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Regulatory Compliance Flashcards

7 cards from real CIM practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Regulatory Compliance flashcards as text

  1. An institutional investment manager must file Form 13F if it exercises investment discretion over Section 13(f) securities with an aggregate fair market value of at least how much?

    Answer: $100 million

    Managers with investment discretion over at least $100 million in Section 13(f) securities must file Form 13F quarterly.

  2. Form 13F must be filed within how many days after the end of each calendar quarter?

    Answer: 45 days

    Form 13F is due within 45 days after the end of each calendar quarter.

  3. A fund manager acquires beneficial ownership of 6% of a public company's voting equity with the intent to influence control. Which filing is required?

    Answer: Schedule 13D

    Acquirers of more than 5% of a registered class of voting equity with an activist or control intent must file Schedule 13D.

  4. Officers, directors, and greater-than-10% holders of a public company must generally report changes in beneficial ownership on Form 4 within what time frame?

    Answer: Two business days

    Section 16(a) requires Form 4 to be filed within two business days of the transaction.

  5. Under Section 16(b) of the Exchange Act, corporate insiders must disgorge profits from purchases and sales of the issuer's stock made within what period?

    Answer: Any six-month period

    Section 16(b) allows the issuer to recover short-swing profits from matched purchases and sales within six months.

  6. A trader whose transactions in NMS securities reach 2 million shares or $20 million in a single day must identify itself to the SEC on which form?

    Answer: Form 13H

    The large trader rule (Rule 13h-1) requires large traders to file Form 13H and obtain a large trader ID.

  7. Section 204A of the Investment Advisers Act requires advisers to do which of the following?

    Answer: Establish and enforce written policies to prevent misuse of material nonpublic information

    Section 204A mandates written policies and procedures reasonably designed to prevent the misuse of material nonpublic information by the adviser and its personnel.