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[null,null,"Year","Notice No","Rulebook","Rule reference(s)","Subject","Type","Revised Rule(s) - modifications only","Reason","Conditions","Date granted","Status"]
[null,null,2016,"M 001","FUNDS","FUNDS 12.3.13(3)","FUND - Management & Operation","Modification","The Fund Manager of a Public Fund must, before entering into a Transaction with an Affected Person: that involves an acquisition, divestiture, leasing or financing of Fund Property, \n\n(a) obtain written confirmation from any Person responsible for providing the oversight arrangements for that Public Fund that the terms of such Transaction satisfy Rule 12.3.13(2); and\n\n(b) issue to Unitholders a circular containing the details of the Transaction.\n","Modification of 12.3.13(a) limits scope to Affected Persons' Transactions that serve as material, “investment” transactions in order to focus oversight on these, rather than immaterial, “service” transactions.  Waiver of 12.3.13(3)(b) avoids impairing the ability of the Fund to confidentially conclude negotiations, which might result in less beneficial terms for the unitholders.","None","2016-08-24","This notice comes into effect on the date of issue of this notice and remains in force until further notice."]
[null,null,2016,"M 002 ","FUNDS","FUNDS 12.3.13(4)","FUND - Management & Operation","Modification","The Fund Manager of an Exempt Fund must, before entering into a Transaction with an Affected Person that involves an acquisition, divestiture, leasing or financing of Fund Property, either:\n(a) obtain written confirmation from a Person who meets the suitability criteria for persons providing oversight functions to Public Funds set out in Rule 13.3.3 that the terms of such Transaction are being conducted on at least an arm's length basis; or\n(b) obtain Unitholders' prior approval by Special Resolution in respect of the proposed Transaction if the total consideration or value of the Transaction is 5% or more of the most recent net asset value of the Fund as disclosed in the latest published audited accounts of the Fund.","Scope limited to Affected Persons' Transactions that serve as material, “investment” transactions in order to focus oversight on these, rather than immaterial, “service” transactions.","None","2016-08-24","This notice comes into effect on the date of issue of this notice and remains in force until further notice."]
[null,null,2016,"M 003","FUNDS","FUNDS 12.3.13(5)","FUND - Management & Operation","Modification","The Fund Manager must:\n(a) in the case of a Public Fund, for any Transaction with an Affected Person that does not involve an acquisition, divestiture, leasing or financing of  Fund Property, ensure that the oversight report required by Rule 13.3.16 contains a statement on whether the terms of  the Transaction satisfy Rule 12.3.13(2).\n(b) in the case of an Exempt Fund,\n(i) if prior Unitholder approval is required pursuant to (4)(b)for any Transaction with an Affected Person that involves an acquisition, divestiture, leasing or financing of Fund Property, where Unitholder approval is required pursuant to Rule 12.3.13(4)(b), issue a notice to Unitholders providing details of the results of the Unitholders’ voting at the general meeting as soon as practicable after the meeting; and\n(ii) for any Transaction with an Affected Person that does not involve an acquisition, divestiture, leasing or financing of Fund Property, include in the report required by (d), a statement on whether the terms of the Transaction satisfy Rule 12.3.13(2).\n(c) include a brief summary of the Affected Person Transactions in the Fund’s next published interim or annual report; and\n(d) include, in the annual report of the Fund, the total value of any Affected Person Transactions, their nature and the identities of the Affected Persons with whom such Transactions were made. Where there is no such Transaction conducted during the financial year covered by the annual report, an appropriate negative statement to that effect must be made in the annual report.","Consequential modification arising from changes to FUNDS 12.13.13(3) and 12.3.13(4).","None","2016-08-24","This notice comes into effect on the date of issue of this notice and remains in force until further notice."]
[null,null,2016,"W 004","PRU","PRU 6.12.2","Professional Indemnity Insurance ","Waiver",null,"Given the circumstances of this Authorised Person the financial support from the regulatory capital resources of its parent is sufficiently robust and certain.","None","2016-12-08","Withdrawn"]
[]
[null,null,2017,"M 005","FUNDS","FUNDS 7.2.3","Authorisation Requirements - Foreign Fund Managers","Modification","An Authorised Fund Manager to whom this Chapter applies must:\n(a) ensure that there is appointed to the Fund an administrator or trustee before commencing the management of that Fund;\n(b) ensure that there is appointed to the Fund an Eligible Custodian before commencing the management of that Fund, unless the Regulator agrees otherwise; and\n(c) procure access to the books and records relating to the Fund as required by the Regulator and any person providing the oversight functions of the Fund.","Appointment of an Eligible Custodian may not be required in circumstances where the investments of a fund are of a nature that would make it disproportionate and/or impracticable.","None","2017-03-26","Withdrawn due to Rulebook update"]
[null,null,2017,"M 006","FUNDS","FUNDS 7.1.2(1)","Appointment of Fund Administrator/ Trustee/ Custodian","Modification","(1) A Foreign Fund Manager to whom this Chapter applies must:\n(a) ensure that there is appointed to the Fund a Fund Administrator or a Trustee licensed by the Regulator or such other administrator or trustee as is otherwise acceptable to the Regulator (hereafter referred to as the “Appointed Fund Administrator” or “Appointed Trustee”) before commencing the management of that Fund;\n(b) ensure that there is appointed to the Fund an Eligible Custodian before commencing the management of that Fund, unless the Regulator agrees otherwise; and\n(c) either itself procure, or require the Appointed Fund Administrator or Appointed Trustee to (and for this purpose grant to that Person such powers as are necessary to), facilitate:\n(i) if it is an open-ended Fund, the issue, resale and redemption of the Units of the Fund and the publication of the price at which such issue, resale or redemption will occur in accordance with these Rules and the Constitution;\n(ii) the sending to Unitholders of the Fund all the reports required under these Rules and the Constitution;\n(iii) access to the Constitution and most recent Prospectus of the Fund to Unitholders and prospective Unitholders; and\n(iv) access to the books and records relating to the Fund as required by the Regulator and any person providing the oversight functions of the Fund. \n(2) If the Fund is structured as an Investment Trust, the Foreign Fund Manager may appoint the Trustee as its Appointed Trustee for the purposes of (1).","Fund Manager can be exempted from appointing a Custodian if  agreed with the Regulator.","None","2017-05-21","This notice comes into effect on the date of issue of this notice and remains in force until further notice."]
