Home   Browse contents   View updates   Search  
     Quick search
Go
   

Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Rulebook Modules
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Notices
Waivers and Modification Notices
2009
W 141/09 AUT — Clarkson Investment Services (DIFC) Limited
Financial Markets Tribunal
Archive

Back Rich text Print

You need the Flash plugin.

Download Macromedia Flash Player



  • 2009

    • W 211/09 PIB — EFG Bank Ltd (formerly known as EFG Bank)

      Click here to view PDF

      WAIVER AND MODIFICATION NOTICE

      To EFG Bank Ltd (formerly known as EFG Bank)
      Address Level 5
      Precinct Building 5
      Dubai International Financial Center
      PO Box 506502
      Dubai, U.A.E
      DFSA Firm Reference No. F000083
      Notice No. W211/2009

      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

      As a consequence of waiving the Rules below, Table 2 in PIB Chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in PIB section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in PIB Chapter 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
      PIB Rule 1.2.1 An Authorised Firm must:
      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 4 Authorised Firm;
      (b) complies with its home state Financial Services Regulator's prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      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 and Table B herein apply to the above mentioned Person 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 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 WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 22 December 2009

    • W 150/09 OSR — General Electric Capital Corporation

      Click here to view PDF

      WAIVER NOTICE

      To General Electric Capital Corporation
      Address C/- GE Capital Middle East & Africa
      Level 7 Exchange Building
      Gate District 5
      DIFC
      DFSA Firm Reference No. F001211
      Notice No. W150/2009

      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
      OSR A2.1.1 Items 19 and 20

      CONDITIONS

      None.

      EFFECTIVE PERIOD

      This notice comes into effect upon admission of Trust Certificates to be issued by GE Capital Sukuk Limited to the Official List of NASDAQ Dubai Limited 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 : Acting Chief Executive
      DATE OF ISSUE: 25 November 2009

    • W 146/09 PIN — Allianz Risk Transfer AG

      Click here to view PDF

      MODIFICATION NOTICE

      To Allianz Risk Transfer AG
      Address The Gate Village 8,
      GV 08, 2nd floor, Unit 1-9,
      Dubai International Financial Centre,
      PO Box No 7659,
      Dubai, UAE
      DFSA Firm Reference No. F001184
      Notice No. W146/2009

      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 PIN 4.3.2–PIN 4.3.4 (inclusive) (Capital)
      PIN Chapter 6 PIN Rule 6.2.4 (Financial Reporting)
      PIN Chapter 7 All sections (Actuaries)
      PIN Appendix 10 PIN Rule A10.2.3

      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:

      The applicant will provide the following documents to the DFSA on an ongoing basis:

      (a) Allianz Risk Transfer AG: annual audited accounts and annual copies of the Capital Resources Summary and Capital Adequacy Summary submitted to the Swiss Financial Market Supervisory Authority (FINMA) within ten business days of their due date to FINMA.
      (b) Allianz Global Corporate & Specialty (immediate controller of Allianz Risk Transfer AG): annual published audited accounts.
      (c) Allianz SE (ultimate controller of Allianz Risk Transfer AG): annual audited published accounts and a copy of the German Federal Financial Supervisory Authority's (BaFin) Overview of the Solvency Margin (Reinsurance Companies) within ten business days of their due date to BaFin.

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

      Name : Ian Johnston
      Position : Acting Chief Executive
      DATE OF ISSUE: 12 November 2009

    • W 144/09 AUT — Itau Middle East Securities Limited

      Click here to view PDF

      MODIFICATION NOTICE

      To Itau Middle East Securities Limited
      Address 10th Floor, Office 1004
      Park Place, Sheikh Zayed Road
      PO Box 65703, Dubai
      United Arab Emirates
      DFSA Firm Reference No. F000851
      Notice No. W144/2009

      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
      AUT 10.3.2 The Authorised Individuals referred to in Rule 10.3.1(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 : Paul Koster
      Position : Chief Executive
      DATE OF ISSUE: 13 October 2009

    • W 142/09 AUT — Lazard Middle East Limited

      Click here to view PDF

      MODIFICATION NOTICE

      To Lazard Middle East Limited
      Address Level 15, Office 46
      The Gate
      PO Box 506644
      Dubai, UAE
      DFSA Firm Reference No. F000567
      Notice No. W142/2009

