QFA REGS - SAMPLE PAPER 2
QUESTIONS WITH COMPLETE
ANSWERS
ABC mmBank mmplc mmis mmestablished mmin mmGermany. mmIt mmtransacts mmbanking
mmbusiness mmin mmthe mmRepublic mmof mmIreland mmon mma mmcross-border mmbasis.
mmBeing mmable mmto mmprovide mmfinancial mmservices mmin mmthis mmmanner mmto
mmconsumers mmin mmother mmEU mmcountries mmis mmreferred mmto mmas:
A mmpassporting.
B mmsubrogation.
C mmmigration.
D mmthe mmcommon mmgood. mm- mmAnswerA
1.2.1
In mmrelation mmto mma mmfinancial mmservices mmfirm mmestablished mmin mman mmEU
mmcountry, mmthe mmterm mm'freedom mmof mmestablishment' mmmeans mmbeing mmable
mmto:
A mmset mmup mma mmbranch mmin mmanother mmEU mmcountry.
B mmprovide mmany mmtype mmof mmfinancial mmservice mmthe mmfirm mmwishes mmto
mmprovide, mmwithout mmrequiring mmany mmfresh mmauthorisation.
C mmcharge mmdifferent mmlevels mmof mmcharges mmto mmdifferent mmconsumers, mmwithout
mmrequiring mmauthorisation mmto mmdo mmso.
D mmprovide mmfinancial mmservices mmto mmconsumers mmin mmanother mmEU mmcountry
mmon mma mmcross-border mmbasis. mm- mmAnswerA
1.2.1
Regulation mmof mmthe mmcontinuing mmsolvency mmand mmliquidity mmof mmestablished
mmfinancial mmservices mmfirms mmis mmknown mmas mmwhich mmtype mmof mmregulation?
A mmStructural.
B mmSystemic.
C mmPrudential.
D mmConduct mmof mmBusiness. mm- mmAnswerC
,1.2.3
The mmCentral mmBank's mmConsumer mmProtection mmCode mmis mman mmexample mmof
mmwhich mmtype mmof mmregulation?
A mmPrudential.
B mmSystemic.
C mmConduct mmof mmBusiness. mm
D mmStructural. mm- mmAnswerC
1.2.4
The mmCentral mmBank mmdoes mmNOT mmauthorise mmand mmregulate mmwhich mmone mmof
mmthe mmfollowing mmestablished mmin mmthe mmState?
A mmCredit mminstitutions.
B mmDebt mmmanagement mmfirms.
C mmCredit mmintermediaries.
D mmRetail mmcredit mmfirms. mm- mmAnswerC
1.3.1
The mmMAXIMUM mmfine mmwhich mmthe mmCentral mmBank mmcan mmimpose mmon mmABC
mmInvestment mmAdvisers mmLtd, mman mminvestment mmintermediary, mmfor mmnon-
mmcompliance mmwith mmfinancial mmservices mmregulations, mmis:
A mm€1 mmmillion.
B mmthe mmgreater mmof mm€2 mmmillion mmand mm5% mmof mmannual
turnover.
C mmthe mmgreater mmof mm€5 mmmillion mmand mm10% mmof mmannual mmturnover.
D mmthe mmgreater mmof mm€10 mmmillion mmand mm10% mmof mmannual mmturnover. mm-
mmAnswerD
1.3.3
Most mmauthorised mmcredit mmintermediaries mmare
A mmmortgage mmintermediaries.
B mmgarages mmoffering mmloans mmand mmleasing. mm
C mminsurance mmintermediaries.
D mmcredit mmcard mmproviders. mm- mmAnswerB
1.4.4
The mmregulation mmof mmunfair, mmmisleading mmor mmaggressive mmcommercial
mmpractices mmby mmfinancial mmservices mmfirms mmis mmshared mmbetween mmwhich
mmtwo mminstitutions?
A mmThe mmCompetition mmand mmConsumer mmProtection mmCommission mmand mmthe
mmDirector mmof mmCorporate mmEnforcement.
B mmThe mmCentral mmBank mmand mmthe mmDepartment mmof mmFinance.
, C mmThe mmDirector mmof mmCorporate mmEnforcement mmand mmthe mmCentral mmBank.
