Chapter 12 - v1.3
44 Questions
0 Views

Chapter 12 - v1.3

Created by
@IncredibleArithmetic

Podcast Beta

Play an AI-generated podcast conversation about this lesson

Questions and Answers

How many total hours are required for the CIRO CE program completion?

  • 30 hours (correct)
  • 40 hours
  • 20 hours
  • 10 hours

    • What is the consequence for Approved Persons who do not complete their CE requirements by the end of the two-year cycle?

  • No consequences are applied
  • Automatic approval for the next cycle
  • A fine and suspension of approval (correct)
  • Attendance at additional courses is required

    • Which organization approves the compliance and professional development courses delivered by dealer members?

  • Independent third-party organizations
  • The Canadian Securities Institute only
  • The Ministry of Education
  • CIRO (correct)

    • Which of the following must dealer members do in relation to their employees' CE requirements?

    <p>Keep evidence of course completion</p> Signup and view all the answers

    What role should Chief Compliance Officers have in relation to compliance training programs?

    <p>Involve in selecting or approving courses</p> Signup and view all the answers

    The CIRO CE compliance courses should generally be relevant to which aspect?

    <p>The functions performed by the attendees</p> Signup and view all the answers

    Which of the following is NOT a stated reason for taking CE compliance courses?

    <p>Gaining proficiency exemptions</p> Signup and view all the answers

    What independent requirement must also be fulfilled in addition to CIRO CE requirements?

    <p>Anti-money laundering training</p> Signup and view all the answers

    Who has the authority to grant exemptions from required CIRO courses?

    <p>CIRO or the registration sub-committee</p> Signup and view all the answers

    What is the timeframe for submitting changes to registration information after they occur?

    <p>Within 15 days of the change</p> Signup and view all the answers

    Which of the following items does not require a Transfer/Change or Surrender of Categories application to be submitted through NRD?

    <p>Change in personal description</p> Signup and view all the answers

    What type of changes must be reported on both ComSet and NRD according to the provided information?

    <p>Civil proceedings against an Approved Person</p> Signup and view all the answers

    What could a change in personal description involve?

    <p>Change of citizenship</p> Signup and view all the answers

    Which of the following must be reported due to regulatory actions affecting an employee or agent?

    <p>Registration refusal, suspension, cancellation, or disciplinary measures</p> Signup and view all the answers

    What must be reported on ComSet and NRD related to criminal activities?

    <p>Law offences</p> Signup and view all the answers

    What must an applicant disclose in their initial application when seeking registration related to securities?

    <p>Any action regarding governmental registration to deal in securities</p> Signup and view all the answers

    Which of the following is NOT required to be disclosed in the initial application for registration?

    <p>Employment references and recommendations</p> Signup and view all the answers

    What was the significant outcome for the applicant who falsely answered a question about her disciplinary history?

    <p>Her employment was terminated and she faced disciplinary action</p> Signup and view all the answers

    What approach did the applicant take when unsure how to respond to the termination question on her registration application?

    <p>She sought advice about how to respond</p> Signup and view all the answers

    Why did the SRO Panel dismiss the action against the applicant who provided a false response?

    <p>She had sought advice about how to respond</p> Signup and view all the answers

    Which of the following actions constitutes a requirement in the initial application for registration?

    <p>Reporting any previous disciplinary actions by a professional body</p> Signup and view all the answers

    What was the reason for the applicant's previous termination from her job?

    <p>She violated internal control guidelines</p> Signup and view all the answers

    Which kind of financial issue must an applicant disclose during their initial application?

    <p>Bankruptcies or proposals to creditors</p> Signup and view all the answers

    What can be a consequence of providing inaccurate information on a registration application?

    <p>Disciplinary action and loss of employment</p> Signup and view all the answers

    What must be monitored to prevent off-book sales of securities?

    <p>Insurance sales activities</p> Signup and view all the answers

    Which factor is NOT typically a concern when an Approved Person engages in outside activities?

    <p>Type of client interactions</p> Signup and view all the answers

    What is generally discouraged in relation to outside activities?

    <p>Outside activities unrelated to the securities industry</p> Signup and view all the answers

    What may be required by some dealer members concerning outside activities?

    <p>Completion of a disclosure questionnaire</p> Signup and view all the answers

    Why might outside activities detract from an investment advisor's client service?

    <p>They can consume excessive amounts of time</p> Signup and view all the answers

    What type of insurance-related transactions may not need to be conducted through a dealer member?

    <p>Transaction involving GICs or specific funds</p> Signup and view all the answers

    What is an essential role of the compliance department in relation to outside activities?

    <p>To require disclosure and approval of outside interests</p> Signup and view all the answers

    What aspect should be periodically supervised by dealer members concerning outside activities?

    <p>Conflict of interest implications</p> Signup and view all the answers

    What is a potential consequence for outside activities that generate conflicts of interest?

