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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).

      • 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

        • 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

        • 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

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          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

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          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

        • 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

        • 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

        • 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

        • 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

        • 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

        • 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

        • 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

        • 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

        • 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

        • W408/2015 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. W408/2015

          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 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 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: 07 September 2015

        • W387/2015 GEN — Sanne Group Dubai Limited

          Click here to view PDF

          MODIFICATION NOTICE

          To Sanne Group Dubai Limited
          Address Office 205, Level 2,
          Currency House,
          DIFC, PO Box 482042,
          Dubai, UAE
          DFSA Firm Reference No. F001475
          Notice No. W387/2015

          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: 21 June 2015

        • W407/2015 CIR — Emirates REIT Management (Private) Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Emirates REIT Management (Private) Limited
          Address Office P4, Level 5, Gate Village 4,
          Dubai International Financial Centre,
          PO Box 482015,
          Dubai, United Arab Emirates
          DFSA Firm Reference No. F001310
          Notice No. W407/2015

          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 respect of The Residential 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 13.4.1(2)(b) In the case of a Property Fund which is or intends to be a Public Fund, the Fund Manager:
          (a) may only use either an Investment Company or Investment Trust as the investment vehicle of the Fund;
          (b) must ensure that it is listed and traded on an Authorised Market Institution or is listed and traded on an exchange in a Recognised Jurisdiction within 6 months 3 years from the date on which the Units of the Fund are first Offered to the public or any other shorter period as specified in the Fund's Prospectus;and
          (c) must ensure that the Constitution of the Fund includes provisions that deal with:
          (i) the manner in which the issue and redemption of Units of the Fund will be made to ensure that the Fund is closed ended; and
          (ii) if applicable, the circumstances in which any Private Placements may be made.

          CONDITIONS

          The modification is issued on condition that the above named Person to whom this notice applies ensures that:

          (a) the Prospectus or other offering document of the Fund contains a clear disclosure regarding the modification and its effects; and
          (b) prior to the Fund being listed and traded, Units of the Fund are only offered to Professional Clients and Market Counterparties.

          If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in the table herein apply to the above mentioned Person in the form set out in the applicable module of the Rulebook in force at the relevant time.

          EFFECTIVE PERIOD

          This notice comes into effect on the date the DFSA grants registration of the Fund 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 10 OF THE COLLECTIVE INVESTMENT LAW 2010 BY:

          Name: Bryan Stirewalt
          Position: Managing Director, Supervision
          DATE OF ISSUE: 18 October 2015

        • W397/2015 REP — Quilter Cheviot Limited (DIFC Representative Office)

          Click here to view PDF

          MODIFICATION NOTICE

          To Quilter Cheviot Limited (DIFC Representative Office)
          Address 7 & 8, Level 2, Gate Village 7, Dubai International Financial Centre, Dubai, 482062, United Arab Emirates
          DFSA Firm Reference No. F003378
          Notice No. W397/2015

          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
          REP Rule 4.1.2
          (1) A Representative Office must not:
          (a) subject to (2), share an office with another Authorised Firm;
          (b) represent anyone other than itself or a member of its Group; or
          (c) permit any staff member to be an Employee of another Authorised Person.
          (2) A Representative Office may share an office with another Authorised Firm within the same Group.

          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: 1 September 2015

        • W386/2015 AML & GEN — Sanne Group Dubai Limited

          Click here to view PDF

          WAIVER AND MODIFICATION NOTICE

          To Sanne Group Dubai Limited
          Address Office 205, Level 2,
          Currency House,
          DIFC, PO Box 482042,
          Dubai, UAE
          DFSA Firm Reference No. F001475
          Notice No. W386/2015

          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: 21 June 2015

        • W406/2015 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. W406/2015

          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: 30 September 2015

        • W396/2015 GEN — The Bank of New York Mellon

          Click here to view PDF

          MODIFICATION NOTICE

          To The Bank of New York Mellon
          Address Level 6, Gate Precinct Building 5, Gate District, DIFC, PO Box 506723, Dubai, UAE
          DFSA Firm Reference No. F000706
          Notice No. W396/2015

