FREE CIFC Regulatory Framework and Compliance Questions and Answers
Which organization is responsible for regulating mutual funds in Canada?
The Canadian Securities Administrators (CSA) is responsible for regulating mutual funds to ensure transparency and investor protection.
What is the primary purpose of Know Your Client (KYC) regulations?
KYC regulations ensure that advisors gather relevant information about clients to recommend suitable investments and prevent financial crime.
What is the primary role of the Investment Funds Institute of Canada (IFIC)?
The IFIC represents the investment funds industry, focusing on education, advocacy, and ensuring best practices for compliance and standards.
What is required under the Client Relationship Model (CRM) regulations?
CRM regulations ensure transparency, requiring advisors to disclose fees, risks, and conflicts of interest to clients.
Which of the following best describes Anti-Money Laundering (AML) requirements for investment advisors?
AML requirements involve monitoring transactions, identifying suspicious activities, and reporting them to FINTRAC to prevent money laundering.
What is the role of the Office of the Superintendent of Financial Institutions (OSFI) in Canada?
OSFI regulates and supervises federally regulated financial institutions to maintain stability and public confidence in the financial system.