QFA REGS - SAMPLE PAPER 2 EXAM (2026/2027) QUESTIONS AND CORRECT ANSWERS

QFA REGS - SAMPLE PAPER 2 EXAM
(2026/2027) QUESTIONS AND
CORRECT ANSWERS
ABCcvBankcvplccviscvestablishedcvincvGermany.cvItcvtransactscvbankingcvbusinesscvincvthecv
RepubliccvofcvIrelandcvoncvacvcross-
bordercvbasis.cvBeingcvablecvtocvprovidecvfinancialcvservicescvincvthiscvmannercvtocvconsum
erscvincvothercvEUcvcountriescviscvreferredcvtocvas:
Acvpassporting.
Bcvsubrogation.
Ccvmigration.
Dcvthecvcommoncvgood.cv-cvANSWERS-A

1.2.1

IncvrelationcvtocvacvfinancialcvservicescvfirmcvestablishedcvincvancvEUcvcountry,cvthecvtermcv'fr
eedomcvofcvestablishment'cvmeanscvbeingcvablecvto:
AcvsetcvupcvacvbranchcvincvanothercvEUcvcountry.
Bcvprovidecvanycvtypecvofcvfinancialcvservicecvthecvfirmcvwishescvtocvprovide,cvwithoutcvrequi
ringcvanycvfreshcvauthorisation.
Ccvchargecvdifferentcvlevelscvofcvchargescvtocvdifferentcvconsumers,cvwithoutcvrequiringcva
uthorisationcvtocvdocvso.
DcvprovidecvfinancialcvservicescvtocvconsumerscvincvanothercvEUcvcountrycvoncvacvcross-
bordercvbasis.cv-cvANSWERS-A

1.2.1

Regulationcvofcvthecvcontinuingcvsolvencycvandcvliquiditycvofcvestablishedcvfinancialcvservi
cescvfirmscviscvknowncvascvwhichcvtypecvofcvregulation?
AcvStructural.
BcvSystemic.
CcvPrudential.
DcvConductcvofcvBusiness.cv-cvANSWERS-C

1.2.3

ThecvCentralcvBank'scvConsumercvProtectioncvCodecviscvancvexamplecvofcvwhichcvtypecvofc
vregulation?

AcvPrudential.
BcvSystemic.
CcvConductcvofcvBusiness.cv
DcvStructural.cv-cvANSWERS-C

1.2.4

,ThecvCentralcvBankcvdoescvNOTcvauthorisecvandcvregulatecvwhichcvonecvofcvthecvfollowingc
vestablishedcvincvthecvState?

AcvCreditcvinstitutions.
BcvDebtcvmanagementcvfirms.
CcvCreditcvintermediaries.
DcvRetailcvcreditcvfirms.cv-cvANSWERS-C

1.3.1

ThecvMAXIMUMcvfinecvwhichcvthecvCentralcvBankcvcancvimposecvoncvABCcvInvestmentcvA
dviserscvLtd,cvancvinvestmentcvintermediary,cvforcvnon-
cvcompliancecvwithcvfinancialcvservicescvregulations,cvis:

Acv€1cvmillion.
Bcvthecvgreatercvofcv€2cvmillioncvandcv5%cvofcvannual
turnover.
Ccvthecvgreatercvofcv€5cvmillioncvandcv10%cvofcvannualcvturnover.
Dcvthecvgreatercvofcv€10cvmillioncvandcv10%cvofcvannualcvturnover.cv-cvANSWERS-D

1.3.3

Mostcvauthorisedcvcreditcvintermediariescvare
Acvmortgagecvintermediaries.
Bcvgaragescvofferingcvloanscvandcvleasing.cv
Ccvinsurancecvintermediaries.
Dcvcreditcvcardcvproviders.cv-cvANSWERS-B

