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| Section | Weight | Objectives |
|---|---|---|
| Licensed Bodies | 14% | - Requirements of capital market institutions - Licensing financial activities - General provisions |
| Trading | 11% | |
| Investment Funds | 11% | - Provisions specific to certain public funds - The local fund |
| The Regulatory Infrastructure | 17% | - License categories and requirements (Decision No. 13/Chairman issued 2021) - Accounting system controls (Decision No. 13/Chairman issued 2021) - Codes of Conduct - Federal Law No. 4 of 2000 - SCA Resolutions - Securities & Commodities Authority (SCA) - Corporate Governance (Law No. 3 issued Jan 2020) |
| Markets | 11% | - Disclosure and Transparency - General background |
| Dubai Financial Market (DFM) | 11% | |
| Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations | 14% | - Federal Law No. 20 of 2018 |
| Client Protection | 10% |
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NEW QUESTION # 146
In what circumstances can the requirement for licensed bodies to disclose their legal status be waived?
Answer: C
Explanation:
The CISI UAE Financial Rules and Regulations allow the waiver of the requirement for licensed bodies to disclose their legal status only in specific scenarios such as when an emergency has been notified to the Authority. This provision recognizes that during certain urgent situations, standard disclosure obligations may be temporarily suspended to allow for swift action or confidentiality. Other circumstances such as ongoing court cases, market corrections, or takeover bids do not automatically justify waivers of disclosure obligations, preserving investor transparency and trust under normal conditions.
Reference: CISI UAE Financial Rules and Regulations - Regulatory Disclosure Obligations and Waivers, Section 4.1.10 (2023).
NEW QUESTION # 147
What minimum level of annual income must a natural person classed as a qualified investor receive?
Answer: B
Explanation:
The CISI UAE Financial Rules and Regulations defines a qualified investor as a natural or legal person considered sufficiently knowledgeable and financially capable of managing investment risk. For a natural person to satisfy the relevant classification, the CISI material identifies three conditions. First, the individual's net equity, excluding the value of their main residence, must amount to AED 4 million . Second, the individual must receive annual income of not less than AED 1 million . Third, the person must declare that they possess adequate knowledge and experience concerning the investment activity and its risks, or be represented appropriately by an entity licensed by the Authority. The question asks specifically about annual income, not the net-equity threshold. This distinction is important because AED 4 million appears in the same definition but applies to wealth rather than yearly income. AED 2 million and AED 3 million are not the prescribed annual-income thresholds. Consequently, the minimum annual income required for the natural- person qualified-investor classification is AED 1 million, making option A correct.
NEW QUESTION # 148
When applying for an Authority licence to operate a crypto fundraising platform, the need to demonstrate the independence of its fundraising functions is required only if the operator:
Answer: A
Explanation:
The CISI UAE Financial Rules and Regulations specifically addresses the situation in which an operator of a crypto fundraising platform intends to conduct additional financial services activities. When this occurs, those other activities must be identified in the operator's licence application, together with details of the systems and controls established to preserve the independence of the fundraising function. The purpose is to prevent other regulated activities from interfering with fundraising obligations, governance arrangements, investor safeguards, and regulatory compliance. Therefore, the additional independence requirement is triggered by conducting financial services activities other than fundraising. Merely proposing to issue security tokens, being owned by another financial institution, or owning crypto assets does not constitute the stated trigger.
The CISI material also distinguishes platform operation from custody: a fundraising platform cannot hold crypto assets or money, or perform activities requiring a crypto-asset custodian licence, without obtaining the appropriate separate authorisation. Accordingly, option A precisely reflects the licensing condition described in the CISI syllabus.
NEW QUESTION # 149
If in-kind shares are provided when the fund is founded; if the subscription fails and there is no special agreement, who would bear the expenses?
Answer: D
Explanation:
According to CISI UAE Financial Rules and Regulations, when in-kind shares are provided at fund inception and the subscription fails, the founders bear the related expenses in the absence of any special agreement. This allocation reflects the founders' responsibility in establishing and capitalizing the fund and absorbing initial setup costs, including those related to failed subscriptions. Share providers, auditors, or evaluators are not typically liable for such expenses unless contractual terms explicitly assign such responsibility. This regulatory stance encourages clarity and accountability in fund founding arrangements.
Reference: CISI UAE Financial Rules and Regulations - Investment Funds Incorporation and Expense Allocation, Section 6.2.11 (2023).
NEW QUESTION # 150
Omar and Rashid are Authority board members and the appointment period for both of them is about to expire. Why can only Omar's appointment be renewed?
Answer: C
Explanation:
The Securities and Commodities Authority's governance arrangements prescribe a defined term for membership of its Board of Directors. The Authority states that Board membership is for four years and is renewable for one further term only, with the specified exception relating to the Chief Executive. This creates a maximum of two terms for an ordinary board member. In the scenario, Omar has completed only one term, so his appointment may legally be renewed for a second term. Rashid, however, has already completed two terms and has therefore exhausted the permitted renewal limit. The distinction has nothing to do with the relative ages of the two members, whether they own securities, or whether either receives remuneration.
Indeed, regulatory governance provisions are intended to ensure appropriate independence, experience and periodic renewal of the Authority's governing body rather than make continued service dependent upon securities ownership or compensation. Consequently, the decisive factor is the number of terms already served. Omar remains eligible for one renewal while Rashid does not. Therefore, option D is correct.
NEW QUESTION # 151
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