6/30/25, 11:57 PM CISI UK Regulations
CISI UK Financial Regulations (Regs) Mock Exam includes accurate
and verified questions covering regulatory frameworks in the UK
financial services industry. Topics include the role of the Financial
Conduct Authority (FCA), anti-money laundering (AML)
Financial institutions Insurance companies
covered in GENPRU but
NOT BIPRU
EU + Norway + Iceland + Lichtenstein
Countries in EEA
NOT switzerland
Key Investor Information Documents that go with UCITS funds
- id of scheme
- investment objectives/policy
KIDDs (and what they contain)
- past performance
- costs/charges
- risk/reward, risk warning
30 calendar day cancellation 30 - life products & pensions
14 calendar day cancellation 14 - other products, ISAs
Non - 3 years
Record-keeping for
MiFid - 5 years (also pensions, life assurance)
nonMiFID Record-
INDEFINITELY - pension transfers, fsavcs
keeping for MiFID
Record-keeping Telephone - 6 months from creation
telephone
communications
/ 1/19
,6/30/25, 11:57 PM CISI UK Regulations
1. Proactive firm supervision
FCA Pillars of risk-based 2. Reactive firm supervision
approach Issues and product supervision
3.
Diagno
stic
FCA approaches to supervise
firms Monitor
ing
Prevent
ative
Remedi
al
1. Minimum capital requirements for credit, market and operational
risks
CRD Basel Pillars 2. Supervisory review - dialogue between firm and regulator
3. Market discipline - public disclosure to ensure firms
hold appropriate level of capital
- didn'tbelieve conduct would lead to misleading impression
Defences against misleading - price stabilisation
impressions - Chinese walls
• Dealing on own account
Eligible counterparty business • Execution of orders on behalf of a client
• Transmission of orders
- no advantage was expected
- believed information had been widely disclosed
General defences against
- would have delays anyway
insider dealing
- did not expect any person to deal because of disclosure
- market makers
Special Defences against - market information
Insider dealing - price stablisation
European Securities and Responsible for drafting, implementing and monitoring EU
Markets Authority (ESMA) financial regulation.
- hold senior mgrs of banks accountable
1. Senior mgr's regime
Senior Managers and
2. Certification regime
Certification Regime
3. Conduct rules / code - applies to all employees
- governing function - directors
- significant mgmt function - large firms, head
FCA classified controlled
- systems and control - risk, audit
functions
- required factors (specific roles)
/ 2/19
, 6/30/25, 11:57 PM CISI UK Regulations
- ID customer and verify id
Customer due diligence - ID beneficial owner when applicable and verify
measures - Obtain info of the purpose and intended nature of business
relationship
- customer ID - 5yrs after end of relationship
- transactions - 5 yrs from date of trans OR end of relationship,
What records should firms whichever is later
maintain?
- details of actions taken in respect of internal/external suspicion
reports
- details of info considered by nominated officer in respect of an
internal report
- general offences (2) - giving/requesting
- discrete offence - bribery of foreign public official for business
advantage
- new offence - failure of company to prevent bribe
Bribery Act key provisions
Penalties - max 10yrs imprisonment
- unlimited fines
- confiscation of proceeds
- debarment/disqualification
- possessors can apply for or obtain documentation and
Breeder documents
this build up a profile of 'history' that can satisfy basic
CDD processes
No person may carry out regulated activity in the UK
General Prohibition
unless he is AUTHORISED or EXEMPT
Part 4A
Authorised persons hold
authorisarion
Passport
(MiFID)
Exempt Persons BoE, RCH, RIE, ROIE
/ 3/19
CISI UK Financial Regulations (Regs) Mock Exam includes accurate
and verified questions covering regulatory frameworks in the UK
financial services industry. Topics include the role of the Financial
Conduct Authority (FCA), anti-money laundering (AML)
Financial institutions Insurance companies
covered in GENPRU but
NOT BIPRU
EU + Norway + Iceland + Lichtenstein
Countries in EEA
NOT switzerland
Key Investor Information Documents that go with UCITS funds
- id of scheme
- investment objectives/policy
KIDDs (and what they contain)
- past performance
- costs/charges
- risk/reward, risk warning
30 calendar day cancellation 30 - life products & pensions
14 calendar day cancellation 14 - other products, ISAs
Non - 3 years
Record-keeping for
MiFid - 5 years (also pensions, life assurance)
nonMiFID Record-
INDEFINITELY - pension transfers, fsavcs
keeping for MiFID
Record-keeping Telephone - 6 months from creation
telephone
communications
/ 1/19
,6/30/25, 11:57 PM CISI UK Regulations
1. Proactive firm supervision
FCA Pillars of risk-based 2. Reactive firm supervision
approach Issues and product supervision
3.
Diagno
stic
FCA approaches to supervise
firms Monitor
ing
Prevent
ative
Remedi
al
1. Minimum capital requirements for credit, market and operational
risks
CRD Basel Pillars 2. Supervisory review - dialogue between firm and regulator
3. Market discipline - public disclosure to ensure firms
hold appropriate level of capital
- didn'tbelieve conduct would lead to misleading impression
Defences against misleading - price stabilisation
impressions - Chinese walls
• Dealing on own account
Eligible counterparty business • Execution of orders on behalf of a client
• Transmission of orders
- no advantage was expected
- believed information had been widely disclosed
General defences against
- would have delays anyway
insider dealing
- did not expect any person to deal because of disclosure
- market makers
Special Defences against - market information
Insider dealing - price stablisation
European Securities and Responsible for drafting, implementing and monitoring EU
Markets Authority (ESMA) financial regulation.
- hold senior mgrs of banks accountable
1. Senior mgr's regime
Senior Managers and
2. Certification regime
Certification Regime
3. Conduct rules / code - applies to all employees
- governing function - directors
- significant mgmt function - large firms, head
FCA classified controlled
- systems and control - risk, audit
functions
- required factors (specific roles)
/ 2/19
, 6/30/25, 11:57 PM CISI UK Regulations
- ID customer and verify id
Customer due diligence - ID beneficial owner when applicable and verify
measures - Obtain info of the purpose and intended nature of business
relationship
- customer ID - 5yrs after end of relationship
- transactions - 5 yrs from date of trans OR end of relationship,
What records should firms whichever is later
maintain?
- details of actions taken in respect of internal/external suspicion
reports
- details of info considered by nominated officer in respect of an
internal report
- general offences (2) - giving/requesting
- discrete offence - bribery of foreign public official for business
advantage
- new offence - failure of company to prevent bribe
Bribery Act key provisions
Penalties - max 10yrs imprisonment
- unlimited fines
- confiscation of proceeds
- debarment/disqualification
- possessors can apply for or obtain documentation and
Breeder documents
this build up a profile of 'history' that can satisfy basic
CDD processes
No person may carry out regulated activity in the UK
General Prohibition
unless he is AUTHORISED or EXEMPT
Part 4A
Authorised persons hold
authorisarion
Passport
(MiFID)
Exempt Persons BoE, RCH, RIE, ROIE
/ 3/19
