QFA Regs - Sample Paper 2 Verified answer questions
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:
A passporting.
B subrogation.
C migration.
D the common good. Correct Answer-A
1.2.1
In relation to a financial services firm established in an EU country, the
term 'freedom of establishment' means being able to:
A set up a branch in another EU country.
B provide any type of financial service the firm wishes to provide,
without requiring any fresh authorisation.
C charge different levels of charges to different consumers, without
requiring authorisation to do so.
D provide financial services to consumers in another EU country on a
cross-border basis. Correct Answer-A
1.2.1
,Regulation of the continuing solvency and liquidity of established
financial services firms is known as which type of regulation?
A Structural.
B Systemic.
C Prudential.
D Conduct of Business. Correct Answer-C
1.2.3
The Central Bank's Consumer Protection Code is an example of which
type of regulation?
A Prudential.
B Systemic.
C Conduct of Business.
D Structural. Correct Answer-C
1.2.4
The Central Bank does NOT authorise and regulate which one of the
following established in the State?
A Credit institutions.
B Debt management firms.
C Credit intermediaries.
D Retail credit firms. Correct Answer-C
,1.3.1
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:
A €1 million.
B the greater of €2 million and 5% of annual
turnover.
C the greater of €5 million and 10% of annual turnover.
D the greater of €10 million and 10% of annual turnover. Correct Answer-
D
1.3.3
Most authorised credit intermediaries are
A mortgage intermediaries.
B garages offering loans and leasing.
C insurance intermediaries.
D credit card providers. Correct Answer-B
1.4.4
, The regulation of unfair, misleading or aggressive commercial practices
by financial services firms is shared between which two institutions?
A The Competition and Consumer Protection Commission and the
Director of Corporate Enforcement.
B The Central Bank and the Department of Finance.
C The Director of Corporate Enforcement and the Central Bank.
D The Competition and Consumer Protection Commission and the
Central Bank. Correct Answer-D
1.4.1
Credit intermediaries are authorised by the:
A Competition and Consumer Protection
Commission.
B Central Bank.
C Irish Banking Federation.
D Irish Credit Bureau Correct Answer-A
1.4.4
A deemed authorised investment intermediary is one which:
A is exempt from authorisation under the Investment Intermediaries Act,
1995.
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:
A passporting.
B subrogation.
C migration.
D the common good. Correct Answer-A
1.2.1
In relation to a financial services firm established in an EU country, the
term 'freedom of establishment' means being able to:
A set up a branch in another EU country.
B provide any type of financial service the firm wishes to provide,
without requiring any fresh authorisation.
C charge different levels of charges to different consumers, without
requiring authorisation to do so.
D provide financial services to consumers in another EU country on a
cross-border basis. Correct Answer-A
1.2.1
,Regulation of the continuing solvency and liquidity of established
financial services firms is known as which type of regulation?
A Structural.
B Systemic.
C Prudential.
D Conduct of Business. Correct Answer-C
1.2.3
The Central Bank's Consumer Protection Code is an example of which
type of regulation?
A Prudential.
B Systemic.
C Conduct of Business.
D Structural. Correct Answer-C
1.2.4
The Central Bank does NOT authorise and regulate which one of the
following established in the State?
A Credit institutions.
B Debt management firms.
C Credit intermediaries.
D Retail credit firms. Correct Answer-C
,1.3.1
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:
A €1 million.
B the greater of €2 million and 5% of annual
turnover.
C the greater of €5 million and 10% of annual turnover.
D the greater of €10 million and 10% of annual turnover. Correct Answer-
D
1.3.3
Most authorised credit intermediaries are
A mortgage intermediaries.
B garages offering loans and leasing.
C insurance intermediaries.
D credit card providers. Correct Answer-B
1.4.4
, The regulation of unfair, misleading or aggressive commercial practices
by financial services firms is shared between which two institutions?
A The Competition and Consumer Protection Commission and the
Director of Corporate Enforcement.
B The Central Bank and the Department of Finance.
C The Director of Corporate Enforcement and the Central Bank.
D The Competition and Consumer Protection Commission and the
Central Bank. Correct Answer-D
1.4.1
Credit intermediaries are authorised by the:
A Competition and Consumer Protection
Commission.
B Central Bank.
C Irish Banking Federation.
D Irish Credit Bureau Correct Answer-A
1.4.4
A deemed authorised investment intermediary is one which:
A is exempt from authorisation under the Investment Intermediaries Act,
1995.
