questions.docx

Question 1

How many tenets?

Answer 1

6

Question 2

Record keeping for how many years?

Answer 2

5 years, for dealers 6 years

Question 3

For applying FA, minimum capital for low risk/high risk?

Answer 3

150k for low risk /300k for high risk

Question 4

Financial assets for accredited investor/high net worth?

Answer 4

1mil

Question 5

Net personal assets for acc investor / high net worth?

Answer 5

2mil

Question 6

Company accredited investor?

Answer 6

10mil

Question 7

PI insurance how much minimum?

Answer 7

500k, 20% deductible

Question 8

How many accredited investors?

Answer 8

30

Question 9

How many types of FA?

Answer 9

2 – licensed and exempt

Question 10

To apply for FA license, need to provide what to MAS?

Answer 10

Fit n proper cert and notice of intent

Question 11

Minimum review of docs?

Answer 11

12months

Question 12

If want to appeal how many days?

Answer 12

30 days

Question 13

Policyholder request hardcopy?

Answer 13

30 days

Question 14

Change of mgr?

Answer 14

1 month

Question 15

Significant change of ILP fund?

Answer 15

1 month

Question 16

New product launch?

Answer 16

1 month

Question 17

Launch ILP fund?

Answer 17

21 days

Question 18

Charter must inform MAS?

Answer 18

14 days

Question 19

Root cause report?

Answer 19

14 days

Question 20

Misconduct report?

Answer 20

14 days

Question 21

If product no need approval, how many days inform MAS?

Answer 21

7 days

Question 22

How many days for cessation?

Answer 22

Within next biz day

Question 23

Provisional rep from date of prev cessation?

Answer 23

13 months

Question 24

When introducing policy must give what to client?

Answer 24

BCPPP – bundle, cover page, policy illus, product summary and product highlight sheet

Question 25

If services down, must inform MAS within how long?

Answer 25

1 hour

Question 26

CEO + ED shareholding?

Answer 26

50%

Question 27

CEO shareholding only?

Answer 27

20%

Question 28

To be CEO/ED what criteria?

Answer 28

5 years in advisory / 3 years in managerial

Question 29

Validity of ACMF pass?

Answer 29

2 years

Question 30

Single hedge fund subscription?

Answer 30

Min 100k

Question 31

Fund of hedge fund subscription?

Answer 31

Min 20k

Question 32

Register of?

Answer 32

Interests

Question 33

Free look must tell client what?

Answer 33

PPP – period, price, procedure

Question 34

CKA criteria?

Answer 34

Must study accountancy, biz or finance / invest 6 times in last 3 years / 3 years working ex in last 10 years

Question 35

Provisional rep criteria?

Answer 35

21yo / bachelors / 3 years in finance industry

Question 36

How many zones?

Answer 36

3

Question 37

How many needs?

Answer 37

3

Question 38

Minimum financial requirement penalty?

Answer 38

50k

Question 39

False statement penalty?

Answer 39

50k

Question 40

PO fine how much?

Answer 40

50k

Question 41

Offence by officers?

Answer 41

$100k / 2 years jail / both

Question 42

CKA validity?

Answer 42

1 year

Question 43

How to tell renumeration to client?

Answer 43

Distribution cost

Question 44

What modules applicable to SCI?

Answer 44

5,8,9

Question 45

Audit frequency?

Answer 45

1 year

Question 46

Types of performance fee?

Answer 46

Fulcrum (use %), high water mark (use $)

Question 47

Selected rep means?

Answer 47

Grade B or below

Question 48

Selected client means?

Answer 48

62yo and above