QFA REGS - SAMPLE PAPER 2 ACTUAL EXAM 2026/2027 | PATIENTS 1–6 STUDY GUIDE & PRACTICE REVIEW | VERIFIED ANSWERS | PASS

QFA REGS - SAMPLE PAPER 2
ACTUAL EXAM 2026/2027 |
PATIENTS 1–6 STUDY GUIDE &
PRACTICE REVIEW | VERIFIED
ANSWERS | PASS
ABC Bank plc is established in Germany. It transacts banking business in the Republic
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of Ireland on a cross-
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border basis. Being able to provide financial services in this manner to consumers in ot
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her EU countries is referred to as:
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A passporting.
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B subrogation.
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C migration.
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D the common good. - ANSWERS-A
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1.2.1

In relation to a financial services firm established in an EU country, the term 'freedom of
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establishment' means being able to: rl rl rl rl


A set up a branch in another EU country.
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B provide any type of financial service the firm wishes to provide, without requiring any f
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resh authorisation. rl


C charge different levels of charges to different consumers, without requiring authorisat
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ion to do so.
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D provide financial services to consumers in another EU country on a cross-
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border basis. - ANSWERS-A rl rl rl




1.2.1

Regulation of the continuing solvency and liquidity of established financial services firm
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s is known as which type of regulation?
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A Structural.
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B Systemic.
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C Prudential.
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D Conduct of Business. - ANSWERS-C
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1.2.3

The Central Bank's Consumer Protection Code is an example of which type of regulatio
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n?
A Prudential.
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B Systemic.
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C Conduct of Business.
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D Structural. - ANSWERS-C
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,1.2.4

The Central Bank does NOT authorise and regulate which one of the following establis
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hed in the State?
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A Credit institutions.
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B Debt management firms.
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C Credit intermediaries.
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D Retail credit firms. - ANSWERS-C
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1.3.1

The MAXIMUM fine which the Central Bank can impose on ABC Investment Advisers L
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td, an investment intermediary, for non-
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compliance with financial services regulations, is:
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A €1 million.
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B the greater of €2 million and 5% of annual
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turnover.
C the greater of €5 million and 10% of annual turnover.
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D the greater of €10 million and 10% of annual turnover. - ANSWERS-D
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1.3.3

Most authorised credit intermediaries are
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A mortgage intermediaries.
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B garages offering loans and leasing.
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C insurance intermediaries.
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D credit card providers. - ANSWERS-B
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1.4.4

The regulation of unfair, misleading or aggressive commercial practices by financial ser
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vices firms is shared between which two institutions?
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A The Competition and Consumer Protection Commission and the Director of Corporat
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e Enforcement.
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B The Central Bank and the Department of Finance.
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C The Director of Corporate Enforcement and the Central Bank.
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D The Competition and Consumer Protection Commission and the Central Bank. -
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ANSWERS-D
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1.4.1

Credit intermediaries are authorised by the:
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A Competition and Consumer Protection
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Commission.
B Central Bank.
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C Irish Banking Federation.
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D Irish Credit Bureau - ANSWERS-A
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1.4.4

, A deemed authorised investment intermediary is one which:
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A is exempt from authorisation under the Investment Intermediaries Act, 1995.
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B is automatically authorised to arrange and/
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or give advice on any of the retail financial products covered by the Investment Interme
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diaries Act, 1995. rl rl


C has applied for authorisation as an investment intermediary but has not yet obtained i
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t.
D is restricted to advising only on non- insurance tracker bonds. - ANSWERS-B
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2.3.1

A deemed authorised investment intermediary is automatically authorised to provide in
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vestment advice on: rl rl


(i) shares listed on a Stock Exchange.
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(ii) UCITS.rl


(iii) deposits. rl




A (ii) only.
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B (iii) only.
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C (i) and (ii) only.
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D (i), (ii) and (iii). - ANSWERS-D
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2.3.1

An investment intermediary authorised under Section 10 of the Investment Intermediari
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es Act, 1995, is an intermediary which:
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A is exempt from authorisation under the Investment Intermediaries Act, 1995.
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B must seek authorisation for each type of retail financial product it wishes to arrange a
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nd/or provide advice on. rl rl rl


C has applied for authorisation as an investment intermediary but has not yet obtained i
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t.
D is restricted to advising only on insurance policies and tracker bonds. - ANSWERS-B
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2.3.1

An investment intermediary who can arrange deposits for consumers with a range of dif
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ferent banks is called a deposit: rl rl rl rl rl


A intermediary.
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B broker.
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C agent.
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D producer. - ANSWERS-B
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2.3.3

An investment intermediary which is NOT authorised to act as a product producer, is re
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quired by the Central Bank to: rl rl rl rl rl


A be solvent at all times.B have minimum shareholders' funds of at
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least €10,000 at all times. rl rl rl rl


C have total net assets of at least €25,000 at all times.
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D have total gross assets of at least €30,000 at all times. - ANSWERS-A
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