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-.j co
47
z o
No.
j T
ask
K
no
wle
dg
e C
rite
ria
Ski
ll C
rite
ria
risk
vs.
retu
rn,
vola
tility
) as
it r
elat
es to
: cl
ient
's r
isk
prof
ile,
incl
udin
g ad
vice
on
exis
ting
I •
bond
s,
inve
stm
ent
port
folio
's a
nd i
mpl
icat
ions
of
port
folio
I
· re
stru
ctur
ing.
:
prop
erty
/ al
tern
ativ
e in
vest
men
ts a
nd
• eq
uitie
s,
I I•
cash
inve
stm
ents
.
Bri
efly
des
crib
e fin
anci
al m
arke
ts a
nd i
nstr
umen
ts in
te
rms
of in
vest
men
ts i
nclu
ding
:
· C
apita
l m
ark
et
IM
oney
Ma
rke
t ·
Equ
ity M
arke
t ·
Pro
pert
y M
arke
t. · · ·
Har
d A
sset
s D
eriv
ativ
es
Dis
cuss
the
lega
l re
quir
emen
ts a
ssoc
iate
d w
ith
I C
olle
ctiv
e In
vest
me
nt S
chem
es a
ccor
ding
to
CIS
CA
an
d ot
her
rele
vant
legi
slat
ion.
Li
st t
he
rel
evan
t in
dust
ry r
ole
play
ers
in c
olle
ctiv
e
inve
stm
ents
and
des
crib
e th
eir
func
tions
inc
ludi
ng
but
no
t lim
ited
to:
.. C
IS M
anag
er (
Ma
na
ge
me
nt
Co)
•
Tru
ste
e /
Cus
todi
an
• R
egis
trar
· A
SIS
A
• U
SP
s A
naly
se n
ew d
evel
opm
ents
rep
orte
d in
th
e m
edia
M
atch
the
appr
opri
ate
colle
ctiv
e in
vest
men
t sc
he
me
th
at c
ould
im
pact
on
the
col
lect
ive
inve
stm
ent
port
folio
with
the
clie
nt's
ris
k pr
ofile
and
inv
estm
ent
indu
stry
. ne
eds.
D
escr
ibe
the
diff
eren
t typ
es o
f col
lect
ive
finan
cial
pla
n w
ith
Des
crib
e th
e d
iffe
ren
t typ
es i
nter
est-
bear
ing
Dev
elop
an
d p
rese
nt
a 4.
in
vest
men
ts a
nd e
xpla
in t
he
diff
eren
ces
to t
he c
lient
re
com
men
datio
ns a
nd
inve
stm
ents
incl
udin
g b
ut n
ot
limite
d to
: in
pla
in l
angu
age
and
in a
ccor
danc
e w
ith t
he c
lient
's
mo
ne
y m
ark
et i
nstr
umen
ts
· ex
istin
g kn
owle
ge in
ord
er to
ass
ist t
he c
lient
mak
e al
tern
ativ
es.
•
bond
s an
app
ropr
iate
inve
stm
ent d
ecis
ion.
·
gilts
· lo
an s
tock
w
-'
()1
-' +>
G) ~ m
JJ z s: m
z -I
G) ~ 5
m
()1 § o III m
JJ
I\) o o co
48
No
. T
ask
Kn
ow
led
ge
Cri
teri
a I
Ski
ll C
rite
ria
I I D
escr
ibe
the
Typ
es o
f eq
uity
-bas
ed i
nves
tmen
ts
incl
udin
g bu
t n
ot
limite
d to
: •
shar
es
Exp
lain
how
col
lect
ive
inve
stm
ent
sche
me
port
folio
s ar
e cl
assi
fied
in a
ccor
danc
e w
ith t
he A
ssoc
iatio
n fo
r S
avin
gs a
nd I
nves
tmen
t for
SA
(A
SIS
A)
Cod
e of
P
ract
ice
rela
ting
to F
und
Cla
ssifi
catio
ns f
or S
A
Reg
ulat
ed C
I P
ortfo
lios.
E
xpla
in t
he d
iffer
ence
bet
wee
n an
app
rove
d lo
cal
CIS
and
a fo
reig
n ap
prov
ed C
IS a
nd t
he
imfJ
Iicat
ions
for
the
clie
nt.
Des
crib
e th
e st
ruct
ure
of a
Col
lect
ive
Inve
stm
ent
Sch
eme.
Des
crib
e th
e di
ffer
ent t
ypes
of
Col
lect
ive
Inve
stm
ent
!
Sch
emes
incl
udin
g bu
t n
ot l
imite
d to
: I
• U
nit T
rust
s
· • O
pen-
End
ed I
nves
tmen
t Com
pani
es (
OIE
Cs)
P
artic
ipat
ory
Bon
ds
• C
olle
ctiv
e In
vest
men
t Sch
emes
in P
rope
rty
D
escr
ibe
the
uniq
ue c
hara
cter
istic
s o
f a
colle
ctiv
e
inve
stm
ent s
chem
e in
clud
ing
but
not l
imite
d to
: T
rans
pare
ncy
•
Affo
rd a
bilit
y
Ta
x E
ffect
iven
ess
'.
Li
quid
ity
· · Dif
fere
nti
ate
bet
wee
n th
e di
ffer
ent t
ypes
of C
IS
port
folio
s (e
.g.
bond
s vs
. eq
uitie
s) i
nclu
ding
but
not
lim
ited
to:
· • E
quity
Fun
ds
Inco
me
Fun
ds
• B
ond
Fun
ds
· · • H
edge
Fun
ds
Pro
pert
y F
unds
R
and
Den
omin
ated
Fun
ds
(JJ ~ ~ A o m
JJ » z :-i
(]J 8 o OJ m
JJ
N o o co z o W
..
.J. ~
-I'>
--.I
(I)
I
9
49
. I
Ta
sk
--
Kn
ow
led
ge
Cri
teri
a
· • F
orei
gn F
un
ds
Fun
d of
Fun
ds
• M
ulti-
Man
ager
Fun
ds
Diff
eren
tiate
bet
wee
n fu
nd m
anag
ers
and
thei
r ap
proa
ches
.
· Dis
cuss
the
initi
al a
nd o
ngoi
ng c
osts
inv
olve
d in
with
C
olle
ctiv
e In
vest
me
nt S
chem
es i
nclu
ding
: In
itial
fee
s •
Bro
kera
ge f
ees
• A
nnua
l ser
vice
fees
· • V
AT
P
ortfo
lio C
harg
es
• S
witc
hing
Cos
ts
Tra
iler
Fee
s E
xpla
in t
he t
ax
impl
icat
ions
invo
lved
in C
olle
ctiv
e In
vest
me
nt S
che
me
s in
clud
ing
Cap
ital
Gai
ns T
ax.
· Diff
eren
tiate
bet
wee
n th
e di
ffer
ent t
ypes
of
tran
sact
ions
in a
col
lect
ive
inve
stm
ent
sche
me
port
folio
. E
xpla
in t
he p
roce
ssin
g im
plic
atio
ns r
elat
ed t
o co
llect
ive
inve
stm
ent
sche
me
tran
sact
ions
(e.
g.
_v§l
.luat
ion,
pric
ing)
. D
iscu
ss t
he c
osts
inv
olve
d w
ith t
he v
ario
us
colle
ctiv
e in
vest
men
t sc
hem
e tr
ansa
ctio
ns.
