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IMC > IMC > Flashcards

IMC Flashcards

1
Q

FCA is accountable to

A

The Treasury

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2
Q

PRA Firms

A

Deposit takers, Insurers, Significant Investment Firms

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3
Q

Dually registered firms will apply to X for authorisation

A

PRA

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4
Q

FCA 3 Operational Objectives

A

Consumer protection, Integrity & Competition

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5
Q

4 Powers of FCA

A

4A Permission, Prosecute for Financial Crime, Rule Making, Supervision, Enforcement and Sanctions

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6
Q

Role of Upper Tribunal

A

Independent review of PRA/FCA devisions

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7
Q

Excluded Activities from Regulation

A
  • Media broadcasts
  • Providing Information
  • Unpaid Trustees
  • Employee Share Schemes
  • Dealing as Principal & End User offering no Service to Others
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8
Q

Investments Excluded from Regulation

A
  • Property
  • Tangible Assets
  • Currencies
  • Premium Bonds
    *National Savings Certificates
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9
Q

In general, code staff, under the remuneration code, will have what percentage of their bonus deferred? For how long a period?

A

At least 40%, minimum of 3 years

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10
Q

Under MIFID II, Local Authorities are treated as what type of client?

A

Retail Client, unless investing on behalf of a local government pension scheme, then they can opt up to be considered a professional client

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11
Q

What is the FCA not allowed to take away from a workplace investigation?

A

Original documents, only copies allowed

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12
Q

Are transfers to trusts taxed?

A

Yes, chargeable lifetime transfer.

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13
Q

Systematic vs. Non-Systematic Risk

A

Systematic = affects the overall market, ex. natural disaster, inflation etc.

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14
Q

Discretionary Trust

A

Trustee right to distribute property to beneficiaries as they see fit

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15
Q

Interest in Possession Trust

A

Beneficiaries = legal right to all income from property, but not property itself

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16
Q

Bare trust

A

The trustee can take the income and capital from the trust at any time

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17
Q

AIFMD Purpose

A

Establish an EU-wide framework for monitoring and supervising the risks posed by alternatives. Enables passporting.

18
Q

An AIFM need to seek authorisation if

A

AuM over €100mn if leveraged, €500mn if unleveraged

19
Q

Pensions act eligible workers

A

between 22yrs-retirement age & earn at least 10k per year

20
Q

Who approves occupational pension schemes?

A

HMRC Pensions Scheme’s Office

21
Q

How often does the statement of investment principles for a pension scheme be revised?

A

Every 3 years & whenever there has been a significant change in investment policy

22
Q

Objectives of Pension Regulator

A
  • Protect benefits of members of workbased pensions
  • Reduce risk of situ. requiring compensation from Pension protection fund
  • Promote good administration and understanding of the schemes it regulates
  • Maximise employer compliance with its duties
23
Q

Preference Shares

A

Fixed dividend and no voting rights

24
Q

What are collective investment schemes?

A

Large pooled funds including unit trusts and investment companies with variable capital (open ended investment companies). Investors receive a unit that represents a small % of the AuM

25
Q

What type of Market is the FX Market?

A

Quote driven with major international banks as only participants

26
Q

FX Spot Market settlement time

A

T+2

27
Q

SDRT

A

0.5% on purchases

28
Q

Takeover Panel Levy

A

£1 on all transactions over 10,000

29
Q

SETS

A

Continuous order book system for FTSE All Share Index & Liquid AIM Shares.

30
Q

SETSSqx

A

Hybrid system, periodic order book system with market maker support for most other UK shares

31
Q

SEAQ

A

Quote driven for any shares too illiquid for SETS or SETSSqx + corporate bonds

32
Q

International Order Book

A

Order driven system for International depositary receipts

33
Q

European Quoting Service

A

Quote driven for European-listed securities

34
Q

Order Book for Retail Bonds (ORB)

A

Retail-focused order book for trading gilts, supernational bonds and corporate bonds

35
Q

European Trade Reporting

A

Enables members to meet their post-trade obligations

36
Q

LCH

A

Central counterparty to all trades executed on SETS order book. Manages default risk on behlaf of members.

37
Q

CREST

A

Settlement system for UK and Irish Securities. Owned by Euroclear

38
Q

Inter Dealer Broker

A

Allows anonymity when taking on or off loading a position in a security. IDB acts as a central counter-party to the trade

39
Q

SETS trading times

A

8:00 am to 4:30pm, preceded by a 10 minute auction where no auto execution takes place. 5 minute closing auction. Intra-day auction.

40
Q

GEMMs registered with

A

Debt management office DMO, supervised by CFA

41
Q

GEMMs

A

Market Makers, obliged to quote to broker dealers and other clients

IMC (4 decks)

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