Candidate Update

The CISI provides exam candidates with the very latest news and developments affecting exam syllabuses and learning materials, listed by programme.

CBT Examinations Tutorial Guide

A tutorial, provided at the beginning of each exam, explains how computer based testing (CBT) works. It gives you the time and the opportunity, before your exam starts, to practise:

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  • flagging any to which you wish to return, either for review or to answer later
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Please select the relevant exam programme from the following tabs:

International and Stand-alone

Exam Name & Syllabus version
Update/Development
Action Effective From/To
Date Posted
  • International Certificate in Wealth & Investment Management V6

    International Certificate in Wealth & Investment Management V6

    The following update has been made:

    Chapter 2, pg 44

    Question numbers were amended to read in correct order.

    Chapter 3

    Pages headers have been amended to read “Asset Classes and Financial Markets”. 

    Chapter 3, pg 71

    In the example above of 2% US Treasury Bond 2041 which is priced at 78.12, the YTM will be higher than the flat yield, as the market price is lower than the bond’s par value and the bond will generate a capital gain if held to maturity. If, however, the market price was above par, then the YTM would be lower than the flat yield, as a capital loss would be made if the bond were held to maturity.

    Chapter 5, pg 214

    Section 7.1.2 was hidden by an example box, and the content now visible is as follows:
    7.1.2 Asset Turnover and Profit Margin 
    A more detailed analysis of ROCE can be undertaken by breaking this formula down further into two secondary ratios: asset turnover and profit margin. 
    Asset turnover looks at the relationship between sales and the capital employed in a business. It describes how efficiently a company is generating sales by looking at how hard a company’s assets are working. 
    Profit margin looks at how much profit is being made for each pound’s worth of sales. Clearly, the higher the profit margin, the better. 
    The relationship between ROCE and each of these can be shown as follows: 

    Formula


    Chapter 6, section 2.1.2

    1. Asset Allocation

    The amended paragraph reads as follows:

    Most asset allocation decisions, whether for institutional or retail portfolios, are made with reference to the peer group median asset allocation. This is known as ‘asset allocation by consensus’ and is undertaken to minimise the risk of underperforming the peer group. When deciding if, and to what extent, markets and asset classes should be over- or underweighted, most portfolio managers set tracking error, or standard deviation of return, parameters against peer group median asset allocations.

    Finally, the decision whether to hedge market and/or currency risks must be taken.

    Chapter 8

    Section 1.2

    The equations in the example have been amended to read as follows:

    ‘So, for example, let’s say that a client wants you to estimate what the value of their pension savings
    would be if they invest $10,000 at the beginning of each year for 20 years and earns an average rate
    of 5% compounded annually. The accumulated value of the fund at the of the 20 year period will be:

    Fv = $10,000 x [(1.05^20 – 1)/0.05)] = $10,000 x 33.06595 x 1.05 = $347,192

    …..
    So, for example, the accumulated value of the pension fund if the investments were made at the end
    of the year would be:
    Fv = $10,000 x [(1.05^20 - 1)/0.05)] = $10,000 x 33.06595 = $330,659.

    Note that the difference between this and the earlier example (of $16,533) is solely accounted for by
    one earlier payment being invested over the entire twenty-year period, ie, $10,000 x (1.05^20 – 1)
    = $16,532.98.


    02/03/2023 - 01/03/2025
    09/10/2023
    Testing
  • Global Financial Compliance V 10

    Global Financial Compliance V 10
    The following update has been made:

    Chapter 1:

    Pg 24

    Anti-Money Laundering Directive (AMLD)
    …………………………. 5AMLD was adopted into European law in April 2018, to be implemented by member countries by October 2020. Further changes to 5AMLD have come into force in June 2021.

    Pg 57

    14. What are the additional changes made to 5AMLD that have come into force in June 2021?
    Answer reference: Section 1.5.4
    01/10/2022 - 30/09/2024
    06/09/2022
    Testing
  • International Introduction to Securities & Investment V16

    International Introduction to Securities & Investment V16
    The following update has been made to your workbook edition.

    MCQ answers, Answer no 46 has been amended to read:

    46.            B            Chapter 3, Section 1.4

    Dividend per share = $2,000,000 / 10,000,000 = $0.20

    Dividend yield = $0.20 / $1.50 = 13%

     
    10/09/2023 - 09/09/2024
    21/08/2023
    Testing
  • Technology in Investment Management V12

    Technology in Investment Management V12

    The following update has been made to your workbook edition:

    Chapter 6, Section 4.1. The correct diagram reference has been amended to read as follows:

    Let us look again at the systems architecture diagram of a typical investment bank that we first saw in chapter 5, section 1.3.”

    11/05/2023 - 10/05/2025
    20/09/2023
    Testing
  • Combating Financial Crime (Ed 10)

    Combating Financial Crime (Ed 10)
    The following update has been made:

    Chapter 3, the following sections have been re-numbered:

    3.2.2 Regulation of Funds Transfers 
    As part of the EU Withdrawal Agreement, the UK has onshored the EU Regulations of Funds Transfers into UK law. 

    3.2.3 Payment Services Directive (PSD) 
    In the UK, EU Directive PSD2 was implemented in the Payment Services Regulations of 2017.

    Chapter 8, page 59

    The amended paragraph reads as follows:

    In March 2022, the Court of Appeal overturned a High Court judgement (Mrs Philipps vs Barclays Bank) and held that the Quincecare duty arises in all events where a non-corporate customer falls victim to Authorised Push Payment fraud, even when the instruction is given by the customer themselves. The decision has been appealed by Barclays Bank. At the time of publication of this workbook the Supreme Court had not yet passed judgement. 

     
    11/01/2024 - 10/01/2025
    26/10/2023
    Testing
  • International Certificate in Wealth & Investment Management (Arabic) Edition 6

    International Certificate in Wealth & Investment Management (Arabic) Edition 6

    The following update has been made:

    Chapter 8

     
    Section 1.2
     
    The equations in the example have been amended to read as follows:

    "على سبيل المثال، افرض أن عميلًا طلب منك تقدير قيمة مدخراته التقاعدية الناتجة في حال استثمر مبلغ 10 آلاف
    دولار في بداية كلِّ عام لمدة 20 عامًا بفائدة سنوية مركبة قدرها 5%. يمكنك حساب قيمة مستحقاته التقاعدية المتراكمة في الصندوق بعد 20 عامًا كما يأتي:

    Fv = $10,000 x [(1.05^20 – 1)/0.05)] = $10,000 x 33.06595 x 1.05 = $347,192

    وهكذا تصبح قيمة مستحقات التقاعد المتراكمة في الصندوق لو أضيفت المدخرات في نهاية العام على النحو الآتي:

    Fv = $10,000 x [(1.05^20 - 1)/0.05)] = $10,000 x 33.06595 = $330,659


    لاحظ أن الفرق بين هذا الرقم والناتج في المثال السابق (وقدره 16,533 دولارًا)  يعزى حصرًا إلى تسديد دفعة مالية واحدة
    في وقتٍ أبكر (أي في مطلع العام بدلًا من نهايته) واستثمارها على مدى العشرين عامًا كاملة، أي:

    $10,000 x (1.05^20 – 1)
    = $16,532.98



    02/03/2023 - 01/03/2025
    21/12/2023
    Testing
  • UAE Financial Rules & Regulations Edition 4

    UAE Financial Rules & Regulations Edition 4

    The following update has been made to your workbook edition:

    Chapter 1, Section 1.1.1 has been amended to read:

    The SCA is managed by a board of directors, and the board is based on a resolution from the Cabinet of Ministers. The resolution of the Cabinet of Ministers determines the chairman of the board, the remunerations of the board members, the mechanism for holding meetings and taking decisions.

    The period in office – with the exception of the chief executive, SCA board members are appointed for four years, renewable once. In the event of a member stepping down prior to the end of that member’s term, a successor will be appointed for the remaining period of the original term.

    Ownership of securities – upon joining the board, every member has to declare to the SCA the securities owned by themselves, their spouse and minor children as well as any holdings with any broker. In addition, any changes in these holdings during their period in office need to be declared within one week after they are made aware of the change. All declarations need to be made in writing. 

    Immediate termination of membership – members have to forfeit their membership in the following events: 
        • Conviction of an offence of dishonour or breach of trust. 
        • Bankruptcy. 

        • Failure to attend three consecutive meetings without an acceptable excuse. 

    Validity of board meetings – board meetings are deemed valid if they are attended by the majority of the members. The chairman, or their deputy has to be in attendance. 

    Resolutions – passed by a majority of the votes of the members present at the meeting. In the event the vote is undecided (ie, for and against have the same number of votes), the person chairing the meeting has the deciding vote. 

     

    MCQs, Answer 10:

    The amended answer now reads as follows:

    10.    A    Chapter 2, Section 2.2 
    The Authority’s initial licence approval requirements for financial eligibility include not having repeatedly had returned cheques.

    10/09/2023 - 20/05/2025
    06/06/2024
    Testing
  • Investment Management (Level 4) Edition 3

    Investment Management (Level 4) Edition 3

    The following update has been made to your workbook edition:

    Chapter one title has updated from “Economics” to “The Investment Management Industry”.

    Addendum

    Page no.387, MCQs, Question no.27, amended to read as follows:

    Page no.397, MCQs, Question No.75, amended to read as follows:

    Page No.404, Question no.27, amended to read as follows:

     
    11/12/2022 - 19/09/2025
    31/05/2024
    Testing
  • International Certificate in Wealth & Investment Management (Spanish) (CWIMS) Version 6

    International Certificate in Wealth & Investment Management (Spanish) (CWIMS) Version 6

    We are withdrawing our International Certificate in Wealth & Investment Management (Spanish) (CWIMS) exam on 20 November 2024. This also means that any resits for this exam must be booked and sat by 20 November 2024. Once the examination withdrawal date has passed, you will not be able to sit the exam. If you have any questions, please contact our Customer Support Team.

     

    31/01/2024 - 20/11/2024
    31/01/2024
    Testing
  • Curso de contenido MiFID II (Legislación y Fiscalidad Españolas) (SPREG) Version 3

    Curso de contenido MiFID II (Legislación y Fiscalidad Españolas) (SPREG) Version 3

    We are withdrawing our Curso de contenido MiFID II (Legislación y Fiscalidad Españolas) (SPREG) Version 3 exam on 20 November 2024. This also means that any resits for this exam must be booked and sat by 20 November 2024. Once the examination withdrawal date has passed, you will not be able to sit the exam. If you have any questions, please contact our Customer Support Team.