      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
      AUT 10.3.2 The Authorised Individuals referred to in Rule 10.3.1(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 : Paul Koster
      Position : Chief Executive
      DATE OF ISSUE: 29 September 2009

    • W 141/09 AUT — Clarkson Investment Services (DIFC) Limited

      Click here to view PDF

      MODIFICATION NOTICE

      To Clarkson Investment Services (DIFC) Limited
      Address Emirates Towers,
      Level 42,
      PO Box 283869,
      Dubai
      United Arab Emirates
      DFSA Firm Reference No. F001063
      Notice No. W141/2009

      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
      AUT 10.3.2 The Authorised Individuals referred to in Rule 10.3.1(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 : Ian Johnston
      Position : Acting Chief Executive
      DATE OF ISSUE: 15 September 2009

    • W 140/09 AUT — OANDA Middle East Corporation Ltd.

      Click here to view PDF

      MODIFICATION NOTICE

      To OANDA Middle East Corporation Ltd.
      Address Unit 404, Level 4,
      Liberty House, DIFC,
      P.O. Box 506815,
      Dubai, U.A.E.
      DFSA Firm Reference No. F001071
      Notice No. W140/2009

      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
      AUT 10.3.2 The Authorised Individuals referred to in Rule 10.3.1(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 : Ian Johnston
      Position : Acting Chief Executive
      DATE OF ISSUE: 7th September 2009

    • W 139/09 OSR — Boulder Steel Limited

      Click here to view PDF

      WAIVER NOTICE

      To Boulder Steel Limited
      Address Level 2, 16 Byfield Street, Macquarie Park, NORTH RYDE
      NSW 2113, Australia
      DFSA Firm Reference No. F000592
      Notice No. W139/2009

      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
      OSR OSR A3.1.1(2)

      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 retains its primary listing on the Australian Securities Exchange (ASX) and continues to be subject to the ASX Listing Rules as amended or modified from time to time.

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

      Name : Ian Johnston
      Position : Acting Chief Executive
      DATE OF ISSUE: 1-September-2009

    • W 138/09 AUT — PMA (Middle East) Limited

      Click here to view PDF

      MODIFICATION NOTICE

      To PMA (Middle East) Limited
      Address Premises No, 69, TECOM Zone, Building No. DIC Building
      17, PO Box 500620, Dubai, UAE
      DFSA Firm Reference No. F000983
      Notice No. W138/2009

      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
      AUT 10.3.2 The Authorised Individuals referred to in Rule 10.3.1(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 : Ian Johnston
      Position : Acting Chief Executive
      DATE OF ISSUE: 1-Septmber-2009

    • W 137/09 PIB — Morgan Stanley Private Wealth Management Limited

      Click here to view PDF

      WAIVER AND MODIFICATION NOTICE

      To Morgan Stanley Private Wealth Management Limited
      Address Level 5, West Wing,
      The Gate, Dubai International Finance Centre,
      PO Box 506501,
      Dubai, UAE
      DFSA Firm Reference No. F001156
      Notice No. W137/2009

      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

      As a consequence of waiving the Rules below, Table 2 in PIB Chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in PIB section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in PIB Chapter 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
      PIB Rule 1.2.1 An Authorised Firm must:
      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 4 Authorised Firm;
      (b) complies with its home state Financial Services Regulator's prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      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 and Table B herein apply to the above mentioned Person 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 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 WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Ian Johnston
      Position : Acting Chief Executive
      DATE OF ISSUE: 31-August-2009

    • W CFH/09 CIR — CFH International Property Limited

      Click here to view PDF

      MODIFICATION NOTICE

      To CFH International Property Limited
      Address C/O Norton Rose (Middle East) LLP
      4th Floor, Gate Precinct Building 3,
      Dubai International Financial Centre,
      P O Box 103747,
      Dubai, United Arab Emirates
      DFSA Firm Reference No. N/A
      Notice No. WCFH/2009

      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 2.3.2 Arrangements do not, for the purposes of Article 15 of the Law, amount to a Collective Investment Fund if:
      (a)…….and so on as per Rulebook text up to and including (i)…………
      (j) the arrangements comprise a closed-ended Partnership or Body Corporate, unless on reasonable grounds the purpose or effect of such arrangements appears to be the investment management, in the exercise of discretion for a collective purpose, of Investments or Real Estate assets for the benefit of the shareholders or partners.
      (j) the arrangements comprise a closed-ended Partnership or Body Corporate where:
      (i) such arrangements are for a purpose or effect other than investment management of Investments or Real Estate assets; or
      (ii) participation is limited to less than 20 shareholders to whom the Shares were Offered by way of Private Placement and the minimum consideration paid by each participant is at least US$ 1,000,000.