[null,null,2017,"M 007","FUNDS","FUNDS 13.5.1","REITs - Requirements","Modification","(1) A Fund Manager, or any other Authorised Person making an Offer of a Unit of a Domestic Fund or otherwise marketing a Domestic Fund, must not include the term \"Real Estate Investment Trust\" or \"REIT\" or refer to a Fund or otherwise hold out a Fund as being a Real Estate Investment Trust or a REIT, unless it is a Public Property Fund which complies with (2).\n\n(2) A REIT is a Public Property Fund which:","Offerings on a Domestic Fund must not include the term REIT, unless the Fund was a Property Fund","None","2017-06-05","Withdrawn"]
[null,null,2017,"WM 008","MIR","MIR 2.15.4\n","Application for Recognition                     ","Waiver",null,"Waiver of MIR 2.15.4 due to the entity currently being situated in another, sufficiently regulated jurisdiction, and waiver of 7.1.3(b) (waiver originally granted from 7.2.3(b) in MIR VER01.041015) due to the entity being in sufficiently close proximity to ADGM.","None","2017-08-15","This notice comes into effect on the date of issue of this notice and remains in force until further notice."]
[null,null,null,null,null,"MIR 7.1.3(b) "]
[null,null,null,null,null,"MIR 7.2.4",null,"Modification"]
[null,null,2017,"WM 009","MIR","MIR 2.15.4\n","Application for Recognition                     ","Waiver",null,"Waiver of MIR 2.15. due to the entity currently being situated in another, sufficiently regulated jurisdiction, and waiver of 7.1.3(b) (waiver originally granted from 7.2.3(b) in MIR VER01.041015) due to the entity being in sufficiently close proximity to ADGM.","None","2017-08-15","This notice comes into effect on the date of issue of this notice and remains in force until further notice."]
[null,null,null,null,null,"MIR 7.1.3(b) ",null,"Modification"]
[null,null,2017,"M 010","PRU","PRU 8.5.1","Restrictions on ownership or control","Modification","(1) No entity other than one of the following may be the Parent of, or any of the Parents of, an Authorised Person in Category 1 or 5:\n(a) another Authorised Person in Category 1 or 5; or\n(b) an Authorised Person with a Financial Services Permission to carry on the activities of Accepting Deposits.\n(2) An entity other than one referred to in (1)(a) or (b) may be the Parent of an Authorised Person in Category 1 or 5 where the ultimate, or any intermediate, Parent is an entity of the type specified under 1(a) or (b).\n(3) An entity referred to in (1)(a) or (b) is the Parent of an Authorised Person in Category 5 for the purposes of this Rule by virtue of such entity (either acting by itself or acting jointly with another entity) having the power to direct or cause the direction of the general management of the Authorised Person in Category 5.","The designation as a \"Parent\" is extended to encompass an entity that has the power(s) given in (3), but that is not an Authorised Person in Category 1 or 5.","None","2017-08-23","This notice comes into effect on the date of issue of this notice and remains in force until further notice."]
[]
[null,null,2018,"C 011","AML","AML 8.1.1","Requirement to undertake Customer Due Diligence","Class Modification","(2) A Relevant Person may undertake Simplified Customer Due Diligence in accordance with Rule 8.5.1 by modifying CDD under Rule 8.3.1 for any Customer falling within the following categories: \n  (a) Authorised Person;\n  (b) Recognised Body; \n  (c) a Credit Institution; or\n  (d) other Financial Institution (including publically listed companies in or outside of ADGM) covered by equivalent identification requirements as set out in paragraph 6 of the Guidance 4 below.;\n  (e) a government body or a non-commercial government entity in the U.A.E. that the Relevant person has assessed as being low risk; or\n  (f) a client whose business relationship is limited to arbitration, litigation or advice on litigation prospect matters and that the Relevant Person has assessed as being low risk.","The scope of the entities that may be subject to Simplified Customer Due Diligence has been expanded as per the modified rule. ","None","2018-08-13","Withdrawn due to Rulebook update"]
[null,null,2018,"M 012","PRU","PRU 8.5.1","Restrictions on ownership or control","Modification","(1) No entity other than one of the following may be the Parent of, or any of the Parents of, an Authorised Person in Category 1 or 5:\n  (a) another Authorised Person in Category 1 or 5; or  \n  (b) an Authorised Person with a Financial Services Permission to carry on the activities of Accepting Deposits.; or\n  (c)  an entity that ensures, at all times, that the Authorised Person has a strong financial position, systems and controls and is managed by persons having expertise and knowledge to carry on the activities of Accepting Deposits and complies with any other relevant laws and regulations and any other conditions the FSRA may prescribe.\n(2) An entity other than one referred to in (1)(a), or (b) or (c) may be the Parent of an Authorised Person in Category 1 or 5 where the ultimate, or any intermediate, Parent is an entity of the type specified under 1(a), or (b) or (c).","The designation as a \"Parent\" is extended to encompass an entity that has the power(s) given in (1c), but that is not an Authorised Person in Category 1 or 5.","None","2018-12-04","This notice comes into effect on the date of issue of this notice and remains in force until further notice."]
[null,null,2019,"C 013","MIR","MIR 2.7.2","Authorised Persons undertaking the Regulated Activity of Operating a Crypto Asset Business","Class Modification","N/A due to Rulebook update.","These class waivers and class modifications are available to Crypto Asset Exchanges that operate a direct \"client-access\" model (rather than traditional \"members-based\" model), and have been issued in order to recognise the specific features of that business model  (see OCAB Supplementary Guidance, issued in June 2019). ","None","2019-05-13","Withdrawn due to Rulebook and framework update"]
[null,null,null,null,null,"MIR 2.8.2"]
[null,null,null,null,null,"MIR 2.8.3"]
[null,null,null,null,null,"MIR 2.8.5"]
[null,null,null,null,null,"MIR 3.7.5"]
[null,null,null,null,null,"MIR 3.8.1"]
[null,null,null,null,null,"MIR 5.4.1 (18) (19) (45) (48) (49)"]
[null,null,null,null,"COBS","COBS 8.3.1(a)"]
[null,null,null,null,null,"COBS 8.3.1(c)(v)"]
[null,null,null,null,"MIR","MIR 2.6.2",null,"Class Waivers"]
[null,null,null,null,null,"MIR 2.8.4"]
[null,null,null,null,null,"MIR 2.8.7"]
[null,null,null,null,null,"MIR 2.8.8"]
[null,null,null,null,null,"MIR 2.8.10"]
[null,null,null,null,null,"MIR 2.8.11"]
[null,null,null,null,null,"MIR 3.7.6"]
[null,null,null,null,null,"MIR 3.8.3"]
[null,null,null,null,null,"MIR 3.8.4"]
[null,null,null,null,null,"MIR 3.10.2"]
[null,null,null,null,null,"MIR 5.4.1 (42)"]
[null,null,2019,"M 014\n","FUNDS","FUNDS 16.4.2(2)","Periodic Reports","Modification","For the purposes of (1), the first annual accounting period of a Fund begins:\n(a) in the case of a Public Fund, on the date of registration by the Regulator; or\n(b) in the case of an Exempt Fund or a Qualified Investor Fund, on the date of notification to the Regulator; and\nends 12 months later on the date stipulated as the accounting period end date in the prospectus. Thereafter, annual accounting periods cover the 12 month period between each subsequent financial year end.\n","Alignment of first reporting period end date.","None","2019-05-26","Withdrawn due to Rulebook update"]
[null,null,2019,"M 015","FUNDS","FUNDS 16.4.2(2)","Periodic Reports","Modification","For the purposes of (1), the first annual accounting period of a Fund begins:\n(a) in the case of a Public Fund, on the date of registration by the Regulator; or\n(b) in the case of an Exempt Fund or a Qualified Investor Fund, on the date of notification to the Regulator; and\nends 12 months later on the date stipulated as the accounting period end date in the prospectus. Thereafter, annual accounting periods cover the 12 month period between each subsequent financial year end.\n","Alignment of first reporting period end date.","None","2019-05-26","Withdrawn due to Rulebook update"]
[null,null,2019,"W 016","CIB","CIB  2.3.3","Quarterly Regulatory Return","Waiver",null,"The firm is operating on an insurance programme with common renewal dates and a single annual premium over the year.","None","2019-06-27","This notice comes into effect on the date of its issue and remains in force until further notice. It will be subject \nto periodic review by the FSRA to ensure its ongoing appropriateness, in line with the nature and size of the \nbusiness of the Firm"]
[]
[null,null,2020,"C 017","PRU","PRU 3.3.2\nPRU 3.7.1","Base Capital Requirement, Expenditure Based Capital Minimum","Class Modification","Click here to view the Notice (withdrawn)\n","Digital investment managers that meet the associated conditions present lower risks to their clients.","See Notice","2020-02-20","Withdrawn on 6 November 2025 "]
[null,null,2020,"C 018","MIR","MIR 2.7.2","Authorised Persons undertaking the Regulated Activity of Managing Assets as a digital investment manager","Class Waivers and \nClass Modifications","Click her to view the Notice. ","The Class Waiver/Modification WM 40/19 has been updated to reflect the new terminology adopted by the Financial Action Task Force","None","2020-02-24","This notice comes into effect on the date of issue of this notice and remains in force until further notice."]
