تمويل الشركات

التحضير لاختبار CISI في عمليات الاندماج والاستحواذ ولوائح السوق

تحضير منظم لوحدة MAMR من المستوى السادس ضمن دبلوم CISI في تمويل الشركات، وفق أحدث منهج تمت مراجعته لعام 2026 والعناصر الرسمية الخمسة.

120 سؤالاً تدريبياً ملخصات تفصيلية محاكاة للاختبار الفعلي

تمت مراجعة معلومات منهج الدورة لعام 2026. يُرجى دائماً التحقق من أحدث منهج رسمي وتحديثات المرشحين لدى الجهة المانحة قبل حجز الامتحان أو التقدم له.

كل ما تتضمنه الدورة

5 اختبارات تجريبية × 30 سؤالاً · 120 سؤالاً فريداً · 150 موضع سؤال إجمالاً · محاولات غير محدودة
التعلّم المركّز · مواضيع الاختبار والأخطاء الشائعة والفخاخ والأرقام المهمة
بطاقات مراجعة ممتعة وفعّالة
150 مرجعاً قابلاً للبحث، منها 19 مثالاً حسابياً محلولاً.
تعلّم صوتي · جميع الفصول متاحة بصيغة صوتية
محلل أداء وموجّه ذكي يحدد نقاط ضعفك
وضع الدراسة · تعلّم أثناء التدريب
دردشة ذكية مدرّبة خصيصاً على هذا الامتحان
بيانات مصقولة يومياً بملاحظات المجتمع
محتوى حديث ومدقق الدقة

ملخصات صوتية بالذكاء الاصطناعي جديد

استمع إلى دروسك في أي وقت. مثالي للتعلم أثناء التنقل أو القيادة.

🎧 عينة صوتية

* هذه عينة صوتية. تتوفر التسجيلات لجميع الفصول في النسخة الكاملة من الدورة.

يغطي المسار تنفيذ عمليات الاستحواذ وهيكلة الصفقات وتمويلها والتصرفات والانقسامات ولوائح الشركات المدرجة والاعتبارات التنظيمية والأخلاقية. ويتكون الاختبار الرسمي من 30 سؤالاً خلال 70 دقيقة، منها 15 سؤالاً مستقلاً وثلاث دراسات حالة تتضمن خمسة أسئلة لكل منها. تتضمن الدورة باللغة الإنجليزية خمسة فصول دراسية و123 بطاقة مراجعة و150 مرجعاً قابلاً للبحث، منها 19 مثالاً حسابياً محلولاً، وخمسة اختبارات تجريبية من 30 سؤالاً: أربعة اختبارات أصلية واختبار مختلط، بإجمالي 120 سؤالاً فريداً. يدعم التدريب الاختيار الفردي والمتعدد، بينما قد يستخدم الاختبار الرسمي أيضاً الإدخال العددي والسحب والإفلات. هدف التدريب 21 من 30 وليس نسبة نجاح رسمية مؤكدة لدى CISI.

المزايا الرئيسية

End-to-end acquisition analysis

Connect acquisition strategy, due diligence and public-offer execution with the documents and decisions used in practice.

✓ Target selection and synergies
✓ Private and public acquisition processes
✓ Takeover Code and transaction documents

Deal structure and value effects

Evaluate how purchase structure, consideration and financing affect the acquirer and target shareholders.

✓ Share and asset purchases
✓ Cash, shares, loan stock and deferred consideration
✓ EPS, ROCE, ROIC and merger gains

Listed-market regulation

Prepare for the rules and ethical considerations that govern listed and quoted-company transactions.

✓ UK Listing Rules and prospectus requirements
✓ DTR, UK MAR and AIM Rules
✓ Governance, financial crime and regulatory intervention

المنهج الدراسي

الوحدة 1: Making Acquisitions

🎧 عينة صوتية

M&A strategy, target selection, synergies, due diligence, private and public acquisition processes, the Takeover Code, agreed and hostile offers, and transaction documentation. The fixed standalone section allocates four questions to this element.

• M&A strategy and alternatives
• Target selection and synergy analysis
• Private-company due diligence
• Public offers, schemes and the Takeover Code

الوحدة 2: Deal Structuring and Financing

Share and asset purchases, acquisition pricing, forms of consideration, financing documentation, earn-outs, variable rates, deal effects and the allocation of merger gains. The fixed standalone section allocates three questions to this element.

• Share purchase versus asset purchase
• Control premia and marketability discounts
• Consideration and financing options
• EPS, financial risk, ROCE, ROIC and merger gains

الوحدة 3: Disposals and Demergers

Disposal motivations and sale processes, purchaser selection, auctions, and the benefits, problems and implementation methods associated with demergers. The fixed standalone section allocates three questions to this element.