Dis
cuss
the
ta
x im
plic
atio
ns in
volv
ed w
ith c
olle
ctiv
e in
vest
me
nt s
chem
es.
Indi
cate
ho
w c
olle
ctiv
e in
vest
men
t sch
emes
are
re
port
ed in
the
me
dia
incl
udin
g b
ut n
ot l
imite
d to
: •
NA
V
· · Y
ield
P
rice
Ski
ll C
rite
ria
Com
mun
icat
e th
e im
plic
atio
ns o
f a t
rans
actio
n re
latin
g to
a c
olle
ctiv
e in
vest
men
t sc
hem
e po
rtfo
lio
to t
he c
lient
.
Cal
cula
te t
he v
alue
of
a cl
ient
s' i
nve
stm
en
t in
a co
llect
ive
inve
stm
ent
sche
me
port
folio
usi
ng f
und
fact
she
ets
and
info
rmat
ion
prov
ided
in t
he
med
ia.
I
(I) o z (.i) ... (J1 ... -I>
G) ~ m
JJ z s: m
z .., G) f:j m
:j
Jl1
(J1 § o OJ
m
JJ
tv
o o co
------
50
Tas
l, K
no
wle
dg
e C
rite
ria
------+---~--~----
Tot
al E
xpen
se R
atio
s (f
ER
) V
alue
and
Dis
trib
utio
ns
Per
form
ance
E
xpla
in t
he c
once
pt o
f hi
stor
ical
per
form
ance
.
Dis
cuss
the
co
nte
nt
and
purp
ose
of f
act
shee
ts in
as
sist
ing
a cl
ien
t to
ma
ke a
n ap
prop
riat
e in
vest
men
t
Ski
ll C
rite
ria
Inte
rpre
t a
clie
nt s
tate
me
nt
for
a co
llect
ive
inve
stm
en
t sc
hem
e n
nrt
fnlin
Dis
cuss
re
qu
ire
me
nts
rel
atin
q to
the
re
port
ing
of
colle
ctiv
e in
vest
me
nt
sche
mes
.
ma
na
ge
me
nt
sch
em
e
Dis
cuss
the
rel
evan
ce o
f di
sclo
sure
s, r
ecor
d of
S
truc
ture
a
to a
clie
nt t
o en
able
the
m t
o a
dvi
ce a
nd t
he F
AIS
cod
e of
con
duct
whe
n I-
----
i---
--~~
~~~~
. --:c--
__--:-
--I-
!..::::d
..::::ev~e
=-:I-=-0r:
.p:.:..:in
g a fi
nanc
ial
plan
ning
re
po
rt
the
finan
cial
pla
n an
d re
com
me
nd
atio
ns.
ma
ke a
n ap
prop
riat
e in
vest
me
nt
deci
sion
Pro
cess
the
tra
nsac
tion
time
ou
sly
and
in
acco
rdan
ce w
ith r
eg
ula
tory
req
uire
men
ts.
Mon
itor
the
finan
cial
pla
n an
d D
iscu
ss c
lient
exp
ect
atio
ns
aft
er
the
pu
rch
ase
of
a6.
re
com
men
datio
ns.
colle
ctiv
e in
vest
me
nt
sch
em
e p
ortf
olio
.
Ul ~
'--
I U
l A
0 m
JJ
~
Z
;-I
-'
01
0 ~
OJ
m
JJ
I\l
0 0 OJ z o w
-'
(JI
-'
.j;>.
0) .....
51
Se
ctio
n 9
: R
E 9
: S
econ
d Le
vel
Re
gu
lato
ry E
xam
ina
tion
: S
ecu
ritie
s A
nd
In
stru
me
nts
All
repr
esen
tativ
es p
erfo
rmin
g fin
anci
al s
ervi
ces
in r
elat
ion
to c
ateg
ory
I, II
and/
or I
IA d
ealin
g w
ith s
ubca
tego
ries
reso
rtin
g un
der
Sec
uriti
es
and
Inst
rum
ents
are
req
uire
d to
com
plet
e a
first
lev
el r
egul
ator
y ex
amin
atio
n, b
ased
on
the
qual
ifyin
g cr
iteria
as
it ap
pear
s in
Sec
tion
4 an
d a
seco
nd l
evel
reg
ulat
ory
exam
inat
ion
base
d on
the
qua
lifyi
ng c
riter
ia in
Sec
tion
9.
(2)
Exa
min
atio
n bo
dies
hav
e th
e di
scre
tiona
ry p
ower
s to
off
er a
com
bina
tion
exam
inat
ion
for
repr
esen
tativ
es w
orki
ng w
ith c
ateg
ory
I, II
and/
or
IIA d
ealin
g w
ith s
ubca
tego
ries
res
ortin
g un
der
Sec
uriti
es a
nd I
nstr
umen
ts,
whe
re s
uch
repr
esen
tativ
es m
ay c
hoos
e to
com
plet
e on
e ex
amin
atio
n th
at a
ddre
sses
the
qua
lifyi
ng c
riter
ia a
s it
appe
ars
in S
ectio
ns 4
and
9.
(3)
The
rel
evan
t su
bcat
egor
ies
in S
ecur
ities
and
Ins
trum
ents
are
to
be t
aken
int
o ac
coun
t w
hen
sele
ctin
g th
e qu
alify
ing
crite
ria
that
form
the
ba
sis
of th
e re
leva
nt s
econ
d le
vel
regu
lato
ry e
xam
inat
ion.
E
xam
inat
ion
bodi
es a
re r
equi
red
to p
acka
ge th
e se
cond
leve
l re
gula
tory
ex
amin
atio
n ac
cord
ing
to t
he s
ubca
tego
ries.
T
he q
ualif
ying
crit
eria
in S
ectio
n 4
and
Sec
tion
9 se
rve
as t
he c
riter
ia a
gain
st w
hich
qua
lific
atio
ns w
ill be
eva
luat
ed f
or i
nclu
sion
on
the
list
of r
ecog
nise
d qu
alifi
catio
ns.
Ta
sk
__L
Kn
ow
led
ge
Cri
teri
a
Ski
ll C
rite
ria
G
ener
al t
o a
ll
I~1~--
rRe
fra
mtr
om
act
ion
sth
atc
an
U
nder
stan
d th
e di
ffer
ent
form
s of
mar
ket
abus
e in
clud
ing
insi
der
-\
be r
egar
ded
as m
arke
t tr
adin
g, p
rohi
bite
d tr
adin
g pr
actic
es a
nd m
akin
g fa
lse,
mis
lead
ing
ab
use.
or
dec
eptiv
e st
atem
ents
, pr
omis
es a
nd f
orec
asts
and
the
I
guid
elin
es w
ith r
egar
d to
adv
ertis
ing
and
publ
ishi
ng o
f pr
ice-
sens
itive
inf
orm
atio
n.
Und
erst
and
the
prin
cipl
es o
f de
rivat
ives
and
how
this
inf
luen
ces
Pro
vide
an
inve
stm
ent
stra
tegy
bas
ed
resp
ect
to i
nves
tmen
t P
rovi
de a
dvic
e to
clie
nts
with
2
on t
he e
cono
mic
env
ironm
ent.
stra
tegy
. in
vest
men
t st
rate
gy.
Dis
cuss
the
eco
nom
ic o
bjec
tives
in a
mar
ket
econ
omy.
(G
ener
al
to a
ll)
Exp
lain
the
im
pact
of
econ
omic
pol
icy
stra
tegi
es o
n th
e
econ
omy.