     

    31/01/2024 - 20/11/2024
    31/01/2024
    Testing
  • Introduction to Securities & Investment (International – Spanish) Version 14

    Introduction to Securities & Investment (International - Spanish) Version 14

    We are withdrawing our Introduction to Securities & Investment (International – Spanish) exam, also known as FCIS on 31 July 2024. This also means that any resits for this exam must be booked and sat by 31 July 2024. Once the examination withdrawal date has passed, you will not be able to sit the exam. If you have any questions, please contact our Customer Support Team.

     

    31/01/2024 - 31/07/2024
    31/01/2024
    Testing
  • Fundamentals of Credit Risk Management (Africa) Ed1.4 V3

    Fundamentals of Credit Risk Management (Africa) Ed1.4 V3
    The following update has been made to your workbook edition.

    The edition number and final exam date in the front cover has amended to read:

    Edition 1.4
    Covering exams from
    29 October 2018 to 31 October 2024

     
    29/10/2018 - 31/10/2024
    14/02/2024
    Testing
  • International Introduction to Securities & Investment V17

    International Introduction to Securities & Investment V17
    The following updates have been made to your workbook edition:

    Chapter 1, Section 2.3, the FX Trading by Type of Instrument table has been amended to read:

     

    Chapter 2, Section 4.1, a sentence in the last bullet point has been amended to read:

    Depositors’ Protection SchemeSome central banks provide depositors’ protection schemes to safeguard bank deposits and maintain public confidence in the banking system.


    Chapter 2, Section 5.1, a sentence has been added to the last paragraph and has been amended to read:

    It should be noted that falling prices are not necessarily a destructive force per se and, indeed, can be beneficial if they result from positive supply shocks, such as rising productivity growth and greater price competition caused by the globalisation of the world economy and increased price transparency. Also note, the term disinflation refers to a decrease in the rate of inflation. With disinflation, prices are still rising, but at a decreasing rate.


    10/09/2023 - 09/09/2024
    19/06/2024
    Testing
  • International Introduction to Securities & Investment (Africa) V17

    International Introduction to Securities & Investment (Africa) V17

    The following updates have been made to your workbook edition:

    Chapter 1, Section 2.3, the FX Trading by Type of Instrument table has been amended to read:

     
    10/09/2023 - 09/09/2024
    28/02/2024
    Testing
  • Economics and Markets for Wealth Management V3

    Economics and Markets for Wealth Management V3

    The following updates have been made to your workbook edition.

    Page 26, Chapter 1, Section 2.5, Ten Largest Markets in 2021, the line below the heading has been amended to read:

    (Total premiums in USD million)

    Page 73, Chapter 2, Section 2.1, Income or Expenditure Cycle diagram has been amended to read:

    Page 160, Chapter 3, Section 1.4.2, The basic formula for calculating compound interest has been amended to read:

    Page 297, Chapter 4, Section 7.3.2, Net Present Value of Bonds Cash Flows table has been amended to read:

     

    Page 316, Chapter 4, Section 7.5.3, under the Conversion Premium Formula, the 1st table has been amended to read:

    Page 316, Chapter 4, Section 7.5.3, under the Conversion Premium Formula, the second line of 2nd paragraph under the 1st table has been amended to read:

     Staying with the above example, if the bond were priced at $1.10 and the shares were priced at $6.75 then it would be worth converting as can be seen in the following table.

    Page 392, Chapter 5, Section 6.2.4, under the Main Types of Order, the 3rd bullet point of Order Book has been amended to read:

    The sell queue shows that there is a pending sale order to sell 5,000 shares at a price of no less than 496.00.

    Page 392, Chapter 5, Section 6.2.4, under the Main Types of Order, the 5th bullet point of Order Book has been amended to read:An order book will highlight the best prices and volumes available in yellow (seen above in black). In the early days of computer systems, the background colour was black and so the yellow highlighted the best prices available. In some markets, it became known as the yellow strip and is still sometimes referred to that today.

    Page 533, Chapter 7, Section 3.1, Risk Reward Profile of Futures, the Long Futures Position diagram has been amended to read:

    Page 533, Chapter 7, Section 3.1, Risk Reward Profile of Futures, the Short Futures Position diagram has been amended to read:

     

    Page 595, Chapter 8, Section 1.3.3, Settlement, the Singapore row of Standard Settlement Days table has been amended to read:

     

    Page 596, Chapter 8, Section 1.3.3, Settlement of Securities Side of a Trade diagram has been amended to read:

    21/12/2023 - 20/12/2025
    25/04/2024
    Testing

Level 3 IOC

Exam Name & Syllabus version
Update/Development
Action Effective From/To
Date Posted
  • Global Financial Compliance V 10

    Global Financial Compliance V 10
    The following update has been made:

    Chapter 1:

    Pg 24

    Anti-Money Laundering Directive (AMLD)
    …………………………. 5AMLD was adopted into European law in April 2018, to be implemented by member countries by October 2020. Further changes to 5AMLD have come into force in June 2021.

