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Question 1 of 30
1. Question
Which of the following schedule to the Securities and Futures Act (SFA) defines the activity of fund management?
Correct
The Second Schedule to the Securities and Futures Act (SFA) defines the activity of fund management. A corporation that carries on business in fund management in Singapore would need to either hold a CMS license in fund management or be registered with the Monetary Authority of Singapore (MAS) as an RFMC.
Incorrect
The Second Schedule to the Securities and Futures Act (SFA) defines the activity of fund management. A corporation that carries on business in fund management in Singapore would need to either hold a CMS license in fund management or be registered with the Monetary Authority of Singapore (MAS) as an RFMC.
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Question 2 of 30
2. Question
Which of the following criteria should be adopted by a corporation that carries on business in fund management in Singapore?
I. The corporation should hold a collective investment schemes (CIS) license in fund management.
II. The corporation should be registered with the Financial Action Task Force (FATF) as an RFMC.
III. The corporation should hold a CMS license in fund management.
IV. The corporation should be registered with the Monetary Authority of Singapore (MAS) as an RFMC.Correct
The Second Schedule to the Securities and Futures Act (SFA) defines the activity of fund management. A corporation that carries on business in fund management in Singapore would need to either hold a CMS license in fund management or be registered with the Monetary Authority of Singapore (MAS) as an RFMC.
Incorrect
The Second Schedule to the Securities and Futures Act (SFA) defines the activity of fund management. A corporation that carries on business in fund management in Singapore would need to either hold a CMS license in fund management or be registered with the Monetary Authority of Singapore (MAS) as an RFMC.
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Question 3 of 30
3. Question
Which of the following category of Fund Management Company (FMC) carrying on business in fund management with all types of investors (without restriction on the number of investors)?
Correct
Retail Licensed Fund Management Companies (LFMC’s) are carrying on business in fund management with all types of investors (without restriction on the number of investors).
Incorrect
Retail Licensed Fund Management Companies (LFMC’s) are carrying on business in fund management with all types of investors (without restriction on the number of investors).
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Question 4 of 30
4. Question
Which of the following category of Fund Management Company (FMC) carrying on business in fund management in respect of venture capital funds with qualified investors only (without restriction on the number of qualified investors)?
Correct
Venture Capital Fund Managers (VCFM’s) are carrying on business in fund management in respect of venture capital funds with qualified investors only (without restriction on the number of qualified investors). Venture capital funds are subject to restrictions on investments and fund type.
Incorrect
Venture Capital Fund Managers (VCFM’s) are carrying on business in fund management in respect of venture capital funds with qualified investors only (without restriction on the number of qualified investors). Venture capital funds are subject to restrictions on investments and fund type.
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Question 5 of 30
5. Question
Which of the following category of Fund Management Company (FMC) carrying on business in fund management with no more than 30 qualified investors (of which no more than 15 may be funds or limited partnership fund structures)?
Correct
The Registered Fund Management Company (RFMC) is carrying on business in fund management with no more than 30 qualified investors (of which no more than 15 may be funds or limited partnership fund structures) and the total value of the assets managed does not exceed S$250 million.
Incorrect
The Registered Fund Management Company (RFMC) is carrying on business in fund management with no more than 30 qualified investors (of which no more than 15 may be funds or limited partnership fund structures) and the total value of the assets managed does not exceed S$250 million.
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Question 6 of 30
6. Question
What is the limit of the total value of the assets that are managed by the Registered Fund Management Company (RFMC)?
Correct
The Registered Fund Management Company (RFMC) is carrying on business in fund management with no more than 30 qualified investors (of which no more than 15 may be funds or limited partnership fund structures) and the total value of the assets managed does not exceed S$250 million.
Incorrect
The Registered Fund Management Company (RFMC) is carrying on business in fund management with no more than 30 qualified investors (of which no more than 15 may be funds or limited partnership fund structures) and the total value of the assets managed does not exceed S$250 million.