Com
pare
the
diff
eren
ces
betw
een
mon
etar
y po
licy
and
fisca
l po
licy
and
the
tool
s th
at f
orm
par
t of
eac
h th
at G
over
nmen
t
coul
d us
e to
inf
luen
ce t
he e
cono
m
. D
iscu
ss t
he b
usin
ess
cycl
e an
d th
e ef
fect
on
asse
t cl
asse
s an
d
all
sect
ors
(I)
!\) z <:) w
.....
01
...... ~
G) o < m
lJ
z !i::
m
z -I
G) ~ 9
.f11
.....
01
§ o CD
m
lJ
I\) o o (I)
52
not
limite
d to
Gro
ss D
omes
tic P
rodu
ct (
GO
P),
Priv
ate
Con
sum
ptio
n S
pend
ing,
Gov
ernm
ent
Spe
ndin
g, I
nves
tmen
t I s
pend
ing,
Con
sum
er p
rice
Inde
x (e
PI)
, P
rodu
cer
pric
e In
dex
~I}, a
nd C
urre
nt A
ccou
nt B
alan
ce.
I Dis
cuss
the
link
ages
bet
wee
n ec
onom
ic in
dica
tors
and
the
fo
llow
ing
vari
able
s in
the
eco
nom
y fo
r ex
ampl
e in
tere
st r
ates
, . b
ond
eric
es,
shar
e pr
ices
and
the
exc
han
e ra
te.
Det
erm
ine
the
stag
e in
the
bus
ines
s cy
cle
base
d on
the
ec
onom
ic i
ndic
ator
s.
3 P
rovi
de a
dvic
e to
clie
nts
vvith
re
spec
t to
exc
ha
ng
e tr
aded
D
iscu
ss t
he f
unct
ions
of
an e
xcha
nge.
inve
stm
ents
D
iscu
ss s
ecur
ities
lis
tings
and
wha
t di
sclo
sure
req
uire
men
ts
shou
ld b
e co
mpl
ied
with
.
Exp
lain
und
er w
hich
cir
cum
stan
ces
may
tak
e pl
ace
and
whi
ch d
iscl
osur
e re
quire
men
ts s
houl
d be
co
mel
ied
with
. In
dica
te w
hich
iss
ues
mus
t be
addr
esse
d ex
chan
ge.
the
rule
s of
an
Exp
lain
the
rol
e, f
unct
ions
and
dut
ies
of c
entr
al s
ecur
ities
de
posi
tori
es a
nd p
artic
ipan
ts,
wha
t un
cert
ifica
ted
secu
ritie
s ar
e an
d th
e ro
le p
laye
d by
issu
ers.
F
ore
ign
Exc
han
ge
Mar
kets
-on
beh
alf
of Ih
e "~[:e
Ihe
lerm
s '~oreign e
xcha
nge"
and "
exch
ange
ral
e"
clie
nt w
ithin
the
par
amet
ers
of
the
curr
ency
tra
ding
man
date
an
d gi
ve t
he c
lient
the
ap
prop
riate
adv
ice
I Exp
lain
the
diff
eren
ce b
etw
een
the
spot
mar
ket
and
forw
ard
mar
ket.
! Ide
ntify
the
part
icip
ants
in t
he f
orei
gn e
xcha
nge
mar
ket.
~Pia;n
Ih~m
oliv
atio
n fo
r fo
reig
n ex
chan
ge Ir
ansa
ctio
ns
Ski
ll C
rite
ria
Adv
ise
on t
he p
roce
dure
s o
f tr
adin
g on
an
exch
ange
tha
t ar
e in
lin
e w
ith
the
rule
s an
d re
gula
tions
of t
he
exch
ange
.
Pro
vide
adv
ice
on
tran
sact
ions
in t
he F
orei
gn e
xcha
nge
mar
ket
with
a v
iew
to o
ptim
isin
g in
vest
men
t re
turn
s.
Exe
cute
for
eign
exc
hang
e tr
ansa
ctio
ns o
n th
e in
stru
ctio
n of
the
cl
ient
.
~ '-i
(f) A o m
lJ » z .-1
(Jl o ~
1l
l m
lJ
I\:)
o o 00
z o w
.....
(J1 .....
.;:.
()) w
!No.
I
Ta
sk
I '--I I i I
I • I !I ,
II i I
I !
--r
.Kn
ow
led
ge
Cri
teri
a -
Ski
ll C
rite
ria
Des
crib
e th
e di
ffer
ent e
xcha
nge
rate
reg
imes
and
how
1
ex
chan
ge r
ates
are
man
aged
und
er t
he d
iffer
ent r
egim
es
\incl
udin
g fix
ed r
ate
exch
ange
rat
e sy
stem
s, s
emi-f
ixed
rat
e
. sys
tem
s, a
nd f
loat
ing
exch
ange
rat
e sy
stem
s.
1---
-~
I D
iscu
ss t
he f
acto
rs a
ffect
ing
exch
ange
rat
es i
nclu
ding
Ipu
rcha
sing
pow
er p
arity
, in
tere
st r
ate
fact
ors
and
the
bal
ance
of
a
men
t.
Def
ine
the
fore
x rn
arke
t an
d its
fea
ture
s an
d di
scus
s th
e
mec
hani
cs o
f tr
adin
g in
the
for
ex m
arke
t.
Nam
e th
e fe
atur
es o
f th
e fo
rex
ma
rke
t.
Des
crib
e th
e m
echa
nics
of t
radi
ng in
the
for
ex m
arke
t.
Def
ine
the
inte
rban
k m
arke
t. N
ame
the
feat
ures
of
the
inte
rban
k m
arke
t an
d de
scrib
e ho
w th
e pa
rtiC
ipan
ts c
ontr
ibut
e to
the
for
ex m
arke
t by
mar
ket
mak
ing.
~xplain
the
impa
ct o
f st
anda
rdis
atio
n an
d re
gula
tion
in t
he f
orex
i
mar
ket f
rom
the
per
spec
tive
of th
e in
tern
atio
nal
natu
re o
f the
I
mar
ket.
Des
crib
e th
e tw
enty
-fou
r ho
urs
per
day
natu
re o
f th
e fo
rex
mar
ket
and
the
impl
icat
ions
the
reof
for
tra
ders
. Id
entif
y fo
reig
n ex
chan
ge c
lass
ifica
tions
inc
ludi
ng t
he U
S d
olla
r,
maj
or c
urre
ncie
s, m
inor
cur
renc
ies,
exo
tic c
urre
ncie
s, e
mer
ging
m
arke
t cu
rren
cies
and
cur
renc
y ba
sket
s.
k
CD
.!>o z o w
..... ~
.!>o G) o <
m
:0
z s:: m
z -t
G) ~ 9
jT1
(}1 o ~ o tll m
:0
I\:)
o o OJ
Iden
tify
the
part
icip
ants
in t
he f
orex
mar
ket
and
expl
ain
the
reas
ons
for
usin
g th
e fo
rex
mar
ket
incl
udin
g ex
port
ers
and
impo
rter
s, f
orei
gn d
irect
inve
stor
s, f
orei
gn p
ortfo
lio in
vest
ors,
~e
cula
tive
pl'Q
Prie
tary
trad
jr1g.
E
xpla
in t
he i
mpa
ct o
f st
anda
rdiz
atio
n an
d re
gula
tion
in t
he f
orex
m
arke
t fro
m t
he p
ersp
ectiv
e of
the
inte
rnat
iona
l na
ture
of t
he
mar
ket.
