Common Ongoing Compliance, Regulatory Issues And Deficiency Relating To Hedge Fund Managers And Fund Managers Test
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- 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
Questions: 40 | Attempts: 120 | Last updated: Jan 7, 2013
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