    Pg 57

    14. What are the additional changes made to 5AMLD that have come into force in June 2021?
    Answer reference: Section 1.5.4
    01/10/2022 - 30/09/2024
    06/09/2022
    Testing
  • Global Securities Operations (Ed 18)

    Global Securities Operations (Ed18)
    21/08/2023 - 20/08/2024
    15/09/2023
    Testing
  • Introduction to Securities & Investment V23

    Introduction to Securities & Investment V23
    The following update has been made to your workbook edition.

    Chapter 10, Section 1.4, fourth paragraph has been amended to read:

    From the previous example:
    • 12% divided by 4 = 3%, expressed as 0.03.
    • 1 + 0.03 = 1.03.
    • 1.034 = 1.03 x 1.03 x 1.03 x 1.03 = 1.1255.
    • 1.1255 – 1 = 0.1255 x 100 = 12.55%.

     

    MCQs, Answer no.33 has been amended to read:

    33.                     C                          Chapter 8, Section 2.1.1

    MCQs, Answer no.49 has been amended to read:

    49.                     C                          Chapter 4, Section 4.5.1

    Chapter 3, section 8, in the table under Europe, under Germany has been amended to read:

    Xetra DAX – consisting of 30 major German companies trading on the Frankfurt Stock Exchange until 2021. The index now includes 40 companies.


    01/08/2023 - 31/07/2024
    21/02/2024
    Testing
  • International Introduction to Securities & Investment V16

    International Introduction to Securities & Investment V16
    The following update has been made to your workbook edition.

    MCQ answers, Answer no 46 has been amended to read:

    46.            B            Chapter 3, Section 1.4

    Dividend per share = $2,000,000 / 10,000,000 = $0.20

    Dividend yield = $0.20 / $1.50 = 13%

     
    10/09/2023 - 09/09/2024
    21/08/2023
    Testing
  • Technology in Investment Management V12

    Technology in Investment Management V12

    The following update has been made to your workbook edition:

    Chapter 6, Section 4.1. The correct diagram reference has been amended to read as follows:

    Let us look again at the systems architecture diagram of a typical investment bank that we first saw in chapter 5, section 1.3.”

    11/05/2023 - 10/05/2025
    20/09/2023
    Testing
  • Combating Financial Crime (Ed 10)

    Combating Financial Crime (Ed 10)
    The following update has been made:

    Chapter 3, the following sections have been re-numbered:

    3.2.2 Regulation of Funds Transfers 
    As part of the EU Withdrawal Agreement, the UK has onshored the EU Regulations of Funds Transfers into UK law. 

    3.2.3 Payment Services Directive (PSD) 
    In the UK, EU Directive PSD2 was implemented in the Payment Services Regulations of 2017.

    Chapter 8, page 59

    The amended paragraph reads as follows:

    In March 2022, the Court of Appeal overturned a High Court judgement (Mrs Philipps vs Barclays Bank) and held that the Quincecare duty arises in all events where a non-corporate customer falls victim to Authorised Push Payment fraud, even when the instruction is given by the customer themselves. The decision has been appealed by Barclays Bank. At the time of publication of this workbook the Supreme Court had not yet passed judgement. 

     
    11/01/2024 - 10/01/2025
    26/10/2023
    Testing
  • Derivatives V23

    Derivatives V23
    Derivatives (Ed19)

    The following update has been made:

    Chapter 4

    Contents page: 

    The amended sentence now reads:

    ‘This syllabus area will provide approximately 14 of the 100 examination questions’

    Section 2.2, page 137:

    The amended equation in the example box reads:

    formula

    Chapter 5

    Contents page: 

    The amended sentence now reads:

    ‘This syllabus area will provide approximately 14 of the 100 examination questions’

    Chapter 1

    Page 40, Section 9.7, Example box:

    Amended paragraphs now read:

    A producer of aluminium (called aluminum in some countries) makes regular sales of aluminium and
    receives the market price for sales of their aluminium. They believe that the aluminium price is going to fall over the next 12 months so they wish to hedge against this risk. They, therefore, undertake
    a swap to receive, from a swap counterparty, an agreed fixed aluminium price each month, based
    on an agreed quantity of aluminium. At the same time, they agree to pay that counterparty each
    month the market price for aluminium, which is then current, based on the same quantity. They will
    continue to sell aluminium to their customers in the usual way, as the swap is a completely separate
    transaction from the underlying physical sales.

    The net effect is that the producer will receive an approximately fixed price for their sales. The two
    swap parties will need to agree on an aluminium price index for the purpose of the swap settlements.
    This index will not necessarily be exactly the same as the price received by the producer from their
    customers from time to time, such that they will be left with a basis risk, but the two should move
    closely in line. The timing of the swap settlements might also not be exactly the same as for the
    physical sales, but again, the producer will be better protected than if they had not hedged at all.

    Chapter 2

    Page 64, Section 4.1.2:

    Amended bullet points now read:

    • short – less than seven years remaining
    • medium – seven to 15 years remaining
    • long – greater than 15 years remaining.

    Chapter 4, Appendix

    Answer to exercise 2:

    The amended answer now reads:

    The fair value of the FTSE 100 future with 91 days to delivery will be: 
    Cash index = 7200 
    Interest rate = 0.8% 
    Dividend yield = 3.6% 
    Fair value = cash price x interest rate – dividend yield 
    = 7200 x 1+ ((0.8% – 3.6%) x (91 / 365)) = 7200 x (1–0.007) 
    = 7149.60

    11/10/2023 - 10/02/2025
    10/06/2024
    Testing
  • Transfer Agency, Administration & Oversight V1

    Transfer Agency, Administration & Oversight V1

    The following update has been made to your workbook edition.

