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Question 1 of 30
1. Question
Which of the following authority has the power to revoke/cancel the Capital Markets Services (CMS) License?
Correct
The Monetary Authority of Singapore (MAS) has the power to revoke/cancel the Capital Markets Services (CMS) License.
Incorrect
The Monetary Authority of Singapore (MAS) has the power to revoke/cancel the Capital Markets Services (CMS) License.
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Question 2 of 30
2. Question
Which of the following medium is used for the listing of all entities that are holding a Capital Markets Services (CMS) License to conduct regulated activities under the Monetary Authority of Singapore (MAS)?
Correct
The Financial Institutions Directory is used for the listing of all entities that are holding a Capital Markets Services (CMS) License to conduct regulated activities under the Monetary Authority of Singapore (MAS). All entities that ceased to hold a CMS license will be removed from the Financial Institutions Directory.
Incorrect
The Financial Institutions Directory is used for the listing of all entities that are holding a Capital Markets Services (CMS) License to conduct regulated activities under the Monetary Authority of Singapore (MAS). All entities that ceased to hold a CMS license will be removed from the Financial Institutions Directory.
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Question 3 of 30
3. Question
The list of Registered Fund Management Company (RFMC) is listed in which of the following directory?
Correct
The list of Registered Fund Management Company (RFMC) is listed in the Financial Institutions Directory.
Incorrect
The list of Registered Fund Management Company (RFMC) is listed in the Financial Institutions Directory.
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Question 4 of 30
4. Question
Which of the following criteria should be adopted by a company that wishes to conduct regulated fund management activities under the Securities and Futures Act (SFA)?
I. The company must be registered with the Monetary Authority of Singapore (MAS).
II. The company must be registered with the Financial Action Task Force (FATF).
III. The company must hold a capital markets services (CMS) license to operate as a licensed fund management company (LFMC).
IV. The company must hold a capital markets services (CMS) license to operate as a registered fund management company (RFMC).Correct
The following criteria should be adopted by a company that wishes to conduct regulated fund management activities under the Securities and Futures Act (SFA):-
(a) The company must be registered with the Monetary Authority of Singapore (MAS).
(b) The company must hold a capital markets services (CMS) license to operate as a licensed fund management company (LFMC).
(c) The company must hold a capital markets services (CMS) license to operate as a registered fund management company (RFMC).Incorrect
The following criteria should be adopted by a company that wishes to conduct regulated fund management activities under the Securities and Futures Act (SFA):-
(a) The company must be registered with the Monetary Authority of Singapore (MAS).
(b) The company must hold a capital markets services (CMS) license to operate as a licensed fund management company (LFMC).
(c) The company must hold a capital markets services (CMS) license to operate as a registered fund management company (RFMC). -
Question 5 of 30
5. Question
Which of the following factors should be taken into account by the Monetary Authority of Singapore (MAS) while assessing an application to be a registered fund management company (RFMC)?
I. Fitness and propriety of the applicant, its shareholders and directors.
II. Track record and fund management expertise of the applicant and its parent company or major shareholders.
III. Ability to meet the maximum financial requirements prescribed under the MAS.
IV. Strength of internal risk management and compliance systems.Correct
The following factors should be taken into account by the Monetary Authority of Singapore (MAS) while assessing an application to be a registered fund management company (RFMC), licensed fund management company (LFMC) and venture capital fund manager (VCFM):-
(a) Fitness and propriety of the applicant, its shareholders and directors.
(b) Track record and fund management expertise of the applicant and its parent company or major shareholders.
(c) Strength of internal risk management and compliance systems.
(d) Ability to meet the minimum financial requirements prescribed under the SFA.
(e) Business model/ plans and projections and associated risks.Incorrect
The following factors should be taken into account by the Monetary Authority of Singapore (MAS) while assessing an application to be a registered fund management company (RFMC), licensed fund management company (LFMC) and venture capital fund manager (VCFM):-
(a) Fitness and propriety of the applicant, its shareholders and directors.
(b) Track record and fund management expertise of the applicant and its parent company or major shareholders.
(c) Strength of internal risk management and compliance systems.
(d) Ability to meet the minimum financial requirements prescribed under the SFA.
(e) Business model/ plans and projections and associated risks. -
Question 6 of 30
6. Question
Which of the following is the applicable financial requirement of base capital for a retail licensed fund management company (LFMC) under the Capital Markets Services (CMS) License?
Correct
The applicable financial requirement of base capital for retail licensed fund management company (LFMC) under the Capital Markets Services (CMS) License should be minimum S$500,000 or higher and it should be required to maintain financial resources which are in excess of its total risk requirements.
