CMFAS

Showing all 24 results

  • CMFAS M1A (Set 1)

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    3 Sep 2018

    CMFAS M1A Exam Question

    A contract made on SGX-ST can be cancelled only if:

    a) delivery fails

    b) payment is not made on delivery

    c) the share registrar refuses to register a transfer

    d) the CMS licence holders to an error trade have agreed to the cancellation

  • CMFAS M1A (Set 2)

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    3 Sep 2018

    CMFAS M1A Exam Question

    The expense ratio refers to the ongoing costs of operating a fund by fund managers expressed as a percentage of the fund's:

    a) average net assets

    b) total net assets

    c) average return on investment

    d) total return on investment

  • CMFAS M1B (Set 1)

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    3 Sep 2018

    CMFAS M1B Exam Question

    A Representative must not directly or indirectly deal in securities which involve no change of beneficial ownership unless it is a:

    a) swap sale

    b) wash sale

    c) trade sale

    d) time sale

  • CMFAS M1B (Set 2)

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    3 Sep 2018

    CMFAS M1B Exam Question

    Which of the following goods and services qualify as acceptable soft dollar receipts?

    a) Premises expenses

    b) Employees' salaries.

    c) Direct money payment.

    d) Referral fees under a referral agreement.

  • CMFAS M2A (Set 1)

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    3 Sep 2018

    M2A Exam Question

    Which type of market manipulation describes a situation whereby a broker trades the opposite side of a customer's order with the intention to profit from the customer's order?

    a) Bucketing

    b) Cornering

    c) Monopolising

    d) Inflating

  • CMFAS M2A (Set 2)

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    3 Sep 2018

    M2A Exam Question

    When a Cross Trade is received, the order for the leg which has the better price than the last traded price must be:

    a) entered

    b) cancelled

    c) cross-traded

    d) offset

  • CMFAS M3 (Set 1)

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    3 Sep 2018

    CMFAS M3 Exam Question

    An FMC conducting fund management activity should report which of the following as assets under the FMC’s non-discretionary management?

    a) The moneys contracted to the investment manager in respect of which the FMC has an agreement to provide the fund management services.

    b) The moneys and equity contracted to the investment manager in respect of which the FMC has an agreement to provide the fund management services.

    c) The moneys and debt contracted to the investment manager in respect of which the FMC has an agreement to provide the fund management services.

    d) The moneys and assets contracted to the investment manager in respect of which the FMC has an agreement to provide the fund management services.

  • CMFAS M3 (Set 2)

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    3 Sep 2018

    CMFAS M3 Exam Question

    Which of the following statements regarding a Fund Management Company (FMC) is false?

    a) If a FMC’s managed assets are not subject to independent custody arrangements, the FMC is required to disclose this fact to the investors and to obtain their acknowledgement.

    b) FMCs are required to provide investors with an audit report of the assets each year.

    c) FMCs that manage private equity and venture capital funds are not required to comply with client segregation requirements in respect of client moneys.

    d) A FMC that acts as investment adviser to another investment manager should satisfy itself that the assets that it advises on are subject to independent custody.

  • CMFAS M4A (Set 1)

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    3 Sep 2018

    CMFAS M4A Exam Question

    Which of the following statements is false regarding restrictions on dealings during a takeover offer?

    a) The offeror must not sell any securities in the offeree company during the offer period except for sales before the offer has been declared unconditional as to acceptances.

    b) The offeror may sell securities in the offeree company during the offer period where the sale is above the offer price.

    c) The offeror can make further purchases at the same offer price after an announcement of an intention to sell the securities of the offeree company has been made.

    d) All sales after the offer has been declared unconditional as to acceptances must be disclosed.

  • CMFAS M4A (Set 2)

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    3 Sep 2018

    CMFAS M4A Exam Question

    The offeree board must make a public announcement of a takeover offer under all the following situations except where:

    a) it receives notification of a firm intention of offer from a serious source but does not view the offer favourably.

    b) the offeree company is the subject of rumour or speculation about a possible offer.

    c) negotiations between the offeror and the offeree company include only a restricted number of people.

    d) the board of a company is aware that there are negotiations between a potential offeror and the holders of shares carrying 30% or more of the voting rights of a company.

  • CMFAS M5 (Set 1)

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    3 Sep 2018

    CMFAS M5 Exam Question

    Under the Financial Advisers Regulations (FAR), unsecured credit facility does NOT include:

    a) any loan made without security.

    b) any credit facility made with security that does not exceed the market value of the assets constituting that security.

    c) any performance bond entered into by the licensed financial adviser in connection with any credit facility made by another party to its representatives.

    d) the provision of any security by the licensed financial adviser in connection with any credit facility made by another party to its representatives.

