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Question 1 of 30
1. Question
In accordance with Section 47 of the Banking Act, under which of the conditions is it unlawful for a bank in Singapore to reveal customer details to some third party?
Correct
In cases where the bank has the prior written consent of the client or the disclosure is mandatory for the bank’s risk control and an internal investigation by the audit committee, lawyers or contractors authorized or kept by the bank; or the disclosure is necessary under any statute to investigate or prosecute an offense claimed or suspected of having been committed under any written law, it is allowed to share the information with the third party.
Incorrect
In cases where the bank has the prior written consent of the client or the disclosure is mandatory for the bank’s risk control and an internal investigation by the audit committee, lawyers or contractors authorized or kept by the bank; or the disclosure is necessary under any statute to investigate or prosecute an offense claimed or suspected of having been committed under any written law, it is allowed to share the information with the third party.
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Question 2 of 30
2. Question
Which of the given option(s) correctly illustrates the major aims/goals of the Personal Data Protection Act?
I. It is meant to prohibit the collection of incomplete or unreliable personal details about an individual.
II. It deals with the supervision of personal property handling and usage.
III. It guarantees that, without the permission of the individual involved, personally identifiable information is not compiled, used, or leaked.
IV. It facilitates the collection of personal data about a particular entity that is both right or wrong.Correct
Data security is a component of protecting privacy that deals with control over the collection of personal information, preservation, accuracy, usage, and dissemination. The aim of data security is to ensure that, without the permission or consent of the individual involved, sensitive data is not stored, used, or released. The purpose of the PDPA is also to prohibit the collection of false or unreliable personal details about a single entity.
Incorrect
Data security is a component of protecting privacy that deals with control over the collection of personal information, preservation, accuracy, usage, and dissemination. The aim of data security is to ensure that, without the permission or consent of the individual involved, sensitive data is not stored, used, or released. The purpose of the PDPA is also to prohibit the collection of false or unreliable personal details about a single entity.
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Question 3 of 30
3. Question
Which of the possibilities presented below correctly determines when the consumer should be authorized to trade within his investment profile?
I. Before the formation and submission of the file of possible threats.
II. After the testing of the “Do Not Dial” list when making marketing calls in Singapore.
III. After the assessment of appropriateness/viability evaluation has been performed.
IV. After the submission of the required legal records before the account has been opened.Correct
Only after opening the account with the necessary legal documentation received, completing the suitability review, and developing the risk profile, should the customer be permitted to trade within his investment profile.
Incorrect
Only after opening the account with the necessary legal documentation received, completing the suitability review, and developing the risk profile, should the customer be permitted to trade within his investment profile.
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Question 4 of 30
4. Question
Under the SFR (LCB), when should a contract note be submitted to the client for the acquisition or auction of shares or futures contracts?
Correct
Under the SFR (LCB), for the acquisition or selling of shares or futures contracts before the next trading day, the CMS license holder shall give its customer a contract notice. In situations where any specifics of the deal to be contained in the contract note are available only later, the holder of the CMS license should issue the contract note by the next business day after the specifics have been made available.
Incorrect
Under the SFR (LCB), for the acquisition or selling of shares or futures contracts before the next trading day, the CMS license holder shall give its customer a contract notice. In situations where any specifics of the deal to be contained in the contract note are available only later, the holder of the CMS license should issue the contract note by the next business day after the specifics have been made available.
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Question 5 of 30
5. Question
Documentation stated in Regulation 42(1) of the SFR (LCB) must be included in the contract note. When must the consumer statements about the account activity and its status be submitted?
I. Yearly report about the account operation.
II. A report of the account status at each reporting date.
III. A report of the account status after every 5 reporting days.
IV. Monthly report about the account operation.Correct
Customer documents must be written and submitted to them monthly on the activity in the account and the status at each reporting period. For a customer to make requests and investigate anomalies or make grievances, there must be dedicated staff and contact networks.
Incorrect
Customer documents must be written and submitted to them monthly on the activity in the account and the status at each reporting period. For a customer to make requests and investigate anomalies or make grievances, there must be dedicated staff and contact networks.
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Question 6 of 30
6. Question
How long are CMS license holders expected to maintain archives of account purchases that could justify the purchases and financial status of the company of the CMS license holder?
