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CISI Financial Regulations > ALL: Time limits, sentences, key numbers etc > Flashcards

ALL: Time limits, sentences, key numbers etc Flashcards

1
Q

what is a non retail investment

A

above 50k

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2
Q

how often does FCA make a report to the treasury

A

annually

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3
Q

how often does SYSC 4 general requirements say written reports on compliance and internal audit need to be made

A

annually

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4
Q

how many years of employment history needed for fit and proper test

A

6 years

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5
Q

how many years of criminal convictions needed for fit and proper test

A

no time limit

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6
Q

within how many days should firms be informed when using Form A to apply for approval on behalf of senior managers

A

within 90 days

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7
Q

when can the FCA stop the 90 day limit in responding to form A

A

if receives insufficient info about an applicant and need to wait for clarification

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8
Q

deadline for proving competence via exam success

A

30 months

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9
Q

how long does a firm have to provide documents to FCA

A

reasonable time period

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10
Q

how many days does a firm have to appeal to upper tribunal

A

28 days

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11
Q

what is penalty for breaching prohibition order S56 FSMA 2000

A

criminal offence punishable by fine

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12
Q

how long can FCA ban products without consultation and what type of products

A

up to 12 months - products posing unacceptable risks to consumers

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13
Q

max penalty for insider dealing

A

ten years jail and or unlimited fine

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14
Q

max penalty misleading statements and impressions

A

crown court: ten years and or unlimited fine

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15
Q

market abuse max penalty

A

unlimited fine - civil offence so no jail

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16
Q

when must a firm report suspicions to the FCA regarding suspicious transactions

A

without delay

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17
Q

within how many days must PDMRs dealing in their own companies shares disclose to both their company and the FCA the transaction

A

within 3 business days of the transaction

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18
Q

how long is closed period

A

30 days

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19
Q

is breaching managers transaction rule criminal offence

A

no but fca will take disciplinary action

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20
Q

what is the threshold below which transactions in dealing within your own companies shares will not require disclosure

A

5000 euros

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21
Q

maximum penalty for failing to register as a foreign company and beneficial owner holding property investments in the UK

A

5 years jail or unlimited fine

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22
Q

how soon do firms need to obtain evidence regarding identity in customer due diligence

A

as soon as reasonably practical

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23
Q

how long must records be kept in relation to money laundering and from what point

A

5 years after the business relationship has ended or an occasional transaction

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24
Q

max penalty for failing to comply with money laundering regulations (directors and senior managers)

A

2 years jail and or unlimited fine

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25
Q

max penalty for recklessly making a statement in context of money laundering which is false or misleading

A

2 years jail and or unlimited fine

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26
Q

max penalty for general offences to money laundering (concealing, arrangements and acquiring or possessing)

A

14 years and or unlimited fine

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27
Q

max penalty for knowingly prejudicing an investigation into money laundering

A

5 years and or unlimited fine

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28
Q

max penalty for failure to report money laundering

A

5 years and or unlimited fine

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29
Q

max penalty for tipping off someone suspected of money laundering

A

2 years and or unlimited fine

30
Q

max penalty for failure to report suspicions of terrorist financing

A

5 years and or unlimited fine

31
Q

maximum penalty for an individual and for a company for bribery offences

A

individual - 10 years jail and or unlimited fine

company - unlimited fine

32
Q

higher penalties of the ICO for failure to comply with data protection principles, data subject rights and transfer of data to third countries

A

up to 17.5m or 4% of global turnover

33
Q

standard penalties of the ICO for failure to comply with other failures such as administrative

A

up to 8.7m or 2% of global turnover

34
Q

under GDPR (general data protection regime) of the EU what is the max fine

A

up to 4% of worldwide turnover or 20m euros for breaches of certain provisions

35
Q

EU transparency directive disclosure thresholds for share holdings

A

5, 10, 15 20, 25, 30, 50, 75 %

36
Q

UK disclosure rules threshold for share holdings

A

3% then change up or down to next percentage point or fall below 3

37
Q

UK disclosure rules for fund managers for share holdings

A

5%, 10% and then every % point

38
Q

UK disclosure rules for market makers for share holdings

A

exempt below 10%

39
Q

what are exempt under UK disclosure rules of share holdings

A

custodians and bare nominees

shares held as collateral

40
Q

companies act 2006 S793 letter requires disclosure of shares held when

A

at present time

and in the last 3 years

41
Q

when do trade reports need to be made

A

automatic within 3 mins

42
Q

when do transaction reports need to be made

A

by T+1

43
Q

latest time trade report can be sent

A

8pm

44
Q

large undertaking threshold

A

2/3 of:

balance sheet 20m
net turnover 40m
own funds 2m

45
Q

non mifid large undertaking threshold

A

2/3 of:

balance sheet 12.5m
net turnover 25m
average number of employees 250

46
Q

quantitative test for elective professional clients

A

2/3 of:

average 10 trades per quarter for last 4 quarters
portfolio over 500k
works or has worked in finance for at least a year

47
Q

max penalty for breaching S21 FSMA 2000 communicating fin promo

A

2 years jail and or unlimited fine

48
Q

how many years must past performance cover in fin promo

A

at least 5 years or full life of investment in complete 12 month periods

49
Q

life products and pensions cancellation day allowance

A

30 days

50
Q

other products e.g. ISAss cancellation day allowance

A

14 days

51
Q

within how many days must suitability report be provided for personal or stakeholder pension schemes where right to cancel applies

A

within 14 days

52
Q

transaction confirmation sent to client in what time frame

A

no later than next business day

53
Q

if a retail clients derivative positions move below pre specified threshold how soon should firm notify client

A

by end of business day that the breach occured

54
Q

how long is DvP not subject to CASS

A

3 business days

55
Q

general record keeping rule for mifid business

A

5 years from date of dispatch

56
Q

general record keeping rule for non mifid business

A

3 years from date of dispatch

57
Q

pension contracts, stakeholder pensions and life assurance record keeping timit

A

5 years

58
Q

pension transfers and opt outs, free standing additional voluntary contributions record keeping time limit

A

indefinitely

59
Q

recordings of telephone communications must be kept how long

A

5 years from the creation of the record

60
Q

records of directors responsibilities under SYSC must be kept how long

A

6 years

61
Q

records of identification under MLR must be kept how long

A

5 years

62
Q

records held in data under the data protection act must be kept how long

A

no longer than necessary

63
Q

complaints must be kept for how long for mifid or ucits business

A

5 years from the date the complaint was received

64
Q

complaints must be kept for how long for other business

A

3 years from the date the complaint was received

65
Q

how many days until complaint procedures need to be sent

A

3 days

66
Q

how long does a firm have to send a final response to a complaint

A

8 weeks

67
Q

how long does a complainant have to go to the FOS

A

6 months

68
Q

how many days does the FCA have to respond to super complaints or mass detriment references

A

90 days

69
Q

how often do periodic statements need to be sent to retail clients when not derivatives

A

every 3 months

70
Q

how often do periodic reports need to be sent for retail clients involving derivatives

A

each month

71
Q

max claim in FSCS per person

A

85k

72
Q
A

CISI Financial Regulations (18 decks)

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