Assessment: Understanding the New Regulatory Structure of the FSCA 19_20
Assessment Information
Total number of questions: 20
Competency Mark: 65%
Duration: 60 minutes
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Question 1 of 20
1. Question
Which piece of legislation is being developed that will harmonise existing sectorial laws within the financial services sector?
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Question 2 of 20
2. Question
Please complete the sentence.
The architecture for the Twin Peaks system is set out in the-
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Question 3 of 20
3. Question
Which of the following are within the mandate of the Financial Sector Conduct Authority?
i. Enhance efficiency and integrity of financial markets.
ii. Promoting fair consumer treatment by financial institutions.
iii. Providing financial education and promote financial literacy.
iv. Assisting in maintaining financial stability. -
Question 4 of 20
4. Question
Which one of the following statements with regard to the stipulations in the Financial Sector Regulation (FSR) Act is correct?
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Question 5 of 20
5. Question
Please state if the following statement is true or false.
For the first three years, FSCA will apply a level of internal focus while building a new organisation that is appropriately structured to break down the previous sector focused silos of the FSB structure and adequately resourced and skilled to achieve the expanded mandate.
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Question 6 of 20
6. Question
The Financial Sector Conduct Authority has the authority to regulate which of the following institutions?
i. Payment Service Providers
ii. An entity that provides benchmarks in the financial industry
iii. Debt Collectors
iv. Central securities depositories -
Question 7 of 20
7. Question
Which of the following are a feature of the Financial Sector Conduct Authority (FSCA)?
i. The FSCA have jurisdiction over all financial institutions.
ii. The FSCA has the power to make joint standards with the Prudential Authority.
iii. The FSCA is overseen by a Board appointed by the Minister of Finance.
iv. The FSCA is to be designed as having a largely functional organisation design. -
Question 8 of 20
8. Question
Which ONE of the following statements with regard to the Financial Sector Conduct Authority (FSCA) is correct?
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Question 9 of 20
9. Question
FSP A is an authorised financial services provider but is taking deposits from clients without the correct authorisation. Through various complaints, this came to the attention of the Financial Sector Conduct Authority.
Which ONE of the following regulators must also be informed of the matter? -
Question 10 of 20
10. Question
Which of the following statements with regard to the new functions of the Financial Sector Conduct Authority are correct?
i. The FSCA is empowered to set conduct standards for the banking sector.
ii. The FSCA is responsible for the licensing and supervision of payment service providers.
iii. The FSCA is empowered to set standards related to the content of credit agreements.
iv. The FSCA is solely tasked to develop a code of conduct for providers concerned with wholesale foreign exchange transactions. -
Question 11 of 20
11. Question
Which entity will provide direction to the Financial Sector Conduct Authority in the development of policies?
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Question 12 of 20
12. Question
The International Financial Consumer Protection Organisation is concerned with which ONE of the following areas of regulation?
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Question 13 of 20
13. Question
Which ONE of the following statements best describes the Financial Sector Assessment Programme?
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Question 14 of 20
14. Question
Please state if the following statement is true or false.The FSCA’s new organisational structure includes a single Business Centre, housed in the FSCA’s new Communications and Engagement Division. -
Question 15 of 20
15. Question
The new organisation structure of the FSCA makes provision for which of the following exceptions to the functional, activity-based approach?
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Question 16 of 20
16. Question
Licensing of credit rating agencies will be carried out by which ONE of the following divisions within the Financial Sector Conduct Authority
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Question 17 of 20
17. Question
What is the aim of the business model and product analysis expert team?
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Question 18 of 20
18. Question
Which ONE of the following acts is the only financial sector law that places explicit transformation requirements on a financial sector regulator?
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Question 19 of 20
19. Question
Which ONE of the following approaches to the FSCA follow in terms of regulation?
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Question 20 of 20
20. Question
Please complete the sentence.
Where there is uncertainty or material inconsistency in the way in which financial institutions implement regulatory requirements, the FSCA will-