Client Money & Assets Exam – Quiz 08

Last Updated: June 2024

Table of Contents

CISI Exam Quiz 08 Topics Covers:

understand the use of exemptions available within the custody rules
understand the impact of legal arrangements on the custody rules
understand when the collateral rules (CASS 3) apply
understand when a firm can enter into securities financing transactions in respect of client assets
know the circumstances in which liens may be granted over client assets
know which books and records should be maintained and the function of each
understand the purpose of the external custody reconciliations, physical asset reconciliations and internal custody record checks
understand how to treat reconciliation discrepancies
understand firms’ obligations in relation to shortfalls
know how often the reconciliations must be carried out
know the rules on organisational arrangements as set out in CASS 6 and CASS 7
know firms’ obligations to notify the FCA of breaches in accordance with CASS 6 and 7
understand the role responsible for CASS operational oversight within a firm, and its relationship with Prescribed Responsibility z
know the requirements for the content and submission of the Client Money and Assets Return (CMAR)
understand the elements of good oversight, including appropriate governance, training, compliance, risk management, and internal audit
understand the firm’s oversight responsibilities in respect of outsourcing arrangements
know the duty of the CASS auditor to submit a client assets report
know the difference between a reasonable assurance engagement and a limited assurance engagement and when these apply
know the content, format, and submission deadline of the Client Assets Report and be aware of the FRC standard that applies
know the role of the Financial Reporting Council (FRC) in respect of the Client Asset Assurance standard
know in what circumstances the Financial Services Compensation Scheme will pay compensation, and how much
know the definitions of a primary pooling event and a secondary pooling event
know how client money is treated in a primary pooling event
know how client money is treated in a secondary pooling event
know the contents of and the requirements for updating a CASS resolution pack
understand the timeframes for retrieval of this information and what this means for operational support
know firms’ obligations to notify the FCA of breaches in accordance with CASS 10
know what records and internal controls have to be maintained in respect of mandates
know the obligations regarding reporting and information to clients contained in CASS 9
know the different types of agreement depending on the service provided and the main clauses that impact on the administration of the client account

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