Correct
Under the SFA, CMS licence holders are expected to maintain account books and transaction reports for a span of at least 5 years, in such a way that they can be audited easily and properly.
Incorrect
Under the SFA, CMS licence holders are expected to maintain account books and transaction reports for a span of at least 5 years, in such a way that they can be audited easily and properly.
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Question 7 of 30
7. Question
According to the SFA, which language must be used to document customer information, the specifics of all CMS license holder sales, expenditures, and the exclusive transactions?
Correct
SFR (LCB) 39 stipulates that holders of CMS licenses must keep books and archives in English. When told in writing by the MAS, the holder of the CMS license must be able to supply returns and documents and provide evidence relevant to his business, as the MAS can request.
Incorrect
SFR (LCB) 39 stipulates that holders of CMS licenses must keep books and archives in English. When told in writing by the MAS, the holder of the CMS license must be able to supply returns and documents and provide evidence relevant to his business, as the MAS can request.
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Question 8 of 30
8. Question
As per the obligation, when should the auditor register the invoice and the cash flow statement to the MAS?
Correct
It must be sent to the MAS within five months after the close of the financial year, along with the account and balance sheet auditor’s report. The license holder of the CMS can apply to the MAS for an extension of the five-month period for account and balance sheet submission. If MAS is convinced that there is a particular cause for requiring an extension, it shall, subject to conditions or limitations which MAS may deem fit to enforce, prolong the duration by only 4 months.
Incorrect
It must be sent to the MAS within five months after the close of the financial year, along with the account and balance sheet auditor’s report. The license holder of the CMS can apply to the MAS for an extension of the five-month period for account and balance sheet submission. If MAS is convinced that there is a particular cause for requiring an extension, it shall, subject to conditions or limitations which MAS may deem fit to enforce, prolong the duration by only 4 months.
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Question 9 of 30
9. Question
While carrying out duties as an auditor, which of the following situations do not require an instant submission of a written note to MAS?
I. A situation that could prohibit the mis-use of a customer’s money or resources.
II. A violation of any SFA clause or a crime occurrence involving dishonesty.
III. An issue that negatively affects the financial standing of the license holder of the CMS.
IV. A phenomenon that has no measurable effect on the accounts.Correct
Any circumstance which negatively affects the financial status of the license holder of the CMS; violates any clause of the SFA/an infringement involving theft or hypocrisy, or any abnormality which has or may have a significant impact on the records and is also liable to jeopardize the money of any CMS license customer requires an immediate notification to MAS.
Incorrect
Any circumstance which negatively affects the financial status of the license holder of the CMS; violates any clause of the SFA/an infringement involving theft or hypocrisy, or any abnormality which has or may have a significant impact on the records and is also liable to jeopardize the money of any CMS license customer requires an immediate notification to MAS.
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Question 10 of 30
10. Question
The punishment that includes a fine of not more than $100,000 or a period of incarceration not exceeding 2 years or both applies for an individual(s) who:
I. An individual who, in order to postpone/hinder the execution of an investigation or audit, destroys or modifies the records of the CMS license holder’s company.
II. Any individual who collaborates with another person to send any record book or asset belonging to a CMS license holder out of Singapore.
III. Holders of a CMS license who violates the clause of Contract Notes (SFR (LCB) 42) without any fair justification.
IV. A holder of a CMS license who violates any requirement levied by the MAS for the continuation of the adjudication.Correct
Every person who damages, hides, or changes records relating to the CMS license holder’s company to avoid or impede the execution of an inspection or audit and any person who transfers or makes a deal with another person to transfer any document or asset belonging to a CMS license holder out of Singapore shall be liable to a penalty not exceeding $100,000 or to enforce a fine not exceeding $100,000 on conviction.
Incorrect
Every person who damages, hides, or changes records relating to the CMS license holder’s company to avoid or impede the execution of an inspection or audit and any person who transfers or makes a deal with another person to transfer any document or asset belonging to a CMS license holder out of Singapore shall be liable to a penalty not exceeding $100,000 or to enforce a fine not exceeding $100,000 on conviction.
