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

14 Questions | By Catherinehalcomb | Last updated: Mar 22, 2022 | 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