      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 : Paul M Koster
      Position : Chief Executive
      DATE OF ISSUE: 13-August-2009

    • W 134/09 PIB — Reliance Capital Asset Management (UK) PLC

      Click here to view PDF

      WAIVER AND MODIFICATION NOTICE

      To Reliance Capital Asset Management (UK) PLC
      Address Level 19, Monarch Office Towers
      Office 1931
      One Sheik Zayed Road
      Dubai UAE
      DFSA Firm Reference No. F001072
      Notice No. W134/2009

      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

      As a consequence of waiving the Rules below, Table 2 in PIB Chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in PIB section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in PIB Chapter 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
      PIB Rule 1.2.1 An Authorised Firm must:
      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 4 Authorised Firm;
      (b) complies with its home state Financial Services Regulator's prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      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 and Table B herein apply to the above mentioned Person 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 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 WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 11-August-2009

    • W 133/09 AUT — Bloomberg Tradebook Europe Limited

      Click here to view PDF

      MODIFICATION NOTICE

      To Bloomberg Tradebook Europe Limited
      Address DIFC, The Gate, 8th Floor, P.O.Box 506707,
      Dubai, UAE
      DFSA Firm Reference No. F001106
      Notice No. W133/2009

      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
      AUT 10.3.2 The Authorised Individuals referred to in Rule 10.3.1(a), (c) and (d) must be ordinarily 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 : Paul Koster
      Position : Chief Executive
      DATE OF ISSUE: 2 August 2009

    • W 132/09 PIB — Bloomberg Tradebook Europe Limited

      Click here to view PDF

      WAIVER AND MODIFICATION NOTICE

      To Bloomberg Tradebook Europe Limited
      Address DIFC, The Gate, 8th Floor, P.O.Box 506707,
      Dubai, UAE
      DFSA Firm Reference No. F001106
      Notice No. W132/2009

      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

      As a consequence of waiving the Rules below, Table 2 in PIB Chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in PIB section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in PIB Chapter 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
      PIB Rule 1.2.1 An Authorised Firm must:
      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 4 Authorised Firm;
      (b) complies with its home state Financial Services Regulator's prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      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 and Table B herein apply to the above mentioned Person 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 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 WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Paul Koster
      Position : Chief Executive
      DATE OF ISSUE: 2 August 2009

    • W 131/09 OSR — Man Industries (India) Limited

      Click here to view PDF

      MODIFICATION NOTICE

      To Man Industries (India) Limited
      Address Man House 102 SV Road
      Ville Parle(W), Mumbai 400 506, India
      DFSA Firm Reference No. F000281
      Notice No. W131/2009

      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
      OSR A2.1.1
      13. Annual report and annual financial statements.
      (1) Market disclosure of the annual report and annual financial statements.

      The annual report must include in respect of the financial year to which it relates:
      (a) a review of operations during the year and the results of those operations;
      (b) details of any significant changes in the Reporting Entity's state of affairs during the financial year;
      (c) the Reporting Entity's principal activities during the year and any significant changes in the nature of those activities during the year;
      (d) details of any matter or circumstance that has arisen since the end of the year that has significantly affected or may significantly affect:
      (i) the Reporting Entity's operations in future financial years;
      (ii) the results of those operations in future financial years; or
      (iii) the Reporting Entity's state of affairs in future financial years; and
      (e) likely developments in the Reporting Entity's operations in future financial years and the expected results of those operations;
      (f) A statement by the auditors that the accounts give a true and fair view of the state of the Reporting Entity's affairs, profit and loss and additional information as may be required.
      (2) The annual financial statements must be audited by an independent, competent and qualified auditor in accordance with the International Auditing and Assurance Standards Board Financial or other standards acceptable to the DFSA or where appropriate, AAOIFI standards.
      Guidance
      1. An annual report and a financial statement are two separate documents. The filing of a financial statement alone does not satisfy the obligation of the Reporting Entity to file the annual report with the DFSA. Financial statements can be filed separately or as part of the annual report.
      2. The DFSA expects that the Reporting Entity, within its annual report, makes appropriate levels of disclosure for different types of Securities. Accordingly, the disclosure made for an Issuer of Shares would be significantly more extensive than the disclosure made in respect of an Issuer of Debentures.
      In respect of the annual financial statements, disclosure must take place Aas soon as possible after the accounts have been approved but no later than 120 days after the end of the financial period.
      [Amended][VER6/10-06]

