QFA Regs - Sample Paper 2 Exam Questions And Answers
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Course
QFA
Institution
QFA
ABC Bank plc is established in Germany. It transacts banking business in the Republic of Ireland on a cross-border basis. Being able to provide financial services in this manner to consumers in other EU countries is referred to as:
A passporting.
B subrogation.
C migration.
D the common good. -...
QFA Regs - Sample Paper 2 Exam
Questions And Answers
ABC Bank plc is established in Germany. It transacts banking business in the Republic of
Ireland on a cross-border basis. Being able to provide financial services in this manner to
consumers in other EU countries is referred to as:
A passporting.
B subrogation.
C migration.
D the common good. - ANS A
1.2.1
In relation to a financial services firm established in an EU country, the term 'freedom of
establishment' means being able to:
A set up a branch in another EU country.
B provide any type of financial service the firm wishes to provide, without requiring any fresh
authorisation.
C charge different levels of charges to different consumers, without requiring authorisation to do
so.
D provide financial services to consumers in another EU country on a cross-border basis. - ANS
A
1.2.1
Regulation of the continuing solvency and liquidity of established financial services firms is
known as which type of regulation?
A Structural.
B Systemic.
C Prudential.
D Conduct of Business. - ANS C
1.2.3
The Central Bank's Consumer Protection Code is an example of which type of regulation?
A Prudential.
B Systemic.
C Conduct of Business.
,D Structural. - ANS C
1.2.4
The Central Bank does NOT authorise and regulate which one of the following established in
the State?
A Credit institutions.
B Debt management firms.
C Credit intermediaries.
D Retail credit firms. - ANS C
1.3.1
The MAXIMUM fine which the Central Bank can impose on ABC Investment Advisers Ltd, an
investment intermediary, for non- compliance with financial services regulations, is:
A €1 million.
B the greater of €2 million and 5% of annual
turnover.
C the greater of €5 million and 10% of annual turnover.
D the greater of €10 million and 10% of annual turnover. - ANS D
1.3.3
Most authorised credit intermediaries are
A mortgage intermediaries.
B garages offering loans and leasing.
C insurance intermediaries.
D credit card providers. - ANS B
1.4.4
The regulation of unfair, misleading or aggressive commercial practices by financial services
firms is shared between which two institutions?
A The Competition and Consumer Protection Commission and the Director of Corporate
Enforcement.
B The Central Bank and the Department of Finance.
C The Director of Corporate Enforcement and the Central Bank.
D The Competition and Consumer Protection Commission and the Central Bank. - ANS D
1.4.1
Credit intermediaries are authorised by the:
A Competition and Consumer Protection
Commission.
, B Central Bank.
C Irish Banking Federation.
D Irish Credit Bureau - ANS A
1.4.4
A deemed authorised investment intermediary is one which:
A is exempt from authorisation under the Investment Intermediaries Act, 1995.
B is automatically authorised to arrange and/or give advice on any of the retail financial products
covered by the Investment Intermediaries Act, 1995.
C has applied for authorisation as an investment intermediary but has not yet obtained it.
D is restricted to advising only on non- insurance tracker bonds. - ANS B
2.3.1
A deemed authorised investment intermediary is automatically authorised to provide investment
advice on:
(i) shares listed on a Stock Exchange.
(ii) UCITS.
(iii) deposits.
A (ii) only.
B (iii) only.
C (i) and (ii) only.
D (i), (ii) and (iii). - ANS D
2.3.1
An investment intermediary authorised under Section 10 of the Investment Intermediaries Act,
1995, is an intermediary which:
A is exempt from authorisation under the Investment Intermediaries Act, 1995.
B must seek authorisation for each type of retail financial product it wishes to arrange and/or
provide advice on.
C has applied for authorisation as an investment intermediary but has not yet obtained it.
D is restricted to advising only on insurance policies and tracker bonds. - ANS B
2.3.1
An investment intermediary who can arrange deposits for consumers with a range of different
banks is called a deposit:
A intermediary.
B broker.
C agent.
D producer. - ANS B
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