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| Section | Objectives |
|---|---|
| Anti-Money Laundering and Financial Crime | - AML/CFT requirements in the UAE
|
| Regulatory Ethics and Professional Standards | - Ethical standards in financial services
|
| UAE Financial Regulatory Framework | - Federal financial regulation structure
|
| Financial Conduct and Compliance | - Conduct of business standards
|
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Our CISI UAE-Financial-Rules-and-Regulations training materials are compiled by professional experts. All the necessary points have been mentioned in our CISI UAE Financial Rules and Regulations Exam UAE-Financial-Rules-and-Regulations practice engine particularly. About some tough questions or important points, they left notes under them. Besides, our experts will concern about changes happened in CISI UAE Financial Rules and Regulations Exam UAE-Financial-Rules-and-Regulations study prep all the time.
NEW QUESTION # 60
Where an applicant for a financial activities licence uses a cloud-based server, they must set out provisions to ensure the outsourced party can operate with zero data loss for what stated period?
Answer: B
Explanation:
According to CISI UAE Financial Rules and Regulations, applicants utilizing cloud-based servers must demonstrate that their outsourced service providers have provisions in place to guarantee zero data loss for a minimum of five years. This requirement protects the integrity and availability of critical financial data over the regulatory retention period. The five-year timeframe aligns with data retention standards for audit, compliance, and operational continuity in the UAE financial sector, ensuring that regulatory bodies and firms can access historical information for supervisory purposes.
Reference: CISI UAE Financial Rules and Regulations - IT and Data Management Requirements, Section
3.5.7 (2023).
NEW QUESTION # 61
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: B
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 # 62
Brokers must pay the value of securities sold on behalf of their clients, after deducting commissions and fees, before:
Answer: D
Explanation:
The DFM settlement rules impose a clear obligation on brokerage firms regarding proceeds generated from securities sold for clients. Once a broker has executed a sale, it may deduct the applicable commissions and fees, but it must then pay the remaining sale proceeds to the client before the end of two days or before the end of the settlement period prescribed by the DFM , as applicable. Payment can be made using recognised methods such as an appropriately issued cheque or transfer to the client's account. Where the client does not request immediate receipt of the proceeds, the broker must credit the amount to the client's balance before the end of the settlement period for the securities sold. This requirement protects clients by preventing brokers from retaining sale proceeds beyond the permitted settlement timetable. The one-, three- and four-day alternatives do not reproduce the rule stated in the CISI/DFM material. Consequently, the prescribed period presented in option B-two days or the DFM settlement period-is the correct answer.
NEW QUESTION # 63
When promoting private funds, related materials must:
Answer: A
Explanation:
Promotional materials for private funds in the UAE must clearly clarify the fund's specific nature and include the required disclaimer as prescribed by the Authority. This requirement ensures that potential investors receive accurate and compliant information about the private fund's characteristics, risks, and restrictions. The disclaimer serves to limit investor expectations and legal liabilities. While certain media restrictions and content approvals may apply in some jurisdictions, the key regulatory focus is on transparency and proper disclosure within promotional materials to protect investor interests.
Reference: CISI UAE Financial Rules and Regulations - Investment Funds Promotion and Disclosure Requirements, Section 6.3.9 (2023).
NEW QUESTION # 64
A Special Purpose Acquisition Company deposited 95% of its public subscription proceeds into an escrow account. It is permitted to use this money to:
Answer: D
NEW QUESTION # 65
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