Incorrect
The applicable financial requirement of base capital for retail licensed fund management company (LFMC) under the Capital Markets Services (CMS) License should be minimum S$500,000 or higher and it should be required to maintain financial resources which are in excess of its total risk requirements.
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Question 7 of 30
7. Question
Which of the following is the applicable financial requirement of base capital for an Accredited/Institutional licensed fund management company (A/I LFMC) under the Capital Markets Services (CMS) License?
Correct
The applicable financial requirement of base capital for an Accredited/Institutional licensed fund management company (A/I LFMC) under the Capital Markets Services (CMS) License should be minimum S$250,000 and it should be required to maintain financial resources which are in excess of its total risk requirements.
Incorrect
The applicable financial requirement of base capital for an Accredited/Institutional licensed fund management company (A/I LFMC) under the Capital Markets Services (CMS) License should be minimum S$250,000 and it should be required to maintain financial resources which are in excess of its total risk requirements.
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Question 8 of 30
8. Question
Which of the following is the applicable financial requirement of base capital for a registered fund management company (RFMC) under the Capital Markets Services (CMS) License?
Correct
The applicable financial requirement of base capital for a registered fund management company (RFMC) under the Capital Markets Services (CMS) License should be minimum S$250,000.
Incorrect
The applicable financial requirement of base capital for a registered fund management company (RFMC) under the Capital Markets Services (CMS) License should be minimum S$250,000.
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Question 9 of 30
9. Question
Which of the following criteria satisfies the requirement of staff for a retail licensed fund management company (LFMC) under the Capital Markets Services (CMS) License?
I. THE proposed CEO must have at least 5 years of relevant experience.
II. Minimum of 3 full-time Singapore-based employees each with at least 5 years of relevant experience.
III. THE proposed CEO must have at least 10 years of relevant experience.
IV. Independent and dedicated compliance function in Singapore required.Correct
The following criteria should be adopted for the staffing requirement of a retail licensed fund management company (LFMC) under the Capital Markets Services (CMS) License:-
(a) Minimum of 3 full-time Singapore-based employees each with at least 5 years of relevant experience.
(b) THE proposed CEO must have at least 10 years of relevant experience.
(c) Independent and dedicated compliance function in Singapore required.Incorrect
The following criteria should be adopted for the staffing requirement of a retail licensed fund management company (LFMC) under the Capital Markets Services (CMS) License:-
(a) Minimum of 3 full-time Singapore-based employees each with at least 5 years of relevant experience.
(b) THE proposed CEO must have at least 10 years of relevant experience.
(c) Independent and dedicated compliance function in Singapore required. -
Question 10 of 30
10. Question
Which of the following criteria satisfies the requirement of staff for an Accredited/Institutional licensed fund management company (A/I LFMC) under the Capital Markets Services (CMS) License?
I. Minimum of 2 full-time Singapore-based employees each with at least 5 years of relevant experience.
II. Independent and dedicated compliance function in Singapore required if AUM is at least S$2 billion.
III. Minimum of 5 full-time Singapore-based employees each with at least 5 years of relevant experience.
IV. Independent and dedicated compliance function in Singapore required if AUM is at least S$1 billion.Correct
The following criteria satisfy the staffing requirement for an Accredited/Institutional licensed fund management company (A/I LFMC) under the Capital Markets Services (CMS) License:-
(a) Minimum of 2 full-time Singapore-based employees each with at least 5 years of relevant experience.
(b) Independent and dedicated compliance function in Singapore required if AUM is at least S$1 billion.Incorrect
The following criteria satisfy the staffing requirement for an Accredited/Institutional licensed fund management company (A/I LFMC) under the Capital Markets Services (CMS) License:-
(a) Minimum of 2 full-time Singapore-based employees each with at least 5 years of relevant experience.
(b) Independent and dedicated compliance function in Singapore required if AUM is at least S$1 billion. -
Question 11 of 30
11. Question
Which of the following criteria satisfies the requirement of staff for a venture capital fund manager (VCFM) under the Capital Markets Services (CMS) License?
Correct
Minimum of 2 fulltime Singapore based employees required to fulfill the staff requirement for a venture capital fund manager (VCFM) under the Capital Markets Services (CMS) License.
Incorrect
Minimum of 2 fulltime Singapore based employees required to fulfill the staff requirement for a venture capital fund manager (VCFM) under the Capital Markets Services (CMS) License.
