
CMFAS M4A (Set 1)
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9 Apr 2026
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 M8 (Set 2)
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9 Apr 2026
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 M1A (Set 2)
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9 Apr 2026
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