- Dis
cuss
the
prin
cipl
es o
f the
Eur
o m
arke
t, in
tere
st r
ate
I. diff
eren
tials
, cu
rren
cy r
isk
and
outr
ight
for
war
ds.
Ta
sk
Kn
ow
led
ge
Cri
teri
a
Ski
ll C
rite
ria
co
ncep
ts r
elev
ant
to p
ract
ical
ope
ratio
ns o
f for
ex
incl
udin
g, p
rime
brok
erag
e, w
hite
lab
ellin
g an
d ou
tsou
rcin
g,
I aut
o-pr
icin
g, s
trai
ght
thro
ugh
proc
essi
ng a
nd a
utom
atio
n.
[ E
xpla
in t
he c
once
pt o
f vol
atili
ty a
nd h
ow c
urre
ncy
is
I mea
sure
d.
! D
iscu
ss t
he t
wen
ty-f
our
hour
s pe
r d
ay
natu
re o
f the
for
ex m
arke
t
I__
__
__
__
__
__
lan
d th
e im
plic
atio
ns t
here
of f
ora
_d_v
_i_se
_r.,s._
.__
__
__
_
Des
crib
e ro
le
Con
clud
e an
d pr
oces
s in
vest
men
t in
clud
ing
mar
ket
mak
ers
and
brok
ers.
tr
ansa
ctio
ns in
the
for
eign
exc
hang
e 12
I .
E "-
I'"
I .
d'
. I
d'
. .
I m
arke
t w
ith a
vie
w to
opt
imis
ing
xp a
ln e
ect
rorll
c tr
a I~g
syst
ems
Inc
u In
g pr
oprie
tary
sin
g e-
inve
stm
ent
retu
rns.
ba
nk s
yste
ms
and
mul
ti-ba
nk s
yste
ms
or p
orta
ls.
I .-.
..-. .
...---,,-----:---
Dis
cuss
the
diff
eren
ces
betw
een
who
lesa
le a
nd r
etai
l tr
ader
s an
d lo
ng-,
med
ium
-an
d sh
ort-
term
tra
ders
.
._
._
-----
Def
ine
the
spot
mar
ket.
Pro
vide
adv
ice
on i
nves
tmen
t tr
ansa
ctio
ns in
the
3
Pro
vide
adv
ice
with
res
pect
to
tran
sact
ions
in t
he s
pot
mar
ket w
ith a
fo
reig
n ex
chan
ge m
arke
t .-
:-;-
--:-
_:-
-_-;
-:-;
--_
__
---:
--:-
_-:-
:-_-
--:-
-:-_
---:
--:c
:---
-+-;
;;;v
iew
to o
pti m
isin
g in
vest
me
nt r
etur
ns.
Exp
lain
the
fea
ture
s of
the
spot
mar
ket
and
be a
ble
to a
pply
its
Con
clud
e an
d pr
oces
s in
vest
men
t ri
nrl
nl.
"",
to c
ase
stud
ies.
tr
ansa
ctio
ns in
the
spo
t m
ark
et a
nd
appl
y th
e re
leva
nt m
athe
mat
ics
and
calc
ulat
ions
with
a v
iew
to o
ptim
isin
g in
vest
men
t re
turn
s.
Def
ine
and-:
--n-a-
m-e-t
:7h-e"
Cf:-e
-a-tu-
r-e-s-
o""f-
p--:ri-c
e-q-u-
o""'ta
-:-ti:-
o-n-,-
-:d:-i
re-c
-:t-a
-n-d
:-----
+ D
o s
pot f
orei
gn e
xch
ang
e ca
lcul
atio
n s
indi
rect
quo
tatio
ns,
bids
and
off
ers
and
the
deal
ing
spre
ad a
nd
incl
udin
g:
be a
ble
to d
o th
e re
quis
ite c
alcu
latio
ns.
calc
ulat
ing
dire
ct q
uota
tions
, .
calc
ulat
ing
"pip
" va
lues
and
the
~ISCUSS
the
conc
epts
and
prin
cipl
es r
elev
ant
to t
he spo~
mar
ket,
cost
of
the
trad
e,
time
fact
ors
and
valu
e da
te,
roll
over
and
cro
ss c
urre
ncie
s.
expr
essi
ng a
kno
wn
am
ou
nt
in
one
curr
ency
in t
erm
s o
f an
othe
r cu
rren
cy,
and
calc
ulat
ina
cros
s cu
rren
cy r
ates
.
(J) ~ :..;
(J) A o m
:D
:t>
Z
.-;
()1 o ~ o CD
m
:D
N )5
co z o c.>
()1 .....
,f>. ~
01
to
Ol z
5S
~ (.oJ .... .... ..,.
No.
T
ask
K
no
wle
dg
e C
rite
ria
Ski
ll C
rite
ria
4 P
rovi
de a
dvic
e to
clie
nts
with
re
spec
t to
for
war
d tr
ansa
ctio
ns in
the
for
eign
ex
chan
ge m
ark
et
Def
ine
the
forw
ard
fore
ign
exch
ange
mar
ket.
L::
:-..
. .
...
i E
xpla
in h
ow
the
quot
ing
of f
orw
ard
rate
s oc
curs
.
t C
oncl
ude
and
proc
ess
forw
ard
fore
ign
i e
xch
an
ge
inve
stm
ent t
rans
actio
ns in
th
e fo
rwar
d m
arke
t w
ith a
vie
w to
op
timis
ing
inve
stm
ent
retu
rns
. A
pply
the
prin
cipl
es o
f the
for
war
d fo
reig
n ex
chan
ge m
arke
t.
... D
escr
ibe
the
feat
ures
of t
he f
orei
gn e
xcha
nge
forw
ard
mar
ket.
Ap
ply
the
mat
hem
atic
s an
d ca
lcul
atio
ns r
elev
ant
to t
he f
orw
ard
....
fore
ign
exch
ange
mar
ket.
C
alcu
late
out
right
forw
ard
prem
ium
an
d di
scou
nt p
oint
s.
5 P
rovi
de a
dvic
e to
clie
nts
with
re
spec
t to
sw
aps
in t
he
fore
ign
exch
ange
ma
rke
t
loef
ine
curr
ency
sw
aps.
Con
clud
e an
d pr
oces
s sw
ap
tr
ansa
ctio
ns in
the
for
eign
exc
hang
e m
arke
t w
ith a
vie
w to
opt
imis
ing
inve
stm
ent
retu
rns.
,
Dis
cuss
the
fea
ture
s of
cur
renc
y sw
aps,
the
mot
ivat
ion
for
usin
g cu
rre
ncy
sw
aps
and
be a
ble
to a
pply
its
prin
cipl
es.
Ap
ply
the
prin
cipl
es o
f the
cu
rre
ncy
sw
aps.
Exp
lain
the
pra
ctic
al a
pplic
atio
n of
fore
x sw
aps
and
be a
ble
to
appl
y th
e pr
inci
ples
to
case
stu
dies
, in
clud
ing
man
agin
g po
sitio
ns a
nd c
hang
ing
sett
lem
ent
date
s, h
edgi
ng i
nter
est
rate
di
ffer
entia
l ris
k, s
pecu
latin
g on
int
eres
t rat
e di
ffere
ntia
ls a
nd
arbi
trag
ing
the
fore
ign
exch
ange
and
int
eres
t rat
e m
arke
ts.