          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 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: Bryan Stirewalt
          Position: Managing Director
          DATE OF ISSUE: 18/08/2015

        • W385/2015 AML & GEN — Permal Investment Management Services Limited

          Click here to view PDF

          WAIVER AND MODIFICATION NOTICE

          To Permal Investment Management Services Limited
          Address Level 8, The Gate, West Wing, PO Box 506520, DIFC, Dubai, UAE
          DFSA Firm Reference No. F000012
          Notice No. W385/2015

          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: 1 June 2015

        • W405/2015 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. W405/2015

          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: 30 September 2015

        • W395/2015 AML & GEN — The Bank of New York Mellon

          Click here to view PDF

          WAIVER AND MODIFICATION NOTICE

          To The Bank of New York Mellon
          Address Level 6, Gate Precinct Building 5, Gate District, DIFC, PO Box 506723, Dubai, UAE
          DFSA Firm Reference No. F000706
          Notice No. W395/2015

          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 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: Bryan Stirewalt
          Position: Managing Director
          DATE OF ISSUE: 18/08/2015

        • W384/2015 GEN — Permal Investment Management Services Limited

          Click here to view PDF

          MODIFICATION NOTICE

          To Permal Investment Management Services Limited
          Address Level 8, The Gate, West Wing, PO Box 506520, DIFC, Dubai, UAE
          DFSA Firm Reference No. F000012
          Notice No. W384/2015

          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: 1 June 2015

        • W394/2015 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 Internaltional Financial Centre
          PO Box 506894, Dubai UAE
          DFSA Firm Reference No. F002623
          Notice No. W394/2015

          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: 13August 2015

        • W393/2015 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 Internaltional Financial Centre
          PO Box 506894, Dubai UAE
          DFSA Firm Reference No. F002623
          Notice No. W393/2015

          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 August 2015

        • W383/2015 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. W383/2015

          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 May 2015

        • W392/2015 GEN — Catlin Middle East Limited

          Click here to view PDF

          MODIFICATION NOTICE

          To Catlin Middle East Limited
          Address Office 403, Level 4, Gate Precinct Bldg.3
          Dubai International Financial Centre
          PO Box 31645
          Dubai, UAE
          DFSA Firm Reference No. F002438
          Notice No. W392/2015

          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: 29 July 2015

        • W382/2015 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. W382/2015

          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 May 2015

        • W391/2015 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 Bldg.3
          Dubai International Financial Centre
          PO Box 31645
          Dubai, UAE
          DFSA Firm Reference No. F002438
          Notice No. W391/2015

          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: 29 July 2015

        • W381/2015 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 2016, Level 2, Al Fattan Currency House, Dubai international Finance Centre, PO Box 506679, Dubai, UAE
          DFSA Firm Reference No. F003105
          Notice No. W381/2015

          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: 14 May 2015

        • W390/2015 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. W390/2015

          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: 27 July 2015

        • W380/2015 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 2016, Level 2, Al Fattan Currency House, Dubai international Finance Centre, PO Box 506679, Dubai, UAE
          DFSA Firm Reference No. F003105
          Notice No. W380/2015

          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: 14 May 2015

        • W389/2015 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. W389/2015

          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: 27 July 2015

        • W379/2015 MKT — Investment Corporation of Dubai

          Click here to view PDF

          MODIFICATION NOTICE

          To Investment Corporation of Dubai
          Address Investment Corporation of Dubai, P.O. Box 333888, Dubai, United Arab Emirates
          DFSA Firm Reference No. F001674
          Notice No. W379/2015

          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 5.1.8(2)a
          A Reporting Entity must make the market disclosure required in (1) within the following time periods:
          (a) In relation to its annual financial report, as soon as possible after the financial statements have been approved, but no later than 120 210 days after the end of the financial period;

          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: Nicholas Alves
          Position: Head of Legal Services
          DATE OF ISSUE: 30 April 2015

        • W378/2015 REP — Macquarie Infrastructure & Real Assets (Europe) Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Macquarie Infrastructure & Real Assets (Europe) Limited
          Address Unit 110 — 111, Level 1, Gate Village Building 6, DIFC, PO Box 506751, Dubai, UAE
          DFSA Firm Reference No. F002850
          Notice No. W378/2015

          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
          REP Rule 4.1.2
          (1) A Representative Office must not:
          (a) subject to (2), share an office with another Authorised Firm;
          (b) represent anyone other than itself or a member of its Group; or
          (c) permit any staff member to be an Employee of another Authorised Person.
          (2) A Representative Office may share an office with another Authorised Firm within the same Group.

