Podcast
Questions and Answers
What is the primary purpose of the Compliance Department of a mutual fund dealer?
What is the primary purpose of the Compliance Department of a mutual fund dealer?
- To provide guidance on ethical standards (correct)
- To handle customer complaints
- To monitor market trends and forecasts
- To manage investment portfolios
According to the Merriam-Webster online dictionary, what does ethics refer to?
According to the Merriam-Webster online dictionary, what does ethics refer to?
- The principles of conduct governing an individual or a group (correct)
- A system of moral philosophy
- A set of moral values and principles
- A code of professional conduct
What is the estimated time required to complete Unit 2: Registrant Responsibilities?
What is the estimated time required to complete Unit 2: Registrant Responsibilities?
- 4 hours and 30 minutes
- 2 hours and 30 minutes
- 1 hour and 30 minutes (correct)
- 3 hours and 30 minutes
What is the primary focus of Lesson 1: Ethics?
What is the primary focus of Lesson 1: Ethics?
What is the significance of the MFDA’s standard of conduct rule?
What is the significance of the MFDA’s standard of conduct rule?
What is the result of unethical conduct?
What is the result of unethical conduct?
What is the purpose of a yardstick in determining ethical conduct?
What is the purpose of a yardstick in determining ethical conduct?
What is the primary purpose of the Performance Report?
What is the primary purpose of the Performance Report?
What is required to be disclosed to clients before the transaction is made?
What is required to be disclosed to clients before the transaction is made?
What is the purpose of the pre-trade cost disclosure introduced by CRM?
What is the purpose of the pre-trade cost disclosure introduced by CRM?
Who is required to disclose the costs associated with the purchase or sale of a security before the transaction is made?
Who is required to disclose the costs associated with the purchase or sale of a security before the transaction is made?
What is the primary focus of the Client Focused Reforms?
What is the primary focus of the Client Focused Reforms?
What is the frequency of issuing the Performance Report to clients?
What is the frequency of issuing the Performance Report to clients?
What is the ultimate goal of the Client Relationship Model and Client Focused Reforms?
What is the ultimate goal of the Client Relationship Model and Client Focused Reforms?
What is the term used to describe excessive trading in an account?
What is the term used to describe excessive trading in an account?
What is the primary investment strategy associated with mutual fund investing?
What is the primary investment strategy associated with mutual fund investing?
What is the purpose of frequent trading in client accounts, according to MFDA staff?
What is the purpose of frequent trading in client accounts, according to MFDA staff?
Why would Hari Prasad need to explain his recommendation to sell and buy a Deferred Sales Charge (DSC) fund?
Why would Hari Prasad need to explain his recommendation to sell and buy a Deferred Sales Charge (DSC) fund?
What is the consequence if the Compliance Department determines that transactions are unsuitable or not in the best interest of the client?
What is the consequence if the Compliance Department determines that transactions are unsuitable or not in the best interest of the client?
When will the ban on Deferred Sales Charge (DSC) Funds take effect?
When will the ban on Deferred Sales Charge (DSC) Funds take effect?
What is the purpose of the ban on Deferred Sales Charge (DSC) Funds?
What is the purpose of the ban on Deferred Sales Charge (DSC) Funds?
What is the primary responsibility of a Dealing Representative in relation to conflicts of interest?
What is the primary responsibility of a Dealing Representative in relation to conflicts of interest?
What is the recommended course of action if a Dealing Representative is unsure about how to deal with a compliance issue?
What is the recommended course of action if a Dealing Representative is unsure about how to deal with a compliance issue?
What is the primary purpose of this lesson?
What is the primary purpose of this lesson?
What is one of the common compliance issues that a Dealing Representative may face?
What is one of the common compliance issues that a Dealing Representative may face?
What is the recommended time to complete this lesson?
What is the recommended time to complete this lesson?
Who is responsible for guiding a Dealing Representative on compliance issues?
Who is responsible for guiding a Dealing Representative on compliance issues?
What is the outcome of completing this lesson?
What is the outcome of completing this lesson?
What is a fundamental requirement for dual occupations to be permitted under securities legislation and regulations?
What is a fundamental requirement for dual occupations to be permitted under securities legislation and regulations?
What is an example of a business activity that would not fall under your role with your firm?
What is an example of a business activity that would not fall under your role with your firm?
What is the primary distinction between a dual occupation and an outside activity?
What is the primary distinction between a dual occupation and an outside activity?
What is an example of an outside activity that is not a dual occupation?
What is an example of an outside activity that is not a dual occupation?
What is the primary purpose of securities legislation and regulations regarding dual occupations and outside activities?
What is the primary purpose of securities legislation and regulations regarding dual occupations and outside activities?
What is an example of a position of influence that may be considered an outside activity?
What is an example of a position of influence that may be considered an outside activity?
Why are dual occupations and outside activities permitted under securities legislation and regulations?
Why are dual occupations and outside activities permitted under securities legislation and regulations?
What is the key difference between a dual occupation and a business activity done on behalf of the firm?
What is the key difference between a dual occupation and a business activity done on behalf of the firm?
What is an example of a business activity that may be considered a dual occupation?
What is an example of a business activity that may be considered a dual occupation?
Why is it important to understand the distinction between dual occupations and outside activities?
Why is it important to understand the distinction between dual occupations and outside activities?
What is the primary characteristic of a Tax-Free Savings Account (TFSA) in terms of taxation?
What is the primary characteristic of a Tax-Free Savings Account (TFSA) in terms of taxation?