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Question 11 of 30
11. Question
Which of the following examples correctly refer to the revenue that is generated/received on behalf of the CMS license holder’s client?
Correct
It does not comprise money to be used to lessen the quantity owed to the holder by the buyer; money to be charged to the customer or in compliance with the written direction of the customer; money to be used to help offset the brokerage of the holder and other relevant charges, and money to be paid to any other party entitled to the money.
Incorrect
It does not comprise money to be used to lessen the quantity owed to the holder by the buyer; money to be charged to the customer or in compliance with the written direction of the customer; money to be used to help offset the brokerage of the holder and other relevant charges, and money to be paid to any other party entitled to the money.
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Question 12 of 30
12. Question
With reference to the clients of the CMS license holder, which of the following could be referred to as the customer’s assets?
I. Securities of the State
II. Holder’s Brokerage
III. The Bank Certificates
IV. Trust Account of CMS license HolderCorrect
Customer’s assets include shares and resources (other than cash) in relation to the CMS license holder, like government bonds and certificates of deposits, which are beneficially held by the CMS license holder’s customer.
Incorrect
Customer’s assets include shares and resources (other than cash) in relation to the CMS license holder, like government bonds and certificates of deposits, which are beneficially held by the CMS license holder’s customer.
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Question 13 of 30
13. Question
The holder of the CMS license shall deposit and reserve the revenue generated on behalf of his client in a customer-directed account by:
Correct
The money earned on behalf of its client must be dealt with by the CMS license holder as related to that customer. The amount must be deposited not later than the next working day after obtaining the money in a trust account or in another account managed by the client.
Incorrect
The money earned on behalf of its client must be dealt with by the CMS license holder as related to that customer. The amount must be deposited not later than the next working day after obtaining the money in a trust account or in another account managed by the client.
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Question 14 of 30
14. Question
The CMS license holder must hold a bank account in which he invests the money earned on behalf of its clients, with any of the following except for:
Correct
The holder of the CMS license shall keep a trust account in which he invests funds earned on behalf of his clients with a bank allowed under the Banking Act; a commercial bank authorized under the MAS Act as a financial institution, or a financial institution approved under the Finance Companies Act.
Incorrect
The holder of the CMS license shall keep a trust account in which he invests funds earned on behalf of his clients with a bank allowed under the Banking Act; a commercial bank authorized under the MAS Act as a financial institution, or a financial institution approved under the Finance Companies Act.
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Question 15 of 30
15. Question
The CMS license holder must do which of the following tasks before depositing funds earned on behalf of its customers?
I. The issuer of the CMS license shall hold a formal meeting with the financial institution to warn it in case of any possible offenses and their subsequent penalties.
II. The holder of the CMS license must authorize the foreign bank to assert the right to pay for any debt owing by the CMS licensee to that bank.
III. The holder of the CMS license must receive from the financial firm the affirmation that all funds invested in the trust account are retained by the holder of the CMS licence for the benefit of its client.
IV. The issuer of the CMS license shall contact the financial institution in writing e.g. a written notice.Correct
The holder of the CMS license shall give formal notification to the financial firm and ensure that they have agreed that all funds invested in the trust account are kept in security by the holder of the CMS license for its client and that the financial institution is not entitled to claim the right of set-off for any debt owing by the holder of the CMS license for any outstanding debt by the holder of the CMS license to the finance company.
Incorrect
The holder of the CMS license shall give formal notification to the financial firm and ensure that they have agreed that all funds invested in the trust account are kept in security by the holder of the CMS license for its client and that the financial institution is not entitled to claim the right of set-off for any debt owing by the holder of the CMS license for any outstanding debt by the holder of the CMS license to the finance company.
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Question 16 of 30
16. Question
In which of the following conditions will a CMS license holder contribute adequate capital from his own finances to the reserve account of a client?
I. To modify the account of the client from being under-marginated to entirely marginalised.
II. To guarantee that the account continues to be managed.
III. To avoid the under-margination or under-funding of the customer’s trust account.
IV. To guarantee that the interest or gains earned to the customer are compensated or maintained for the CMS licensee’s benefit.Correct
To avoid the customer’s trust account from being under-marginalized or under-funded, or to ensure continuous management of that account, a CMS license holder may contribute adequate money to the customer’s trust account from its own assets. The license holder of the CMS can keep any interest received and returned in consideration of the money advanced to the account by the CMS.