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Question 7 of 30
7. Question
What should be the period of time for the monitoring of the size of the assets being managed by the Registered Fund Management Company (RFMC) for the purpose of ensuring that it is adhering to the limit of S$250 million?
Correct
A Registered Fund Management Company (RFMC) should periodically monitor the size of the assets being managed for the purpose of ensuring that it is adhering to the limit of S$250 million.
Incorrect
A Registered Fund Management Company (RFMC) should periodically monitor the size of the assets being managed for the purpose of ensuring that it is adhering to the limit of S$250 million.
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Question 8 of 30
8. Question
Which of the following authority should be satisfied by the Fund Management Company (FMC) that its shareholders, directors, representatives and employees as well as the FMC itself are fit and proper in accordance with the guidelines on Fit and Proper Criteria issued by MAS?
Correct
The Monetary Authority of Singapore (MAS) should be satisfied by the Fund Management Company (FMC) that its shareholders, directors, representatives and employees as well as the FMC itself are fit and proper in accordance with the guidelines on Fit and Proper Criteria issued by the MAS.
Incorrect
The Monetary Authority of Singapore (MAS) should be satisfied by the Fund Management Company (FMC) that its shareholders, directors, representatives and employees as well as the FMC itself are fit and proper in accordance with the guidelines on Fit and Proper Criteria issued by the MAS.
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Question 9 of 30
9. Question
Which of the following experience should have by the Chief Executive Officer, directors and relevant professionals of the Fund Management Company (FMC)?
Correct
The Chief Executive Officer, directors and relevant professionals of the Fund Management Company (FMC) must have adequate experience that is relevant to the fund management activities of the FMC. The board of directors of the FMC should collectively have experience in portfolio management as well as in support functions such as risk management, operations and compliance. At least one of the Executive Directors should have portfolio management experience in asset classes or markets that the FMC intends to invest.
Incorrect
The Chief Executive Officer, directors and relevant professionals of the Fund Management Company (FMC) must have adequate experience that is relevant to the fund management activities of the FMC. The board of directors of the FMC should collectively have experience in portfolio management as well as in support functions such as risk management, operations and compliance. At least one of the Executive Directors should have portfolio management experience in asset classes or markets that the FMC intends to invest.
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Question 10 of 30
10. Question
Which of the following amount of base capital requirement should be maintained at all times by the Fund Management Company (FMC) for carrying out fund management in respect of any CIS offered to any investor other than an accredited or institutional investor?
Correct
A Fund Management Company (FMC) shall at all times maintains the base capital requirement of S$1,000,000 for carrying out fund management in respect of any CIS offered to any investor other than an accredited or institutional investor.
Incorrect
A Fund Management Company (FMC) shall at all times maintains the base capital requirement of S$1,000,000 for carrying out fund management in respect of any CIS offered to any investor other than an accredited or institutional investor.
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Question 11 of 30
11. Question
Which of the following amount of base capital requirement should be maintained at all times by the Fund Management Company (FMC) for carrying out fund management (non-CIS) on behalf of any customer other than an accredited or institutional investor?
Correct
A Fund Management Company (FMC) shall at all times maintain the base capital requirement of S$500,000 for carrying out fund management (non-CIS) on behalf of any customer other than an accredited or institutional investor.
Incorrect
A Fund Management Company (FMC) shall at all times maintain the base capital requirement of S$500,000 for carrying out fund management (non-CIS) on behalf of any customer other than an accredited or institutional investor.
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Question 12 of 30
12. Question
Which of the following type of risk-based capital requirements should meet at all times by a Retail Licensed Fund Management Company (LFMC) upon obtaining its license?
Correct
Risk-based capital requirement of “financial resources at least 120% of operational risk requirement” should meet by a Retail Licensed Fund Management Company (LFMC) at all times upon obtaining its license.
Incorrect
Risk-based capital requirement of “financial resources at least 120% of operational risk requirement” should meet by a Retail Licensed Fund Management Company (LFMC) at all times upon obtaining its license.
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Question 13 of 30
13. Question
Which of the following authority expects that a Fund Management Company (FMC) should have in place compliance arrangements that are commensurate with the nature, scale and complexity of its business?
