100+ Free GISI ADO Level Practice Questions

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2026 Statistics

Key Facts: GISI ADO Level Exam

70%

Passing Score

GISI Guidelines

GHS 500

Exam Fee

GISI 2026 Fees

65%

First-time Pass Rate

Market Estimate

GHS 3,215

Total Level Cost

GISI Tuition & Exam

55%

Act 929 & 992 Weight

GISI Syllabus

T+3

Equity Settlement

GSE / CSD Rules

The GISI Securities Course Legal & Professional / ADO Level is the mandatory licensing exam for Authorized Dealing Officers in Ghana. It requires a 70% passing score and covers key regulations including Act 929, Act 992, GSE Rules, CSD clearing, and Act 1044 AML requirements.

Sample GISI ADO Level Practice Questions

Try these sample questions to test your GISI ADO Level exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Under the Securities Industry Act, 2016 (Act 929), which body is established as the apex regulatory authority for the securities industry in Ghana?

A.The Bank of Ghana (BoG)

B.The Securities and Exchange Commission (SEC)

C.The Ghana Stock Exchange (GSE)

D.The Financial Intelligence Centre (FIC)

Explanation: Section 2 of the Securities Industry Act, 2016 (Act 929) establishes the Securities and Exchange Commission (SEC) as the body responsible for regulating and promoting the growth of the securities industry in Ghana.

2Which of the following is a statutory function of the Securities and Exchange Commission (SEC) under Act 929?

A.To execute buy and sell orders on the trading floor of the Ghana Stock Exchange

B.To approve the listing of corporate debt and equity securities on a licensed stock exchange

C.To set the monetary policy rate and reserve requirements for commercial banks

D.To guarantee the returns of registered mutual funds and unit trusts

Explanation: Under Act 929, the SEC is responsible for approving the prospectus and listing of securities on a licensed exchange. The SEC does not execute orders, set monetary policy, or guarantee investment returns.

3How many commissioners sit on the governing board of the Securities and Exchange Commission (SEC) of Ghana under the Securities Industry Act, 2016 (Act 929)?

A.Nine commissioners

B.Eleven commissioners

C.Seven commissioners

D.Thirteen commissioners

Explanation: The Act provides that the governing board of the SEC consists of eleven commissioners, including the Director-General, two Deputy Directors-General, a representative of the Bank of Ghana, a representative of the Ministry of Finance, and six other qualified individuals.

4Under Act 929, what is the maximum duration of a license issued by the SEC to a market operator before it must be renewed?

A.One year

B.Two years

C.Three years

D.Five years

Explanation: Licenses issued by the SEC to market operators, including broker-dealers, investment advisers, and custodians, are valid for a period of one year and must be renewed annually in accordance with the SEC Regulations.

5Under the Securities Industry Act, 2016 (Act 929), what is the administrative penalty for a person who carries on a regulated capital market activity (such as a broker-dealer) without a valid license?

A.1,000 penalty units

B.4,500 penalty units

C.500 penalty units

D.10,000 penalty units

Explanation: Under the Securities Industry Act, 2016 (Act 929), a person who operates a regulated capital market activity without a license is liable to pay to the Commission an administrative penalty of four thousand five hundred (4,500) penalty units.

6Under the Securities Industry Act, 2016 (Act 929), if there is any change in the particulars registered with the Commission (such as the location of the register of interests in securities), the licensee must notify the Commission in writing within what period?

A.Within 7 days of the change

B.Within 14 days of the change

C.Within 30 days of the change

D.Immediately by the end of the trading day

Explanation: The Securities Industry Act, 2016 (Act 929) and SEC licensing guidelines mandate that any changes to a licensee's registered particulars or the location of its register of interests must be reported to the Commission in writing within 14 days of the change.

7Under the Securities Industry (Financial Resources) Guidelines, 2025, if a licensed market operator fails to maintain its required minimum paid-up capital, what is the nature of the penalties it faces?

A.It is only required to submit an explanation in its next annual report with no financial penalty.

B.It faces daily administrative penalties from the SEC and potential suspension or revocation of its license.

C.It is automatically exempt if it has no customer complaints.

D.The penalty is limited to a single flat fine of GHS 500 with no other consequences.

Explanation: Failure to maintain the minimum paid-up capital required under the Financial Resources Guidelines, 2025, constitutes a serious breach. The offending market operator faces daily administrative penalties from the SEC and potential suspension or revocation of its operational license.

8According to the Securities Industry (Financial Resources) Guidelines 2025, how is a licensed market operator's 'Liquid Capital' defined?