          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: Errol Hoopmann
          Position: Acting Chief Executive
          DATE OF ISSUE: 21 April 2015

        • W377/2015 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. W377/2015

          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: 15 April 2015

        • W376/2015 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. W376/2015

          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: 15 April 2015

        • W375/2015 GEN — Bank of India

          Click here to view PDF.

          MODIFICATION NOTICE

          To Bank of India
          Address Unit S1902, Level 19, Emirates Financial Towers, DIFC, PO Box 116470, Dubai, UAE
          DFSA Firm Reference No. F002531
          Notice No. W375/2015

          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 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.
          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: 31 March 2015

        • W374/2015 CIR & IFR — Emirates REIT Management (Private) Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Emirates REIT Management (Private) Limited
          Address Office P4, Level 5, Gate Village 4, DIFC, PO Box 482015, Dubai, UAE
          DFSA Firm Reference No. F001310
          Notice No. W374/2015

          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
          CIR

          13.5.5
          A Fund Manager of a REIT may (in respect of the Fund) borrow either directly or through its Special Purpose Vehicle up to 5070% of the total gross net asset value of the Fund.
          IFR

          6.11.5
          A Fund Manager of an Islamic REIT may (in respect of the Fund) borrow either directly or through its Special Purpose Vehicle up to 5070% of the total gross net asset value of the Fund and such borrowings are Shari'a compliant.

          Guidance

          As there are no specific risks that arise by virtue of a Fund being an Islamic Fund, the prudential requirements that apply to a Category 3 firm as set out in the PIB module apply to such Fund Managers. However, if the underlying assets of the Fund are invested in financial products or instruments that are Islamic and have certain features which would raise any prudential risks, it is the responsibility of the Fund Manager to address such risks. The DFSA would provide any additional clarifications regarding such matters upon request.

          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: 3 May 2015

        • W373/2015 COB — ES Bankers (Dubai) Limited (In Liquidation)

          Click here to view PDF.

          MODIFICATION NOTICE

          To ES Bankers (Dubai) Limited (In Liquidation)
          Address Office 1203, Level 12, The Gate, West Wing, DIFC, PO Box 506627, Dubai, UAE
          DFSA Firm Reference No. F000553
          Notice No. W373/2015

          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
          COB A5.13.1 This section is referred to as the Client Money Distribution Rules and, subject to A5.13.2(a) below, to the extent that these Rules are inconsistent with part 5.52 of the DIFC Insolvency Regulations, and the DIFC Preferential Creditor Regulations, these Rules will prevail.
          COB A5.13.2 Following a Distribution Event, the Authorised Firm must distribute Money in the following order of priorities:
          (a) firstly, to pay the expenses or costs in (i) and (ii) below which have been incurred by the liquidator in ensuring the identification and distribution of Client Money or Client Investments:
          (i) preferential debts of the Company as described in the DIFC Preferential Creditor Regulations; and
          (ii) expenses and remuneration listed in Regulation 5.52 of the DIFC Insolvency Regulations, or in such other order of priority as may be ordered by the DIFC Court pursuant to Articles 65 or 71 of the Insolvency Law 2009 or Regulation 5.54 of the DIFC Insolvency Regulations;
          (ab) secondly firstly, in relation to Client Money held in a Client Account on behalf of Segregated Clients, claims relating to that Money must be paid to each Segregated Client in full or, where insufficient funds are held in a Client Account, proportionately, in accordance with each Segregated Client's valid claim over that Money;
          (bc) thirdly secondly, where the amount of Client Money in a Client Account is insufficient to satisfy the claims of Segregated Clients in respect of that Money, or not being immediately available to satisfy such claims, all other Money held by the Authorised Firm must be used to satisfy any outstanding amounts remaining payable to Segregated Clients but not satisfied from the application of (ab) above;
          (cd) fourthly thirdly, upon resolution of claims in relation to Segregated Clients, any Money remaining with the Authorised Firm must be paid to each Client in full or, where insufficient funds are held by the Authorised Firm, proportionately, in accordance with each Client's valid claim over that Money; and
          (de) fifthly fourthly, upon satisfaction of all claims in (a), (b), (c) and (cd)above, in the event of:
          (i) the appointment of a liquidator, receiver or administrator, or trustee in bankruptcy over the Authorised Firm, payment must be made accordance with the Insolvency Law 2004; or
          (ii) all other Distribution Events, payment must be made in accordance with the direction of the DFSA.
          Guidance

          A Segregated Client would not have a valid claim over Client Money held in a Client Account if that Client Account was not established to hold Client Money for that Client.

          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: Acting Chief Executive Officer
          DATE OF ISSUE: 19 March 2015

        • W372/2015 MKT — Perusahaan Penerbit SBSN Indonesia III

          Click here to view PDF.

          MODIFICATION NOTICE

          To Perusahaan Penerbit SBSN Indonesia III
          Address Ministry of Finance of the Republic of Indonesia
          Frans Seda Building Level 5
          Jalan DR. Wahidin Raya No. 1
          Jakarta 10710 Indonesia
          DFSA Firm Reference No. F003204
          Notice No. W372/2015

          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 BY:

          Name: Eric Salomons
          Position: Director, Head of Markets
          DATE OF ISSUE: 18 March 2015

        • W371/2015 CIR — Emirates REIT Management (Private) Limited

          Click here to view PDF.

          WAIVER NOTICE

          To Emirates REIT Management (Private) Limited
          Address Office P4, Level 5, Gate Village 4, DIFC, PO Box 482015, Dubai, UAE
          DFSA Firm Reference No. F001310
          Notice No. W371/2015

          THE DFSA HEREBY GIVES NOTICE THAT:

          The Rule specified in Table A does not apply to the above mentioned Person in respect of the Emirates REIT (CEIC) Limited (DFSA reference no. C000012) ("the Fund"). The waiver is issued subject to the conditions specified below in this notice.

          RULES WAIVED

          TABLE A
          Rulebook Module Rule
          CIR Module CIR 8.2.2(2)

          CONDITIONS

          The Waiver is granted on the following conditions:

          1. that Emirates REIT Management (Private) Limited (the "Fund Manager") has in place at all times adequate systems and controls to ensure safe custody of the Real Property forming part of the Fund Property of the Fund, and those systems and controls ensure, as a minimum, that:
          (a) legal title to the Real Property is registered in the name of the Fund;
          (b) title deeds to the Real Property are:
          (i) held in a safe ("the safe") that contains only those title deeds and is located in premises which are directly and fully controlled by the Fund Manager; and
          (ii) subject to clearly documented procedures relating to the manner and circumstances in which the title deeds may be accessed and used;
          (c) only one or more individuals who are designated in writing by the Fund Manager ("designated individuals") and who meet the requirements in (d) are authorised to carry out duties and functions relating to safe custody of the Real Property;
          (d) the designated individuals referred to in (c):
          (i) are the only individuals who are authorised to access the safe;
          (ii) are not required to carry out duties and functions which conflict with their functions and duties relating to safe custody of the Real Property; and
          (iii) have, among them, at least one individual, who has:
          (A) the status of an Authorised Individual;
          (B) overall responsibility for the discharge of duties and functions relating to the safe custody of the Real Property; and
          (C) unrestricted access, including a reporting line, to the Governing Body and the Oversight Committee of the Fund in respect of matters relating to safe custody of the Fund Property; and
          (e) the Oversight Committee of the Fund reviews the adequacy of the systems and controls in place to ensure safe custody of the Real Property and includes a report on the adequacy of those systems and controls in its oversight report under CIR Rule 10.3.13; and
          2. that the Fund Manager ensures that, if the Fund holds property other than Real Property, as permitted by CIR Rule 13.4.4, that other Fund Property is held in accordance with the requirements in CIR Rule 8.2.2(2).