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Question 12 of 30
12. Question
Which of the following condition satisfies the criteria of staff requirement for a registered fund management company (RFMC) under the Capital Markets Services (CMS) License?
Correct
Minimum of 2 fulltime Singapore based employees each with at least 5 years of relevant experience required to fulfill the criteria of staff requirement for a registered fund management company (RFMC) under the Capital Markets Services (CMS) License.
Incorrect
Minimum of 2 fulltime Singapore based employees each with at least 5 years of relevant experience required to fulfill the criteria of staff requirement for a registered fund management company (RFMC) under the Capital Markets Services (CMS) License.
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Question 13 of 30
13. Question
Which of the following is the fixed annual corporate fee for the retail licensed fund management company (LFMC) under the Capital Markets Services (CMS) License?
Correct
The following is the criteria for the annual corporate fee for the retail licensed fund management company (LFMC) under the Capital Markets Services (CMS) License:-
(a) A fixed fee of S$4,000 is assigned for the retail licensed fund management company (LFMC).
(b) A variable fee calculated at S$5 per representative from the 101st representative onwards as of 1 January of the calendar year.Incorrect
The following is the criteria for the annual corporate fee for the retail licensed fund management company (LFMC) under the Capital Markets Services (CMS) License:-
(a) A fixed fee of S$4,000 is assigned for the retail licensed fund management company (LFMC).
(b) A variable fee calculated at S$5 per representative from the 101st representative onwards as of 1 January of the calendar year. -
Question 14 of 30
14. Question
Which of the following is the annual corporate fee for the venture capital fund manager (VCFM) under the Capital Markets Services (CMS) License?
Correct
Annual corporate fee S$4,000 is assigned for the venture capital fund manager (VCFM) under the Capital Markets Services (CMS) License.
Incorrect
Annual corporate fee S$4,000 is assigned for the venture capital fund manager (VCFM) under the Capital Markets Services (CMS) License.
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Question 15 of 30
15. Question
Which of the following is the annual corporate fee for the registered fund management company (RFMC) under the Capital Markets Services (CMS) License?
Correct
Annual corporate fee S$1,000 is assigned for the registered fund management company (RFMC) under the Capital Markets Services (CMS) License.
Incorrect
Annual corporate fee S$1,000 is assigned for the registered fund management company (RFMC) under the Capital Markets Services (CMS) License.
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Question 16 of 30
16. Question
Which of the following form is used to apply for licensing or registration under the Capital Markets Services (CMS) License for a retail licensed fund management company (LFMC) through the Corporate e-Lodgement System (CeL)?
Correct
Form 1A (Application for a capital markets services (CMS) license to provide fund management) is used to apply for licensing or registration under the Capital Markets Services (CMS) License for a retail licensed fund management company (LFMC) and there is a non-refundable application fee of S$1,000. Upon submission of the application via corporate e-lodgement system (CeL) fee advice together with the acknowledgment page is received.
Incorrect
Form 1A (Application for a capital markets services (CMS) license to provide fund management) is used to apply for licensing or registration under the Capital Markets Services (CMS) License for a retail licensed fund management company (LFMC) and there is a non-refundable application fee of S$1,000. Upon submission of the application via corporate e-lodgement system (CeL) fee advice together with the acknowledgment page is received.
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Question 17 of 30
17. Question
What is the amount of non-refundable application fee that is payable during the submission of Form 1A (Application for a capital markets services (CMS) license to provide fund management) for licensing or registration under the Capital Markets Services (CMS) License for a retail licensed fund management company (LFMC)?
Correct
Form 1A (Application for a capital markets services (CMS) license to provide fund management) is used to apply for licensing or registration under the Capital Markets Services (CMS) License for a retail licensed fund management company (LFMC) and there is a non-refundable application fee of S$1,000. Upon submission of the application via corporate e-lodgement system (CeL) fee advice together with the acknowledgment page is received.
Incorrect
Form 1A (Application for a capital markets services (CMS) license to provide fund management) is used to apply for licensing or registration under the Capital Markets Services (CMS) License for a retail licensed fund management company (LFMC) and there is a non-refundable application fee of S$1,000. Upon submission of the application via corporate e-lodgement system (CeL) fee advice together with the acknowledgment page is received.
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Question 18 of 30
18. Question
Which of the following form is used to apply for licensing or registration under the Capital Markets Services (CMS) License for a venture capital fund manager (VCFM) through the Corporate e-Lodgement System (CeL)?