    <p>Regulatory scrutiny</p> Signup and view all the answers

    Which of the following describes an expectation from investment advisors regarding their time commitment?

    <p>Providing full time and attention to their dealer member</p> Signup and view all the answers

    What is required in the reinstatement form after ceasing employment?

    <p>It must detail circumstances related to the cessation and any improper conduct.</p> Signup and view all the answers

    What happens to applicants transferring between CIRO dealer members if the reinstatement form is filed within 90 days?

    <p>They will be automatically approved and registered.</p> Signup and view all the answers

    What must dealer members do if an Approved Person takes extended leave?

    <p>Notify CIRO within 10 business days.</p> Signup and view all the answers

    What are dealer members responsible for regarding Continuing Education requirements during a leave?

    <p>They are penalized if individuals fail to meet CE requirements.</p> Signup and view all the answers

    What situation will disqualify an applicant from being automatically approved when transferring between dealer members?

    <p>If the applicant was dismissed due to alleged breaches of relevant laws.</p> Signup and view all the answers

    What procedure must be followed when an Approved Person goes on maternity leave?

    <p>File a Notice of Change of Current Employment through NRD.</p> Signup and view all the answers

    What is a consequence for dealer members if an Approved Person fails to meet CE requirements?

    <p>They may face a fine or other disciplinary actions.</p> Signup and view all the answers

    Which of the following statements is true regarding registration after an absence from the industry?

    <p>Individuals must demonstrate updated industry knowledge.</p> Signup and view all the answers

    How long do dealer members have to apply for a hardship consideration for CE requirements?

    <p>At least 30 days before the end of the CE cycle.</p> Signup and view all the answers

    What must the status of working hours be changed to for someone on extended leave?

    <p>It must be changed to ‘0’.</p> Signup and view all the answers

    Study Notes

    CIRO CE Program

    • The CIRO CE program comprises two sections: compliance training (10 hours) and professional development training (20 hours).
    • All Approved Persons must complete the compliance portion.
    • Retail RRs and supervisors of retail RRs are required to complete both compliance and professional development sections.
    • Approved Persons failing to complete the required courses within the two-year CE cycle face penalties, including fines for the sponsoring dealer member and suspension of the CE participant's approval.
    • Dealer members can design and deliver their own courses or utilize external providers like the Canadian Securities Institute.
    • Dealers must maintain evidence of employee CE completion and report it to CIRO.
    • Chief compliance officers are encouraged to integrate the compliance CE requirement into their training programs, utilizing existing external courses and seminars.
    • Compliance CE courses should be relevant to registrant duties and cover topics like new CIRO rules, refreshing critical rules, ethical values, and Anti-Money Laundering training mandated by PCMLTFA.

    Proficiency Exemptions

    • Individuals can apply for exemptions from CIRO for writing or rewriting required courses.

    Outside Activities

    • Approved Persons can engage in outside employment and activities provided conflicts of interest and potential client confusion are addressed and the activity doesn't harm the industry's reputation.
    • The time commitment of outside activities is crucial. Investment advisors typically have contractual obligations to devote full time and attention to their dealer member.
    • Compliance departments should require disclosure and approval of all outside employment and business interests, including investments, identifying and mitigating potential risks.
    • Unrelated outside activities potentially impacting an advisor's client service should generally be discouraged.
    • Dealers must periodically supervise outside activities, particularly from a conflict-of-interest perspective.

    Initial Application

    • The registration application requires disclosure of information like the applicant's background, previous disciplinary history, and specific details related to:
      • Actions against the applicant regarding government registration for securities dealings
      • Disciplinary actions regarding approvals by any securities commission or professional body
      • Criminal convictions, charges, or indictments
      • Bankruptcies or proposals to creditors
      • Civil judgments or garnishments

    Extended Leave

    • CIRO must be notified within 10 business days when an Approved Person takes extended leave (maternity leave, disability, or other absences).
    • Persons on leave are still responsible for registration requirements, including CE.
    • Dealer members are penalized for those on leave who do not meet CE requirements but can apply for hardship considerations from CIRO for temporary or indefinite extensions.

    Registration After an Absence

    • Individuals absent from the industry for a significant period might require updating their knowledge of current practices, regulations, and products.

    Changes to Registration Information

    • Changes to registration information must be submitted within 15 days of the change.
    • Examples of changes include but are not limited to:
      • Name, home address, or address for service
      • Firm
      • Registration
      • Securities registration
      • Personal description
      • Registration refusal, suspension, cancellation, or disciplinary measures
      • Law offences
      • Civil proceedings

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    Related Documents

    Chapter 12 - Registration PDF

    Description

    This quiz covers the CIRO Continuing Education (CE) program, focusing on the requirements for compliance and professional development training for Approved Persons. It outlines the consequences of failing to complete the required courses, the roles of dealer members, and the integration of required training into existing programs. Prepare to understand the importance of compliance in the securities industry.

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser