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CISI Unit 1 > Unit 1 (Glossary) > Flashcards

Unit 1 (Glossary) Flashcards

1
Q

Aggregation

A

Multiple client orders are bulked together and
processed as a single order. Customers must be
notified of this procedure and its advantages and
disadvantages.

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2
Q

Allocation

A

The division of a single aggregated order

between two or more investors’ accounts.

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3
Q

Ancillary Services

A

Activities, for example, giving advice on MiFID
instruments, which are passportable only if the
firm is already passported in relation to a core
investment service or activity (such as dealing),
and if that firm is providing those services as
ancillary services to that activity.

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4
Q

Appointed Representative

A

Any type of person, ie, an individual or a
company. It must be a party to a contract with
an authorised person that allows it, or them,
to carry on certain regulated activities – and
the authorised person must have accepted
responsibility for the conduct of these regulated
activities in writing.

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5
Q

Approved Persons (APER)

A

Individuals who are approved by the Financial
Conduct Authority (FCA) to undertake
controlled functions. These individuals are
required to comply with the FCA’s Statements
of Principle and Code of Practice for
Approved Persons (APER).

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6
Q

Authorisation

A

The Financial Services and Markets Act (FSMA)
requires firms to obtain authorisation prior to
conducting investment business. Authorisation
is gained by receiving one or more Part 4A
permissions from the Financial Conduct
Authority (FCA), and/or the Prudential Regulation
Authority (PRA).

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7
Q

Bank of England (BoE)

A

The UK’s central bank which acts as the
government’s banker and determines interest
rates via its Monetary Policy Committee (MPC).

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8
Q

Banking Consolidation Directive (BCD)

A

A credit institution which has its registered
office in a European Economic Area (EEA) state,
excluding any institution to which the BCD does
not apply.

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9
Q

Best Execution

A

Requires that firms take into account not only
price factors, but also such issues as other costs,
speed, likelihood of execution and settlement,
and all these in the light of the size and nature of
the deal, in determining the means of obtaining
the best outcome for a client when executing
this deal.

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10
Q

Capital Requirements Directive (CRD)

A

A European Union (EU) directive setting out the
financial rules for financial firms, formerly known
as the Capital Adequacy Directive (CAD). The aim
of the CRD is to ensure that firms hold adequate
financial resources and have adequate systems
and controls to manage the business and the
associated risks prudently.

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11
Q

Certification Regime

A

This is part of the SM&CR. Individuals will not be
approved by the regulators, rather they will be
given a certificate by their firm to confirm that
they are ‘fit and proper’ to perform their role. The
PRA and FCA have different criteria as to who is
subject to the regime.

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12
Q

Chinese Walls

A

Organisational barriers to the flow of information
set up in large firms, to prevent the movement
of confidential, sensitive information between
departments, in order to manage any potential
conflicts of interest.

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13
Q

Churning

A

Excessive trading by a broker in order to generate
commission, regardless of the interests of the
customer.

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14
Q

Client

A

Individuals or firms that conduct business
through an authorised person. Clients are
categorised as retail, professional or eligible
counterparty.

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15
Q

Client Assets

A

Securities or other assets held by a firm on behalf
of its clients. The assets have to be kept separate
from the firm’s own assets (segregated).

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16
Q

Code of Practice for Approved Persons (APER)

A

A code established by the FCA with regard to the
expected behaviour of Approved Persons (see
above).

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17
Q

Collective Investment Scheme (CIS)

A

A generic term for open-ended funds, for
example, a unit trust and an open-ended
investment company (OEIC), also known as an
investment company with variable capital (ICVC).

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18
Q

Common Platform Firms

A

Firms subject to either the Capital Requirements Directive (CRD) or the Markets in Financial Instruments Directive (MiFID).

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19
Q

Compulsory Jurisdiction

A

The range of activities for which complaints fall compulsorily within the jurisdiction of the Financial Ombudsman Service (FOS).

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20
Q

Conduct of Business Sourcebook (COBS) Rules

A

Rules made by the FCA under the Financial Services and Markets Act 2000 (FSMA) dealing mainly with the relationship between an authorised firm and its clients (those that are either ‘SMFs’ and/or certified persons)

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21
Q

Conduct Rules

A

This is part of the SM&CR. The PRA and FCA approach will mean that all UK-based employees of relevant firms will be subject to high-level conduct rules. There are additional conduct rules for individuals who are classified as performing a Senior Management Function (SMF) under the Senior Managers Regime.

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22
Q

Contracts of Insurance

A

Financial products specified by Part III of the Regulated Activities Order 2001, with two subdivisions: general and long-term insurance contracts.

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23
Q

Controlled Functions

A

Certain roles within authorised firms for which the FCA require the job-holder to be approved (see Approved Persons).

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24
Q

Criminal Justice Act (CJA) 1993

A

A substantial Act which includes provisions relating to insider dealing, including a definition of that offence.

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25
Q

Customer Function

A

The controlled function conducted by persons who interact with a firm’s customers, for example, an investment manager or an investment adviser.

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26
Q

Data Protection Act (DPA) 2018

A

Legislation governing how personal data should be held and the rights of access to it.

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27
Q

Dematerialised

A

The term used to describe stock which is held in electronic form rather than having ownership evidenced by way of paper certificates.

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28
Q

Depositary Receipts

A

Bearer instruments evidencing rights over a block of shares which are held with a depositary – usually a bank or trust company. American Depositary Receipts (ADRs) are a good example. Depositary receipts are specified investment instruments under the Financial Services and Markets Act (FSMA)

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29
Q

Designated Professional Bodies (DPBs)

A

Professional bodies whose members are able to carry on limited financial services business without the need for authorisation from the FCA, providing that the limited financial services offered to clients are incidental to their main business. These are the professional bodies for lawyers, accountants, chartered surveyors, licensed conveyancers and actuaries.

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30
Q

Directives

A

Legislation issued by the European Union (EU) to its member states requiring them to enact and implement local legislation.

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31
Q

Disclosure and Transparency Rules (DTR)

A

Contained in the FCA’s DTR Sourcebook. The rules apply to issuers of securities on certain markets and aim to ensure that information is properly handled.

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32
Q

Durable Medium

A

Paper or any instrument which enables the recipient to store information addressed personally to them in a way accessible for future reference, for a period of time adequate for the purposes of the information

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33
Q

European Union (EU) Directives

A

Legislation issued by the EU to its member states requiring them to enact and implement local legislation.

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34
Q

European Economic Area (EEA)

A

The member states of the EU, plus Iceland, Liechtenstein, Norway and Croatia.

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35
Q

Exempt Person

A

Firms exempt from the need to be authorised to carry on regulated activities. The term includes bodies such as recognised investment exchanges and recognised clearing houses.

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36
Q

FCA Handbook

A

The document containing the FCA rules, guidance and other provisions, with which authorised firms must comply. The Handbook is divided into a number of separate Sourcebooks and manuals covering different subjects.

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37
Q

Financial Conduct Authority (FCA)

A

The FCA is responsible for regulating conduct in retail and wholesale markets, supervising the trading infrastructure that supports those markets and for the prudential regulation of firms not regulated by the Prudential Regulation Authority (PRA).

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38
Q

Financial Ombudsman Service (FOS)

A

The body established to investigate and determine the outcome of complaints made by eligible complainants. The FOS can make awards where appropriate, up to a maximum of £150,000 plus costs (355k if after 4/2020)

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39
Q

Financial Policy Committee (FPC)

A

The FPC (formed in early 2011) is effectively the UK’s risk regulator with responsibility and powers to reduce systemic risk. As an official committee of the Bank of England it focuses on the macro-economic and financial issues that may threaten long-term growth prospects, holding powers of direction and recommendation over the PRA.

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40
Q

Financial Services Act 2012

A

The Act of Parliament that altered the regulatory framework in the UK by abolishing the Financial Services Authority (FSA) and introducing the Prudential Regulation Authority (PRA), the Financial Conduct Authority (FCA) and the Financial Policy Committee (FPC)

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41
Q

Financial Services Authority (FSA)

A

The agency created by the Financial Services and Markets Act 2000 (FSMA) to be the single financial regulator in the UK, it was replaced by the FCA and the PRA on 1 April 2013.

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42
Q

Financial Services and Markets Act (FSMA)

A

The legislation that established the Financial Services Authority (FSA), and empowered it to regulate the financial services sector. The Act has subsequently been amended by the Financial Services Act 2012 to create the twin peaks approach of regulation in the form of the FCA and the PRA.

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43
Q

Financial Services Compensation Scheme (FSCS)

A

The scheme created to provide a safety net for customers in the case of a regulated firm being unable to meet its obligations in respect of valid claims.

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44
Q

Fit and Proper

A

Under the Financial Services and Markets Act 2000 (FSMA) every firm conducting investment business must be fit and proper, and ensure that its affairs are conducted soundly and prudently. This is also the minimum standard for becoming and remaining an approved person.

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45
Q

Futures (contract)

A

A futures contract is a legally binding arrangement by which parties commit to buy/sell a standard quantity and (if applicable) quality of an asset from another party on a specified date in the future, but at a price agreed today. As the price is agreed at the outset, the seller is protected from a fall in the price of the underlying asset in the intervening time period (and vice versa).