Which type of registered account allows for tax-deductible contributions?
Which type of registered account allows for tax-deductible contributions?
What is the tax implication of withdrawals from a Registered Education Savings Plan (RESP)?
What is the tax implication of withdrawals from a Registered Education Savings Plan (RESP)?
What is the primary characteristic of a Registered Retirement Income Fund (RRIF) in terms of taxation?
What is the primary characteristic of a Registered Retirement Income Fund (RRIF) in terms of taxation?
What is the tax implication of withdrawals from a Registered Disability Savings Plan (RDSP)?
What is the tax implication of withdrawals from a Registered Disability Savings Plan (RDSP)?
What is the primary characteristic of non-registered accounts in terms of taxation?
What is the primary characteristic of non-registered accounts in terms of taxation?
Which type of registered account does not allow for contributions?
Which type of registered account does not allow for contributions?
What is the primary advantage of registered accounts versus non-registered accounts?
What is the primary advantage of registered accounts versus non-registered accounts?
What is the condition for an individual to be considered a deemed resident of Canada?
What is the condition for an individual to be considered a deemed resident of Canada?
How are days spent in Canada counted for tax purposes?
How are days spent in Canada counted for tax purposes?
What is the effect of a tax deduction on an individual's tax payable?
What is the effect of a tax deduction on an individual's tax payable?
When are tax credits applied in the taxation process?
When are tax credits applied in the taxation process?
What is the effect of a tax credit on an individual's tax payable?
What is the effect of a tax credit on an individual's tax payable?
What is the primary difference between a tax deduction and a tax credit?
What is the primary difference between a tax deduction and a tax credit?
Which of the following is a condition for being considered a non-resident of Canada for tax purposes?
Which of the following is a condition for being considered a non-resident of Canada for tax purposes?
What is the effect of a tax treaty on an individual's residency status for tax purposes?
What is the effect of a tax treaty on an individual's residency status for tax purposes?
What type of accounts can benefit from re-balancing in terms of tax efficiencies?
What type of accounts can benefit from re-balancing in terms of tax efficiencies?
What is the consequence of Terry's allowable capital loss exceeding her taxable capital gain?
What is the consequence of Terry's allowable capital loss exceeding her taxable capital gain?
What can Terry use her net allowable capital loss to do?
What can Terry use her net allowable capital loss to do?
What is the significance of the year of death or terminal return in terms of capital losses?
What is the significance of the year of death or terminal return in terms of capital losses?
What is the result of Terry using her allowable capital loss to reduce her taxable capital gain?
What is the result of Terry using her allowable capital loss to reduce her taxable capital gain?
What is the benefit of re-balancing a non-registered portfolio in terms of capital gains and losses?
What is the benefit of re-balancing a non-registered portfolio in terms of capital gains and losses?
What is the primary purpose of the gross-up and tax credit mechanism in Canada?
What is the primary purpose of the gross-up and tax credit mechanism in Canada?
Why are dividends paid by Canadian corporations given special tax treatment?
Why are dividends paid by Canadian corporations given special tax treatment?
What is the purpose of Terry's calculation of her allowable capital loss?
What is the purpose of Terry's calculation of her allowable capital loss?
What is the result of the dividend tax credit being non-refundable in lower tax brackets?
What is the result of the dividend tax credit being non-refundable in lower tax brackets?
What is the effect of Terry's net allowable capital loss on her future taxable capital gains?
What is the effect of Terry's net allowable capital loss on her future taxable capital gains?
How are dividends paid by foreign corporations treated when paid to Canadian shareholders?
How are dividends paid by foreign corporations treated when paid to Canadian shareholders?
What is the impact of the gross-up and tax credit mechanism on the federal tax payable of an investor?
What is the impact of the gross-up and tax credit mechanism on the federal tax payable of an investor?
What is the purpose of the gross-up amount in the context of dividends paid by Canadian corporations?
What is the purpose of the gross-up amount in the context of dividends paid by Canadian corporations?
How does the dividend tax credit affect the federal tax payable of an investor?
How does the dividend tax credit affect the federal tax payable of an investor?
What is the tax treatment of eligible dividends received by an investor from a Canadian corporation?
What is the tax treatment of eligible dividends received by an investor from a Canadian corporation?
What happens to the remaining net capital losses of a mutual fund if it has a greater amount of capital losses than capital gains?
What happens to the remaining net capital losses of a mutual fund if it has a greater amount of capital losses than capital gains?
What type of slip is used to report the income generated from a mutual fund trust?
What type of slip is used to report the income generated from a mutual fund trust?
What can an investor realize on their funds, according to the table above?
What can an investor realize on their funds, according to the table above?
What is the result of the fund manager selling 50,000 shares of MED Ltd. and 100,000 shares of TAL Ltd.?
What is the result of the fund manager selling 50,000 shares of MED Ltd. and 100,000 shares of TAL Ltd.?
What is the purpose of distributing all income, dividends, and net capital gains of a mutual fund?
What is the purpose of distributing all income, dividends, and net capital gains of a mutual fund?
What is the outcome of a mutual fund having a greater amount of capital losses than capital gains?
What is the outcome of a mutual fund having a greater amount of capital losses than capital gains?
What is the tax implication of a mutual fund investor receiving a distributed net capital gain?
What is the tax implication of a mutual fund investor receiving a distributed net capital gain?
What is the significance of a mutual fund distributing all its income, dividends, and net capital gains every year?
What is the significance of a mutual fund distributing all its income, dividends, and net capital gains every year?