  • CMFAS M5 (Set 2)

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    3 Sep 2018

    CMFAS M5 Exam Question

    Under the Securities and Futures Act (SFA), an accredited investor cannot be a/an:

    a) individual

    b) corporation

    c) limited liability partnership

    d) trustee of a trust

  • CMFAS M6 (Set 1)

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    3 Sep 2018

    CMFAS M6 Exam Question

    Which of the following statements are NOT true regarding Single Stock Futures (SSFs)?

    a) In a short SSF position, the investor is obligated to deliver the stock.

    b) SSF will closely follow the underlying stock's movement.

    c) SSF contracts can usually be financed by margin.

    d) SSFs are futures contracts between two parties to exchange a specified number of stocks in a company for a price agreed today.

  • CMFAS M6 (Set 2)

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    3 Sep 2018

    CMFAS M6 Exam Question

    Which of the following types of bonds have the highest volatility?

    a) High coupon rate

    b) Short term to maturity

    c) Low yield to maturity

    d) High coupon rate and short term to maturity

  • CMFAS M6A (Set 1)

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    3 Sep 2018

    CMFAS M6A Exam Question

    Which of the following statements is NOT true regarding foreign exchange swap agreements?

    a) It is a contract in which one party borrows one currency from one party and simultaneously lends another currency to another party.

    b) Each party uses the repayment obligation to its counterparty as collateral and the amount of repayment is fixed at the foreign exchange forward rate as determined by the contract.

    c) Foreign exchange swaps can eliminate foreign exchange rate risks.

    d) Foreign exchange swaps have counter-party risks.

  • CMFAS M6A (Set 2)

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    3 Sep 2018

    CMFAS M6A Exam Question

    Which of the following statements regarding futures is false?

    a) Futures are traded in contracts.

    b) Each futures contract has a standard size which is set by the futures exchange it trades on.

    c) Not all futures have an underlying asset.

    d) Some futures require delivery of the actual commodity.

  • CMFAS M8 (Set 1)

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    3 Sep 2018

    CMFAS M8 Exam Question

    Which of the following actions can be taken to secure a price now to protect against future declining prices of a commodity?

    a) Go long on the commodity futures contract.

    b) Go short on the commodity futures contract.

    c) Sell all existing stock of the commodity.

    d) Buy more stock of the commodity.

  • CMFAS M8 (Set 2)

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    3 Sep 2018

    CMFAS M8 Exam Question

    Which of the following is NOT true regarding banker’s acceptances?

    a) They are used to facilitate international commercial trade transactions.

    b) They represent a claim on the issuing bank.

    c) They have no maturity date.

    d) They are issued at a discount to face value.

  • CMFAS M8A (Set 1)

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    3 Sep 2018

    CMFAS M8A Exam Question

    Structured Funds have which of the following types of characteristics compared to other types of wrappers?

    a) High administrative cost.

    b) Capital guaranteed.

    c) Flexibility.

    d) Transparency.

  • CMFAS M8A (Set 2)

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    3 Sep 2018

    CMFAS M8A Exam Question

    Which of the following is NOT an early termination feature in a structured product?

    a) Callable option.

    b) Kick-in option.

    c) Knock-out option.

    d) Default option.

  • CMFAS M9 (Set 1)

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    3 Sep 2018

    CMFAS M9 Exam Question

    Which of the following should be performed if one intends to retain the full financial responsibility of a risk?

    a) Buying insurance.

    b) Selling insurance.

    c) Setting aside adequate emergency funds.

    d) Implementing preventive measures.

  • CMFAS M9 (Set 2)

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    3 Sep 2018

    CMFAS M9 Exam Question

    The premiums of life insurance policies are calculated by professionals known as:

    a) Actuaries.

    b) Calculators.

    c) Adjustors.

    d) Insurance analysts.

  • CMFAS M9A (Set 1)

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    3 Sep 2018

    CMFAS M9A Exam Question

    Which of the following products are classified as products designed to protect capital?

    a) Bonus certificates.

    b) Equity-linked notes.

    c) Reverse convertible bonds.

    d) Discount certificates.

  • CMFAS M9A (Set 2)

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    3 Sep 2018

    CMFAS M9A Exam Question

    When the futures price is higher than the spot price, the situation is known as:

    a) Contango.

    b) Backwardation.

    c) Basis.

    d) Variation.