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CMFASExam Module 1B Free Preview
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Question 1 of 30
1. Question
According to the Monetary Authority of Singapore (MAS) notice 626, a bank shall identify and assess the money laundering and terrorism financing risks that may arise in relation to which of the following areas?
I. A bank shall identify and assess in relation to the development of new products and new business practices, including new delivery mechanisms.
II. A bank shall identify and assess in relation to business outside Singapore.
III. A bank shall identify and assess in relation to the development of existing products and businesses.
IV. A bank shall identify and assess in relation to the use of new or developing technologies for both new and pre-existing products.Correct
According to the Monetary Authority of Singapore (MAS) notice 626, a bank shall identify and assess the money laundering and terrorism financing risks that may arise in relation to the following areas:-
(a) A bank shall identify and assess in relation to the development of new products and new business practices, including new delivery mechanisms.
(b) A bank shall identify and assess in relation to the use of new or developing technologies for both new and pre-existing products.Incorrect
According to the Monetary Authority of Singapore (MAS) notice 626, a bank shall identify and assess the money laundering and terrorism financing risks that may arise in relation to the following areas:-
(a) A bank shall identify and assess in relation to the development of new products and new business practices, including new delivery mechanisms.
(b) A bank shall identify and assess in relation to the use of new or developing technologies for both new and pre-existing products. -
Question 2 of 30
2. Question
Where a customer is a legal person or legal arrangement, the bank shall identify the connected parties of the customer by obtaining which of the following information?
I. Date of birth, establishment, incorporation or registration of each connected party.
II. Unique identification number (such as an identity card number, birth certificate number or passport number of the connected party) of each connected party.
III. Nationality, place of incorporation or place of registration of each connected party.
IV. Full name, including any aliases of each connected party.Correct
Where a customer is a legal person or legal arrangement, the bank shall identify the connected parties of the customer by obtaining the following information:-
(a) Unique identification number (such as an identity card number, birth certificate number or passport number of the connected party) of each connected party.
(b) Full name, including any aliases of each connected party.Incorrect
Where a customer is a legal person or legal arrangement, the bank shall identify the connected parties of the customer by obtaining the following information:-
(a) Unique identification number (such as an identity card number, birth certificate number or passport number of the connected party) of each connected party.
(b) Full name, including any aliases of each connected party. -
Question 3 of 30
3. Question
Where the bank performs simplified Customer due Diligence (CDD) measures in relation to a customer, any natural person appointed to act on behalf of the customer and any beneficial owner of the customer should document which of the following details?
I. It shall document the details of its risk assessment.
II. It shall document the customer’s full name, including any aliases.
III. It shall document the report of suspicious, complex, unusually large or unusual patterns of transactions.
IV. It shall document the nature of the simplified CDD measures.Correct
Where the bank performs simplified Customer due Diligence (CDD) measures in relation to a customer, any natural person appointed to act on behalf of the customer and any beneficial owner of the customer should document the following details:-
(a) It shall document the details of its risk assessment.
(b) It shall document the nature of the simplified CDD measures.Incorrect
Where the bank performs simplified Customer due Diligence (CDD) measures in relation to a customer, any natural person appointed to act on behalf of the customer and any beneficial owner of the customer should document the following details:-
(a) It shall document the details of its risk assessment.
(b) It shall document the nature of the simplified CDD measures. -
Question 4 of 30
4. Question
What is the minimum amount a person should have in its Special Account (SA) to fulfill the criteria for investment under the Central Provident Fund Investment Scheme (CPFIS)?
Correct
The following criteria should be catered by a person if he wishes to invest under the Central Provident Fund Investment Scheme (CPFIS):-
(a) The person should be at least 18 years old.
(b) A person should not an undischarged bankrupt.
(c) The person should have more than $20,000 in his Ordinary Account (OA).
(d) The person should have more than $40,000 in his Special Account (SA).Incorrect
The following criteria should be catered by a person if he wishes to invest under the Central Provident Fund Investment Scheme (CPFIS):-
(a) The person should be at least 18 years old.
(b) A person should not an undischarged bankrupt.
(c) The person should have more than $20,000 in his Ordinary Account (OA).
(d) The person should have more than $40,000 in his Special Account (SA). -
Question 5 of 30
5. Question
Which of the following factor(s) should be considered by a person who wishes to invest under the Central Provident Fund Investment Scheme (CPFIS)?
