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Capital Market & Financial Advisory Service Module 5 – Full Access
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Question 1 of 30
1. Question
For the purposes of ongoing monitoring, a financial adviser shall put in place and implement adequate systems and processes, commensurate with the size and complexity of the financial adviser, to:
I. monitor its business relations with customers
II. detect and report suspicious, complex, unusually large or unusual patterns of transactions
III. incorporated or established outside Singapore but are subject to and supervised for compliance with AML/CFT requirements consistent with standards set by the FATF,
IV. Letting customers make their own patterns of transactionsCorrect
For the purposes of ongoing monitoring, a financial adviser shall put in place and implement adequate systems and processes, commensurate with the size and complexity of the financial adviser, to:
i. monitor its business relations with customers
ii. detect and report suspicious, complex, unusually large or unusual patterns of transactions
iii. incorporated or established outside Singapore but are subject to and supervised for compliance with AML/CFT requirements consistent with standards set by the FATF.Incorrect
For the purposes of ongoing monitoring, a financial adviser shall put in place and implement adequate systems and processes, commensurate with the size and complexity of the financial adviser, to:
i. monitor its business relations with customers
ii. detect and report suspicious, complex, unusually large or unusual patterns of transactions
iii. incorporated or established outside Singapore but are subject to and supervised for compliance with AML/CFT requirements consistent with standards set by the FATF. -
Question 2 of 30
2. Question
How many classes of Representatives under the Financial Advisory Act?
Correct
There are Two classes of Representatives under the Financial Advisory Act.
Incorrect
There are Two classes of Representatives under the Financial Advisory Act.
-
Question 3 of 30
3. Question
Section 32 of the FAA requires every licensed FA to maintain a separate account with a bank for its life insurance broking premiums. Only circumstances of money can be withdrawn:
I. Credited to clients accounts
II. Erroneously credited into the account
III. Credited to FA’s account
IV. any repayment of money that was paid into the account in errorCorrect
Section 32 of the FAA requires every licensed FA to maintain a separate account with a bank for its life insurance broking premiums. Only circumstances of money can be withdrawn:
(a) any payment to or for a person entitled to receive payment of the money, including itself in so far as it is entitled to receive payment for itself;
(b) any payment to or for an insurer in respect of amounts due to the insurer under or in relation to a contract of insurance;
(c) any investment by way of deposits placed with any bank licensed under the Banking Act (Cap. 19); or
(d) any repayment of money that was paid into the account in error.Incorrect
Section 32 of the FAA requires every licensed FA to maintain a separate account with a bank for its life insurance broking premiums. Only circumstances of money can be withdrawn:
(a) any payment to or for a person entitled to receive payment of the money, including itself in so far as it is entitled to receive payment for itself;
(b) any payment to or for an insurer in respect of amounts due to the insurer under or in relation to a contract of insurance;
(c) any investment by way of deposits placed with any bank licensed under the Banking Act (Cap. 19); or
(d) any repayment of money that was paid into the account in error. -
Question 4 of 30
4. Question
When is the relevant person required to enter the particulars of the change in the register, when there is any change in any interest in securities?
Correct
When there is any change in any interest in securities the relevant person required to enter the particulars of the change in the register within 7 days from the date of the change and retain the entry for five years.
Incorrect
When there is any change in any interest in securities the relevant person required to enter the particulars of the change in the register within 7 days from the date of the change and retain the entry for five years.
-
Question 5 of 30
5. Question
What will be revealed by a budgetary guide in connection to the Cancellation Period For Unit Trusts?
I. The time allotment for the customer to rethink his acquisition of a unit trust.
II. The danger of any fall in the estimation of the units during the crossing out period would need to be borne by the money related counselor.
III. The danger of any fall in the estimation of the units during the wiping out period would need to be borne by the customer.
IV.The terms and methods for practicing his entitlement to drop his acquisition of units in the plan.
