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| Section | Objectives |
|---|---|
| Topic 1: Anti-Money Laundering and Financial Crime | - AML/CFT requirements in the UAE
|
| Topic 2: UAE Financial Regulatory Framework | - Securities and investment regulation
|
| Topic 3: Regulatory Ethics and Professional Standards | - Ethical standards in financial services
|
| Topic 4: Financial Conduct and Compliance | - Compliance and supervision
|
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NEW QUESTION # 51
Where an existing public company wants to issue further shares via a rights issue, this must be announced at least what minimum period before the start date of the subscription?
Answer: B
Explanation:
The UAE rules governing capital increases by public joint-stock companies establish specific disclosure requirements for rights offerings. According to the CISI UAE Financial Rules and Regulations material, a rights issue must be announced at least 20 business days before the subscription period begins. The advance notice gives existing shareholders sufficient time to assess the proposed capital increase and determine whether to exercise, sell or otherwise deal with their subscription rights. The announcement is expected to provide material details such as the amount and percentage of the capital increase, the exercise price of the rights, the opening and closing dates for trading the rights, and the opening and closing dates for subscribing to the new shares. The rights themselves are traded separately from the existing shares for the prescribed trading period. The alternatives of 28 or 56 calendar days and 40 business days do not represent the minimum announcement period specified in the CISI material. Therefore, the required minimum advance announcement period is 20 business days, making option A correct.
NEW QUESTION # 52
How long must licence applicants keep back-up copies of records?
Answer: A
Explanation:
Licence applicants must establish comprehensive record-keeping procedures covering electronic and non- electronic records relating to the licensed body, technical guides and regulations, regulated activities, client transactions and data, account-opening agreements and other information connected with conducting financial activities. The CISI UAE Financial Rules and Regulations requires the mechanisms to permit retrieval of archived records within no more than three business days. More importantly for this question, the procedures must ensure that records are maintained securely for not less than ten years , with back-up copies retained for the same ten-year period and protected against damage or loss. This is distinct from the five-year retention period imposed by AML legislation for certain transaction and customer due-diligence records. The question concerns the broader record-keeping obligations of applicants for a financial-activities licence, where the ten-year requirement applies. Retention is therefore neither dependent on how long an individual client wishes records to remain available nor simply tied to the firm's entire corporate existence. The minimum specified period is ten years, making option D correct.
NEW QUESTION # 53
When a firm applies for a licence, it is only necessary to provide an exit strategy plan covering contract termination with an outsourced party if the firm intends to:
Answer: C
Explanation:
The CISI UAE Financial Rules and Regulations imposes additional outsourcing controls when a licence applicant proposes to use cloud computing for servers, databases, applications, storage, networks or similar computing resources. The applicant must demonstrate a clear understanding of cloud-related risks and ensure that prescribed safeguards apply to the outsourced service provider. These include requirements concerning location of servers, confidentiality, annual external auditing of information security, data preservation and backup arrangements. Importantly, the applicant must provide an exit strategy plan dealing specifically with termination of the contract with the outsourced cloud service provider. The strategy must ensure that data and information can be maintained and transferred validly without loss and without breaching applicable laws or regulations. The requirement is consequently associated with cloud computing outsourcing rather than simply with the duration of an outsourcing agreement, the enforceability of a contract, or the fact that a service provider is situated outside the State. Indeed, the CISI rules require the relevant cloud servers to be inside the UAE. Therefore, option A is correct.
NEW QUESTION # 54
Which of the following financial activities comes under the fifth category licence?
Answer: A
Explanation:
The fifth category licence under UAE financial regulations pertains specifically to credit rating agencies.
These entities assess the creditworthiness of issuers of debt, including governments and corporations, and their ratings are critical for investors and markets. The fifth category licence provides the legal framework for credit rating agencies to operate within the UAE's financial sector, ensuring they meet the regulatory standards and criteria set by the Securities and Commodities Authority (SCA). This helps ensure transparency, reliability, and trust in the credit ratings issued, which are vital for maintaining market stability and investor confidence.
Reference: CISI UAE Financial Rules and Regulations - Financial Activities Licences, Section 4.2.1 (2023).
NEW QUESTION # 55
When licence applicants submit behaviour regulations including a professional code of ethics, this falls under the category of:
Answer: C
Explanation:
Behaviour regulations submitted by license applicants, such as a professional code of ethics, are classified under governance regulations within the CISI UAE Financial Rules and Regulations framework.
Governance regulations encompass policies, standards, and codes that guide the ethical conduct, integrity, and responsibilities of licensed entities and their employees. They are designed to promote accountability, compliance, and good corporate citizenship within the financial industry. Unlike technical systems, which relate to operational infrastructure, or employee regulations focused on HR and workplace rules, governance regulations provide the overarching ethical and procedural guidelines essential for sustaining market confidence and protecting stakeholders. The inclusion of a professional code of ethics ensures license applicants demonstrate commitment to the principles of fairness, transparency, and fiduciary duty, which are fundamental requirements by the Securities and Commodities Authority (SCA) for licensing approval.
Reference: CISI UAE Financial Rules and Regulations - Regulatory Infrastructure and Governance, Section
3.1.4 (2023).
NEW QUESTION # 56
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