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CISI ICWIM Exam Syllabus Topics:

SectionWeightObjectives
Lifetime Financial Provision18%- Retirement planning
- Estate and succession planning
- Trusts and foundations
- Protection and insurance planning
Fiduciary Relationships16%- Risk profiling and suitability
- Conflicts of interest
- Client needs assessment
- Duties and responsibilities
The Financial Services Sector16%- Ethical standards and professional conduct
- Structure and participants
- Regulatory objectives and frameworks
- Market functions and products
Investment Advice21%- Advisory process
- Taxation principles
- Communication and documentation
- Portfolio recommendations and review
Industry Regulation10%- Client categorization and protection
- Financial crime prevention
- Compliance and governance
- Regulatory authorities and rules
Investment Management15%- Portfolio construction theories
- Investment strategies
- Performance measurement and evaluation
- Risk and return concepts
Asset Classes10%- Real estate and alternative assets
- Cash and money market instruments
- Derivatives
- Fixed income securities
- Equities
Economics and Investment Analysis10%- Macroeconomics and markets
- Investment mathematics and statistics
- Economic indicators and cycles
- Valuation methods

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ICWIM Zertifikatsdemo & ICWIM Prüfung

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CISI International Certificate in Wealth & Investment Management ICWIM Prüfungsfragen mit Lösungen (Q183-Q188):

183. Frage
Under an accumulation and maintenance trust, when does the trustees' discretion over payments normally cease (if at all)?

Antwort: A

Begründung:
* What is an Accumulation and Maintenance Trust?
* This is a trust designed primarily for minors or young beneficiaries.
* Trustees have discretion over income and capital distributionsuntil a specified event or age, after which the discretion typically ceases.
* When Does Discretion Cease?
* Generally, trustees' discretion ends at theend of a prescribed periodor when the beneficiary reaches a predetermined age, often 18 or 25.
* This ensures the trust complies with legal requirements, such as therule against perpetuitiesin some jurisdictions.
* ICWIM Study Guide, Chapter on Trusts: Details the rules around accumulation and maintenance trusts.
* Trust Law Principles: Highlights limitations of trustee discretion.
References


184. Frage
If the holder of a long futures contract sells it ahead of expiry, they are considered to have:

Antwort: C

Begründung:
* Long Futures Contract Defined
* A long futures contract represents a commitment to buy an underlying asset at a set price on a future date.
* Closing Out the Position
* If the holder sells the contract before expiry, they are said toclose out the position, effectively negating their obligation to take delivery of the underlying asset.
* Why the Answer is B
* Selling ahead of expiry removes the obligation, hence closing the position.
* Why Other Options are Incorrect
* A. Exercised: Applies to options, not futures.
* C. Taken delivery: Happens only if the contract is held to maturity.
* D. Delivered: Applies to the short position, not the long holder.
* ICWIM Study Guide, Chapter on Derivatives: Explains closing out futures contracts.
* Futures Market Principles: Discusses position management in futures trading.
References


185. Frage
The ongoing charges figure for a mutual fund should be included in its:

Antwort: C

Begründung:
The ongoing charges figure (OCF) of a mutual fund is included in its Key Investor Information Document (KIID). The KIID provides standardized and essential information about a fund's costs, risks, and performance, ensuring transparency for investors.
Reference:
ICWIM, Topic: Fund Documentation and Regulatory Requirements.
EU UCITS Directive: Requirement for KIIDs.


186. Frage
Who is responsible for developing international standards for combating terrorist financing?

Antwort: B

Begründung:
International standards for combating money laundering and terrorist financing are developed by the Financial Action Task Force. The FATF sets globally recognised recommendations that form the foundation for national legislation, regulatory rules, and supervisory expectations. These standards cover areas such as risk- based customer due diligence, beneficial ownership transparency, suspicious activity reporting, sanctions screening, and international cooperation. While individual national regulators such as the Financial Conduct Authority enforce domestic rules and supervise firms, they do not set the global benchmark framework. The United Nations plays a major role in sanctions regimes and conventions that member states implement, but the detailed technical standards and evaluation methodology that countries are assessed against are associated with the FATF. The Wolfsberg Group issues industry guidance and best-practice principles for banks, which can be influential, but it is not the global standard-setter. CISI exams typically test the distinction between standard-setting at an international level and implementation and supervision at national level. The organisation most directly responsible for international standards in this area is the Financial Action Task Force.


187. Frage
How does 'relief at source' normally operate in relation to overseas dividend income?

Antwort: C

Begründung:
Relief at source for overseas dividend income typically operates by reducing the withholding tax applied to dividends at the source. This is achieved through double taxation agreements (DTAs) between countries, which set out reduced tax rates for such income.
Example:If the standard withholding tax rate in a country is 30%, a DTA may reduce this to 15% for eligible investors.
Reference:
ICWIM, Topic: Cross-Border Taxation and Double Taxation Agreements.
OECD Model Tax Convention.


188. Frage
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