UK Regulation & Professional Integrity
Max punishment for Money Laundering - Answer-14 years
Max punishment for Market Abuse - Answer-unlimited fine
Max punishment for breaching gen prohibition - Answer-2 years
Max punishment for providing funding to terrorists - Answer-5 years
CISI ...
UK Regulation & Professional Integrity
Max punishment for Money Laundering - Answer-14 years
Max punishment for Market Abuse - Answer-unlimited fine
Max punishment for breaching gen prohibition - Answer-2 years
Max punishment for providing funding to terrorists - Answer-5 years
CISI P8 - Answer-Industry, Self: uphold highest personal & professional standards
CISI P1 - Answer-Client: act honestly & fairly at all times when dealing with clients, act in best interests of
each client, customer and counterpary
CISI P3 - Answer-Regulator: observe applicable laws, regs and professional conduct standards when
carrying out fin services
CISI P6 - Answer-Client, Self, Colleagues: attain and actively maintain level of professional competence
appropriate to responsibilities & promote development of others
CISI P4 - Answer-Market Participant: observe standards of market integrity, good practice and conduct
expected by participants of that market
CISI P2 - Answer-Firm/Industry: act with integrity in fulfilling responsibilities of appointment and seek to
avoid any acts, omissions or practice which damage reputation of your firm or fin services industry
CISI P5 - Answer-Client: be alert to and to the best of ability manage relevant conflicts of interest
Chattels - Answer-moveable personal property
Tax & Chancery Chamber is set up by - Answer-the Ministry of Justice
Key Features document - Answer-has prescribed info about the nature and complexity of the investment;
satisfies info needs of retail clients when selling packaged products, cash deposit ISAs and child trust
funds; includes cancellation terms
Suitability required for - Answer-RC (all business) & PC (MifID) for discretionary & advisory services
Suitability report issued for - Answer-RC only, provided in durable medium
Appropriateness required for - Answer-RC & PC, for services other than advising & managing (i.e.,
execution), deals in relation to derivatives and warrants for RC via a direct offer
Appropriateness not required when - Answer-execution only in non-complex fin instruments and when
client has stated it is not needed
Acceptable execution venues - Answer-any systematic internalisers, any MTF, any regulated market,
SOME OTC markets
Per ML regs, a firm does not have to verify indentification of a new client when - Answer-the cheque
presented by the client is in their own name and drawn on a UK bank account; the person is listed in the
ML Directive and if transaction is a one-off and with a fin. instit. which is part of the FATF
, PRIN 1 - Answer-Integrity
PRIN 2 - Answer-Skill, care and diligence
PRIN 3 - Answer-Management and control
PRIN 4 - Answer-Financial prudence
PRIN 5 - Answer-Market Conduct
PRIN 6 - Answer-Customers' Interest (before those of firm)
PRIN 7 - Answer-Communication with clients (clear, fair and not misleading)
PRIN 8 - Answer-Conflicts of Interest (watch out for them, make sure client is not disadvantaged)
PRIN 10 - Answer-Clients' assets (properly cared for by firm)
PRIN 9 - Answer-Customers - relationships of trust
PRIN 11 - Answer-Relations with regulators: open and constructive
Significant Influence functions - Answer-Governing, Required, Systems and Controls, Significant
Management functions
Systems and controls functions - Answer-Financial affairs, risk exposure and internal audit
Significant management functions - Answer-head of equities, head of settlement
customer dealing function - Answer-(not a sig. influence function) investment adviser, corporate finance
adviser, pension transfer specialist, customer trading
controlled functions - Answer-Significant influence functions & customer dealing functions (FCA
authorised persons and appointed representatives)
APER 1 - Answer-Act with integrity
APER 2 - Answer-Act with due skill, care and diligence
APER 3 - Answer-Observe proper standards of market conduct
APER 4 - Answer-Deal w/ FCA and other regulators in open & co-operative way
APER 5 - Answer-Ensure business of firm is organised so that it can be controlled effectively
APER 6 - Answer-Exercise due skill, care and diligence in managing business of the firm
APER 7 - Answer-Ensure the business of firm complies with relevant requirements and standards of
regulatory system
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