I. A person should consider Risk Tolerance during investment under the CPF Investment Scheme (CPFIS).
II. A person should consider Market Value during investment under the CPF Investment Scheme (CPFIS).
III. A person should consider Investment Time Horizon during investment under the CPF Investment Scheme (CPFIS).
IV. A person should consider the Overall Financial Situation during investment under the CPF Investment Scheme (CPFIS).Correct
All types of investments are subject to risk. Risk refers to the possibility of losing part/all of your investments due to financial market changes. By understanding the risks associated with the various investment options, you can better decide on investments that best match your risk tolerance and personal circumstances. Here are some factors you should consider:-
(a) Risk Tolerance — Consider the amount of risk you are comfortable with and can afford to take. Are you able to handle temporary short-term losses in your investments? Do you have enough savings to absorb the investment risks? You can take the Risk Tolerance.
(b) Investment Time Horizon — Consider the duration of your investments. Do remember that your CPF savings are meant for your retirement. Hence, they are generally for long term purposes unless you are nearing retirement or have a short-term investment time horizon for other reasons.
(c) Overall Financial Situation — Consider your financial commitments and the amount of money required to sustain your lifestyle during retirement. Do you have other assets set aside for retirement besides your CPF savings? How are these assets invested?Incorrect
All types of investments are subject to risk. Risk refers to the possibility of losing part/all of your investments due to financial market changes. By understanding the risks associated with the various investment options, you can better decide on investments that best match your risk tolerance and personal circumstances. Here are some factors you should consider:-
(a) Risk Tolerance — Consider the amount of risk you are comfortable with and can afford to take. Are you able to handle temporary short-term losses in your investments? Do you have enough savings to absorb the investment risks? You can take the Risk Tolerance.
(b) Investment Time Horizon — Consider the duration of your investments. Do remember that your CPF savings are meant for your retirement. Hence, they are generally for long term purposes unless you are nearing retirement or have a short-term investment time horizon for other reasons.
(c) Overall Financial Situation — Consider your financial commitments and the amount of money required to sustain your lifestyle during retirement. Do you have other assets set aside for retirement besides your CPF savings? How are these assets invested? -
Question 6 of 30
6. Question
Which of the following types of Central Provident Fund Investment Scheme (CPFIS) amount/investments could be withdrawn by a person after reaching 55 years of age?
I. A person can withdraw his CPFIS-OA investments.
II. A person can withdraw his CPFIS-SA investments.
III. A person can withdraw his cash balance in his investment account.
IV. A person can withdraw his profit in terms of cash balance in his investment account.Correct
After reaching 55 years of age a person will be eligible to withdraw his CPFIS- Ordinary Account (OA) and CPFIS- Special Account (SA) investments, as well as the cash balance in his Investment Account, after setting aside the Full Retirement Sum (FRS) in his Retirement Account (RA). The FRS can be set aside fully with cash, or with cash (i.e. at least the Basic Retirement Sum) and property.
Incorrect
After reaching 55 years of age a person will be eligible to withdraw his CPFIS- Ordinary Account (OA) and CPFIS- Special Account (SA) investments, as well as the cash balance in his Investment Account, after setting aside the Full Retirement Sum (FRS) in his Retirement Account (RA). The FRS can be set aside fully with cash, or with cash (i.e. at least the Basic Retirement Sum) and property.
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Question 7 of 30
7. Question
Which of the following methods adopted by a person who wishes to sell or apply for withdrawal of his discounted SingTel (ST) shares?
I. A person cannot choose to sell his discounted ST shares.
II. A person can choose to withdraw his discounted ST shares upon meeting MAS withdrawal conditions.
III. A person can choose to withdraw his discounted ST shares upon meeting CPF withdrawal conditions.
IV. A person can choose to sell his discounted ST shares.Correct
A person can sell or apply for withdrawal of his discounted SingTel (ST) shares on the following methods:
(a) A person can choose to withdraw his discounted ST shares upon meeting CPF withdrawal conditions.
(b) A person can choose to sell his discounted ST shares.Incorrect
A person can sell or apply for withdrawal of his discounted SingTel (ST) shares on the following methods:
(a) A person can choose to withdraw his discounted ST shares upon meeting CPF withdrawal conditions.
