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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: The Regulatory Infrastructure | 10% | - Roles and powers of regulators - Regulatory bodies: SCA, CBUAE, DFSA, FSRA - Legislative framework and regulatory objectives |
| Topic 2: Authorised Persons | 6% | - Obligations of authorized firms and individuals - Conduct of business rules - Licensing and authorization requirements |
| Topic 3: Market Conduct Legislation and Regulation | 28% | - Insider dealing and market abuse - Financial crime, AML and CFT regulations - Disclosure and transparency obligations |
| Topic 4: Markets | 10% | - Trading and settlement rules - UAE exchanges: DFM, ADX, NASDAQ Dubai - Listing and admission requirements |
| Topic 5: Trading | 20% | - Market integrity and surveillance - Reporting and compliance requirements - Trading rules and mechanisms |
| Topic 6: Client Protection | 20% | - Communications, reporting and complaints handling - Client identification and classification - Client assets and money protection |
| Topic 7: Associated Market and Securities Legislation and Practice | 6% | - Securities laws and regulations - Market operation rules - Legal obligations of market participants |
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NEW QUESTION # 67
The DFM's Professional Code of Conduct requires brokerage firms to take reasonable steps to determine the identity of their clients. For natural persons, this should include:
Answer: D
Explanation:
The Dubai Financial Market (DFM) Professional Code of Conduct mandates that brokerage firms perform thorough customer due diligence to confirm client identities. For natural persons, this includes obtaining detailed personal information such as profession, exact residential address, PO Box, and phone number. This comprehensive identification requirement supports anti-money laundering (AML) and know-your-customer (KYC) policies by enabling firms to verify clients accurately and assess their risk profiles effectively.
Commercial registration details and legal entity information apply to corporate clients, not individuals.
Collecting detailed contact and occupational data also facilitates ongoing monitoring and communication, fulfilling regulatory obligations to maintain transparent client records.
Reference: CISI UAE Financial Rules and Regulations - Client Protection and DFM Professional Code of Conduct, Section 4.1.3 (2023).
NEW QUESTION # 68
When an application is made to list a crypto asset on a crypto asset exchange, the documentation provided to the Authority must include details of:
Answer: A
Explanation:
A crypto asset exchange seeking to list a crypto asset must provide the Authority with sufficient information to assess both the asset and the technology supporting it. Under the CISI UAE Financial Rules and Regulations, the listing application must include the initial and continuing criteria used to select the crypto asset for listing and trading, details of the relevant distributed ledger technology or protocol, fees or other compensation associated with the listing, and any hacking vulnerabilities affecting the technology underlying the crypto asset. The documentation must also address traceability of the crypto asset and the capability to apply controls designed to combat money laundering and terrorism financing. Disclosure of hacking vulnerabilities is particularly important because weaknesses in the underlying distributed-ledger technology can expose investors, custodians and markets to theft, unauthorised transfers and operational disruption. The specific listing requirements do not identify a software confidentiality agreement, historical losses of the applicant, or disaster-recovery methodology as the required item tested by this question. Therefore, option C directly reflects the CISI requirement.
NEW QUESTION # 69
Each licence applicant must provide a guide regulating the internal audit processes that includes:
Answer: C
Explanation:
Licence applicants must maintain separate regulatory frameworks for risk management, compliance and internal audit, and this question distinguishes the requirements belonging specifically to internal audit. The internal audit guide must contain procedures allowing the internal auditor to act independently without interference or incompatible duties; procedures ensuring access to relevant records and information; arrangements for access to the board, senior officer or relevant board committee when necessary; and a mechanism for informing the financial auditor immediately about any matter that may affect the licensed body's financial position. It must also document the structure, responsibilities and procedures of the internal audit function. Option A belongs to the risk-management framework rather than internal audit. Option B resembles the requirement for the compliance officer to have adequate resources. Option D is also incorrectly worded because the relevant regulatory roles require appropriate access rather than access subject to arbitrary limited restrictions. Option C reproduces a specific internal-audit requirement and is therefore the correct answer.
NEW QUESTION # 70
The whistleblowing policy submitted by an applicant for a financial activities licence must include a mechanism for:
Answer: C
Explanation:
The CISI UAE Financial Rules and Regulations require that the whistleblowing policy submitted by licence applicants incorporates a clear mechanism for protecting the reporting employee. This protection includes confidentiality safeguards, protection against retaliation, and secure channels for raising concerns. Ensuring the safety and anonymity of whistleblowers is fundamental to encouraging the reporting of unethical or illegal conduct, thereby enhancing regulatory compliance and corporate governance. Other aspects such as escalation procedures and disciplinary measures are important but secondary; the central pillar of effective whistleblowing policy is the protection of the individual who reports wrongdoing.
Reference: CISI UAE Financial Rules and Regulations - Regulatory Infrastructure and Whistleblowing, Section 3.4.2 (2023).
NEW QUESTION # 71
Which of the following features of a previous order can be changed with the order remaining valid?
Answer: B
Explanation:
In UAE financial markets, certain order attributes can be modified after submission while keeping the order active. According to the CISI UAE Financial Rules and Regulations on Trading, thevolumeof a previous order is the feature that can be changed without invalidating the order. Adjusting volume allows traders to increase or decrease the quantity of securities to be traded without withdrawing and resubmitting the order.
However, changes to share category, market, or order type typically require cancellation of the existing order and placing a new one, as these changes affect the fundamental nature and execution venue of the order. This flexibility in modifying volume supports market efficiency and helps traders respond swiftly to changing conditions while maintaining order validity.
Reference:CISI UAE Financial Rules and Regulations - Trading Rules and Order Modifications, Section
7.1.5 (2023).
NEW QUESTION # 72
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