[null,null,null,null,null,"MIR 2.8.2"]
[null,null,null,null,null,"MIR 2.8.3"]
[null,null,null,null,null,"MIR 2.8.5"]
[null,null,null,null,null,"MIR 3.7.5"]
[null,null,null,null,null,"MIR 3.8.1"]
[null,null,null,null,null,"MIR 5.4.1 (18) (19) (45) (48) (49)"]
[null,null,null,null,null,"MIR 2.6.2"]
[null,null,null,null,null,"MIR 2.8.4"]
[null,null,null,null,null,"MIR 2.8.7"]
[null,null,null,null,null,"MIR 2.8.8"]
[null,null,null,null,null,"MIR 2.8.10"]
[null,null,null,null,null,"MIR 2.8.11"]
[null,null,null,null,null,"MIR 3.7.6"]
[null,null,null,null,null,"MIR 3.8.3"]
[null,null,null,null,null,"MIR 3.8.4"]
[null,null,null,null,null,"MIR 3.10.2"]
[null,null,null,null,null,"MIR 5.4.1(42)"]
[null,null,null,null,"COBS","COBS 8.3.1(a)"]
[null,null,null,null,null,"COBS 8.3.1(c)(v)"]
[null,null,2020,"C 019","COBS","COBS Chapter 2 ","Client Classification","Class Waiver",null,"Client classification requirement in COBS 2 is inappropriate for firms engaged in the provision of money services.","None","2020-03-08","Withdrawn due to Rulebook update"]
[null,null,2020,"W 020","CIB","CIB  2.3.3","Quarterly Regulatory Return","Waiver",null,"The firm is operating on an insurance programme with common renewal dates and a single annual premium over the year.","None","2020-05-17","This notice comes into effect on the date of issue of this notice and remains in force until further notice."]
[null,null,2020,"M 021","CIB","CIB 5.2","Outsourcing","Modification","A Captive Insurer may partially or wholly outsource its managerial functions to a related entity within the Captive Insurer’s parent organization and/or to a Captive Insurance Manager (but not any other party), subject to the requirements of GEN Rule 3.3.","In order to utilise an existing and properly managed group-wide cash pooling arrangement in its treasury function","None","2020-05-28","This notice comes into effect on the date of issue of this notice and remains in force until further notice."]
[null,null,2020,"M 022","FUNDS","FUNDS  7.1.2(1)","Appointment of Fund Administrator/ Trustee/ Custodian","Modification","A Foreign Fund Manager to whom this Chapter applies must:\n...\n(b) ensure that there is appointed to the Fund an Eligible Custodian before commencing the management of that Fund, unless the Regulator agrees otherwise; and","Fund Manager can be exempted from appointing a Custodian if agreed with the FSRA.","None","2020-05-28","This notice comes into effect on the date of issue of this notice and remains in force until further notice."]
[null,null,2020,"C 023","FUNDS","FUNDS 4.1.6","Venture Capital Fund\n","Class Modification","N/A due to Rulebook update.","The definition of Venture Capital Fund has been modified.","None","2020-07-02","Withdrawn due to Rulebook update"]
[null,null,2020,"M 024","AML","AML 8.2.1(5)","Timing of Customer Due Diligence","Modification","(5) Where the Relevant Person, having relied on Rule 8.2.1(1)(b) or 8.2.1(3) is unable to complete the verification of the identity of a customer and any Beneficial Owners, within thirty ninety days of effecting a Transaction or occasional transaction it must:\n......","Due to the COVID-19 pandemic the firm is unable to obtain copies within the specified timeframe of the documents necessary to undertake the required customer due diligence (CDD).","a) The firm will maintain a list of the impacted clients and provide the FSRA with a monthly update with details including the name of the clients, transactions performed on behalf of the client, the documents pending verification and the deadline for receiving these documents; and\nb) prior to undertaking transactions for these clients, the firm must inform them about the consequences of not receiving the documents required for verification purposes within ninety days, as set out in AML Rule 8.2.1(5) (a) to (d).","2020-07-02","Withdrawn"]
[]
[null,null,2021,"M 025","PRU","PRU 3.6.2","Capital Requirements for Categories 3B, 3C and 4","Modification","Subject to section 3.6A, the Capital Requirement for such an Authorised Person is calculated as the higher of:\n(a) the applicable Base Capital Requirement as set out in Section 3.3; or\n(b) the Expenditure Based Capital Minimum as set out in Section 3.7.","In order to support RegLab firms transitioning to a full FSP, the firm was granted the modification to support the business growth and avoid any breaching of its CRR.","None","2021-03-28","Withdrawn"]
[null,null,2021,"W 026","CIB","CIB 2.3.3","Quarterly Regulatory Return","Waiver",null,"The firm is operating on an insurance programme with common renewal dates and a single annual premium over the year.","None","2021-05-10","This notice comes into effect on the date of issue of this notice and remains in force until further \nnotice, subject to periodic review by the FSRA to ensure its ongoing appropriateness, in line with \nthe nature and size of the business of the Firm."]
