All eight elements of the CISI UAE Financial Rules and Regulations syllabus, what each one covers, what it is worth in the exam, and the rules that are easiest to confuse.
The UAE Financial Rules and Regulations (FRR) exam is 100 multiple-choice questions in two hours. The syllabus, version 4.2, effective 10 September 2023, divides into eight elements. Unlike ICWIM, the weights are close together: every element carries between 10 and 15 questions, so there is no chapter you can afford to leave out.
| Chapter | Exam questions | Objectives | In our bank |
|---|---|---|---|
| 1. The Regulatory Infrastructure | 11 | 16 | 94 |
| 2. Licensed Bodies | 14 | 11 | 89 |
| 3. Investment Funds | 15 | 13 | 103 |
| 4. Markets | 14 | 25 | 96 |
| 5. Anti-Money Laundering and Combating the Financing of Terrorism | 14 | 21 | 97 |
| 6. Client Protection | 10 | 21 | 71 |
| 7. Trading | 11 | 24 | 79 |
| 8. Dubai Financial Market (DFM) | 11 | 19 | 71 |
| Total | 100 | 150 | 700 |
Chapters 2 to 5 together carry 57 of the 100 questions, and Chapter 3, Investment Funds, is the largest single element at 15. Chapter 6, Client Protection, is the smallest at 10, but its rules on suitability, appropriateness and client money are precise and easily confused. Because the weights are even, the best plan is steady coverage of all eight, with extra time where a chapter's detail is densest.
FRR tests rules rather than calculations. A small number of questions work with a figure, such as a percentage limit or a capital amount, so the figures matter: each chapter guide lists the numbers worth knowing, and Rules Lab lets you test yourself on them.
Several laws in the syllabus have been replaced since the study material was written. The exam tests the rules in the study material. Bourse Prep keeps the exam answer and notes the later change separately. See the regulatory updates explained.
11 of 100 questions · 16 learning objectives · 94 in our bank
Chapter 1 sets out who regulates the UAE securities market, how a market is licensed and run, and what listed companies, licensed firms and their people must do. It carries about 11 of the 100 exam questions, and it introduces the regulator and the rulebooks that later chapters build on.
Read the Chapter 1 guide14 of 100 questions · 11 learning objectives · 89 in our bank
Chapter 2 sets out what the Securities and Commodities Authority expects of a firm, both when it applies for a licence and for as long as it holds one. It carries 14 of the 100 exam questions, and the material is precise: periods, limits and named duties that sit close together and are easy to confuse.
Read the Chapter 2 guide15 of 100 questions · 13 learning objectives · 103 in our bank
Chapter 3 sets out the SCA rules for investment funds: how a local fund is approved, licensed and reports, the separate regimes for private equity, venture capital, partnership, cash, exchange-traded and real estate funds, and how assets contributed in kind are valued. It carries about 15 of the 100 exam questions, and much of it turns on figures that look alike but belong to different fund types.
Read the Chapter 3 guide14 of 100 questions · 25 learning objectives · 96 in our bank
Chapter 4 follows securities through the UAE markets: how they are issued, held and settled, and what happens when a listed company gets into difficulty, across shares, debt, Sukuk, derivatives and crypto assets. It carries 14 of the 100 exam questions, and most of its rules come with a deadline, a threshold or a named body that must act.
Read the Chapter 4 guide14 of 100 questions · 21 learning objectives · 97 in our bank
Chapter 5 sets out the UAE rules against money laundering and terrorist financing, from the offences themselves to the checks, reports and penalties that apply to firms and individuals. It carries 14 of the 100 exam questions, and many of its rules are decisions: whether CDD applies, whether to report, and what must never be disclosed.
Read the Chapter 5 guide10 of 100 questions · 21 learning objectives · 71 in our bank
Chapter 6 sets out how a licensed firm protects the people it deals with: the tests it runs before a client deals, how it holds client money and assets, what it reports, how products are promoted, and how SPACs raise and protect public money. It carries about 10 of the 100 exam questions, and its rules come in pairs and short deadlines that are easy to mix up.
Read the Chapter 6 guide11 of 100 questions · 24 learning objectives · 79 in our bank
Trading sets out the rules around an order on the Abu Dhabi Securities Exchange (ADX), from the broker's electronic service through clearing and settlement to the ownership register, then turns to commodities clearing and the contracts of the Dubai Gold and Commodities Exchange (DGCX). It carries 11 of the 100 exam questions, and almost every rule in it depends on an exact figure, time or order of steps.
Read the Chapter 7 guide11 of 100 questions · 19 learning objectives · 71 in our bank
Chapter 8 is the rulebook a broker works under on the Dubai Financial Market, from the duties it owes DFM, the SCA and its clients to the way an order is entered, ranked and matched. It carries 11 of the 100 exam questions, and its rules are exact: who must be told, by when, and in what order.
Read the Chapter 8 guide15 questions from all eight chapters. The answer is only revealed once you have committed to one.
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