(b) A person can choose to sell his discounted ST shares. -
Question 8 of 30
8. 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 9 of 30
9. 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 10 of 30
10. 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).
-
Question 11 of 30
11. Question
Which of the following system 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).
-
Question 12 of 30
12. Question
Which of the following conditions an appointed representative will cease to be one in respect of any type of regulated activity?
I. The appointed representative has ceased to act as such representative for a continuous period of one month and his principal has notified MAS of his cessation as such representative.
II. MAS has revoked the status of the appointed representative.
III. The license of his principal lapses, the license is revoked by MAS or prohibition order is issued by the MAS against his principal prohibiting it from carrying out that type of regulated activity.
IV. FATF has revoked the status of the appointed representative.Correct
An appointed representative will cease to be one in respect of any type of regulated activity where:-
(a) The principal notifies MAS of such cessation. Such notification should be made in Form 8 via the CoRe system to MAS no later than the next business day.
(b) The appointed representative has ceased to act as such representative for a continuous period of one month and his principal has not notified MAS of his cessation as such representative.
(c) MAS has revoked the status of the appointed representative.
(d) The principal ceases to carry on business in that type of regulated activity. The principal needs to notify MAS of its cessation via Form 7.
(e) The license of his principal lapses, the license is revoked by MAS or prohibition order is issued by MAS against his principal prohibiting it from carrying out that type of regulated activity.Incorrect
An appointed representative will cease to be one in respect of any type of regulated activity where:-
(a) The principal notifies MAS of such cessation. Such notification should be made in Form 8 via the CoRe system to MAS no later than the next business day.
(b) The appointed representative has ceased to act as such representative for a continuous period of one month and his principal has not notified MAS of his cessation as such representative.
(c) MAS has revoked the status of the appointed representative.
(d) The principal ceases to carry on business in that type of regulated activity. The principal needs to notify MAS of its cessation via Form 7.
(e) The license of his principal lapses, the license is revoked by MAS or prohibition order is issued by MAS against his principal prohibiting it from carrying out that type of regulated activity. -
Question 13 of 30
13. Question
What is the minimum number of Executive Directors should be appointed under a Registered Fund Management Company (RFMC), A/I Licensed Fund Management Company (A/I LFMC) and Retail Licensed Fund Management Company (Retail LFMC)?
Correct
At least 2 Executive Directors are required to be appointed under a Registered Fund Management Company (RFMC), A/I Licensed Fund Management Company (A/I LFMC) and Retail Licensed Fund Management Company (Retail LFMC). Executive Directors are employed full-time in the day-to-day operations of the company and should be resident in Singapore. There should be at least one Executive Director who has 5 years of experience in portfolio management in areas similar to what the FMC intends to do.
Incorrect
At least 2 Executive Directors are required to be appointed under a Registered Fund Management Company (RFMC), A/I Licensed Fund Management Company (A/I LFMC) and Retail Licensed Fund Management Company (Retail LFMC). Executive Directors are employed full-time in the day-to-day operations of the company and should be resident in Singapore. There should be at least one Executive Director who has 5 years of experience in portfolio management in areas similar to what the FMC intends to do.
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Question 14 of 30
14. Question
Within how many days the principal company should notify the Monetary Authority of Singapore (MAS) of its representative’s change of particulars by lodging Form 16 through the CoRe system?
Correct
An appointed representative, provisional representative or temporary representative is required to inform his principal company of any change in his particulars specified in Form 16 within 7 days after the date of the change of the particulars. The principal company is required to notify the Monetary Authority of Singapore (MAS) of its representative’s change of particulars by lodging Form 16 through the CoRe system not later than 14 days after the date of the change of the particulars.
Incorrect
An appointed representative, provisional representative or temporary representative is required to inform his principal company of any change in his particulars specified in Form 16 within 7 days after the date of the change of the particulars. The principal company is required to notify the Monetary Authority of Singapore (MAS) of its representative’s change of particulars by lodging Form 16 through the CoRe system not later than 14 days after the date of the change of the particulars.
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Question 15 of 30
15. Question
According to the Monetary Authority of Singapore (MAS), a capital markets services (CMS) license holder is required to deposit customer’s money and assets into anyone of which of the following accounts?
I. A CMS license holder is required to deposit the customer’s money and assets into a trust account maintained with a bank.