[null,null,2021,"M 027","CIB","CIB 5.2","Outsourcing","Modification","A Captive Insurer may partially or wholly outsource its managerial functions to a related entity within the Captive Insurer’s parent organization and/or to a Captive Insurance Manager (but not any other party), subject to the requirements of GEN Rule 3.3.","In order to utilise an existing and properly managed group-wide cash pooling arrangement in its treasury function","None","2021-10-11","This notice comes into effect on the date of issue of this notice and remains until further notic"]
[null,null,2021,"W 028","CIB","CIB 2.3.3","Quarterly Regulatory Return","Waiver",null,"The firm is operating on an insurance programme with common renewal dates and a single annual premium over the year.","None","2021-11-08","This notice comes into effect on the date of issue of this notice and remains until further notice."]
[]
[null,null,2022,"M 029","FUNDS","FUNDS 16.4.2(2)","Periodic Reports","Modification","For the purposes of (1), the first annual accounting period of a Fund begins:\n(a) in the case of a Public Fund, on the date of registration by the Regulator; or\n(b)in the case of an Exempt Fund or a Qualified Investor Fund, on the date of notification to the Regulator incorporation of the fund vehicle; and \nends on the date stipulated as the annual accounting period end date in the prospectus. Thereafter, annual accounting periods cover the period between each subsequent financial year end.","In order to achieve alignment of first reporting period end date with that required in the Companies Regulations.\n","None","2022-06-10","This notice comes into effect on the date of issue of this notice and remains in force until further notice."]
[null,null,2022,"M 030","FUNDS","FUNDS 7.1.2(1)","Appointment of Fund Administrator/ Trustee/ Custodian","Modification","A Foreign Fund Manager to whom this Chapter applies must:\n...\n(b) ensure that there is appointed to the Fund an Eligible Custodian before commencing the management of that Fund, unless the Regulator agrees otherwise; ","Fund Manager can be exempted from appointing a Custodian if agreed with the FSRA.","None","2022-11-18","This notice comes into effect on the date of issue of this notice and remains in force until further notice"]
[]
[null,null,2023,"M 031","COBS","COBS 2.4.2","Client Classification","Modification","…\n\n(xii) a single family ofice with respect to its activities carried on exclusively for the purposes of, and only in so far as it is, carrying out its duties as a single family office; or\n\n(xiii) a ceding insurer and in respect of the services provided to that ceding insurer, any reinsurer, insurance agent or insurance broker that facilitates the provision of the services to the ceding insurer; or\n\n(xiv) a Subsidiary or a Parent of any of the Persons described in Rules 2.4.2(a)(i)-(xiii).","This notice comes into effect on the date of issue of this notice and remains in force until further notice.","None","2023-03-10","This notice comes into effect on the date of issue of this notice and remains in force until further notice"]
[null,null,2023,"M 032","FUNDS","FUNDS 7.1.2(1)","Modification on the appointment of custodian","Modification","A Foreign Fund Manager to whom this Chapter applies must:\n\n…..\n\n(b) ensure that there is appointed to the Fund an Eligible Custodian before commencing the management of that fund unless the Regulator agrees otherwise:","Self-custody by an infrastructure fund of its assets is typical market practice given the nature of such assets","None","2023-05-16","This notice comes into effect on the date of issue of this notice and remains in force until further notice."]
[null,null,2023,"M 033","FUNDS","FUNDS 7.1.2(1)","Modification on the appointment of custodian","Modification","A Foreign Fund Manager to whom this Chapter applies must:\n\n…..\n\n(b) ensure that there is appointed to the Fund an Eligible Custodian before commencing the management of that fund unless the Regulator agrees otherwise:","Self-custody by an infrastructure fund of its assets is typical market practice given the nature of such assets","None","2023-07-20","This notice comes into effect on the date of issue of this notice and remains in force until further notice."]
[null,null,2023,"M 034","GEN","GEN 6.2.2\n\n","Financial statements and financial reporting standards","Modification","(1) Each Authorised Person and Recognised Body must, except as provided under Rule 6.2.3, prepare and maintain all financial statements in accordance with:\n\n(a) the International Financial Reporting Standards (\"IFRS\"); or\n(b) the Generally Accepted Accounting Principles in the United Kingdom (\"UK GAAP\").\n\n(2) In this Rule, UK GAAP means accounting and valuation principles set-out in the guidelines of the UK Accounting Standards Board.","The modification allows the firm to prepare their annual financial statements in accordance with the accounting standard of their head office.","None","2023-09-04","The notice comes into effect on the date of issue of the notice and remains in force until further notice."]
