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CISI Financial Regulations > ALL: Time limits, sentences, key numbers etc > Flashcards

ALL: Time limits, sentences, key numbers etc Flashcards

1
Q

what is a non retail investment

A

above 50k

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2
Q

how often does FCA make a report to the treasury

A

annually

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3
Q

how often does SYSC 4 general requirements say written reports on compliance and internal audit need to be made

A

annually

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4
Q

how many years of employment history needed for fit and proper test

A

6 years

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5
Q

how many years of criminal convictions needed for fit and proper test

A

no time limit

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6
Q

within how many days should firms be informed when using Form A to apply for approval on behalf of senior managers

A

within 90 days

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7
Q

when can the FCA stop the 90 day limit in responding to form A

A

if receives insufficient info about an applicant and need to wait for clarification

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8
Q

deadline for proving competence via exam success

A

30 months

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9
Q

how long does a firm have to provide documents to FCA

A

reasonable time period

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10
Q

how many days does a firm have to appeal to upper tribunal

A

28 days

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11
Q

what is penalty for breaching prohibition order S56 FSMA 2000

A

criminal offence punishable by fine

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12
Q

how long can FCA ban products without consultation and what type of products

A

up to 12 months - products posing unacceptable risks to consumers

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13
Q

max penalty for insider dealing

A

ten years jail and or unlimited fine

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14
Q

max penalty misleading statements and impressions

A

crown court: ten years and or unlimited fine

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15
Q

market abuse max penalty

A

unlimited fine - civil offence so no jail

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16
Q

when must a firm report suspicions to the FCA regarding suspicious transactions

A

without delay

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17
Q

within how many days must PDMRs dealing in their own companies shares disclose to both their company and the FCA the transaction

A

within 3 business days of the transaction

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18
Q

how long is closed period

A

30 days

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19
Q

is breaching managers transaction rule criminal offence

A

no but fca will take disciplinary action

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20
Q

what is the threshold below which transactions in dealing within your own companies shares will not require disclosure

A

5000 euros

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21
Q

maximum penalty for failing to register as a foreign company and beneficial owner holding property investments in the UK

A

5 years jail or unlimited fine

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22
Q

how soon do firms need to obtain evidence regarding identity in customer due diligence

A

as soon as reasonably practical

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23
Q

how long must records be kept in relation to money laundering and from what point

A

5 years after the business relationship has ended or an occasional transaction

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24
Q

max penalty for failing to comply with money laundering regulations (directors and senior managers)

A

2 years jail and or unlimited fine

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25
max penalty for recklessly making a statement in context of money laundering which is false or misleading
2 years jail and or unlimited fine
26
max penalty for general offences to money laundering (concealing, arrangements and acquiring or possessing)
14 years and or unlimited fine
27
max penalty for knowingly prejudicing an investigation into money laundering
5 years and or unlimited fine
28
max penalty for failure to report money laundering
5 years and or unlimited fine
29
max penalty for tipping off someone suspected of money laundering
2 years and or unlimited fine
30
max penalty for failure to report suspicions of terrorist financing
5 years and or unlimited fine
31
maximum penalty for an individual and for a company for bribery offences
individual - 10 years jail and or unlimited fine company - unlimited fine
32
higher penalties of the ICO for failure to comply with data protection principles, data subject rights and transfer of data to third countries
up to 17.5m or 4% of global turnover
33
standard penalties of the ICO for failure to comply with other failures such as administrative
up to 8.7m or 2% of global turnover
34
under GDPR (general data protection regime) of the EU what is the max fine
up to 4% of worldwide turnover or 20m euros for breaches of certain provisions
35
EU transparency directive disclosure thresholds for share holdings
5, 10, 15 20, 25, 30, 50, 75 %
36
UK disclosure rules threshold for share holdings
3% then change up or down to next percentage point or fall below 3
37
UK disclosure rules for fund managers for share holdings
5%, 10% and then every % point
38
UK disclosure rules for market makers for share holdings
exempt below 10%
39
what are exempt under UK disclosure rules of share holdings
custodians and bare nominees shares held as collateral
40
companies act 2006 S793 letter requires disclosure of shares held when
at present time and in the last 3 years
41
when do trade reports need to be made
automatic within 3 mins
42
when do transaction reports need to be made
by T+1
43
latest time trade report can be sent
8pm
44
large undertaking threshold
2/3 of: balance sheet 20m net turnover 40m own funds 2m
45
non mifid large undertaking threshold
2/3 of: balance sheet 12.5m net turnover 25m average number of employees 250
46
quantitative test for elective professional clients
2/3 of: average 10 trades per quarter for last 4 quarters portfolio over 500k works or has worked in finance for at least a year
47
max penalty for breaching S21 FSMA 2000 communicating fin promo
2 years jail and or unlimited fine
48
how many years must past performance cover in fin promo
at least 5 years or full life of investment in complete 12 month periods
49
life products and pensions cancellation day allowance
30 days
50
other products e.g. ISAss cancellation day allowance
14 days
51
within how many days must suitability report be provided for personal or stakeholder pension schemes where right to cancel applies
within 14 days
52
transaction confirmation sent to client in what time frame
no later than next business day
53
if a retail clients derivative positions move below pre specified threshold how soon should firm notify client
by end of business day that the breach occured
54
how long is DvP not subject to CASS
3 business days
55
general record keeping rule for mifid business
5 years from date of dispatch
56
general record keeping rule for non mifid business
3 years from date of dispatch
57
pension contracts, stakeholder pensions and life assurance record keeping timit
5 years
58
pension transfers and opt outs, free standing additional voluntary contributions record keeping time limit
indefinitely
59
recordings of telephone communications must be kept how long
5 years from the creation of the record
60
records of directors responsibilities under SYSC must be kept how long
6 years
61
records of identification under MLR must be kept how long
5 years
62
records held in data under the data protection act must be kept how long
no longer than necessary
63
complaints must be kept for how long for mifid or ucits business
5 years from the date the complaint was received
64
complaints must be kept for how long for other business
3 years from the date the complaint was received
65
how many days until complaint procedures need to be sent
3 days
66
how long does a firm have to send a final response to a complaint
8 weeks
67
how long does a complainant have to go to the FOS
6 months
68
how many days does the FCA have to respond to super complaints or mass detriment references
90 days
69
how often do periodic statements need to be sent to retail clients when not derivatives
every 3 months
70
how often do periodic reports need to be sent for retail clients involving derivatives
each month
71
max claim in FSCS per person
85k
72

CISI Financial Regulations (18 decks)

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