What is the UAE Financial Rules and Regulations exam?
UAE Financial Rules and Regulations is a CISI exam that the Securities and Commodities Authority (SCA) accepts as a regulatory qualification for staff at SCA-licensed firms. It tests the laws, SCA decisions and market rules that govern investment business in the UAE onshore markets, the ADX and the DFM.
The exam format
| Awarding body | Chartered Institute for Securities & Investment (CISI), in cooperation with the SCA |
|---|---|
| Syllabus | Version 4.2, effective from 10 September 2023 |
| Questions | 100 multiple-choice questions |
| Time | 2 hours, computer-based testing |
| Trial questions | Up to 10% extra unmarked trial questions, with proportionately more time |
| Pass mark | Not stated in the syllabus. Check with CISI when you book. |
What the exam covers
CISI publishes the number of questions per element. Each paper may vary by up to two questions per element.
| Element | Questions |
|---|---|
| 1. The Regulatory Infrastructure | 11 |
| 2. Licensed bodies | 14 |
| 3. Investment Funds | 15 |
| 4. Markets | 14 |
| 5. Anti-Money Laundering, Combating the Financing of Terrorism and Illegal Organisations | 14 |
| 6. Client Protection | 10 |
| 7. Trading | 11 |
| 8. Dubai Financial Market (DFM) | 11 |
Free official resources, and what we add
The CISI syllabus is free to download and lists every law, SCA decision and article that can be tested. CISI sells the official workbook and Revision Express. The SCA publishes its decisions and rulebook online. We add 109 original practice questions spread across the eight elements in line with the official weights, each with an explanation that names the syllabus element and the decision or article behind it.
How to prepare
- Download the syllabus and use it as a checklist: each learning objective names the decision and articles to read.
- Spend most time on the heaviest elements: investment funds, licensed bodies, markets and AML.
- Learn the order types and conditions for the DFM (limit, market, day, GTC, GTD, FOK, FAK, at-the-close) and price-time priority.
- Practise one element at a time, then sit full 100-question mocks in 2 hours.
- Check CISI's Candidate Update page before your exam for rule changes.
Note: Federal Decree-Law No. 20 of 2018 and Cabinet Decision No. 10 of 2019, which syllabus v4.2 tests, were replaced in 2025 by Federal Decree-Law No. 10 of 2025 and Cabinet Resolution No. 134 of 2025. Check CISI's Candidate Update page for which version your exam uses. Our AML questions focus on the core duties (CDD, PEPs, STRs, tipping off, record keeping) that apply under both.
Practice questions with answers
Tap a question to see the correct answer and explanation.
How is the SCA constituted under Federal Law No. 4 of 2000?
- As a federal public authority with legal personality and financial and administrative independence
- As a local authority of the Emirate of Abu Dhabi
- As a private company owned by the stock exchanges
- As a department of the UAE Central Bank, with no separate legal personality and no independent budget of its own
Answer: A, As a federal public authority with legal personality and financial and administrative independence. Federal Law No. 4 of 2000 establishes the SCA as a public authority with legal personality and financial and administrative independence, and sets out its organs and finances. Source: CISI UAE Financial Rules and Regulations syllabus v4.2, elements 1.1.1 and 1.2.1.
Under the SCA rulebook general provisions, what must a licensed company disclose on its correspondence and advertising?
- Its legal status and that it is licensed by the SCA
- The personal address of its chairman
- The names of all its clients
- Its annual profit for the last financial year and its total assets under management
Answer: A, Its legal status and that it is licensed by the SCA. Licensed bodies must disclose their legal status and their SCA licence in documents and advertising, so clients know they are dealing with a regulated firm. Source: CISI UAE Financial Rules and Regulations syllabus v4.2, element 2.1.1 (Article 8).
What is the purpose of a key investor information document (KIID)?
- To guarantee the fund's future performance against its benchmark over a five-year period
- To record the identity and contact details of each unitholder for the register of units
- To give investors a short, plain summary of the fund's objectives, risks and costs
- To replace the fund's audited financial statements with a shorter unaudited summary
Answer: C, To give investors a short, plain summary of the fund's objectives, risks and costs. The KIID is a short document in plain language that sets out the fund's objectives, risk profile and costs so investors can compare funds. It is published alongside the offering document. Source: CISI UAE Financial Rules and Regulations syllabus v4.2, element 3.1.2.