IFSE Test Questions & Answers | 90 Questions with 100% Correct Answers | Verified

To whom are you permitted to make an unsolicited telephone call to market new products ("cold-call") if they have signed up on the National Do Not Call List (DNCL)? - ANS - someone with whom you already have a business relationship Which of the following statements about Mutual Fund Dealers Association of Canada (MFDA) is CORRECT? - ANS - It is a self-regulatory organization for the distribution side of the Canadian mutual funds industry What is the role of the Ombudsman for Banking and Investments (OBSI)? - ANS - OBSI helps resolve disputes between participating banking services and investment firms and their clients Jeff Thomson is a newly licensed dealing representative. He has received a cash deposit of $12,000 and would like you to guide him as to whether he is required to report the transaction to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). What is the minimum dollar amount of a cash deposit that Jeff is required to report to FINTRAC? - ANS - $10,000 Which of the following dealing representatives is in a conflict of interest situation? - ANS - Jonathan, who recommends mutual funds to his clients based on which funds pay the highest commission. Which of the following statements regarding ethical conduct is true? - ANS - Ethical conduct means conforming to approved standards. The Mutual Fund Dealers Association of Canada (MFDA) has several rules dealing with different aspects of the mutual fund business. Conduct Rule 2 offers details on how both you and your employer are to carry out business. Which of the following is covered in Rule 2? - ANS - standard of conduct for ethical behaviour