A.Stated Capital minus Intangible Assets

B.Total Liquid Assets minus Total Ranking Liabilities

C.Cash on hand plus Bank Balances

D.Total Assets minus Total Liabilities

Explanation: The 2025 Guidelines define Liquid Capital as Total Liquid Assets minus Total Ranking Liabilities. This formula ensures that an operator has sufficient unencumbered liquid funds to meet client and counterparty obligations.

9Under the SEC guidelines, what elements constitute a firm's 'Ranking Liabilities' when calculating liquid capital?

A.Long-term bank loans and deferred tax assets only

B.All liabilities including client balances, and specific percentage margins of foreign currency and securities risks

C.Only the proprietary trading losses incurred during the financial year

D.The total share capital and retained earnings of the firm

Explanation: Ranking Liabilities under the 2025 Guidelines include all standard liabilities (including amounts payable to clients or counterparties) plus risk adjustments (haircuts) on foreign currency exposure, securities borrowing/lending, and underwriting.

10If a broker-dealer's liquid capital falls below the minimum required threshold, what immediate action must the firm take under the SEC guidelines?

A.Wait until the submission of the quarterly return to notify the SEC

B.Immediately notify the SEC in writing and cease executing new transactions unless approved by the SEC

C.Transfer funds from client accounts to cover the firm's capital deficit

D.Revalue the firm's fixed assets to artificially inflate liquid capital

Explanation: A firm whose liquid capital falls below the regulatory threshold must immediately notify the SEC in writing. The firm must not enter into new transactions that increase its liabilities without written consent from the SEC.

About the GISI ADO Level Exam

Prepare for the GISI Securities Course Legal & Professional (ADO Level) with our 100 free practice questions. Master Ghanaian securities laws, Act 929, Companies Act 2019, GSE listing guidelines, CSD clearing, and AML requirements.

Questions

100 scored questions

Time Limit

2 hours

Passing Score

70%

Exam Fee

GHS 500 (Ghana Investment and Securities Institute (GISI))

GISI ADO Level Exam Content Outline

30%

Ghanaian Securities Regulation & SEC Rules

Securities Industry Act 2016 (Act 929), licensing of market operators, compliance, accounts, and market abuse.

25%

Companies Act, 2019 (Act 992)

Incorporation, directors' duties, share capital, shareholder meetings, auditing, and corporate governance.

20%

GSE Listing & Membership Rules

Admission of securities, continuous disclosure, LDM rules, ADO qualifications, and trading floor priority rules.

10%

CSD & Market Operations

Dematerialization, electronic book-entry settlement cycles (T+3 equities), clearing house netting, and DVP.

10%

AML & Financial Crime

Anti-Money Laundering Act 2020 (Act 1044), suspicious transaction reporting, customer due diligence, and FIC role.

Contract Law & Ethics

Contract formation under Ghanaian common law, dispute resolution (Act 798), and professional broker ethics.

How to Pass the GISI ADO Level Exam

What You Need to Know

Passing score: 70%
Exam length: 100 questions
Time limit: 2 hours
Exam fee: GHS 500

Keys to Passing

Complete 500+ practice questions
Score 80%+ consistently before scheduling
Focus on highest-weighted sections
Use our AI tutor for tough concepts

GISI ADO Level Study Tips from Top Performers

1Focus heavily on the Securities Industry Act 2016 (Act 929) and the Companies Act 2019 (Act 992) which together represent 55% of the exam.

2Understand the key calculations, including the 2025 Liquid Capital formula (Total Liquid Assets - Total Ranking Liabilities) and voting thresholds.

3Review the new 2026 GSE Listing Rules, particularly the GH¢5 million minimum stated capital and the 20% public float requirements.

4Complete all 100 free practice questions on our platform to test your knowledge of local Ghanaian content.

Frequently Asked Questions

What is the passing score for the GISI ADO exam?

The passing score for the GISI Securities Course Legal & Professional / ADO Level exam is 70%. Each candidate must achieve this score on the paper to pass and qualify for licensing representative status with the Securities and Exchange Commission (SEC).

How much does the GISI ADO exam cost?

The exam registration fee is GHS 500 for resits. For first-time students, the total cost for the Legal & Regulatory level is GHS 3,215, which includes registration, study materials, tuition, and the examination fee.

Are there any prerequisites for the GISI ADO exam?

Yes, to enroll in the GISI professional courses, candidates must hold at least a bachelor's degree in any discipline from a recognized university. To act as a floor trader, you must also be sponsored by a Licensed Dealing Member (LDM).

What topics are covered on the GISI Legal & Professional exam?

The exam covers six core areas: Ghanaian Securities Regulation & SEC Rules (30%), Companies Act 2019 (25%), GSE Listing & Membership Rules (20%), CSD & Market Operations (10%), AML & Financial Crime (10%), and Contract Law & Ethics (5%).