IFSE - CIFC - Unit 2 exam questions with correct answers

IFSE - CIFC - Unit 2 exam questions with correct answers Ethical Conduct -Correct Answer-Adheres to approved standards CCO (Chief Compliance Officer) -Correct Answer-Responsible for establishing and maintaining compliance policies and procedures as well as monitoring and assessing compliance. Must submit an annual report to the board of directors detailing the compliance assessment. CRM (Client Relationship Model) -Correct Answer-- Relationship disclosure - Client communications - Client reporting Relationship Disclosure (NI 31-103) -Correct Answer-Requires mutual fund dealers to provide written disclosures to the client, either on the account opening form OR on a separate form. Client Communications -Correct Answer-Ads and sales communications don't count. Cannot: - be false or aimed at misleading the client - make exaggerated claims or go against the interests of the client - violate any law or regulation - be inconsistent with info given by the mutual fund dealer on any other document Client Reporting -Correct Answer-MFDA requires that's account statements need to be sent to the client at least every 3 months Possible conflicts of interest through personal financial dealings with Clients -Correct Answer-- borrowing from or lending to clients - private investment schemes with clients - monetary or non-monetary benefits to or from clients - outside business activities Limited POA -Correct Answer-Restricts permitted actions to those if a specific nature such as financial matters General POA -