Correct
Where the unit trust provides for a cancellation period, the financial adviser shall disclose and explain to the client:
(a) the time frame for the client to reconsider his purchase of a unit trust;
(b) the terms and procedures for exercising his right to cancel his purchase of units in the scheme; and
(c) that the risk of any fall in the value of the units during the cancellation period would have to be borne by the client.Incorrect
Where the unit trust provides for a cancellation period, the financial adviser shall disclose and explain to the client:
(a) the time frame for the client to reconsider his purchase of a unit trust;
(b) the terms and procedures for exercising his right to cancel his purchase of units in the scheme; and
(c) that the risk of any fall in the value of the units during the cancellation period would have to be borne by the client. -
Question 6 of 30
6. Question
What are the requirements for Financial Advisers appointing Introducers?
I. A financial adviser shall ensure that none of its employees or representatives enter into any arrangement with an introducer to carry out introducing activities.
II. A financial adviser which engages the services of an introducer shall institute adequate control systems and procedures to ensure the proper conduct of the introducer.
III. It should take reasonable steps not to appoint an introducer carrying out of introducing activities is, if the introducer is a corporation, its sole business activity.
IV. It should take reasonable steps not to appoint an introducer carrying out of introducing activities is, if the introducer is an individual, his full-time occupation.Correct
i. A financial adviser shall ensure that none of its employees or representatives enter into any arrangement with an introducer to carry out introducing activities.
ii. A financial adviser which engages the services of an introducer shall institute adequate control systems and procedures to ensure the proper conduct of the introducer.
iii. It should take reasonable steps not to appoint an introducer carrying out of introducing activities is, if the introducer is a corporation, its sole business activity.
iv. It should take reasonable steps not to appoint an introducer carrying out of introducing activities is, if the introducer is an individual, his full-time occupation.Incorrect
i. A financial adviser shall ensure that none of its employees or representatives enter into any arrangement with an introducer to carry out introducing activities.
ii. A financial adviser which engages the services of an introducer shall institute adequate control systems and procedures to ensure the proper conduct of the introducer.
iii. It should take reasonable steps not to appoint an introducer carrying out of introducing activities is, if the introducer is a corporation, its sole business activity.
iv. It should take reasonable steps not to appoint an introducer carrying out of introducing activities is, if the introducer is an individual, his full-time occupation. -
Question 7 of 30
7. Question
How many accredited investors can be advised by FA on any occasion?
Correct
Exempt persons are exempted from the requirement to hold an FA license in acting, whether directly or indirectly, as a financial adviser in giving advice in Singapore, either directly or through publications or writings, or by issuing or promulgating research analyses or research reports, concerning any investment product (other than life policies), to not more than 30 accredited investors on any occasion.
Incorrect
Exempt persons are exempted from the requirement to hold an FA license in acting, whether directly or indirectly, as a financial adviser in giving advice in Singapore, either directly or through publications or writings, or by issuing or promulgating research analyses or research reports, concerning any investment product (other than life policies), to not more than 30 accredited investors on any occasion.
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Question 8 of 30
8. Question
What particulars will be included a register by a financial adviser with respect to introducers?
I. Names
II. Places of business
III. Contract Numbers
IV. Business registration numbersCorrect
The financial adviser is required to maintain a register containing the following particulars of the introducers appointed by the financial adviser, their:
(i) names;
(ii) places of business;
(iii) contact numbers;
(iv) business registration numbers or, in the case of individuals,identity card numbersIncorrect
The financial adviser is required to maintain a register containing the following particulars of the introducers appointed by the financial adviser, their:
(i) names;
(ii) places of business;
(iii) contact numbers;
(iv) business registration numbers or, in the case of individuals,identity card numbers -
Question 9 of 30
9. Question
How many accredited investors can be advised by FA at any occasion?
Correct
Exempt persons are exempted from the requirement to hold a FA licence in acting, whether directly or indirectly, as a financial adviser in giving advice in Singapore, either directly or through publications or writings, or by issuing or promulgating research analyses or research reports, concerning any investment product (other than life policies), to not more than 30 accredited investors on any occasion.
Incorrect
Exempt persons are exempted from the requirement to hold a FA licence in acting, whether directly or indirectly, as a financial adviser in giving advice in Singapore, either directly or through publications or writings, or by issuing or promulgating research analyses or research reports, concerning any investment product (other than life policies), to not more than 30 accredited investors on any occasion.
