CISI: UK Financial Regulation Exam
2026 Questions and Answers Graded A+
UK Takeover Code 6 General Principles - Correct answer-- All shareholders given
equal treatment and protected
- Shareholders given sufficient time and information to decide
- Board of target to act in best interests of company as a whole
- False markets must not be created
- Predator to make a bid only after ensuring they can meet cash requirements of bid
- Target company not to be hindered in its business affairs for any longer than is
necessary
UK Takeover Code is Administered by.... - Correct answer-Administered by the
Takeover Panel (also known as the Panel on Takeovers and Mergers, or 'PTM')
Acting in concert - Correct answer-• A company and other members of the same
group
• A company and its directors
©COPYRIGHT 2026, ALL RIGHTS RESERVED 1
, • A company and its pension fund
• A fund manager and its discretionary portfolio
• A client and its professional adviser
Dealings - Correct answer-• Any action that may increase or decrease a holding in
a relevant security
Interest in shares - Correct answer-A person who owns relevant securities or has a
right to exercise or direct the voting rights on them
Brexit - Correct answer-- MIFID
- Withdrawal Action
- UK Firms Passporting through EEA Subsidiaries
Scope of MiFID
Purpose, Core, Ancillary - Correct answer-- To create a common market with
harmonised rules in the financial industry
- Facilitates frictionless cross-border trading (passporting)
Core activities
- Reception and transmission of orders
©COPYRIGHT 2026, ALL RIGHTS RESERVED 2
2026 Questions and Answers Graded A+
UK Takeover Code 6 General Principles - Correct answer-- All shareholders given
equal treatment and protected
- Shareholders given sufficient time and information to decide
- Board of target to act in best interests of company as a whole
- False markets must not be created
- Predator to make a bid only after ensuring they can meet cash requirements of bid
- Target company not to be hindered in its business affairs for any longer than is
necessary
UK Takeover Code is Administered by.... - Correct answer-Administered by the
Takeover Panel (also known as the Panel on Takeovers and Mergers, or 'PTM')
Acting in concert - Correct answer-• A company and other members of the same
group
• A company and its directors
©COPYRIGHT 2026, ALL RIGHTS RESERVED 1
, • A company and its pension fund
• A fund manager and its discretionary portfolio
• A client and its professional adviser
Dealings - Correct answer-• Any action that may increase or decrease a holding in
a relevant security
Interest in shares - Correct answer-A person who owns relevant securities or has a
right to exercise or direct the voting rights on them
Brexit - Correct answer-- MIFID
- Withdrawal Action
- UK Firms Passporting through EEA Subsidiaries
Scope of MiFID
Purpose, Core, Ancillary - Correct answer-- To create a common market with
harmonised rules in the financial industry
- Facilitates frictionless cross-border trading (passporting)
Core activities
- Reception and transmission of orders
©COPYRIGHT 2026, ALL RIGHTS RESERVED 2
