAAP means accounting and valuation principles set-out in the guidelines of the UK Accounting Standards Board.
          Rule Modified Text
          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, or the International Standards on Auditing (UK and Ireland) (ISAs (UK and Ireland)) issued by the UK Audit and Assurance Council;
          (b) produce a Regulatory Returns Auditor's Report in accordance with the Rules in AUD App1 as relevant;
          (c) 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) 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; and
          (e) produce, if the Authorised Firm is permitted to hold or control Client Investments, Arrange Custody 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.

          CONDITIONS

          The 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 carries on Financial Services through a Branch in the DIFC.

          If the condition 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 to whom this notice applies in their unmodified form as they appear in the applicable module of the Rulebook in force at the relevant time.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 22 March 2016

        • W445/2016 AML & GEN — Starr Underwriting Agents (Dubai) Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Starr Underwriting Agents (Dubai) Limited
          Address Level 4, Precinct Building 2, DIFC, PO Box 507061, Dubai,
          UAE
          DFSA Firm Reference No. F003221
          Notice No. W445/2016

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 16 March 2016

        • W443/2016 AML & GEN — ICBC Standard Bank PLC (DIFC Branch)

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To ICBC Standard Bank PLC (DIFC Branch)
          Address Office No 1501, 15th Floor, Currency Tower,
          DIFC, PO Box 482049, Dubai, UAE
          DFSA Firm Reference No. F000028
          Notice No. W443/2016

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 13 March 2016

        • W444/2016 GEN — Starr Underwriting Agents (Dubai) Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Starr Underwriting Agents (Dubai) Limited
          Address Level 4, Precinct Building 2, DIFC, PO Box 507061, Dubai,
          UAE
          DFSA Firm Reference No. F003221
          Notice No. W444/2016

          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
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 16 March 2016

        • W442/2016 AML & GEN — Markel International (Dubai) Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Markel International (Dubai) Limited
          Address Precinct Building 2, Level 3,
          Dubai International Financial Centre
          PO Box 506914,
          Dubai, UAE
          DFSA Firm Reference No. F002699
          Notice No. W442/2016

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 13 March 2016

        • W441/2016 FER — Boubyan Tier 1 Capital SPC Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To BOUBYAN TIER 1 CAPITAL SPC LIMITED
          Address c/o Maples Fund Services (Middle East) Limited, Office 616, 6th Floor, Liberty House, Dubai International Financial Centre, P.O. Box 506734, Dubai, United Arab Emirates
          DFSA Firm Reference No. F003652
          Notice No. W441/2016

          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
          FER 1.2.7
          1) In respect of any fee payable in accordance with FER, the fee must, subject to (2) and (3), be paid:
          (a) by the Person to whom the Rule applies;
          (b) in United States Dollars; and
          (c) by bank transfer directly from a bank account maintained by the Person specified in (a) into the DFSA's bank account.
          (2) The DFSA will accept payment of a fee in United States Dollars from a member of the applicant's Group, the applicant's Parent, the applicant's legal advisor (where such an advisor is a DNFBP ) or a Person who has applied to be a Controller in relation to the applicant but only where:
          (a) the relevant fee is an application fee under section FER 2.1 or FER 2.3; and
          (b) the applicant is in formation and does not have a commercial licence to enable it to open a bank account in its own name established in another jurisdiction.
          (3) For a fee specified in FER 2.9.1 or 4.1.1, the DFSA will accept payment of the fee in US Dollars by a bank transfer directly from the bank account of any of the following:
          (a) the Issuer, Offeror or Reporting Entity of the Securities;
          (b) in the case of an Issuer that is a special purpose vehicle, the Person who set up or controls, directly or indirectly, the special purpose vehicle;
          (c) the lead arranger of a proposed issue of Securities, if that Person is a Bank or authorised to accept deposits and supervised by the Central Bank of the State; or
          (d) the legal adviser (if it is a DNFBP) acting for a Person referred to in (a), (b) or (c).
          (4) In (3), a reference to an Issuer, Offeror or Reporting Entity includes the proposed Issuer, Offeror or Reporting Entity and a “special purpose vehicle” means a legal person whose objects and purposes are primarily the issue of Securities.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          INTERPRETATION

          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: Eric Salomons
          Position: Director, Head of Markets
          DATE OF ISSUE: 24 February 2016

        • W440/2016 GEN — Markel International (Dubai) Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Markel International (Dubai) Limited
          Address Precinct Building 2, Level 3,
          Dubai International Financial Centre
          PO Box 506914,
          Dubai, UAE
          DFSA Firm Reference No. F002699
          Notice No. W440/2016

          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.