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46
Q

Her Majesty’s Revenue & Customs (HMRC)

A

The government department responsible for the administration and collection of tax in the UK, and the guidance notes on HM Treasury’s rules for individual savings accounts (ISAs). HMRC is the result of the merger of two formerly separate departments, HM Customs & Excise and the Inland Revenue.

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47
Q

Her Majesty’s Treasury (HM Treasury/the Treasury)

A

The government department responsible for formulating and implementing the government’s financial and economic policies. Among other things this means that it is responsible for financial services regulation in the UK.

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48
Q

Home State

A

The term used for the European Union (EU) country where a financial services firm conducting cross-border business is based.

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49
Q

Host State

A

The term used for a European Union (EU) country in which a financial services firm is doing business from elsewhere.

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50
Q

Inside Information

A

Information relating to a security, or an issuer, which is not publicly known and which would affect the price of the security if it were made public.

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51
Q

Insider Dealing

A

One of several offences created under the Criminal Justice Act 1993 which may be committed by an insider in possession of unpublished price-sensitive information if they attempt to deal in affected securities, encourage others to deal, or pass on sensitive information.

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52
Q

Integration

A

The third stage of the money laundering process. Integration is the stage at which the laundered funds appear to be of legitimate provenance.

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53
Q

Investment Company With Variable Capital (ICVC)

A

See Open-Ended Investment Company (OEIC)

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54
Q

Joint Money Laundering Steering Group (JMLSG)

A

A group whose membership is made up of trade bodies in the financial services sector. The JMLSG has published guidance notes which set out how firms should interpret and implement the Money Laundering Regulations. This guidance is not binding but, where there is a breach, compliance with the guidance is relevant to an enforcement action.

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55
Q

Know Your Customer (KYC)

A

The Money Laundering Regulations 2007 and the Financial Conduct Authority (FCA) Rules requiring firms to take sufficient steps, before taking on a customer, to satisfy themselves of the identity of that customer.

56
Q

Layering

A

The second stage of the money laundering process, in which money or assets are typically passed through a series of transactions to obscure their origin.

57
Q

London Stock Exchange (LSE)

A

The dominant UK market for trading in securities, especially shares and bonds. The LSE is a recognised investment exchange.

58
Q

Market Maker

A

A firm which quotes bid and offer prices for a named list of securities in the market. Such a firm is normally under an obligation to make a price in any security for which it is market maker, at all times.

59
Q

Markets in Financial Instruments Directive (MiFID)

A

An EU directive which amongst other things allows firms authorised in one member state to provide/offer financial services to customers in another member state, subject to some restrictions. It was repealed and replaced by MiFID II on 3 January 2018.

60
Q

Markets in Financial Instruments Regulation (MiFIR)

A

A Regulation which came into effect alongside MiFID II on 3 January 2018, following a review of MiFID and as a response to the financial crisis of 2007–08. As a regulation, members states are not required to ‘transpose’ MiFIR into national law.

61
Q

Misleading Statement

A

The term used for false information given about an investment, in order to (or with the effect of ) affecting its value – a criminal act under Section 89–92 of the Financial Services Act 2012 and a potential form of market abuse.

62
Q

Monetary Policy Committee (MPC)

A

The committee chaired by the Governor of the Bank of England which sets sterling interest rates.

63
Q

Money Laundering

A

The process whereby criminals attempt to conceal the true origins of the proceeds of their criminal activities, and to give them the appearance of legitimacy by introducing them into the mainstream financial system.

64
Q

Money Laundering Reporting Officer (MLRO)

A

A senior employee who is responsible for a firm’s arrangements for the prevention of financial crime, for assessing internal suspicion reports, and, where these appear justified, for reporting those suspicions to the National Crime Agency (NCA).

65
Q

Money Laundering Regulations 2017 [Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017]

A

The regulations under which authorised firms, and some other businesses, are required to comply with certain administrative obligations in order to prevent their firms/organisation from being used for money laundering. The obligations include record-keeping, identification of clients and appointment of a nominated officer to receive suspicion reports, and staff training. Failure to comply may result in a fine and/or imprisonment. These came into effect from 26 June 2017.

66
Q

Multilateral Trading Facility (MTF)

A

An MTF is defined as a multilateral system, operated by an investment firm or a market operator, and which brings together multiple third party buying and selling interests in financial instruments – in the system and in accordance with non-discretionary rules – in a way that results in a contract.Operating an MTF is an investment service to which MiFID applies.

