CISI UK Regulations
2025/2026
Exam Prep Material
with
Verified Questions and Answers
A+ Grades Guarantee
, No person may carry out regulated activity in the UK unless he is
General Prohibition AUTHORISED or EXEMPT
Part 4A authorisarion
Authorised persons hold Passport (MiFID)
Exempt Persons BoE, RCH, RIE, ROIE
Property/Tangible assets
Currencies
Excluded Investments Premium bonds
National Savings Certificate
Perimeter Guidance Manual
- sets out guidance on when authorisation may be needed and any
PERG exclusions available
- Non-binding - check regulated legislation
- threshold requirements
COND meaning - influence - 20% shareholder requires a background check
Ancillary - supports Mifid business
- custodian
- loans
- fx dealing
Ancillary Activities and Passport - investment research and analysis
Types - underwriting/bookmaking
Passports - Mifid or Mifid+Ancillary
European Markets Infrastructure Regulator
- regulation of OTC derivatives
Provisions:
- trades reported to a trade deposit
- adequate mgmt of reconciliation and collateral
EMIR
- requirement to use central counterparties when mandatory
clearing is in effect
- Honesty, Integrity, & Reputation
- Competence & Capability
Fit & Proper Test - Financial Soundness
1. All staff must be T&C1
2. If approved, then must be T&C2
Exam necessary for certain actions, dealing, broker fund advisor,
T&C Sourcebook lloyds syndicate, pension transfer specialist. Must be under 30
months
Knowledge
Skills
Professionalism (CISI Definition) Behavior
2025/2026
Exam Prep Material
with
Verified Questions and Answers
A+ Grades Guarantee
, No person may carry out regulated activity in the UK unless he is
General Prohibition AUTHORISED or EXEMPT
Part 4A authorisarion
Authorised persons hold Passport (MiFID)
Exempt Persons BoE, RCH, RIE, ROIE
Property/Tangible assets
Currencies
Excluded Investments Premium bonds
National Savings Certificate
Perimeter Guidance Manual
- sets out guidance on when authorisation may be needed and any
PERG exclusions available
- Non-binding - check regulated legislation
- threshold requirements
COND meaning - influence - 20% shareholder requires a background check
Ancillary - supports Mifid business
- custodian
- loans
- fx dealing
Ancillary Activities and Passport - investment research and analysis
Types - underwriting/bookmaking
Passports - Mifid or Mifid+Ancillary
European Markets Infrastructure Regulator
- regulation of OTC derivatives
Provisions:
- trades reported to a trade deposit
- adequate mgmt of reconciliation and collateral
EMIR
- requirement to use central counterparties when mandatory
clearing is in effect
- Honesty, Integrity, & Reputation
- Competence & Capability
Fit & Proper Test - Financial Soundness
1. All staff must be T&C1
2. If approved, then must be T&C2
Exam necessary for certain actions, dealing, broker fund advisor,
T&C Sourcebook lloyds syndicate, pension transfer specialist. Must be under 30
months
Knowledge
Skills
Professionalism (CISI Definition) Behavior
