
CMFAS M3 (Set 2)
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8 Jan 2026
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 M1B (Set 2)
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8 Jan 2026
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 M6 (Set 2)
SGD 39.90
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8 Jan 2026
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