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Question 1 of 30
1. Question
Which of the following document is used as an application for a Capital Markets Services (CMS) License in fund management?
Correct
Form 1A is used as an application for a Capital Markets Services (CMS) License in fund management. Details of relevant professionals should be submitted in Annex A, unless they are representatives or directors of the Fund Management Company (FMC) in which case details should be provided in Form 3A or Form 11 instead).
Incorrect
Form 1A is used as an application for a Capital Markets Services (CMS) License in fund management. Details of relevant professionals should be submitted in Annex A, unless they are representatives or directors of the Fund Management Company (FMC) in which case details should be provided in Form 3A or Form 11 instead).
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Question 2 of 30
2. Question
Which of the following document is used for the appointment of a representative in a Fund Management Company (FMC)?
Correct
Form 3A is used for the appointment of a representative in a Fund Management Company (FMC).
Incorrect
Form 3A is used for the appointment of a representative in a Fund Management Company (FMC).
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Question 3 of 30
3. Question
Which of the following document is used for the appointment of a director or chief executive officer (CEO) of a Fund Management Company (FMC)?
Correct
Form 11 is used for the appointment of a director or chief executive officer (CEO) of a Fund Management Company (FMC).
Incorrect
Form 11 is used for the appointment of a director or chief executive officer (CEO) of a Fund Management Company (FMC).
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Question 4 of 30
4. Question
Which of the following document is required for the registration of a Registered Fund Management Company (RFMC)?
Correct
Form 22A is required for the registration of a Registered Fund Management Company (RFMC).
Incorrect
Form 22A is required for the registration of a Registered Fund Management Company (RFMC).
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Question 5 of 30
5. Question
Which of the following medium is used by a Retail Licensed Fund Management Company (Retail LFMC) or A/I Licensed Fund Management Company (A/I LFMC) for the submission of a quarterly (unaudited) return for the statement of assets and liabilities on SF(FMR)R Forms?
Correct
A Retail Licensed Fund Management Company (Retail LFMC) or A/I Licensed Fund Management Company (A/I LFMC) uses MASNET for the submission of following returns on quarterly (unaudited) basis on SF(FMR)R Forms within 14 days of quarter-end:-
(a) Statement of Assets and Liabilities.
(b) Statement of Financial Resources, Total Risk Requirement and Aggregate Indebtedness.Incorrect
A Retail Licensed Fund Management Company (Retail LFMC) or A/I Licensed Fund Management Company (A/I LFMC) uses MASNET for the submission of following returns on quarterly (unaudited) basis on SF(FMR)R Forms within 14 days of quarter-end:-
(a) Statement of Assets and Liabilities.
(b) Statement of Financial Resources, Total Risk Requirement and Aggregate Indebtedness. -
Question 6 of 30
6. Question
Which of the following returns should be submitted by a Retail Licensed Fund Management Company (Retail LFMC) or A/I Licensed Fund Management Company (A/I LFMC) via MASNET on quarterly (unaudited) basis on SF(FMR)R Forms?
I. Auditor’s Certification for a Holder of a CMS Licence.
II. Statement relating to the Accounts of a Holder of a CMS Licence.
III. Statement of Assets and Liabilities.
IV. Statement of Financial Resources, Total Risk Requirement and Aggregate Indebtedness.Correct
A Retail Licensed Fund Management Company (Retail LFMC) or A/I Licensed Fund Management Company (A/I LFMC) uses MASNET for the submission of following returns on quarterly (unaudited) basis on SF(FMR)R Forms within 14 days of quarter-end:-
(a) Statement of Assets and Liabilities.
(b) Statement of Financial Resources, Total Risk Requirement and Aggregate Indebtedness.Incorrect
A Retail Licensed Fund Management Company (Retail LFMC) or A/I Licensed Fund Management Company (A/I LFMC) uses MASNET for the submission of following returns on quarterly (unaudited) basis on SF(FMR)R Forms within 14 days of quarter-end:-
(a) Statement of Assets and Liabilities.
(b) Statement of Financial Resources, Total Risk Requirement and Aggregate Indebtedness. -
Question 7 of 30
7. Question
Within how many days of quarter end a Retail Licensed Fund Management Company (Retail LFMC) or A/I Licensed Fund Management Company (A/I LFMC) should submit a quarterly (unaudited) return for the statement of assets and liabilities on SF(FMR)R Forms?
Correct
A Retail Licensed Fund Management Company (Retail LFMC) or A/I Licensed Fund Management Company (A/I LFMC) uses MASNET for the submission of following returns on quarterly (unaudited) basis on SF(FMR)R Forms within 14 days of quarter-end:-
(a) Statement of Assets and Liabilities.
(b) Statement of Financial Resources, Total Risk Requirement and Aggregate Indebtedness.Incorrect
A Retail Licensed Fund Management Company (Retail LFMC) or A/I Licensed Fund Management Company (A/I LFMC) uses MASNET for the submission of following returns on quarterly (unaudited) basis on SF(FMR)R Forms within 14 days of quarter-end:-
(a) Statement of Assets and Liabilities.
(b) Statement of Financial Resources, Total Risk Requirement and Aggregate Indebtedness. -
Question 8 of 30
8. Question
Which of the following medium is used by a Retail Licensed Fund Management Company (Retail LFMC) or A/I Licensed Fund Management Company (A/I LFMC) for the submission of an annual (audited) return for the statement relating to the Accounts of a Holder of a CMS Licence on SF(FMR)R Forms?
Correct
A Retail Licensed Fund Management Company (Retail LFMC) or A/I Licensed Fund Management Company (A/I LFMC) uses MASNET for the submission of following returns on the annual (audited) basis on SF(FMR)R Forms within 5 months of financial year-end:-
(a) Statement of Assets and Liabilities.
(b) Statement of Financial Resources, Total Risk Requirement and Aggregate Indebtedness.Incorrect
A Retail Licensed Fund Management Company (Retail LFMC) or A/I Licensed Fund Management Company (A/I LFMC) uses MASNET for the submission of following returns on the annual (audited) basis on SF(FMR)R Forms within 5 months of financial year-end:-
(a) Statement of Assets and Liabilities.
(b) Statement of Financial Resources, Total Risk Requirement and Aggregate Indebtedness. -
Question 9 of 30
9. Question
Which of the following license should be held by a Venture Capital Fund Manager (VCFM) for fund management in a Fund Management Company (FMC)?
Correct
Capital Markets Services (CMS) License should be held by a Venture Capital Fund Manager (VCFM) for fund management in a Fund Management Company (FMC).
Incorrect
Capital Markets Services (CMS) License should be held by a Venture Capital Fund Manager (VCFM) for fund management in a Fund Management Company (FMC).
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Question 10 of 30
10. Question
Which of the following form should be used by a Venture Capital Fund Manager (VCFM) for the submission of return related to annual declaration for VCFMs via the Corporate Electronic Lodgment (CeL) system?
Correct
Form 25A should be used by a Venture Capital Fund Manager (VCFM) for the submission of return related to annual declaration for VCFMs via Corporate Electronic Lodgment (CeL) system on annual basis (within 1 month of financial year-end).
Incorrect
Form 25A should be used by a Venture Capital Fund Manager (VCFM) for the submission of return related to annual declaration for VCFMs via Corporate Electronic Lodgment (CeL) system on annual basis (within 1 month of financial year-end).
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Question 11 of 30
11. Question
Which of the following medium should be used by a Venture Capital Fund Manager (VCFM) for the submission of return related to annual declaration for VCFMs on annual basis (within 1 month of financial year-end)?
Correct
Form 25A should be used by a Venture Capital Fund Manager (VCFM) for the submission of return related to annual declaration for VCFMs via Corporate Electronic Lodgment (CeL) system on annual basis (within 1 month of financial year-end).