Correct
The Monetary Authority of Singapore (MAS) expects that a Fund Management Company (FMC) should have in place compliance arrangements that are commensurate with the nature, scale and complexity of its business. The ultimate responsibility for compliance with applicable laws and regulations rests with the FMC’s CEO and board of directors, even though compliance support may be provided by a foreign-related entity and/or third-party service providers. Where an FMC has an in-house compliance officer, the individual is expected to have relevant experience for example, in regulatory compliance, audit or risk management and be familiar with the rules and regulations applicable to the FMC.
Incorrect
The Monetary Authority of Singapore (MAS) expects that a Fund Management Company (FMC) should have in place compliance arrangements that are commensurate with the nature, scale and complexity of its business. The ultimate responsibility for compliance with applicable laws and regulations rests with the FMC’s CEO and board of directors, even though compliance support may be provided by a foreign-related entity and/or third-party service providers. Where an FMC has an in-house compliance officer, the individual is expected to have relevant experience for example, in regulatory compliance, audit or risk management and be familiar with the rules and regulations applicable to the FMC.
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Question 14 of 30
14. Question
Which of the following representatives of a Fund Management Company (FMC) have the ultimate responsibility for compliance with applicable laws and regulations?
I. The Chairman has the ultimate responsibility.
II. FMC’s CEO has the ultimate responsibility.
III. The Board of Directors has the ultimate responsibility.
IV. The President has the ultimate responsibility.Correct
The Monetary Authority of Singapore (MAS) expects that a Fund Management Company (FMC) should have in place compliance arrangements that are commensurate with the nature, scale and complexity of its business. The ultimate responsibility for compliance with applicable laws and regulations rests with the FMC’s CEO and board of directors, even though compliance support may be provided by a foreign-related entity and/or third-party service providers. Where an FMC has an in-house compliance officer, the individual is expected to have relevant experience for example, in regulatory compliance, audit or risk management and be familiar with the rules and regulations applicable to the FMC.
Incorrect
The Monetary Authority of Singapore (MAS) expects that a Fund Management Company (FMC) should have in place compliance arrangements that are commensurate with the nature, scale and complexity of its business. The ultimate responsibility for compliance with applicable laws and regulations rests with the FMC’s CEO and board of directors, even though compliance support may be provided by a foreign-related entity and/or third-party service providers. Where an FMC has an in-house compliance officer, the individual is expected to have relevant experience for example, in regulatory compliance, audit or risk management and be familiar with the rules and regulations applicable to the FMC.
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Question 15 of 30
15. Question
The ultimate responsibility for compliance with applicable laws and regulations rests with the FMC’s CEO and board of directors, even though which of the following authority may provide the compliance support?
Correct
The Monetary Authority of Singapore (MAS) expects that a Fund Management Company (FMC) should have in place compliance arrangements that are commensurate with the nature, scale and complexity of its business. The ultimate responsibility for compliance with applicable laws and regulations rests with the FMC’s CEO and board of directors, even though compliance support may be provided by a foreign-related entity and/or third-party service providers. Where an FMC has an in-house compliance officer, the individual is expected to have relevant experience for example, in regulatory compliance, audit or risk management and be familiar with the rules and regulations applicable to the FMC.
Incorrect
The Monetary Authority of Singapore (MAS) expects that a Fund Management Company (FMC) should have in place compliance arrangements that are commensurate with the nature, scale and complexity of its business. The ultimate responsibility for compliance with applicable laws and regulations rests with the FMC’s CEO and board of directors, even though compliance support may be provided by a foreign-related entity and/or third-party service providers. Where an FMC has an in-house compliance officer, the individual is expected to have relevant experience for example, in regulatory compliance, audit or risk management and be familiar with the rules and regulations applicable to the FMC.
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Question 16 of 30
16. Question
Which of the following type of relevant experience should be present in the Fund Management Company’s (FMC’s) in-house compliance officer?