      In respect of the annual report (together with the annual financial statements, mentioned above) disclosure must take place as soon as possible after the accounts have been approved in accordance with the requirements of the India Companies Act.
      X X

      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 continues to have its ordinary shares admitted to the official list of National Stock Exchange of India and the Bombay Stock Exchange.

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

      EFFECTIVE PERIOD

      This notice comes into effect on the date of issue of this notice and remains in force until the delisting of Global Depository Receipts over ordinary shares of Man Industries (India) Limited from Nasdaq Dubai's Official List of Securities 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 : Martin Kinsky
      Position : Acting Chief Executive
      DATE OF ISSUE: 28 July 2009

    • W 130/09 COB — Barclays Bank Plc

      Click here to view PDF

      WAIVER AND MODIFICATION NOTICE

      To Barclays Bank Plc
      Address DIFC, The Gate Building Level 9 West Wing Po Box 506504 Dubai, UAE
      DFSA Firm Reference No. F000013
      Notice No. W130/2009

      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

      As a consequence of waiving the Rules below, Table 2 in PIB Chapter 1 is to be construed accordingly.

      TABLE A
      Rulebook Module Rule
      COB COB 5.4.1
      COB 5.4.2

      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
      COB 5.4.3 A Trust Service Provider must provide the DFSA on a yearly basis, with the details of the arrangements in force together with evidence of the cover. Any claims in excess of $10,000 or changes to the arrangements previously notified to the DFSA under this Rule must be notified to the DFSA as they arise.

      A Trust Service Provider must without delay notify the DFSA of any one or more claims arising from one event or a series of related events in relation to the Financial Service of Providing Trust Services where the claims total in excess of $10,000

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

      Name : MARTIN KINSKY
      Position : MANAGING DIRECTOR, MARKETS
      DATE OF ISSUE: 27 July 2009

    • W 129/09 PIB — Barclays Bank PLC DIFC Branch

      Click here to view PDF

      WAIVER AND MODIFICATION NOTICE

      To Barclays Bank PLC DIFC Branch
      Address DIFC, The Gate Building Level 9 West Wing Po Box 506504 Dubai, UAE
      DFSA Firm Reference No. F000013
      Notice No. W129/2009

      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

      As a consequence of waiving the Rules below, Table 2 in PIB Chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in PIB section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in PIB Chapter 2
      PIB Chapter 4 (Credit Risk) All the Rules in sections PIB 4.3 to PIB 4.10 inclusive
      PIB Chapter 5 (Market Risk) All the Rules in PIB section 5.6
      PIB Chapter 7 (Group Risk) All the Rules in sections PIB 7.3 and PIB 7.4

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances 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
      PIB Rule 1.2.1 An Authorised Firm must:
      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 3 Authorised Firm;
      (b) complies with its home state Financial Services Regulator's prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      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 and Table B herein apply to the above mentioned Person 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 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 WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director
      DATE OF ISSUE: 26 JULY 2009

    • W 100/09 PIN — Zurich Insurance Company Ltd

      Click here to view PDF

      WAIVER NOTICE

      To Zurich Insurance Company Ltd
      Address 6th Floor, East Wing
      The Gate Building
      P. O. Box 503809
      Dubai International Financial Centre
      Dubai
      United Arab Emirates
      DFSA Firm Reference No. F001079
      Notice No. W100/2009

      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 (Capital) Rules PIN 4.3.2–PIN 4.3.4 inclusive
      PIN Chapter 6 (Financial Reporting) PIN Rule 6.2.4
      PIN Chapter 7 (Actuaries) All Rules in PIN Chapter 7

      CONDITIONS

      The waivers in respect of the Rules specified above remain in effect on condition that Zurich Insurance Company Ltd and Zurich Financial Services Ltd forward to the DFSA annually copies of the Capital Resources Summary and Capital Adequacy Summary submitted to Swiss Financial Market Supervisory Authority (FINMA) within ten business days of their due date to FINMA.