-
Question 10 of 30
10. Question
What is not true regarding minimum entry requirements for a provisional representative?
Correct
The principal shall ensure that any individual proposed to be a provisional representative is able to satisfy the following minimum entry requirements:
(a) he is at least 21 years old;
(b) he is in the process of relocating or has already relocated to Singapore;
(c) he possesses at least three years of working experience relevant to the type of financial advisory service that he will provide as a provisional representative; and
(d) he possesses at least a Bachelor’s degree or equivalent, or a professional qualification.Incorrect
The principal shall ensure that any individual proposed to be a provisional representative is able to satisfy the following minimum entry requirements:
(a) he is at least 21 years old;
(b) he is in the process of relocating or has already relocated to Singapore;
(c) he possesses at least three years of working experience relevant to the type of financial advisory service that he will provide as a provisional representative; and
(d) he possesses at least a Bachelor’s degree or equivalent, or a professional qualification. -
Question 11 of 30
11. Question
Which one of the following instruments issued by the MAS has the force of law?
Correct
Directions ensure compliance by explaining specific instructions in detail to financial institutions or other specified persons. They have
the legal effect, meaning that the MAS can specify whether a contravention of a direction is a criminal offence.Incorrect
Directions ensure compliance by explaining specific instructions in detail to financial institutions or other specified persons. They have
the legal effect, meaning that the MAS can specify whether a contravention of a direction is a criminal offence. -
Question 12 of 30
12. Question
Which one of the following types of instruments issued by the Monetary Authority of
Singapore has the force of the law that financial institutions or other specified persons such
as financial advisers’ representatives have to adhere to?Correct
Subsidiary legislation spells out in greater detail the requirements that financial institutions or other specified persons (e.g. a financial adviser’s representative) have to adhere to. Subsidiary legislation has the force of law and may specify that contravention is a criminal offence.
Incorrect
Subsidiary legislation spells out in greater detail the requirements that financial institutions or other specified persons (e.g. a financial adviser’s representative) have to adhere to. Subsidiary legislation has the force of law and may specify that contravention is a criminal offence.
-
Question 13 of 30
13. Question
How many tenets are there in a monograph on the “Tenets of Effective Regulation” issued by the Monetary Authority of Singapore to communicate its approach to develop effective regulation?
Correct
Incorrect
-
Question 14 of 30
14. Question
The Financial Advisers Regulations (FAR) came into effect as subsidiary legislation to give effect to the provisions of the Financial Advisers Act. The FAR is prescribed by the _____________.
Correct
The Financial Advisers Regulations (FAR) came into effect as subsidiary legislation to give effect to the provisions of the Financial Advisers Act. The FAR is prescribed by the Monetary Authority of Singapore.
Incorrect
The Financial Advisers Regulations (FAR) came into effect as subsidiary legislation to give effect to the provisions of the Financial Advisers Act. The FAR is prescribed by the Monetary Authority of Singapore.
Hint
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Question 15 of 30
15. Question
“The sale of functionally similar products, such as Single Premium Investment-linked Policies and trusts, would be subject to similar rules and standards.”
The above statement is in accordance with the principle of ______ under the Financial Advisers Act.Correct
“The sale of functionally similar products, such as Single Premium Investment-linked Policies and trusts, would be subject to similar rules and standards.” under FAA.
Incorrect
“The sale of functionally similar products, such as Single Premium Investment-linked Policies and trusts, would be subject to similar rules and standards.” under FAA.
-
Question 16 of 30
16. Question
Which one of the following natural persons is considered to be an “accredited investor” under the Financial Advisers Regulations?
His income in the preceding 12 months is not less than _________________ or its equivalent in value in a foreign currency.Correct
The income of a person in the preceding 12 months is not less than $300,000 or it’s equivalent in value in a foreign currency.
Incorrect
The income of a person in the preceding 12 months is not less than $300,000 or it’s equivalent in value in a foreign currency.
-
Question 17 of 30
17. Question
Which one of the following corporate persons is an exempt financial adviser?
Correct
A company licensed under the Insurance Act is exempt in Financial advisor.