• Corporate and personal disposal motivations
• Traditional and alternative sale methods
• Auction processes
• Dividend, scheme and liquidation demergers

الوحدة 4: Main Regulations for Listed and Quoted Companies

UK Listing Rules, prospectus requirements, continuing obligations, UK MAR, significant and related-party transactions, reverse takeovers and AIM Rules. The fixed standalone section allocates two questions to this element.

• UK Listing Rules and sponsors
• Prospectus approval and publication
• DTR, UK MAR and continuing obligations
• AIM Rules for Companies

الوحدة 5: Other Regulatory and Ethical Considerations

The UK regulatory environment, ethics, governance, company and financial-market legislation, financial crime, competition, pensions and national-security intervention. The fixed standalone section allocates three questions to this element.

• FCA and market structures
• Professional ethics and corporate governance
• Companies Act, FSMA and conduct requirements
• Market abuse, financial crime and regulatory intervention

الأسئلة الشائعة

Mergers & Acquisitions and Market Regulations is a 70-minute computer-based examination containing 30 questions. It may use multiple choice, drag and drop, numerical answer and multiple response formats. Computer-based tests may also include up to 10% additional unidentified trial questions with proportionately more time.

The paper has 15 standalone questions plus three case studies with five questions each. The standalone questions are allocated 4, 3, 3, 2 and 3 across the five syllabus elements, while each case study may cover any element.

MAMR is the Level 6 third on-demand unit in the current Diploma route. It follows Level 3 Financial Reporting and Financial Statements Analysis and Level 4 Sources of Finance, Capital Investments and Valuations, before Corporate Finance Strategy and Advice.

It covers making acquisitions, deal structuring and financing, disposals and demergers, regulations for listed and quoted companies, and other regulatory and ethical considerations.

Five study chapters, 123 flashcards, 150 searchable references including 19 worked calculations, four original 30-question mocks and a fifth mixed paper, plus a course-grounded AI tutor. The bank contains 120 unique questions. Practice uses single and multiple selection; it does not reproduce the official numerical-input or drag-and-drop interface.

نعم! يمكنك اختبار معلوماتك من خلال اختبار التحضير لاختبار CISI في عمليات الاندماج والاستحواذ ولوائح السوق التجريبي المجاني أدناه، ويضم 15 سؤالاً من موضوع واحد محدد في المنهج مع الشروحات. هذه ليست محاكاة كاملة للامتحان ولا تقييماً شاملاً للجاهزية.

معاينة تفاعلية

أسئلة نموذجية وممارسة مجانية

جرب 15 سؤالاً من Making Acquisitions

تعرض هذه المعاينة جزءًا واحدًا من الدورة. جرب هذا الاختبار القصير للموضوع، ثم فتح الدورة الكاملة لتحصل على اختبارات محاكاة شاملة وتغطية كاملة.

اختبار سريع

Making Acquisitions

السؤال 1 من 15

A manufacturer can buy a distributor immediately or build its own network over three years. Which analysis best supports an acquisition recommendation?

1 / 15

بطاقات استذكار

البطاقة 1 من 10Making Acquisitions

السؤال

Why can a strategically attractive acquisition still destroy value?

انقر للقلب ورؤية الإجابة

التعلّم المركّز

المواضيع الهامة للاختبار10

Acquisition as a growth strategy
Target selection
Revenue, cost, financial and optionality synergies
Why acquisitions fail
Organic growth, licensing and joint ventures
Joint-venture legal forms
Private acquisition sequence
Vendor versus purchaser due diligence
Seven due-diligence workstreams
Confidentiality, heads and SPA