Incorrect
Form 25A should be used by a Venture Capital Fund Manager (VCFM) for the submission of return related to annual declaration for VCFMs via Corporate Electronic Lodgment (CeL) system on annual basis (within 1 month of financial year-end).
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Question 12 of 30
12. Question
Which of the following form should be used by a Venture Capital Fund Manager (VCFM) for the notification of change of VCFM’s particulars (within 14 days of the change)?
Correct
Form 23A should be used by a Venture Capital Fund Manager (VCFM) for the notification of the change of VCFM’s particulars via the Corporate Electronic Lodgment (CeL) system within 14 days of the change.
Incorrect
Form 23A should be used by a Venture Capital Fund Manager (VCFM) for the notification of the change of VCFM’s particulars via the Corporate Electronic Lodgment (CeL) system within 14 days of the change.
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Question 13 of 30
13. Question
Which of the following medium should be used by a Venture Capital Fund Manager (VCFM) for the notification of the change of VCFM’s particulars (within 14 days of the change)?
Correct
Form 23A should be used by a Venture Capital Fund Manager (VCFM) for the notification of the change of VCFM’s particulars via the Corporate Electronic Lodgment (CeL) system within 14 days of the change.
Incorrect
Form 23A should be used by a Venture Capital Fund Manager (VCFM) for the notification of the change of VCFM’s particulars via the Corporate Electronic Lodgment (CeL) system within 14 days of the change.
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Question 14 of 30
14. Question
Which of the following documents should be required for the admission as a Venture Capital Fund Manager (VCFM) under the Monetary Authority of Singapore (MAS)?
I. A signed declaration by VCFM’s directors (from Form 1V) is required.
II. VCFM’s business profile as per the Accounting and Corporate Regulatory Authority’s record is required.
III. VCFM’s shareholding chart showing all immediate, intermediate and ultimate shareholders is required.
IV. VCFM’s business profile as per the Financial Advisory Industry Review (FAIR) Authority’s record is required.Correct
The following documents should be required for the admission as a Venture Capital Fund Manager (VCFM) under the Monetary Authority of Singapore (MAS):-
(a) A signed declaration by VCFM’s directors (from Form 1V) is required.
(b) VCFM’s business profile as per the Accounting and Corporate Regulatory Authority’s record is required.
(c) VCFM’s shareholding chart showing all immediate, intermediate and ultimate shareholders is required.Incorrect
The following documents should be required for the admission as a Venture Capital Fund Manager (VCFM) under the Monetary Authority of Singapore (MAS):-
(a) A signed declaration by VCFM’s directors (from Form 1V) is required.
(b) VCFM’s business profile as per the Accounting and Corporate Regulatory Authority’s record is required.
(c) VCFM’s shareholding chart showing all immediate, intermediate and ultimate shareholders is required. -
Question 15 of 30
15. Question
According to the guidelines on fit and proper criteria, the Monetary Authority of Singapore (MAS) expects that a relevant person should satisfy himself on which of the following basic points?
I. A relevant person to be competent.
II. A relevant person to be honest.
III. A relevant person to have integrity.
IV. A relevant person to be of sound financial standing.Correct
The Monetary Authority of Singapore (MAS) expects a relevant person to be competent, honest, to have integrity and to be of sound financial standing. This provides MAS with the assurance that the relevant person is willing and able to fulfill its or his obligations under any written law. This also underpins any requirements that the relevant person performs the activities regulated under the relevant legislation efficiently, honestly, fairly and acts in the best interests of its or his stakeholders and customers.
Incorrect
The Monetary Authority of Singapore (MAS) expects a relevant person to be competent, honest, to have integrity and to be of sound financial standing. This provides MAS with the assurance that the relevant person is willing and able to fulfill its or his obligations under any written law. This also underpins any requirements that the relevant person performs the activities regulated under the relevant legislation efficiently, honestly, fairly and acts in the best interests of its or his stakeholders and customers.