Incorrect
A company licensed under the Insurance Act is exempt in Financial advisor.
-
Question 18 of 30
18. Question
Which one of the following is NOT an “excluded financial adviser” under the Financial Advisers Act?
Correct
The person exercising its power in relation to a company as its chief executive officer under the Companies Act is not an excluded financial advisor under FAA.
Incorrect
The person exercising its power in relation to a company as its chief executive officer under the Companies Act is not an excluded financial advisor under FAA.
-
Question 19 of 30
19. Question
Retaking Of CMFAS Module 5 will apply to which of the following?
Correct
Retaking Of CMFAS Module 5 will not apply to:
(a) as of 18 February 2004, was a representative of an exempt financial adviser providing execution-related advice, and has completed a non-examinable course on Module 5 by 17 August 2004; or
(b) is or was a representative of an exempt financial adviser who had commenced the provision of execution-related advice within 12 months from 18 February 2004, and has completed a nonexaminable course on Module 5 within six months from the date of commencement of the activity, unless such individual has ceased the provision of execution-related advice for an exempt financial adviser for a period exceeding three years.Incorrect
Retaking Of CMFAS Module 5 will not apply to:
(a) as of 18 February 2004, was a representative of an exempt financial adviser providing execution-related advice, and has completed a non-examinable course on Module 5 by 17 August 2004; or
(b) is or was a representative of an exempt financial adviser who had commenced the provision of execution-related advice within 12 months from 18 February 2004, and has completed a nonexaminable course on Module 5 within six months from the date of commencement of the activity, unless such individual has ceased the provision of execution-related advice for an exempt financial adviser for a period exceeding three years. -
Question 20 of 30
20. Question
Modules 6, 6A and 7 of CMFAS examintaion is monitored by?
Correct
The Institute of Banking & Finance (“IBF”) administers Modules 6, 6A and 7, while the Singapore College of Insurance (“SCI”) administers Modules 5, 8, 8A, 9 and 9A. Details of the syllabus and examination format of these modules may be obtained from IBF and SCI.
Incorrect
The Institute of Banking & Finance (“IBF”) administers Modules 6, 6A and 7, while the Singapore College of Insurance (“SCI”) administers Modules 5, 8, 8A, 9 and 9A. Details of the syllabus and examination format of these modules may be obtained from IBF and SCI.
-
Question 21 of 30
21. Question
What measures should be taken so that appointed representatives remain fit and proper in respect of their provision of financial advisory services?
I. To undergo continuing education so as to keep abreast of developments in the financial advisory industry.
II. To update their skills and knowledge in relation to the type of financial advisory services which they provide.
III. A principal must include the structured continuing professional development (“CPD”) training undertaken by its appointed .
IV. Weekly training programs and updates should be taken.Correct
The Authority expects appointed representatives of financial advisers to undergo continuing education so as to keep abreast of developments in the financial advisory industry and update their skills and knowledge in relation to the type of financial advisory services which they provide. In this regard, a principal must include the structured continuing professional development (“CPD”) training undertaken by its appointed representatives in its assessment on whether its appointed representatives remain fit and proper in respect of their provision of financial advisory services.
Incorrect
The Authority expects appointed representatives of financial advisers to undergo continuing education so as to keep abreast of developments in the financial advisory industry and update their skills and knowledge in relation to the type of financial advisory services which they provide. In this regard, a principal must include the structured continuing professional development (“CPD”) training undertaken by its appointed representatives in its assessment on whether its appointed representatives remain fit and proper in respect of their provision of financial advisory services.
-
Question 22 of 30
22. Question
What will be explained disclosed by the financial adviser as a part of the Free-Look Period For Life Policies?
I. The time frame for the client to reconsider his purchase of a life policy.
II. The terms and procedures for exercising the free-look provision.
III. In the case of an investment-linked policy, the risk of any fall in the value of the underlying investment during the free-look period may have to be borne by the client.