II. A CMS license holder is required to deposit the customer’s money and assets into a merchant bank in Singapore.
III. A CMS license holder is required to deposit the customer’s money and assets into an personal account maintained with a bank.
IV. A CMS license holder is required to deposit the customer’s money and assets into a finance company in Singapore.Correct
A capital markets services (CMS) license holder is required to deposit the customer’s money and assets into a trust account maintained with a bank, merchant bank or finance company in Singapore.
Incorrect
A capital markets services (CMS) license holder is required to deposit the customer’s money and assets into a trust account maintained with a bank, merchant bank or finance company in Singapore.
-
Question 16 of 30
16. Question
Which of the following categories 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).
-
Question 17 of 30
17. 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 18 of 30
18. Question
Which of the following experiences should the Chief Executive Officer, directors and relevant professionals of the Fund Management Company (FMC) have?
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 19 of 30
19. 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 20 of 30
20. Question
The trust business license application by a person shall be made to which of the following authorities?
Correct
An application for a trust business license shall be made to the Monetary Authority of Singapore (MAS) in such form and manner as the MAS may require. The manner for the payment of a non-refundable application fee for a trust business license specify by the MAS.
Incorrect
An application for a trust business license shall be made to the Monetary Authority of Singapore (MAS) in such form and manner as the MAS may require. The manner for the payment of a non-refundable application fee for a trust business license specify by the MAS.
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Question 21 of 30
21. Question
What is the amount of applicable base capital requirement that should be paid by the applicant who is carrying out fund management of any collective investment scheme offered to any investor other than an accredited investor or institutional investor?
Correct
The applicable base capital requirement of $1 million should be paid by the applicant who is carrying out fund management of any collective investment scheme offered to any investor other than an accredited investor or institutional investor.
Incorrect
The applicable base capital requirement of $1 million should be paid by the applicant who is carrying out fund management of any collective investment scheme offered to any investor other than an accredited investor or institutional investor.
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Question 22 of 30
22. Question
What is the amount of applicable base capital requirement that should be paid by the applicant who is providing credit rating services?
Correct
The applicable base capital requirement of $250,000 should be paid by the applicant who is providing credit rating services.
Incorrect
The applicable base capital requirement of $250,000 should be paid by the applicant who is providing credit rating services.
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Question 23 of 30
23. Question
Which of the following financial requirements are applicable for an applicant who wishes to act as approved collective investment schemes (CIS) trustee under the Monetary Authority of Singapore (MAS)?
I. The applicant should have a minimum paid-up capital of S$5 million.
II. The applicant should have a minimum shareholders’ funds of S$1 million.
III. The applicant should have a minimum shareholders’ funds of S$5 million.
IV. The applicant should have a minimum paid-up capital of S$1 million.Correct
The following financial requirements are applicable for an applicant who wishes to act as approved collective investment schemes (CIS) trustee under the Monetary Authority of Singapore (MAS):-
(a) The applicant should have a minimum shareholders’ funds of S$1 million.
(b) The applicant should have a minimum paid-up capital of S$1 million.Incorrect
The following financial requirements are applicable for an applicant who wishes to act as approved collective investment schemes (CIS) trustee under the Monetary Authority of Singapore (MAS):-
(a) The applicant should have a minimum shareholders’ funds of S$1 million.
(b) The applicant should have a minimum paid-up capital of S$1 million. -
Question 24 of 30
24. Question
The list of Registered Fund Management Company (RFMC) is listed in which of the following directory?
Correct
The list of Registered Fund Management Company (RFMC) is listed in the Financial Institutions Directory.
Incorrect
The list of Registered Fund Management Company (RFMC) is listed in the Financial Institutions Directory.
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Question 25 of 30
25. Question
Which of the following is the applicable financial requirement of base capital for a retail licensed fund management company (LFMC) under the Capital Markets Services (CMS) License?
Correct
The applicable financial requirement of base capital for retail licensed fund management company (LFMC) under the Capital Markets Services (CMS) License should be minimum S$500,000 or higher and it should be required to maintain financial resources which are in excess of its total risk requirements.
Incorrect
The applicable financial requirement of base capital for retail licensed fund management company (LFMC) under the Capital Markets Services (CMS) License should be minimum S$500,000 or higher and it should be required to maintain financial resources which are in excess of its total risk requirements.