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Question 16 of 30
16. Question
According to the guidelines on fit and proper criteria, which of the following statement best describes the “key officer” in relation to an exempt person of a Fund Management Company (FMC) that is regulated by the Monetary Authority of Singapore (MAS)?
I. A director or an equivalent person is known as a key officer.
II. A Financial Advisor (FA) or equivalent person is known as a key officer.
III. A representative or equivalent person is known as a key officer.
IV. A chief executive officer (CEO) or an equivalent person is known as a key officer.Correct
According to the guidelines on fit and proper criteria, the following appointment best describes the “key officer” in relation to an exempt person of a Fund Management Company (FMC) that is regulated by the Monetary Authority of Singapore (MAS):-
(a) A director or an equivalent person is known as a key officer.
(b) A chief executive officer (CEO) or an equivalent person is known as a key officer.Incorrect
According to the guidelines on fit and proper criteria, the following appointment best describes the “key officer” in relation to an exempt person of a Fund Management Company (FMC) that is regulated by the Monetary Authority of Singapore (MAS):-
(a) A director or an equivalent person is known as a key officer.
(b) A chief executive officer (CEO) or an equivalent person is known as a key officer. -
Question 17 of 30
17. Question
Which of the following persons are known as “relevant persons” in relation to a bank that is incorporated in Singapore and is licensed by the Monetary Authority of Singapore (MAS) under the Banking Act (Cap.19)?
I. The Financial Advisor of the bank is known as a relevant person.
II. A director of the bank is known as a relevant person.
III. Head of Treasury of the bank is known as a relevant person.
IV. A substantial shareholder of the bank is known as a relevant person.Correct
The following persons are known as “relevant persons” in relation to a bank incorporated in Singapore that is licensed by the Monetary Authority of Singapore (MAS) under the Banking Act (Cap.19)?
(a) A substantial shareholder of the bank is known as relevant person.
(b) A director of the bank is known as a relevant person.
(c) A chief executive officer or deputy chief executive officer of the bank is known as a relevant person.
(d) A chief financial officer of the bank is known as a relevant person.
(e) Head of Treasury of the bank is known as a relevant person.Incorrect
The following persons are known as “relevant persons” in relation to a bank incorporated in Singapore that is licensed by the Monetary Authority of Singapore (MAS) under the Banking Act (Cap.19)?
(a) A substantial shareholder of the bank is known as relevant person.
(b) A director of the bank is known as a relevant person.
(c) A chief executive officer or deputy chief executive officer of the bank is known as a relevant person.
(d) A chief financial officer of the bank is known as a relevant person.
(e) Head of Treasury of the bank is known as a relevant person. -
Question 18 of 30
18. Question
Which of the following persons are known as “relevant persons” in relation to a bank that is incorporated outside Singapore and is licensed by the Monetary Authority of Singapore (MAS) under the Banking Act?
I. A substantial shareholder of the bank is known as a relevant person.
II. A chief executive officer or deputy chief executive officer of the bank is known as a relevant person.
III. A director of the bank is known as a relevant person.
IV. Head of Treasury of the bank is known as a relevant person.Correct
The following persons are known as “relevant persons” in relation to a bank that is incorporated outside Singapore and is licensed by the Monetary Authority of Singapore (MAS) under the Banking Act?
(a) A chief executive officer or deputy chief executive officer of the bank is known as a relevant person.
(b) Head of Treasury of the bank is known as a relevant person.Incorrect
The following persons are known as “relevant persons” in relation to a bank that is incorporated outside Singapore and is licensed by the Monetary Authority of Singapore (MAS) under the Banking Act?
(a) A chief executive officer or deputy chief executive officer of the bank is known as a relevant person.
