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What type of activities would require registration for dealers and advisors?
What type of activities would require registration for dealers and advisors?
What factors do regulators consider when determining if a person or a firm should be registered?
What factors do regulators consider when determining if a person or a firm should be registered?
According to NI 31-103, what is included in the broad definition of a 'security'?
According to NI 31-103, what is included in the broad definition of a 'security'?
What does the general definition of a 'dealer' involve for registration purposes?
What does the general definition of a 'dealer' involve for registration purposes?
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What type of registration is required for managing investment funds?
What type of registration is required for managing investment funds?
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Which category of dealer engages in trading securities as an agent or principal and has the authority to act as an underwriter?
Which category of dealer engages in trading securities as an agent or principal and has the authority to act as an underwriter?
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What type of registration is required for acting as an advisor in respect of a security, according to the terms, conditions, restrictions, or requirements applied to its registration?
What type of registration is required for acting as an advisor in respect of a security, according to the terms, conditions, restrictions, or requirements applied to its registration?
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Which type of dealer is restricted to dealing in the exempt market, such as private placements?
Which type of dealer is restricted to dealing in the exempt market, such as private placements?
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What services may a carrying broker provide to other dealer members?
What services may a carrying broker provide to other dealer members?
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Under Type 1 carrying broker and introducing broker arrangement, who is responsible for 'Know Your Client' compliance?
Under Type 1 carrying broker and introducing broker arrangement, who is responsible for 'Know Your Client' compliance?
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Which entities are exempted from dealer registration?
Which entities are exempted from dealer registration?
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According to IIROC rule 18.14, what must a registered representative (RR) do before engaging in any outside activities?
According to IIROC rule 18.14, what must a registered representative (RR) do before engaging in any outside activities?
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In which provinces can registrants transact in securities business?
In which provinces can registrants transact in securities business?
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What is the primary function of introducing brokers?
What is the primary function of introducing brokers?
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What is the consequence if a registrant has not completed the required courses at the end of the CE cycle?
What is the consequence if a registrant has not completed the required courses at the end of the CE cycle?
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Which of the following attributes is considered essential for a successful Investment Advisor (IA)?
Which of the following attributes is considered essential for a successful Investment Advisor (IA)?
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What does IIROC evaluate to determine if an individual is 'fit and proper' for approval/registration?
What does IIROC evaluate to determine if an individual is 'fit and proper' for approval/registration?
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What is the requirement for Continuing Education (CE) for a RR (IA) within a 2-year cycle?
What is the requirement for Continuing Education (CE) for a RR (IA) within a 2-year cycle?
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What is the basic rule for an investment advisor (IA) dealing with a U.S. client?
What is the basic rule for an investment advisor (IA) dealing with a U.S. client?
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What form is used for single registration across multiple provinces in Canada?
What form is used for single registration across multiple provinces in Canada?
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Under which rule is the handling of advisory accounts specified?
Under which rule is the handling of advisory accounts specified?
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What is the primary reason for considering financial solvency relevant in the registration process?
What is the primary reason for considering financial solvency relevant in the registration process?
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What is the role of Investment Representatives (IRs) in relation to client orders?
What is the role of Investment Representatives (IRs) in relation to client orders?
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What distinguishes the proficiency requirements for Investment Representatives (IRs) from those for Investment Advisors (IAs)?
What distinguishes the proficiency requirements for Investment Representatives (IRs) from those for Investment Advisors (IAs)?
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Before registration as an Investment Representative (IR) with IIROC, what are individuals in training programs not permitted to do?
Before registration as an Investment Representative (IR) with IIROC, what are individuals in training programs not permitted to do?
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What is the 30-Month Requirement for Registered Representatives dealing with retail customers?
What is the 30-Month Requirement for Registered Representatives dealing with retail customers?
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What is the purpose of the 90-Day Period of Restricted Client Contact for individuals in the training period?
What is the purpose of the 90-Day Period of Restricted Client Contact for individuals in the training period?
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In a principal-agent relationship, what is the role of the agent?
In a principal-agent relationship, what is the role of the agent?
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What is required for Registration as a new Registered Representative/Investment Advisor?
What is required for Registration as a new Registered Representative/Investment Advisor?
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What is the purpose of the 90-Day Period of Restricted Client Contact for individuals in the training period?
What is the purpose of the 90-Day Period of Restricted Client Contact for individuals in the training period?
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What is the significance of the 30-Month Requirement for Registered Representatives dealing with retail customers?
What is the significance of the 30-Month Requirement for Registered Representatives dealing with retail customers?
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Which factor influences the determination of whether a person or a firm should be registered as per regulatory considerations?
Which factor influences the determination of whether a person or a firm should be registered as per regulatory considerations?