[null,null,null,null,"GEN","GEN 6.6.1(1)","Audit reports",null,"Each Authorised Person and Recognised Body must, in writing, arrange for and ensure the submission of the following by its Auditor:\n\n(1) a Financial Statement Auditor’s Report on the Authorised Person’s or Recognised Body’s  Financial statements in accordance with the International Standards on Auditing following the performance of an audit, or the International Standards on Auditing (UK and Ireland) (ISAs(UK and Ireland)) issued by teh UK Audit and Assurance Council, following the performance of an audit."]
[]
[null,null,2024,"C 035","FEES","FEES 1.2.2","Extension of fees payment","Class Modification","In regard to fees payable on an annual basis pursuant to these Rules:\n(a)\tthe initial annual fee must be paid in full to the Regulator within twenty days of the date on which the fee becomes due, prorated for the remainder of the calendar year; and\n(b)\tsubsequent annual fees for the period commencing 1 January are payable in advance and must be paid in full to the Regulator within twenty days from the date of issuance of the invoice on or before 31 January of the calendar year to which the fee relates.","Extension of payment period following publication of revised fees in December 2023",null,"2024-02-07","Withdrawn"]
[null,null,2024,"W 036","GEN","GEN 6.6.1\nGEN 6.6.7","Production and submission of a Safe Custody Auditor's Report","Waiver",null,"The firm is currently subject to a condition on its FSP that prohibits it from holding Client Investments, subject to meeting licensing conditions.  It has not therefore conducted any Client onboarding activity and so does not any Client Investments.","None","2024-04-30","Comes into effect on the date of issue and remains in force until the Authorised Person commences operations in ADGM, following a request to the FSRA and obtaining its agreement, or further notice, whichever is earlier"]
[null,null,2024,"M 037","FUNDS","FUNDS 16.4.2(2)","Annual Fund Report","Modification","For the purposes of (1), the first annual accounting period of a Fund begins:\n…\n(b) in the case of an Exempt Fund or a Qualified Investor Fund, on the date of notification to the Regulator the first subscription agreement; and ends on the date stipulated as the annual accounting period end date in the prospectus. Thereafter, annual accounting periods cover the period between each subsequent financial year end.","The Fund has been incorporated but is yet to be operational and has not conducted any investment activities, i.e. it has no assets/unitholders. As such, a Fund Annual Report is not applicable.","This notice applies to a specific fund only.","2024-07-12","This notice comes into effect on the date of issue of this notice and remains in force until further notice."]
[null,null,2024,"M 038","MIR","MIR 3.5.1","Pre-Trade Transparency Waivers","Modification","(1) Subject to (2), A a Recognised Investment Exchange shall, in relation to Financial Instruments traded on its systems, continuously make public and submit to the Regulator, in accordance with the type of trading system they operate, the following: \n\n(a) the information specified in Rule 3.5.5; \n(b) and current bid and offer prices and the depth of trading interests at those prices which are advertised through their systems. \n\n(2) The requirements specified in (1) do not apply where the relevant transaction in an individual Financial Instrument represents: \n\n(a) an order that is, as per Rule 3.5.11, considered to be large in scale compared with normal market size orders; or \n(b) a negotiated “Exchange for Physical” transaction or “Exchange for Swaps” transaction that is part of a portfolio trade, as per Rule 3.5.7(b)(iii)(A).","To enable participants to execute large orders away from the central order book to avoid potential market disruption and execution delay and/or price slippage, which might otherwise occur if such large orders were submitted to the central order book.","This notice applies only to transactions in derivatives.","2024-10-19","This notice comes into effect on the date of issue of this notice and remains in force until further notice."]
[null,null,2024,"M039","MIR","MIR 2.8.2                 ","Direct Client Access","Modification","The Recognised Body must make transparent and non-discriminatory rules, based on objective criteria, governing access to, or membership of, its facilities. In particular, those rules must specify the obligations for users or Members of its facilities, whether by direct access or via a Member, arising from: \n(a) the constitution and administration of the Recognised Body; \n(b) rules relating to transactions on a Recognised Body’s market; \n(c) its professional standards for staff of any Authorised Person, or Remote Member, having access to or membership of, whether by direct access or via a Member, a financial market operated by the Recognised Body; \n(d) conditions established for access to or membership, whether by direct access or via a Member, of a financial market operated by the Recognised Body by Persons other than Authorised Persons, including Remote Members; and \n(e) the rules and procedures for Clearing and settlement of transactions.","To enable the firm to provide direct market access to clients without requiring traditional membership, to align with the regulatory framework with its operational model and supporting broader market participation.","None","2024-12-10","This notice comes into effect on the date of issue of this notice and remains in force until further notice."]
[null,null,null,null,null,"MIR 2.8.3",null,null,"The Recognised Body shall only give access to or admit to membership, whether by direct access or via a Member, a Person who: \n(a) is fit and proper and of sufficient good repute; \n(b) has a sufficient level of ability, competence and experience, including appropriate standards of conduct for its staff; \n(c) where applicable, has adequate organisational arrangements, including financial and technological resources; and \n(d) where that Person is a Remote Member, they have been granted a Recognition Order by the Regulator under section 138A of FSMR."]