IV. In the case of an investment-linked policy, the risk of any fall in the value of the underlying investment during the free-look period may have to be borne by the financial adviser.Correct
The financial adviser shall disclose and explain to the client:
(a) the time frame for the client to reconsider his purchase of a life policy;
(b) the terms and procedures for exercising the free-look provision; and
(c) in the case of an investment-linked policy, that the risk of any fall in the value of the underlying investment during the free-look period may have to be borne by the client.Incorrect
The financial adviser shall disclose and explain to the client:
(a) the time frame for the client to reconsider his purchase of a life policy;
(b) the terms and procedures for exercising the free-look provision; and
(c) in the case of an investment-linked policy, that the risk of any fall in the value of the underlying investment during the free-look period may have to be borne by the client. -
Question 23 of 30
23. Question
What will be revealed by a budgetary guide in connection to the Cancellation Period For Unit Trusts?
I. The time allotment for the customer to rethink his acquisition of a unit trust.
II. The danger of any fall in the estimation of the units during the crossing out period would need to be borne by the money related counselor.
III. The danger of any fall in the estimation of the units during the wiping out period would need to be borne by the customer.
IV. The terms and methods for practicing his entitlement to drop his acquisition of units in the plan.Correct
Where the unit trust provides for a cancellation period, the financial adviser shall disclose and explain to the client:
(a) the time frame for the client to reconsider his purchase of a unit trust;
(b) the terms and procedures for exercising his right to cancel his purchase of units in the scheme; and
(c) that the risk of any fall in the value of the units during the cancellation period would have to be borne by the client.Incorrect
Where the unit trust provides for a cancellation period, the financial adviser shall disclose and explain to the client:
(a) the time frame for the client to reconsider his purchase of a unit trust;
(b) the terms and procedures for exercising his right to cancel his purchase of units in the scheme; and
(c) that the risk of any fall in the value of the units during the cancellation period would have to be borne by the client. -
Question 24 of 30
24. Question
Notice No: FAA-N11 applies to any authorized or excluded money related counsel or its agent if?
Correct
Notice No: FAA-N11 applies to any licensed or exempt financial adviser or its representative, who advises on any dual currency investment, except:
(a) where advice is given to an accredited investor, expert investor or institutional investor
(b) where advice is given to a high net worth individual as defined in the Guidelines on Exemption for Specialised
Units Serving High Net Worth Individuals
(c) where advice is given to any person outside SingaporeIncorrect
Notice No: FAA-N11 applies to any licensed or exempt financial adviser or its representative, who advises on any dual currency investment, except:
(a) where advice is given to an accredited investor, expert investor or institutional investor
(b) where advice is given to a high net worth individual as defined in the Guidelines on Exemption for Specialised
Units Serving High Net Worth Individuals
(c) where advice is given to any person outside Singapore -
Question 25 of 30
25. Question
How many accredited investors can be advised by FA on any occasion?
Correct
Exempt persons are exempted from the requirement to hold an FA license in acting, whether directly or indirectly, as a financial adviser in giving advice in Singapore, either directly or through publications or writings, or by issuing or promulgating research analyses or research reports, concerning any investment product (other than life policies), to not more than 30 accredited investors on any occasion.
Incorrect
Exempt persons are exempted from the requirement to hold an FA license in acting, whether directly or indirectly, as a financial adviser in giving advice in Singapore, either directly or through publications or writings, or by issuing or promulgating research analyses or research reports, concerning any investment product (other than life policies), to not more than 30 accredited investors on any occasion.
-
Question 26 of 30
26. Question
In case of a dual currency investment, what all information should be provided by a financial adviser?
