SFC Assessment Criteria for Corporation Competence

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Questions and Answers

What is required if the designated RO at the sponsoring corporation changes job functions?

  • The sponsoring corporation does not need to take any action.
  • The sponsoring corporation should provide a confirmation to the SFC. (correct)
  • The designated person himself should inform the SFC.
  • The sponsoring corporation should notify the SFC.

What action should be taken if the designated person is not available?

  • No action is necessary.
  • The exempted individual should inform the SFC. (correct)
  • The designated person should inform the SFC.
  • The sponsoring corporation should notify the board of directors.

What must the sponsoring corporation do in case of changes in designated persons?

  • Provide a confirmation to the SFC about maintaining current records. (correct)
  • Change the entire compliance staff.
  • Notify the SFC directly.
  • Inform the internal audit department.

What is a crucial aspect of the internal control systems required by the sponsoring corporation?

<p>Implementing a comprehensive risk management system. (A)</p> Signup and view all the answers

Who should be directly reporting to or advising the designated approved RO?

<p>The exempted individual as well as supervising daily activities. (C)</p> Signup and view all the answers

What should be done if an approved RO is not available?

<p>Notify the SFC and replace them immediately. (D)</p> Signup and view all the answers

What happens if there are changes in designated persons and the SFC needs to inspect them?

<p>Provide a confirmation to show current records for inspection. (D)</p> Signup and view all the answers

'Internal control systems' mentioned in the text include all EXCEPT:

<p><strong>Marketing strategies</strong> (C)</p> Signup and view all the answers

'Regulatory support from other personnel' primarily involves:

<p><strong>Supervising daily activities</strong> (B)</p> Signup and view all the answers

What notification should be given to SFC when there are changes in designated persons?

<p>Confirmation regarding record-keeping system. (B)</p> Signup and view all the answers

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