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NEW QUESTION # 198
What ethical standard deals with unsolicited orders?
Answer: C
Explanation:
The correct answer is D. Compliance conduct. The Investment Funds in Canada course distinguishes between ethical principles and standards of conduct, noting that compliance conduct governs how dealing representatives must act when processing trades, including unsolicited client orders.
Compliance conduct ensures that all regulatory requirements, internal policies, documentation standards, and supervisory rules are followed when executing a transaction. For unsolicited orders, this includes properly recording the order as client-initiated, ensuring suitability concerns are addressed, and maintaining appropriate documentation to demonstrate regulatory compliance.
While duty of care reflects a broader ethical obligation and integrity focuses on honesty, compliance conduct specifically addresses procedural and regulatory responsibilities, which are critical when handling unsolicited trades. Professionalism is a general behavioural expectation but does not specifically govern order handling.
The CIFC curriculum stresses that unsolicited orders must still meet regulatory standards, and representatives must follow compliance rules to protect both the client and the firm. Therefore, Option D is the correct and fully CIFC-aligned answer.
NEW QUESTION # 199
On January 2nd of this year Evan purchased 500 preferred shares of Ingram Ltd. The preferred shares have a par value of $25 per share and a quarterly dividend of $0.98 per share. They also give Evan the option to sell the shares back to Ingram at par value any time from now until September 1st two years from now. What type of preferred shares does Evan own?
Answer: C
Explanation:
Retractable preferred shares are those that give the holder the option to sell them back to the issuer at a predetermined price and date. This is the case for Evan, who can sell his shares back to Ingram at par value any time from now until September 1st two years from now.
NEW QUESTION # 200
What is the step in the financial planning process that includes a discussion of a client's household budget?
Answer: C
Explanation:
Discussing a client's household budget is part of identifying their financial situation and constraints, a key step in the financial planning process. The feedback from the document states:
"The household budget is part of the discussions related to identifying financial problems and constraints." Reference: Chapter 4 - Getting to know the clientLearning Domain: The Know Your Client Communication Process
NEW QUESTION # 201
Which of the following statement about Exchange Traded Funds (ETFs) is TRUE?
Answer: B
Explanation:
An exchange-traded fund (ETF) is a type of pooled investment security that operates much like a mutual fund. Typically, ETFs will track a particular index, sector, commodity, or other assets, but unlike mutual funds, ETFs can be purchased or sold on a stock exchange the same way that a regular stock can. ETFs have lower management expense ratios (MERs) compared to mutual funds because they are passively managed and do not incur high costs for research, analysis, and portfolio rebalancing. Therefore, this statement is true about ETFs. References: Exchange-Traded Fund (ETF) Explanation With Pros and Cons - Investopedia, The Best ETFs - Exchange Traded Funds Rankings | US News Investing
NEW QUESTION # 202
Pierre wants to discuss the merits of a specific mutual fund with his Dealing Representative, Simone. There are no trailer fees associated with this fund. Simone is familiar with the mutual fund that Pierre is referring to, which is not offered by her dealer. They schedule an appointment to further discuss his investment portfolio.
Which behaviour from Simone is ethical?
Answer: B
Explanation:
While comparing Fund Facts of the different mutual funds, Simone points out that not only are the fund management expenses different but so are the investor profiles for each fund. This behaviour from Simone is ethical because it shows that she is providing accurate and complete information to Pierre and helping him make an informed decision based on his personal circumstances and objectives4. Fund Facts is a document that summarizes key information about a mutual fund, such as its investment objectives, risks, fees, performance history, and investor rights5. By comparing Fund Facts of different mutual funds, Simone can help Pierre understand how each fund differs in terms of its suitability, costs, and potential returns. The other behaviours from Simone are unethical because they do not serve Pierre's best interests or comply with professional standards. Simone's ability to keep her knowledge current on competitors' investment offerings does not necessarily show that she is putting her client's interest first. She may have other motives for researching other funds, such as trying to persuade Pierre to stay with her dealer's funds or finding new opportunities for herself4. