QFA REGULATIONS EXAM (2026/2027)
QUESTIONS AND CORRECT ANSWERS GRADED
A+
The Competition and Consumer Protection Commission can impose a levy on:
Banks
The regulation of unfair, misleading or aggressive commercial practices by
financial services firms is shared between which two institutions?
The Competition and Consumer Protection Commission and the Central Bank.
The MAXIMUM fine which the Central Bank can impose on ABC Investment
Advisers Ltd, an investment intermediary, for non-compliance with financial
services regulations, is:
The greater of €10 million and 10% of annual turnover.
The Central Bank imposed a fine on ABC Investment Advisers Ltd, an investment
intermediary, for non-compliance with financial services regulations. ABC can
appeal this decision to the:
Irish Financial Services Appeals Tribunal.
,A MiFID investment firm can provide investment advice on which of the
following? (i) Shares listed on a Stock Exchange. (ii) Contracts for Difference. (iii)
Options.
(i), (ii) and (iii).
2 multiple choice options
ABC Bank plc informs Beta Investment Brokers Ltd of the cancellation of its
agency on 1stJuly 2020. If Beta fails to place a 'notice of discontinuance' in a
national newspaper within the time frame required, what is the LATEST date in
July 2020 by which ABC must itself place such a notice in a national newspaper?
29th
An investment intermediary authorised by the Central Bank under the Investment
Intermediaries Act, 1995 CANNOT provide investment advice on which one of the
following?
Contracts for Difference
An investment intermediary which is NOT authorised to act as a product producer,
is required by the Central Bank to:
be solvent at all times.
An investment intermediary authorised under Section 10 of the Investment
Intermediaries Act, 1995, is an intermediary which:
must seek authorisation for each type of retail financial product it wishes to arrange
and/or provide advice on.
,The Central Bank's Consumer Protection Code requires product producers
launching a new investment product to provide details of which one of the
following to any intermediary who will promote and sell that product to
consumers?
The key characteristics and features of the product.
An investment intermediary which can legally act for only one bank in receiving
deposits is called a deposit:
agent
The prescription of procedures which must be followed by financial services firms
in their dealings with consumers is which type of regulation?
Conduct of Business.
Regulation of the continuing solvency and liquidity of established financial
services firms is known as which type of regulation?
Prudential.
The MAXIMUM fine which the Central Bank can impose personally on John, the
CEO of a bank, for non-compliance by the bank with financial services regulations
is:
€1 million.
, ABC Bank plc is established in Germany. It transacts banking business in the
Republic of Ireland on a cross-border basis. Being able to provide financial
services in this manner to consumers in other EU countries is referred to as:
passporting.
Credit intermediaries are authorised by the:
Competition and Consumer Protection Commission.
A deemed authorised investment intermediary is one which:
is automatically authorised to arrange and/or give advice on any of the retail
financial products covered by the Investment Intermediaries Act, 1995.
An insurance intermediary provides advice on life assurance products on the basis
of a fair and personal analysis. This intermediary:
can provide advice on general insurance products on either a basis that is a fair and
personal analysis, on a basis that is not a fair and personal analysis, or on a tied
insurance intermediary basis.
Marie has been a personal financial adviser for a long number of years but does not
hold a recognised qualification for the purposes of the Central Bank's Minimum
Competency Standards. If Marie wants to advise consumers on term assurance
policies without obtaining such a qualification, she must have had experience of
QUESTIONS AND CORRECT ANSWERS GRADED
A+
The Competition and Consumer Protection Commission can impose a levy on:
Banks
The regulation of unfair, misleading or aggressive commercial practices by
financial services firms is shared between which two institutions?
The Competition and Consumer Protection Commission and the Central Bank.
The MAXIMUM fine which the Central Bank can impose on ABC Investment
Advisers Ltd, an investment intermediary, for non-compliance with financial
services regulations, is:
The greater of €10 million and 10% of annual turnover.
The Central Bank imposed a fine on ABC Investment Advisers Ltd, an investment
intermediary, for non-compliance with financial services regulations. ABC can
appeal this decision to the:
Irish Financial Services Appeals Tribunal.
,A MiFID investment firm can provide investment advice on which of the
following? (i) Shares listed on a Stock Exchange. (ii) Contracts for Difference. (iii)
Options.
(i), (ii) and (iii).
2 multiple choice options
ABC Bank plc informs Beta Investment Brokers Ltd of the cancellation of its
agency on 1stJuly 2020. If Beta fails to place a 'notice of discontinuance' in a
national newspaper within the time frame required, what is the LATEST date in
July 2020 by which ABC must itself place such a notice in a national newspaper?
29th
An investment intermediary authorised by the Central Bank under the Investment
Intermediaries Act, 1995 CANNOT provide investment advice on which one of the
following?
Contracts for Difference
An investment intermediary which is NOT authorised to act as a product producer,
is required by the Central Bank to:
be solvent at all times.
An investment intermediary authorised under Section 10 of the Investment
Intermediaries Act, 1995, is an intermediary which:
must seek authorisation for each type of retail financial product it wishes to arrange
and/or provide advice on.
,The Central Bank's Consumer Protection Code requires product producers
launching a new investment product to provide details of which one of the
following to any intermediary who will promote and sell that product to
consumers?
The key characteristics and features of the product.
An investment intermediary which can legally act for only one bank in receiving
deposits is called a deposit:
agent
The prescription of procedures which must be followed by financial services firms
in their dealings with consumers is which type of regulation?
Conduct of Business.
Regulation of the continuing solvency and liquidity of established financial
services firms is known as which type of regulation?
Prudential.
The MAXIMUM fine which the Central Bank can impose personally on John, the
CEO of a bank, for non-compliance by the bank with financial services regulations
is:
€1 million.
, ABC Bank plc is established in Germany. It transacts banking business in the
Republic of Ireland on a cross-border basis. Being able to provide financial
services in this manner to consumers in other EU countries is referred to as:
passporting.
Credit intermediaries are authorised by the:
Competition and Consumer Protection Commission.
A deemed authorised investment intermediary is one which:
is automatically authorised to arrange and/or give advice on any of the retail
financial products covered by the Investment Intermediaries Act, 1995.
An insurance intermediary provides advice on life assurance products on the basis
of a fair and personal analysis. This intermediary:
can provide advice on general insurance products on either a basis that is a fair and
personal analysis, on a basis that is not a fair and personal analysis, or on a tied
insurance intermediary basis.
Marie has been a personal financial adviser for a long number of years but does not
hold a recognised qualification for the purposes of the Central Bank's Minimum
Competency Standards. If Marie wants to advise consumers on term assurance
policies without obtaining such a qualification, she must have had experience of
