Securities Regulators Mandate Quiz
46 Questions
2 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the focus of Lesson 2 in Unit 3?

  • Know Your Client (KYC) (correct)
  • Building Blocks of Mutual Funds
  • Compliance Issues
  • Equities

    • Which of the following is covered in Lesson 4 of Unit 3?

  • Suitability (correct)
  • Fixed Income Securities
  • Canada's Financial System
  • Dealing with Older and Vulnerable Clients

    • What is the main focus of Lesson 3 in Unit 5?

  • Fixed Income Securities
  • Derivatives
  • Introduction to Mutual Funds
  • Bonds (correct)

    • In which lesson of Unit 1 would you expect to learn about Legislation and Regulations?

    <p>Lesson 2 (B)</p> Signup and view all the answers

    What does Unit 4 primarily focus on?

    <p>Economic Factors and Financial Markets (B)</p> Signup and view all the answers

    Which topic would you expect to find in Lesson 5 of Unit 6?

    <p>Strategic Investment Planning (B)</p> Signup and view all the answers

    What is the role of Securities Regulators?

    <p>To enforce regulations governing the buying and selling of securities (C)</p> Signup and view all the answers

    Which organizations are responsible for regulating the operations and business conduct of mutual fund dealers?

    <p>Canadian Securities Administrators (CSA) (B)</p> Signup and view all the answers

    What is the role of the Mutual Fund Dealers Association of Canada (MFDA)?

    <p>To enhance investor protection and strengthen public confidence in the Canadian mutual fund industry (A)</p> Signup and view all the answers

    What is the mandate of the Canadian Securities Administrators (CSA)?

    <p>To protect investors from unfair, improper, or fraudulent practices (D)</p> Signup and view all the answers

    What does the Ombudsman for Banking Services and Investments (OBSI) provide?

    <p>Protection for eligible customer losses due to insolvency of MFDA Members (C)</p> Signup and view all the answers

    Which body is responsible for enforcing regulations and continuing education requirements for mutual fund dealers in Quebec?

    <p>Chambre de la sécurité financière (CSF) (C)</p> Signup and view all the answers

    What differs in the regulatory requirements for registered firms who are regulated by self-regulatory organizations (SROs) compared to those regulated by provincial and territorial securities regulators?

    <p>The rules do not apply specifically to securities and related investment products (D)</p> Signup and view all the answers

    What is the role of the Ombudsman for Banking Services and Investments (OBSI)?

    <p>To resolve disputes between banking services and investment firms and their clients (A)</p> Signup and view all the answers

    What is the mandate of Canadian Securities Administrators (CSA)?

    <p>To foster fair and efficient capital markets (A)</p> Signup and view all the answers

    What is the responsibility of Autorité de marchés financiers (AMF) in Quebec?

    <p>Regulate mutual fund dealers operating in Quebec (A)</p> Signup and view all the answers

    What are the responsibilities of Mutual Fund Dealers Association of Canada (MFDA)?

    <p>Administering a separate legal entity called the MFDA Investor Protection Corporation (IPC) (A)</p> Signup and view all the answers

    What is the primary goal of Canadian Securities Administrators (CSA)?

    <p>Protecting investors from unfair, improper, or fraudulent practices (B)</p> Signup and view all the answers

    What is the main purpose of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA)?

    <p>To combat the laundering of proceeds of crime and the financing of terrorist activities (B)</p> Signup and view all the answers

    What is the primary mission of Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)?

    <p>To identify and prevent money laundering and terrorist financing activities (D)</p> Signup and view all the answers

    What does money laundering involve under Canadian law?

    <p>Transforming dirty money from criminal activity into clean money to integrate it into the legitimate economy (B)</p> Signup and view all the answers

    What are the revised requirements under the Proceeds of Crime (Money Laundering) and Terrorist Financing legislation, regulations, and FINTRAC Guidelines?

    <p>They came into force in June 2020 and will be reflected in the next version of the course materials (B)</p> Signup and view all the answers

    As a Dealing Representative, what is one of your key responsibilities under the PCMLTFA?

    <p>Reporting suspicious transactions to FINTRAC (D)</p> Signup and view all the answers

    What type of records must be kept by securities dealers, portfolio managers, and investment counsellors under the PCMLTFA?

