QFA REGS - SAMPLE PAPER 3
QUESTIONS WITH CORRECT ANSWERS
The wwprimary wwobjective wwof wwstructural wwregulation wwof wwfinancial wwservices
wwfirms wwis wwto: ww
A wwminimise wwrisks wwto wwthe wwfinancial wwsystem. ww
B wwensure wwfinancial wwservices wwproviders wwremain wwsolvent wwat wwall wwtimes. ww
C wwensure wwonly wwthose wwwith wwsufficient wwfinancial wwstanding wwand wwintegrity
wwcan wwbecome wwfinancial wwservices wwfirms. ww
D wwenforce wwcompliance wwby wwfinancial wwservices wwproviders wwwith wwconsumer
wwlaw ww- wwAnswer wwC ww
Ensure wwonly wwthose wwwith wwsufficient wwfinancial wwstanding wwand wwintegrity wwcan
wwbecome wwfinancial wwservices wwfirms
In wwrelation wwto wwa wwfinancial wwservices wwfirm wwestablished wwin wwan wwEU
wwcountry, wwthe wwterm ww'freedom wwof wwservices' wwmeans wwbeing wwable wwto: ww
A wwset wwup wwa wwbranch wwin wwanother wwEU wwcountry. ww
B wwprovide wwany wwtype wwof wwfinancial wwservice wwthe wwfirm wwwishes wwto wwprovide,
wwwithout wwrequiring wwany wwfresh wwauthorisation. ww
C wwcharge wwdifferent wwlevels wwof wwfees wwto wwdifferent wwconsumers, wwwithout
wwrequiring wwauthorisation wwto wwdo wwso. ww
D wwprovide wwfinancial wwservices wwto wwconsumers wwin wwanother wwEU wwCounty wwon
wwa wwcross wwBorder wwBasis ww- wwAnswer wwD
Provide wwfinancial wwservices wwto wwconsumers wwin wwanother wwEU wwCounty wwon wwa
wwcross wwBorder wwBasis
A wwlife wwassurance wwcompany wwestablished wwin wwGermany wwsells wwpolicies wwto
wwresidents wwof wwthe wwRepublic wwof wwIreland. wwWho wwregulates wwthe wwsolvency
wwof wwthis wwlife wwcompany? ww
A wwThe wwCentral wwBank wwof wwIreland. ww
B wwThe wwGerman wwRegulatory wwAuthority, wwBaFin. ww
C wwThe wwEuropean wwInsurance wwand wwOccupational wwPensions wwAuthority. ww
D wwThe wwEuropean wwSecurities wwand wwMarkets wwAuthority ww- wwAnswer wwB
The wwGerman wwRegulatory wwAuthority, wwBaFin
,The wwCentral wwBank's wwConsumer wwProtection wwCode wwis wwan wwexample wwof
wwwhich wwtype wwof wwregulation? ww
A wwPrudential. ww
B wwSystemic. ww
C wwConduct wwof wwBusiness. ww
D wwStructural. ww- wwAnswer wwC
Conduct wwof wwBusiness
The wwMAXIMUM wwfine wwwhich wwthe wwCentral wwBank wwcan wwimpose wwpersonally
wwon wwMary, wwthe wwCEO wwof wwa wwbank, wwfor wwnon-compliance wwby wwthe wwbank
wwwith wwfinancial wwservices wwregulations wwis: ww
A ww€0.5 wwmillion. ww
B ww€1 wwmillion. ww
C ww€2 wwmillion. ww
D ww€5 wwmillion ww- wwAnswer wwB
€1 wwmillion
The wwregulation wwof wwunfair, wwmisleading wwor wwaggressive wwcommercial wwpractices
wwby wwfinancial wwservices wwfirms wwis wwshared wwbetween wwwhich wwtwo wwinstitutions?
