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| Section | Weight | Objectives |
|---|---|---|
| Client Protection | 10% | |
| Licensed Bodies | 14% | - General provisions - Licensing financial activities - Requirements of capital market institutions |
| The Regulatory Infrastructure | 17% | - Securities & Commodities Authority (SCA) - Codes of Conduct - License categories and requirements (Decision No. 13/Chairman issued 2021) - SCA Resolutions - Federal Law No. 4 of 2000 - Accounting system controls (Decision No. 13/Chairman issued 2021) - Corporate Governance (Law No. 3 issued Jan 2020) |
| Investment Funds | 11% | - Provisions specific to certain public funds - The local fund |
| Dubai Financial Market (DFM) | 11% | |
| Markets | 11% | - General background - Disclosure and Transparency |
| Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations | 14% | - Federal Law No. 20 of 2018 |
| Trading | 11% |
>> UAE-Financial-Rules-and-Regulations Certification Questions <<
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NEW QUESTION # 39
An Insiders Register should be prepared for securities issued by:
Answer: B
Explanation:
The Corporate Governance provisions covered by the CISI UAE Financial Rules and Regulations require listed companies to establish controls over transactions undertaken by Board members, employees and other persons who may possess unpublished inside information. The company's Board must issue written rules governing transactions by these insiders in securities issued by the company itself, its parent company, subsidiaries and related companies . A special and comprehensive Insiders Register must then be maintained, including permanent and temporary insiders who have access to internal information before publication. The organisation responsible for the register must monitor insiders' transactions, maintain their disclosures, provide updated insider lists to the SCA and market, and submit the register to the Authority when requested. Limiting the regime to securities issued solely by the company would leave material connected-company dealings outside the monitoring framework. Similarly, options B and C improperly omit either subsidiaries or related companies. The CISI text expressly covers all four categories, making option D the complete and correct answer.
NEW QUESTION # 40
The summary of an in-kind shares evaluation report must state the:
Answer: A
Explanation:
The CISI UAE Financial Rules and Regulations specifies mandatory information that must appear in the summary of an in-kind shares evaluation report. The summary must disclose the fair value of the evaluated asset , together with confirmation concerning whether obligations, debts, mortgages, rights or other guarantees are charged over that asset in favour of third parties. It must also identify the valuation methodologies used by the evaluator to determine fair value in accordance with professionally recognised principles appropriate to the asset concerned. Fair value is central because the valuation determines the economic value attributed to the in-kind contribution and consequently affects the number and value of investment-fund units issued in exchange for that contribution. The book value may differ materially from current economic value and is therefore not the specified disclosure tested here. Although information concerning the evaluator and its independence is relevant elsewhere in the regulatory framework, neither the evaluator's qualifications nor the name of the evaluator's company substitutes for the mandatory fair-value disclosure. Accordingly, option B is correct.
NEW QUESTION # 41
For all local funds, a semi-annual report on the public fund's performance must be prepared no later than:
Answer: A
Explanation:
Per CISI UAE Financial Rules and Regulations governing investment funds, a semi-annual report on the public fund's performance must be prepared no later than 2 months from the end of the semi-annual period.
This reporting timeline ensures timely disclosure to investors and regulators, providing transparency about fund performance, investment activities, and compliance with regulatory standards. The semi-annual report serves as a key accountability mechanism, enabling investors to make informed decisions and maintain confidence in the fund management. The requirement for a two-month deadline aligns with global best practices in fund reporting.
Reference: CISI UAE Financial Rules and Regulations - Investment Funds Reporting Requirements, Section
6.5.4 (2023).
NEW QUESTION # 42
Brokers must pay the value of securities sold on behalf of their clients, after deducting commissions and fees, before:
Answer: C
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 # 43
When a firm applies to the Authority for a licence, an internal audit guide must be included setting out procedures which will ensure that:
Answer: B
Explanation:
Every licence applicant must provide a guide regulating its internal audit processes. The CISI UAE Financial Rules and Regulations explains that the purpose of the guide is to allow the firm to assess the appropriateness and effectiveness of its internal rules, procedures and bylaws. A central requirement is that the internal auditor must be capable of acting independently , without interference, and the internal-audit role must not be combined improperly with another function. The guide must also establish suitable access to records, information and senior governance bodies and contain procedures for reporting matters that may affect the licensed body's financial position. Independence is fundamental because an internal auditor who is controlled by the operational areas being reviewed cannot provide effective assurance over compliance and internal controls. The regulations do not prescribe quarterly audits as the answer to this requirement, nor do they state that the auditor must be externally nominated. Option B does not represent a recognised internal-audit requirement in the CISI framework. Therefore, the required procedure is one ensuring the internal auditor's independence, making option C correct.
NEW QUESTION # 44
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