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

      Name : Paul M. Koster
      Position : Chief Executive
      DATE OF ISSUE: 4th June 2009

    • W 097/09 PIN — QBE Insurance (Europe) Limited

      Click here to view PDF

      WAIVER NOTICE

      To QBE Insurance (Europe) Limited
      Address DIFC Business Centre, Gate Building, 12th Floor, Dubai, UAE
      DFSA Firm Reference No. F001033
      Notice No. W097/2009

      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 PIN 4.3.2–PIN 4.3.4 (inclusive) (Capital)
      PIN Chapter 6 PIN Rule 6.2.4 (Financial Reporting)
      PIN Chapter 7 All sections (Actuaries)
      PIN Chapter 8 All sections (Consolidated Supervision)
      PIN Appendix 10 PIN Rule A10.2.3

      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:

      The applicant will provide the following documents to the DFSA on an ongoing basis:

      (a) QBE Insurance (Europe) Limited: annual audited published accounts, annual audited return, and enhanced capital requirement return, within ten days of the due date to the UK Financial Services Authority (FSA);
      (b) QBE International Holdings (UK) Limited (immediate controller of QBE Insurance (Europe) Limited): annual audited accounts and annual audited group capital adequacy return, within ten days of the due date to the FSA;
      (c) QBE Insurance Group (ultimate controller of QIE): annual audited published accounts and annual audited group capital adequacy return, within ten days of the due date to the FSA; and
      (d) QBE Insurance Group Limited: annual audited consolidated group report, within ten days of the due date to Australia Prudential Regulation Authority (APRA).

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

      Name : Michael Zamorski
      Position : Acting Chief Executive

      DATE OF ISSUE:

      4-March-2009

    • W 096/09 AUT — Heritage Insurance Management (Dubai) Ltd

      Click here to view PDF

      MODIFICATION NOTICE

      To Heritage Insurance Management (Dubai) Ltd
      Address Office No. 2507, Level 25, The Place Dubai, Sheikh Zayed Road, PO Box 117452, Dubai, UAE
      DFSA Firm Reference No. F001066
      Notice No. W96/2009

      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
      AUT 10.3.2 The Authorised Individuals referred to in Rule 10.3.1(a), (c) and (d) must be ordinarily 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 WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Paul M Koster
      Position : Chief Executive

      DATE OF ISSUE:

      30-March-2009

    • W 094/09 PIB — VTB Capital plc

      Click here to view PDF

      WAIVER AND MODIFICATION NOTICE

      To VTB Capital plc
      Address Level 3, Gate Village 10, DIFC, PO Box 125115, Dubai, UAE
      DFSA Firm Reference No. F000994
      Notice No. W094.2009

      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

      As a consequence of waiving the Rules below, Table 2 in PIB Chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in PIB section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in PIB Chapter 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
      PIB Rule 1.2.1 An Authorised Firm must:
      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 4 Authorised Firm;
      (b) complies with its home state Financial Services Regulator's prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      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 and Table B herein apply to the above mentioned Person 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 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 WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 11-May-2009

    • W 093/09 AUT — VTB Capital PLC

      Click here to view PDF

      MODIFICATION NOTICE

      To VTB Capital PLC
      Address Level 3, The Gate Village 10, DIFC, PO Box 125115, Dubai, UAE
      DFSA Firm Reference No. F000994
      Notice No. W093.2009

      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
      AUT 10.3.2 The Authorised Individuals referred to in Rule 10.3.1(a), (c) and (d) must be ordinarily 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 : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 11-May-2009

