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Free Practice Questions for SMV Idoneidad Representantes

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Key Facts: SMV Idoneidad Representantes Exam

Universidad de Lima

SMV-designated certifying institution for five years from 23 October 2022

Universidad de Lima certification page

16 questions

Basic component: 8 ethics and 8 financial-risk questions

November 2026 process regulations, Article 17

3 minutes

Allocated time per official question

November 2026 process regulations, Article 17

70%

Minimum basic and specialization passing threshold, under the separate component rules

November 2026 process regulations, Article 18

S/ 1,550

Basic plus one asset specialization for first or expired certification

Universidad de Lima official fee table

3 years

Certificate validity, with renewal timing governed by the published rules

Universidad de Lima process regulations

Study Peru's SMV representative-certification topics with independent English-language MCQs by OpenExamPrep. The official Spanish-language assessment varies by role and modules. This bank uses the full first-certification portfolio-manager topic proportions for study and does not reproduce official questions or simulate every role-specific paper.

Sample SMV Idoneidad Representantes Practice Questions

Try these sample questions to review concepts for the SMV Idoneidad Representantes exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 80+ question experience with AI tutoring.

1A CFA Institute member working for a Peruvian intermediary faces a local securities rule stricter than the Code and Standards. Under Standard I(A) Knowledge of the Law, which requirement governs the member's conduct?
A.The stricter local rule
B.The CFA requirement because professional membership takes precedence
C.The firm's policy whenever it permits more discretion
D.The rule selected in the client's investment mandate
Explanation: Standard I(A) requires compliance with applicable law and the Code and Standards. Where requirements conflict, the member must follow the stricter applicable requirement.
2Under CFA Standard I(B) Independence and Objectivity, which issuer-provided benefit is most likely acceptable, assuming no stricter firm policy applies?
A.A research fee conditional on issuing a buy recommendation
B.A modest working lunch that cannot reasonably compromise judgment
C.An expensive holiday offered after a favorable research report
D.A personal bonus tied to clients buying the issuer's shares
Explanation: Standard I(B) prohibits benefits reasonably expected to compromise independence or objectivity. Modest ordinary business hospitality can be acceptable when it does not create that influence.
3A pension sponsor asks its investment manager to support a corporate transaction that benefits the sponsor but harms the retirement plan. Under CFA Standard III(A), whose interests should guide the manager's decision?
A.The sponsor's shareholders because they fund contributions
B.The executives who appointed the manager
C.The plan participants and beneficiaries
D.The manager's employer because it bears business risk
Explanation: When managing pension assets, the duty of loyalty is owed to the plan's participants and beneficiaries. The sponsor's corporate objectives cannot displace their interests in the management of those assets.
4An analyst changes a recommendation from buy to sell. Under CFA Standard III(B) Fair Dealing, which dissemination procedure best protects clients entitled to receive the research?
A.Telephone the largest commission-paying clients before releasing the report
B.Let the sales desk trade for favored accounts before publication
C.Delay the change until every client can confirm receipt at the same instant
D.Use a fair distribution process giving eligible clients a reasonable opportunity to act
Explanation: Fair dealing requires fair and objective treatment when distributing material recommendation changes. It does not require reaching every client at precisely the same instant, but it prohibits unfair advance access for favored clients.
5Before recommending an investment in an advisory relationship, what assessment does CFA Standard III(C) Suitability require?
A.Compare its recent return with the firm's sales target
B.Assess the client's objectives, risk tolerance, constraints, and total portfolio
C.Use the same allocation for clients of similar age
D.Check only that the client can afford the minimum purchase
Explanation: Suitability requires reasonable inquiry into the client's experience, objectives, risk tolerance, and financial constraints. An investment must also be considered in the context of the client's total portfolio.
6Under the guidance for CFA Standard V(C) Record Retention, what minimum retention period is recommended when neither regulatory guidance nor firm policy specifies one?
A.One year
B.Three years
C.Seven years
D.Ten years
Explanation: CFA Institute recommends retaining supporting records for at least seven years when neither regulatory guidance nor firm policy sets a period. This is a fallback recommendation, not a claim that Peruvian law universally requires seven years.
7A supervisor discovers repeated unauthorized employee trading. Which response best satisfies CFA Standard IV(C) Responsibilities of Supervisors?
A.Investigate, restrict the activity as needed, and enforce effective compliance procedures
B.Obtain a written promise and close the matter without further monitoring
C.Delegate the investigation and assume the delegation ends supervisory responsibility
D.Wait for a regulator to determine whether controls should change
Explanation: Supervisors must make reasonable efforts to ensure compliance by people under their authority. A credible response to suspected violations includes investigation, measures to prevent repetition, and effective implementation of compliance procedures.
8Under CFA Standard II(A), which research process illustrates permissible mosaic analysis?
A.Combine leaked material earnings with public sales data
B.Trade after a director privately confirms an unannounced takeover
C.Treat confidential information as public once several analysts know it
D.Combine public data with nonmaterial nonpublic observations to form an investment conclusion
Explanation: Mosaic analysis combines public information and nonmaterial nonpublic information. It does not permit acting on material nonpublic information merely because other parts of the analysis are public; applicable law must also be observed.
9A brokerage holds a fixed-rate bond whose value falls when benchmark yields rise, with no change in credit quality. Which risk is illustrated?
A.Settlement risk
B.Market risk
C.Operational risk
D.Issuer default risk
Explanation: Market risk includes losses caused by adverse changes in prices, interest rates, or exchange rates. The bond's loss here comes from an interest-rate movement rather than a default or processing failure.
10A processing error causes a brokerage to send a client's securities to the wrong account. Which risk category most directly describes the resulting loss?
A.Interest-rate risk
B.Credit spread risk
C.Operational risk
D.Market liquidity risk
Explanation: Operational risk concerns losses from failed or inadequate processes, people, systems, or external events. A misdirected transfer caused by a processing error fits this category.

