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QFA REGS - SAMPLE PAPER 1 QUESTIONS & ANSWERS SOLVED 100% CORRECT!!
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QFA REGS - SAMPLE PAPER 1 QUESTIONS & ANSWERS SOLVED 100% CORRECT!!
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QFA REGS - SAMPLE PAPER 1 QUESTIONS &ANSWERS SOLVED 100% CORRECT!!
The primary objective of structural regulation of financial services firms is to:
A minimise risks to the financial system.
B ensure financial services providers remain solvent at all times.
C ensure only those with sufficient financial standing and integrity can become
financial services firms.
D enforce compliance by financial services providers with consumer law.
Answer - C
1.2.1
In relation to a financial services firm established in an EU country, the term
'freedom of services' means being able to:
A set up a branch in another EU country.
B provide any type of financial service the firm wishes to provide, without
requiring any fresh authorisation.
C charge different levels of fees to different consumers, without requiring
authorisation to do so.
D provide financial services to consumers in another EU country on a cross
border basis. Answer - D
1.2.1
A life assurance company established in Germany sells policies to residents of
the Republic of Ireland. Who regulates the solvency of this life company?
,A The Irish Central Bank.
B The German Regulatory Authority, BaFin.
C The European Insurance and Occupational Pensions Authority.
D The European Securities and Markets Authority. Answer - B
1.2.4
The prescription of procedures which must be followed by financial services
firms in their dealings with consumers is which type of regulation?
A Structural.
B Systemic.
C Prudential.
D Conduct of Business. Answer - D
1.2.4
The Central Bank shares its function to prohibit unfair, misleading or aggressive
commercial practices by financial services providers with the:
A Competition and Consumer Protection Commission.
B Director of Corporate Enforcement.
C European Insurance and Occupational Pensions Authority.
D European Securities and Markets Authority. Answer - A
1.3.1
,The MAXIMUM fine which the Central Bank can impose personally on Mary,
the CEO of a bank, for non-compliance by the bank with financial services
regulations is:
A €0.5 million.
B €1 million.
C €2 million.
D €5 million. Answer - B
1.3.3
The Central Bank shares its power to undertake surveys of the provision of
financial services to consumers with the:
A Consumers' Association of Ireland.
B Competition and Consumer Protection Commission.
C European Insurance and Occupational Pensions Authority.
D European Securities and Markets Authority. Answer - B
1.4.3
The Central Bank does NOT authorise and regulate which one of the following
entities established in the State?
A Life assurance companies.
B Credit intermediaries.
C Home reversion firms.
D Reinsurance companies. Answer - B
1.4.4
, The Competition and Consumer Protection Commission can impose a levy on:
A insurance intermediaries.
B banks.
C credit intermediaries.
D investment intermediaries. Answer - B
1.4.5
An investment intermediary CANNOT provide investment advice on which one
of the following?
A Contracts for Difference.
B Bonds listed on a Stock Exchange.
C Non-insurance tracker bonds.
D Collective investment funds. Answer - A
2.3
XYZ Investment Advisers Ltd is a deemed authorised investment intermediary,
currently providing advice on bonds listed on a Stock Exchange and non-
insurance tracker bonds.
The firm now wants to provide advice to its clients on UCITS funds provided by
TOP Investment Managers Ltd. In order to do so, XYZ must:
(i) get permission from the Central Bank to give advice on collective investment
funds.
(ii) get an agency appointment with TOP Investment Managers Ltd.
(iii) have minimum shareholder funds of €50,000.
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