1.4.4

Thecvregulationcvofcvunfair,cvmisleadingcvorcvaggressivecvcommercialcvpracticescvbycvfinan
cialcvservicescvfirmscviscvsharedcvbetweencvwhichcvtwocvinstitutions?
AcvThecvCompetitioncvandcvConsumercvProtectioncvCommissioncvandcvthecvDirectorcvofcv
CorporatecvEnforcement.
BcvThecvCentralcvBankcvandcvthecvDepartmentcvofcvFinance.
CcvThecvDirectorcvofcvCorporatecvEnforcementcvandcvthecvCentralcvBank.
DcvThecvCompetitioncvandcvConsumercvProtectioncvCommissioncvandcvthecvCentralcvBan
k.cv-cvANSWERS-D

1.4.1

Creditcvintermediariescvarecvauthorisedcvbycvthe:
AcvCompetitioncvandcvConsumercvProtection
Commission.
BcvCentralcvBank.
CcvIrishcvBankingcvFederation.
DcvIrishcvCreditcvBureaucv-cvANSWERS-A

1.4.4

Acvdeemedcvauthorisedcvinvestmentcvintermediarycviscvonecvwhich:
AcviscvexemptcvfromcvauthorisationcvundercvthecvInvestmentcvIntermediariescvAct,cv1995.

, Bcviscvautomaticallycvauthorisedcvtocvarrangecvand/
orcvgivecvadvicecvoncvanycvofcvthecvretailcvfinancialcvproductscvcoveredcvbycvthecvInvestmen
tcvIntermediariescvAct,cv1995.
Ccvhascvappliedcvforcvauthorisationcvascvancvinvestmentcvintermediarycvbutcvhascvnotcvyetcv
obtainedcvit.
Dcviscvrestrictedcvtocvadvisingcvonlycvoncvnon-cvinsurancecvtrackercvbonds.cv-cvANSWERS-
B

2.3.1

Acvdeemedcvauthorisedcvinvestmentcvintermediarycviscvautomaticallycvauthorisedcvtocvpro
videcvinvestmentcvadvicecvon:
(i)cvsharescvlistedcvoncvacvStockcvExchange.cv
(ii)cvUCITS.
(iii)cvdeposits.

Acv(ii)cvonly.
Bcv(iii)cvonly.
Ccv(i)cvandcv(ii)cvonly.
Dcv(i),cv(ii)cvandcv(iii).cv-cvANSWERS-D

2.3.1

AncvinvestmentcvintermediarycvauthorisedcvundercvSectioncv10cvofcvthecvInvestmentcvInter
mediariescvAct,cv1995,cviscvancvintermediarycvwhich:
AcviscvexemptcvfromcvauthorisationcvundercvthecvInvestmentcvIntermediariescvAct,cv1995.
Bcvmustcvseekcvauthorisationcvforcveachcvtypecvofcvretailcvfinancialcvproductcvitcvwishescvtocv
arrangecvand/orcvprovidecvadvicecvon.
Ccvhascvappliedcvforcvauthorisationcvascvancvinvestmentcvintermediarycvbutcvhascvnotcvyetcv
obtainedcvit.
Dcviscvrestrictedcvtocvadvisingcvonlycvoncvinsurancecvpoliciescvandcvtrackercvbonds.cv-
cvANSWERS-B



2.3.1

Ancvinvestmentcvintermediarycvwhocvcancvarrangecvdepositscvforcvconsumerscvwithcvacvran
gecvofcvdifferentcvbankscviscvcalledcvacvdeposit:
Acvintermediary.
Bcvbroker.
Ccvagent.
Dcvproducer.cv-cvANSWERS-B

2.3.3

AncvinvestmentcvintermediarycvwhichcviscvNOTcvauthorisedcvtocvactcvascvacvproductcvprodu
cer,cviscvrequiredcvbycvthecvCentralcvBankcvto:
Acvbecvsolventcvatcvallcvtimes.Bcvhavecvminimumcvshareholders'cvfundscvofcvat
leastcv€10,000cvatcvallcvtimes.
Ccvhavecvtotalcvnetcvassetscvofcvatcvleastcv€25,000cvatcvallcvtimes.
Dcvhavecvtotalcvgrosscvassetscvofcvatcvleastcv€30,000cvatcvallcvtimes.cv-cvANSWERS-A