The Principles of Financial Regulation is aimed at candidates engaged in front office and operational and settlement roles whose work is more wholesale driven.

Candidates will choose between one of the two regulatory units depending on which programme (Certificate or IAQ) they are taking and their area of work. Those working in retail investments may prefer the existing Unit 1 FSA Financial Regulation for the Certificates programme and Unit 2 FSA Financial Regulation for the IAQ programme with its detailed coverage of the Conduct of Business rules relating to retail products. Candidates working in wholesale investment may choose the new Principles of Financial Regulation unit testing the broader context of financial regulation consisting of less retail detail.

source : CISI website