    The last exam date in the cover has been amended to read:

    This workbook relates to syllabus version 1.3 and will cover exams from 20 November 2020 - 31 August 2024.

    20/11/2020 - 31/08/2024
    26/01/2024
    Testing
  • International Introduction to Securities & Investment V17

    International Introduction to Securities & Investment V17
    The following updates have been made to your workbook edition:

    Chapter 1, Section 2.3, the FX Trading by Type of Instrument table has been amended to read:

     

    Chapter 2, Section 4.1, a sentence in the last bullet point has been amended to read:

    Depositors’ Protection SchemeSome central banks provide depositors’ protection schemes to safeguard bank deposits and maintain public confidence in the banking system.


    Chapter 2, Section 5.1, a sentence has been added to the last paragraph and has been amended to read:

    It should be noted that falling prices are not necessarily a destructive force per se and, indeed, can be beneficial if they result from positive supply shocks, such as rising productivity growth and greater price competition caused by the globalisation of the world economy and increased price transparency. Also note, the term disinflation refers to a decrease in the rate of inflation. With disinflation, prices are still rising, but at a decreasing rate.


    10/09/2023 - 09/09/2024
    19/06/2024
    Testing
  • International Introduction to Securities & Investment (Africa) V17

    International Introduction to Securities & Investment (Africa) V17

    The following updates have been made to your workbook edition:

    Chapter 1, Section 2.3, the FX Trading by Type of Instrument table has been amended to read:

     
    10/09/2023 - 09/09/2024
    28/02/2024
    Testing
  • UK Financial Regulation V31

    UK Financial Regulation V31
    The following update has been made to your workbook edition.

    Chapter 2, section 8.3, page 105, there was an oversight here and the text has now been amended to read ‘In addition, the FCA can also publish requirement notices and cancellation notices.’

    Chapter 3, section 1.2, page 121, the first two sentences have now been restructured to read as follows: “The Financial Services Act 2021 introduced new maximum sentences for insider dealing and financial services offences (ie, misleading statements as per the Financial Services Act 2012). The penalties for breaching any of the requirements under Sections 89–95 of the Financial Services Act 2012 are as follows:”

     

    01/04/2024 - 31/03/2025
    03/05/2024
    Testing
  • Global Securities Operations (V20)

    Global Securities Operations (V20)
    The following updates have been made to your workbook edition:

    Page 32, Chapter 1, Section under American Depositary Receipts (ADRs), the second row of the second cell of the table has been amended to read:

    ADRs settle according to a T+1 settlement cycle, just like any other US-listed share.

    Page 119, Chapter 3, Section under 3.1 Settlement Periods for Equities and Bonds in the Selected Markets, the US row of the table has been amended to read:

     Equities and corporate debt: T+1 (DTC)

    Government debt: T+1 (Federal Reserve)

    Page 131, Chapter 3, Section under 3.4.6 Rolling Settlement, the last line of the first paragraph has been amended to read:

    Rolling settlement is now the norm in most securities markets around the world, including most of the core markets. However, the US moved to T+1 settlement in May 2024.


    21/08/2024 - 20/08/2025
    24/06/2024
    Testing

Level 3 Certificates

Exam Name & Syllabus version
Update/Development
Action Effective From/To
Date Posted
  • Derivatives V23

    Derivatives V23
    Derivatives (Ed19)

    The following update has been made:

    Chapter 4

    Contents page: 

    The amended sentence now reads:

    ‘This syllabus area will provide approximately 14 of the 100 examination questions’

    Section 2.2, page 137:

    The amended equation in the example box reads:

    formula

    Chapter 5

    Contents page: 

    The amended sentence now reads:

    ‘This syllabus area will provide approximately 14 of the 100 examination questions’

    Chapter 1

    Page 40, Section 9.7, Example box:

    Amended paragraphs now read:

    A producer of aluminium (called aluminum in some countries) makes regular sales of aluminium and
    receives the market price for sales of their aluminium. They believe that the aluminium price is going to fall over the next 12 months so they wish to hedge against this risk. They, therefore, undertake
    a swap to receive, from a swap counterparty, an agreed fixed aluminium price each month, based
    on an agreed quantity of aluminium. At the same time, they agree to pay that counterparty each
    month the market price for aluminium, which is then current, based on the same quantity. They will
    continue to sell aluminium to their customers in the usual way, as the swap is a completely separate
    transaction from the underlying physical sales.

    The net effect is that the producer will receive an approximately fixed price for their sales. The two
    swap parties will need to agree on an aluminium price index for the purpose of the swap settlements.
    This index will not necessarily be exactly the same as the price received by the producer from their
    customers from time to time, such that they will be left with a basis risk, but the two should move
    closely in line. The timing of the swap settlements might also not be exactly the same as for the
    physical sales, but again, the producer will be better protected than if they had not hedged at all.

    Chapter 2

    Page 64, Section 4.1.2:

    Amended bullet points now read:

    • short – less than seven years remaining
    • medium – seven to 15 years remaining
    • long – greater than 15 years remaining.

