SII / CISI regulations exam

[DavidCarpentier]

Hi,

I did my SII Cretificate in FSA regulations close to two years ago. It expires after two years. I still haven't done the second part yet though (either "Securities" or "Derivatives").

If i do this before the two years is up, does that extend my qualification for another two years?


Also could someone please xplain to me the difference between CF30, Series 7, SII certificates etc. Whats the difference between them and which certificates do you need to be able to be say an option trader in the UK?

Thanks for your help

 

[Jaydee]

SII is now CISI. Not sure what series 7 is.

CF30 is FSA Approval for the Customer Function (Broking, trading, etc) you will be perfoming in your role. The company you work for will apply to the FSA for this approval on your behalf and they will conduct a 'Fit and Proper' test to ensure you are a sound candidate to be approved.

As far as I am aware, your Reg qualification doesn't expire but you should call the CISI to make sure.

You need to do the Derivatives exam (possibly the securities one too) to be approved for options trading.

Best

JD

 

[DavidCarpentier]

Theres so many different "CF.."? Do you have to do a seperate qualification for each?

for example
CF21 Investment Adviser
CF26 Customer Trading
CF30 Customer
CF27 Investment Management

What does the fit and proper test involve?

Thanks again

 

[Jaydee]

Hi David,

I believe, for simplicity, everything was restructured so that CF30 now encompasses all the above you mentioned.

Fit and Proper Test:
1) Checks out your intergrity - are you capable of doing the work (CISI exams, previous employment) and have you lied on your CV about qualifications, employment history, etc
2) Checks your criminal background
3) Checks for Bankruptcy and Credit worthiness, etc. Though, a person of limited financial means would still be ok to meet approval - this is more of a check to see how responsible someone is with money (I think).

Hope that helps.

 

[andybon]

Hi,

Are you still interested in the books? Im selling the CISI Financial Regulations plus questions and help booklet and CISI Securities plus questions booklet.

The 4 books for £200.

If interested contact me to [email protected] or 07930992840