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問題一覧
1
Which is the following statement about the grant of Capital Markets Services (CMS) License is TRUE?
It can be granted only to a corporation
2
What is the minimum Base Capital Requirement for dealing in securities by a CMS license holder who is a non-clearing member
SGD 1mn
3
What s the minimum Base Capital Requirement for dealing in securities by a CMS license holder who is a restricted broker?
SGD 250,000
4
What is the minimum Base Capital Requirement to be satisfied for dealing ín securities by a CMS licence holder who is a non-member?
SGD 1mn
5
What is the minimum Base Capital Requirement to be satisfied for dealing in securities by a CMS licence holder who is an introducing broker?
SGD 500,000
6
A CMS licence holder must satisfy the minimum Base Capital Requirement (BCR) for its proposed regulated activities. What is the minimum BCR for dealing in securities by a clearing member?
SGD 5mn
7
For deciding whether to grant a CMS licence to an applicant, the MAS assesses the track record of the applicant at least for the last___years
5
8
Which of the fo llowing requirements is/are included in the general criteria for grant of a CMS Ilicence? (Select all options that apply)
the applicant must be primarily engaged in the business of conducting any one of the regulated activities, the applicant must be operating out of a physical office in Singapore, the applicant must satisfy that it will discharge its duties efficiently, honestly and fairly
9
One of the criteria for being granted a CMS licence is that the board of directors of the applicant should comprise of a minimum of ___ member
2
10
The applicant for a CMS licence must employ minimum how many full-time individuals in respect of each regulated activity?
2
11
A CMS licence holder must inform MAS within ___ days if it ceases to carry on business in the regulated activity it is licensed for.
14
12
Provisional representatives are allowed a grace period of ___ months to pass the requisite examinations applicable to appointed representatives.
3
13
A temporary representative may be appointed for a total of 6 months within any___ months period, with each appointment not lasting more than ___months.
24
14
Which of the following is NOT an objective of the one-representative-one-principal rule?
to ensure that the return from investments recommended to the clients are maximized.
15
In which of the following cases an applicant for a CMS Iicence may be considered fit and proper?
He has fully satisfied a judgement debt in Singapore
16
In which of the following cases an applicant for a CMS licence may be considered fit and proper?
none of above
17
Based on the minimum educational requirements for being appointed as a trading representative, which of the following applicants may definitely be considered eligible?
An appliacant with 4 GCE-O Level credit passes who has no work experience
18
For being eligible for registration as a Trading Representative, an applicant must be at least how many years old?
21
19
The decision of the MAS on whether to revoke the status of an individual as an appointed representative depends on which of the following factors? (Select all options that apply)
The severity of circumstances in which the person failed to meet the required criteria., The relevance of the unfulfilled criteria in relation to the duties of the representative., The time elapsed since the person failed to meet the criteria.
20
Which of the following statements about the Representative Notification Framework (RNF) İs FALSE?
All representatives are assigned a unique number under RNF which changes only if they change principals.
21
The public register of representatives contains details of the principal companies with which the representative has worked for within the past___years
3
22
If an appointed representative has ceased to act as a representative for a continuous period of ___months, his status ceases even if his principal has not notified the MAS about the fact that he has ceased to act as a representative.
1
23
The status of a provisional representative is only valid for a maximum of 3 months. The 3-month period is calculated from which date?
The date his name is entered into the Public Register of Representatives.
24
In which of the following circumstances will the status of an appointed representative in respect of any regulated activity cease to be valid? (Select all options that apply)
If MAS revokes the licence of the principal., If the principal stops carrying on business in the particular type of regulated activity.
25
If a representative informs his principal company that he has changed his residential address, the principal company must notify MAS about the change within how many days?
14
26
If a provisional representative changes his residential address, he must inform his principal within _ days after the date of change.
7
27
An individual may be considered an accredited investor if his net personal assets exceed
SGD 2mn
28
A corporation may be considered an accredited investor if its net assets exceed
SGD 10mn
29
In which of the following cases will an individual be considered an accredited investor? If his income in the preceding 12 months is
not less than SGD 300,000
30
Which of the following entities is/are included in the definition of an Institutional Investor under the SFA? (Select all options that apply)
A pension fund., A CMS licence holder for providing custodial services for securities., A statutory board.
31
Which of the following statements about Customer Account Review (CAR) conducted before opening a SIP trading account is TRUE?
CAR takes into account the educational qualifications of the customer.
32
What is the validity of a positive outcome of a Customer Knowledge Assessment (CKA)? ____ year
1
33
If the outcome of a Customer Knowledge Assessment (CKA) for a Customer is positive, and the customer refuses to receive advice from the CMS licence holder, who is responsible for ensuring the suitability of the product selected for investment?
The customer
34
Which of the following is an example of a Specified Investment Product (SIP) listed on an exchange?