(b) Head of Treasury of the bank is known as a relevant person. -
Question 19 of 30
19. Question
Which of the following are known as “relevant persons” in relation to a person whose activity is regulated by the Monetary Authority of Singapore (MAS) under the FAA?
I. A substantial shareholder or an equivalent person of a licensed FA.
II. An appointed or provisional representative under the FAA.
III. An exempt financial institution or its representatives
IV. A person for which an application for authorization has been made to MAS under the applicable provision in the FAA.Correct
A “relevant persons” in relation to a person whose activity is regulated by the Monetary Authority of Singapore (MAS) under the FAA are known as:-
(a) A substantial shareholder or an equivalent person of a licensed FA.
(b) A licensed FA.
(c) An appointed or provisional representative under the FAA.
(d) A chief executive officer, director or an equivalent person of a holder of
a FA license.
(e) An exempt financial institution or its representatives.
(f) A person for which an application for authorization has been made to MAS under the applicable provision in the FAA.
(g) An exempt person or its representatives.Incorrect
A “relevant persons” in relation to a person whose activity is regulated by the Monetary Authority of Singapore (MAS) under the FAA are known as:-
(a) A substantial shareholder or an equivalent person of a licensed FA.
(b) A licensed FA.
(c) An appointed or provisional representative under the FAA.
(d) A chief executive officer, director or an equivalent person of a holder of
a FA license.
(e) An exempt financial institution or its representatives.
(f) A person for which an application for authorization has been made to MAS under the applicable provision in the FAA.
(g) An exempt person or its representatives. -
Question 20 of 30
20. Question
According to the guidelines on fit and proper criteria, if the relevant person is an institution than which of the following points should be satisfied to the Monetary Authority of Singapore (MAS) by it to establish that it is fit and proper?
I. An institution should satisfy MAS that all of its substantial shareholders meet the fit and proper criteria of these Guidelines.
II. An institution should satisfy MAS that each of its directors and chief executive officer, or equivalent persons meet the fit and proper criteria of these Guidelines.
III. An institution should satisfy MAS that it has in place appropriate recruitment policies, adequate internal control systems and procedures that would reasonably ensure that the persons that it employs, authorizes or appoints to act on its behalf meet the fit and proper criteria of these Guidelines.
IV. An institution should satisfy MAS that it has appropriate media policies.Correct
According to the guidelines on fit and proper criteria, if the relevant person is an institution than the following points should be satisfied by it to the Monetary Authority of Singapore (MAS) to establish that it is fit and proper:-
(a) An institution should satisfy MAS that all of its substantial shareholders meet the fit and proper criteria of these Guidelines.
(b) An institution should satisfy MAS that each of its directors and chief executive officer, or equivalent persons meet the fit and proper criteria of these Guidelines.
(c) An institution should satisfy MAS that it has in place appropriate recruitment policies, adequate internal control systems and procedures that would reasonably ensure that the persons that it employs, authorizes or appoints to act on its behalf, in relation to its conduct of the activity regulated under the relevant legislation, meet the fit and proper criteria of these Guidelines.Incorrect
According to the guidelines on fit and proper criteria, if the relevant person is an institution than the following points should be satisfied by it to the Monetary Authority of Singapore (MAS) to establish that it is fit and proper:-
(a) An institution should satisfy MAS that all of its substantial shareholders meet the fit and proper criteria of these Guidelines.
(b) An institution should satisfy MAS that each of its directors and chief executive officer, or equivalent persons meet the fit and proper criteria of these Guidelines.
(c) An institution should satisfy MAS that it has in place appropriate recruitment policies, adequate internal control systems and procedures that would reasonably ensure that the persons that it employs, authorizes or appoints to act on its behalf, in relation to its conduct of the activity regulated under the relevant legislation, meet the fit and proper criteria of these Guidelines. -
Question 21 of 30
21. Question
Which of the following type of activities are regulated under the Securities and Futures Act (SFA) that are listed in the second schedule to the SFA?