I. Experience in regulatory compliance should be present in FMC’s in-house compliance officer.
II. Experience in risk management should be present in FMC’s in-house compliance officer.
III. Experience in the audit should be present in FMC’s in-house compliance officer.
IV. Experience in media strategy should be present in FMC’s in-house compliance officer.Correct
The Monetary Authority of Singapore (MAS) expects that a Fund Management Company (FMC) should have in place compliance arrangements that are commensurate with the nature, scale and complexity of its business. The ultimate responsibility for compliance with applicable laws and regulations rests with the FMC’s CEO and board of directors, even though compliance support may be provided by a foreign-related entity and/or third-party service providers. Where an FMC has an in-house compliance officer, the individual is expected to have relevant experience for example, in regulatory compliance, audit or risk management and be familiar with the rules and regulations applicable to the FMC.
Incorrect
The Monetary Authority of Singapore (MAS) expects that a Fund Management Company (FMC) should have in place compliance arrangements that are commensurate with the nature, scale and complexity of its business. The ultimate responsibility for compliance with applicable laws and regulations rests with the FMC’s CEO and board of directors, even though compliance support may be provided by a foreign-related entity and/or third-party service providers. Where an FMC has an in-house compliance officer, the individual is expected to have relevant experience for example, in regulatory compliance, audit or risk management and be familiar with the rules and regulations applicable to the FMC.
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Question 17 of 30
17. Question
Which of the following authorities should conduct an adequate internal audit for the business activities of a Fund Management Company (FMC)?
I. The internal audit may be conducted by the internal audit function within the FMC.
II. The internal audit may be conducted by the Board of Directors of the FMC.
III. The internal audit may be conducted by an internal audit team from the head office of the FMC.
IV. The internal audit may be conducted by outsourced to a third-party service provider.Correct
Monetary Authority of Singapore (MAS) expects the business activities of a Fund Management Company (FMC) to be subject to adequate internal audit. The internal audit arrangements should be commensurate with the scale, nature and complexity of its operations. The internal audit may be conducted by the internal audit function within the FMC, an internal audit team from the head office of the FMC or outsourced to a third-party service provider.
Incorrect
Monetary Authority of Singapore (MAS) expects the business activities of a Fund Management Company (FMC) to be subject to adequate internal audit. The internal audit arrangements should be commensurate with the scale, nature and complexity of its operations. The internal audit may be conducted by the internal audit function within the FMC, an internal audit team from the head office of the FMC or outsourced to a third-party service provider.
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Question 18 of 30
18. Question
Which of the following type of audit requirements shall beet by a Fund Management Company (FMC) as set out in the SFA and SF(LCB)R?
Correct
A Fund Management Company (FMC) shall meet the annual audit requirements as set out in the Securities and Futures Act (SFA) and SF(LCB)R. Monetary Authority of Singapore (MAS) may direct the FMC to appoint another auditor if the appointed auditor is deemed to be unsuitable, having regard to the scale, nature and complexity of the FMC’s business.
Incorrect
A Fund Management Company (FMC) shall meet the annual audit requirements as set out in the Securities and Futures Act (SFA) and SF(LCB)R. Monetary Authority of Singapore (MAS) may direct the FMC to appoint another auditor if the appointed auditor is deemed to be unsuitable, having regard to the scale, nature and complexity of the FMC’s business.
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Question 19 of 30
19. Question
The Monetary Authority of Singapore (MAS) may require licensed fund management companies (LFMCs) to procure a letter of responsibility from which of the following authority?
Correct
The Monetary Authority of Singapore (MAS) may require licensed fund management companies (LFMCs) to procure a letter of responsibility from the LFMC’s parent company.
Incorrect
The Monetary Authority of Singapore (MAS) may require licensed fund management companies (LFMCs) to procure a letter of responsibility from the LFMC’s parent company.
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Question 20 of 30
20. Question
Which of the following factors should be considered by the Monetary Authority of Singapore (MAS) while assessing an application for a Capital Markets Services (CMS) License in fund management?
