CSI IFC Part 4 UPDATED ACTUAL Questions and CORRECT Answers
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Course
CSI IFC
Institution
CSI IFC
CSI IFC Part 4 UPDATED ACTUAL
Questions and CORRECT Answers
Annual Information Form (AIF) - CORRECT ANSWER- A document that contains
information not included in a simplified prospectus or annual financial statements
Board of Directors - CORRECT ANSWER- those that hold the ultimate responsibil...
CSI IFC Part 4 UPDATED ACTUAL
Questions and CORRECT Answers
Annual Information Form (AIF) - CORRECT ANSWER✔✔- A document that contains
information not included in a simplified prospectus or annual financial statements
Board of Directors - CORRECT ANSWER✔✔- those that hold the ultimate responsibility
for a mutual fund's activities, ensuring that the investments are in keeping with the fund's
investment objectives
Custodian - CORRECT ANSWER✔✔- handles the disbursement and receipt of funds as
well as the safekeeping of the securities. This function is performed by a trust company or
bank.
Declaration of Trust - CORRECT ANSWER✔✔- A legal document establishing the fund's
structure, indicating its principal investment objectives, investment policy, any restrictions on
the fund's investments, who the fund's trustee, manager, and custodian will be, and the classes
or series of units the fund may have among other things.
Independent Review Committee - CORRECT ANSWER✔✔- Under NI 81-107, mutual
funds must have an independent review committee which is required to either approve or
consider conflicts of interest that are identified by the manager of the fund
National Instrument 81-101 - CORRECT ANSWER✔✔- A law adopted by the Canadian
Securities Administrators (CSA) and followed throughout the country. It specifies the
required structure and content of the mutual fund simplified prospectus
National Instrument 82-102 - CORRECT ANSWER✔✔- A law adopted by the Canadian
Securities Administrators (CSA) and followed throughout the country. It is a wife ranging set
of rules that deals with all aspects of the creation and management of mutual funds
Net Asset Value Per Share (NAVPS) - CORRECT ANSWER✔✔- the net assets of the fund
divided by the number of units outstanding
, Open-end Trust - CORRECT ANSWER✔✔- The trust structure enables the fund to avoid
taxation. Any interest dividends or capital gains income, net of fees and expenses, is passed
on directly to the unit holders. The fund does not incur tax liability.
Pre-Authorized Contribution Plan (PAC) - CORRECT ANSWER✔✔- Automatic purchase
plans or contributions, where investors can purchase units in regular instalments throughout
the year
Registrar - CORRECT ANSWER✔✔- usually a trust company appointed by a company to
monitor the issuing of common or preferred shares. When a transaction occurs, the registrar
receives both the old cancelled certificate and the new certificate from the transfer agent and
records and sign the new certificate. The registrar is, in effect, an auditor checking on the
accuracy of the work of the transfer agent, although in most cases the registrar and transfer
agent are the same trust company
Systems for Electronic Document Analysis and Retrieval (SEDAR) - CORRECT
ANSWER✔✔- a web site containing all Canadian mutual fund documents including the
simplified prospectus, annual reports, and annual information forms.
Trust deed - CORRECT ANSWER✔✔- this is the formal document that outlines the
agreement between the bond issuer and the bondholders. It outlines the agreement between
the bond issuer and the bondholders. It outlines such things as the coupon rate, if interest is
paid semi-annually and when, and any other terms and conditions between both parties
Trustee - CORRECT ANSWER✔✔- For bondholders, usually a trust company appointed by
the company to protect the security behind the bonds and to make certain that all covenants of
the trust deed relating to the bonds are honoured. For a segregated fund, the trustee
administers the assets of a mutual fund on behalf of the investors.
Fund Manager - CORRECT ANSWER✔✔- provides day-to-day supervision of the fund's
investment portfolio
closed mortgage - CORRECT ANSWER✔✔- penalty applies if paid out early
conventional mortgage - CORRECT ANSWER✔✔- when the amount of the mortgage does
not exceed 80% of the appraised value of the pledged property
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