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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Client Protection | 20% | - Client assets and money protection - Communications, reporting and complaints handling - Client identification and classification |
| Topic 2: Market Conduct Legislation and Regulation | 28% | - Disclosure and transparency obligations - Insider dealing and market abuse - Financial crime, AML and CFT regulations |
| Topic 3: Authorised Persons | 6% | - Licensing and authorization requirements - Conduct of business rules - Obligations of authorized firms and individuals |
| Topic 4: Associated Market and Securities Legislation and Practice | 6% | - Legal obligations of market participants - Market operation rules - Securities laws and regulations |
| Topic 5: Trading | 20% | - Trading rules and mechanisms - Reporting and compliance requirements - Market integrity and surveillance |
| Topic 6: The Regulatory Infrastructure | 10% | - Legislative framework and regulatory objectives - Roles and powers of regulators - Regulatory bodies: SCA, CBUAE, DFSA, FSRA |
| Topic 7: Markets | 10% | - UAE exchanges: DFM, ADX, NASDAQ Dubai - Listing and admission requirements - Trading and settlement rules |
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NEW QUESTION # 21
If the two evaluators for an in-kind share transfer produce different fair value figures, what figure must be used?
Answer: A
Explanation:
In the case of an in-kind share transfer where two evaluators produce different fair value figures, the average of the two amounts is typically used. This approach helps ensure fairness and reduces the risk of biases from individual evaluations. The CISI UAE Financial Rules and Regulations recommend averaging the values to arrive at a reasonable and balanced assessment, especially when the evaluators may have different methods or opinions regarding the valuation of assets. This method is widely accepted as it prevents any single evaluator's assessment from disproportionately influencing the final valuation.
Reference: CISI UAE Financial Rules and Regulations - In-kind Share Transfer Valuation, Section 8.4.2 (2023).
NEW QUESTION # 22
The last trading day for a West Texas Intermediate (WTI) Light Sweet Oil Futures contract is:
Answer: B
Explanation:
The Dubai Gold & Commodities Exchange (DGCX) contract specification for West Texas Intermediate (WTI) Light Sweet Crude Oil Futures establishes a clearly defined expiry timetable. The last trading day is four business days prior to the 25th calendar day of the month preceding the expiry or delivery month .
For example, if the futures contract relates to March, its last trading day falls on the fourth business day before 25 February. This convention allows sufficient time between the termination of trading and final cash- settlement procedures. The DGCX specification applies the same last-trading-day structure to its standard WTI contract and the Mini WTI product, although their contract sizes and tick values differ. Option A incorrectly relates expiry to the final business day of the delivery month, while option B has no basis in the WTI specification. Option D resembles expiry conventions associated with other commodity contracts and is not the applicable WTI rule. Consequently, the contract specification confirms that option C is correct.
NEW QUESTION # 23
The contract size for trading in Silver Futures on the Dubai Gold & Commodities Exchange is 1,000 troy ounces of refined silver, plus or minus what prescribed margin?
Answer: B
Explanation:
For Silver Futures contracts on the Dubai Gold & Commodities Exchange (DGEX), the contract size is 1,000 troy ounces of refined silver, with a prescribed margin of 5%. The margin requirement ensures that traders have sufficient collateral to cover potential price fluctuations in the market. The 5% margin provides a balance between allowing for liquidity in the market and managing the risks associated with futures trading.
This is a standard margin level designed to protect both market participants and the exchange from extreme volatility or defaults.
Reference: CISI UAE Financial Rules and Regulations - Silver Futures Trading on DGEX, Section 7.1.3 (2023).
NEW QUESTION # 24
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: D
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 # 25
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: A
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 # 26
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