Common Ongoing Compliance, Regulatory Issues And Deficiency Relating To Hedge Fund Managers And Fund Managers Test

14 Questions | Total Attempts: 121

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Questions and Answers
  • 1. 
    For a SFC licensed corporation to give notice of motion to change auditor, what is the time frame to notify SFC?
    • A. 

      Within 1 business day

    • B. 

      Within 5 business days

    • C. 

      Within 14 business days

  • 2. 
    A SFC licensed corporation will need to seek pre-approval for premises to be used for record keeping.
    • A. 

      True

    • B. 

      False

  • 3. 
    An addition of a "substantial shareholder" to a SFC licensed corporation needs SFC pre-approval.
    • A. 

      True

    • B. 

      False

  • 4. 
    For applying a SFC license, SFC will take into account which one of the following factors in assessing an applicant's fitness and properness?
    • A. 

      Martial status

    • B. 

      Nationality

    • C. 

      Political viewpoint

    • D. 

      Financial status or insolvency

  • 5. 
    What is the threshold that triggers the definition of substantial shareholder at the first layer of a SFC licensed corporation?
    • A. 

      5%

    • B. 

      10%

    • C. 

      25%

    • D. 

      50%

  • 6. 
    The SFC will consider an uplift of licensing condition with a detailed updated business plan.
    • A. 

      True

    • B. 

      False

  • 7. 
    The Financial Resources Return (FRR) does not require SFC licensed corporation to disclose proprietary trading position.
    • A. 

      True

    • B. 

      False

  • 8. 
    Which of below is not a duty of a Responsible Officer of a SFC licensed corporation from SFC compliance perspective?
    • A. 

      Make sure the company is profitable

    • B. 

      Supervise the regulated activity of the company

    • C. 

      Ensure compliance of the company

    • D. 

      Hire fit and proper personnel for the company to carry out regulated activity

  • 9. 
    All Responsible Officers have to be appointed as executive directors of a SFC licensed corporation.
    • A. 

      True

    • B. 

      False

  • 10. 
    When should a licensed corporation submit its Financial Resources Return (FRR) at the latest?
    • A. 

      Right on month end day

    • B. 

      7 days after month end

    • C. 

      14 days after month end

    • D. 

      21 days after month end

  • 11. 
    Which of the following is NOT one of the changes that will trigger SFC notification?
    • A. 

      Change of name of a SFC licensed corporation

    • B. 

      Change of lawyer

    • C. 

      Change of office premises of a SFC licensed corporation

  • 12. 
    SFC does not allow a SFC licensed person to act as a director for more than 3 companies.  
    • A. 

      True

    • B. 

      False

  • 13. 
    A SFC licensed corporation has three shareholders holding 30%; 40% and 30% each. All of these three shareholders are considered as "substantial shareholder" of a SFC licensed corporation. 
    • A. 

      True

    • B. 

      False

  • 14. 
    A SFC licensed corporation should appoint not less than 1 responsible officer to directlysupervise the conduct of each regulated activity of the licensed corporation.  
    • A. 

      True

    • B. 

      False

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