Structured warrants.
35
Validity of the positive outcome of a Customer Account Review (CAR) must be reviewed after ___ year
3
36
In the case of overseas-listed investment products, the CMS licence holder is required to provide a risk warning statement to its customers. The risk warning statement must highlight which of the following risks? (Select all options that apply)
Level of investor protection and safeguards provided in the foreign jurisdiction., Differernces between the legal systems prevalent in the foreign jurisdiction and in Singapore., Currency risks.
37
A CMS Licence holder (licensee) CANNOT divulge any information related to a customer order:
Unless it is required by MAS.
38
Which of the following information must be included in contract notes for sale or purchase of securities? (Select all options that apply)
Relevant stamp duties, Name under which the CMS licence holder carries on business of dealing in securities., A statement that the CMS licence holder is acting as a principal, if it is dealing in securities as a principal.
39
A CMS licence holder is reguired to send a contract note to its customer for a transaction in shares＿＿＿
by the next market day
40
Under which of the following circumstances a CMS licence holder (licensee) is NOT required to provide a quarterly statement of account to a customer?
lf the monthly statement has been sent to the customer for the last month of the calendar quarter.
41
Under which of the following situations a CMS licence holder is NOT required to provide a monthly statement of account to a customer?
If there has been no change to the account of the customer in the month.
42
Which of the following information must be kept by a CMS licence holder regarding its proprietary transactions?
All of the above.
43
A CMS licence holder is required to keep books of accounts under the SFA. Such books are required to be retained for a period of not less than ____ years.
5
44
Within how many months after the end of the financial year a CMS licence holder must submit its profit and loss accounts and balance sheet to MAS?
5
45
If a CMS licence holder is unable to lodge its financial statements with the MAS within the prescribed time after completion of the financial year, it may apply to the MAS for an extension of the deadline for submission. The MAS may grant an extension of up to___ months
4
46
With which of the following entities is a CMS Licence holder allowed to maintain a trust account for depositing moneys received from customers? (Select all options that apply)
A finance company licensed under the Finance Companies Act., A bank licensed under the Banking Act., A licensed custodian outside Singapore, if the money is denominated in foreign Currency.
47
In relation to a CMS licence holder, what does the term assets of the customer include? (Select all options that apply)
Government Securities., Certificate of deposits.
48
In relation to a CMS licence holder, the termn customer does not include: (Select all options that apply)
A related corporation of the licensee if the account belongs to and is maintained wholly for the benefit of that related corporation., A representative of the licensee., An officer of the licensee., The licensee transacting on its own account.
49
Which of the following is/are NOT considered money received on account of a customer by a CMS licence holder (licensee)? (Select all options that apply)
Money paid to any person entitled to the money., Money used to defray the brokerage of the licensee., Money used to reduce the amount owed by the customer to the licensee.
50
Which of the following is considered as money received on account of a customer of a CMS licence holder? (Select all options that apply)
Moneys received for managing the funds of the customer, Moneys received when the licensee provides securities financing to the customer., Moneys received for maintenance of a securities trading account by a customer.
51
In the context of money received by a CMS licence holder (licensee) on account of a customer, which of the following statements is FALSE?
The term money excludes money received on account of the customer in the course of the business of the licensee.
52
In which of the following forms can a CMS licence holder (licensee) hold moneys received from customers on trust?
All of the above.
53
For which of the following reasons a CMS licence holder (licensee) CANNOT advance his money to the trust account of the customer?
For taking advantage of an investment opportunity for which there is insufficient balance in the account of the customer.
54
A Capital Markets Services Licence holder (licensee) may withdraw customer's money from a trust account for the purpose of: (Select all options that apply)
Making a payment to any account directed by the custom, Reimbursing the licensee any money it has advanced to the account.
55
Which of the following statements about deposit of money received from a customer by a CMS licence holder is FALSE?
Money received from a customer may be commingled with other funds.
56
With which of the following entities/accounts can moneys received by a CMS licence holder on account of a customer be deposited?
All of the above.
57
In relation to depositing money in a trust account held with a financial institution, a CMS Licence holder (licensee) is required to obtain an acknowledgement from the financial institution. What should the acknowledgement include?
All of the above.
58
For which of the following purposes the CMS licence holder (licensee) is authorised to withdraw the assets of its customer from the custody account?
All of the above.
59
Under which of the following circumstances a CMS licence holder (licensee) may hypothecate the assets of customers?
All of the above.
60
On receipt of assets from a customer, a CMS licence holder (licensee):
All of the above.
61
Which of the following entities CANNOT be appointed as a custodian for the assets of a customer by a CMS licence holder?
All of the above.
62
Can a CMS licence holder (licensee) maintain a custody account for depositing the assets of a customer with itself?
Licensees can do so provided they are allowed under the relevant Act to provide custodial services.