Correct
Form 1V (Application for a CMS license as a Venture Capital Fund Manager) is used to apply for licensing or registration under the Capital Markets Services (CMS) License for a venture capital fund manager (VCFM) and there is a non-refundable application fee of S$1,000. Upon submission of the application via corporate e-lodgement system (CeL) fee advice together with the acknowledgment page is received.
Incorrect
Form 1V (Application for a CMS license as a Venture Capital Fund Manager) is used to apply for licensing or registration under the Capital Markets Services (CMS) License for a venture capital fund manager (VCFM) and there is a non-refundable application fee of S$1,000. Upon submission of the application via corporate e-lodgement system (CeL) fee advice together with the acknowledgment page is received.
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Question 19 of 30
19. Question
What is the amount of non-refundable application fee that is payable during the submission of Form 1V (Application for a CMS license as a Venture Capital Fund Manager) for licensing or registration under the Capital Markets Services (CMS) License for a venture capital fund manager (VCFM)?
Correct
Form 1V (Application for a CMS license as a Venture Capital Fund Manager) is used to apply for licensing or registration under the Capital Markets Services (CMS) License for a venture capital fund manager (VCFM) and there is a non-refundable application fee of S$1,000. Upon submission of the application via corporate e-lodgement system (CeL) fee advice together with the acknowledgment page is received.
Incorrect
Form 1V (Application for a CMS license as a Venture Capital Fund Manager) is used to apply for licensing or registration under the Capital Markets Services (CMS) License for a venture capital fund manager (VCFM) and there is a non-refundable application fee of S$1,000. Upon submission of the application via corporate e-lodgement system (CeL) fee advice together with the acknowledgment page is received.
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Question 20 of 30
20. Question
Which of the following form is used to apply for licensing or registration under the Capital Markets Services (CMS) License for a registered fund management company (RFMC) through the Corporate e-Lodgement System (CeL)?
Correct
Form 22A (Notice of Commencement of Business as a Registered Fund Management Company) is used to apply for licensing or registration under the Capital Markets Services (CMS) License for a registered fund management company (RFMC).
Incorrect
Form 22A (Notice of Commencement of Business as a Registered Fund Management Company) is used to apply for licensing or registration under the Capital Markets Services (CMS) License for a registered fund management company (RFMC).
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Question 21 of 30
21. Question
What should be the applicable base capital requirement, if the applicant is a member of an approved clearing house and deals in capital markets products that are securities, units in collective scheme or exchange traded derivatives contracts?
Correct
The applicable base capital requirement of $5 million should be paid by the applicant who is a member of an approved clearing house and deals in capital markets products that are securities, units in collective scheme or exchange traded derivatives contracts.
Incorrect
The applicable base capital requirement of $5 million should be paid by the applicant who is a member of an approved clearing house and deals in capital markets products that are securities, units in collective scheme or exchange traded derivatives contracts.
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Question 22 of 30
22. Question
What should be the applicable base capital requirement, if the applicant is a member of an approved exchange and deals in capital markets products that are securities, units in collective scheme or exchange traded derivatives contracts?
Correct
The applicable base capital requirement of $1 million should be paid by the applicant who is a member of an approved exchange and deals in capital markets products that are securities, units in collective scheme or exchange traded derivatives contracts.
Incorrect
The applicable base capital requirement of $1 million should be paid by the applicant who is a member of an approved exchange and deals in capital markets products that are securities, units in collective scheme or exchange traded derivatives contracts.
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Question 23 of 30
23. Question
What should be the applicable base capital requirement, if the applicant is not a member of an approved exchange and deals in capital markets products that are securities, units in collective scheme or exchange traded derivatives contracts?
Correct
The applicable base capital requirement of $1 million should be paid by the applicant who is not a member of an approved exchange and deals in capital markets products that are securities, units in collective scheme or exchange traded derivatives contracts.
Incorrect
The applicable base capital requirement of $1 million should be paid by the applicant who is not a member of an approved exchange and deals in capital markets products that are securities, units in collective scheme or exchange traded derivatives contracts.
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Question 24 of 30
24. Question
What should be the applicable base capital requirement, if the applicant does not carry any type of customer’s positions in capital markets products, margins or accounts in its own books and deals in capital markets products that are securities, units in collective scheme or exchange traded derivatives contracts?
Correct
The applicable base capital requirement of $50,000 should be paid by the applicant who does not carry any type of customer’s positions in capital markets products, margins or accounts in its own books and deals in capital markets products that are securities, units in collective scheme or exchange traded derivatives contracts.
