Period of Time

Question 1

An appointed, provisional or temporary representative must inform his principal about any change in his residential address or other personal particulars within ___ days after the date of such change.

Answer 1

7 days

Question 2

The principal is required to inform the MAS about any change in its appointed, provisional or temporary representative’s residential address or other personal particulars within ___ days after the date of such change.

Answer 2

14 days

Question 3

LFCM is prohibited from repaying the principal of any preference share, excluding paid-up irredeemable and non-cumulative preference shares, through repurchase or redemption, unless it notifies MAS ___ before the proposed date of repurchase or redemptions

Answer 3

3 months

Question 4

A LFMC incorporated in Singapore must notify MAS if it draws down on a qualifying subordinated loan _____

Even after maturity of the subordinated loan principal, any repayment is prohibited unless the LFMC notifies MAS ____ the date of repayment

Answer 4

no later than the date of draw down

minimum 1 business day before

Question 5

According to the rules of Register of Securities, details of any new acquisition of interest in securities must be recorded ____

Answer 5

within 7 days of the acquisition

Question 6

When the place for keeping the register of LFMC’s interest in securities is changed, it must notify MAS ____

Answer 6

within 14 days from the date of change of place

Question 7

If there’s any change in particulars of a LFMC or if it stops carrying on regulated activity, it must inform the MAS ______

Answer 7

within 14 days of the change

Question 8

If the LFMC ceases to conduct business, in all of the regulated activities for which it is licensed, it must return the license to MAS ____

Answer 8

within 14 days

Question 9

If LFMC is informed by its representative any changes in its representative’s particulars, it must furnish MAS with the particulars of such change _____

Answer 9

within 7 days

Question 10

If a representative ceases to be an LFMC’s representative, LFMC must furnish the particulars to MAS ____

Answer 10

on the next business day after such cessation

Question 11

If during an offer for subscription or purchase of securities, a LFMC enters into an underwriting or sub-underwriting agreement, for _____ it’s restricted for a few regulated activities such as make an offer to sell those securities

Answer 11

90 days after the close of the offer

Question 12

LFMC should submit annual returns (audited) to MAS _____

Answer 12

within 5 months of financial year end

Question 13

All FMCS must appoint an auditor to audit its accounts, and prepare and submit the required documents to MAS ______

Answer 13

within 5 months after the end of a financial year

Question 14

The continuing disclosure by a director or CEO is to be made _____ the director or the CEO comes to know about the change

Answer 14

within 2 business days after

Question 15

Issuers and their officers are advised not to deal in the issuer’s securities during the period commencing ____

Answer 15

1) 2 weeks before the announcement of first three quarterly financial statements and 1 month before the announcement of the annual financial statements

2) 1 month before semi-annual or annual financial statements

Question 16

CMS license holders and registered fund management companies must lodge a report with the MAS regarding suspicious activities & incidents of fraud ____ after discovery of any such event.

Answer 16

within 5 working days

Question 17

The manager or the trustee of CIS must notify MAS of any breaches of guidelines or limits set out in the Code _____ after it becomes aware of the breach.

Answer 17

within 3 business days

Question 18

An FMC must inform the CPF Board of any deviation limit breach of the CPFIG by the Funds under its management _____ of the breach.

Answer 18

within 14 calendar days

Question 19

Rectification of a breach by a Fund Management Company is required to be notified to the CPF Board ______

Answer 19

Within 7 days of such rectification

Question 20

The manager and trustee of authorized CIS should report the breach _____ when they aware of it.

Answer 20

within 3 business days

Question 21

ABC Asset Management appointed a sub-manager to manage a CPFIS unit trust. The sub-manager breaches one of the CPF limits on investments on 22nd June, and informed ABC Asset Management on 24th June. ABC Asset Management should inform MAS ____

Answer 21

within 3 business days

Question 22

If the trustee allows extension of the deadline for rectification of the breach of CPFIG limit deviation, the FMC must ensure that the trustee informs the CPF Board _____ of its agreement to the extension.

The FMC may also provide evidence of the trustee’s agreement to the extension ____ , and must inform the CPF Board ____ of the rectification of the breach.

If a FMC is not able to rectify the 5% deviation limit breach within the prescribed timeline and is not able or does not obtain an extension from the trustee, he must report such breach to the CPF Board _____ of the occurrence of the breach.