About the SMV Idoneidad Representantes Exam

The Examen de Idoneidad Profesional assesses knowledge for the Certificación de Conocimientos de los Representantes de Agentes de Intermediación in Peru. Universidad de Lima administers it for advisor, operator, and portfolio-manager categories under the SMV framework. Knowledge certification is one requirement for SMV representative authorization; it does not itself grant permission to practise. This independent OpenExamPrep bank is an English-language MCQ study adaptation of the assessed topics, not an official translation, an official-format or Spanish-language simulation, or a substitute for the provider's preparation and assessment requirements.

Exam sponsor: Universidad de Lima, the SMV-designated certifying institution. The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

Spanish-language MCQs delivered in person through Blackboard in Universidad de Lima computer labs, with exceptional remote delivery for force majeure. Basic contains 8 ethics and 8 financial-risk questions. Advisors/operators take 8 specialized-regulation questions plus 16 per chosen asset class. Portfolio managers take 8 regulation, 8 portfolio-management, and 16 each on fixed income, equities, and derivatives. First or expired certification adds basic. At least 70% is required in basic when applicable and in each specialization's combined specialized modules; portfolio managers must pass all three. The process includes an update course with required and supplementary readings and virtual-classroom induction. The published certification assessment has no separately graded oral, practical, assignment, or case-study component.

Time Limit

3 minutes per question: basic 48 minutes; specialized-only 72–192 minutes; including basic 120–240 minutes according to modules.

Passing Score

At least 70% in basic when required and in each asset specialization's combined specialized modules; portfolio managers must pass all three asset specializations.

Exam / Certification Fees

First/expired certificate: S/ 1,550 / 1,800 / 2,050 for basic plus 1 / 2 / 3 specializations; S/ 2,150 for basic plus portfolio manager. Valid certificate: S/ 1,100 / 1,350 / 1,600 for 1 / 2 / 3 specializations; S/ 1,700 for portfolio manager. Basic separately: S/ 450. Update course included.

Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

10% of this practice bank

Ethics and professional conduct

Professional obligations, conflicts, fair dealing, suitability, supervision, and record retention.

10% of this practice bank

Financial risk management

Risk classification, VaR, historical simulation, Monte Carlo, stress testing, and time scaling.

10% of this practice bank

Specialized securities regulation

Peruvian securities definitions, disclosure, intermediation, market integrity, direct access, and PLAFT.

20% of this practice bank

Fixed income

Debt features, yields, repos, duration, convexity, immunization, and term structure.

20% of this practice bank

Equities

Share rights, dividends, valuation, orders, auctions, short selling, corporate actions, and indices.

20% of this practice bank

Derivatives

Forwards, futures, margin, options, parity, swaps, and hedging calculations.

10% of this practice bank

Portfolio management

Policy, risk preferences, efficient portfolios, volatility, CAPM, and performance measures.

