CMFAS M3 Exam Free Trial Set Two
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Question 1 of 20
1. Question
Just as short selling is allowed subject to conditions such as pre-arrangements for ͚covered͛ short selling,this phenomenon is also allowed subject to certain condition:
Correct
Just as short selling is allowed subject to conditions such as pre-arrangements for ͚covered͛ short selling, securities borrowing and lending is also allowed subject to certain condition.
Incorrect
Just as short selling is allowed subject to conditions such as pre-arrangements for ͚covered͛ short selling, securities borrowing and lending is also allowed subject to certain condition.
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Question 2 of 20
2. Question
Example of securities that were suspended for trading by SGX-ST is:
Correct
Examples of securities that were suspended for trading by SGX-ST are: – Links Island Holdings Limited in 2000 – Blumont Group Limited 2013 – Asiasons Capital Ltd in 2013 – LionGold Corp Ltd in 2013
Incorrect
Examples of securities that were suspended for trading by SGX-ST are: – Links Island Holdings Limited in 2000 – Blumont Group Limited 2013 – Asiasons Capital Ltd in 2013 – LionGold Corp Ltd in 2013
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Question 3 of 20
3. Question
There are some categories of individuals and situations that are not considered to be insider trading under the SFA. These are:
Correct
The redemption by trustees or managers for a CIS, subject to certain conditions; ii. Persons acting as underwriters pursuant to the performance of their roles; Knowledge by virtue of a natural person͛s own transactions; and viii. Knowledge of a corporation͛s own transaction.
Incorrect
The redemption by trustees or managers for a CIS, subject to certain conditions; ii. Persons acting as underwriters pursuant to the performance of their roles; Knowledge by virtue of a natural person͛s own transactions; and viii. Knowledge of a corporation͛s own transaction.
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Question 4 of 20
4. Question
Short selling information may be used by other market participants to:
Correct
As short selling information may be used by other market participants to make trading decisions, all market participants must accurately disclose their sell orders for SGX-ST Trading Members͛ compliance with the disclosure requirements on short selling. SGX-ST will provide its Trading Members with a facility to correct erroneously marked sell orders.
Incorrect
As short selling information may be used by other market participants to make trading decisions, all market participants must accurately disclose their sell orders for SGX-ST Trading Members͛ compliance with the disclosure requirements on short selling. SGX-ST will provide its Trading Members with a facility to correct erroneously marked sell orders.
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Question 5 of 20
5. Question
Which of the following is not one of the forms of market misconduct:
Correct
Another common form of market misconduct is the circulation of false information that is likely to: (i) Induce other persons to subscribe for the securities; (ii) Induce other persons to buy or sell the securities; or (iii) Raise, lower, maintain or stabilise the market price of securities
Incorrect
Another common form of market misconduct is the circulation of false information that is likely to: (i) Induce other persons to subscribe for the securities; (ii) Induce other persons to buy or sell the securities; or (iii) Raise, lower, maintain or stabilise the market price of securities
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Question 6 of 20
6. Question
The circulation of false information leads to the following market misconduct:
Correct
Another common form of market misconduct is the circulation of false information that is likely to: (i) Induce other persons to subscribe for the securities; (ii) Induce other persons to buy or sell the securities; or (iii) Raise, lower, maintain or stabilise the market price of securities
Incorrect
Another common form of market misconduct is the circulation of false information that is likely to: (i) Induce other persons to subscribe for the securities; (ii) Induce other persons to buy or sell the securities; or (iii) Raise, lower, maintain or stabilise the market price of securities
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Question 7 of 20
7. Question
A company may not entirely depend on the following:
Correct
However, ad hoc or inconsistent Chinese walls may not be sufficient for a corporation to rely on this defence
Incorrect
However, ad hoc or inconsistent Chinese walls may not be sufficient for a corporation to rely on this defence
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Question 8 of 20
8. Question
What is the aim of MAS as a regulator of financial institutions:
I. Efficient financial handling
II. Sound and professional financial services sector
III. Development of banking and insurance sector
IV. Capturing and creating capital marketsCorrect
The aim of MAS, as the regulator of financial institutions in Singapore, is to have a sound and progressive financial services sector. These objectives are sought through the financial supervision and development of the banking and insurance industries as well as the capital markets.
Incorrect
The aim of MAS, as the regulator of financial institutions in Singapore, is to have a sound and progressive financial services sector. These objectives are sought through the financial supervision and development of the banking and insurance industries as well as the capital markets.
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Question 9 of 20
9. Question
A force that reflects fair and orderly capital market and that enhances the liquidity and efficiency of the market is known as:
Correct
Public confidence in a fair and orderly capital market, one that reflects the forces of genuine supply and demand, enhances the liquidity and efficiency of the market.
Incorrect
Public confidence in a fair and orderly capital market, one that reflects the forces of genuine supply and demand, enhances the liquidity and efficiency of the market.
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Question 10 of 20
10. Question
Penalties for Manipulation of Futures Prices & Cornering under SGX is
Correct
Offence is not compoundable and is subject to a mandatory minimum imposable penalty.
Incorrect
Offence is not compoundable and is subject to a mandatory minimum imposable penalty.
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Question 11 of 20
11. Question
Exchanges require the listed companies to provide information on their operations on a continuing basis so the company must abide by disclosure obligations. What term explains this phenomenon:
Correct
To ensure that the securities market performs efficiently and transparently, it is important that market players can make informed decisions about companies listed on the exchanges. Exchanges therefore require the listed companies to provide information on their operations on a continuing basis, especially if the information is material to the company’s business performance.