I. The Fund Management Company (FMC) and its related corporations should manage total assets of at least S$1 million.
II. A Retail LFMC should demonstrate that it or its shareholders have at least a 5-year track record of managing funds for retail investors in a jurisdiction that has a regulatory framework that is comparable to Singapore.
III. The Fund Management Company (FMC) and its related corporations should manage total assets of at least S$1 billion.
IV. Track record of the licensed fund management company (LFMC) or its holding company or a related corporation.Correct
The following factors should be considered by the Monetary Authority of Singapore (MAS) while assessing an application for a Capital Markets Services (CMS) License in fund management:-
(a) A Retail LFMC should demonstrate that it or its shareholders have at least a 5-year track record of managing funds for retail investors in a jurisdiction that has a regulatory framework that is comparable to Singapore.
(b) The Fund Management Company (FMC) and its related corporations should manage total assets of at least S$1 billion.
(c) Track record of the licensed fund management company (LFMC) or its holding company or a related corporation.Incorrect
The following factors should be considered by the Monetary Authority of Singapore (MAS) while assessing an application for a Capital Markets Services (CMS) License in fund management:-
(a) A Retail LFMC should demonstrate that it or its shareholders have at least a 5-year track record of managing funds for retail investors in a jurisdiction that has a regulatory framework that is comparable to Singapore.
(b) The Fund Management Company (FMC) and its related corporations should manage total assets of at least S$1 billion.
(c) Track record of the licensed fund management company (LFMC) or its holding company or a related corporation. -
Question 21 of 30
21. Question
Which of the following aspects should be disclosed at the minimum by a Fund Management Company (FMC) to its customers in respect of each fund or account that it manages?
I. The investment policy and strategy, as well as risks associated with the strategy.
II. The terms with respect to fees, termination or exit and, where applicable, gating, side-pocketing, lock-up or suspension of redemptions, including any penalties that may apply under such circumstances.
III. The circumstances under which the fund or account can be terminated, as well as the processes for effecting such termination.
IV. The counterparties, brokers and prime brokers used by the fund or account.Correct
A Fund Management Company (FMC) should ensure that there is adequate disclosure to its customers in respect of each fund or account that it manages. Disclosures should, at the minimum, cover the following:-
(a) The investment policy and strategy, as well as risks associated with the strategy.
(b) The terms with respect to fees, termination or exit and, where applicable, gating, side-pocketing, lock-up or suspension of redemptions, including any penalties that may apply under such circumstances.
(c) The circumstances under which the fund or account can be terminated, as well as the processes for effecting such termination.
(d) The counterparties, brokers and prime brokers used by the fund or account.
(e) The valuation policy and performance measurement standards. Where there are investments in hard-to-value or illiquid assets, the methodology and procedures for their valuation should be disclosed.
(f) The use of leverage, to the extent permitted by the investment mandate. The definition and measurement of leverage, as well as the circumstances under which leverage may be used, should be disclosed.
(g) The custodians, trustees, fund administrators and/or auditors used by the fund or account.Incorrect
A Fund Management Company (FMC) should ensure that there is adequate disclosure to its customers in respect of each fund or account that it manages. Disclosures should, at the minimum, cover the following:-
(a) The investment policy and strategy, as well as risks associated with the strategy.
(b) The terms with respect to fees, termination or exit and, where applicable, gating, side-pocketing, lock-up or suspension of redemptions, including any penalties that may apply under such circumstances.
(c) The circumstances under which the fund or account can be terminated, as well as the processes for effecting such termination.
(d) The counterparties, brokers and prime brokers used by the fund or account.
(e) The valuation policy and performance measurement standards. Where there are investments in hard-to-value or illiquid assets, the methodology and procedures for their valuation should be disclosed.
(f) The use of leverage, to the extent permitted by the investment mandate. The definition and measurement of leverage, as well as the circumstances under which leverage may be used, should be disclosed.
(g) The custodians, trustees, fund administrators and/or auditors used by the fund or account. -
Question 22 of 30
22. Question
Which of the following authority should ensure that the decision to terminate a fund and the process of termination is in the interest of investors in the fund and all investors are treated fairly and equitably?