ww
A wwThe wwCompetition wwand wwConsumer wwProtection wwCommission wwand wwthe
wwDirector wwof wwCorporate wwEnforcement. ww
B wwThe wwCentral wwBank wwand wwthe wwDepartment wwof wwFinance. ww
C wwThe wwDirector wwof wwCorporate wwEnforcement wwand wwthe wwCentral wwBank. ww
D wwThe wwCompetition wwand wwConsumer wwProtection wwCommission wwand wwthe
wwCentral wwBank. ww- wwAnswer wwD
The wwCompetition wwand wwConsumer wwProtection wwCommission wwand wwthe wwCentral
wwBank
The wwCentral wwBank wwdoes wwNOT wwauthorise wwand wwregulate wwwhich wwone wwof
wwthe wwfollowing wwentities wwestablished wwin wwthe wwState? ww
A wwLife wwassurance wwcompanies. ww
B wwCredit wwintermediaries. ww
C wwHome wwreversion wwfirms. ww
D wwReinsurance wwcompanies. ww- wwAnswer wwB
Credit wwintermediaries
The wwCompetition wwand wwConsumer wwProtection wwCommission wwcan wwimpose wwa
wwlevy wwon: ww
A wwinsurance wwintermediaries. ww
B wwbanks. ww
, C wwcredit wwintermediaries. ww
D wwinvestment wwintermediaries ww- wwAnswer wwB
Banks
An wwintermediary wwwho wwwishes wwto wwprovide wwadvice wwto wwconsumers wwon wwa
wwTracker wwBond, wwwhich wwis wwalso wwa wwdeposit, wwmust wwbe wwauthorised wwas
wwa(n): ww
(i) wwinvestment wwintermediary. ww
(ii) wwdeposit wwbroker. ww
(iii) wwcredit wwintermediary. ww
A ww(i) wwonly. ww
B ww(ii) wwonly. ww
C ww(i) wwand ww(ii) wwonly. ww
D ww(i), ww(ii) wwand ww(iii). ww- wwAnswer wwC
(i) wwand ww(ii) wwonly.
A wwdeemed wwauthorised wwinvestment wwintermediary wwis wwone wwwhich: ww
A wwis wwexempt wwfrom wwauthorisation wwunder wwthe wwInvestment wwIntermediaries
wwAct, ww1995. ww
B wwis wwautomatically wwauthorised wwto wwarrange wwand/or wwgive wwadvice wwon wwany
wwof wwthe wwretail wwfinancial wwproducts wwcovered wwby wwthe wwInvestment
wwIntermediaries wwAct, ww1995. ww
C wwhas wwapplied wwfor wwauthorisation wwas wwan wwinvestment wwintermediary wwbut
wwhas wwnot wwyet wwobtained wwit. ww
D wwis wwrestricted wwto wwadvising wwonly wwon wwnoninsurance wwtracker wwbonds. ww-
wwAnswer wwB
Is wwautomatically wwauthorised wwto wwarrange wwand/or wwgive wwadvice wwon wwany wwof
wwthe wwretail wwfinancial wwproducts wwcovered wwby wwthe wwInvestment wwIntermediaries
wwAct, ww1995
An wwinvestment wwintermediary wwauthorised wwunder wwSection ww10 wwof wwthe
wwInvestment wwIntermediaries wwAct, ww1995, wwis wwan wwintermediary wwwhich: ww
A wwis wwexempt wwfrom wwauthorisation wwunder wwthe wwInvestment wwIntermediaries
wwAct, ww1995. ww
B wwmust wwseek wwauthorisation wwfor wweach wwtype wwof wwretail wwfinancial wwproduct
wwit wwwishes wwto wwarrange wwand/or wwprovide wwadvice wwon. ww
C wwhas wwapplied wwfor wwauthorisation wwas wwan wwinvestment wwintermediary wwbut
wwhas wwnot wwyet wwobtained wwit. ww
D wwis wwrestricted wwto wwadvising wwonly wwon wwinsurance wwpolicies wwand wwtracker
