Showing 49–64 of 65 results

  • RES 12B (Set 1)

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    4 Aug 2025
    CMFAS RES 12B Exam Question:

    During an internal review, you discover that your colleague has been delaying trade confirmations to clients to give your desk more pricing flexibility during volatile hours. This practice is not documented but has been internally encouraged to “manage client expectations”. What is your BEST course of action, considering MAS Guidelines on Individual Accountability and Conduct?

    a) Confront your colleague and warn him not to do it again.

    b) Raise the issue to your team lead and suggest tightening internal procedures.

    c) Report the practice to compliance immediately, even if it implicates your team.

    d) Do nothing since you didn’t initiate the behaviour.

  • RES 12B (Set 2)

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    4 Aug 2025
    CMFAS RES 12B Exam Question:

    Your client insists on buying a leveraged derivative product but you believe it is beyond their stated risk appetite. They sign a risk acknowledgment form and waive advice. Which action is MOST in line with MAS?

    a) Proceed only if the form is countersigned by your supervisor.

    b) Proceed, document client’s request, and ensure the product factsheet is provided.

    c) Decline the transaction and escalate the case to compliance.

    d) Strongly caution the client and proceed if they accept responsibility in writing.

  • RES 1A (Set 1)

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    4 Aug 2025
    CMFAS RES 1A Exam Question:

    A Capital Market Services (CMS) Licence Holder for dealing in securities can trade on a stock market if it entered into a transaction on behalf of a principal whereby the instruction of the principal:

    a) was allowed by the CMS Licence Holder.

    b) was advised by the CMS Licence Holder.

    c) was not solicited by the CMS Licence Holder.

    d) was not incited by the CMS Licence Holder.

  • RES 1A (Set 2)

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    4 Aug 2025
    CMFAS RES 1A Exam Question:

    Which of the following statements regarding a Designated Market-Maker is FALSE?

    a) All trades done by a Designated Market-Maker in any Specified Securities must be routed through a CMS licence holder.

    b) A person must be registered with SGX-ST as a market-making representative to receive and execute orders on behalf of the Designated Market-Maker.

    c) A Designated Market-Maker must submit periodic returns as SGX-ST requires.

    d) A CMS licence holder must not execute a contract on SGX-ST unless it is qualified by a Clearing Member.

  • RES 1B (Set 1)

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    4 Aug 2025
    CMFAS RES 1B Exam Question:

    A person who is aware of an investigation regarding a money laundering case and discloses to any other person information which is likely to prejudice the investigation is guilty of a:

    a) money laundering offence.

    b) tipping-off offence.

    c) suspicious transaction reporting (STR) offence.

    d) failure to comply with Production Order offence.

  • RES 1B (Set 2)

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    4 Aug 2025
    CMFAS RES 1B Exam Question:

    Which stage of the money laundering process refers to the creation of financial transactions designed to disguise the audit trail of money laundering?

    a) Placement stage

    b) Layering stage

    c) Integration stage

    d) Transfer stage

  • RES 2A (Set 1)

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    4 Aug 2025
    CMFAS RES 2A Exam Question:

    In order to qualify for Negotiated Large Trades (NLTs), the minimum volume threshold must be met for:

    a) at least one of the legs of the futures contract.

    b) at least 50% of the legs of the futures contract.

    c) at least 80% of the legs of the futures contract.

    d) all legs of the futures contract.

  • RES 2A (Set 2)

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    4 Aug 2025
    CMFAS RES 2A Exam Question:

    The difference between the expected price of a trade and the actual price at which the trade is executed is known as:

    a) differential.

    b) slippage.

    c) spread.

    d) price discrepancy.

  • RES 2B (Set 1)

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    4 Aug 2025
    CMFAS RES 2B Exam Question:

    You’re preparing marketing slides for an OTC derivative that had an exceptionally profitable year due to a rare market shock. Your manager approves the slides showing the 12-month return as the “primary illustration,” with the standard risk disclosure at the end. Which of the following would be most aligned with MAS guidelines?

    a) Add a statement clarifying that past performance does not guarantee future results.

    b) Restructure the slide to present performance and risks equally on the same page.

    c) Leave as-is, as long as the full disclosure is attached at the end.

    d) Add examples of potential future losses based on similar volatility scenarios.

  • RES 2B (Set 2)

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    4 Aug 2025
    CMFAS RES 2B Exam Question:

    Your firm offers two similar derivative products. One of them has a significantly higher fee and commission and also performs better in volatile markets due to its optional stop-loss feature. You present both products to the client but emphasise the stop-loss feature without discussing your commission. What is your regulatory exposure?

    a) Low, since you offered both products and your recommendation was based on market logic.

    b) None, as long as the stop-loss justification is valid and the client isn’t misled.

    c) High, because omitting the fee differential and commission structure could violate MAS fair dealing principles.

    d) Moderate, as disclosure of commission is not required unless the client asks directly.

  • RES 3 (Set 1)

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    4 Aug 2025
    CMFAS RES 3 Exam Question:

    An individual who is engaged in central dealing for funds managed by related entities of a Licensed Fund Managed Company (LFMC) can be any of the following types of representatives except:

    a) appointed representatives

    b) external representatives

    c) provisional representatives

    d) temporary representatives

  • RES 3 (Set 2)

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    4 Aug 2025
    CMFAS RES 3 Exam Question:

    Which of the following is NOT a criteria for Fund Managed Companies (FMCs) to meet?

    a) An FMC should ensure that the minimum competency requirements are met.

    b) An FMC should satisfy MAS that its shareholders, directors, representatives and employees, as well as the FMC itself, are fit and proper.

    c) An FMC carrying out fund management on behalf of any customer other than an accredited or institutional investor does not need to meet the base capital thresholds.

    d) An FMC should have in place compliance arrangements that are commensurate with the nature, scale and complexity of its business.

  • RES 4 (Set 1)

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    4 Aug 2025
    CMFAS RES 4 Exam Question:

    If a trust structure is used for a bond issuance, which of the following entities will make interest payments to bondholders?

    a) Fiscal agent

    b) Trustee

    c) Principal paying agent

    d) Lead Manager

  • RES 4 (Set 2)

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    4 Aug 2025
    CMFAS RES 4 Exam Question:

    Which of the following statements regarding plain vanilla bonds offered under the Seasoning Framework is false?

    a) Its interest payments cannot be deferred.

    b) It must have a fixed interest rate.

    c) It must have a fixed term.

    d) It must repay the principal at the end of the term.

  • RES 5 (Set 1)

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    4 Aug 2025
    CMFAS RES 5 Exam Question:

    Which of the following statements regarding Financial Advisers is NOT true?

    a) A financial adviser who provides financial advisory service in respect of securities has to maintain a register of its interest in securities.

    b) A financial adviser can withdraw monies related to a contract of insurance
    from a bank account maintained by it.

    c) A financial adviser can disclose to its clients any information on past performance in relation to a Collective Investment Scheme based on the simulated results of a hypothetical Collective Investment Scheme.

    d) A financial adviser can make comparisons of the past performance of a Collective Investment Scheme with that of another Collective Investment Scheme to a client.

  • RES 5 (Set 2)

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    4 Aug 2025
    CMFAS RES 5 Exam Question:

    A financial adviser must disclose all of the following except:

    a) any lien imposed on a life policy.

    b) the bid and offer prices of a collective investment scheme with a single pricing scheme.

    c) the risk factors that may result in the benefits payable to be less than that illustrated in the benefit illustration.

    d) whether the units of a collective investment scheme will be priced on a historical or forward basis.

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