القواعد السعودية: إدارة الأصول - CME-4B Sample Paper

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Question 1

How frequently is the board of a public real estate fund required to meet with the fund's compliance officer?

Accepted Answer

At least twice annually

Answer

At least once every quarter

Answer

At least once a year

Answer

At least once every month

Question 2

Following the completion of an investment fund's termination process, the fund manager is required to provide a final report, including audited financial statements. What is the deadline for this submission?

Accepted Answer

Within 70 days of completion

Answer

Within 5 days of completion

Answer

Within 21 days of completion

Answer

Within 30 days of completion

Question 3

A real estate investment fund has reached the end of its offering period but failed to raise the minimum required capital. What is the maximum timeframe allowed to return the collected amounts to the subscribers?

Accepted Answer

Within 5 days

Answer

Within 10 days

Answer

Within 15 days

Answer

Within 3 days

Question 4

If a CMI decides to refuse a client order due to suspected insider trading, within what timeframe must it notify the Authority?

Accepted Answer

Within 3 days

Answer

Within 10 days

Answer

Immediately

Answer

Within 5 days

Question 5

An independent custodian is appointed for three different public funds managed by the same fund manager. To simplify administration, the custodian proposes opening a single omnibus bank account for all three funds. Is this allowed?

Accepted Answer

No, the custodian must open a separate bank account for each individual fund.

Answer

Yes, if the funds share similar investment objectives.

Answer

No, the fund manager must open the bank accounts, not the custodian.

Answer

Yes, provided the fund manager agrees in writing.

Question 6

Before purchasing or selling any real estate asset, a fund manager must obtain property valuations. What is the minimum regulatory requirement regarding these valuers?

Accepted Answer

Two independent valuers accredited by the Saudi Authority for Accredited Valuers (SAAV)

Answer

Two valuers appointed by the fund manager, at least one being independent

Answer

One independent valuer accredited by the Capital Market Authority

Answer

Three independent real estate brokers

Question 7

What constitutes 'tipping off' under the Market Conduct Regulations?

Accepted Answer

Revealing inside information to others, enabling them to engage in insider trading.

Answer

Publishing a bullish research report on a security.

Answer

Executing a trade for a relative's account.

Answer

Notifying the Authority of a suspicious client order.

Question 8

When a public real estate fund amends its terms and conditions, within what timeframe must these changes be submitted to the Authority and published on the relevant websites?

Accepted Answer

Within 10 days

Answer

Within 15 days

Answer

Within 5 days

Answer

Within 30 days

Question 9

How is insider trading defined under the Market Conduct Regulations?

Accepted Answer

Trading on non-public information that a normal person would realise has a material price effect.

Answer

Buying and selling through accounts with the same ultimate owner.

Answer

Making a bid or offer on the Exchange.

Answer

Trading contrary to a CMI's own investment recommendation.

Question 10

In the event that a director on the board of a public real estate fund resigns, what is the correct regulatory timeline for notifying the Authority and finding a replacement?

Accepted Answer

Notify within 10 days and replace within 45 calendar days

Answer

Notify immediately and replace within 30 days

Answer

Notify within 5 days and replace within 45 calendar days

Answer

Notify within 10 days and replace within 60 calendar days

Question 11

If a person arranges a trade to which their relative is a party, this is considered:

Accepted Answer

Indirect trading

Answer

Wash trading

Answer

Dealing ahead

Answer

Direct trading

Question 12

A client buys and sells the same security through different accounts they own to artificially inflate the trading volume. What is this practice called?

Accepted Answer

Wash trading

Answer

Indirect trading

Answer

Tipping off

Answer

Dealing ahead

Question 13

Which action is explicitly classified as direct trading?

Accepted Answer

Making a bid or offer on the Exchange for the security.

Answer

Giving inside information to a third party.

Answer

Acting as an attorney-in-fact for another person.

Answer

Arranging a trade to which a relative is party.

Question 14

Which of the following constitutes 'direct trading' under the Market Conduct Regulations?

Accepted Answer

Executing a trade for any account in which the person has an interest.

Answer

Directing an agent to trade on one's behalf.

Answer

Arranging a trade for a business associate.

Answer

Executing a trade as an attorney-in-fact.

Question 15

A specific event clearly outlined in a fund's terms and conditions has just occurred, which automatically triggers the fund's termination. What action must the fund manager take regarding notification?

Accepted Answer

Notify the Authority and unitholders in writing within 5 days of the event.

Answer

Publish a termination report on their website within 10 days.

Answer

Cease all trading immediately and notify the Authority within 70 days.

Answer

Notify the Authority and unitholders at least 21 days before initiating termination.

Question 16

Which of the following best defines market manipulation under the Market Conduct Regulations?

Accepted Answer

Trading that creates a false or misleading impression of trading activity.