    Chapter 4, Appendix

    Answer to exercise 2:

    The amended answer now reads:

    The fair value of the FTSE 100 future with 91 days to delivery will be: 
    Cash index = 7200 
    Interest rate = 0.8% 
    Dividend yield = 3.6% 
    Fair value = cash price x interest rate – dividend yield 
    = 7200 x 1+ ((0.8% – 3.6%) x (91 / 365)) = 7200 x (1–0.007) 
    = 7149.60

    11/10/2023 - 10/02/2025
    10/06/2024
    Testing
  • UK Financial Regulation V31

    UK Financial Regulation V31
    The following update has been made to your workbook edition.

    Chapter 2, section 8.3, page 105, there was an oversight here and the text has now been amended to read ‘In addition, the FCA can also publish requirement notices and cancellation notices.’

    Chapter 3, section 1.2, page 121, the first two sentences have now been restructured to read as follows: “The Financial Services Act 2021 introduced new maximum sentences for insider dealing and financial services offences (ie, misleading statements as per the Financial Services Act 2012). The penalties for breaching any of the requirements under Sections 89–95 of the Financial Services Act 2012 are as follows:”

     

    01/04/2024 - 31/03/2025
    03/05/2024
    Testing
  • Corporate Finance Regulation (Edition 14)

    Corporate Finance Regulation (Edition 14)

    The following update has been made to your workbook edition:

    Chapter 1, Section 4.1.1

    The amended paragraph now reads:

    There is also a statutory obligation to report any suspicious transaction in relation to terrorist financing, and in particular suspicions that a person may be providing funds for terrorism, using, and possessing funds or property for the purposes of terrorism, or laundering money which is terrorist property. These obligations should be interpreted with the help of JMLSG guidance. A failure to report is an offence punishable by up to five years’ imprisonment, an unlimited fine, or both.

      11/04/2024 - 10/04/2025
      13/05/2024
      Testing
    1. Securities (Capital Markets Programme) Ed 19

      Securities (Capital Markets Programme) Ed 19
      The following update has been made to the workbook edition.

      Page no.201, Chapter 6, Section 4.2, a passage has been added after the 5th paragraph starting with “Another possibility”. The change goes as follow.

      Another possibility for keeping stakebuilding more secretive is to build a stake in an ‘indirect’ way. Instead of buying shares in another entity directly, the stake could be established by acquiring contracts for difference (CFDs). A CFD on a share is an agreement between the buyer and seller to exchange the difference in the current value of the share and its value at the end of the contract. If the difference is positive, the seller pays the buyer; if it is negative, the buyer pays the seller. CFDs enable participants to get the economic exposure of owning a stake in another entity in a less visible and potentially leveraged way.

      While a CFD provides the same economic exposure during a stake-building exercise (demand in the shares may cause a price rise), it does not provide elements of control which acquiring the actual shares does. So for example, someone who is building a significant stake in a company by buying shares would be able to vote their significant block and also possibly demand a seat on the board of directors. This would not be possible using CFDs.

      Also it is important to keep in mind that for a potential predator building a stake in order to eventually acquire a target company, or anyone else building a significant stake, there are generally certain regulatory restrictions.

       

      Page no.266, Chapter 8, Section 6.3.2, a line has been added to the start of the second sentence of the paragraph. The change goes as follow.

      Debt to Equity = Debt/Equity 
      Both figures for debt and equity are drawn from the statement of financial position of a company. All interest-bearing non-current liabilities are generally considered to be debt, and the total of the equity portion of the statement of financial position is considered to be equity. The ratio is either stated as a simple proportion: debt to equity is 0.16; or, as a percentage: debt is 16% of the equity.



      22/03/2024 - 21/03/2025
      16/05/2024
      Testing

    Publications & Elearning

    Exam Name & Syllabus version
    Update/Development
    Action Effective From/To
    Date Posted

    Qualifications Bulletin

    The bulletin is a quarterly email sent to all interested parties to provide an update on key areas relating to qualifications.

    You can view past bulletins below and if you would like to receive the bulletin regularly please login to My CISI and set your email preference to opt in.

    Narrative


    Exam Name & Syllabus version
    Update/Development
    Action Effective From/To
    Date Posted
    • Applied Wealth Management (Edition 11)

      Applied Wealth Management (Edition 11)

      Chapter 6

      Section 2.2.5 pg 356

      The figure in the table has been amended to read as follows:

      Chapter 4

      Section 2.4, pg 224

      The paragraph has been amended to read:

      Where such opportunities do not exist, a stand-alone personal pension could be set up, always
      remembering the annual allowance limits. If the client’s main pension is through a DB occupational
      scheme, the annual increase in benefits counts towards the available annual allowance on a ratio of 16:1 (using the valuation factor for the Annual Allowance test).

      Chapter 6

      Section 5, pg 387

      The content in the table has been amended to read:

      06/06/2024 - 28/11/2024
      07/02/2024
      Testing
    • Diploma in Corporate Finance: Corporate Finance Strategy & Advice V 1a

      Diploma in Corporate Finance: Corporate Finance Strategy & Advice V 1a
      Corporate Finance Strategy & Advice

      Please note the following change to the exam rubric for this paper applicable from the December 2013 sitting onwards.