63
With which of the following entities can a CMS licence holder maintain a custody account for depositing the assets of a customer?
All of the above.
64
If the CMS Licence holder (licensee) maintains a custody account with a custodian for the assets of a customer, the custodian can claim a right of retention over any asset under certain circumstances. Which of the following situations are included in those circumstances? (Select all options that apply)
Where the terms and conditions provide such retention in respect of any charges related to custody of the asset., Where the licensee has obtained written permission from the customer.
65
The terms and conditions regarding provision of custodial services for securities by a CMS licence holder (licensee) CANNOT include: (Select all options that apply)
The liability of the customer in the event of default of the custodian., The circumstances when the licensee may sell personal assets of the customer to recover sums due to it.
66
Under the SFR, advertisements are NOT allowed to state that past performance is ＿＿＿ of future performance and that any graph or chart ＿＿＿, in itself, be used to determine which product to buy or sell.
indicative, can
67
A trading representative has just obtained an MBA degree to boost his clients' confidence on him. He informed them that he now holds a representative's license and has also obtained an MBA which is MAS-approved. Which rules or regulations has he breached?
SFR (LCB)
68
Which of the following requirements must be met by a CMS licence holder while publishing an advertisement in relation to securities dealings? (Select all options that apply)
The advertisement must be accurate and not misleading., The advertisement should not claim that the trading member's abilities or qualifications have in any way been approved by the Authority., The advertisement should not claim that any report will be provided free of charge, unless it is in fact provided, in its complete form, without any condition or obligation.
69
May is a trading representative and she received an order from an institutional customer at 10am to buy 3 million shares in ABC Ltd at $5. There was not much supply for ABC Ltd.'s share at $5 but she managed to buy 2 million shares by 4pm that day. Suspecting a good reason for the institutional customer to buy so many of ABC Ltd.'s shares, she traded under her spouse's account to buy 10,000 ABC Ltd shares at $5. She told her husband the reason for the trade. In this scenario, which of the following statements is TRUE?
None of the above.
70
When is a representative allowed to disclose a customer's order?
All of the above.
71
The issuance of a contract note by a holder of a CMS License in respect of a sale of securities is:
required under the SFA.
72
Under the 'Books of holder of capital markets services licence' (SFR (LCB) 39), a Licensee must keep records of: (Select all options that apply)
The date/time of execution of the order / amended order., The date/time the order, amendment or cancellation is transmitted, The date/time of receipt, amendment or cancellation of the order, The particulars of the customer's instructions related to the order
73
The maintenance of books and records is to:
All of the above.
74
Which of the following statements regarding the Licensee and the custodian responsible for maintaining custody accounts for customers' assets is TRUE?
The custodian must provide sufficient information to the Licensee for its compliance to record- keeping obligations under the SFASFR.
75
Which of the following does NOT fall under the definition of Customer's Assets under the SFR?
None of the above
76
Money ___is NOT considered 'money received on account'.
which is to be used to reduce the amount owed by the customer to the Licens
77
Which of the following is NOT an acceptable purpose for withdrawing money from a customer's trust account?
Reimbursing the Licensee of any moneys it has advanced to the account, even if it leads to the account being under-margined
78
In relation to the 'Maintenance of Custody Account with Specified Custodians' (SFR (LCB) 27), the Licensee must maintain a custody account in which it deposits a customer's assets with: (Select all options that apply)
A depository agent as defined in the Companies Act for the custody of securities., A merchant bank approved as a financial institution under the MAS Act, A bank licensed under the Banking Act
79
A Licensee may hold customers' moneys on trust for the Customers. In which of the following forms of investments can the moneys be held? (Select all options that apply)
Any debt instrument issued by the governmernt of the country of the market/exchange where the Licensee normally transacts in., Any securities or instrument determined by the relevant Authority's guidelines, Government securities.
80
An account with which of the following financial institutions can be maintained as a trust account for deposit of moneys received on trust? (Select all options that apply)
Afinance company licensed under the Finance Companies Act, A merchant bank approved as a financial institution under the MAS Act, A bank licensed under the Banking Act
81
Which of the following statements in relation to Money Received on Account of Customer (SFR(LCB)1 6) are CORRECT? (Select all options that apply)
The CMS licence holder may commingle monies from different customers into the same trust account., The customer's money must not be commingiled with other funds., 'Business day' refers to the business day of the Licensee
82
Which of the following statements regarding 'Money Received on Account of Customer' (SFR(LCB)16) are FALSE? (Select all options that apply)
The Licensee may use the money received on account of its customer as margin or guarantee to meet its own obligations., The Licensee may commingle moneys received on account of its customer with other similar funds.
83
Which of the following is NOT a duty of a Licensee upon receipt of customer's assets?
Arranging for an independent surveyor to perform valuation on the assets.