18 Questions
What happens if an individual disagrees with a recommendation related to a registration decision?
They have the right to appeal the decision
What will an individual who is currently approved as a Registered Representative dealing in mutual funds only with an investment dealer be required to do within 270 days?
Complete both the CSC and CPH
Will there be a change to the registration/approval process for individual dealing representatives and approved persons at dual-registered firms?
The text does not provide this information
If an individual remains with an investment dealer that is only an investment dealer, what is the timeframe for upgrading to Registered Representative or Investment Representative?
18 months from initial approval
For a firm that becomes dual-registered, what is the new approval category for Registered Representatives?
Dealing in mutual funds only and an employee of a dual-registered firm
Does a previously registered dealing representative with an MFDA member firm need to complete additional courses under the interim rules?
No, no additional courses are required under the interim rules
For a person formerly approved as a “Supervisor over Approved Persons” with an IIROC member firm, are additional courses required to supervise individuals in the new category of 'Registered Representatives dealing in mutual funds only'?
No, no additional courses are required to supervise individuals in the new category
As a branch manager with a former MFDA member firm, do you need to be approved as a Supervisor under the interim rules in relation to activities of individuals approved to deal in mutual funds only?
No, not required to be approved as a Supervisor under the interim rules
What additional information must a dual-registered firm provide to CIRO for approval?
Details of new investment dealer operations and clearing arrangements
Which role(s) must be filled by individual(s) in a mutual fund dealer seeking dual-registration?
Individual(s) registered as an Investment Representative or Registered Representative
What evidence is required to demonstrate a mutual fund dealer's compliance with new investment dealer requirements under CIRO rules?
Proforma financial and capital projections
What are the minimum capital requirements that a mutual fund dealer must demonstrate compliance with for dual-registration?
Investment dealer minimum capital requirements
In addition to the minimum capital requirements, what else must a mutual fund dealer show evidence of in order to meet CIRO rules for dual-registration?
New rule requirements including for books and records
Which type of arrangements must be disclosed by a dual-registered firm to CIRO?
Introducing/carrying arrangements
Under the interim rules, when would a firm need to file for exemptive relief with CIRO and CSA?
When proposing to have more than one UDP or one CCO
If a Registered Representative was permitted to trade in exchange-traded funds or exempt market products before the interim rules took effect, what is the implication under the interim rules?
They are allowed to continue trading in those products
What proficiencies does a Registered Representative dealing in mutual funds only need to meet in order to be able to trade in exchange-traded funds or exempt market products?
No additional proficiencies are required
Will the continuing education requirements change for a Registered Representative dealing in mutual funds only employed by a dual-registered firm?
No, the continuing education requirements will remain unchanged
Test your knowledge about transitioning into the new approval category of 'Registered Representatives dealing in mutual funds only who are an employee of a firm registered as both an investment dealer and a mutual fund dealer'. This quiz covers the Continuing Education requirements related to this transition.
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