          Rulebook Module Rule
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 23 February 2016

        • W438/2016 GEN — L&T Capital Markets Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To L&T Capital Markets Limited
          Address Office No 905, Level 9, Liberty House, DIFC, PO Box 506895,
          Duba, UAE
          DFSA Firm Reference No. F003470
          Notice No. W438/2016

          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
          GEN 8.2.2
          (1) An Authorised Person must, except as provided under Rule 8.2.3, prepare and maintain all financial statements in accordance with:
          (a) the International Financial Reporting Standards (IFRS); or
          (b) the Generally Accepted Accounting Principles in India (Indian GAAP).
          (2) In this Rule, Indian GAAP means accounting and valuation principles set-out in the guidelines of the Accounting Standards Board of the Institute of Chartered Accountants of India, including the statutory provisions and directives of the Reserve Bank of India.
          Rule Modified Text
          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, or the Generally Accepted Auditing Standards (Indian GAAS) issued by the Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India;
          (b) produce a Regulatory Returns Auditor's Report in accordance with the Rules in AUD App1 as relevant;
          (c) 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) 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; and
          (e) produce, if the Authorised Firm is permitted to hold or control Client Investments, Arrange Custody 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.

          CONDITIONS

          The 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 carries on Financial Services through a Branch in the DIFC.

          If the condition 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 to whom this notice applies in their unmodified form as they appear in the applicable module of the Rulebook in force at the relevant time.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 27 January 2016

        • W437/2016 GEN — Canara Bank (DIFC Branch)

          Click here to view PDF.

          MODIFICATION NOTICE

          To Canara Bank (DIFC Branch)
          Address Unit N702, Level 7, Emirates Financial Towers, Dubai International Financial Centre, PO Box 507037, Dubai, UAE
          DFSA Firm Reference No. F001786
          Notice No. W437/2016

          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
          GEN 8.2.2
          (1) An Authorised Person must, except as provided under Rule 8.2.3, prepare and maintain all financial statements in accordance with:
          (a) the International Financial Reporting Standards (IFRS); or
          (b) the Generally Accepted Accounting Principles in India (Indian GAAP).
          (2) In this Rule, Indian GAAP means accounting and valuation principles set-out in the guidelines of the Accounting Standards Board of the Institute of Chartered Accountants of India, including the statutory provisions and directives of the Reserve Bank of India.
          Rule Modified Text
          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, or the Generally Accepted Auditing Standards (Indian GAAS) issued by the Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India;
          (b) produce a Regulatory Returns Auditor's Report in accordance with the Rules in AUD App1 as relevant;
          (c) 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) 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; and
          (e) produce, if the Authorised Firm is permitted to hold or control Client Investments, Arrange Custody 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.

          CONDITIONS

          The 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 carries on Financial Services through a Branch in the DIFC.

          If the condition 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 to whom this notice applies in their unmodified form as they appear in the applicable module of the Rulebook in force at the relevant time.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 27 January 2016

        • W435/2016 GEN — ICBC Standard Bank PLC (DIFC Branch)

          Click here to view PDF.

          MODIFICATION NOTICE

          To ICBC Standard Bank PLC (DIFC Branch)
          Address Office No 1501, 15th Floor, Currency Tower,
          DIFC, PO Box 482049, Dubai, UAE
          DFSA Firm Reference No. F000028
          Notice No. W435/2016

          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
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 24 January 2016

        • W434/2016 CIR — Franklin Templeton Investments (ME) Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Franklin Templeton Investments (ME) Limited
          Address Level 2, Gate Building, East Wing, DIFC, PO Box 506613, Dubai, UAE
          DFSA Firm Reference No. F000320
          Notice No. W434/2016

          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 15.1.7 Foreign Property Funds
          (1) A Foreign Fund meets the Property Fund condition referred to in Rule 15.1.5(b) or 15.1.6(1)(b) as is applicable where:
          (a) 60% or more of the Fund's assets comprise of Real Property, Property Related Assets or Units in another Property Fund;
          (b) the Fund is a UCITS closed-ended Fund; and
          (b) (c) the Units of the Fund are either:
          (i) listed and traded on an Authorised Market Institution or on an exchange regulated in a Recognised Jurisdiction; or
          (ii) Offered only by means of a Private Placement.
          (2) For the purposes of (1)(b), a Fund is a UCITS Fund if it is and remains regulated under the Undertakings for Collective Investment in Transferable Securities Directive 2009/65/EC, as amended from time to time.
          Guidance

          A closed-ended legal structure is an investment vehicle used by a Fund that does not continuously issue or redeem Units based on the net asset value of the Fund.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 12 January 2016

        • W433/2016 CIR — Schroder Investment Management Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Schroder Investment Management Limited
          Address 1st Floor, Gate Village 6, DIFC, PO Box 506612, Dubai, UAE
          DFSA Firm Reference No. F000513
          Notice No. W433/2016

          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 15.1.7 Foreign Property Funds
          (1) A Foreign Fund meets the Property Fund condition referred to in Rule 15.1.5(b) or 15.1.6(1)(b) as is applicable where:
          (a) 60% or more of the Fund's assets comprise of Real Property, Property Related Assets or Units in another Property Fund;
          (b) the Fund is a UCITS closed-ended Fund; and
          (b) (c) the Units of the Fund are either:
          (i) listed and traded on an Authorised Market Institution or on an exchange regulated in a Recognised Jurisdiction; or
          (ii) Offered only by means of a Private Placement.
          (2) For the purposes of (1)(b), a Fund is a UCITS Fund if it is and remains regulated under the Undertakings for Collective Investment in Transferable Securities Directive 2009/65/EC, as amended from time to time.
          Guidance

          A closed-ended legal structure is an investment vehicle used by a Fund that does not continuously issue or redeem Units based on the net asset value of the Fund.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 12 January 2016

        • W432/2016 MKT — Sharjah Sukuk (2) Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Sharjah Sukuk (2) Limited
          Address c/o Maples Corporate Services Limited, P.O. Box 309, Ugland House, Grand Cayman KY1-1104, Cayman Islands
          DFSA Firm Reference No. F003568
          Notice No. W432/2016

          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
          MKT A5.1.1 The following entities are Exempt Offerors:
          (a) Properly constituted governments, government agencies, central banks or other national monetary authorities of the following countries or jurisdictions:
          (i) Organisation for Economic Co-operation and Development (OECD) member countries;
          (ii) member countries of the Gulf Co-operation Council (GCC); or
          (iii) the Emirate of Dubai.
          (b) The International Monetary Fund and the World Bank.
          (c) Any other country, jurisdiction, or supranational organisation or legal person that may be approved as an Exempt Offeror by the DFSA for the purpose of that offer.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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 AND ARTICLE 9 OF THE MARKETS LAW 2012 BY:

          Name: Eric Salomons
          Position: Director, Head of Markets
          DATE OF ISSUE: 11 January 2016

        • W431/2016 GEN — Candriam Luxembourg

          Click here to view PDF.

          MODIFICATION NOTICE

          To Candriam Luxembourg
          Address Office 24, 3rd Floor
          Gate Village, Building 10
          DIFC
          PO Box 506665
          Dubai, UAE
          DFSA Firm Reference No. F003472
          Notice No. W431/2016

          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
          GEN 8.2.2
          (1) An Authorised Person must, except as provided under Rule 8.2.3, prepare and maintain all financial statements in accordance with:
          (a) the International Financial Reporting Standards (IFRS); or
          (b) the Generally Accepted Accounting Principles in Luxembourg (Lux GAAP).
          (2) In (1)(b), Lux GAAP means accounting and valuation principles set out in laws administered by, and regulations, directives and guidelines issued by, the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg.
          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, as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier (CSSF);
          (b) produce a Regulatory Returns Auditor's Report in accordance with the Rules in AUD App1 as relevant;
          (c) 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) 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; and
          (e) produce, if the Authorised Firm is permitted to hold or control Client Investments, Arrange Custody 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.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          INTERPRETATION

          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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 3 January 2016

      • 2015

        • W430/2015 MKT — ICD and Hilal Services Ltd

          Click here to view PDF.

          MODIFICATION NOTICE

          To ICD and Hilal Services Ltd
          Address Walkers Fiduciary Limited, Cayman Corporate Centre, 27 Hospital Road, George Town, Grand Cayman KY1-9008, Cayman Islands
          DFSA Firm Reference No. F003411
          Notice No. W430/2015

          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
          MKT A5.1.1 The following entities are Exempt Offerors:
          (a) Properly constituted governments, government agencies, central banks or other national monetary authorities of the following countries or jurisdictions:
          (i) Organisation for Economic Co-operation and Development (OECD) member countries;
          (ii) member countries of the Gulf Co-operation Council (GCC); or
          (iii) the Emirate of Dubai.
          (b) The International Monetary Fund and the World Bank.
          (c) Any other country, jurisdiction, or supranational organisation or legal person that may be approved as an Exempt Offeror by the DFSA for the purpose of that offer.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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 AND ARTICLE 9 OF THE MARKETS LAW 2012 BY:

          Name: Eric Salomons
          Position: Director, Head of Markets
          DATE OF ISSUE: 7 September 2015

        • W429/2015 AML & GEN — Amlin (Dubai) Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Amlin (Dubai) Limited
          Address Level 3, Precinct Building 2, DIFC, P.O. Box 506929, Dubai, UAE
          DFSA Firm Reference No. F002680
          Notice No. W429/2015

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 23 December 2015

        • W428/2015 GEN — Amlin (Dubai) Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Amlin (Dubai) Limited
          Address Level 3, Precinct Building 2, DIFC, P.O. Box 506929, Dubai, UAE
          DFSA Firm Reference No. F002680
          Notice No. W428/2015

          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
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 23 December 2015

        • W426/2015 FER — Noor Tier 1 Sukuk Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Noor Tier 1 Sukuk Limited
          Address c/o MaplesFS Limited, P.O. Box 1093, Queensgate House,
          Grand Cayman, KY1-1102 Cayman Islands
          DFSA Firm Reference No. F003239
          Notice No. W426/2015

          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
          FER 1.2.7
          (1) In respect of any fee payable in accordance with FER, the fee must, subject to (2) and (3), be paid:
          (a) by the Person to whom the Rule applies;
          (b) in United States Dollars; and
          (c) by bank transfer directly from a bank account maintained by the Person specified in (a) into the DFSA's bank account.
          (2) The DFSA will accept payment of a fee in United States Dollars from a member of the applicant's Group, the applicant's Parent, the applicant's legal advisor (where such an advisor is a DNFBP ) or a Person who has applied to be a Controller in relation to the applicant but only where:
          (a) the relevant fee is an application fee under section FER 2.1 or FER 2.3; and
          (b) the applicant is in formation and does not have a commercial licence to enable it to open a bank account in its own name established in another jurisdiction.
          (3) For a fee specified in FER 2.9.1 or 4.1.1, the DFSA will accept payment of the fee in US Dollars by a bank transfer directly from the bank account of any of the following:
          (a) the Issuer, Offeror or Reporting Entity of the Securities;
          (b) in the case of an Issuer that is a special purpose vehicle, the Person who set up or controls, directly or indirectly, the special purpose vehicle;
          (c) the lead arranger of a proposed issue of Securities, if that Person is a Bank or authorised to accept deposits and supervised by the Central Bank of the State; or
          (d) the legal adviser (if it is a DNFBP) acting for a Person referred to in (a), (b) or (c).
          (4) In (3), a reference to an Issuer, Offeror or Reporting Entity includes the proposed Issuer, Offeror or Reporting Entity and a "special purpose vehicle" means a legal person whose objects and purposes are primarily the issue of Securities.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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: Eric Salomons
          Position: Director, Head of Markets
          DATE OF ISSUE: 22 December 2015

        • W424/2015 AML & GEN — Man Investments Middle East Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Man Investments Middle East Limited
          Address Office 307, Precinct Building 4, DIFC, PO Box 73221, Dubai, UAE
          DFSA Firm Reference No. F000066
          Notice No. W424/2015

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 20 December 2015

        • W423/2015 GEN — Man Investments Middle East Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Man Investments Middle East Limited
          Address Office 307, Precinct Building 4, DIFC, PO Box 73221, Dubai, UAE
          DFSA Firm Reference No. F000066
          Notice No. W423/2015

          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
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 20 December 2015

        • W422/2015 PIN — Partner Reinsurance Europe SE

          Click here to view PDF.

          WAIVER NOTICE

          To Partner Reinsurance Europe SE
          Address Unit 6, Level 13, Gate Building, Dubai International Financial Centre, PO Box 507036, Dubai, UAE
          DFSA Firm Reference No. F002638
          Notice No. W422/2015

          THE DFSA HEREBY GIVES NOTICE THAT:

          The Rules specified in the table herein do not apply to the above mentioned Person.

          RULES WAIVED

          Rulebook Module Rule
          PIN Chapter 4 Rules 4.3.2 – 4.3.4 (inclusive) (Capital)
          PIN Chapter 6 Rule 6.2.4 (Financial Reporting)
          PIN Chapter 7 All sections (Actuaries)

          CONDITIONS

          The waiver 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 provides the following documents and information in the English language to the DFSA within ten business days of the date they are due to be submitted to its home state Financial Services Regulator:

          (a) Its annual audited published accounts as provided to its home state Financial Services Regulator;
          (b) Any solo solvency requirement and capital adequacy requirement statement and/or returns required under its home state regulations and provided to its home state Financial Services Regulator;
          (c) Any Group solvency and capital adequacy report that is submitted to its home state Financial Services Regulator; and
          (d) In the event of any anticipated or actual breach of any prudential requirements, which require notification to its home state Financial Services Regulator, such notification is provided to DFSA forthwith with any relevant documents.

          If any one or more of the conditions stated above are 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.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue of this notice and remains in force until further notice.

          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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 16 December 2015

        • W421/2015 FER — Gold Reserve Sukuk Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Gold Reserve Sukuk Limited
          Address Office 616, Level 6, Liberty House,
          Dubai International Financial Centre,
          PO Box 506734
          DFSA Firm Reference No. F002793
          Notice No. W421/2015

          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
          FER 1.2.7
          (1) In respect of any fee payable in accordance with FER, the fee must, subject to (2) and (3), be paid:
          (a) by the Person to whom the Rule applies;
          (b) in United States Dollars; and
          (c) by bank transfer directly from a bank account maintained by the Person specified in (a) into the DFSA's bank account.
          (2) The DFSA will accept payment of a fee in United States Dollars from a member of the applicant's Group, the applicant's Parent, the applicant's legal advisor (where such an advisor is a DNFBP ) or a Person who has applied to be a Controller in relation to the applicant but only where:
          (a) the relevant fee is an application fee under section FER 2.1 or FER 2.3; and
          (b) the applicant is in formation and does not have a commercial licence to enable it to open a bank account in its own name established in another jurisdiction.
          (3) For a fee specified in FER 2.9.1 or 4.1.1, the DFSA will accept payment of the fee in US Dollars by a bank transfer directly from the bank account of any of the following:
          (a) the Issuer, Offeror or Reporting Entity of the Securities;
          (b) in the case of an Issuer that is a special purpose vehicle, the Person who set up or controls, directly or indirectly, the special purpose vehicle;
          (c) the lead arranger of a proposed issue of Securities, if that Person is a Bank or authorised to accept deposits and supervised by the Central Bank of the State; or
          (d) the legal adviser (if it is a DNFBP) acting for a Person referred to in (a), (b) or (c).
          (4) In (3), a reference to an Issuer, Offeror or Reporting Entity includes the proposed Issuer, Offeror or Reporting Entity and a "special purpose vehicle" means a legal person whose objects and purposes are primarily the issue of Securities.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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: Eric Salomons
          Position: Director, Head of Markets
          DATE OF ISSUE: 16 December 2015

        • W420/2015 FER — SIB Sukuk Company III Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To SIB Sukuk Company III Limited
          Address c/o MaplesFS Limited
          P.O. Box 1093
          Queensgate House, Grand Cayman, KY1-1102
          Cayman Islands
          DFSA Firm Reference No. F002917
          Notice No. W420/2015

          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
          FER 1.2.7
          (1) In respect of any fee payable in accordance with FER, the fee must, subject to (2) and (3), be paid:
          (a) by the Person to whom the Rule applies;
          (b) in United States Dollars; and
          (c) by bank transfer directly from a bank account maintained by the Person specified in (a) into the DFSA's bank account.
          (2) The DFSA will accept payment of a fee in United States Dollars from a member of the applicant's Group, the applicant's Parent, the applicant's legal advisor (where such an advisor is a DNFBP ) or a Person who has applied to be a Controller in relation to the applicant but only where:
          (a) the relevant fee is an application fee under section FER 2.1 or FER 2.3; and
          (b) the applicant is in formation and does not have a commercial licence to enable it to open a bank account in its own name established in another jurisdiction.
          (3) For a fee specified in FER 2.9.1 or 4.1.1, the DFSA will accept payment of the fee in US Dollars by a bank transfer directly from the bank account of any of the following:
          (a) the Issuer, Offeror or Reporting Entity of the Securities;
          (b) in the case of an Issuer that is a special purpose vehicle, the Person who set up or controls, directly or indirectly, the special purpose vehicle;
          (c) the lead arranger of a proposed issue of Securities, if that Person is a Bank or authorised to accept deposits and supervised by the Central Bank of the State; or
          (d) the legal adviser (if it is a DNFBP) acting for a Person referred to in (a), (b) or (c).
          (4) In (3), a reference to an Issuer, Offeror or Reporting Entity includes the proposed Issuer, Offeror or Reporting Entity and a "special purpose vehicle" means a legal person whose objects and purposes are primarily the issue of Securities.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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: Eric Salomons
          Position: Director, Head of Markets
          DATE OF ISSUE: 26 November 2015

        • W419/2015 PIN — Qatar Reinsurance Company LLC

          Click here to view PDF.

          WAIVER NOTICE

          To Qatar Reinsurance Company LLC
          Address Office No 211–212, Level 2, Gate Village Building 4, DIFC, PO Box 506752, Dubai, UAE
          DFSA Firm Reference No. F002899
          Notice No. W419/2015

          THE DFSA HEREBY GIVES NOTICE THAT:

          The Rules specified in the table herein do not apply to the above mentioned Person.

          RULES WAIVED

          Rulebook Module Rule
          PIN Chapter 4 Rules 4.3.2 – 4.3.4 (inclusive) (Capital)
          PIN Chapter 6 Rule 6.2.4 (Financial Reporting)
          PIN Chapter 7 All sections (Actuaries)

          CONDITIONS

          The waiver 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 provides the following documents and information in the English language to the DFSA within ten business days of the date they are due to be submitted to its home state Financial Services Regulator:

          (a) Its annual audited published accounts as provided to its home state Financial Services Regulator;
          (b) Any solo solvency requirement and capital adequacy requirement statement and/or returns required under its home state regulations and provided to its home state Financial Services Regulator;
          (c) Any Group solvency and capital adequacy report that is submitted to its home state Financial Services Regulator; and
          (d) In the event of any anticipated or actual breach of any prudential requirements, which require notification to its home state Financial Services Regulator, such notification is provided to DFSA forthwith with any relevant documents.

          If any one or more of the conditions stated above are 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.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue of this notice and remains in force until further notice.

          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: Chief Executive
          DATE OF ISSUE: 22 November 2015

        • W418/2015 GEN — Aspen UK Syndicate Services Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Aspen UK Syndicate Services Limited
          Address Office No. 15533, 15th Floor, The Gate Building, Gate District, DIFC, PO Box 507047, Dubai, UAE
          DFSA Firm Reference No. F002692
          Notice No. W418/2015

          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
          GEN 8.2.2
          (1) An Authorised Person must, except as provided under Rule 8.2.3, prepare and maintain all financial statements in accordance with:
          (a) the International Financial Reporting Standards (IFRS); or
          (b) the Generally Accepted Accounting Principles in the United Kingdom (UK GAAP).
          (2) In this Rule, UK GAAP means accounting and valuation principles set-out in the guidelines of the UK Accounting Standards Board.
          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, or the International Standards on Auditing (UK and Ireland) (ISAs (UK and Ireland)) issued by the UK Audit and Assurance Council;
          (b) produce a Regulatory Returns Auditor's Report in accordance with the Rules in AUD App1 as relevant;
          (c) 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) 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; and
          (e) produce, if the Authorised Firm is permitted to hold or control Client Investments, Arrange Custody 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.

          CONDITIONS

          The 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 carries on Financial Services through a Branch in the DIFC.

          If the condition 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 to whom this notice applies in their unmodified form as they appear in the applicable module of the Rulebook in force at the relevant time.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 15 November 2015

        • W417/2015 GEN — Willis Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Willis Limited
          Address Unit 9&10, Level 2, Gate Village Building 4, DIFC, PO Box 507018, Dubai, UAE
          DFSA Firm Reference No. F002983
          Notice No. W417/2015

          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
          GEN 8.2.2
          (1) An Authorised Person must, except as provided under Rule 8.2.3, prepare and maintain all financial statements in accordance with:
          (a) the International Financial Reporting Standards (IFRS); or
          (b) the Generally Accepted Accounting Principles in the United Kingdom (UK GAAP).
          (2) In this Rule, UK GAAP means accounting and valuation principles set-out in the guidelines of the UK Accounting Standards Board.
          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, or the International Standards on Auditing (UK and Ireland) (ISAs (UK and Ireland)) issued by the UK Audit and Assurance Council;
          (b) produce a Regulatory Returns Auditor's Report in accordance with the Rules in AUD App1 as relevant;
          (c) 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) 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; and
          (e) produce, if the Authorised Firm is permitted to hold or control Client Investments, Arrange Custody 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.

          CONDITIONS

          The 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 carries on Financial Services through a Branch in the DIFC.

          If the condition 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 to whom this notice applies in their unmodified form as they appear in the applicable module of the Rulebook in force at the relevant time.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 12 November 2015

        • W416/2015 GEN — Bloomberg Tradebook Europe Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Bloomberg Tradebook Europe Limited
          Address Al Fattan Currency House, Level 10, PO Box 506707, Dubai, UAE
          DFSA Firm Reference No. F001106
          Notice No. W416/2015

          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
          GEN 7.5.2

          The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 12 November 2015

        • W415/2015 AML & GEN — Bloomberg Tradebook Europe Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Bloomberg Tradebook Europe Limited
          Address Al Fattan Currency House, Level 10, PO Box 506707, Dubai, UAE
          DFSA Firm Reference No. F001106
          Notice No. W415/2015

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 12 November 2015

        • W414/2015 AML & GEN — RFIB Group Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To RFIB Group Limited
          Address Office 8, Level 1, Gate Village 7, DIFC, PO Box 506670, Dubai, UAE
          DFSA Firm Reference No. F000162
          Notice No. W414/2015

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 26 October 2015

        • W413/2015 GEN — RFIB Group Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To RFIB Group Limited
          Address Office 8, Level 1, Gate Village 7, DIFC, PO Box 506670, Dubai, UAE
          DFSA Firm Reference No. F000162
          Notice No. W413/2015

          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
          GEN 7.5.2

          The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 26 October 2015

        • W403/2015 MKT — IFC and IFC Sukuk Company

          Click here to view PDF.

          MODIFICATION NOTICE

          To IFC and IFC Sukuk Company
          Address International Finance Corporation
          2121 Pennsylvania Ave NW
          Washington, DC 20433
          DFSA Firm Reference No. F003410
          Notice No. W403/2015

          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
          MKT A5.1.1 The following entities are Exempt Offerors:
          (a) Properly constituted governments, government agencies, central banks or other national monetary authorities of the following countries or jurisdictions:
          (i) Organisation for Economic Co-operation and Development (OECD) member countries;
          (ii) member countries of the Gulf Co-operation Council (GCC); or
          (iii) the Emirate of Dubai.
          (b) The International Monetary Fund and the World Bank.
          (c) Any other country, jurisdiction, or supranational organisation, or legal entity established by a country, jurisdiction or supranational organisation, that may be approved as an Exempt Offeror by the DFSA for the purpose of that offer.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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: Eric Salomons
          Position: Director, Head of Markets
          DATE OF ISSUE: 25 August 2015

        • W412/2015 AML & GEN — Oaktree Capital Management (Dubai) Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Oaktree Capital Management (Dubai) Limited
          Address Office No 15052, The Gate, Level 15, DIFC, PO Box 121208, Dubai, UAE
          DFSA Firm Reference No. F0002385
          Notice No. W412/2015

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 25 October 2015

        • W402/2015 AML & GEN — DeaconCapital (Dubai) Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To DeaconCapital (Dubai) Limited
          Address Office 708A, Level 7, Al Fattan Currency House Tower 2,
          DIFC, PO Box 506521, Dubai, UAE
          DFSA Firm Reference No. F001040
          Notice No. W402/2015

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 13 September 2015

        • W401/2015 GEN — DeaconCapital (Dubai) Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To DeaconCapital (Dubai) Limited
          Address Office 708A, Level 7, Al Fattan Currency House Tower 2,
          DIFC, PO Box 506521, Dubai, UAE
          DFSA Firm Reference No. F001040
          Notice No. W401/2015

          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
          GEN 7.5.2

          The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 13 September 2015

        • W411/2015 GEN — Oaktree Capital Management (Dubai) Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Oaktree Capital Management (Dubai) Limited
          Address Office No 15052, The Gate, Level 15, DIFC, PO Box 121208, Dubai, UAE
          DFSA Firm Reference No. F002385
          Notice No. W411/2015

          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
          GEN 7.5.2

          The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 25 October 2015

        • W400/2015 GEN — NBK Capital Partners Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To NBK Capital Partners Limited
          Address Level 4, Precinct Building 3, DIFC, PO Box 506506, Dubai, UAE
          DFSA Firm Reference No. F000150
          Notice No. W400/2015

          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
          GEN 7.5.2

          The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 13 September 2015

        • W410/2015 FER — MAF Sukuk Ltd.

          Click here to view PDF.