wwbonds. ww- wwAnswer wwB
Must wwseek wwauthorisation wwfor wweach wwtype wwof wwretail wwfinancial wwproduct wwit
wwwishes wwto wwarrange wwand/or wwprovide wwadvice wwon
QUESTIONS WITH CORRECT ANSWERS
The wwprimary wwobjective wwof wwstructural wwregulation wwof wwfinancial wwservices
wwfirms wwis wwto: ww
A wwminimise wwrisks wwto wwthe wwfinancial wwsystem. ww
B wwensure wwfinancial wwservices wwproviders wwremain wwsolvent wwat wwall wwtimes. ww
C wwensure wwonly wwthose wwwith wwsufficient wwfinancial wwstanding wwand wwintegrity
wwcan wwbecome wwfinancial wwservices wwfirms. ww
D wwenforce wwcompliance wwby wwfinancial wwservices wwproviders wwwith wwconsumer
wwlaw ww- wwAnswer wwC ww
Ensure wwonly wwthose wwwith wwsufficient wwfinancial wwstanding wwand wwintegrity wwcan
wwbecome wwfinancial wwservices wwfirms
In wwrelation wwto wwa wwfinancial wwservices wwfirm wwestablished wwin wwan wwEU
wwcountry, wwthe wwterm ww'freedom wwof wwservices' wwmeans wwbeing wwable wwto: ww
A wwset wwup wwa wwbranch wwin wwanother wwEU wwcountry. ww
B wwprovide wwany wwtype wwof wwfinancial wwservice wwthe wwfirm wwwishes wwto wwprovide,
wwwithout wwrequiring wwany wwfresh wwauthorisation. ww
C wwcharge wwdifferent wwlevels wwof wwfees wwto wwdifferent wwconsumers, wwwithout
wwrequiring wwauthorisation wwto wwdo wwso. ww
D wwprovide wwfinancial wwservices wwto wwconsumers wwin wwanother wwEU wwCounty wwon
wwa wwcross wwBorder wwBasis ww- wwAnswer wwD
Provide wwfinancial wwservices wwto wwconsumers wwin wwanother wwEU wwCounty wwon wwa
wwcross wwBorder wwBasis
A wwlife wwassurance wwcompany wwestablished wwin wwGermany wwsells wwpolicies wwto
wwresidents wwof wwthe wwRepublic wwof wwIreland. wwWho wwregulates wwthe wwsolvency
wwof wwthis wwlife wwcompany? ww
A wwThe wwCentral wwBank wwof wwIreland. ww
B wwThe wwGerman wwRegulatory wwAuthority, wwBaFin. ww
C wwThe wwEuropean wwInsurance wwand wwOccupational wwPensions wwAuthority. ww
D wwThe wwEuropean wwSecurities wwand wwMarkets wwAuthority ww- wwAnswer wwB
The wwGerman wwRegulatory wwAuthority, wwBaFin
,The wwCentral wwBank's wwConsumer wwProtection wwCode wwis wwan wwexample wwof
wwwhich wwtype wwof wwregulation? ww
A wwPrudential. ww
B wwSystemic. ww
C wwConduct wwof wwBusiness. ww
D wwStructural. ww- wwAnswer wwC
Conduct wwof wwBusiness
The wwMAXIMUM wwfine wwwhich wwthe wwCentral wwBank wwcan wwimpose wwpersonally
wwon wwMary, wwthe wwCEO wwof wwa wwbank, wwfor wwnon-compliance wwby wwthe wwbank
wwwith wwfinancial wwservices wwregulations wwis: ww
A ww€0.5 wwmillion. ww
B ww€1 wwmillion. ww
C ww€2 wwmillion. ww
D ww€5 wwmillion ww- wwAnswer wwB
€1 wwmillion
The wwregulation wwof wwunfair, wwmisleading wwor wwaggressive wwcommercial wwpractices
wwby wwfinancial wwservices wwfirms wwis wwshared wwbetween wwwhich wwtwo wwinstitutions?