    • W 092/09 GEN — Goldman Sachs International

      Click here to view PDF

      MODIFICATION NOTICE

      To Goldman Sachs International
      Address Level 5, Gate Precinct Building 1
      Dubai International Financial Centre
      PO Box 506588
      DFSA Firm Reference No. F000297
      Notice No. W092/2009

      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 8.2.1
      (1) An Authorised Person must prepare and maintain all financial accounts and statements in accordance with:
      (a) the International Financial Reporting Standards (IFRS); or
      (b) the generally accepted accounting principles of United Kingdom (UK GAAP);
      unless (2) or (3) applies.
      (2) If an Authorised Firm is an Islamic Financial Institution it must prepare and maintain all financial accounts and statements in accordance with the accounting standards of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
      (3) If an Authorised Person operates an Islamic Window it must prepare and maintain all financial accounts and statements in accordance with the IFRS, as supplemented by AAOIFI FAS 18 in respect of its Islamic Financial Business.
      GEN 8.6.1 An Authorised Firm or Authorised Market Institution, as applicable, must in writing require its auditor to:
      (a) conduct an audit of the Authorised Person's accounts in accordance with the requirements of the relevant standards published by:
      (i) the International Auditing and Assurance Standards Board (IAASB) or the Auditing Standards issued by the UK Auditing Practices Board (APB), in respect of conventional financial business; and
      (ii) the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) in respect of any Islamic Financial Business undertaken;
      (b) produce a report on the audited accounts which states:
      (i) whether, in the auditor's opinion, the accounts have been properly prepared in accordance with the requirements imposed by this chapter;
      (ii) in particular, whether the accounts give a true and fair view of the financial position of the Authorised Person for the financial year and of the state of the Authorised Person's affairs at the end of the financial year end; and
      (iii) any other matter or opinion relating to the requirements of this chapter;
      (c) produce an Auditor's Annual Report which states whether:
      (i) the auditor has audited the Authorised Person's annual financial statements in accordance with the IAASB or APB auditing standards or AAOIFI auditing standards in respect of Islamic Financial Business;
      (ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or APB auditing standards or and to AAOIFI auditing standards in respect of Islamic Financial Business;
      (iii) the auditor has received all necessary information and explanations for the purposes of preparing this report to the DFSA;
      (iv) ..............................................and so on as per the Rulebook text up to and including (h).

      CONDITIONS

      The Modification 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 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 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 of this notice and remains in force until 31 December 2009 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 : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 26-February-2009

    • W 090/09 AUT — PMA (Middle East) Limited

      Click here to view PDF

      MODIFICATION NOTICE

      To PMA (Middle East) Limited
      Address Office G69, Building DIC 17, Dubai Internet City,
      P O Box 500620,
      Dubai UAE
      DFSA Firm Reference No. F000983
      Notice No. W090/2009

      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
      AUT 10.3.2 The Authorised Individuals referred to in Rule 10.3.1(a), (c) and (d) must be ordinarily 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 : Ian Johnston
      Position : Acting Chief Executive
      DATE OF ISSUE: 17 February 2009

    • W 089/09 OSR — NASDAQ OMX Group Inc

      Click here to view PDF

      WAIVER AND MODIFICATION NOTICE

      To NASDAQ OMX Group Inc
      Address One Liberty Plaza,
      165 Broadway,
      New York, NY 10006
      United States.
      DFSA Firm Reference No. F001025
      Notice No. W89/2009

      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
      OSR A2.2.1 Item 3, A3.1.1 Item 2, A3.1.1 Item 3 and A3.1.1 Item 7

      RULES MODIFIED

      The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table accordingly. In this notice Table B shows only those items that have been modified. The remaining items are unaltered and remain in force.

      TABLE B
      Rule Modified Text
      OSR A2.1.1,
      Item 7

      Events Requirements Time Shares Warrants over Shares Debentures Warrants over Debentures Certificates over Shares Certificates over Debentures

      (a) A transaction other than a transaction of a revenue nature in the ordinary course of business between a Reporting Entity and a Connected Person, Associate or Group Director;

      (b) any arrangements pursuant to which a Reporting Entity and a Connected Person, Associate or Group Director each invests in, or provides finance to a member of its Group;

      (c) a transaction other than a transaction of a revenue nature in the ordinary course of business between a Reporting Entity and any Person who exercises significant influence over the Reporting Entity; or

      (d) any transaction described by (a) and (b) between a Reporting Entity and any Person who is (or was within the 12 months preceding the date of the transaction) a Connected Person or Associate or Group Director.