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Question 26 of 30
26. Question
Which of the following criteria satisfies the requirement of staff for a retail licensed fund management company (LFMC) under the Capital Markets Services (CMS) License?
I. The proposed CEO must have at least 5 years of relevant experience.
II. Minimum of 3 full-time Singapore-based employees each with at least 5 years of relevant experience.
III. The proposed CEO must have at least 10 years of relevant experience.
IV. Independent and dedicated compliance function in Singapore required.Correct
The following criteria should be adopted for the staffing requirement of a retail licensed fund management company (LFMC) under the Capital Markets Services (CMS) License:-
(a) Minimum of 3 full-time Singapore-based employees each with at least 5 years of relevant experience.
(b) The proposed CEO must have at least 10 years of relevant experience.
(c) Independent and dedicated compliance function in Singapore required.Incorrect
The following criteria should be adopted for the staffing requirement of a retail licensed fund management company (LFMC) under the Capital Markets Services (CMS) License:-
(a) Minimum of 3 full-time Singapore-based employees each with at least 5 years of relevant experience.
(b) The proposed CEO must have at least 10 years of relevant experience.
(c) Independent and dedicated compliance function in Singapore required. -
Question 27 of 30
27. Question
Which of the following condition satisfies the criteria of staff requirement for a registered fund management company (RFMC) under the Capital Markets Services (CMS) License?
Correct
Minimum of 2 fulltime Singapore based employees each with at least 5 years of relevant experience required to fulfill the criteria of staff requirement for a registered fund management company (RFMC) under the Capital Markets Services (CMS) License.
Incorrect
Minimum of 2 fulltime Singapore based employees each with at least 5 years of relevant experience required to fulfill the criteria of staff requirement for a registered fund management company (RFMC) under the Capital Markets Services (CMS) License.
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Question 28 of 30
28. Question
What should be the applicable base capital requirement, if the applicant does not carry any type of customer’s positions in capital markets products, margins or accounts in its own books and deals in capital markets products that are securities, units in collective scheme or exchange traded derivatives contracts?
Correct
The applicable base capital requirement of $50,000 should be paid by the applicant who does not carry any type of customer’s positions in capital markets products, margins or accounts in its own books and deals in capital markets products that are securities, units in collective scheme or exchange traded derivatives contracts.
Incorrect
The applicable base capital requirement of $50,000 should be paid by the applicant who does not carry any type of customer’s positions in capital markets products, margins or accounts in its own books and deals in capital markets products that are securities, units in collective scheme or exchange traded derivatives contracts.
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Question 29 of 30
29. Question
The Suspicious Transaction Report (STR) reporting templates are available on which of the following medium?
Correct
The Suspicious Transaction Report (STR) reporting templates are available on the Commercial Affairs Department’s website.
Incorrect
The Suspicious Transaction Report (STR) reporting templates are available on the Commercial Affairs Department’s website.
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Question 30 of 30
30. Question
Which of the following criteria should be considered by the Monetary Authority of Singapore (MAS) while assessing an application of a company that wishes to be an approved collective investment schemes (CIS) trustee?
I. Fitness and propriety of the applicant, its shareholders and directors.
II. Track record and management expertise of the applicant and its parent company or major shareholders.
III. Strength of external compliance systems and processes of the company.
IV. Business model/plans and projections and associated risks.Correct
The following criteria should be considered by the Monetary Authority of Singapore (MAS) while assessing an application of a company that wishes to be an approved collective investment schemes (CIS) trustee:-
(a) Fitness and propriety of the applicant, its shareholders and directors.
(b) Track record and management expertise of the applicant and its parent company or major shareholders.
(c) Ability to meet the minimum financial requirements prescribed under the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005.
(d) Strength of internal compliance systems and processes of the applicant.
(e) Business model/plans and projections and associated risks.Incorrect
The following criteria should be considered by the Monetary Authority of Singapore (MAS) while assessing an application of a company that wishes to be an approved collective investment schemes (CIS) trustee:-
(a) Fitness and propriety of the applicant, its shareholders and directors.
(b) Track record and management expertise of the applicant and its parent company or major shareholders.
(c) Ability to meet the minimum financial requirements prescribed under the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005.
(d) Strength of internal compliance systems and processes of the applicant.
(e) Business model/plans and projections and associated risks.