Correct
The Fund Management Company (FMC) should ensure that the decision to terminate a fund and the process of termination is in the interest of investors in the fund and all investors are treated fairly and equitably. The following points should be maintained by the FMC:-
(a) The FMC should maintain appropriate governance and oversight of the termination process.
(b) The FMC should establish written policies for handling the termination process, covering areas such as the allocation of the costs of termination, investor communications, and treatment of unclaimed proceeds (where relevant).
(c) The FMC should provide timely information to all investors so that they are kept updated on the progress of the termination.Incorrect
The Fund Management Company (FMC) should ensure that the decision to terminate a fund and the process of termination is in the interest of investors in the fund and all investors are treated fairly and equitably. The following points should be maintained by the FMC:-
(a) The FMC should maintain appropriate governance and oversight of the termination process.
(b) The FMC should establish written policies for handling the termination process, covering areas such as the allocation of the costs of termination, investor communications, and treatment of unclaimed proceeds (where relevant).
(c) The FMC should provide timely information to all investors so that they are kept updated on the progress of the termination. -
Question 23 of 30
23. Question
Which of the following medium should be used for submission of an application by a prospective Fund Management Company (FMC) to registering with the Monetary Authority of Singapore (MAS) as a Registered Fund Management Company (RFMC)?
Correct
Corporate Electronic Lodgment (CeL) is used for submission of an application by a prospective Fund Management Company (FMC) to registering with the Monetary Authority of Singapore (MAS) as a Registered Fund Management Company (RFMC).
Incorrect
Corporate Electronic Lodgment (CeL) is used for submission of an application by a prospective Fund Management Company (FMC) to registering with the Monetary Authority of Singapore (MAS) as a Registered Fund Management Company (RFMC).
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Question 24 of 30
24. Question
Which of the following medium should be used for the submission of an application by a prospective Fund Management Company (FMC) to applying for a Capital Markets Services (CMS) License in fund management?
Correct
Corporate Electronic Lodgment (CeL) is used for submission of an application by a prospective Fund Management Company (FMC) to applying a for Capital Markets Services (CMS) License in fund management.
Incorrect
Corporate Electronic Lodgment (CeL) is used for submission of an application by a prospective Fund Management Company (FMC) to applying a for Capital Markets Services (CMS) License in fund management.
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Question 25 of 30
25. Question
Which of the following medium should be used for the submission of an application by a prospective Fund Management Company (FMC) to applying for Capital Markets Services (CMS) License in fund management, in respect of venture capital funds only?
Correct
Corporate Electronic Lodgment (CeL) is used for submission of an application by a prospective Fund Management Company (FMC) to applying for Capital Markets Services (CMS) License in fund management, in respect of venture capital funds only.
Incorrect
Corporate Electronic Lodgment (CeL) is used for submission of an application by a prospective Fund Management Company (FMC) to applying for Capital Markets Services (CMS) License in fund management, in respect of venture capital funds only.
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Question 26 of 30
26. Question
Which of the following postal address of the Monetary Authority of Singapore (MAS) should be used by a person for a contact, who is interested in applying for a fund management license?
Correct
Persons who are interested in applying for a fund management license or in operating as a registered fund management company (RFMC) may contact the Monetary Authority of Singapore (MAS) on the following addresses:-
(a) By Post: Capital Markets Intermediaries Department II, 10 Shenton Way MAS Building, Singapore 079117.
(b) By Email: [email protected].
(c) By Phone: (65) 6225 5577.Incorrect
Persons who are interested in applying for a fund management license or in operating as a registered fund management company (RFMC) may contact the Monetary Authority of Singapore (MAS) on the following addresses:-
(a) By Post: Capital Markets Intermediaries Department II, 10 Shenton Way MAS Building, Singapore 079117.
(b) By Email: [email protected].