ww
A wwThe wwCompetition wwand wwConsumer wwProtection wwCommission wwand wwthe
wwDirector wwof wwCorporate wwEnforcement. ww
B wwThe wwCentral wwBank wwand wwthe wwDepartment wwof wwFinance. ww
C wwThe wwDirector wwof wwCorporate wwEnforcement wwand wwthe wwCentral wwBank. ww
D wwThe wwCompetition wwand wwConsumer wwProtection wwCommission wwand wwthe
wwCentral wwBank. ww- wwAnswer wwD
The wwCompetition wwand wwConsumer wwProtection wwCommission wwand wwthe wwCentral
wwBank
The wwCentral wwBank wwdoes wwNOT wwauthorise wwand wwregulate wwwhich wwone wwof
wwthe wwfollowing wwentities wwestablished wwin wwthe wwState? ww
A wwLife wwassurance wwcompanies. ww
B wwCredit wwintermediaries. ww
C wwHome wwreversion wwfirms. ww
D wwReinsurance wwcompanies. ww- wwAnswer wwB
Credit wwintermediaries
The wwCompetition wwand wwConsumer wwProtection wwCommission wwcan wwimpose wwa
wwlevy wwon: ww
A wwinsurance wwintermediaries. ww
B wwbanks. ww
, C wwcredit wwintermediaries. ww
D wwinvestment wwintermediaries ww- wwAnswer wwB
Banks
An wwintermediary wwwho wwwishes wwto wwprovide wwadvice wwto wwconsumers wwon wwa
wwTracker wwBond, wwwhich wwis wwalso wwa wwdeposit, wwmust wwbe wwauthorised wwas
wwa(n): ww
(i) wwinvestment wwintermediary. ww
(ii) wwdeposit wwbroker. ww
(iii) wwcredit wwintermediary. ww
A ww(i) wwonly. ww
B ww(ii) wwonly. ww
C ww(i) wwand ww(ii) wwonly. ww
D ww(i), ww(ii) wwand ww(iii). ww- wwAnswer wwC
(i) wwand ww(ii) wwonly.
A wwdeemed wwauthorised wwinvestment wwintermediary wwis wwone wwwhich: ww
A wwis wwexempt wwfrom wwauthorisation wwunder wwthe wwInvestment wwIntermediaries
wwAct, ww1995. ww
B wwis wwautomatically wwauthorised wwto wwarrange wwand/or wwgive wwadvice wwon wwany
wwof wwthe wwretail wwfinancial wwproducts wwcovered wwby wwthe wwInvestment
wwIntermediaries wwAct, ww1995. ww
C wwhas wwapplied wwfor wwauthorisation wwas wwan wwinvestment wwintermediary wwbut
wwhas wwnot wwyet wwobtained wwit. ww
D wwis wwrestricted wwto wwadvising wwonly wwon wwnoninsurance wwtracker wwbonds. ww-
wwAnswer wwB
Is wwautomatically wwauthorised wwto wwarrange wwand/or wwgive wwadvice wwon wwany wwof
wwthe wwretail wwfinancial wwproducts wwcovered wwby wwthe wwInvestment wwIntermediaries
wwAct, ww1995
An wwinvestment wwintermediary wwauthorised wwunder wwSection ww10 wwof wwthe
wwInvestment wwIntermediaries wwAct, ww1995, wwis wwan wwintermediary wwwhich: ww
A wwis wwexempt wwfrom wwauthorisation wwunder wwthe wwInvestment wwIntermediaries
wwAct, ww1995. ww
B wwmust wwseek wwauthorisation wwfor wweach wwtype wwof wwretail wwfinancial wwproduct
wwit wwwishes wwto wwarrange wwand/or wwprovide wwadvice wwon. ww
C wwhas wwapplied wwfor wwauthorisation wwas wwan wwinvestment wwintermediary wwbut
wwhas wwnot wwyet wwobtained wwit. ww
D wwis wwrestricted wwto wwadvising wwonly wwon wwinsurance wwpolicies wwand wwtracker
wwbonds. ww- wwAnswer wwB
Must wwseek wwauthorisation wwfor wweach wwtype wwof wwretail wwfinancial wwproduct wwit
wwwishes wwto wwarrange wwand/or wwprovide wwadvice wwon
