Ethical Decision Making in the Financial Industry
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Questions and Answers

Which test involves considering whether one can tell their mom about what they do?

  • Front page test
  • Mom test (correct)
  • Truth versus loyalty test
  • Legal test

    • What does the 'End-based ethical thinking' involve according to the text?

  • Observing the results and review process
  • Maximizing the benefit to maximum people (correct)
  • Adhering to social harmony
  • Reflecting personal character or objective

    • In the context of moral issues, which test involves considering individual versus group interests?

  • Front page test
  • Justice versus mercy test
  • Personalistic-based ethical thinking
  • Individual versus group test (correct)

    • What does RR stand for in the context of the text?

    <p>Registered Representative</p> Signup and view all the answers

    What does CIRO expect from its RRs?

    <p>To observe high standards of ethics and conduct</p> Signup and view all the answers

    Which of the following is considered conduct that contravenes the standards set forth in subsection 1402(1)?

    <p>Being negligent</p> Signup and view all the answers

    What is the meaning of KYC + KYP in the context of the text?

    <p>Know Your Customer + Keep Your Promise</p> Signup and view all the answers

    What is the main difference between a Registered Representative (RR) and an Investment Representative (IR)?

    <p>RR can provide investment advice to clients, while IR can only take unsolicited orders from clients.</p> Signup and view all the answers

    What are values in the context of society and culture?

    <p>Important aspects of culture and society, such as honesty and fairness.</p> Signup and view all the answers

    What do ethical relativists believe in relation to moral principles?

    <p>They do not believe in universal moral principles and place personal needs over community needs.</p> Signup and view all the answers

    When does an ethical dilemma exist?

    <p>When there are multiple right choices available.</p> Signup and view all the answers

    What is the defining characteristic of a 'right versus wrong' ethical dilemma?

    <p>One choice is illegal, or One choice is not true</p> Signup and view all the answers

    In a 'truth versus loyalty' ethical dilemma, what conflicting values does it involve?

    <p>Honesty vs commitment to your employer</p> Signup and view all the answers

    What type of ethical dilemma involves the decision on whether to invest for short term or long term?

    <p>Short term versus long term</p> Signup and view all the answers

    What should be recommended in an 'ethical decision-making process' when facing a 'truth versus loyalty' dilemma?

    <p>Recommend Fidelity equity mutual fund</p> Signup and view all the answers

    What is one of the main focuses of CIRO during the fiscal year 2023-2024?

    <p>Harmonizing the regulatory approach</p> Signup and view all the answers

    What did the amalgamation of IIROC and MFDA result in?

    <p>Formation of a new SRO</p> Signup and view all the answers

    Which department aims to promote the investor perspective within CIRO?

    <p>Office of the Investor</p> Signup and view all the answers

    What is one of the significant activities that CIRO will focus on during fiscal year 2023-2024?

    <p>Determining mission, vision, values, and brand for CIRO</p> Signup and view all the answers

    What does CIRO primarily regulate?

    <p>Investment dealers and mutual fund dealers</p> Signup and view all the answers

    What is the name of the information processor for Canadian corporate and government debt securities operated by CIRO?

    <p>CIRO Information Processor (CIRO IP)</p> Signup and view all the answers

    When did the amalgamation of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA) take effect?

    <p>January 1, 2023</p> Signup and view all the answers

    What is the New Self-Regulatory Organization of Canada (New SRO) known as after June 1, 2023?

    <p>Canadian Investment Regulatory Organization (CIRO)</p> Signup and view all the answers

    What is the focus of the change leadership training for people leaders?

    <p>Developing custom action plans</p> Signup and view all the answers

    What is the purpose of the joint report that Compliance CIRO will be finalizing with the CSA?

    <p>Reporting on the Client Focused Reforms sweep</p> Signup and view all the answers

    What is an upcoming focus for the Mutual Fund Division examination?

    <p>Assessment of compliance with the Continuing Education Program</p> Signup and view all the answers

    What is the primary goal of obtaining delegation and operationalizing authorities in Québec with respect to Mutual Fund Dealer compliance examinations?

    <p>Enhancing the Financial Operations examination program</p> Signup and view all the answers

    What is the primary focus of Enforcement CIRO's pursuit of legislative authority?

    <p>To collect evidence and provide protection against malicious lawsuits</p> Signup and view all the answers

    What is the main purpose of the Memorandum of Understanding signed with the Montreal Exchange by IIROC?

    <p>To mitigate the risk of market integrity breaches through cross-asset surveillance</p> Signup and view all the answers

    What is the primary objective of CIRO's plan to finalize and implement amendments related to derivatives?

    <p>To modernize Dealer Member rule requirements for derivatives</p> Signup and view all the answers

    What action does Proficiency and Registration Work aim to undertake by finalizing the competency profiles for Investment Dealer approval categories?

    <p>To improve the proficiency regime</p> Signup and view all the answers

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