Ap
ply
the
mat
hem
atic
s an
d ca
lcul
atio
ns r
elev
ant
to c
urr
en
cy
swap
s.
Dis
cuss
the
fea
ture
s o
f the
cur
renc
y sw
aps,
the
mot
ivat
ion
for
6 I
Pro
vide
adv
ice
to c
lient
s w
ith
resp
ect
to f
utur
es i
n th
e fo
reig
n e
xch
an
ge
mar
ket.
usin
g fo
rex
swap
s, q
uota
tion
of fo
rex
swap
s an
d be
abl
e to
ap
ply
its p
rinci
ples
. 1
Def
ine
fore
ign
exch
ange
fut
ures
.
Exp
lain
the
fea
ture
s of
fore
ign
exch
ange
futu
res
and
be a
ble
to
dist
ingu
ish
them
iro
m O
Te io
rwar
ds.
Con
clud
e an
d pr
oces
s fu
ture
s tr
ansa
ctio
ns in
the
for
eign
exc
hang
e m
ark
et
with
a v
iew
to o
ptim
iSin
g in
vest
men
t ret
urns
.
o o < m
II
z s: m
z -l
G) ~ 9
rn 01
o ~
OJ
m
lJ
III @
7
56
Ta
sk
Kn
ow
led
ge
Cri
teri
a
Pro
vide
adv
ice
to c
lient
s w
ith
resp
ect
to o
ptio
ns in
the
fo
reig
n ex
chan
ge m
arke
t.
Pro
vide
adv
ice
to c
lient
s v'I
'ith
resp
ect
to o
ptio
ns in
the
fo
reig
n ex
chan
ge m
ark
et
Dis
cuss
the
met
hods
of
anal
ysis
use
d in
the
for
ex m
arke
t re
spec
t to
fu
ndam
enta
l P
rovi
de a
dvic
e to
clie
nts
with
9
fund
amen
tal
anal
ysis
, te
chni
cal
anal
ysis
and
rel
atio
nal
anal
ysis
in t
he fo
reig
n an
alys
is.
exch
ange
mar
ket.
Und
erst
and
the
loca
l I D
iscu
ss t
he l
ocal
exc
hang
e co
ntro
l re
stric
tions
. ex
chan
ge c
ontr
ol r
estr
ictio
ns.
10
Pro
vide
adv
ice
to c
lient
s w
ith
resp
ect
to r
isk
ma
na
ge
me
nt
in t
he to
reiQ
n ex
chan
ge
mar
ket.
I Exp
lain
how
op
tions
are
use
d to
spe
cula
te a
nd h
edge
.
Dis
cuss
opt
ion
valu
atio
n in
clud
ing
but
not
limite
d to
: w
hat
you
buy,
th
e va
lue
over
a c
erta
in p
erio
d of
tim
e,
nam
e th
e op
tions
, I' '
put
and
call,
I.. • m
ust
be a
ble
to i
nter
pret
the
ans.
wer
, in
terp
ret
payo
ff pr
ofile
s.
.. -------,-------1
1
Exp
lain
the
con
cept
of
delta
and
how
a d
elta
hed
ge t
akes
pla
ce.
Exp
lain
how
inv
esto
rs in
crea
se t
heir
leve
rage
by
mak
ing
mar
gin
\ de
posi
ts.
mar
gin
Exp
lain
the
con
cept
of
leve
rage
as
appl
ied
in t
he f
orex
mar
ket.
Dis
cuss
the
risks
inv
olve
d in
for
ex in
vest
men
ts in
clud
ing
mar
ket
risk,
exc
hang
e ra
te r
isk,
cou
nter
part
y ris
k, l
iqui
dity
ris
k,
com
mon
-fac
tor
risk,
eve
nt r
isk,
mod
el r
isk,
tra
der/
man
ager
ris
k,
leve
rage
ris
k, c
apac
ity r
isk,
fra
ud r
isk,
per
form
ance
m
anag
emen
t ris
k an
d op
erat
iona
l ris
k.
I Ch
ara
cte
rist
ics
of
ma
rke
ts a
nd
tra
din
g s
yste
ms
and
me
tho
do
log
ies
L-_
__
__
__
__
__
__
_
Ski
ll C
rite
ria
C
oncl
ude
and
proc
ess
optio
n tr
ansa
ctio
ns i
n th
e fo
reig
n ex
chan
ge
mar
ket
with
a v
iew
to o
ptim
isin
g in
vest
men
t re
turn
s.
Cal
cula
te t
he v
alue
of
curr
ency
op
tions
at
expi
ry a
nd p
rior
to e
xpiry
.
Adh
ere
to m
argi
n re
quire
men
ts w
hen
proc
essi
ng t
rans
actio
ns
in f
utur
es.
Per
form
fun
dam
enta
l, te
chni
cal
and
rela
tiona
l an
alys
is in
the
for
eign
ex
chan
ge m
arke
t w
ith a
vie
w to
op
timiS
ing
inve
stm
ent
retu
rns.
App
ly t
he lo
cal
exch
ange
con
trol
re
stric
tions
in a
tran
sact
ion.
App
ly r
isk
man
agem
ent
prin
Cip
les
in
the
fore
ign
exch
ange
mar
ket
with
a
view
to o
ptim
isin
g in
vest
men
t re
turn
s.
__
__
__
__
__
__
__
__
__-L
__
__
__
__
__
__
__
__
__
__
__
__~
(j) ~ =-j
(j) 6 m
lJ
:t> z --1
01 o ~
OJ
m
lJ
r\) o o CD z ~
(..i) 01
.1>0
CD
o"j
11
INo,
I
Ta
sk
12
. Pro
vid
e a
dvic
e to
clie
nts
with
,
resp
ect
to d
iffer
ent
busi
ness
I
stru
ctu
res.
J .. Pro
vide
adv
ice
to c
lient
s w
ith
resp
ect
to i
nves
tmen
t op
port
uniti
es in
diff
eren
t ca
pita
l st
ruct
ures
.
10
14
Pro
vide
adv
ice
to c
lient
s w
ith
resp
ect
to d
iffer
ent
mar
ket
stru
ctur
es,
I 15
-P
rovi
de a
dvic
e to
clie
nts
with
It
:om
pa
re th
e di
ffer
ent
trad
ing
syst
ems
used
by
exch
ange
s re
spec
t to
exc
hang
e tr
aded
in
clud
ing
orde
r-dr
iven
or
auct
ion
mar
kets
, qu
ote
driv
en o
r de
aler
in
vest
men
ts.
mar
kets
. f-
c. Exp
lain
tra
ding
rne
thod
olog
y of
sto
ck m
arke
ts a
nd b
e ab
le t
o di
ffere
ntia
te b
etw
een
call
mar
kets
and
con
tinuo
us m
arke
ts.
Pro
vide
adv
ice
to c
lient
s w
ith
resp
ect
to t
he a
pplic
atio
n o
f st
ock
mar
ket i
ndic
es
~.
57
Kn
ow
led
ge
Cri
teri
a
Ski
ll C
rite
ria
Exp
lain
the
diff
eren
ce b
etw
een
priv
ate
com
pani
es,
sole
tra
ders
, S
ugge
st a
n ap
prop
riate
bus
ines
s pa
rtne
rshi
ps a
nd p
ublic
com
pani
es,
colle
ctiv
e in
vest
men
t S
truc
ture
. I s
chem
es .