Incorrect
The applicable base capital requirement of $50,000 should be paid by the applicant who does not carry any type of customer’s positions in capital markets products, margins or accounts in its own books and deals in capital markets products that are securities, units in collective scheme or exchange traded derivatives contracts.
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Question 25 of 30
25. Question
What is the amount of applicable base capital requirement that should be paid by an applicant who deals in capital markets products only with accredited investors, expert investors or institutional investors and deals in capital markets products that are securities, units in collective scheme or exchange traded derivatives contracts?
Correct
The applicable base capital requirement of $50,000 should be paid by the applicant who deals in capital markets products only with accredited investors, expert investors or institutional investors and deals in capital markets products that are securities, units in collective scheme or exchange traded derivatives contracts.
Incorrect
The applicable base capital requirement of $50,000 should be paid by the applicant who deals in capital markets products only with accredited investors, expert investors or institutional investors and deals in capital markets products that are securities, units in collective scheme or exchange traded derivatives contracts.
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Question 26 of 30
26. Question
What is the amount of applicable base capital requirement that should be paid by an applicant who does not enter into any transaction with any customer to deal in capital markets products as principal and deals in capital markets products that are securities, units in collective scheme or exchange traded derivatives contracts?
Correct
The applicable base capital requirement of $50,000 should be paid by the applicant who does not enter into any transaction with any customer to deal in capital markets products as principal and deals in capital markets products that are securities, units in collective scheme or exchange traded derivatives contracts.
Incorrect
The applicable base capital requirement of $50,000 should be paid by the applicant who does not enter into any transaction with any customer to deal in capital markets products as principal and deals in capital markets products that are securities, units in collective scheme or exchange traded derivatives contracts.
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Question 27 of 30
27. Question
What is the amount of applicable base capital requirement that should be paid by the applicant who deals in capital markets products that are over-the-counter derivatives contracts and he is a member of an approved clearing house?
Correct
The applicable base capital requirement of $5 million should be paid by the applicant who deals in capital markets products that are over-the-counter derivatives contracts and he is a member of an approved clearing house.
Incorrect
The applicable base capital requirement of $5 million should be paid by the applicant who deals in capital markets products that are over-the-counter derivatives contracts and he is a member of an approved clearing house.
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Question 28 of 30
28. Question
What is the amount of applicable base capital requirement that should be paid by the applicant who deals in capital markets products that are over-the-counter derivatives contracts and he is not a member of an approved clearing house and deals in those capital markets products with any customer who is not an accredited investor?
Correct
The applicable base capital requirement of $5 million should be paid by the applicant who deals in capital markets products that are over-the-counter derivatives contracts and he is not a member of an approved clearing house and deals in those capital markets products with any customer who is not an accredited investor, an expert investor or an institutional investor.
Incorrect
The applicable base capital requirement of $5 million should be paid by the applicant who deals in capital markets products that are over-the-counter derivatives contracts and he is not a member of an approved clearing house and deals in those capital markets products with any customer who is not an accredited investor, an expert investor or an institutional investor.
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Question 29 of 30
29. Question
What is the amount of applicable base capital requirement that should be paid by the applicant who deals in capital markets products that are over-the-counter derivatives contracts and he is not a member of an approved clearing house and deals in those capital markets products with only those customers who are accredited investors?
Correct
The applicable base capital requirement of $1 million should be paid by the applicant who deals in capital markets products that are over-the-counter derivatives contracts and he is not a member of an approved clearing house and deals in those capital markets products with only those customers who are accredited investors, expert investors or institutional investors.
Incorrect
The applicable base capital requirement of $1 million should be paid by the applicant who deals in capital markets products that are over-the-counter derivatives contracts and he is not a member of an approved clearing house and deals in those capital markets products with only those customers who are accredited investors, expert investors or institutional investors.
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Question 30 of 30
30. Question
What is the amount of applicable base capital requirement that should be paid by the applicant who does not carry any customer’s positions in those capital markets products, margins, or accounts in its own books and either carry on the business only for accepting orders for the purchase or sale of any of those capital markets products from any customer?
Correct
The applicable base capital requirement of $500,000 should be paid by the applicant who does not carry any customer’s positions in those capital markets products, margins, or accounts in its own books and either carries on the business only of soliciting or accepting orders for the purchase or sale of any of those capital markets products from any customer.
Incorrect
The applicable base capital requirement of $500,000 should be paid by the applicant who does not carry any customer’s positions in those capital markets products, margins, or accounts in its own books and either carries on the business only of soliciting or accepting orders for the purchase or sale of any of those capital markets products from any customer.