Incorrect
To ensure that the securities market performs efficiently and transparently, it is important that market players can make informed decisions about companies listed on the exchanges. Exchanges therefore require the listed companies to provide information on their operations on a continuing basis, especially if the information is material to the company’s business performance.
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Question 12 of 20
12. Question
Public announcements should avoid:
I. Presentation of projections without sufficient qualification or without sufficient factual basis
II. Presentation of favorable possibilities as certain, or as more probable than is actually the case
III. Negative statements phrased to create a positive implication
IV. Careful and safe approachCorrect
The announcement should avoid:
– Omission of important unfavorable facts,
– Presentation of favorable possibilities as certain,
– Presentation of projections without sufficient qualification or without sufficient factual basis
– Negative statements phrased to create a positive implicationIncorrect
The announcement should avoid:
– Omission of important unfavorable facts,
– Presentation of favorable possibilities as certain,
– Presentation of projections without sufficient qualification or without sufficient factual basis
– Negative statements phrased to create a positive implication -
Question 13 of 20
13. Question
Which of the following statement is false for the advertisements:
Correct
Directly or indirectly claim that any graph, chart, formula or other device in the advertisement can be used to determine which instruments to buy or sell, or when to buy or sell them, without prominently disclosing in the advertisement its limitations and difficulties in usage.
Incorrect
Directly or indirectly claim that any graph, chart, formula or other device in the advertisement can be used to determine which instruments to buy or sell, or when to buy or sell them, without prominently disclosing in the advertisement its limitations and difficulties in usage.
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Question 14 of 20
14. Question
The LFMC does not need to provide monthly and quarterly statements if the customer is:
Correct
The LFMC also does not need to provide monthly and quarterly statements if the customer is an accredited investor or a related corporation of LFMC
Incorrect
The LFMC also does not need to provide monthly and quarterly statements if the customer is an accredited investor or a related corporation of LFMC
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Question 15 of 20
15. Question
An appointed, provisional or temporary representative is required to inform which of the following company of any change in the particulars:
Correct
An appointed, provisional or temporary representative is required to inform his principal company of any change in his residential address or other personal particulars within 7 days after the date of change of the particulars.
Incorrect
An appointed, provisional or temporary representative is required to inform his principal company of any change in his residential address or other personal particulars within 7 days after the date of change of the particulars.
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Question 16 of 20
16. Question
In the case of an RFMC, to establish that it is fit and proper, MAS should satisfy that which of the following must meet the fit and proper criteria:
I. Key officers
II. Substantial shareholders
III. Equivalent persons
IV. Business partnersCorrect
In the case of an RFMC, to establish that it is fit and proper, it should also satisfy MAS that22 all of its key officers, substantial shareholders, equivalent persons and persons who have control or decision-making authority must meet the fit and proper criteria.
Incorrect
In the case of an RFMC, to establish that it is fit and proper, it should also satisfy MAS that22 all of its key officers, substantial shareholders, equivalent persons and persons who have control or decision-making authority must meet the fit and proper criteria.
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Question 17 of 20
17. Question
Which of the following is NOT a “security” under the SFA?
Correct
It does not include:
i. Futures contracts which are traded on a futures market;
ii. Bills of exchange;
iii. Promissory notes;
iv. Certificates of deposit issued by a bank or finance company whether situated in
Singapore or elsewhere; or
v. Any other products which are not prescribed as Securities by MAS.Incorrect
It does not include:
i. Futures contracts which are traded on a futures market;
ii. Bills of exchange;
iii. Promissory notes;
iv. Certificates of deposit issued by a bank or finance company whether situated in
Singapore or elsewhere; or
v. Any other products which are not prescribed as Securities by MAS. -
Question 18 of 20
18. Question
Codes set out a system of rules governing the conduct of certain specified activities. Which of the following statements is TRUE?
I. Non-statutory in nature
II. They do not have force of law
III. They are not intended to replace any applicable legislation
IV. A breach of a code does not attract certain non-statutory sanctions like private reprimandCorrect
Codes set out a system of rules governing the conduct of certain specified activities. They are non-statutory in nature, which means that they do not have force of law and are not intended to replace any applicable legislation. However, a breach of a code may attract certain non-statutory sanctions like private reprimand.
Incorrect
Codes set out a system of rules governing the conduct of certain specified activities. They are non-statutory in nature, which means that they do not have force of law and are not intended to replace any applicable legislation. However, a breach of a code may attract certain non-statutory sanctions like private reprimand.
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Question 19 of 20
19. Question
The (Securities and Futures Act) SFA contains generic and specific provisions which extend the jurisdiction of the SFA to which of the following activities:
Correct
The SFA contains both generic and specific provisions which extend the jurisdiction of the SFA to cross-border activities.
Incorrect
The SFA contains both generic and specific provisions which extend the jurisdiction of the SFA to cross-border activities.
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Question 20 of 20
20. Question
This process occurs when a representative directly or indirectly takes the opposite side of a customer’s order into his own account or any account in which he has an interest:
Correct
Bucketing occurs when a representative directly or indirectly takes the opposite side of a customer’s order into his own account or any account in which he has an interest.
Incorrect
Bucketing occurs when a representative directly or indirectly takes the opposite side of a customer’s order into his own account or any account in which he has an interest.
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