      The December exam will start at 13:00 and candidates will receive both the Information Booklet and the Question Paper. They will not receive the Answer Book.

      At 13:55 Answer Books will be circulated, then from 14:00, once candidates have been instructed to do so, candidates may open their answer books and begin writing. They will then have 3 hours to complete the exam and will finish at 17:00.

      This change will be reflected on the examination paper as follows:
      Part 1: Time allowed: 1 Hour

      Candidates will be provided with an Information Booklet and the examination question paper. Candidates have one hour in which to review the information booklet and questions. During this time, candidates may annotate the information book. The examination has been prepared on the assumption that candidates will not have any detailed knowledge of the type of company or sector to which it refers. No additional merit will be accorded to those candidates displaying such knowledge.
      Part 2: Time allowed: 3 Hours

      The Answer Book will be distributed at 1.55 pm and candidates should open and begin writing in the answer book when instructed at 2.00 pm.
      The syllabus has now been updated for 2014.

      Corporate Finance Strategy and Advice Ed1 Addendum October 2021
      02/09/2013 - ongoing
      17/10/2013
       
      Testing
    • All Winter 2022 and Summer 2023 narrative exams

      Corporate Finance Techniques & Theory
      Corporate Finance Strategy & Advice
      Regulation & Compliance
      Pension Transfers & Planning Advice
      Bonds & Fixed Interest Markets 
      Financial Derivatives
      Fund Management
      Private Client Investment Advice & Management 
      Financial Markets
      Portfolio Construction Theory
      Applied Wealth Management
      Global Operations Management
      Advanced Financial Planning

      For the November/December 2023 and the June 2024 narrative exams, questions will be based on the 2023-2024 tax rates. The March and September 2024 Advanced Financial Planning exam questions will also be based on the 2023 - 2024 tax rates


      28/11/2022 - 30/09/2024
      23/08/2023
      Testing
    • Level 6 Certificate in Private Client Investment Advice and Management V10

      Level 6 Certificate in Private Client Investment Advice and Management V10 

      The following update has been made to your workbook edition.

      This learning manual relates to syllabus version 10.0 and will cover exams on 5 June 2024 and 27 November 2024



      05/06/2024 - 27/11/2024
      11/01/2024
      Testing
    • Portfolio Construction Theory V11

      Portfolio Construction Theory workbook V11

      The following updates have been made to your workbook edition.

      Page 42, Chapter 1, under Liquidity Risk section the first sentence of the last paragraph has been amended to read:

      One recent example is the near collapse of the UK pensions industry following former Prime Minister Liz Truss’ ‘mini budget’ of September 2022.

      Page 420, Chapter 5, section 2.2.2 Portfolio Returns and Risks in a Single-Factor Model Context under the table 5.6, two equations have been added to read:

      06/06/2024 - 28/11/2024
      04/06/2024
      Testing
    • Financial Markets Version 11

      Financial Markets Version 11
      05/06/2024 - 27/11/2024 
      30/05/2024
      Testing
    • Private Client Investment Advice and Management V10

      Private Client Investment Advice and Management V10 

      The following update has been made to your workbook edition.

      Chapter 3, Section 2.1, the tenth and eleventh paragraphs have been amended to read (following a deletion of a sentence, table and a source text):

      There are many stock markets around the world, some of which are very large like the New York Stock Exchange (NYSE); others are much smaller, such as the Malta Stock Exchange, where only about 30 shares are listed. Some countries, such as Cuba and South Sudan, do not have a stock exchange at all.
      Note that a stock exchange is a marketplace (ie, the infrastructure) that facilitates equity trading. In contrast, a stock market is an umbrella term representing all of the stocks that trade in a particular region or country. Notably, not all stock markets are the same, with each having a different mix of companies and industries, among other factors, as the following table of ‘blue chip’ indices demonstrates.

      05/06/2024 - 27/11/2024
      03/05/2024
      Testing

    Level 4 Investment Advice Diploma

    Exam Name & Syllabus version
    Update/Development
    Action Effective From/To
    Date Posted
    • Financial Planning & Advice V7

      Financial Planning & Advice V7
      The following update has been made to your workbook edition.

      Chapter 1, Section 1.2. The 12 general principles for business have been amended to read as follows:

      1. A firm must carry out its business with integrity.
      2. A firm must conduct its business with due skill, care and diligence.
      3. A firm must take reasonable care to organise and control its affairs responsibly and effectively with adequate risk management systems.
      4. A firm must maintain adequate financial resources.
      5. A firm must observe proper standards of market conduct.
      6. A firm must pay due regard to the interests of its customers and treat them fairly.
      7. A firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading.
      8. A firm must manage conflicts of interest fairly, both between itself and its customers, and between a customer and another client.
      9. A firm must take reasonable care to ensure the suitability of its advice and discretionary decisions for any customer who is entitled to rely upon its judgment.
      10. A firm must arrange adequate protection for clients’ assets when it is responsible for them.
      11. A firm must deal with its regulators in an open and cooperative way, and must disclose to the FCA appropriately anything relating to the firm of which that regulator would reasonably expect notice.
      12. A firm must act to deliver good outcomes for retail customers.”