          If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in Table A apply to the above mentioned Person and Fund 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: 3 May 2015

        • W370/2015 AML & GEN — Rasameel Investment Bank Ltd

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Rasameel Investment Bank Ltd
          Address Office 41, Level 3, Gate Village 10, DIFC, PO Box 506878,
          Dubai, UAE
          DFSA Firm Reference No. F000930
          Notice No. W370/2015

          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: 4 March 2015

        • W369/2015 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. W369/2015

          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: 4 March 2015

        • W368/2015 REP — Morgan Stanley Investment Management Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Morgan Stanley Investment Management Limited
          Address Level 7, Precinct 3, DIFC, PO Box 506501, Dubai, UAE
          DFSA Firm Reference No. F002978
          Notice No. W368/2015

          THE DFSA HEREBY GIVES NOTICE THAT:

          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 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
          Rule Modified Text
          REP Rule 4.1.2
          (1) A Representative Office must not:
          (a) subject to (2), share an office with another Authorised Firm;
          (b) represent anyone other than itself or a member of its Group; or
          (c) permit any staff member to be an Employee of another Authorised Person.
          (2) A Representative Office may share an office with another Authorised Firm within the same Group.

          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: 5 February 2015

        • W367/2015 CIR — Gateway Investment Management Services (DIFC) Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Gateway Investment Management Services (DIFC) Limited
          Address Level 5, Gate Village 6, DIFC, PO Box 506822, Dubai, UAE
          DFSA Firm Reference No. F001118
          Notice No. W367/2015

          THE DFSA HEREBY GIVES NOTICE THAT:

          1. The Rules specified in Table A herein do not apply to the above mentioned Person in respect of the GP Property Fund (CEIC) Ltd (DFSA reference no. C000029)(the "Fund");
               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 in respect of the the Fund but instead apply as modified in the right hand column of the table.

          RULES WAIVED

          TABLE A
          Rulebook Module Rule
          CIR Module CIR 13.4.4(3)(a)

          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
          CIR 8.2.2.(2)
          (1) In the case of an Investment Company or an Investment Partnership, the Fund Manager is responsible to the Unitholders for the safekeeping of the Fund Property.
          (2) Without removing the generality of the obligation under (1) and subject to (3), a Fund Manager must, in the case of a Fund which is an Investment Company or Investment Partnership:
          (a) delegate the activity of Providing Custody in relation to the Fund Property (other than in respect of any investment in Property Related Assets) to a Service Provider who is an Eligible Custodian; and
          (b) comply with the delegation procedures set out in section 8.12 in relation to such a delegation.
          (3) The requirement in (2) does not apply to:
          (a) a Property Fund investing in Real Property where the Fund Manager has made adequate alternative arrangements that are in accordance with Rule 13.4.2; or
          (b) a Private Equity Fund where the Fund Manager has made adequate alternative arrangements that are in accordance with Rule 13.3.1.

          CONDITIONS

          The waiver and modification in respect of the Rules specified above remains in effect for the duration of the period set out below on condition that the above named Person to whom this notice applies ensures that:

          (a) any investments in Property Related Assets where such assets are not listed and traded on an Exchange are acquired to be held for the medium to long term;
          (b) the Information Memorandum of the Fund discloses:
          (i) information relating to (a) above; and
          (ii) information relating to the waiver and modification provided under this instrument and how any risks associated with investments in Property Related Assets which are not listed and traded on an Exchange are being addressed; and
          (c) the Investment Committee of the Fund, in addition to reviewing investment opportunities for the Fund, make recommendations on the acquisition and disposal of the Fund's investment in Property Related Assets which are not listed and traded on an Exchange; and
          (d) the Fund makes investments in Property Related Assets which are not listed and traded on an Exchange only in reliance on recommendations made by the Investment Committee under (c) above.