67
Q

National Crime Agency (NCA)

A

The law enforcement agency to which suspicions of money laundering must be reported by a firm’s money laundering reporting officer (MLRO)

68
Q

Nominated Officer (NO)

A

A term for the officer who is required to receive a firm’s internal suspicion reports under the Proceeds of Crime Act (POCA), the Terrorism Act and the Money Laundering Regulations. In practice, this is usually the same individual as the money laundering reporting officer (MLRO).

69
Q

Nominee

A

The party which, under a legal arrangement, holds assets in its own name on behalf of the true beneficial owner.

70
Q

Option

A

This gives the holder the right (but not the obligation) to buy or sell a fixed quantity of an underlying asset on, or before, a specified date in the future. There are two basic types of option – calls and puts. The holder of a call option has the right to buy the underlying asset at a given price. The holder of a put option has the right to sell the underlying asset at a given price.

71
Q

Organised Trading Facility (OTF)

A

A multilateral system which is not an RM or an MTF and in which multiple third party buying and selling interests in bonds, structured finance products, emission allowances or derivatives are able to interact in the system in a way that results in a contract. Unlike RMs and MTFs, operators of OTFs will have discretion as to how to execute orders, subject to pre-transparency and best execution obligations.

72
Q

Part 4A Permission

A

The term used where persons are granted authorised status by the FCA under Part 4A of the Financial Services and Markets Act 2000 (FSMA).

73
Q

Passporting

A

The method by which firms authorised in one EU member state are – under the Markets in Financial Instruments Directive (MiFID) – permitted to carry on regulated financial services activities in another state without the need to become fully authorised in that other state.

74
Q

Placement

A

The first stage of the money laundering process, in which money is introduced into the financial system.

75
Q

Price Stabilisation

A

The activity of supporting the price of a new issue of securities in order to minimise the volatility that can sometimes arise with new issues.

76
Q

Principles for Businesses

A

Eleven key principles established by the FCA which must be observed by authorised firms. These Principles are detailed in the FCA Handbook.

77
Q

Proceeds of Crime Act (POCA) 2002

A

Legislation which contains, among other things, anti-money laundering provisions.

78
Q

Prohibition Order

A

An order which may be exercised by the FCA under powers given to it under Section 56 of the Financial Services and Markets Act 2000 (FSMA). Such an order prohibits the individual in connection with whom it is granted from carrying out particular controlled functions on the grounds that they are not fit and proper.

79
Q

Prudential Regulation

A

The aspect of financial services regulation which deals with firms’ financial resources and governance. The PRA and the FCA are responsible for ensuring the financial soundness of their respective authorised firms.

80
Q

Prudential Regulation Authority (PRA)

A

The PRA, part of the Bank of England, is responsible for the prudential regulation of financial firms, including banks, investment banks, building societies and insurance companies.

81
Q

Public Interest Disclosure Act (PIDA) 1998

A

Among other things, this provides protection for employees who, in good faith, disclose suspicions of wrongdoing within an organisation.

82
Q

Recognised Clearing House (RCH)

A

A term used to denote those clearing houses recognised by the FCA as providing appropriate standards of protection in the provision of clearing and settlement facilities to certain markets. LCH.Clearnet and Euroclear UK & Ireland are the two organisations granted this status.

83
Q

Recognised Investment Exchange (RIE)

A

A term used to denote those UK exchanges which operate markets in investments, meeting certain standards set by the FCA.

84
Q

Regulated Activities

A

Activities for which authorisation (or exemption from the need for that authorisation) is required. Regulated activities are defined in relation both to the activities themselves, and to the investments to which they relate.

85
Q

Regulatory Decisions Committee (RDC)

A

The committee of the FCA which is responsible for disciplinary decisions.

86
Q

Senior Managers & Certification Regime (SM&CR)

A

The regime introduced by the PRA and the FCA to bring individual accountability to staff working in the banking industry. It has three parts to its regime – Senior Managers Regime, Certificate Regime and Conduct Rules. This regime will initially apply to relevant firms (UK-incorporated banks, building societies, credit unions and UK-incorporated investment firms which are regulated by the PRA and which have permission to deal as principal) and insurance companies. It will also be rolled out to apply to all regulated firms by the end of 2019 – at which point ‘APER’ will cease to exist.

87
Q

Senior Managers Regime (SMR)

A

This is part of the SM&CR, individuals will be in a position where they direct/control and manage the firm’s business (on a day-to-day basis) and are responsible for the discharge of firms. Individuals will be approved by the regulator and held accountable in the event of issues arising. Individuals are classed as performing a Senior Management Function (SMF).

