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)
S19 is on authoriztion, S59 on personal prohibitions (if you are
not fit and proper!), S71 on a private client that can sue. S165 is
about accessing the premises and interrogate. S166 is about
What are FCA S19, S59, askilled person and S167 about an competent person carrying
S71, S165, S166, S167 out an investigation.
Can a professional/eligible Only regarding some insurances
counterpary client make
claim to the FSCS
- approved representatives (they especially CANNOT
deal as principals or manage investments)
- RIE and RCH (still fit and proper under FCA)
- suprenational bodies
What persons are exempt
from S19? - syndicate of LLoyds
- deisgnated professional bodies (actuaries,
solicitors, accountants, surveyors, conveyancers)
(they have their own body)
all the specified investment. MTF/OTF, advising,
What activities are regulated?
safeguarding, benchmarking, sending dematerialized
instructions
specified: everything but the exlcuded (which are NS&I,
What investments are FX, property, commodities). Options on precious metals
specified?
are included, futures as well but only for investing (not
commercial) purposes. home finance if >40%, funeral if
>1m.
What is the criminal charge 2y criminal, unlimited fine civil
for conducting regulated
activities without
/ 1/17
,7/1/25, 12:01 AM CISI UK Regulation |
authorizations
- property
Which investments are - currency (but options yes)
expempt from approval - national insurance savings
(S19 FSMA)? - commercial/hedging futures (only speculative/investment ones
are specified)
- market making (holding out, dealing as principal for own
account)
- media
Which activities are exempt - dealing in commodities
from approval (FSMA - trustees (unless it's in insurance)
S19)? - employee share schemes
- not UK, unless it's insurance+deposits+pensions
- own shares repurchasing and intragroup transactions
- legal form
- offices in the UK
- financial resources
threshold conditions - no impediments to supervisions
- fit and proper (suitability)
- business model
- for moto insurer only: appointment of claims representative
which are controlled non executive directors, directors, CEO, partners in a
functions? partnership. They are the Approved persons in the APER regime
2/1
7
, 7/1/25, 12:01 AM CISI UK Regulation |
- deposits
- physical commodities
Which are non-Mifid
- FX
businesses?
(like the exlcusion from insider dealing)
KIID is for RETAIL in UCITS, the KFD is for retail in
packaged products (like ISAs and CTFs)
KIID are not needed if some other firms have
already made them they have to contain:
Who is a KIID and KFD for? - identification of the scheme
- short description of the investment policy
- performance
- costs
- risk and reward profiles
suitability is for retail and professional clients for
advisory business. making personal recommendations,
Who is suitability for?
manage investments for retail, manage occupational
pension scheme.
Not for execution only
It is for retail/professional for execution only (unless it's
in a very safe security, excluding derivatives and
who is appropriatness for?
commodities) or for derivatives if from a direct offer
communication.
report needs to be given before (pensions within 14 days)
After a supervisory notice or a decision notice. The final
When can you appeal to the
RDC? notice says there's no appeal anymore. Appeal has to
be done within 28 days from the decision notice.
what are the exceptions to market making acting in good faith, direct client order
dealing ahead of research
recommendations?
Designated investment business covers largely the
same activities as regulated activity (under FSMA),
What is designated investment
business but excluding deposits, funeral plans, mortgages,
pure protection products and general insurance
contracts, corporate lending, and occupational
pensions
- designated invesment business
which activities are subject to - long term insurance on life policies
COBS? - accepting deposits
3/1
7
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)
S19 is on authoriztion, S59 on personal prohibitions (if you are
not fit and proper!), S71 on a private client that can sue. S165 is
about accessing the premises and interrogate. S166 is about
What are FCA S19, S59, askilled person and S167 about an competent person carrying
S71, S165, S166, S167 out an investigation.
Can a professional/eligible Only regarding some insurances
counterpary client make
claim to the FSCS
- approved representatives (they especially CANNOT
deal as principals or manage investments)
- RIE and RCH (still fit and proper under FCA)
- suprenational bodies
What persons are exempt
from S19? - syndicate of LLoyds
- deisgnated professional bodies (actuaries,
solicitors, accountants, surveyors, conveyancers)
(they have their own body)
all the specified investment. MTF/OTF, advising,
What activities are regulated?
safeguarding, benchmarking, sending dematerialized
instructions
specified: everything but the exlcuded (which are NS&I,
What investments are FX, property, commodities). Options on precious metals
specified?
are included, futures as well but only for investing (not
commercial) purposes. home finance if >40%, funeral if
>1m.
What is the criminal charge 2y criminal, unlimited fine civil
for conducting regulated
activities without
/ 1/17
,7/1/25, 12:01 AM CISI UK Regulation |
authorizations
- property
Which investments are - currency (but options yes)
expempt from approval - national insurance savings
(S19 FSMA)? - commercial/hedging futures (only speculative/investment ones
are specified)
- market making (holding out, dealing as principal for own
account)
- media
Which activities are exempt - dealing in commodities
from approval (FSMA - trustees (unless it's in insurance)
S19)? - employee share schemes
- not UK, unless it's insurance+deposits+pensions
- own shares repurchasing and intragroup transactions
- legal form
- offices in the UK
- financial resources
threshold conditions - no impediments to supervisions
- fit and proper (suitability)
- business model
- for moto insurer only: appointment of claims representative
which are controlled non executive directors, directors, CEO, partners in a
functions? partnership. They are the Approved persons in the APER regime
2/1
7
, 7/1/25, 12:01 AM CISI UK Regulation |
- deposits
- physical commodities
Which are non-Mifid
- FX
businesses?
(like the exlcusion from insider dealing)
KIID is for RETAIL in UCITS, the KFD is for retail in
packaged products (like ISAs and CTFs)
KIID are not needed if some other firms have
already made them they have to contain:
Who is a KIID and KFD for? - identification of the scheme
- short description of the investment policy
- performance
- costs
- risk and reward profiles
suitability is for retail and professional clients for
advisory business. making personal recommendations,
Who is suitability for?
manage investments for retail, manage occupational
pension scheme.
Not for execution only
It is for retail/professional for execution only (unless it's
in a very safe security, excluding derivatives and
who is appropriatness for?
commodities) or for derivatives if from a direct offer
communication.
report needs to be given before (pensions within 14 days)
After a supervisory notice or a decision notice. The final
When can you appeal to the
RDC? notice says there's no appeal anymore. Appeal has to
be done within 28 days from the decision notice.
what are the exceptions to market making acting in good faith, direct client order
dealing ahead of research
recommendations?
Designated investment business covers largely the
same activities as regulated activity (under FSMA),
What is designated investment
business but excluding deposits, funeral plans, mortgages,
pure protection products and general insurance
contracts, corporate lending, and occupational
pensions
- designated invesment business
which activities are subject to - long term insurance on life policies
COBS? - accepting deposits
3/1
7