          If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in the table herein apply to the above mentioned Person in the form set out in the applicable module of the Rulebook in force at the relevant time.

          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 Officer
          DATE OF ISSUE: 26 January 2015

        • W366/2015 AML & GEN — Standard Bank PLC

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Standard Bank PLC
          Address Office No 1501, 15th Floor, Currency Tower,
          DIFC, PO Box 482049, Dubai, UAE
          DFSA Firm Reference No. F000028
          Notice No. W366/2015

          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: 19 January 2015

        • W365/2015 GEN — Standard Bank PLC

          Click here to view PDF.

          MODIFICATION NOTICE

          To Standard Bank PLC
          Address Office No 1501, 15th Floor, Currency Tower,
          DIFC, PO Box 482049, Dubai, UAE
          DFSA Firm Reference No. F000028
          Notice No. W365/2015

          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: 19 January 2015

        • W364/2015 AML & GEN — Markel International (Dubai) Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Markel International (Dubai) Limited
          Address Office N413, Level 4, North Tower, Emirates Financial Towers, DIFC, PO Box 506914, Dubai
          DFSA Firm Reference No. F002699
          Notice No. W364/2015

          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.
          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: 07 January 2015

        • W363/2015 GEN — Markel International (Dubai) Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Markel International (Dubai) Limited
          Address Office N413, Level 4, North Tower, Emirates Financial Towers, DIFC, PO Box 506914, Dubai
          DFSA Firm Reference No. F002699
          Notice No. W363/2015

          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: 07 January 2015

      • 2014

        • W362/2014 GEN — Amlin (Dubai) Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Amlin (Dubai) Limited
          Address Gate Village 3, Office 8, Level 1
          PO Box 113355
          Dubai, UAE
          DFSA Firm Reference No. F002680
          Notice No. W362/2014

          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 December 2014

        • W361/2014 AML & GEN — Amlin (Dubai) Limited

          Click here to view PDF.

          WAIVER AND MODIFICATION NOTICE

          To Amlin (Dubai) Limited
          Address Gate Village 3, Office 8, Level 1
          PO Box 113355
          Dubai, UAE
          DFSA Firm Reference No. F002680
          Notice No. W361/2014

          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 December 2014

        • W360/2014 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. W360/2014

          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 1st January 2015 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: 23rd December 2014

        • W358/2014 GEN — HETCO Advisory Services UK Limited d/b/a HETCO Dubai

          Click here to view PDF.

          MODIFICATION NOTICE

          To HETCO Advisory Services UK Limited d/b/a HETCO Dubai
          Address Office No 710, Level 7, Liberty House, DIFC, PO Box 506743, Dubai, UAE.
          DFSA Firm Reference No. F001395
          Notice No. W358/2014

          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
          DATE OF ISSUE: 22 December 2014

        • W357/2014 GEN — Mitsubishi UFJ Securities International plc

          Click here to view PDF.

          MODIFICATION NOTICE

          To Mitsubishi UFJ Securities International plc
          Address Office 301, Level 3, East Wing, The Gate Building, DIFC, Dubai, UAE
          DFSA Firm Reference No. F002623
          Notice No. W357/2014

          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
          DATE OF ISSUE: 22 December 2014

        • W356/2014 GEN — Nomura Asset Management U.K. Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Nomura Asset Management U.K. Limited
          Address Office No 6, Level 6, Precinct Building 6, DIFC, PO Box 506882, Dubai, UAE
          DFSA Firm Reference No. F002437
          Notice No. W356/2014

          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
          DATE OF ISSUE: 22 December 2014

        • W354/2014 GEN — Fisher Asset Management LLC

          Click here to view PDF.