I In
dica
te t
he d
iffer
ent t
ypes
of
long
-ter
m f
unds
use
d b
y I
com
pani
es,
bein
g de
bt,
pref
eren
ce s
hare
s an
d or
dina
ry s
hare
s,
gene
ra!
-com
pany
fina
ncia
l st
ruct
ures
.
Dis
cuss
the
diffe
rent
pro
pert
ies
of d
ebt f
inan
cing
, co
nver
tible
in
stru
men
ts,
shar
es a
nd p
refe
renc
e sh
ares
incl
udin
g m
atur
ity,
seni
ority
of
clai
m.
tax
trea
tmen
t in
res
pect
of t
he i
ssui
ng
com
pany
and
the
inv
esto
r /
debt
com
pany
. (g
ener
al c
om
pa
ny
finan
cial
str
uctu
res)
. I D
iscu
ss th
e ch
arac
teris
tics
of
effic
ient
mar
kets
.
Dis
cuss
the
func
tions
and
cha
ract
eris
tics
of p
rimar
y m
arke
ts a
nd
be a
ble
to d
iffer
entia
te b
etw
een
seas
oned
new
issu
es a
nd i
nitia
l pu
blic
offe
rings
. E
xpla
in w
hat
seco
ndar
y m
arke
ts a
re a
nd c
ompa
re t
he d
iffer
ence
be
twee
n ov
er-t
he-c
ount
er (
OT
C)
mar
kets
and
sto
ck e
xcha
nges
,
Exp
lain
fin
anci
al m
arke
t ind
ices
and
ind
icat
e w
hat t
hey
are
used
fo
r. (
gene
ral),
I
Dis
cuss
the
fact
ors
cons
ider
ed w
hen
bui!d
ing
finan
cia!
ind
ices
.
Giv
e e
xam
ples
of t
he a
bove
-sai
d in
dice
s lo
cally
and
in
tern
atio
nally
,
Eva
luat
e di
ffere
nt c
apita
l st
ruct
ures
.
Com
pare
and
eva
luat
e di
ffer
ent
mar
ket
stru
ctur
e.
Com
pare
and
eva
luat
e di
ffer
ent
exch
ange
s lo
cally
and
int
erna
tiona
lly.
Sug
gest
an
appr
opri
ate
mar
ket i
ndex
as
a b
ench
mar
k fo
r ev
alua
ting
an
inve
stm
ent
port
folio
,
.
!D
(I) z 9 (.,)
01
-J.
.j>. G) o <
m
Jl z s:: m
z -i
G) ~ 9
m
01 o ~
!l
l m
Jl
N 8 !D
16
58
No.
K
no
wle
dg
e C
rite
ria
S
kill
Cri
teri
a
I I E
xpla
in t
he d
iffer
ent
wei
ghtin
g sc
hem
es u
sed
whe
n co
nstr
uctin
g ~ndiceSinC1Uding p
,ice-
wei
ghte
d se
,ies,
val
ue-w
eigh
ted
se,ie
s I I
and
unw
eigh
ted
or e
qual
ly w
eigh
ted
serie
s.
I E
xpla
in t
he u
se o
f th
ea
bo
ve-m
en
tion
ed
ser
ies
as b
ench
mar
ks
JI,
whe
n m
easu
ring
the
perf
orm
ance
of a
por
tfolio
. .~
Eq
uit
y a
nd
th
e B
usi
ne
ss C
ycle
17
! P
rovi
de a
dvic
e to
clie
nts
Wi!!
l I E
xpla
in w
hy s
tock
mar
kets
ant
icip
ate
the
busi
ness
cyc
le t
urni
ng
I Sel
ect
appr
opria
te e
quity
I
resp
ect
to t
he p
erfo
rman
ce o
f ~oints.
i in
vest
men
ts.
Idi
ffere
nt t
ypes
of
shar
es in
In
dica
te w
hich
typ
es o
f in
dust
ries
typi
cally
per
form
we
lliill
I
rela
tion
to t
he b
usin
ess
cycl
e.
, di
ffere
nt s
tage
s o
f the
bus
ines
s cy
cle
and
be a
ble
to p
inpo
int
the
I I
._
.
Fin
an
cia
l S
tate
me
nt
An
aly
sis
an
d M
ea
sure
s o
f C
orp
ora
te P
erf
orm
an
ce
.....
18
I eco
nom
ic f
acto
rs a
pply
ing
e.g.
int
eres
t ra
te c
hang
es,
cons
umer
I
'. s£
lend
ing
etc.
,
Dis
cuss
the
exp
ecte
d pe
rfor
man
ce o
f cyc
lical
and
def
ensi
ve
I sh
ares
. ~'.-
Com
pare
the
diffe
renc
e be
twee
n gr
owth
and
val
ue s
hare
s an
d in
dica
te th
e ch
arac
teris
tics
of e
ach,
--
--_.
Com
pare
the
diffe
rent
inve
stm
ent s
tyle
s un
der
diffe
rent
mar
ket
cond
ition
s.
Per
form
fin
anci
al s
tate
men
t an
alys
is.
finan
cial
sta
tem
ent
anal
ysis
. no
rmal
ised
or
com
mon
-siz
e st
atem
ents
. P
rovi
de a
dvic
e w
ith r
espe
ct t
o I
Exp
lain
the
purp
ose
of d
etec
ting
tren
ds,
indu
stry
com
paris
ons,
I
Inte
rpre
t fin
anci
al s
tate
men
ts.
I.....
I
Def
ine
earn
ings
per
sha
re,
divi
dend
s pe
r sh
are
and
book
val
ue
Cal
cula
te e
arni
ngs
per
shar
e,
divi
dend
s pe
r sh
are,
boo
k va
lue
per
shar
e, t
he P
IE r
atio
, ne
t ass
et v
alue
I
per
shar
e.
I an
d di
vit::
lend
grow
th.
~Calcu
fate a
nd d
iscu
ss th
e fu
lluV
YII'
\:j m
easu
res
of c
orpo
rate
P
repa
re,
perf
orm
and
inte
rpre
t ra
tio
perf
orm
ance
, in
clud
ing
but n
ot li
mite
d to
: ea
rnin
gs p
er s
hare
, an
alys
is.
divi
dend
s pe
r sh
are
and
book
val
ue p
er s
hare
, th
e P
IE r
atio
, ne
t as
set
valu
e an
d di
vide
nd g
row
th
(f) ~ '-I
(f) 6 m
JJ » z --
I .... U1 o ~
CD
m
JJ
I\
) o o Ol z o w
.... U1 .... .!> co
c.o
-----
---
59
! T
ask
K
no
wle
dg
e C
rite
ria
S
kill
Cri
teri
a D
efin
e ra
tio a
naly
sis,
in
part
icul
ar li
quid
ity r
atio
s, a
sset
· P
repa
re a
nd i
nter
pret
rat
io a
naly
sis
to
ma
na
ge
me
nt
or a
ctiv
ity r
atio
s, f
inan
cial
-lev
erag
e ra
tios,
and
co
mpa
re p
erfo
rman
ce,
in p
artic
ular
pr
ofita
bilit
y ra
tios.
liq
uidi
ty r
atio
s, a
sse
t-m
an
ag
em
en
t or
ac
tivity
rat
ios,
fin
anci
al-l
ever
age
L~
L
I ra
tios,
and
prof
itabil
ityLC
-'ra""t
:.::io:
.::sC-
'.__
_--"
E
qu
ity
Va
lua
tio
n
19
P
rovi
de a
dvic
e to
clie
nts
with
[
Exp
lain
wha
t fu
ndam
enta
l an
alys
is is
and
ind
icat
e w
hich
fa
cto
rsS
eT
ect
and
appl
y th
e di
vide
nd
resp
ect
to e
quity
val
uatio
n I
are
used
whe
n an
alY
Sin
g a
com
pany
. di
scou
nt m
odel
s in
clud
ing
the
Gor
don
theo
ry.