    <p>Records of large cash transactions, account-related records, and other designated records (D)</p> Signup and view all the answers

    When are you required to confirm your client's identity as a Dealing Representative?

    <p>When a client conducts or attempts to conduct a suspicious transaction (D)</p> Signup and view all the answers

    Which documents can be used to confirm an individual's identity according to PCMLTFA requirements?

    <p>Passport, driver's license, record of landing, or provincial identification card (B)</p> Signup and view all the answers

    What is one of the two primary sources of financing for terrorist activities mentioned in the text?

    <p>Revenue-generating activities and financial aid from foreign governments (B)</p> Signup and view all the answers

    What does terrorist financing involve?

    <p>Developing sources of funding and obscuring links between those sources and activities the funds support (B)</p> Signup and view all the answers

    What is NOT one of your key areas of responsibility as a Dealing Representative under the PCMLTFA?

    <p>Conducting market research for your dealer (B)</p> Signup and view all the answers

    Which entity publishes guidelines for when to file reports to FINTRAC?

    <p>Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) (D)</p> Signup and view all the answers

    Which organization regulates the mutual funds industry at the national level in Canada?

    <p>Canadian Securities Administrators (CSA) (D)</p> Signup and view all the answers

    What is the role of the Ombudsman for Banking Services and Investments (OBSI) in Canada?

    <p>Resolving disputes between consumers and financial services firms (B)</p> Signup and view all the answers

    Which regulatory body administers the securities acts in each province and territory in Canada?

    <p>Provincial securities commissions (A)</p> Signup and view all the answers

    What is the mandate of the Securities Regulators in Canada?

    <p>Administering securities acts and setting standards for registration (D)</p> Signup and view all the answers

    Which organization is responsible for protecting the interests of both the investing public and industry participants in Canada?

    <p>Canadian Securities Administrators (CSA) (B)</p> Signup and view all the answers

    What is the primary role of the Investment Industry Regulatory Organization of Canada (IIROC) in Canada?

    <p>Administering securities acts and setting standards for registration (B)</p> Signup and view all the answers

    What does the term 'CSF' refer to in the context of Canadian financial regulation?

    <p>Chambre de la sécurité financière (C)</p> Signup and view all the answers

    Which organization is responsible for regulating insurance companies, federally regulated deposit-taking institutions, and federally regulated private pension plans in Canada?

    <p>Office of the Superintendent of Financial Institutions (OSFI) (A)</p> Signup and view all the answers

    What is the main objective of the Investment Industry Regulatory Organization of Canada (IIROC)?

    <p>To protect the investing public by encouraging high practice standards and enforcing regulatory compliance (B)</p> Signup and view all the answers

    Which instrument ensures that mutual funds disclose the information that investors should consider when deciding whether to invest, or remain invested, in a fund?

    <p>NI 81-101 – Mutual Fund Prospectus Disclosure (A)</p> Signup and view all the answers

    Who is the recognized Self-Regulatory Organization (SRO) for investment dealers in Quebec?

    <p>Chambre de la sécurité financière (CSF) (C)</p> Signup and view all the answers

    What is the mission of Chambre de la sécurité financière (CSF)?

    <p>To protect consumers by maintaining discipline and overseeing the training and ethics of its members (B)</p> Signup and view all the answers

    Which organization is empowered by the Autorité des marchés financiers (AMF) in Quebec to admit members, investigate complaints, and enforce rules through a disciplinary process?

    <p>Chambre de la sécurité financière (CSF) (C)</p> Signup and view all the answers

    Which organization ensures that mutual funds are sold on the basis of what is suitable for, and in the best interests of, investors?

    <p>Mutual Fund Dealers Association (MFDA) (A)</p> Signup and view all the answers

    Which instrument provides the harmonized registration rules for the registration of firms and individuals with the provincial or territorial securities commissions?

    <p>NI 31-103 – Registration Requirements and Exemptions (A)</p> Signup and view all the answers

    What type of regulations affect how Dealing Representatives interact with customers, the type of information they collect, and certain reporting responsibilities?

    <p>[PIPEDA](<a href="https://www.priv.gc.ca/en/privacy-topics/privacy-laws-in-canada/the-personal-information-protection-and-electronic-documents-act-pipeda/">https://www.priv.gc.ca/en/privacy-topics/privacy-laws-in-canada/the-personal-information-protection-and-electronic-documents-act-pipeda/</a>) (B)</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser