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Mutual Funds Exam > Chapter 1 Regulatory Environment > Flashcards

Chapter 1 Regulatory Environment Flashcards

1
Q

What is referred to as a securities commission

A

Provincial and Territorial level

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2
Q

CSA meaning

A

Canadian securities administration

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3
Q

MFDA meaning

A

Mutual Fund Dealers Association

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4
Q

What does OBSI stand for

A

Ombudsman of Banking Services and Investments

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5
Q

IIROC meaning

A

Investment Industry Regulatory Organization of Canada

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6
Q

What does OSFI stand for

A

Office of the Superintendent of Financial Institutions of Canada

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7
Q

What does the Securities Regulator generally have a mandate to :

A

1) protect investors from unfair, improper and fraud practices
2) promote fair and efficient capital market
3) promote confidence in the capital markets
4) reduce systemic risk

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8
Q

Responsibilities of a Securities Regulator

A
  • establish strict standards
  • review and approve mutual fund
  • register the companies and individuals who sell securities
  • enforcing securities regulations governing the buying or selling of securities
  • investigating complaints
  • disciplining companies or individuals found NOT following regulations
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9
Q

Responsibilities of a dealing representative

A

Register with securities regulators and adhere to the rules

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10
Q

Policy-making body composed of members from each securities regulators

A

Canadian securities administrators

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11
Q

Self regulatory organization for the distribution side of the Canadian mutual funds industry

A

Mutual Fund Dealers Association

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12
Q

Am independent and impartial organization intended to resolve disputes between participating banking services and investments firms and their clients

A

Ombudsman for banking services and investments

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13
Q

Provided recommendations to settle claims up to $350,000

A

OBSI

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14
Q

What is not considered a regulatory body

A

OBSI

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15
Q

The national self-regulatory organization for investment dealers

A

IIROC- Investment Industry Regulatory Organization of Canada

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16
Q

Primary Supervisor and Regulator of :

insurance companies; federally regulated deposit- taking institutions; federally regulated private pension plans

A

Office of the Superintendent of Financial Institutions Canada ( OSFI )

17
Q

Sets its own standards for registration and has the power to grant and revoke registration - protect investors for unfair, improper or fraudulent practices, promote fair and efficient capital markets

A

Ontario Securities Commission

18
Q

The securities regulator in Quebec

A

AMF- autorite des marches fianceiers

19
Q

Self-regulatory organization for Quebec representatives dealing in investment fund not under IIROC

A

Chamber de la Securite financiers

20
Q

Registration requirements and exemptions

A

NI 31-103

21
Q

Mutual Fund Prospectus Disclosure

A

NI 81-101

22
Q

Mutual Funds

A

NI 81-102

23
Q

Mutual Fund Sales Preactices

A

NI 81-105

24
Q

Harmonized rules for the registration of firm & individuals with the provincial or territorial securities commissions

A

Registration Requirements & Exemption (NI 31-103)

25
Q

Mutual Funds disclosure

A

NI 81-101

26
Q

Regulates how securities are managed brought and sold

A

Mutual Funds

27
Q

PCMLTFA- act to combat the laundering of proceeds of crime

A

Proceeds of Crime (money laundering) and terrorist financing act

28
Q

FINTRAC- Canada’s Financial Intelligence Unit

A

Financial Transactions and Reports Analysis Centre of Canada

29
Q

Law that improses obligations on federal government departments and agencies to respect privacy rights

A

Privacy Act

30
Q

PIPEDA- Canada sprig ate sector privacy law

A

Personal Information Protection and Electronic Documents Act

31
Q

DNCL - National registry of people who don’t wish to receive unsolicited telecommunication

A

Do Not Call List

32
Q

As a dealing rep you have four key areas of responsibility under PCMLTFA

A

1) reporting to FINTRAC
2) keeping records
3) confirm your clients ID
4) identifying politically exposed foreign persons

33
Q

Meaning of CASL

A

Canadian anti-spam legislation also called spam

Mutual Funds Exam (3 decks)

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