D mmThe mmCompetition mmand mmConsumer mmProtection mmCommission mmand mmthe
mmCentral mmBank. mm- mmAnswerD
1.4.1
Credit mmintermediaries mmare mmauthorised mmby mmthe:
A mmCompetition mmand mmConsumer mmProtection
Commission.
B mmCentral mmBank.
C mmIrish mmBanking mmFederation.
D mmIrish mmCredit mmBureau mm- mmAnswerA
1.4.4
A mmdeemed mmauthorised mminvestment mmintermediary mmis mmone mmwhich:
A mmis mmexempt mmfrom mmauthorisation mmunder mmthe mmInvestment mmIntermediaries
mmAct, mm1995.
B mmis mmautomatically mmauthorised mmto mmarrange mmand/or mmgive mmadvice mmon
mmany mmof mmthe mmretail mmfinancial mmproducts mmcovered mmby mmthe mmInvestment
mmIntermediaries mmAct, mm1995.
C mmhas mmapplied mmfor mmauthorisation mmas mman mminvestment mmintermediary mmbut
mmhas mmnot mmyet mmobtained mmit.
D mmis mmrestricted mmto mmadvising mmonly mmon mmnon- mminsurance mmtracker mmbonds.
mm- mmAnswerB
2.3.1
A mmdeemed mmauthorised mminvestment mmintermediary mmis mmautomatically
mmauthorised mmto mmprovide mminvestment mmadvice mmon:
(i) mmshares mmlisted mmon mma mmStock mmExchange. mm
(ii) mmUCITS.
(iii) mmdeposits.
A mm(ii) mmonly.
B mm(iii) mmonly.
C mm(i) mmand mm(ii) mmonly.
D mm(i), mm(ii) mmand mm(iii). mm- mmAnswerD
2.3.1
An mminvestment mmintermediary mmauthorised mmunder mmSection mm10 mmof mmthe
mmInvestment mmIntermediaries mmAct, mm1995, mmis mman mmintermediary mmwhich:
A mmis mmexempt mmfrom mmauthorisation mmunder mmthe mmInvestment mmIntermediaries
mmAct, mm1995.
QUESTIONS WITH COMPLETE
ANSWERS
ABC mmBank mmplc mmis mmestablished mmin mmGermany. mmIt mmtransacts mmbanking
mmbusiness mmin mmthe mmRepublic mmof mmIreland mmon mma mmcross-border mmbasis.
mmBeing mmable mmto mmprovide mmfinancial mmservices mmin mmthis mmmanner mmto
mmconsumers mmin mmother mmEU mmcountries mmis mmreferred mmto mmas:
A mmpassporting.
B mmsubrogation.
C mmmigration.
D mmthe mmcommon mmgood. mm- mmAnswerA
1.2.1
In mmrelation mmto mma mmfinancial mmservices mmfirm mmestablished mmin mman mmEU
mmcountry, mmthe mmterm mm'freedom mmof mmestablishment' mmmeans mmbeing mmable
mmto:
A mmset mmup mma mmbranch mmin mmanother mmEU mmcountry.
B mmprovide mmany mmtype mmof mmfinancial mmservice mmthe mmfirm mmwishes mmto
mmprovide, mmwithout mmrequiring mmany mmfresh mmauthorisation.
C mmcharge mmdifferent mmlevels mmof mmcharges mmto mmdifferent mmconsumers, mmwithout
mmrequiring mmauthorisation mmto mmdo mmso.
D mmprovide mmfinancial mmservices mmto mmconsumers mmin mmanother mmEU mmcountry
mmon mma mmcross-border mmbasis. mm- mmAnswerA
1.2.1
Regulation mmof mmthe mmcontinuing mmsolvency mmand mmliquidity mmof mmestablished
mmfinancial mmservices mmfirms mmis mmknown mmas mmwhich mmtype mmof mmregulation?
A mmStructural.
B mmSystemic.
C mmPrudential.
D mmConduct mmof mmBusiness. mm- mmAnswerC
,1.2.3
The mmCentral mmBank's mmConsumer mmProtection mmCode mmis mman mmexample mmof
mmwhich mmtype mmof mmregulation?
A mmPrudential.
B mmSystemic.
