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CMFAS RES 1B Securities Dealing | Complete Exam Prep Guide
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600 題 quizBank.difficulty.3 9/20/2026
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Original practice bank for CMFAS RES 1B: securities dealing for non-exchange members, including lice…
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20 questions available freeA Capital Markets Services licensee has just been appointed by a client to hold the client's listed securities in safe custody. The client asks the licensee to explain the basis on which the assets will be held. Which of the following statements best describes the licensee's disclosure obligation before it begins holding the assets?
A dealing representative has a long-standing client who is also a close personal friend. The client asks the representative to place a large order in a thinly traded stock just before the client expects to announce a positive corporate development. The representative has no material non-public information about the company. What is the most appropriate ethical response for the representative?
A licensed securities dealer's research department is preparing to publish a report on a listed company. The corporate finance team has asked the research analyst to share a draft of the report with the company's management before publication so that any factual errors can be corrected. What is the most appropriate action for the dealer to take?
A capital markets intermediary has a client whose account has shown a sudden and unexplained increase in cross-border wire transfers to a jurisdiction with weak anti-money laundering controls. The client has been a customer for several years and has a low risk rating based on its original onboarding profile. What is the most appropriate action for the intermediary under its anti-money laundering and countering the financing of terrorism obligations?
A CMS licence holder that holds client money in a trust account discovers at the end of a trading day that the reconciled client money balance is $40,000 short of the aggregate amount it should be holding for clients. The shortfall arose because the firm used client money to settle its own proprietary trade earlier that day. Under the customer asset protection rules, what is the licence holder required to do?
A dealing representative learns from a client that the client intends to place a large buy order in a thinly traded stock the next morning. Before the client's order is placed, the representative buys the same stock for his own personal account. The stock price rises after the client's order is executed. Which statement best describes the representative's conduct?
A retail client wants to invest in a high-risk structured product. When the dealing representative asks for the client's financial situation and investment objectives to assess suitability, the client refuses to provide the information and insists on proceeding. What should the representative do?
A dealing representative notices that a client's account is receiving frequent small deposits from multiple third parties and then transferring the funds to an overseas account, with no apparent investment purpose. The representative suspects money laundering. What should the representative do?
A securities dealer licensed under the Securities and Futures Act discovers that its client money trust account is short by an amount attributable to an operational error in its back-office settlement process. The shortfall has not yet been rectified. Which of the following best describes the dealer's immediate regulatory obligation?
A fund management company classifies a corporate client as an accredited investor without obtaining the client's agreement to be so treated. The client later suffers losses on a product that was sold to it on the basis of that classification. Which of the following best describes the regulatory consequence for the fund management company?
A dealing representative notices that a client has been consistently buying and selling the same illiquid bond at prices that appear to be significantly above the prevailing market price, with the proceeds being transferred to an account in a jurisdiction unrelated to the client's business. The client explains that the trades are part of a 'group treasury strategy'. Which of the following best describes the representative's anti-money laundering obligation?
A securities dealer's automated sanctions screening system generates a potential match between a client's name and an individual on a sanctions list. The match is not exact, and the client has been with the firm for several years with no prior issues. Which of the following best describes the dealer's immediate obligation?
A CMS licence holder operates a custody account for a client. The client instructs the licence holder to hold a parcel of shares to the client's order. The licence holder also has an unrelated outstanding fee claim against the client. Which statement best describes the position under the custody account rules?
A relationship manager is opening an account for a client who insists on funding the account entirely in physical cash, in amounts just below the firm's internal reporting threshold, and who becomes evasive when asked about the source of the funds. Which risk is most directly raised by this pattern of behaviour?
A dealer is handling an order from a retail client to buy a listed security. The client has not previously traded this product and asks the dealer whether the dealer will be responsible if the investment performs poorly. Which statement best describes the dealer's position?
A CPF member wants to use CPF savings in the Ordinary Account to invest in a product offered under the CPF Investment Scheme. The member asks the dealer what types of CPFIS insurance products may be used. Which statement best describes the position?
A CPF member is opening a CPF Investment Account with an agent bank for the first time so that she can invest her Ordinary Account savings. Which of the following best describes the position on the structures permitted for CPFIS insurance products and the start of CPFIS Ordinary Account investing?
An analyst at a securities firm copies a client's portfolio holdings and contact details onto a personal storage device and passes them to an outside party in return for payment. The client had shared the information with the firm on the understanding that it would be used only to service the account. Which ethical failing does this conduct most directly represent?
A securities dealer licensed under the Securities and Futures Act holds a customer's margin account. During a particular calendar month, the only activity on the account was a dividend credit of $42 and the corresponding withholding tax adjustment. The customer is not an accredited investor and has not asked to stop receiving statements. The dealer posts a statement for that month. Which statement best describes the dealer's obligation?
A securities dealer receives a large buy order from a client for a stock that the dealer's own research desk has just downgraded. The dealer has not yet published the downgrade. The dealer executes the client's order without informing the client of the pending downgrade. Which ethical principle is most directly engaged by the dealer's conduct?
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