I. Dealing in capital markets products is regulated under the SFA.
II. Providing postal services is regulated under the SFA.
III. Fund management is regulated under the SFA.
IV. Advising on corporate finance is regulated under the SFA.Correct
The following types of activities are regulated under the Securities and Futures Act (SFA) that are listed in the second schedule to the SFA:-
(a) Dealing in capital markets products is regulated under the SFA.
(b) Advising on corporate finance is regulated under the SFA.
(c) Fund management is regulated under the SFA.
(d) Real estate investment trust management is regulated under the SFA.
(e) Product financing is regulated under the SFA.
(f) Providing custodial services is regulated under the SFA.
(g) Providing credit rating services is regulated under the SFA.Except for those who are specifically exempted, any person who wishes to conduct any of the above-regulated activities will need to obtain the requisite license under the SFA.
Incorrect
The following types of activities are regulated under the Securities and Futures Act (SFA) that are listed in the second schedule to the SFA:-
(a) Dealing in capital markets products is regulated under the SFA.
(b) Advising on corporate finance is regulated under the SFA.
(c) Fund management is regulated under the SFA.
(d) Real estate investment trust management is regulated under the SFA.
(e) Product financing is regulated under the SFA.
(f) Providing custodial services is regulated under the SFA.
(g) Providing credit rating services is regulated under the SFA.Except for those who are specifically exempted, any person who wishes to conduct any of the above-regulated activities will need to obtain the requisite license under the SFA.
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Question 22 of 30
22. Question
Under the Securities and Futures Act (SFA), which of the following type of license should be held by a person who wishes to carry on a business in any regulated activity?
Correct
Under the Securities and Futures Act (SFA), a person who wishes to carry on a business in any regulated activity is required to hold a capital markets services (CMS) license for that regulated activity. A CMS license is granted only to a corporation. An individual who conducts that regulated activity for the holder of a CMS license is required to be an appointed, provisional or temporary representative of the CMS license holder for that regulated activity.
Incorrect
Under the Securities and Futures Act (SFA), a person who wishes to carry on a business in any regulated activity is required to hold a capital markets services (CMS) license for that regulated activity. A CMS license is granted only to a corporation. An individual who conducts that regulated activity for the holder of a CMS license is required to be an appointed, provisional or temporary representative of the CMS license holder for that regulated activity.
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Question 23 of 30
23. Question
Under the Securities and Futures Act (SFA), the capital markets services (CMS) license is granted to which of the following authority?
Correct
Under the Securities and Futures Act (SFA), a person who wishes to carry on a business in any regulated activity is required to hold a capital markets services (CMS) license for that regulated activity. A CMS license is granted only to a corporation. An individual who conducts that regulated activity for the holder of a CMS license is required to be an appointed, provisional or temporary representative of the CMS license holder for that regulated activity.
Incorrect
Under the Securities and Futures Act (SFA), a person who wishes to carry on a business in any regulated activity is required to hold a capital markets services (CMS) license for that regulated activity. A CMS license is granted only to a corporation. An individual who conducts that regulated activity for the holder of a CMS license is required to be an appointed, provisional or temporary representative of the CMS license holder for that regulated activity.
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Question 24 of 30
24. Question
Which of the following system is required to access the (capital markets services (CMS) license) electronic license (e-license)?
Correct
A capital markets services (CMS) license holder will be issued an electronic license (e-license), which is accessible via the CoRe system within MASNET (under “Corporate Lodgment” section). There is no need for a holder of a CMS license to renew its license. The license is valid until the following occasions:-
(a) Its holder ceases to carry on business in every type of the regulated activities to which the license relates (which the license holder would need to notify MAS by submitting Form 7 within 14 days of such cessation).
(b) Its license is revoked by MAS.