       

      Chapter 3, Section 4.1.4 on Page 167. The paragraphs have been amended to read as follows:


      The Tapered Annual Allowance

      Individuals with adjusted income in any given tax year greater than £260,000 have their annual allowance restricted for that particular tax year, providing that their threshold income (broadly adjusted income less pension contributions/accruals from all sources) exceeds £200,000. 

      For every £2 of adjusted income above £260,000, the annual allowance will be reduced by £1 until the annual allowance is reduced to £10,000. This is known as ‘tapered annual allowance’. 

      Example 

      For the 2023–24 tax year, Samuel earns £370,000. Samuel’s income exceeds the adjusted income limit by £100,000. Samuel’s annual allowance would be reduced to £5,000, which is the standard annual allowance of £60,000 less the £55,000 reduction under the tapering rules. 

      However, the minimum that the annual allowance can reduce to under the tapered annual allowance rules is £10,000, so Samuel will have a tapered annual allowance of £10,000. 

      Adjusted income includes not only earned income, but also the value of any pension contributions made by their employer or a third party. 

      The maximum reduction to the annual allowance will be £50,000, so anyone with adjusted income in excess of £360,000 will have an annual allowance of £10,000. 

      1. This results in an annual allowance of £60,000 for those with an adjusted income of less than £260,000, a reducing annual allowance for those with adjusted incomes between £260,000 and £360,000, and an annual allowance of £10,000 for those with an adjusted income over £360,000.”

      The Answer for Question 50 in the Multiple-Choice Questions on Page 295 has also been amended. The answer has been amended to read as follows:

      “ 50. C Chapter 3, Section 4.1.4 
      The maximum reduction to the annual allowance will be £50,000, so anyone with adjusted income in excess of £360,000 will have an annual allowance of £10,000. 
      This results in an annual allowance of £60,000 for those with an adjusted income of less than £260,000, a reducing annual allowance for those with adjusted incomes between £260,000 and £360,000, and an annual allowance of £10,000 for those with an adjusted income over £360,000.”

      01/10/2023 - 30/09/2024
      12/09/2023
      Testing
    • Derivatives V14

      Derivatives V14

      Chapter 2, section 9

      L.O. 2.8.1

      The Learning Objective 2.8.1 has been amended and reads as follows:

      2.8.1 Understand the main energy products and the influences on price: change in demand; change in supply; marginal costs of production; holding and delivery costs; political and strategic factors; environmental factors

      Chapter 8, section 6.3

      The Long Strangle graph on page 288 has been changed to look like this:

       

       

      31/12/2023 - 30/12/2024
      07/11/2023
      Testing
    • Securities (Investment Advice Diploma) V14

      Securities (Investment Advice Diploma) V14

      The following updates have been made to your workbook edition:

      Chapter 7, Section 3.4.1, last paragraph has been amended to read:

      So if, for example, a speculator buys four contracts of the S&P 500 at 1599.1 and sells those four contracts shortly after at 1600 exactly, the profit would be:

      Profit = 90 bps /0.10 = 9 ticks x $25 x 4 contracts = $900

      Chapter 7, Section 8.3, sixth paragraph has been amended to read:

      There are two formulae for the standard deviation. The first is where the variability of an entire population is being calculated and, as can be seen, the denominator of the equation is equal to n – the number of items being analysed. The second formula is more conventionally used for a sample, rather than the entire population, and the denominator used is n – 1. For calculations of large sets of data the difference is minimal.


       

      MCQ, Answer no.18 has been amended to read:


      18.                       A                       Chapter 4, Section 2.2

      31/12/2023 - 30/12/2024
      20/06/2024
      Testing
    • Investment, Risk & Taxation V14

      Investment, Risk & Taxation V14

      The following updates have been made to your workbook edition:

      Page 252, Chapter 3, Section 2.7.3 Standard Deviation (σ) of a Portfolio, the portfolio risk equation has been amended to read:

       

      Formula

       

      Page 243, Chapter 3, Section under Time-Weighted Rate of Return (TWRR), the equation has been amended to read:

      Page 581, under the Multiple Choice Questions section, the option A of question number 11 has been amended to read:

       

      Page 586, under the Multiple Choice Questions section, the option D of question number 27 has been amended to read:

      Page 306, under the section 5.2, the last line of the second paragraph has been amended to read:

      The following demonstrates how a carried forward loss of £11,000 would be used to offset a capital gain:

      31/10/2023 - 30/10/2024
      18/06/2024
      Testing
    • UK Regulation & Professional Integrity V16

      UK Regulation & Professional Integrity V16

      The following updates have been made to your workbook edition.

      Chapter 10, Section 5.6.2 has been amended to read:
      also apply to a firm which is not a common platform firm when it produces, or arranges for the production of, investment research and/or non-independent research that is intended for, or likely to be subsequently disseminated to, clients of the firm or to the public in accordance with COBS 12.2 (investment research and non-independent research).

      Answers to Multiple Choice Questions
      Q.48.            Answer: A         Ref: Chapter 6, Section 6
      If there are concerns about the suitability of advice provided then any review of this must be undertaken by someone independent of the business unit responsible for the sales practice – they are hardly going to recommend actions to be taken against themselves. Independent reviews can be undertaken internally by internal audit or compliance, or externally by law/accountancy firms.

       

      12/03/2024 - 11/03/2025
      11/03/2024
      Testing