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What is the role of the agent in a principal-agent relationship according to IIROC Rule 39?
What is the role of the agent in a principal-agent relationship according to IIROC Rule 39?
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What is the primary reason for considering financial solvency relevant in the registration process?
What is the primary reason for considering financial solvency relevant in the registration process?
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What distinguishes the proficiency requirements for Investment Representatives (IRs) from those for Investment Advisors (IAs)?
What distinguishes the proficiency requirements for Investment Representatives (IRs) from those for Investment Advisors (IAs)?
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What is the purpose of the 30-Month Requirement for individuals seeking registration as Investment Representatives (IRs)?
What is the purpose of the 30-Month Requirement for individuals seeking registration as Investment Representatives (IRs)?
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What is the primary distinction between a portfolio manager and a restricted portfolio manager?
What is the primary distinction between a portfolio manager and a restricted portfolio manager?
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What is the defining characteristic of an investment dealer as per the text?
What is the defining characteristic of an investment dealer as per the text?
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Which type of dealer is restricted to trading exclusively in shares or units of mutual funds?
Which type of dealer is restricted to trading exclusively in shares or units of mutual funds?
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What is the specific focus of registration for an Exempt Market Dealer?
What is the specific focus of registration for an Exempt Market Dealer?
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What services may a carrying broker provide to other dealer members?
What services may a carrying broker provide to other dealer members?
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Under which rule does IIROC specify the conditions for an individual to engage in a business activity outside of the dealer member?
Under which rule does IIROC specify the conditions for an individual to engage in a business activity outside of the dealer member?
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Which entities are exempted from dealer registration?
Which entities are exempted from dealer registration?
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What type of registration is required for individuals who wish to trade in securities for the public or advise in the purchase or sale of securities?
What type of registration is required for individuals who wish to trade in securities for the public or advise in the purchase or sale of securities?
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Who must disclose all outside activities and obtain pre-approval from the dealer member before engaging in any outside activities?
Who must disclose all outside activities and obtain pre-approval from the dealer member before engaging in any outside activities?
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Which type of carrying broker arrangement makes the carrying broker responsible for 'Know Your Client' and non-financial compliance rules and regulations?
Which type of carrying broker arrangement makes the carrying broker responsible for 'Know Your Client' and non-financial compliance rules and regulations?
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Study Notes
Registration Requirements
- Dealers and advisors require registration if they engage in activities involving trading securities, providing investment advice, or managing investment funds.
- Regulators consider factors such as fitness, proficiency, and financial solvency when determining if a person or firm should be registered.
Security Definition
- According to NI 31-103, a 'security' includes a broad range of investment products, including stocks, bonds, and mutual funds.
Dealer Registration
- A dealer engages in trading securities as an agent or principal and may act as an underwriter.
- Managing investment funds requires a specific type of registration.
- Restricted dealers are limited to dealing in the exempt market, such as private placements.
Advisor Registration
- Acting as an advisor in respect of a security requires registration, subject to terms, conditions, restrictions, or requirements applied to its registration.
Carrying Brokers
- Carrying brokers provide services to other dealer members, such as handling trades and client accounts.
- In a Type 1 carrying broker and introducing broker arrangement, the carrying broker is responsible for 'Know Your Client' compliance.
Exemptions
- Certain entities, such as exempt market dealers, are exempt from dealer registration.
Continuing Education
- Registered representatives (RRs) must complete continuing education (CE) courses within a 2-year cycle to maintain their registration.
Fit and Proper
- IIROC evaluates an individual's fitness and propriety for registration by assessing their integrity, competence, and financial solvency.
Investment Advisors
- Investment advisors (IAs) must meet specific proficiency requirements and follow rules, such as handling advisory accounts under IIROC Rule 18.14.
- IAs dealing with U.S. clients must comply with specific regulations.
Registration Process
- The primary reason for considering financial solvency is to ensure registrants can meet their obligations to clients.
- Individuals seeking registration as Investment Representatives (IRs) must meet proficiency requirements and complete training programs.
Training Period
- During the training period, individuals are not permitted to engage in certain activities, such as dealing with clients.
- The 30-Month Requirement ensures that Registered Representatives dealing with retail customers meet specific experience and proficiency standards.
Principal-Agent Relationship
- In a principal-agent relationship, the agent acts on behalf of the principal, with specific responsibilities and obligations.
Registration Requirements
- Registration as a new Registered Representative/Investment Advisor requires meeting proficiency requirements and completing training programs.
- The 90-Day Period of Restricted Client Contact allows individuals in training programs to gain experience under close supervision.
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Description
Test your knowledge about the different registration categories for dealers and advisors in the Canadian regulatory framework. Understand the factors that determine whether registration is required for trading, underwriting, or advising in securities.