الأخطاء الشائعة لتجنبها3

فخاخ الامتحان6

الأرقام المهمة10

The Code has statutory backing under the Companies Act 2006 and is administered by the Takeover Panel. Relevant UK, Channel Islands or Isle of Man incorporation and market admission determine its current scope. The ongoing two-year delisting run-off is separate from the transitional regime ending 3 February 2027. Consult the Panel on borderline scope or interpretation; private ownership alone does not decide applicability.
The Panel administers and interprets the Code, gives rulings, monitors transactions and enforces compliance; it does not recommend a transaction’s investment merits. Instrument 2026/1, effective 1 May 2026, reduced the constitution’s maximum to 33 members including nine institutional representatives. Seek a ruling before taking a doubtful step; FCA cold-shouldering can reinforce enforcement.
Approach the target’s board or advisers first. Firm intention, a mandatory-offer obligation, relevant rumours/untoward price movement or widening discussions can trigger announcement duties. A named possible bidder normally has 28 days to announce a firm intention or no intention. A Rule 2.8 no-intention statement normally binds for six months. Neither rumours nor percentage price movements create a safe harbour from consultation.
A contractual offer is made to shareholders, with an acceptance condition normally above 50% and often initially 90% for squeeze-out. A Part 26 scheme uses class meetings, the relevant majority in number and at least 75% in value of members present and voting, court sanction and effectiveness steps; it then binds the class. Modern takeover schemes transfer shares. Cancellation-based takeover schemes were prohibited from 4 March 2015, so do not assume a stamp-duty waiver.
For voting shares under Companies Act 2006 s979, the bidder must acquire or unconditionally contract to acquire by acceptances at least 90% in value of the shares to which the offer relates AND at least 90% of their voting rights. Different classes require the relevant class test. Pre-owned shares are not simply added to an undifferentiated 90% total-company test.
Persons cooperating to obtain or consolidate control may be acting in concert, with rebuttable presumptions for relevant corporate, adviser and personal relationships. A control chain based on at least 30% voting rights or more than 50% equity does not dilute through successive links. A separate at-least-30% equity-interest test multiplies indirect holdings and adds parallel paths. Information barriers alone do not confer Panel exempt status.
Aggregate bidder and concert-party interests. Reaching 30% voting rights, or any increase while holding 30% to 50% inclusive, normally triggers Rule 9. A holder already above 50% is differently situated. The mandatory offer requires cash or a cash alternative at least equal to the highest price paid in the preceding 12 months; its normal acceptance condition is bidder plus concert parties above 50%. Additional conditions need Panel consent.
Independent shareholder approval of a new issue, rescue, genuine inadvertence, unforeseen foreclosure and certain buyback or enfranchisement cases can support a Panel waiver. They are not automatic exemptions. Note 11 permits reinstatement of up to 1% in 12 months in the relevant reduced-holding circumstances, but never above the highest holding in the preceding 12 months; disposals do not replenish the acquisition allowance.
Distinguish Rule 6’s preceding-three-month minimum terms from Rule 11’s cash/securities alternatives. Cash acquisitions of at least 10% during the preceding 12 months normally require a cash offer or alternative at the highest price in that period. Any cash acquisition during the offer period can trigger a cash alternative with the relevant offer-period floor. Securities-exchange acquisitions of at least 10% in the preceding three months can require a securities alternative. Higher in-offer purchases benefit earlier acceptors too.
Comparable treatment across classes is not necessarily an identical per-share price. Consult the Panel on class rights and dual-class changes. Firm offers require deliverable consideration and cash-resource confirmation where applicable. Special deals and management incentives can deny equal treatment and require Rule 16 scrutiny; management participation does not remove the need for independent advice and disclosure.

Chapter 1: Making Acquisitions

An acquisition decision has three linked parts: establish why ownership creates value; investigate and price what is actually being bought; then choose and execute a lawful transaction route. Start a scenario by identifying whether it is a private share/asset negotiation, a contractual public offer or a scheme. Then identify the actor, the security class and the event that starts each clock. A shareholder threshold without its denominator or a deadline without its actor is an incomplete rule.

For example, buying a distributor may provide immediate customer access, but customers could leave after a systems migration. Treat the revenue opportunity, integration cost and retention risk separately. Commercial diligence should test customer dependence; IT diligence should test migration and cyb…

افتح كل محتوى التعلّم المركّز

اطّلع على مناطق الاختبار والأخطاء الشائعة وفخاخ الامتحان والأرقام المهمة في جميع الفصول.

أدوات مذاكرة متكيّفة

ركّز على نقاط الضعف، وتعلّم مع التغذية الراجعة، ثم انتقل إلى ظروف الامتحان.

وضعا المذاكرة

تعلّم أولاً، ثم اختبر جاهزيتك.

تعلّم مع التغذية الراجعة، ثم انتقل إلى ظروف الامتحان.

وضع الدراسة

تصحيح وشرح فوري

شاهد الإجابة والشرح بعد كل اختيار.

وضع الامتحان

محاكاة واقعية للامتحان

استخدم المؤقت وأبقِ الإجابات مخفية، ثم راجع نتيجتك.

لمن هذه الدورة؟

✓ Candidates preparing for the CISI Mergers & Acquisitions and Market Regulations examination

✓ Professionals progressing through the Diploma in Corporate Finance

✓ Corporate-finance practitioners involved in acquisitions, disposals or listed-company transactions

✓ Candidates who have completed the preceding FRFS and SFCIV units or qualify through an accepted route