Answer

Trading ahead of an investment research publication.

Answer

Executing trades as an attorney-in-fact for a client.

Answer

Trading on non-public information.

Question 17

A fixed-term public investment fund reaches its expiry date, but several illiquid assets remain unsold in the portfolio. What is the maximum timeframe permitted for the fund manager to complete the liquidation of these assets and distribute the proceeds?

Accepted Answer

6 months from the fund expiry date

Answer

12 months from the fund expiry date

Answer

3 months from the fund expiry date

Answer

The fund must be extended indefinitely

Question 18

What action must a CMI take if it has reasonable grounds to believe a client's order constitutes market manipulation?

Accepted Answer

Refuse to accept or execute the order.

Answer

Execute the order and report it to the Authority within 3 days.

Answer

Execute the order but retain records for 10 years.

Answer

Accept the order but flag it to the Compliance Officer.

Question 19

What is the maximum permitted duration for the offering period of a public real estate fund once subscriptions commence?

Accepted Answer

60 days

Answer

30 days

Answer

90 days

Answer

45 days

Question 20

A fund manager negotiates a special commission arrangement with a broker. The broker offers to provide trade execution services, market research reports, and a direct quarterly cash rebate to the fund manager. Which of these benefits is explicitly prohibited?

Accepted Answer

The direct quarterly cash rebate

Answer

Both the research reports and the cash rebate

Answer

The market research reports

Answer

The trade execution services

Question 21

A client invests in a public investment fund and subsequently asks the fund manager who legally owns the underlying securities in the fund's portfolio. What is the correct response?

Accepted Answer

The unitholders collectively

Answer

The Capital Market Authority (CMA)

Answer

The fund manager

Answer

The appointed custodian

Question 22

Which of the following best describes the primary capacity in which a fund manager must act for unitholders under the Investment Fund Regulations?

Accepted Answer

In a fiduciary capacity

Answer

In a strictly administrative capacity

Answer

In an advisory capacity

Answer

In an agency execution capacity

Question 23

The appointed custodian of a public fund delegates the safekeeping of overseas assets to a foreign sub-custodian in writing. If the sub-custodian loses the assets due to negligence, who holds the ultimate regulatory responsibility towards the fund?

Accepted Answer

The main custodian

Answer

The foreign sub-custodian

Answer

The fund manager

Answer

The unitholders

Question 24

What is the requirement for the number of independent directors on the board of a public real estate fund?

Accepted Answer

At least 2 directors or one-third of the total members, whichever is greater

Answer

At least 2 directors or one-quarter of the total members, whichever is greater

Answer

At least 3 directors or one-third of the total members, whichever is greater

Answer

At least half of the board must be independent

Question 25

A public investment fund acquires a commercial real estate property. To comply with CMA regulations, how must the title deed of this property be registered?

Accepted Answer

In the name of a fully owned company of the custodian

Answer

In the name of the fund board

Answer

In the name of the fund manager

Answer

In the name of the unitholders

Question 26

A fund manager sells several equities within the fund's portfolio, resulting in a large uninvested cash balance. Where must this uninvested cash be held?

Accepted Answer

In the custodian's segregated bank account designated for the fund

Answer

In the fund manager's corporate account

Answer

It must be immediately reinvested; uninvested cash is prohibited

Answer

In a short-term deposit account in the fund manager's name

Question 27

What is meant by the prohibition on 'dealing ahead' of investment research?

Accepted Answer

Trading for a CMI's own account before clients have had a reasonable opportunity to react to the research.

Answer

Trading on non-public information regarding an upcoming merger.

Answer

Buying and selling a security simultaneously to create a false impression of volume.

Answer

Trading contrary to a published recommendation.

Question 28

A fund manager voluntarily decides to terminate a public investment fund. What is the minimum notice period the manager must provide to unitholders and the Authority before the intended termination date?

Accepted Answer

21 days

Answer

70 days

Answer

5 days

Answer

10 days

Question 29

At the time a real estate fund transacts (purchases or sells) an asset, what is the maximum permitted age of the required valuation reports?

Accepted Answer

No more than 3 months old

Answer

No more than 1 month old

Answer

No more than 12 months old

Answer

No more than 6 months old

Question 30

What is the maximum permissible borrowing limit (leverage) for a public real estate investment fund?

Accepted Answer

50% of the fund's total asset value

Answer

50% of the fund's Net Asset Value (NAV)

Answer

75% of the fund's total asset value

Answer

30% of the fund's Net Asset Value (NAV)

القواعد السعودية: إدارة الأصول - CME-4B Free Sample Paper & Question Bank

How frequently is the board of a public real estate fund required to meet with the fund's compliance officer?

القواعد السعودية: إدارة الأصول - CME-4B

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