The specialist qualification for corporate finance advisers, M&A practitioners and equity capital markets professionals. 200 calibrated MCQs across all 5 chapters, £49.
Corporate Finance Regulation is the Chartered Institute for Securities & Investment's specialist qualification covering the UK regulatory framework for corporate finance activity — the FCA and Takeover Panel, conduct-of-business obligations for firms doing corporate finance work, corporate governance, takeovers and mergers, and the rules governing equity capital markets and listings.
It's the natural pick for anyone whose day-to-day involves:
50 multiple-choice questions, 1 hour, 70% pass mark, computer-based delivery via Pearson VUE. CISI's syllabus is updated periodically to keep pace with regulatory change — the current edition reflects the UK's new POATR/PRM prospectus regime that took effect in January 2026.
CFR is aimed at professionals whose role touches the regulatory side of corporate finance transactions — whether in an investment bank, corporate broker, law firm, or the company secretariat of a listed business.
| Role | Why CFR helps |
|---|---|
| Corporate finance executive / M&A adviser | Ch 4 covers the Takeover Code end to end — the Panel, General Principles, mandatory offers, timing and revision |
| Equity capital markets (ECM) executive | Ch 5 covers the FCA's Listing Rules, sponsors, disclosure of inside information, and AIM Market rules |
| Compliance officer (corporate finance division) | Ch 2 is the heaviest chapter — COBS, Consumer Duty, financial promotion, the current prospectus regime, AML and market abuse |
| Nominated adviser (nomad) / corporate broker | Ch 5 covers nomad eligibility, duties and ongoing obligations in detail |
| Company secretary / governance professional | Ch 3 covers the UK Corporate Governance Code, the QCA Code, Wates Principles and ESG reporting |
| Regulatory affairs / policy analyst | Ch 1 covers the FCA, PRA, Bank of England and UK MiFID II regulatory architecture |
| Ch | Topic | Exam weight |
|---|---|---|
| 1 | The Regulatory Environment in the UK — FCA/PRA/BoE, RIEs/MTFs/OTFs, UK MiFID II, company law fundamentals | 14 / 50 |
| 2 | Managing Regulatory Obligations — the heaviest chapter — COBS, Consumer Duty, financial promotion, the current prospectus regime, client categorisation, conflicts of interest, AML/CTF, insider dealing and market abuse | 16 / 50 |
| 3 | Corporate Governance — UK Corporate Governance Code 2024, QCA Code, Wates Principles, UK Stewardship Code, ESG | 5 / 50 |
| 4 | Takeovers and Mergers — the Takeover Panel, competition authorities, the Takeover Code's six General Principles and rules | 7 / 50 |
| 5 | Equity Capital Markets — the FCA and Listing Rules, sponsors, disclosure/transparency, vote-holder notification, the AIM Market | 8 / 50 |
Ch 2 dominates the exam. Managing Regulatory Obligations alone accounts for nearly a third of your marks, spanning everything from Consumer Duty to market abuse. Any candidate serious about passing should weight their revision time accordingly.
The full £49 CFR product covers:
Full CFR bank — 200 Qs across 5 chapters — £49 one-time. Or try 12 free questions per chapter first.
Assuming 8-10 hours a week alongside a full-time job, the natural CFR path:
Aim to average 80%+ across timed mocks before booking. If you can't hit that, you're not ready — better to delay a fortnight than fail and re-sit.
4-6 weeks at 8-10 hours per week is typical for candidates with some corporate finance or capital markets background. Longer if you're newer to regulation — Ch 2 in particular covers a lot of ground and is worth returning to repeatedly.
70% pass mark. 50 multiple-choice questions in 1 hour. Delivered computer-based via Pearson VUE. Results usually available immediately after submission.
Yes. The UK's Public Offers and Admissions to Trading Regime (POATR) replaced the old Prospectus Regulation Rules with the new PRM sourcebook from 16 January 2026 — our Chapter 2 questions on prospectus requirements are built on the current regime, not the superseded rules.
Gumroad-backed 30-day refund. If you buy and decide it's not what you needed within 30 days, request a refund directly through Gumroad's receipt email.
No. One-time payment, permanent access. Useful if you're delaying the exam or want to keep the bank as a workplace reference.
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