      Market disclosure of nature, content and details of any transactions. Without delay or in accordance with the time permissible for the relevant US SEC filings X X     X  

      OSR A2.1.1, Item 15
      Events Requirements Time Shares Warrants over Shares Debentures Warrants over Debentures Certificates over Shares Certificates over Debentures
      Preliminary financial results. Market disclosure of preliminary financial results. Without delay, but no later than 30 minutes before the market opens on the day after Governing Body approval or in accordance with the time permissible for the relevant US SEC filings X X     X  

      OSR A2.1.1, Item 16
      Events Requirements Time Shares Warrants over Shares Debentures Warrants over Debentures Certificates over Shares Certificates over Debentures
      Interim financial statements.

      (a) A Reporting Entity must publish a semi-annual financial statement for the first six months of each financial year or period in accordance with the relevant US SEC filings; and

      (b) if the figures have either been audited or reviewed by the auditors, comments to this effect should be included.

      Without delay and in any event no later than 60 days of the end of the period to which the statement relates. Without delay and in any event no later than 60 of the end of the period to which the statement relates. X X     X  

      OSR A2.1.1, Item 19
      Events Requirements Time Shares Warrants over Shares Debentures Warrants over Debentures Certificates over Shares Certificates over Debentures
      Proposed, new issues and results of new issues of Securities. Market disclosure of the class, number, date of issue, and consideration received for the issue of the Securities and details of changes in share capital. Without delay or in accordance with the time permissible for the relevant US SEC filings. X X X X X X

      OSR A2.1.1, Item 2
      Events Requirements Time Shares Warrants over Shares Debentures Warrants over Debentures Certificates over Shares Certificates over Debentures
      Reduction of Share capital. A Reporting Entity may only purchase its own Shares if: [Amended][VER2/08-05]

      (a) the purchase does not materially prejudice the Issuer's ability to pay creditors;

      (b) it obtains the consent set out in App3 unless the purchase is made in accordance with the relevant US statute; and

      (c) prior to the meeting seeking the consent referred to in (b) files with the DFSA the notice of meeting and any accompanying documents relating to the purchase.

      At all times. X X     X  

      OSR A3.1.1, Item 1
      Event Threshold for decision Shares Certificates over Shares
      An alteration of the constitutional documents of the Reporting Entity including any alteration to the memorandum of association, articles of association, bye-laws or any other instrument constituting the Reporting Entity. Majority or in accordance with the Issuer's articles of association and the relevant US statute. X X

      OSR A3.1.1, Item 5
      Event Threshold for decision Shares Certificates over Shares
      The granting of Share components to the Issuers' Directors' or Employees' compensation schemes. Majority or in accordance with the rules of the NASDAQ Stock Market. X X

      OSR A3.1.1, Item 6
      Event Threshold for decision Shares Certificates over Shares
      The granting of authority to the Governing Body of the Issuer to allot Shares. Majority or in accordance with the Issuer's articles of association, rules of the NASDAQ Stock Market and the relevant US statute. X X

      OSR A3.1.1, Item 8
      Event Threshold for decision Shares Certificates over Shares
      The placing of the Issuer into voluntary liquidation. Majority or in accordance with a resolution by the Governing Body to commence a voluntary liquidation if the company's liabilities exceed the value of its assets X X

      OSR A3.1.1, Item 11
      Event Threshold for decision Shares Certificates over Shares
      The approval of related party transactions where:

      (a) the Reporting Entity is agreeing to acquire or dispose of assets to or from a Director, Associate or a Connected Person and where the amount involved is greater than five per cent of the book value of the existing net assets of the Group;

      (b) agreeing to acquire or dispose of an interest in a Person in which a Connected Person or Associate of the Reporting Entity is a shareholder, where the amount involved is equal to or greater than five per cent of the net book value of the existing net assets of the Group; or

      (c) any series of transactions within a 12 month period would collectively fall or would fall within (a) or (b); but the following related party transactions that may fall under (a), (b) or (c) do not require approval:

      (d) the issue of new Securities for cash or pursuant to the exercise of conversion or subscription rights attaching to Securities where existing Shareholders have had the opportunity to subscribe for such Securities;

      (e) transactions made in accordance with an Employees' share scheme or long-term incentive scheme.