Incorrect
To avoid the customer’s trust account from being under-marginalized or under-funded, or to ensure continuous management of that account, a CMS license holder may contribute adequate money to the customer’s trust account from its own assets. The license holder of the CMS can keep any interest received and returned in consideration of the money advanced to the account by the CMS.
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Question 17 of 30
17. Question
The holder of the CMS license shall keep a custody account in which it reserves the funds of a client with any of the following excluding:
Correct
It shall keep a custody account with a bank licensed under the Banking Act; an investment bank allowed under the MAS Act as a finance company; a finance company licensed under the Finance Companies Act; a depositary agent for the ownership of securities listed for quotation or quoted on SGX-ST or deposited with the Central Depository (Pte-ST) within Section 130A of the Companies Act, a permitted trustee for a pooled investment scheme within section 289 of the SFA; or any individual allowed to provide securities custody services under the SFA.
Incorrect
It shall keep a custody account with a bank licensed under the Banking Act; an investment bank allowed under the MAS Act as a finance company; a finance company licensed under the Finance Companies Act; a depositary agent for the ownership of securities listed for quotation or quoted on SGX-ST or deposited with the Central Depository (Pte-ST) within Section 130A of the Companies Act, a permitted trustee for a pooled investment scheme within section 289 of the SFA; or any individual allowed to provide securities custody services under the SFA.
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Question 18 of 30
18. Question
Keeping in view the feasibility of the Custodian, which of the following steps shall be taken by the CMS license holder who retains the properties of its client in a custody account?
I. Perform annual checks on the appropriateness of the custodian for the customer’s holder or class of holders after opening the security account.
II. Keep accounts of the reasons for which the custodian’s suitability has been met.
III. Any funds invested in a custody account shall not be kept in trust by the customer’s owners.
IV. Perform due diligence as to the validity of the trustee for the consumer or class of customers of the issuer before opening the custody account.Correct
Prior to activating the custody account, the CMS license holder shall practice due diligence as to the custodian’s feasibility for the customer or class of customers of the holder; and preserve evidence of the reasons for which the custodian’s suitability for the customer or class of customers has been fulfilled.
Incorrect
Prior to activating the custody account, the CMS license holder shall practice due diligence as to the custodian’s feasibility for the customer or class of customers of the holder; and preserve evidence of the reasons for which the custodian’s suitability for the customer or class of customers has been fulfilled.
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Question 19 of 30
19. Question
Which of the following requirements must a CMS license holder meet in order to lease or negotiate for a trustee to offer shares to the properties of his customer?
I. The CMS license holder has received written permission from the consumer to do so.
II. The CMS license holder has received documents for which the custodian’s suitability has not been met.
III. The holder of the CMS license has clarified the need of investing all funds in the custody account by the holder in trust.
IV.The issuer of the CMS license has demonstrated to the consumer the dangers involved.Correct
If the CMS license holder has clearly stated the risks associated with the customer, and the written consent of the customer to do so has been acquired, then a CMS license holder can loan or arrange for a custodian to loan the assets of his customer that are securities.
Incorrect
If the CMS license holder has clearly stated the risks associated with the customer, and the written consent of the customer to do so has been acquired, then a CMS license holder can loan or arrange for a custodian to loan the assets of his customer that are securities.
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Question 20 of 30
20. Question
The CMS license holder shall not draw out any of its customer’s money from the custody account, except for the cause of:
I. Transferring the asset to another entity or account in compliance with written orders from the client.
II. Borrowing Shares.
III. Making a transaction that is not legally allowed.
IV. Making a deposit according to Regulation 30.Correct
It could be done only for transferring the asset to any named beneficiary; satisfying the responsibility of the customer emerging from any trade-in shares, dealing in put options or leveraged foreign exchange trading by the customer’s holder; transferring the asset to any person or account in compliance with the written orders of the customer; lending of securities; mortgaging, charging, making a commitment, To make a deposit pursuant to Regulation 30; or to make a payment approved by statute.