Gro
wth
mod
el,
the
two
-sta
ge
mod
el
and
the
thre
e-st
age
mod
el t
o eq
uity
va
luat
ion
as a
pplic
able
.
Exp
lain
the
diff
eren
t ap
proa
ches
to
equi
ty v
alua
tion
-d
isco
un
t I
App
ly F
ree
Cas
h-flo
w to
Equ
ity
mod
els,
cos
t of
cap
ital
and
rela
tive
valu
atio
n te
chni
ques
. (F
CF
E)
mod
els
-~
Per
form
rel
ativ
e va
luat
ions
, in
clud
ing
pric
e I e
arni
ngs
ratio
and
ma
rke
t I D
iscu
ss a
nd b
e ab
le t
o a
pp
ly th
e di
vide
nd d
isco
unt
mod
els.
---
'-
(pric
e) t
o bo
ok v
alue
. lE
xp
lain
and
be
able
to
app
ly F
ree
Cas
h-flo
w to
Equ
ity (
FC
FE
) ! m
odel
s.
. E
xpla
in a
nd b
e ab
le t
o a
pply
rel
ativ
e va
luat
ion
tech
niqu
es
incl
udin
g pr
ice
I ea
rnin
gs r
atio
and
ma
rke
t (p
rice)
to
book
val
ue.
Off
er i
nves
tmen
t ad
vice
afte
r re
spec
t to
th
e i
mpa
ct
20
! P
rovi
de a
dvi
ce to
clie
nts
with
E
xpla
in w
hat
a co
mpe
titiv
e st
rate
gy is
and
dis
cuss
its
cons
ider
ing
the
impa
ct o
f m
an
ag
em
en
t q
ua
lity
has
on
foun
datio
ns a
nd c
ompe
titiv
e ad
vant
age.
m
anag
emen
t q
ua
lity
on t
he v
alue
of
a E
xpla
in h
ow
qua
lity
of m
an
ag
em
en
t im
pact
s on
the
va
lue
of
a co
mpa
ny.
com
pany
.
Po
rtfo
lio T
he
ory
an
d R
isk
the
valu
e o
f a
com
pany
.
CC
lnst
ruct
and
man
age
a po
rtfo
lio.
resp
ect
to p
ortf
olio
ana
lysi
s.
_ al
loca
tion,
sec
tor
anal
YS
iS,
secu
rity
ana
lysi
s, p
ortfo
lio a
naly
sis
-a
nd
por
tfolio
sel
ectio
n.
Dis
cu
ss th
e as
sum
ptio
ns u
nder
lyin
g po
rtfo
lio m
anag
emen
t.
21
Pro
vide
adv
ice
to c
lient
s w
ith ID
iscu
ss th
e ph
ases
of
port
folio
man
agem
ent,
inc
ludi
ng a
sset
Cal
cula
te e
xpec
ted
retu
rn,
vari
ance
an
d st
anda
rd d
evia
tion
and
cons
truc
t an
eff
icie
nt fr
ontie
r.
(0
0 z !:l ~
(]1
.....
.j:
> Q o <
m
lJ
z s:: m
z -I
Q ?:J 9
Jl1
(]1
o () d OJ
m
:0
f\) o o Ol
22
23
24
Ta
sk
Kn
ow
led
ge
Cri
teri
a S
kill
Cri
teri
a po
rtfo
lio a
naly
sis
and
be a
ble
to u
se a
nd c
alcu
late
P
erfo
rm a
sset
allo
catio
n, s
ect
or
retu
rn,
varia
nce
and
stan
dard
dev
iatio
n, t
he e
ffic
ient
se
curit
y an
alys
is,
port
folio
fr
ontie
r an
d po
rtfo
lio s
elec
tion.
an
alys
is a
nd p
ortfo
lio s
elec
tion.
Indi
cate
se
curi
ty a
naly
sis
is a
nd b
e ab
le t
o us
e an
d ca
lcul
ated
the
fol
low
ing:
exp
ecte
d re
turn
, va
riabi
lity
of
retu
rn,
the
norm
al p
roba
bilit
y di
strib
utio
n. c
ovar
iant
s an
d co
rrel
atio
n co
effic
ient
s.
Dis
cuss
the
ass
umpt
ions
und
erly
ing
the
capi
tal
asse
t pr
icin
g m
odel
and
th
e si
gnifi
canc
e o
f the
cap
ital
mar
ket
line
and
the
secu
rity
ma
rke
t lin
e.
Dis
cuss
the
ass
umpt
ions
and
how
to
use
them
inc
ludi
ng t
he
Dis
cuss
the
cap
ital
asse
t si
ngle
ind
ex m
odel
, al
pha'
s an
d be
tas
and
mul
ti-in
dex
mod
els.
m
odel
inc
ludi
ng t
he r
equi
red
rate
of
retu
rn (
cost
of
equi
ty)
and
ho
w to
ju
dge
the
reas
onab
lene
ss o
f in
vest
men
t ob
ject
ives
.
Exp
lain
wha
t tec
hnic
al a
naly
sis
is a
nd b
e ab
le to
diff
eren
tiate
it
Per
form
tec
hnic
al a
naly
sis.
fr
om f
unda
men
tal
anal
ysis
.
L..
....-
----------1
D
escr
ibe
the
uses
of t
echn
ical
ana
lysi
s.i
~iSC.. U.
ssth
e d
iffer
ent s
tock
mar
ket
char
ts a
nd e
xpla
in h
ow
to
Inte
rpre
t It
--------~~~~~~~------------------~----------------------------~
Pro
vide
adv
ice
to c
lient
s w
ith
resp
ect
to t
he d
iffer
ent
port
folio
the
ory
mod
els
empl
oyed
in p
ortf
olio
an
alys
is.
Pro
vide
adv
ice
to c
lient
s w
ith
resp
ect
to t
echn
ical
ana
lysi
s.
I ----------~
Pro
vide
adv
ice
inte
rmed
iary
ser
vice
s to
cl
ient
s w
ith r
espe
ct t
o de
rivat
ive
inst
rum
ents
in t
he
equi
ty m
arke
t.
wha
t a
futu
res
cont
ract
is a
nd i
ndic
ate
its c
hara
cter
istic
s as
soci
ated
ris
ks.
---:---:----:-----,:-:--------:-----------1
1 o
ptim
isin
g in
vest
men
t re
turn
s
the
diff
eren
ce b
etw
een
hedg
ing
and
spec
ulat
ing.
Off
er in
vest
men
t ad
vice
on
the
appr
opria
te c
hoic
e o
f D
eriv
ativ
e or
un
derly
ing
inve
stm
ent w
ith a
vie
w to
(fJ ~
:.
-j
(fJ A o m
:IJ » z :-l
01 o ~
OJ
m
:IJ
I\
) o o OJ z o til
01 ~ "'" r.c ...
61
No.
T
ask
I K
no
wle
dg
e C
rite
ria
Exp
lain
arb
itrag
e w
ith r
espe
ct to
sha
re f
utur
es.
I A
dditi
onal
reg
uire
men
t for
Cat
egor
l' IIA
: m
ust
unde
rsta
nd t
he
use
and
effe
ct o
f le
vera
ge w
hen
usin
g de
rivat
ives
~ a
nd t
he
impa
ct o
f the
use
of
leve
rage
on
payo
ff p
rofil
es.
Add
in t
he
issu
e of
sho
rt s
ellin
g ~
appl
icab
le t
o al
i ca
tego
ries
in h
edge
fu
nds,
add
in
the
shor
t sel
ling
of in
stru
men
ts,
the
proc
ess
of
I se
lling
sho
rt,
the
prin
cipl
e of
ens
urin
g th
at y
ou h
ave
a so
urce
to
I bo
rrow
sec
uriti
es f
rom
bef
ore
you
shor
t th
em
, ha
ve a
gree
men
ts
in p
lace
. 25
P
rovi
de a
dvic
e to
clie
nts
with
In
dica
te w
hat
the
appr
opri
ate
deriv
ativ
es s
trat
egy
is f
or a
n re
spec
t to
der
ivat
ive
inve
stor
tha
t is
bul
lish
abou
t the
mar
ket.
inst
rum
ents
. In
dica
te w
hat
the
appr
opria
te d
eriv
ativ
es s
trat
egy
is f
or a
n in
vest
or th
at is
bea
rish
abou
t the
mar
ket.
26
Pro
vide
adv
ice
to c
lient
s w
ith
I Exp
lain
wha
t an
opt
ion
is a
nd i
ndic
ate
its c
hara
cter
istic
s an
d re
spec
t opt
ions
in t
he e
quity
as
soci
ated
ris
ks.
mar
ket.
Exp
lain
the
pos
sibl
e ou
tcom
es o
f sp
ecul
atin
g w
ith c
ali
optio
ns
and
put
optio
ns.
~,---~
27
Pro
vide
adv
ice
to c
lient
s w
ith
Exp
lain
how
to u
se s
wap
s to
hed
ge e
quity
pos
ition
s re
spec
t to
swap
s in
the
equ
ity
mar
ket.
Pro
vide
adv
ice
to c
lient
s w
ith
Exp
lain
wha
t a
sing
le s
tock
fut
ure
is a
nd d
iscu
ss it
s re
spec
t to
sin
gle
stoc
k ch
arac
teri
stic
s an
d as
soci
ated
ris
ks,
and
do t
he s
ame
for
CF
O's
. fu
ture
s.
, 28
P
rovi
de a
dvic
e to
clie
nts
with
E
xpla
in w
hat a
war
rant
is a
nd d
iscu
ss it
s ch
arac
teris
tics.
re
spec
t w
arra
nts
in t
he e
quity
m
arke
t. E
qu
ity
exch
ang
es in
gen
eral
-
Ski
ll C
rite
ria
Sug
gest
an
appr
opri
ate
deri
vativ
es
stra
tegy
.
Sug
gest
an
appr
opri
ate
optio
n st
rate
gy.
I Sug
gest
an
appr
opria
te s
wap
.
Off
er in
vest
men
ts a
dvic
e in
sin
gle
stoc
k fu
ture
s w
ith a
vie
w to
opt
imis
ing
inve
stm
ent r
etur
ns
Off
er in
vest
men
ts a
dvic
e on
war
rant
s w
ith a
vie
w to
opt
imis
ing
inve
stm
ent
retu
rns.
\0
IIJ z ~
(.0) .....
(Jl .....
-l'> G1 o < m
II z s: m
z -l
G1 ~ m
::j m
(Jl o ~
OJ
m
II
N
g
___
30
31
62
Ta
sk
Pro
vide
ad
vice
to
clie
nts
with
E
xpla
in h
ow
ba
sed
resp
ect
to e
xch
an
ge
tra
ded
requ
irem
ents
and
re
gu
latio
ns
of
inst
rum
ents
. fu
nct
ion
s of
the
equ
ity e
xch
an
g--
e-s
----
--4
JS
E w
ith a
vie
w to
op
timis
ing
Exp
lain
the
Info
rm c
lient
s o
f th
e re
quir
emen
ts o
f e
xch
an
ge
tr
aded
ins
trum
ents
.
__
__
---"
we
ll).
ad
vice
to
clie
nts
with
re
spec
t to
cle
arin
g an
d se
ttle
me
nt
of
tran
sact
ions
.
Pro
vide
ad
vice
to
clie
nts
with
re
spec
t to
mo
ne
y m
ark
et
Exp
lain
the
pro
cess
of
listin
g a
shar
e an
d th
e va
rious
rig
hts
and
resp
onsi
bilit
ies
tha
t ar
ise
from
lis
ting.
,~~~~~----------~
Exp
!ain
th
e g
ener
ai r
.nn
r,m
c,,
,,
requ
irem
ents
, fo
r in
sta
nce
the
ne
ed
pu
rpos
e it
serv
es.
Co
mp
are
the
me
tho
ds
by
whi
ch s
ecur
ities
ma
y be
lis
ted
on a
n e
xch
an
ge
incl
udin
g in
trod
uctio
n, p
laci
ng,
offe
r fo
r sa
le,
issu
e w
ith p
artic
ipat
ion
or
conv
ersi
on r
ight
s, r
enou
ncea
ble
offe
r, r
ight
s of
fer,
cla
w-b
ack
offe
r, a
cap
italis
atio
n of
fer,
an
issu
e fo
r ca
sh,
an
acqu
isiti
on i
ssue
and
ve
nd
or
cons
ider
atio
n pl
acin
g, (
Tak
ing
into
co
nsid
erat
ion
that
the
re a
re s
peci
fic r
ules
rel
ated
to
JSE
as
ST
RA
TE
(sh
are
tra
nsa
ctio
ns
tota
lly e
lect
ron
ic)
Des
crib
e w
hat
ST
RA
TE
is a
nd e
xpla
in w
hat
serv
ices
it p
rovi
des.
.'
...
Indi
cate
whi
ch r
ole
play
ers
are
Invo
lved
In
the
clea
ring
and
sett
lem
en
t o
f tr
ansa
ctio
ns.
Co
mp
are
the
two
typ
es o
f clie
nts
incl
udin
g co
ntro
lled
clie
nts
and
no
n-co
ntro
lled
clie
nts.
Exp
lain
ho
w c
lear
ing
an
d s
ett
lem
en
t ta
kes
plac
e.
Des
crib
e th
e th
ree
lev
els
of
tha
t tak
es p
lace
wh
en
equ
ity
tran
sact
ions
occ
ur.
Exp
lain
the
me
tho
d b
y w
hich
se
ttle
me
nt t
akes
An
Ove
rvie
w
the
Mo
ne
y M
arke
t.
Inve
stm
ent
retu
rns.
Exp
lain
to
the
clie
nt
the
dltt
eren
ce In
th
e ri
sks
asso
ciat
ed w
ith i
nves
ting
in
liste
d ve
rsus
unl
iste
d se
curi
ties.
Adv
ise
on t
he C
lear
ing
and
sett
lem
en
t o
f ex
chan
ge t
rad
ed
tra
nsac
tions
.
Off
er in
v-es
tmen
t on
mo
ne
y m
ark
et
inst
rum
ents
with
a v
iew
to
Def
ine
the
mo
ne
y m
ark
et.
__
__
__
__
__
__
-L_
__
__
__
__
__
__
_
~ ~ ~ (J
) A o m
:0 » z .-i
......
(J1 o ~ o Ol m
:0
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