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.</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.</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.</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.</p> Signup and view all the answers

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

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

    'Regulatory support from other personnel' primarily involves:

    <p><strong>Supervising daily activities</strong></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.</p> Signup and view all the answers

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