Preparing for the SMV Idoneidad Representantes Exam

What You Need to Know

  • Passing score: At least 70% in basic when required and in each asset specialization's combined specialized modules; portfolio managers must pass all three asset specializations.
  • Assessment: Spanish-language MCQs delivered in person through Blackboard in Universidad de Lima computer labs, with exceptional remote delivery for force majeure. Basic contains 8 ethics and 8 financial-risk questions. Advisors/operators take 8 specialized-regulation questions plus 16 per chosen asset class. Portfolio managers take 8 regulation, 8 portfolio-management, and 16 each on fixed income, equities, and derivatives. First or expired certification adds basic. At least 70% is required in basic when applicable and in each specialization's combined specialized modules; portfolio managers must pass all three. The process includes an update course with required and supplementary readings and virtual-classroom induction. The published certification assessment has no separately graded oral, practical, assignment, or case-study component.
  • Time limit: 3 minutes per question: basic 48 minutes; specialized-only 72–192 minutes; including basic 120–240 minutes according to modules.
  • Exam / certification fees: First/expired certificate: S/ 1,550 / 1,800 / 2,050 for basic plus 1 / 2 / 3 specializations; S/ 2,150 for basic plus portfolio manager. Valid certificate: S/ 1,100 / 1,350 / 1,600 for 1 / 2 / 3 specializations; S/ 1,700 for portfolio manager. Basic separately: S/ 450. Update course included. Official sources

Using Our Practice Resources

  • Work through all 80 available questions
  • Review every answer and explanation
  • Track weak areas and revisit them
  • Use our AI tutor for tough concepts

SMV Idoneidad Representantes: Suggested Study Strategy

1Use the official Temario and Fuentes y Material de Consulta for your category and asset specializations.
2Read the Spanish official terms alongside the English study explanations; the bank does not simulate Spanish-language delivery.
3Distinguish the 2023 consolidated Ley del Mercado de Valores article numbering from older texts.
4Practise bond yields, duration, convexity, repo accrual, option payoffs, swap settlements, and portfolio risk calculations.
5Check current exchange trading rules rather than assuming one price band or order rule applies to every instrument and segment.
6Review both the shared specialized module and each selected asset module; certification depends on the stated component-level passing rules.

Frequently Asked Questions

Is this official SMV or Universidad de Lima material?

No. OpenExamPrep provides independent practice for the named exam's topics. This is an English-language MCQ study adaptation, not an official translation or an official-format or Spanish-language simulation.

What language and format does the official assessment use?

The current provider's model papers are Spanish-language multiple-choice papers with four alternatives. The process regulations specify computer delivery through Blackboard in Universidad de Lima laboratories. An English-language official sitting is not documented in the sources reviewed.

How many questions and how much time does the exam have?

First or expired certification requires 16 basic questions plus specialized modules: 40, 56, or 72 questions total for advisors/operators taking one, two, or three asset specializations, and 80 for portfolio managers. At three minutes each, those totals take 120, 168, 216, or 240 minutes. Valid-certificate renewal or extension candidates omit the 16-question, 48-minute basic component.

What is the passing rule?

Basic, when required, must reach at least 70%. Each asset specialization's specialized score combines its common module and asset questions and must reach at least 70%. Portfolio-manager certification requires passing all three asset specializations; a single aggregate score cannot replace those conditions.

Who may register, and does passing authorize practice?

The process is open to individuals who complete registration, identification, category/module selection, acceptance of the rules and commitment letter, and payment. The process also requires virtual-classroom induction. SMV authorization as a representative is separate from knowledge certification and has its own requirements.

Are there mandatory oral, practical, assignment, or case-study assessments?

The published certification assessment consists of the basic and specialized MCQ components; it does not specify separately graded oral, practical, assignment, or case-study components. The included update course has required and supplementary readings, recorded study material, and live advice sessions, and the process requires virtual-classroom induction.

How long is certification valid?

The certificate is valid for three calendar years. With a valid certificate, renewal or extension uses specialized components only. A renewal of the same faculties obtained within six months before expiry starts after the prior certificate expires; other timing and extension cases follow the provider's published rules.

Does this bank reproduce every role's question distribution?

The study mix uses the full first-certification portfolio-manager structure: 8 each in ethics, risk, regulation, and portfolio management, and 16 each in fixed income, equities, and derivatives. Advisor, operator, renewal, and single-specialization papers have different combinations. Consult the current provider outline for your route.