(c) Its license lapses in accordance with section 95 of the SFA.Incorrect
A capital markets services (CMS) license holder will be issued an electronic license (e-license), which is accessible via the CoRe system within MASNET (under “Corporate Lodgment” section). There is no need for a holder of a CMS license to renew its license. The license is valid until the following occasions:-
(a) Its holder ceases to carry on business in every type of the regulated activities to which the license relates (which the license holder would need to notify MAS by submitting Form 7 within 14 days of such cessation).
(b) Its license is revoked by MAS.
(c) Its license lapses in accordance with section 95 of the SFA. -
Question 25 of 30
25. Question
Within how many days a capital markets services (CMS) license holder required to renew its license?
Correct
A capital markets services (CMS) license holder will be issued an electronic license (e-license), which is accessible via the CoRe system within MASNET (under “Corporate Lodgment” section). There is no need for a holder of a CMS license to renew its license. The license is valid until the following occasions:-
(a) Its holder ceases to carry on business in every type of the regulated activities to which the license relates (which the license holder would need to notify MAS by submitting Form 7 within 14 days of such cessation).
(b) Its license is revoked by MAS.
(c) Its license lapses in accordance with section 95 of the SFA.Incorrect
A capital markets services (CMS) license holder will be issued an electronic license (e-license), which is accessible via the CoRe system within MASNET (under “Corporate Lodgment” section). There is no need for a holder of a CMS license to renew its license. The license is valid until the following occasions:-
(a) Its holder ceases to carry on business in every type of the regulated activities to which the license relates (which the license holder would need to notify MAS by submitting Form 7 within 14 days of such cessation).
(b) Its license is revoked by MAS.
(c) Its license lapses in accordance with section 95 of the SFA. -
Question 26 of 30
26. Question
Which of the following occasions the capital markets services (CMS) license will be ceased?
I. Its holder ceases to carry on business in every type of regulated activity to which the license relates.
II. Its license is revoked by the Monetary Authority of Singapore (MAS).
III. Its license lapses in accordance with section 95 of the SFA.
IV. The CMS license holder doing business outside Singapore.Correct
A capital markets services (CMS) license holder will be issued an electronic license (e-license), which is accessible via the CoRe system within MASNET (under “Corporate Lodgment” section). There is no need for a holder of a CMS license to renew its license. The license is valid until following occasions:-
(a) Its holder ceases to carry on business in every type of the regulated activities to which the license relates (which the license holder would need to notify MAS by submitting Form 7 within 14 days of such cessation).
(b) Its license is revoked by MAS.
(c) Its license lapses in accordance with section 95 of the SFA.Incorrect
A capital markets services (CMS) license holder will be issued an electronic license (e-license), which is accessible via the CoRe system within MASNET (under “Corporate Lodgment” section). There is no need for a holder of a CMS license to renew its license. The license is valid until following occasions:-
(a) Its holder ceases to carry on business in every type of the regulated activities to which the license relates (which the license holder would need to notify MAS by submitting Form 7 within 14 days of such cessation).
(b) Its license is revoked by MAS.
(c) Its license lapses in accordance with section 95 of the SFA. -
Question 27 of 30
27. Question
Which of the following form should be used by a capital markets services (CMS) license holder to notify the Monetary Authority of Singapore (MAS) if the license holder ceases its regulated activities to which the license relates?
Correct
A capital markets services (CMS) license holder will be issued an electronic license (e-license), which is accessible via the CoRe system within MASNET (under “Corporate Lodgment” section). There is no need for a holder of a CMS license to renew its license. The license is valid until the following occasions:-
(a) Its holder ceases to carry on business in every type of the regulated activities to which the license relates (which the license holder would need to notify MAS by submitting Form 7 within 14 days of such cessation).
(b) Its license is revoked by MAS.