(c) By Phone: (65) 6225 5577. -
Question 27 of 30
27. Question
How many Chief Executive Officers (CEOs) should be appointed by a Registered Fund Management Company (RFMC) or Licensed Fund Management Company (LFMC)?
Correct
A Registered Fund Management Company (RFMC) or Licensed Fund Management Company (LFMC) is required to appoint an adequate number of directors, relevant professionals and representatives. The RFMC or LFMC should appoint a Chief Executive Officer (CEO). There is no restriction on the CEO to take on multiple appointments within the firm if there are synergies, e.g. the CEO can also be appointed as Executive Director, relevant professional and representative. The individual would then need to meet the requirements in respect of each appointment.
Incorrect
A Registered Fund Management Company (RFMC) or Licensed Fund Management Company (LFMC) is required to appoint an adequate number of directors, relevant professionals and representatives. The RFMC or LFMC should appoint a Chief Executive Officer (CEO). There is no restriction on the CEO to take on multiple appointments within the firm if there are synergies, e.g. the CEO can also be appointed as Executive Director, relevant professional and representative. The individual would then need to meet the requirements in respect of each appointment.
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Question 28 of 30
28. Question
The Chief Executive Officer (CEO) of a Registered Fund Management Company (RFMC) or a Licensed Fund Management Company (LFMC) can be appointed as which of the following appointments?
I. The CEO of RFMC or LFMC can be appointed as Executive Director.
II. The CEO of RFMC or LFMC can be appointed as a logistics professional.
III. The CEO of RFMC or LFMC can be appointed as a relevant professional.
IV. The CEO of RFMC or LFMC can be appointed as representative.Correct
A Registered Fund Management Company (RFMC) or Licensed Fund Management Company (LFMC) is required to appoint an adequate number of directors, relevant professionals and representatives. The RFMC or LFMC should appoint a Chief Executive Officer (CEO). There is no restriction on the CEO to take on multiple appointments within the firm if there are synergies, e.g. the CEO can also be appointed as Executive Director, relevant professional and representative. The individual would then need to meet the requirements in respect of each appointment.
Incorrect
A Registered Fund Management Company (RFMC) or Licensed Fund Management Company (LFMC) is required to appoint an adequate number of directors, relevant professionals and representatives. The RFMC or LFMC should appoint a Chief Executive Officer (CEO). There is no restriction on the CEO to take on multiple appointments within the firm if there are synergies, e.g. the CEO can also be appointed as Executive Director, relevant professional and representative. The individual would then need to meet the requirements in respect of each appointment.
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Question 29 of 30
29. Question
How much relevant experience is required for the appointment of a Chief Executive Officer (CEO) of the Registered Fund Management Company (RFMC) or A/I Licensed Fund Management Company (A/I LFMC)?
Correct
Minimum years of relevant experience required for the appointment of a Chief Executive Officer (CEO) of the Registered Fund Management Company (RFMC) or A/I Licensed Fund Management Company (A/I LFMC) is 5 years. A CEO should have managerial experience or experience in a supervisory capacity as part of the individual’s relevant experience.
Incorrect
Minimum years of relevant experience required for the appointment of a Chief Executive Officer (CEO) of the Registered Fund Management Company (RFMC) or A/I Licensed Fund Management Company (A/I LFMC) is 5 years. A CEO should have managerial experience or experience in a supervisory capacity as part of the individual’s relevant experience.
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Question 30 of 30
30. Question
How much relevant experience is required for the appointment of a Chief Executive Officer (CEO) of the Retail Licensed Fund Management Company (Retail LFMC)?
Correct
Minimum years of relevant experience required for the appointment of a Chief Executive Officer (CEO) of a Retail Licensed Fund Management Company (Retail LFMC) is 10 years. A CEO should have managerial experience or experience in a supervisory capacity as part of the individual’s relevant experience.
Incorrect
Minimum years of relevant experience required for the appointment of a Chief Executive Officer (CEO) of a Retail Licensed Fund Management Company (Retail LFMC) is 10 years. A CEO should have managerial experience or experience in a supervisory capacity as part of the individual’s relevant experience.