Answer 22

within 7 calendar days

within 7 calendar days

within 7 calendar days

within 14 calendar days

Question 23

Upon suspicion, an investigation should be carried out by Compliance and Management, and a STR should be filed _____

Answer 23

within 15 days of suspicion

Question 24

The manager of CIS needs to prepare half-yearly financial statements and the audited financial statements for the semi-annual and annual report _____

Answer 24

within 3 months right after the end of the financial year

Question 25

The trustee of CIS needs to send semi-annual accounts and semi-annual reports ______ to the participants of the CIS. The trustee of CIS needs to send annual accounts, the auditors’ report of the annual accounts, and annual report ______ to the participants of the CIS.

Answer 25

within 2 months from the end of the relevant period within 3 months from the end of financial year of the CIS

Question 26

If the home financial supervisory authority of an underlying scheme of a CIS imposes or alters any conditions related to its authorization, MAS should be informed _____ after the responsible person of the authorized CIS comes to know of the new conditions

Answer 26

within 14 days

Question 27

The manager must inform MAS and the participants about any significant change to be made to the CIS _____ before the change is to take effect

Answer 27

no later than 1 month

Question 28

The responsible person of a CIS, i.e. the manager of a unit trust, who intends to wind up the CIS must be give ____ written notice to MAS about the proposed winding up

Answer 28

minimum 7 days prior

Question 29

The trustee of CIS must send the reports upon termination or maturity of CIS to MAS ____ of the termination or maturity date of the CIS.

Answer 29

within 2 weeks

Question 30

Reports on CIS termination/maturity should be kept by the trustee at its registered office for ____

Answer 30

six years

Question 31

An interim stop order can be in force for a period of ____ from which its is served

Answer 31

14 days

Question 32

The offeror must distribute all monies to the applicants ____ from the date of the stop order if the contributions have not been invested as per the CIS

Answer 32

within 7 days

Question 33

For funds being included under the CPFIS, it’s preferably have a track record of ____

Answer 33

3 years

Question 34

For FMCs to manage FMAs, they need not submit a separate application to manage FMAs. They need to write to the CPF Board along with a copy of their standard investment management agreement and forms for managing FMAs ____ before they start offering FMA services to the CPF members.

Answer 34

Minimum 2 weeks

Question 35

Whenever requested by the CPF Board, FMCs must send the disclosure reports to the CPF Board _____ of such request

Answer 35

Within 1 week

Question 36

FMC must make basic analytical data to the FTC, so that the performance and risk monitoring report can be made available to the CPF members at least ____

Answer 36

once every quarter

Question 37

If the 5% deviation limits on investment are exceeded under “certain conditions”, the FMC must sell enough securities or units to ensure that the fund reverts to compliance with the 5% limit _____

Answer 37

within 3 months

Question 38

All institutions are required to comply with a Production Order issued under the CDSA by the High Court _____ from the order date or the period stipulated in the Order

Answer 38

Within 7 days

Question 39

What is the given timeframe for CMS license holders in the lodgment of annual accounts with the MAS each financial year _____

Answer 39

within 5 years

Question 40

The register of securities should be easily accessible and retained for at least ____ after the date of each specific entry

Answer 40

5 years

Question 41

An authorized CIS included in the CPFIS is required to submit the Annual External Auditor’s report on the fund to the CPF Board _____ from close of the financial year of the fund

Answer 41

within 3 months

Question 42

If a representative of a Fund Management Company (FMC) ceases to be its representative, the FMC is required to notify MAS _____

Answer 42

on the next business day of the cessation

Question 43

If the Licensed FMC ceases to conduct business in all of the regulated activities for which it is licensed, it must return the license to MAS _____

Answer 43

within 14 days

Question 44

During the year, a LFMC is required to submit a Statement of financial resources, total risk requirement and aggregate indebtedness to the MAS on a ____ basis

Answer 44

quarterly

Question 45

Fund Management Companies are required to inform the CPF Board ____ they start offering Fund Management Account services to the CPF members

Answer 45

at least two weeks before

Question 46

FMCs included in the CPFIS are required to submit returns to confirm their continuing compliance with admission criteria. The returns are required to be submitted _____

Answer 46

within one month of completion of the quarter.

Question 47

The FMC are required to report to the INVESTMENT CONSULTANT about changes in investment mandates of key personnel once every ____

Answer 47

six months

Question 48

Fund management companies domiciled outside Singapore are required to confirm to the CPF Board of the official launch date of a new fund included into the CPFIS at least _____ before the launch

Answer 48

three days

Question 49

When a related financial institution with which the Fund has placed monies cease to meet the requisite minimum rating, the FMC must either withdraw the monies as soon as possible, but in any event within ___ or seek extension for fixed deposits.

Answer 49

1 month

Question 50

The status of an appointed, provisional or temporary representative in respect of any regulated activity has to be ceased to act as a representative for a continuous period of ____

Answer 50

1 month