IFIC Complete Questions And Answers With Verified Solutions
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IFIC
IFIC Complete Questions And Answers With Verified Solutions
Canadian Securities Administrators (CSA): Correct Answer: policy-making body composed of members from each securities regulator. used to improve, coordinate, and harmonize canadian capital markets. protect investors, promote fairness and ...
IFIC Complete Questions And Answers With Verified Solutions Canadian S ecurities Administrators (CSA): Correct Answer: policy -making body composed of members from each securities regulator. used to improve, coordinate, and harmonize canadian capital markets. protect investors, promote fairness and efficiency, reduce risk and increase confidence Mutual Fund Dealers Association (MFDA): Correct Answer: self-regulated . Distribution of Canadian mutual funds. not for profit. Admits members, performs compliance reviews, and enforces rules Administers MDFA investor protection of up tp $ 1M for eligible losses in general and retirement accounts. all members must be OBSI members. can fine and punish members Ombudsman for Banking Services and Investments (OBSI): Correct Answer: independent and impartial organization intended to resolve disp utes between banking service and investment firms and their clients. can provide recommendation to settle claims up to $350k. alternative to legal system. NOT A REGULATORY BODY Investment Industry Regulatory Organization of Canada (IIROC): Correct Answer: national self -regulatory organization for investment dealers. protection of investing public; self -regulation; liaison with provincial securities commissions; public policy representation; maintenance of orderly marketing and trading; education; publicati on of stats; liaison with other FIs. to create a favorable environment for investing public Office of the Superintendent of Financial Institutions (OSFI): Correct Answer: primary supervisor and regulator of: insurance companies; federally regulated deposi t-taking institutions; federally regulated private pension plans. protect the rights and interests of depositors, policyholders, pension plan members, and creditors of financial institutions; contribute to public confidence in the Canadian financial system Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA): Correct Answer: act to combat the laundering of proceeds of crime, and the financing of terrorist activity. implements reporting and other requirements for entities susceptible t o being used for ML or TF Financial Transaction and Reports Analysis Centre of Canada (FINTRAC): Correct Answer: canada's financial intelligence unit. collects, analyzes and discloses information to help detect and prevent money laundering, and the financ ing of terrorist activities in canada and abroad Privacy act: Correct Answer: law that imposes obligations on federal government departments and agencies to respect privacy rights. regulates personal information by federal government departments and agenc ies. gives individuals the right to access the personal information about them and make any necessary changes. applies to federal government bodies only Personal Information Protection and Electronic Documents Act (PIPEDA): Correct Answer: canada's privat e sector privacy law. collected with reasonable purpose, with consent, used and disclosed for the purpose for which it was collected. accurate, stored securely, and accessible for inspection. Do Not Call List (DNCL): Correct Answer: registry of people who do not wish to receive unsolicited telecommunications to sell or promote products or services. cannot cold call possible new clients, or call former clients registered on this list if you have not done business with them in the last 18 months Canada's Anti -Spam Legislation (CASL): Correct Answer: July 1, 2014 - senders of electronic mail must gain consent from recipients before sending messages, identify themselves, allow the client to withdraw consent. the ECPA allows anyone on person to send one commercial electronic message without consent, based on a referral by another individual with whom the sender has an existing relationship with Investor Protection Fund (IPC): Correct Answer: comes from MFDA intended to cover client losses, max 1 mill Chief Compliance Officer: Correct Answer: officer, partner, or sole proprietor of the mutual fund dealer firm. registered with the securities commission Ultimate Designated Person (UDP): Correct Answer: must supervise the firm's compliance activities, a nd promote compliance within the firm Compliance Department: Correct Answer: ensure that all individuals within the firm comply with regulations contained in MFDA rules. Manages compliance risk. guides dealing representatives. Client Relationship Model ( CRM): Correct Answer: establishes the relationship and communications between dealing representatives and clients, with regard to : relationship disclosure, client communication, and client reporting Investment fund Manager: Correct Answer: manages funds investments as well as day to day operations. Look at the funds investment objectives and picks a portfolio manager. Portfolio manager: Correct Answer: responsible for investment decisions of fund, including buying and selling of securities and determinin g asset mix. guided by fund objectives ,seeks to get best return. receives management fees Custodian: Correct Answer: safekeeping of cash and securities belonging to mutual fund, and holding income earned by the fund until it is reinvested or distributed to
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