          MODIFICATION NOTICE

          To Fisher Asset Management LLC
          Address Office 15, 15th Floor, The Gate Building, DIFC, PO Box 121208, Dubai, UAE
          DFSA Firm Reference No. F002240
          Notice No. W354/2014

          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 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 December 2014

        • W352/2014 GEN — Standard & Poor's Credit Market Services Europe Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Standard & Poor's Credit Market Services Europe Limited
          Address Level 5, The Gate Precinct – Building 1, DIFC, PO Box 506650, Dubai, UAE
          DFSA Firm Reference No. F001912
          Notice No. W352/2014

          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
          DATE OF ISSUE: 22 December 2014

        • W351/2014 GEN — HDFC Bank Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To HDFC Bank Limited
          Address Office No 1, Level 4, The Gate Village 2, PO Box 64546, Dubai, UAE
          DFSA Firm Reference No. F001898
          Notice No. W351/2014

          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.
          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: 22 December 2014

        • W350/2014 GEN — Wells Fargo Bank, National Association

          Click here to view PDF.

          MODIFICATION NOTICE

          To Wells Fargo Bank, National Association
          Address Office 111, Level 1, Gate Village 5, PO Box 53089, Dubai, UAE
          DFSA Firm Reference No. F001853
          Notice No. W350/2014

          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 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 December 2014

        • W349/2014 GEN — Swiss Re Corporate Solutions Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Swiss Re Corporate Solutions Limited
          Address Office 502, Level 5, Precinct Building 4, DIFC, PO Box 506603, Dubai, UAE
          DFSA Firm Reference No. F001676
          Notice No. W349/2014

          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 Switzerland (Swiss GAAP).
          (2) In this Rule, Swiss GAAP means accounting and valuation principles set-out by the Swiss Foundation for Accounting and Reporting and in the Swiss Code of Obligations, the Swiss Federal Law on banks and its relative implementing Ordinance, as well as with the statutory provisions and directives issued by the Swiss Federal Banking Commission.
          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 (Swiss GAAS);
          (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 December 2014

        • W347/2014 GEN — Bank of Baroda

          Click here to view PDF.

          MODIFICATION NOTICE

          To Bank of Baroda
          Address Office No 403, Level 4, Gate Building, DIFC, PO Box 506748, Dubai, UAE
          DFSA Firm Reference No. F001649
          Notice No. W347/2014

          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.
          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: 22 December 2014

        • W346/2014 GEN — Moelis & Company UK LLP, DIFC Branch

          Click here to view PDF.

          MODIFICATION NOTICE

          To Moelis & Company UK LLP, DIFC Branch
          Address Level 2, Office 203/204, Gate Village, Building 1, DIFC, PO Box 506777, Dubai, UAE
          DFSA Firm Reference No. F001620
          Notice No. W346/2014

          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
          DATE OF ISSUE: 22 December 2014

        • W345/2014 GEN — XL Re Europe SE

          Click here to view PDF.

          MODIFICATION NOTICE

          To XL Re Europe SE
          Address Office 15073, Level 15, The Gate, DIFC, PO Box 12108, Dubai, UAE
          DFSA Firm Reference No. F001609
          Notice No. W345/2014

          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 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 December 2014

        • W344/2014 GEN — Institutional Cash Distributors Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Institutional Cash Distributors Limited
          Address Office 405B, 4th Floor, Liberty House, DIFC, PO Box 125115, Dubai, UAE
          DFSA Firm Reference No. F001566
          Notice No. W344/2014

          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
          DATE OF ISSUE: 22 December 2014

        • W343/2014 GEN — Jefferies International Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Jefferies International Limited
          Address Office 803, Al Fattan Currency House, Tower 2, DIFC, PO Box 482087, Dubai, UAE
          DFSA Firm Reference No. F001523
          Notice No. W343/2014

          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
          DATE OF ISSUE: 22 December 2014

        • W342/2014 GEN — BGC Brokers L.P.

          Click here to view PDF.