          MODIFICATION NOTICE

          To MAF Sukuk Ltd.
          Address PO Box 1093, Queensgate House, Grand Cayman, KY1-1102, Cayman Islands
          DFSA Firm Reference No. F002458
          Notice No. W410/2015

          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
          FER 1.2.7
          (1) In respect of any fee payable in accordance with FER, the fee must, subject to (2) and (3), be paid:
          (a) by the Person to whom the Rule applies;
          (b) in United States Dollars; and
          (c) by bank transfer directly from a bank account maintained by the Person specified in (a) into the DFSA's bank account.
          (2) The DFSA will accept payment of a fee in United States Dollars from a member of the applicant's Group, the applicant's Parent, the applicant's legal advisor (where such an advisor is a DNFBP ) or a Person who has applied to be a Controller in relation to the applicant but only where:
          (a) the relevant fee is an application fee under section FER 2.1 or FER 2.3; and
          (b) the applicant is in formation and does not have a commercial licence to enable it to open a bank account in its own name established in another jurisdiction.
          (3) For a fee specified in FER 2.9.1 or 4.1.1, the DFSA will accept payment of the fee in US Dollars by a bank transfer directly from the bank account of any of the following:
          (a) the Issuer, Offeror or Reporting Entity of the Securities;
          (b) in the case of an Issuer that is a special purpose vehicle, the Person who set up or controls, directly or indirectly, the special purpose vehicle;
          (c) the lead arranger of a proposed issue of Securities, if that Person is a Bank or authorised to accept deposits and supervised by the Central Bank of the State; or
          (d) the legal adviser (if it is a DNFBP) acting for a Person referred to in (a), (b) or (c).
          (4) In (3), a reference to an Issuer, Offeror or Reporting Entity includes the proposed Issuer, Offeror or Reporting Entity and a "special purpose vehicle" means a legal person whose objects and purposes are primarily the issue of Securities.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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: Eric Salomons
          Position: Director, Head of Markets
          DATE OF ISSUE: 22 October 2015

        • W399/2015 AML & GEN — NBK Capital Partners Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To NBK Capital Partners Limited
          Address Level 4, Precinct Building 3, DIFC, PO Box 506506, Dubai, UAE
          DFSA Firm Reference No. F000150
          Notice No. W399/2015

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person.
               AND
          2. The Rules specified in the left hand column of Table B 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 WAIVED

          TABLE A
          Rulebook Module Rule
          AML Chapter 11 Rule 11.2.1(2)

          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.

          TABLE B
          Rule Modified Text
          GEN 7.5.2 The Authorised Individuals referred to in Rule 7.5.1(a), and (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 13 September 2015

        • W409/2015 GEN — SinoGulf (DIFC) Limited ("SGDL")

          Click here to view PDF.

          MODIFICATION NOTICE

          To SinoGulf (DIFC) Limited ("SGDL")
          Address Suite 414, Liberty House, DIFC, PO Box 49929, Dubai, UAE
          DFSA Firm Reference No. F000633
          Notice No. W409/2015

          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
          GEN 7.5.2

          The Authorised Individuals referred to in Rule 7.5.1(a), (c) and (d) must be resident in the U.A.E.

          CONDITIONS

          None.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force for 12 months thereafter or until further notice, whichever 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: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 20 October 2015

        • W398/2015 GEN — Citibank, N.A.

          Click here to view PDF.

          MODIFICATION NOTICE

          To Citibank, N.A.
          Address Unit 1, Level 7, Gate Precinct Building 2, DIFC,
          PO Box 507010, Dubai, UAE
          DFSA Firm Reference No. F000986
          Notice No. W398/2015

          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
          GEN 8.2.2
          (1) An Authorised Person must, except as provided under Rule 8.2.3, prepare and maintain all financial statements in accordance with:
          (a) the International Financial Reporting Standards (IFRS); or
          (b) the Generally Accepted Accounting Principles in the United States of America (US GAAP).
          (2) In this Rule, US GAAP has the meaning given to that term in statement no. 162 issued by the Financial Accounting Standards Board.
          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, or the Generally Accepted Auditing Standards (US GAAS) issued by the American Institute of Certified Public Accountants Auditing Standards Board and the Auditing Standards of the Public Company Accounting Oversight Board of the United States;
          (b) produce a Regulatory Returns Auditor's Report in accordance with the Rules in AUD App1 as relevant;
          (c) 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) 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; and
          (e) produce, if the Authorised Firm is permitted to hold or control Client Investments, Arrange Custody 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.

          CONDITIONS

          The 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 carries on Financial Services through a Branch in the DIFC.

          If the condition 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 to whom this notice applies in their unmodified form as they appear in the applicable module of the Rulebook in force at the relevant time.

          EFFECTIVE PERIOD

          This notice comes into effect on the date of issue and remains in force until further notice.

          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 requ