CISI Transfer Agency study guide
CISI Transfer Agency · Work through your exam, one topic at a time.
The CISI Transfer Agency exam is a professional qualification from the Chartered Institute for Securities & Investment aimed at people who administer and service collective investment funds. It suits transfer agency administrators, fund dealing and settlement staff, client services and onboarding teams, compliance and KYC reviewers, and operations professionals moving into fund administration from banking or custody roles. The CISI Transfer Agency study guide has 9 sections and about 3,621 words.
01The transfer agency function and the regulatory environment
This domain tests whether you understand what a transfer agent (TA) actually does for a fund, who it answers to, and which rulebooks bite. Expect questions on the TA agreement, delegation and oversight, the split of duties with the depositary and investment manager, and the AML and outsourcing regimes that shape daily processing.
449 words, about 2 min02Fund structures, fund types and the role of the transfer agent
Fund structure questions test whether you can separate a legal wrapper from a sub-fund from a share class, and then explain what that means for the register, for segregation of liabilities, and for TA processing. SICAV, PLC and ICAV: corporate vehicles.
427 words, about 2 min03Account opening, investor onboarding and KYC/AML requirements
Onboarding questions test practical CDD: who must be identified, what evidence is acceptable, when enhanced measures apply, and how tax classification sits alongside AML. Identify the investor and, for entities, the beneficial owners - commonly 25% ownership or control, with risk-based look-through for control by other means and lower thresholds in higher-risk cases.
407 words, about 2 min04Subscription, redemption and switching processing
Dealing questions test the order lifecycle: what price applies, when it is struck, when cash and units move, and what happens when something goes wrong. The distributor or investor submits an instruction before the dealing cut-off.
395 words, about 2 min05Settlement, cash management and foreign exchange in fund dealing
Settlement questions test the plumbing: who holds the money, when it is truly cleared, how FX is applied, and how breaks are avoided. Subscription monies are received into the fund's collection account, or an account held by the TA as agent, and must be cleared funds by the contractual settlement date.
410 words, about 2 min06Pricing, valuation, dilution and dealing-point mechanics
Pricing questions test NAV mechanics, the dealing point and dilution - the area where small misunderstandings produce large mark losses. The valuation point is when assets are priced; the dealing point (cut-off) is when orders stop being accepted for that price.
396 words, about 2 min07Register maintenance, transfers, distributions and corporate actions
Register questions test record accuracy: who is on the register, what changes it, and how entitlements flow to investors. The register records holder name, address, holding, class, sub-fund, date of entry, certificate or statement status, and designations (for example ISA, pension, A/C).
391 words, about 2 min08Client reporting, taxation reporting and investor communications
Reporting questions test what the TA must tell investors and tax authorities, in what format, and by when. Contract notes for every deal showing price, units, charges, trade and settlement dates.
364 words, about 2 min09Operational risk, controls, reconciliation and business continuity
Operational risk questions test control design: how errors are prevented, detected, corrected and reported, and how the firm keeps operating when systems fail. First line: operations, running processing, reconciliations and maker-checker.
382 words, about 2 min