UK Financial Regulation (IOC) Quiz 10

Last Updated: June 2024

Table of Contents

UK Financial Regulation (IOC)
-know the rules on client limit orders – the obligation to make
unexecuted client limit orders public for MiFID and Non-MiFID
business [COBS 11.4]
PA Dealing COBS 11.7 and 11.7A
-understand the purpose and application of the personal account
dealing rule and the restrictions on personal account dealing for
MiFID business [COBS 11.7A] and Non-MiFID business [COBS
11.7.1–3]
-know the arrangements required to comply with the personal
account dealing rules including the notification requirements; and
exceptions regarding personal account dealing for MiFID business
[COBS 11.7A] and Non-MiFID business [COBS 11.7.4–7]
-Reporting to Clients
On completion, the candidate should:
Confirmation of Transactions and Periodic Statements COBS 16.1,
16.2, 16.3, 16A.1
-know general client reporting and occasional reporting
requirements, the provision of dealing confirmations and periodic
statements to retail and professional customers and the
exceptions to the requirements and the record-keeping
requirements in respect of MiFID business [COBS 16A.2.1,
16A.3.1, 16A.4.1, 16A.4.3 and 16A.5.1] and Non-MiFID business
[COBS 16.1-16.3]
-Client Assets
On completion, the candidate should:
-understand the purpose of the client money and custody rules in
CASS including the requirement for segregation and that it is held
in trust [CASS 6.2.1-3; 7.12.1-2; 7.13.2/3/5/12]
-know the requirements for reconciling client assets and client
money including the timing and identification of discrepancies
[CASS 6.6.11/13/16/17/19/22/24/27/28/34/37/44/54;
7.15.5/20/22/29/31/32/33]
UK Financial Regulation
V31 © Chartered Institute for Securities & Investment 25
– know the exemptions from the requirements of the CASS rules
[CASS 1.2.3-4; 6.1.1-6; 6.2.10/13/14/15; 7.10.1-10 and 7.10.12]
-know the information needed by the CASS auditor to understand
the business model of the firm (FRC 11, 55), when a limited
assurance Client Assets Report is required (FRC 16, 17) and the
need for a firm’s own risk assessment (FRC 77) – FRC – Client
Asset Assurance Standard (Revised November 2019)
-know the two types of arrangement under which a firm is given
rights of use and when the CASS 3 rules apply (CASS 3.1.5,
3.1.7)

More Post Related To

Continue Reading