I. A description of the nature and mechanics of the dual currency investment.
II. Any minimum investment amount in relation to the dual currency investment.
III. The currencies from which the client can select at the time of investment.
IV. The investment duration offered by the deposit-taking institution in relation to the dual currency investment.Correct
In addition to the Notice On Information To Clients And Product Information Disclosure [Notice No: FAA–N03], every financial adviser and its representative providing any financial advisory service to a client concerning a dual currency investment shall provide the client with a fair and adequate description of all material information, including the following:
(a) a description of the nature and mechanics of the dual currency investment
(b) any minimum investment amount in relation to the dual currency investment;
(c) the currencies from which the client can select at the time of investment;
(d) the investment duration offered by the deposit-taking institution in relation to the dual currency investmentIncorrect
In addition to the Notice On Information To Clients And Product Information Disclosure [Notice No: FAA–N03], every financial adviser and its representative providing any financial advisory service to a client concerning a dual currency investment shall provide the client with a fair and adequate description of all material information, including the following:
(a) a description of the nature and mechanics of the dual currency investment
(b) any minimum investment amount in relation to the dual currency investment;
(c) the currencies from which the client can select at the time of investment;
(d) the investment duration offered by the deposit-taking institution in relation to the dual currency investment -
Question 27 of 30
27. Question
Which one of the following is CORRECT concerning the renewal of all existing financial advisers’ licenses?
All existing financial advisers’ licences:
I. will no longer have to be renewed
II. are required to be renewed annually
III. are required to be renewed after three years from date of registration
IV. are required to be renewed after five years from the date of registrationCorrect
All existing financial advisers’ licenses will no longer have to be renewed.
Incorrect
All existing financial advisers’ licenses will no longer have to be renewed.
-
Question 28 of 30
28. Question
An appointed representative who completes at least 2 hours of structured CPD training on:
I. Medishield Life Scheme content.
II. Shield plan content.
III. A combination of MediShield Life Scheme content and shield plan content.
IV. No training hours required.Correct
For purposes of calculating Supplementary CPD hours or Pro-rated Supplementary CPD hours, as applicable, an appointed representative who completes at least 2 hours of structured CPD training10 on:
(a) Medishield Life Scheme content;
(b) shield plan content; or
(c) a combination of MediShield Life Scheme content and shield plan contentIncorrect
For purposes of calculating Supplementary CPD hours or Pro-rated Supplementary CPD hours, as applicable, an appointed representative who completes at least 2 hours of structured CPD training10 on:
(a) Medishield Life Scheme content;
(b) shield plan content; or
(c) a combination of MediShield Life Scheme content and shield plan content -
Question 29 of 30
29. Question
What are the circumstances under which the CPD requirements do not apply?
I. To an individual who has been appointed as an appointed representative of any financial adviser for the first time, for the period starting on the date of his first appointment and ending on the last day of the same year.
II. Where an appointed representative is required to take or re-take 1 or more applicable modules under the CMFAS Exams in any calendar year.
III. Where an appointed representative passes the applicable module or applicable modules under the CMFAS Exams.
IV. to the appointed representative for the period of the entire calendar year in which he passes the applicable
module or applicable modules.Correct
Circumstances Under Which The CPD Requirements Do Not Apply
i)do not apply to an individual who has been appointed as an appointed representative of any financial adviser for the first time, for the period starting on the date of his first appointment as an appointed representative and ending on the last day of the same calendar year.
ii)Where an appointed representative (a) is required to take or re-take 1 or more applicable modules under the CMFAS Exams in any calendar year.
(b) passes the applicable module or applicable modules under the CMFAS Exams
iii) do not apply to the appointed representative for the period of the entire calendar year in which he passes the applicable module or applicable module.Incorrect
Circumstances Under Which The CPD Requirements Do Not Apply
i)do not apply to an individual who has been appointed as an appointed representative of any financial adviser for the first time, for the period starting on the date of his first appointment as an appointed representative and ending on the last day of the same calendar year.
ii)Where an appointed representative (a) is required to take or re-take 1 or more applicable modules under the CMFAS Exams in any calendar year.
(b) passes the applicable module or applicable modules under the CMFAS Exams
iii) do not apply to the appointed representative for the period of the entire calendar year in which he passes the applicable module or applicable module. -
Question 30 of 30
30. Question
What is the penalty for any person who contravenes any requirement specified in a written direction issued by the MAS?
Correct
Under Section 58(5) of the FAA, any person who contravenes any requirement specified in a written direction issued by the MAS (which would include Notice No: FAA-N13), shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part thereof during which the offence continues after conviction.
Incorrect
Under Section 58(5) of the FAA, any person who contravenes any requirement specified in a written direction issued by the MAS (which would include Notice No: FAA-N13), shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part thereof during which the offence continues after conviction.