C mmConduct mmof mmBusiness. mm
D mmStructural. mm- mmAnswerC
1.2.4
The mmCentral mmBank mmdoes mmNOT mmauthorise mmand mmregulate mmwhich mmone mmof
mmthe mmfollowing mmestablished mmin mmthe mmState?
A mmCredit mminstitutions.
B mmDebt mmmanagement mmfirms.
C mmCredit mmintermediaries.
D mmRetail mmcredit mmfirms. mm- mmAnswerC
1.3.1
The mmMAXIMUM mmfine mmwhich mmthe mmCentral mmBank mmcan mmimpose mmon mmABC
mmInvestment mmAdvisers mmLtd, mman mminvestment mmintermediary, mmfor mmnon-
mmcompliance mmwith mmfinancial mmservices mmregulations, mmis:
A mm€1 mmmillion.
B mmthe mmgreater mmof mm€2 mmmillion mmand mm5% mmof mmannual
turnover.
C mmthe mmgreater mmof mm€5 mmmillion mmand mm10% mmof mmannual mmturnover.
D mmthe mmgreater mmof mm€10 mmmillion mmand mm10% mmof mmannual mmturnover. mm-
mmAnswerD
1.3.3
Most mmauthorised mmcredit mmintermediaries mmare
A mmmortgage mmintermediaries.
B mmgarages mmoffering mmloans mmand mmleasing. mm
C mminsurance mmintermediaries.
D mmcredit mmcard mmproviders. mm- mmAnswerB
1.4.4
The mmregulation mmof mmunfair, mmmisleading mmor mmaggressive mmcommercial
mmpractices mmby mmfinancial mmservices mmfirms mmis mmshared mmbetween mmwhich
mmtwo mminstitutions?
A mmThe mmCompetition mmand mmConsumer mmProtection mmCommission mmand mmthe
mmDirector mmof mmCorporate mmEnforcement.
B mmThe mmCentral mmBank mmand mmthe mmDepartment mmof mmFinance.
, C mmThe mmDirector mmof mmCorporate mmEnforcement mmand mmthe mmCentral mmBank.
D mmThe mmCompetition mmand mmConsumer mmProtection mmCommission mmand mmthe
mmCentral mmBank. mm- mmAnswerD
1.4.1
Credit mmintermediaries mmare mmauthorised mmby mmthe:
A mmCompetition mmand mmConsumer mmProtection
Commission.
B mmCentral mmBank.
C mmIrish mmBanking mmFederation.
D mmIrish mmCredit mmBureau mm- mmAnswerA
1.4.4
A mmdeemed mmauthorised mminvestment mmintermediary mmis mmone mmwhich:
A mmis mmexempt mmfrom mmauthorisation mmunder mmthe mmInvestment mmIntermediaries
mmAct, mm1995.
B mmis mmautomatically mmauthorised mmto mmarrange mmand/or mmgive mmadvice mmon
mmany mmof mmthe mmretail mmfinancial mmproducts mmcovered mmby mmthe mmInvestment
mmIntermediaries mmAct, mm1995.
C mmhas mmapplied mmfor mmauthorisation mmas mman mminvestment mmintermediary mmbut
mmhas mmnot mmyet mmobtained mmit.
D mmis mmrestricted mmto mmadvising mmonly mmon mmnon- mminsurance mmtracker mmbonds.
mm- mmAnswerB
2.3.1
A mmdeemed mmauthorised mminvestment mmintermediary mmis mmautomatically
mmauthorised mmto mmprovide mminvestment mmadvice mmon:
(i) mmshares mmlisted mmon mma mmStock mmExchange. mm
(ii) mmUCITS.
(iii) mmdeposits.
A mm(ii) mmonly.
B mm(iii) mmonly.
C mm(i) mmand mm(ii) mmonly.
D mm(i), mm(ii) mmand mm(iii). mm- mmAnswerD
2.3.1
An mminvestment mmintermediary mmauthorised mmunder mmSection mm10 mmof mmthe
mmInvestment mmIntermediaries mmAct, mm1995, mmis mman mmintermediary mmwhich:
A mmis mmexempt mmfrom mmauthorisation mmunder mmthe mmInvestment mmIntermediaries
mmAct, mm1995.
