CISI – Regulations Exam 2026 Questions
and Answers
When the UK regulator allows a firm to undertake regulated activities, it grants
which of the following?
A Authorisation
B Financial Services and Markets Act 2000 prohibition
C Regulatory exemption
D Part 4A Permission - Correct answer-D Part 4A Permission
- Activities must be permitted by the Part 4A Permission (status would be
permitted with authorization)
According to the UK Prospectus Rules (PRR), in which of the following ways can
the approved prospectus be made public?
A It is circulated by insertion in UK newspapers
B It is made available in printed form at the registered offices of the issuer
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
,C It is made available in printed form at the offices of the regulated market on
which the securities are being admitted
D It is made available on the issuer's website - Correct answer-D It is made
available on the issuer's website
If a financial analyst is providing investment research for dissemination to its
clients in particular financial investments, when would they be permitted to deal on
that information?
A The financial analyst, as a relevant person, would never be able to deal on that
information
B The financial analyst, as a non-relevant person, would always be allowed to deal
on that information
C The financial analyst, as a relevant person, would be permitted to deal on the
information if they submitted all confirmations of transactions to the firm's
compliance
D The financial analyst, as a relevant person, would be permitted to deal on the
information if granted approval by the firm's compliance - Correct answer-D The
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
,financial analyst, as a relevant person, would be permitted to deal on the
information if granted approval by the firm's compliance
- Permission to trade must be granted by compliance. It would be an exceptional
circumstance for the firms compliance to grant approval
According to Companies Act 2006, which of the following cannot apply to the
Department of Business, Energy and Industrial Strategy (BEIS) to initiate a
company investigation?
A The company
B 200 shareholders
C 10% share capital
D Creditors - Correct answer-D Creditors
- The companies act 2006, gives companies the right to apply to the department of
Business, Energy and Industrial Strategy (BEIS) for an inspector to investigate
company affairs.
The company can request this via ordinary resolution.
In addition, any 200 shareholders, or 10% of share capital could request this.
©COPYRIGHT 2025, ALL RIGHTS RESERVED 3
, Inspector is appointed by the secretary of state.
the BEIS could initiate an investigation if they had concerns regarding; creditors
being defrauded, management in misconduct, members not being provided with
enough info, or company being formed for fraudulent purposes.
Under Rule 13 of the Takeover Code, which of the following pre-conditions would
be acceptable for the offeror to place on the bid?
A Full regulatory approval is granted.
B The offeree is required to waive parts of the Takeover Code.
C Subjective judgement of offeror directors.
D Subjective judgement of offeree directors. - Correct answer-A Full regulatory
approval is granted.
- Rule 13 requires that conditions and pre-conditions not depend only on subjective
judgments of the offeror or offeree directors.
It is possible for the offeror to place a pre-condition on the bid relating to full
clearance given by the regulator
©COPYRIGHT 2025, ALL RIGHTS RESERVED 4
and Answers
When the UK regulator allows a firm to undertake regulated activities, it grants
which of the following?
A Authorisation
B Financial Services and Markets Act 2000 prohibition
C Regulatory exemption
D Part 4A Permission - Correct answer-D Part 4A Permission
- Activities must be permitted by the Part 4A Permission (status would be
permitted with authorization)
According to the UK Prospectus Rules (PRR), in which of the following ways can
the approved prospectus be made public?
A It is circulated by insertion in UK newspapers
B It is made available in printed form at the registered offices of the issuer
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
,C It is made available in printed form at the offices of the regulated market on
which the securities are being admitted
D It is made available on the issuer's website - Correct answer-D It is made
available on the issuer's website
If a financial analyst is providing investment research for dissemination to its
clients in particular financial investments, when would they be permitted to deal on
that information?
A The financial analyst, as a relevant person, would never be able to deal on that
information
B The financial analyst, as a non-relevant person, would always be allowed to deal
on that information
C The financial analyst, as a relevant person, would be permitted to deal on the
information if they submitted all confirmations of transactions to the firm's
compliance
D The financial analyst, as a relevant person, would be permitted to deal on the
information if granted approval by the firm's compliance - Correct answer-D The
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
,financial analyst, as a relevant person, would be permitted to deal on the
information if granted approval by the firm's compliance
- Permission to trade must be granted by compliance. It would be an exceptional
circumstance for the firms compliance to grant approval
According to Companies Act 2006, which of the following cannot apply to the
Department of Business, Energy and Industrial Strategy (BEIS) to initiate a
company investigation?
A The company
B 200 shareholders
C 10% share capital
D Creditors - Correct answer-D Creditors
- The companies act 2006, gives companies the right to apply to the department of
Business, Energy and Industrial Strategy (BEIS) for an inspector to investigate
company affairs.
The company can request this via ordinary resolution.
In addition, any 200 shareholders, or 10% of share capital could request this.
©COPYRIGHT 2025, ALL RIGHTS RESERVED 3
, Inspector is appointed by the secretary of state.
the BEIS could initiate an investigation if they had concerns regarding; creditors
being defrauded, management in misconduct, members not being provided with
enough info, or company being formed for fraudulent purposes.
Under Rule 13 of the Takeover Code, which of the following pre-conditions would
be acceptable for the offeror to place on the bid?
A Full regulatory approval is granted.
B The offeree is required to waive parts of the Takeover Code.
C Subjective judgement of offeror directors.
D Subjective judgement of offeree directors. - Correct answer-A Full regulatory
approval is granted.
- Rule 13 requires that conditions and pre-conditions not depend only on subjective
judgments of the offeror or offeree directors.
It is possible for the offeror to place a pre-condition on the bid relating to full
clearance given by the regulator
©COPYRIGHT 2025, ALL RIGHTS RESERVED 4