          MODIFICATION NOTICE

          To BGC Brokers L.P.
          Address Tower 2, Level 12, Al Fattan Currency House, DIFC, PO Box 482030, Dubai, UAE
          DFSA Firm Reference No. F001356
          Notice No. W342/2014

          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
          DATE OF ISSUE: 22 December 2014

        • W340/2014 GEN — Threadneedle Portfolio Services Hong Kong Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To Threadneedle Portfolio Services Hong Kong Limited
          Address Unit 5, level 2, Gate Village 5, PO Box 482005, Dubai, UAE
          DFSA Firm Reference No. F001241
          Notice No. W340/2014

          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 Hong Kong Financial Reporting Standards (Hong Kong FRS).
          (2) In this Rule, Hong Kong FRS means accounting and valuation principles set-out in the guidelines of the Hong Kong Institute of Certified Public Accountants (HKICPA).
          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 Hong Kong Generally Accepted Auditing And Assurance Standards (Hong Kong GAAS) issued by the HKICPA;
          (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 December 2014

        • W339/2014 GEN — The Bank of Nova Scotia

          Click here to view PDF.

          MODIFICATION NOTICE

          To The Bank of Nova Scotia
          Address Office 302, Level 03, Precinct Building 03, DIFC, PO Box 506848, Dubai, UAE
          DFSA Firm Reference No. F001180
          Notice No. W339/2014

          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 Canada (Canadian GAAP).
          (2) In this Rule, Canadian GAAP means accounting and valuation principles set-out in the guidelines of the Accounting Standards Board (Canada), including the statutory provisions and directives of the Office of the Superintendent of Financial Institutions.
          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 (Canadian GAAS) issued by the Auditing and Assurance Standards Board (Canada);
          (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 December 2014

        • W338/2014 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. W338/2014

          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
          DATE OF ISSUE: 22 December 2014

        • W337/2014 GEN — Punjab National Bank

          Click here to view PDF.

          MODIFICATION NOTICE

          To Punjab National Bank
          Address 802, The Gate, West Wing, DIFC, PO Box 506844, Dubai, UAE
          DFSA Firm Reference No. F001087
          Notice No. W337/2014

          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.
          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: 22 December 2014

        • W336/2014 GEN — Nomura International plc

          Click here to view PDF.

          MODIFICATION NOTICE

          To Nomura International plc
          Address Level 6, Precinct Building 6, DIFC, PO Box 506535, Dubai, UAE
          DFSA Firm Reference No. F001008
          Notice No. W336/2014

          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
          DATE OF ISSUE: 22 December 2014

        • W335/2014 GEN — Union Bank of India

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          MODIFICATION NOTICE

          To Union Bank of India
          Address Office No 208-210, Level 2, The Gate Village 10, DIFC, PO Box 115584, Dubai, UAE
          DFSA Firm Reference No. F000787
          Notice No. W335/2014

          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.
          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: 22 December 2014

        • W334/2014 GEN — GFI Securities Limited

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          MODIFICATION NOTICE

          To GFI Securities Limited
          Address Unit 02, 3rd Floor Currency House Office Building, DIFC, PO Box 506818, Al Fattan Area, Dubai, UAE
          DFSA Firm Reference No. F000783
          Notice No. W334/2014

          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
          DATE OF ISSUE: 22 December 2014

        • W333/2014 GEN — Blackrock Advisors (UK) Limited — Dubai Branch

          Click here to view PDF.

          MODIFICATION NOTICE

          To Blackrock Advisors (UK) Limited – Dubai Branch
          Address Level 1, Al Fattan Currency House, DIFC, PO Box 506661, Dubai, UAE
          DFSA Firm Reference No. F000738
          Notice No. W333/2014

          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
          DATE OF ISSUE: 22 December 2014

        • W332/2014 GEN — SEI Investments (Europe) Limited

          Click here to view PDF.

          MODIFICATION NOTICE

          To SEI Investments (Europe) Limited
          Address Office 29, Level 3, Gate Village 10, DIFC, PO Box 506720, Dubai, UAE
          DFSA Firm Reference No. F000737
          Notice No. W332/2014

          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
          DATE OF ISSUE: 22 December 2014

        • W331/2014 GEN — The Bank of New York Mellon

          Click here to view PDF.

          MODIFICATION NOTICE

          To The Bank of New York Mellon
          Address Level 6, Gate Precinct Building 5, Gate District, DIFC, PO Box 506723, Dubai, UAE
          DFSA Firm Reference No. F000706
          Notice No. W331/2014

          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