38 Questions
What is the maximum coverage provided by the MFDA Investor Protection Corporation for general accounts?
$1 million
On what grounds can the MFDA enforce rules against its members?
By initiating compliance reviews
What is the primary function of the Ombudsman for Banking Services and Investments (OBSI)?
To resolve disputes between firms and clients
What is the maximum amount up to which OBSI can recommend settlement claims?
$500,000
Which entity provides coverage for eligible customer losses due to a MFDA Member's insolvency?
MFDA Investor Protection Corporation (IPC)
Who funds the MFDA Investor Protection Corporation?
Contributions from MFDA Members
What is the purpose of the transparent disciplinary process conducted by the MFDA?
To impose fines and suspensions on members for non-compliance
What is the primary role of FINTRAC in Canada?
To prevent money laundering and terrorist financing
According to Canadian law, what constitutes money laundering?
Transforming illegally obtained money into legitimate sources
What is a common method of money laundering mentioned in the text?
Purchasing real estate properties with illicit funds
How does terrorist financing differ from money laundering?
Terrorist financing supports illegal activities
Which entities are among those monitored by FINTRAC in Canada?
Money service businesses
What is the main objective of money laundering?
To make illicit funds untraceable and merge them with legitimate assets
How does FINTRAC contribute to public safety in Canada?
By analyzing information to detect and deter money laundering and terrorist financing
What happens when dirty money enters the financial system?
It is held in cash accounts and may be laundered by purchasing securities
What type of information is considered 'personal information' under PIPEDA?
Opinions and evaluations
Which of the following is NOT part of a typical definition of personal information under PIPEDA?
Telephone number
What is the main purpose of the National Do Not Call List (DNCL) according to the text?
To allow consumers to choose whether to receive telemarketing calls
What is considered telemarketing according to the text?
Unsolicited telecommunications to promote services
According to PIPEDA, which of the following is not considered personal information?
Employee's name
What actions are organizations regulated by PIPEDA permitted to take with personal information?
Collect and disclose personal information as required
What are the two main types of SRO-regulated firms mentioned in the text?
Investment dealers and mutual fund dealers
If a phone number is listed on the National Do Not Call List (DNCL), what should telemarketers do?
Avoid calling the number for telemarketing purposes without permission
What does IIROC stand for in the context of the text?
Investment Industry Regulatory Organization of Canada
What is the primary role of the Securities Regulator as mentioned in the text?
Regulating the buying and selling of securities
What is the responsibility of the Canadian Securities Administrators (CSA) as highlighted in the text?
Reviewing and approving mutual funds before sale
What is the key obligation of a Dealing Representative according to the text?
Following the rules of the Securities Regulator
What type of complaints do Securities Regulators investigate as per the text?
Investor complaints against companies and their employees
Apart from mutual funds, what else do Securities Regulators review and approve before they are offered for sale?
New issue prospectuses
What does MFDA stand for in relation to SRO-regulated firms?
Mutual Fund Dealers Association of Canada
What is the primary purpose of a Commercial Electronic Message (CEM)?
To encourage participation in a commercial activity
According to CASL, what must be included in a CEM?
Information that identifies the sender
What is a requirement for sending CEMs under CASL?
Recipient's approval for receiving messages
What action must a CEM enable the recipient to do?
Withdraw consent and unsubscribe
According to CASL, what option must organizations provide to consumers regarding unsubscribing from messages?
Option to unsubscribe from all future messages
What is prohibited by CASL regarding sending CEMs?
Sending messages without a request for consent
What is the consequence of not including sender identification in a CEM according to CASL?
Legal action against the sender
Under CASL, what is the significance of recipient consent for sending CEMs?
An essential requirement before sending messages
Learn about SRO member firms and their regulations in Canada, including investment dealers and mutual fund dealers. Understand the rules that apply to securities and related investment products in the Canadian regulatory framework.
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