chat gpt questions

Question 1

Which regulatory body in Canada is responsible for overseeing federally regulated financial institutions and pension plans?

A. Investment Industry Regulatory Organization of Canada (IIROC)
B. Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
C. Office of the Superintendent of Financial Institutions (OSFI)
D. Canadian Securities Administrators (CSA)

Answer 1

The answer is C. Office of the Superintendent of Financial Institutions (OSFI).

The OSFI supervises and regulates federally regulated financial institutions and pension plans to ensure their financial soundness and stability.

Question 2

What is the maximum coverage provided by the MFDA Investor Protection Corporation (IPC) for client losses due to a member’s insolvency?

Answer 2

The MFDA Investor Protection Corporation (IPC) provides coverage for eligible client losses in cases of insolvency, with limits of $1 million per general account and $1 million per retirement account.

Question 3

Which document outlines the relationship between a client and their mutual fund dealer, including the roles and obligations of each party?

Answer 3

The Relationship Disclosure Information (RDI) document ensures clients understand their obligations and what they can expect from their mutual fund dealer, including details about products, services, and fees

Question 4

What is the primary purpose of National Instrument 81-102?

A. To regulate mutual fund advertising practices
B. To provide rules for mutual fund management, sales, and distributions
C. To outline anti-money laundering obligations
D. To define ethical standards for financial advisors

Answer 4

National Instrument 81-102 is the main regulatory framework governing the operations, management, and sales practices of mutual funds in Canada.

Question 5

name some NI doc numbers that are important for mutual funds dealers

Answer 5

Yes, the document outlines several National Instruments that are important for mutual fund sales and regulations in Canada. These include, but are not limited to:

NI 31-103: Registration Requirements, Exemptions, and Ongoing Registrant Obligations.

Focuses on the registration and conduct of firms and individuals.

NI 81-101: Mutual Fund Prospectus Disclosure.

Ensures that mutual funds provide clear and accurate disclosure for investors, including simplified prospectuses and Fund Facts.

NI 81-102: Mutual Funds.

Governs the structure, management, and sales of mutual funds.

NI 81-105: Mutual Fund Sales Practices.