[null,null,null,null,null,"MIR 2.11.1",null,null,"A Recognised Body must ensure that appropriate procedures are adopted for it to make rules, for keeping its rules under review and for amending them. The procedures must include the arrangements for: \n(a) taking decisions about making and amending Business Rules, Clearing Rules and Default Rules, including the level at which decisions are taken and any provision for the delegation of decisions by the Governing Body; \n(b) consulting users of the Recognised Body’s facilities and having proper regard to any public comments received; \n(c) considering the impact the proposed amendment has on the interests of its Members, direct users and other stakeholders; and \n(d) notifying Members, direct users and other stakeholders of rule amendments."]
[null,null,null,null,null,"MIR 3.5.7",null,null,"Waivers from Rule 3.5.1 based on market model and transaction may be granted by the Regulator in respect of Financial Instruments, for any of the following: \n(a)\tsystems matching orders based on a trading methodology by which the price of the Financial Instrument is derived from a reference price generated by another trading venue or the most relevant market in terms of liquidity, where that reference price is widely published and is regarded by Members or direct users as a reliable reference price; \n…"]
[null,null,null,null,null,"MIR 3.6.5",null,null,"If a Recognised Investment Exchange decides to provide Members or direct users, and if applicable, Authorised Persons, details of transactions in Financial Instruments, it must do so on reasonable commercial terms and on a non-discriminatory basis."]
[null,null,null,null,null,"MIR 3.10.1",null,null," A Recognised Investment Exchange must have legally enforceable Default Rules which, in the event of a direct user or Member of the Recognised Investment Exchange being or appearing to be unable to meet his obligations in respect of one or more Market Contracts, enable it to suspend or terminate such direct user’s admission or Member’s membership and cooperate by sharing information with its Recognised Clearing House. "]
[null,null,null,null,null,"MIR 3.10.2",null,null,"The Recognised Investment Exchange must issue a public notice on its website in respect of any direct user whose admission or Member whose membership is so suspended or terminated."]
[null,null,null,null,null,"MIR 3.10.3",null,null,"The Recognised Investment Exchange must be able and willing to cooperate, by the sharing of information and otherwise, with the Regulator, any Relevant Office Holder and any other authority or body having responsibility for any matter arising out of, or connected with, the default of a direct user or Member of the Recognised Investment Exchange or any designated non-Member or the default of a Recognised Clearing House or another Recognised Investment Exchange."]
[]
[null,null,2025,"WM040","COBS","COBS Chapter 17","Approval to Manage Venture Capital Fund","Waiver",null,"The firm wishes to invest in Web3 and blockchain technologies.","None","2025-03-31","This notice comes into effect on the date of issue of this notice and remains in force until further notice. "]
[null,null,null,null,"FUNDS","FUNDS 4.1.6",null,"Modification","(1)\tA Fund is a Venture Capital Fund if it: \n(a)\tinvests only directly, or indirectly in accordance with (2); in \n(i)\tin the Securities of companies which are at an early stage of development and that are not listed or admitted to trading on an exchange; \n(ii)\tany representation of value in the form of digital tokens; or \n(iii)\tthe right to buy tokens described in (ii), that are not listed or admitted to trading on an exchange and have been issued by a company which is at an early stage of development; \neither; \n\n(i)\tdirectly; or \n(ii)\t(ii) indirectly as a Feeder Fund holding units of a Master Fund, in accordance with (2); \n(b)\tis closed ended; \n(c)\tlimits total subscriptions to an amount not to exceed $100 million or a higher amount approved by the Regulator; and \n(d)\tis either: \n(i)\ta Domestic Fund that is either an Exempt Fund or Qualified Investor Fund; or \n(ii)\ta Foreign Fund that is not available to Retails Clients.\n(2)\tA Venture Capital Fund may consist of a Master Fund and Feeder Fund(s) structure in which: \n(a) Each Feeder Fund meet the requirements in (1)(a)(ii), (b) and (d); and \n(b) The Master Fund meets the requirement of (1)(a)(i), (b) (c) and (d)."]
[null,null,2025,"M041","PRU","PRU A10.2.5(2)","HQLA Investment Limitations ","Modification","(b) Total Level 2 HQLA, including both Level 2A HQLA and Level 2B HQLA, can comprise only up to 40% 50% of the total stock of HQLA; and\n(c) Level 2B HQLA can comprise only up to 15% 25% of the total stock of HQLA within the overall 40% 50% limit on Level 2 HQLA in (b).","The modification is specific to an Islamic Financial Institution ","None","2025-09-09","This notice comes into effect on the date of issue of this notice and remains in force until 31 December 2026 or until further notice, whichever is the earlier."]
[null,null,2025,"M042","GEN","GEN Rule 6.2.2","Submission of financial statements and other reports in accordance with IFRS","Modification","(1) Each Authorised Person and Recognised Body must, except as provided under Rule 6.2.3, prepare and maintain all financial statements in accordance with:\n(a) the International Financial Reporting Standards (\"IFRS\"); or\n(b) the Generally Accepted Accounting Principles in the United Kingdom (\"UK GAAP\").\n\n(2) In this Rule, UK GAAP means accounting and valuation principles set-out by the Financial Reporting Council in the UK.","The modification allows the Authorised Person to prepare its annual financial statements in accordance with the accounting standards applicable to its head office. ","None","2025-08-22","This notice comes into effect on the date of issue of this notice and remains in force until further notice."]
[null,null,null,null,null,"GEN Rule 6.6.1",null,null,"Each Authorised Person and Recognised Body must, in writing, arrange for and ensure the submission of the following by its Auditor:\n(1) a Financial Statement Auditor’s Report on the Authorised Person’s or Recognised Body’s  Financial statements in accordance with the International Standards on Auditing following the performance of an audit or the International Standards on Auditing (UK and Ireland) (ISAs(UK and Ireland)) issued by the UK Audit and Assurance Council, following the performance of an audit.\n..."]
[null,null,2025,"M043","GEN","GEN 8.6.1(1)","Mandatory Appointment","Modification","An Authorised Person may, subject to (2), appoint an individual who is not an Approved Person to carry out the functions of an Approved Person, where the following conditions are met:\n(a) the absence of the Approved Person is temporary or reasonably unforeseen;\n(b) the functions are carried out for a maximum of twelve weeks in any consecutive twelve months other than that of the Money Laundering Reporting Officer where that function is carried out for a maximum of twenty-four weeks in any consecutive twelve months; and\n(c) the Authorised Person has assessed that the individual has the relevant skills and experience to carry out these functions.","The modification accommodates the notice period of the individual.","None","2025-09-17","The Modification specified above remains in effect until 28 October 2025, unless otherwise revoked or superseded by further notice."]
[null,null,2025,"M044","FUNDS","FUNDS 8.1","Reporting","Modification","(1) An Authorised Person must, within 30 days of commencing marketing any Fund in or from ADGM from the end of the quarterly period in which it commenced marketing of a Fund in or from ADGM, notify the Regulator of certain details relating to the Fund, being:\n(a) the name of the Fund; \n(b) the structure and type of vehicle of the Fund; and \n(c) the investment policy and strategy of the Fund.\n(2) The Regulator may require such notification to contain, and be accompanied by, such other information as the Regulator may reasonably require.\n(3) Rule 8.1 does not require a Fund Manager to make any notification to the Regulator in respect of a Fund where a registration or notification has already been made in respect of that Fund under Section 107 or Section 112 of FSMR.","The modification allows for greater operational efficiency for the firm without affecting supervisory oversight.","The quarterly periods referred to in (1) are the 3-month periods ending each 31 March, 30 June, 30 September and 31 December.","2025-10-02","This notice comes into effect on the date of issue of this notice and remains in force until further notice"]
[]
[null,null,2025,"M045","FUNDS","FUNDS 8.1","Reporting","Modification","(1) An Authorised Person must, within 30 days of commencing marketing any Fund in or from ADGM from the end of the quarterly period in which it commenced marketing of a Fund in or from ADGM, notify the Regulator of certain details relating to (the Fund, being:\n(a) the name of the Fund; \n(b) the structure and type of vehicle of the Fund; and \n(c) the investment policy and strategy of the Fund.\n(2) The Regulator may require such notification to contain, and be accompanied by, such other information as the Regulator may reasonably require.\n(3) Rule 8.1 does not require a Fund Manager to make any notification to the Regulator in respect of a Fund where a registration or notification has already been made in respect of that Fund under Section 107 or Section 112 of FSMR.","The modification allows for greater operational efficiency for the firm without affecting supervisory oversight.","The quarterly periods referred to in (1) are the 3-month periods ending each 31 March, 30 June, 30 September and 31 December.","2025-10-24","This notice comes into effect on the date of issue of this notice and remains in force until further notice"]
[]
[null,null,2025,"W046","CIB","CIB 2.3.3","Quarterly Regulatory Return","Waiver",null,"The firm is operating on an insurance programme with common renewal dates and a single annual premium over the year.","None","18-Nov-205","This notice comes into effect on the date of issue of this notice and remains in force until further notice"]
[]
[]
[null,null,null,"Notes"]
[null,null,null,"1. Notice No indicates whether a waiver has been granted (W), a modification (M), both (WM) or a class waiver/modification (C) via that Notice."]
[null,null,null,"2. The reason(s) detailed may serve as a precedent for applying for the granting of a waiver/modification of the same rule in future, but it is important to note that granted waivers/modifications relate to the specific circumstances of each individual applicant and any related commercial sensitivities, so a future applicant cannot assume that a similar waiver/modification will automatically be granted."]
[null,null,null,"3. Modifications - strikethrough denotes deleted text, underlining denotes added text."]
[null,null,null,"4. Conditions - where this field is blank there are no conditions associated with the granted waiver or modification."]
[null,null,null,"5. Status - where this field is blank the waiver or modification is current."]