Incorrect
It could be done only for transferring the asset to any named beneficiary; satisfying the responsibility of the customer emerging from any trade-in shares, dealing in put options or leveraged foreign exchange trading by the customer’s holder; transferring the asset to any person or account in compliance with the written orders of the customer; lending of securities; mortgaging, charging, making a commitment, To make a deposit pursuant to Regulation 30; or to make a payment approved by statute.
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Question 21 of 30
21. Question
Rather than enabling normal market forces to dominate, the use of artificial means or strategies to impact the price of certain shares or to induce uncertainty without a factual foundation in the market is referred to as:
I. Securities Market Manipulation
II. False trading
III. Market rigging
IV. Insider TradingCorrect
Fake trading and market rigging: such activity is forbidden and any operator or agent of the CMS license who performs such crimes will be liable to severe fines, reputational consequences, and suspension or removal of the permit.
Incorrect
Fake trading and market rigging: such activity is forbidden and any operator or agent of the CMS license who performs such crimes will be liable to severe fines, reputational consequences, and suspension or removal of the permit.
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Question 22 of 30
22. Question
Which of the following statements does not correctly illustrates the concept of false trading?
Correct
False Trading involves the planning to produce an illusion of aggressive trading on any securities; the acquisition and selling of any securities that do not include a change in the beneficial ownership of such securities to trigger changes in the market price of securities on the market; and the creation of transactions designed to offer a deceptive impression regarding the market price of securities.
Incorrect
False Trading involves the planning to produce an illusion of aggressive trading on any securities; the acquisition and selling of any securities that do not include a change in the beneficial ownership of such securities to trigger changes in the market price of securities on the market; and the creation of transactions designed to offer a deceptive impression regarding the market price of securities.
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Question 23 of 30
23. Question
An individual A can pass his shares ownership to person B with a side agreement for person B, unknown to the brokerage to keep them in confidence for him. Then, after person B sells the securities, the profits from the transaction directly go to person A as the shares under the side agreement already belong to person A. Which tool was used to manipulate trades and build a fake market in this instance?
Correct
Trading without a shift in beneficial ownership: There is no switch in beneficial ownership in this case, as in fact, the shares are held by individual A all the time. Individual A has thus not sold the shares but appeared to have ownership throughout, generating a mistaken perception that ownership had changed hands, manipulating the buying public.
Incorrect
Trading without a shift in beneficial ownership: There is no switch in beneficial ownership in this case, as in fact, the shares are held by individual A all the time. Individual A has thus not sold the shares but appeared to have ownership throughout, generating a mistaken perception that ownership had changed hands, manipulating the buying public.
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Question 24 of 30
24. Question
An individual places 5 orders via a dealer to buy a certain amount of shares of Company D. He then puts a further set of orders from another broker to sell the same number of shares in Company D. The same number of shares of a company are purchased and sold by separate traders, but without a change of ownership by the same individual. This example illsutrates:
Correct
A wash selling is a market-wide trade that entails no alteration in the beneficial ownership of any shares. SFA Section 197(5)3 provides that if a person who had a desire to take part in securities prior to the acquisition or sale continues to have an interest in securities after the buying or selling, there is no change in the beneficial ownership of the securities.
Incorrect
A wash selling is a market-wide trade that entails no alteration in the beneficial ownership of any shares. SFA Section 197(5)3 provides that if a person who had a desire to take part in securities prior to the acquisition or sale continues to have an interest in securities after the buying or selling, there is no change in the beneficial ownership of the securities.
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Question 25 of 30
25. Question
There are clauses in the SFA which prohibit any entity from conducting, explicitly or implicitly, two or more dealings in a company’s securities, provided that the transactions have the effect of raising or sustaining the price of the company’s securities on the securities market. Which of the following market misconduct is avoided by the clauses referred to above?
Correct
Market manipulation entails concerted interfering with the free powers of supply and demand in order to mislead or defraud consumers, or with any other ulterior motive. SFA has passed the aforementioned clauses to stop market manipulation.
Incorrect
Market manipulation entails concerted interfering with the free powers of supply and demand in order to mislead or defraud consumers, or with any other ulterior motive. SFA has passed the aforementioned clauses to stop market manipulation.
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Question 26 of 30
26. Question
The distribution of data or claims that are misleading and incorrect in a particular content could take place via:
I. Newsletter Release
II. Digital means
III. Study articles
IV. Statements passed by MSA (Monetary Authority of Singapore)Correct
The release of misleading data can take the form of newsletters, research papers, electronic media, or by word of mouth. CMS license holders or their agents do not intentionally make or post any misleading claims, predictions, or promises that encourage anyone to engage in securities with intent.
Incorrect
The release of misleading data can take the form of newsletters, research papers, electronic media, or by word of mouth. CMS license holders or their agents do not intentionally make or post any misleading claims, predictions, or promises that encourage anyone to engage in securities with intent.
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Question 27 of 30
27. Question
It is a crime under SFA Section 200(1) to persuade or intend to compel another entity to trade in financial instruments e.g. securities by:
I. Publication of some false announcement, pledge, or prediction.
II. Recording information via electronic or other means which is now valid in a specific way.
III. Any honest covering of an important truth.
IV. Any assertion, pledge, or prediction that he knows or should reasonably have known to be dishonest is written.Correct
Provoking another individual to deal with securities by revealing any document or prediction that he knows or should fairly have known to be fraudulent; any fraudulent evasion of relevant facts; careless disclosure or disclosure of any misleading declaration, promise, or forecast; or capturing false data via mechanical, electronic or other system data is an offense.
Incorrect
Provoking another individual to deal with securities by revealing any document or prediction that he knows or should fairly have known to be fraudulent; any fraudulent evasion of relevant facts; careless disclosure or disclosure of any misleading declaration, promise, or forecast; or capturing false data via mechanical, electronic or other system data is an offense.
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Question 28 of 30
28. Question
Person X and Person Y are involved in disposing of their shares in Company Z for a considerable profit. These shares were listed on the exchange at $1. Person X joins a selling order at a price marginally higher than the market price, say, $1.10., for Business Z shares. Person Y then enters a buying order for the same shares and the same price and number. Then they replay their trades for a marginally higher amount, reversing their positions. When the price of Business Z shares is high enough, person X and person Y at the excessively expensive rate could close and unload their own shares. The example above illustrates:
Correct
Matching orders: This entails the submission by a broker of an order for the purchase of shares with the belief that a sales order for the same sum or price has been entered or will be entered into by another party known to him by another broker at around the same time. The aim of this arrangement is to establish an image of successful stock trading.
Incorrect
Matching orders: This entails the submission by a broker of an order for the purchase of shares with the belief that a sales order for the same sum or price has been entered or will be entered into by another party known to him by another broker at around the same time. The aim of this arrangement is to establish an image of successful stock trading.
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Question 29 of 30
29. Question
During the Pre-Open process, Individual Y entered 5 buying orders for a certain counter at a price between $3.38 and $3.48 for a total of 1.1 million shares comprising 62.7 percent of all queuing purchase amounts at the material period. He also posted a sale order for 100,000 shares of the same exchange at $3.35 at the same time. Right before the opening price was calculated, he then deleted the sales orders at 8.59 am. By deleting the purchase orders, Individual Y demonstrated that:
Correct
Person Y showed that he had no intention of meeting his request by withdrawing the purchase orders. His true aim is to allow the opening price of the market at 9 am to be at a reasonable amount for him to meet his sale order at $3.35, resulting in a benefit for himself.
Incorrect
Person Y showed that he had no intention of meeting his request by withdrawing the purchase orders. His true aim is to allow the opening price of the market at 9 am to be at a reasonable amount for him to meet his sale order at $3.35, resulting in a benefit for himself.
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Question 30 of 30
30. Question
No ban occurs on the publication of misleading information or claims which are likely to:
Correct
It is strictly forbidden to disseminate information or claims that are false in material terms and which are likely to encourage the subscription of securities by other persons, to induce the selling or purchase of shares by other persons, or to increase, decrease, or maintain the market price of securities.
Incorrect
It is strictly forbidden to disseminate information or claims that are false in material terms and which are likely to encourage the subscription of securities by other persons, to induce the selling or purchase of shares by other persons, or to increase, decrease, or maintain the market price of securities.