      Majority or in accordance with rules of the NASDAQ Stock Market. X X

      OSR A3.2.1, Item 1.
      Event Threshold for decision Shares Certificates Over Shares Units
      The removal or appointment of a Director or Partner to the Governing Body by an Issuer. Majority or in accordance with Issuer's articles of association and the relevant US statute X X X

      OSR A3.2.1, Item 2.
      Event Threshold for decision Shares Certificates over Shares Units
      The removal of an auditor by an Issuer Majority unless the auditor is found to be negligent and/or acts contrary to US accounting and auditing rules and principles. X X X

      OSR A4.3.10

      The annual report of a Reporting Entity must:

      (a) identify the chairman, the Chief Executive, the Directors and the members of the nomination, audit and remuneration committees;

      (b) set out the number of meetings of the Governing Body and of those committees that were held;

      (c) set out a record of individual attendance by Directors at meetings or in accordance with the relevant US statute;

      (d) describe the manner of operation of the Governing Body, including as to which types of decisions are taken by the Governing Body and which are delegated to management;

      (e) describe the work of the nomination committee, including the process it has used in relation to Governing Body appointments;

      (f) contain a statement of remuneration policy and detail the remuneration of each Director (including the chairman) and the Chief Executive; and

      (g) describe the work of the audit committee in discharging its responsibilities; or

      (h) set out the information required under (a) to (g) explicitly or be incorporated by reference to other statutory documents required to be published by the SEC which contain such information.

      OSR A4.3.11

      The Directors or CEO and Chief Financial Officer must, in the annual report:

      (a) explain their responsibility for the accounts; and

      (b) report whether or not, in their opinion, the business of the Reporting Entity is a going concern, with supporting assumptions or qualifications as necessary, as may be allowed under the relevant US statute.

      CONDITIONS

      1. The Issuer must retain its primary listing on NASDAQ Stock Market and continues to be subject to the rules of NASDAQ Stock Market as amended or waived or modified from time to time.
      2. Documents incorporated by reference in the annual report must be published in accordance with the time table for lodgment of annual report under OSR A2.1.1 item 13.

      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 : Paul M Koster
      Position : Chief Executive
      DATE OF ISSUE: 27-January-2009

    • W 084/09 PIB — Nomura International plc ("Nomura")

      Click here to view PDF

      WAIVER AND MODIFICATION NOTICE

      To Nomura International plc ("Nomura")
      Address Level 6, Precinct Building 6
      Dubai International Financial Centre
      Po Box 506535 Dubai, UAE
      DFSA Firm Reference No. F001008
      Notice No. W084/2009

      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

      As a consequence of waiving the Rules below, Table 2 in PIB Chapter 1 is to be construed accordingly.

      TABLE A
      PIB module Rule
      PIB Chapter 1 (General Requirements) All the Rules in PIB section 1.4 (Trading Book)
      PIB Chapter 2 (Capital) All the Rules in PIB Chapter 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
      PIB Rule 1.2.1 An Authorised Firm must:
      (a) have and maintain at all times financial resources of the kinds and amounts specified in, and calculated in accordance with, the Rules in this module; and
      (b) ensure that it maintains financial resources in addition to the requirement in (a) which are adequate in relation to the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.

      CONDITIONS

      This notice waiving and modifying prudential Rules remains in effect for the duration or the period set out below on condition that the above named Person to whom this notice applies:

      (a) remains classified as a Category 4 Authorised Firm;
      (b) complies with its home state Financial Services Regulator's prudential requirements and submits to the DFSA, a copy of every capital adequacy summary report submitted to the home state Financial Services Regulator within ten business days of the due date for submission to that regulator; and
      (c) in the event of any anticipated or actual breach of any prudential requirements which requires notification to the home state Financial Services Regulator, provides to the DFSA such notification forthwith with any relevant documents.

      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 and Table B herein apply to the above mentioned Person 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 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 WAS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

      Name : Michael Zamorski
      Position : Managing Director, Supervision
      DATE OF ISSUE: 12-January-2009