88
Q

Significant Influence Function (SIF)

A

Certain functions carried out by directors and other senior personnel. In the Approved Persons Regime, these comprise the governing functions, the required functions, the systems and control functions and the significant management functions.

89
Q

Statements of Principle for Approved Persons

A

A set of principles established by the FCA with which approved persons are required to comply atall times.

90
Q

Tax and Chancery Chamber of the Upper Tribunal (Upper Tribunal)

A

The Upper Tribunal hears appeals against the regulators’ decisions. It is independent of the FCA and the PRA and is appointed by the Government’s Ministry of Justice (formerly the Department of Constitutional Affairs).

91
Q

Threshold Conditions

A

The conditions which a firm must meet before the FCA or the PRA will authorise it.

92
Q

Tipping Off

A

An offence established under various pieces of anti-money laundering and terrorist financing legislation. It involves disclosing the fact that an investigation is, or is likely to be, under way, if that disclosure may imperil any such investigation.

93
Q

Training and Competence Sourcebook

A

It sets out the FCA’s requirements in connection with all staff, and with additional requirements for some specified activities. The Sourcebook includes rules relating to training and competence, and specifies which qualifications are required for certain activities.

94
Q

Trustee

A

A person or organisation who is the legal owner of assets held in trust for someone else. The trustee is responsible for safeguarding the assets, complying with the trust deed and (where the trust is a unit trust) overseeing the activities of the unit trust’s manager.

95
Q

Undertakings for Collective Investment in Transferable Securities (UCITS)

A

Collective investment schemes established under the UCITS directives. These directives aim to harmonise EU member states’ laws so as to allow for the operation and marketing of UCITS schemes across EU borders.

96
Q

Warrant

A

An investment instrument giving the holder the right to buy a set number of the underlying equities at a predetermined price on specified dates, or at any time, up to the end of a predetermined time period. Warrants are usually issued by companies or by securities houses.

97
Q

Whistleblower Champion

A

As part of the whistleblowing rules, firms are required to put in place internal whistleblowing arrangements able to handle all types of disclosure from all types of person. In addition, firms must appoint a senior person to take responsibility for the effectiveness of these arrangements.

98
Q

Whistleblowing

A

The term used when an individual raises concerns over potential wrongdoing. The Public Interest Disclosure Act 1998 provides some statutory protections for whistleblowers.

99
Q

CJA

A

Criminal Justice Act 1993

100
Q

FSMA 2000

A

The Financial Services and Markets Act 2000

101
Q

FSA 2012

A

Financial Services Act 2012

102
Q

AIFMD

A

Alternative Investment Fund Managers’ Directive

103
Q

AML

A

Anti-Money Laundering

104
Q

APER

A

Statements of Principle and Code of Practice for Approved Persons

105
Q

BIPRU

A

Prudential Sourcebook for Banks, Building Societies & Investment Firms

106
Q

CASS

A

Client Assets

107
Q

CFT

A

Combating the Financing of Terrorism

108
Q

COBS

A

Conduct of Business Sourcebook

109
Q

COCON

A

Code of Conduct for Staff sourcebook

110
Q

COLL

A

Collective Investment Schemes

111
Q

COMP

A

Compensation

112
Q

COND

A

Threshold Conditions

113
Q

DEPP

A

Decision Procedure and Penalties Manual

114
Q

DISP

A

Dispute resolution: Complaints

115
Q

EG

A

Enforcement Guide

116
Q

EMIR

A

European Market Infrastructure Regulation

117
Q

ESAs

A

European Supervisory Authorities

118
Q

EUMAR

A

EU Market Abuse Regulation

119
Q

FCA

A

Financial Conduct Authority

120
Q

FINMAR

A

The Financial Stability and Market Confidence sourcebook

121
Q

FIT

A

Fit and Proper Test for Approved Persons

122
Q

FRC

A

Financial Reporting Council

123
Q

GENPRU

A

General Prudential Sourcebook

124
Q

IFPRU

A

Prudential Sourcebook for Investment Firms

125
Q

ML

A

Money Laundering

126
Q

PERG

A

Perimeter Guidance Manual

127
Q

PR

A

Prospectus Rules

128
Q

PRA

A

Prudential Regulation Authority

129
Q

PRIN

A

Principles for Businesses

130
Q

SFTR

A

Securities Financing Transactions Regulations

131
Q

SUP

A

Supervision

132
Q

SYSC

A

Senior Management Arrangements, Systems and Controls

133
Q

TC

A

Training and Competence

134
Q

UCITS

A

Undertakings for Collective Investment In Transferable Securities

135
Q

UKLA

A

UK Listing Authority (now referred to as the FCA Primary Market Function)

CISI Unit 1 (7 decks)

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