(c) Its license lapses in accordance with section 95 of the SFA.Incorrect
A capital markets services (CMS) license holder will be issued an electronic license (e-license), which is accessible via the CoRe system within MASNET (under “Corporate Lodgment” section). There is no need for a holder of a CMS license to renew its license. The license is valid until the following occasions:-
(a) Its holder ceases to carry on business in every type of the regulated activities to which the license relates (which the license holder would need to notify MAS by submitting Form 7 within 14 days of such cessation).
(b) Its license is revoked by MAS.
(c) Its license lapses in accordance with section 95 of the SFA. -
Question 28 of 30
28. Question
Within how many days the capital markets services (CMS) license holder should notify the Monetary Authority of Singapore (MAS) if the license holder ceases its regulated activities to which the license relates?
Correct
A capital markets services (CMS) license holder will be issued an electronic license (e-license), which is accessible via the CoRe system within MASNET (under “Corporate Lodgment” section). There is no need for a holder of a CMS license to renew its license. The license is valid until the following occasions:-
(a) Its holder ceases to carry on business in every type of the regulated activities to which the license relates (which the license holder would need to notify MAS by submitting Form 7 within 14 days of such cessation).
(b) Its license is revoked by MAS.
(c) Its license lapses in accordance with section 95 of the SFA.Incorrect
A capital markets services (CMS) license holder will be issued an electronic license (e-license), which is accessible via the CoRe system within MASNET (under “Corporate Lodgment” section). There is no need for a holder of a CMS license to renew its license. The license is valid until the following occasions:-
(a) Its holder ceases to carry on business in every type of the regulated activities to which the license relates (which the license holder would need to notify MAS by submitting Form 7 within 14 days of such cessation).
(b) Its license is revoked by MAS.
(c) Its license lapses in accordance with section 95 of the SFA. -
Question 29 of 30
29. Question
Which of the following form should be used by a company if it required to apply the Monetary Authority of Singapore (MAS) to add more regulated activities to its capital markets services (CMS) license?
Correct
The company is required to apply the Monetary Authority of Singapore (MAS) to add regulated activities to its capital markets services (CMS) license. The application should be made in Form 5 pursuant to Securities and Futures (Licensing and Conduct of Business) Regulations [SF(LCB)R], and submitted together with the prescribed application fee. Upon approval, MAS will issue a new e-license to reflect the additional regulated activities and its attendant license conditions. The new e-license is accessible via CoRe system within MASNET (under “Corporate Lodgment” section) and supersedes the e-license issued previously. The company shall commence the additional regulated activities only after the new e-license is issued.
Incorrect
The company is required to apply the Monetary Authority of Singapore (MAS) to add regulated activities to its capital markets services (CMS) license. The application should be made in Form 5 pursuant to Securities and Futures (Licensing and Conduct of Business) Regulations [SF(LCB)R], and submitted together with the prescribed application fee. Upon approval, MAS will issue a new e-license to reflect the additional regulated activities and its attendant license conditions. The new e-license is accessible via CoRe system within MASNET (under “Corporate Lodgment” section) and supersedes the e-license issued previously. The company shall commence the additional regulated activities only after the new e-license is issued.
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Question 30 of 30
30. Question
If a company wishes to operate discretionary accounts on behalf of its customers and it holds a capital markets services (CMS) license for dealing in capital markets products than which of the following authority should be approached by the company to add the activity of fund management to its license?
Correct
A company that holds a capital markets services (CMS) license for dealing in capital markets products and wishes to operate discretionary accounts on behalf of its customers, would need to apply to the Monetary Authority of Singapore (MAS) to add the activity of fund management to its license. Its representatives who intend to operate such discretionary accounts are required to be an appointed, provisional or temporary representative for the regulated activity of fund management.
Incorrect
A company that holds a capital markets services (CMS) license for dealing in capital markets products and wishes to operate discretionary accounts on behalf of its customers, would need to apply to the Monetary Authority of Singapore (MAS) to add the activity of fund management to its license. Its representatives who intend to operate such discretionary accounts are required to be an appointed, provisional or temporary representative for the regulated activity of fund management.