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| Section | Weight | Objectives |
|---|---|---|
| Risk and Return | 20% | - Risk concepts
|
| Regulation and Ethics | 15% | - Regulatory framework
|
| Market Environment | 20% | - Role and function of financial markets
|
| Client Advisory | 25% | - Client needs analysis
|
| Financial Products | 20% | - Equities and shares
|
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NEW QUESTION # 220
A company recently increased its earnings per share figure by 10%. This means that the company's:
Answer: C
Explanation:
An increase in earnings per share (EPS) indicates improved profitability on a per-share basis. This enhances the company's ability to distribute dividends to shareholders, assuming a consistent payout ratio.
* Widened share base (A): This would typically dilute EPS, not increase it.
* Market share (C): Market share is unrelated to EPS; it is about the company's competitive position.
* P/E ratio (D): While EPS affects valuation, a rise in EPS does not guarantee a P/E increase.
References:
* International Certificate in Wealth & Investment Management: Financial ratios and their implications.
* EPS as a metric of profitability and dividend-paying capacity.
NEW QUESTION # 221
Stablecoins were introduced to overcome the volatility issues associated with speculative cryptocurrencies.
Many hold treasury securities and commercial paper as their reserves. What is the greatest concern in relation to this?
Answer: C
Explanation:
Stablecoins are cryptocurrencies pegged to stable assets (e.g., USD, gold) and backed by reserves such as treasury bonds and commercial paper.
* Why is Option B Correct?
* If stablecoins faced mass withdrawals, they would need to liquidate large amounts of treasury securities or corporate debt.
* This could trigger a liquidity crisis, impacting financial markets.
* Example: The TerraUSD collapse in 2022 showed the risks of unstable reserves.
* Why Not Other Options?
* A (Cyber breach risk) # Security is important but not the biggest risk.
* C (Not fiat money) # True, but this is not a risk, just a definition.
* D (Banks not buying assets) # Banks may invest in reserves, but stablecoins operate outside traditional banking.
# Reference: Bank for International Settlements (Stablecoin Risks), CISI Wealth & Investment Management.
NEW QUESTION # 222
What is likely to be the result if an annual review of a client's financial plan indicates a significant change in their risk profile?
Answer: D
Explanation:
An annual review is designed to confirm ongoing suitability, including whether the client's objectives, capacity for loss, and attitude to risk have changed. A significant change in risk profile typically means the portfolio needs to be adjusted so that the level of risk taken matches what is now suitable. In practice, this often results in a rebalancing and portfolio adjustment exercise. Rebalancing restores or moves allocations toward the agreed strategic mix, and when the risk profile has changed it may involve moving to a different asset allocation, for example reducing equity exposure and increasing defensive assets, or the reverse if the client can tolerate more risk. The other options are not the primary outcome of a risk profile change. Charging structures are driven by service and fees, not risk tolerance. Customer due diligence is linked to anti-money laundering requirements and is triggered by regulatory events or risk indicators, not typically by investment risk tolerance changes. A top-up payment may occur if the client chooses to invest more, but it is not the expected consequence of a revised risk profile.
NEW QUESTION # 223
A market which employs an electronic order book to match buyers with sellers in strict order by price is known as:
Answer: C
Explanation:
In an order-driven market, an electronic order book is used to match buy and sell orders based on strict price and time priority. This system ensures transparency and fair pricing since all orders are visible to market participants.
NEW QUESTION # 224
The underlying, when describing the terms of a future, refers to what?
Answer: D
Explanation:
A futures contract is a standardised agreement to buy or sell an item at a specified future date at a price agreed today. The underlying is the item whose value the futures contract references. Depending on the contract, the underlying can be a physical commodity such as oil or wheat, a financial instrument such as a government bond, an equity index, a currency, or an interest rate instrument. The contract's price moves as market expectations about the value of that underlying change. The expiry date is a term of the contract, but it is not the underlying. The futures price is the quoted contract price, which is derived from the underlying's expected value, funding, income, and convenience yield or storage where relevant. The difference between the spot price of the underlying and the futures price is commonly referred to as the basis, not the underlying. CISI exam questions typically focus on ensuring candidates can distinguish the referenced asset from contract terms such as expiry and pricing measures. Therefore, the underlying refers to the asset that the future is based on.
NEW QUESTION # 225
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