TOAP UITF Certification Program Qualifying Exam study plan

Map the UITF regulatory hierarchy by writing out how the BSP UITF regulations, the Investment Company Act framework, and SEC/trust-entity rules interact for a fund offered by a bank trust department

Define each core term (UITF, trust indenture, trustee, fund manager, participating trust, unit, NAVPU) in your own words without looking at notes, then correct against source text

Distinguish UITFs from mutual funds, VULs, and direct time deposits on at least five structural dimensions in a comparison table

List the parties to a UITF (trustee, investment manager, custodian, distributor, external auditor) and state one duty and one liability exposure for each

Explain how the trust fund's assets are segregated from the trustee's own assets and why that matters to a client in a trustee insolvency scenario

Walk through the NAVPU formula (net assets divided by outstanding units) and compute it for a worked example with fees and accruals

Identify which events trigger a unit creation or redemption and how those flows change outstanding units without changing net assets

Describe the reporting cadence a trustee owes investors (daily NAVPU publication, periodic reports) and who authorizes exceptions

Classify eligible assets by valuation method: mark-to-market for listed securities, amortized cost where permitted, and accrual for receivables and expenses

Compute the effect of a management fee, trust fee, and custodian fee on NAVPU, including how accruals are handled on a non-dealing day

Reconcile a fund's net assets from a list of holdings, cash, receivables, and liabilities, and detect a seeded error in the list

Explain how a valuation error is corrected, including who bears the loss when units were dealt at a wrong NAVPU

Match each UITF classification (money market, bond, equity, balanced, feeder, index) to its permitted asset mix and typical risk-return profile

State the concentration, liquidity, and single-issuer limits that apply to a fund and explain the rationale behind each

Explain how a feeder fund's target fund, currency exposure, and hedging policy flow through to the investor's return

Describe the mechanics of a fund's maturity, termination, or merger and what investors are entitled to at each stage

Build a suitability script that elicits investment objective, horizon, liquidity needs, risk tolerance, and loss capacity, and maps answers to a fund category

Practice explaining NAVPU volatility and the possibility of loss to a client who expects a guaranteed return, using plain language and no jargon

Differentiate sales load, trust fee, early redemption charge, and other costs, and compute the net return impact on a sample investment

Identify prohibited marketing claims (guaranteed returns, comparisons to deposits implying safety, misleading past-performance framing) and rewrite three examples compliantly

Assemble the complete onboarding document set (account opening, risk profile questionnaire, trust agreement, risk disclosure statement, acknowledgement receipts) and state the purpose of each

Explain the client's right to redeem, the settlement timeline, and the dealing cut-off, and test your explanation against three edge cases (holiday, large redemption, partial redemption)

Describe record retention, data privacy, and confidentiality obligations that attach to client documents

Draft a disclosure section for a hypothetical fund covering risks, fees, and past-performance caveats in client-appropriate language

Outline the AML framework as it applies to UITF distribution: customer due diligence, beneficial ownership, ongoing monitoring, and suspicious transaction reporting triggers

Identify red flags specific to investment funds, including structuring of subscriptions, third-party funding, and rapid in-and-out dealing

Map operational risks (valuation error, unauthorized trading, system failure, distributor misconduct) to controls and escalation paths

Explain the compliance function's independence from sales and how conflicts are managed when a distributor is also the trustee

Apply the fiduciary duties of loyalty, care, and disclosure to four short ethical dilemmas and justify each decision in writing

Resolve conflicts-of-interest scenarios involving cross-selling, commissions, and allocation of oversubscribed units

Re-run one NAVPU computation and one regulatory-hierarchy question under timed conditions to confirm retention from weeks 1 to 3

Complete a 60-question mixed practice set across all seven domains and categorize every miss by domain and error type