QFA REGULATIONS EXAM QUESTIONS AND ANSWERS
1. The prescription of procedures which must be
followed by financial services firms in their dealings
with consumers is which type of regulation?: Conduct
of Business.
2. Regulation of the continuing solvency and
liquidity of established financial services firms is
known as which type of regulation?: Prudential.
3. The MAXIMUM fine which the Central Bank can
impose personally on John, the CEO of a bank, for
non-compliance by the bank with financial services
regulations is:: €1 million.
4. 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:: passporting.
5. Credit intermediaries are authorised by the:: Competition
and Consumer Protection Com-mission.
6. The Competition and Consumer Protection
Commission can impose a levy on:: Banks
7. The regulation of unfair, misleading or aggressive
commercial practices by financial services firms is
shared between which two institutions?: The
Competition and Consumer Protection Commission and the Central
Bank.
8. 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:: The greater of €10 million and
10% of annual turnover.
9. The Central Bank imposed a fine on ABC
Investment Advisers Ltd, an invest-ment
intermediary, for non-compliance with financial
services regulations. ABC can appeal this decision to the::
Irish Financial Services Appeals Tribunal.
10. A MiFID investment firm can provide investment
advice on which of the following? (i) Shares listed
,on a Stock Exchange. (ii) Contracts for Difference.
(iii) Options.: (i), (ii) and (iii).
11. ABC Bank plc informs Beta Investment Brokers
Ltd of the cancellation of its agency on 1stJuly
2020. If Beta fails to place a 'notice of
discontinuance' in a national newspaper within the
time frame required, what is the LATEST
, date in July 2020 by which ABC must itself place
such a notice in a national newspaper?: 29th
12. An investment intermediary authorised by the
Central Bank under the Investment Intermediaries
Act, 1995 CANNOT provide investment advice on
which one of the following?: Contracts for Ditterence
13. An investment intermediary which is NOT
authorised to act as a product producer, is required
by the Central Bank to:: be solvent at all times.
14. An investment intermediary authorised under
Section 10 of the Investment Intermediaries Act, 1995,
is an intermediary which:: must seek authorisation for each
type of retail financial product it wishes to arrange and/or provide advice
on.
15. The Central Bank's Consumer Protection Code
requires product producers launching a new
investment product to provide details of which one
of the following to any intermediary who will
promote and sell that product to consumers?: The key
characteristics and features of the product.
16. An investment intermediary which can legally
1. The prescription of procedures which must be
followed by financial services firms in their dealings
with consumers is which type of regulation?: Conduct
of Business.
2. Regulation of the continuing solvency and
liquidity of established financial services firms is
known as which type of regulation?: Prudential.
3. The MAXIMUM fine which the Central Bank can
impose personally on John, the CEO of a bank, for
non-compliance by the bank with financial services
regulations is:: €1 million.
4. 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:: passporting.
5. Credit intermediaries are authorised by the:: Competition
and Consumer Protection Com-mission.
6. The Competition and Consumer Protection
Commission can impose a levy on:: Banks
7. The regulation of unfair, misleading or aggressive
commercial practices by financial services firms is
shared between which two institutions?: The
Competition and Consumer Protection Commission and the Central
Bank.
8. 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:: The greater of €10 million and
10% of annual turnover.
9. The Central Bank imposed a fine on ABC
Investment Advisers Ltd, an invest-ment
intermediary, for non-compliance with financial
services regulations. ABC can appeal this decision to the::
Irish Financial Services Appeals Tribunal.
10. A MiFID investment firm can provide investment
advice on which of the following? (i) Shares listed
,on a Stock Exchange. (ii) Contracts for Difference.
(iii) Options.: (i), (ii) and (iii).
11. ABC Bank plc informs Beta Investment Brokers
Ltd of the cancellation of its agency on 1stJuly
2020. If Beta fails to place a 'notice of
discontinuance' in a national newspaper within the
time frame required, what is the LATEST
, date in July 2020 by which ABC must itself place
such a notice in a national newspaper?: 29th
12. An investment intermediary authorised by the
Central Bank under the Investment Intermediaries
Act, 1995 CANNOT provide investment advice on
which one of the following?: Contracts for Ditterence
13. An investment intermediary which is NOT
authorised to act as a product producer, is required
by the Central Bank to:: be solvent at all times.
14. An investment intermediary authorised under
Section 10 of the Investment Intermediaries Act, 1995,
is an intermediary which:: must seek authorisation for each
type of retail financial product it wishes to arrange and/or provide advice
on.
15. The Central Bank's Consumer Protection Code
requires product producers launching a new
investment product to provide details of which one
of the following to any intermediary who will
promote and sell that product to consumers?: The key
characteristics and features of the product.
16. An investment intermediary which can legally
