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  CMFAS RES 4 (Set 1)

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  5 Feb 2026

  CMFAS RES 4 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.
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  CMFAS RES 1A (Set 2)

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  5 Feb 2026

  CMFAS RES 1A 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

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  CMFAS RES 12B (Set 1)

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  5 Feb 2026

  CMFAS RES 12B Exam Question

  A dealer receives a call from a client instructing them to purchase a security that the dealer knows is highly speculative and unsuitable for the client’s risk tolerance. However, the client insists on executing the trade. Which of the following is the most appropriate action?

  a) The dealer should proceed with the trade, as the client is responsible for their own investment decisions.

  b) The dealer should explain the risks involved, attempt to dissuade the client, but ultimately execute the order if the client insists.

  c) The dealer must refuse to execute the trade, as it is clearly unsuitable for the client.

  d) The dealer should execute the trade immediately but document the client’s insistence on the trade to protect themselves from potential future complaints.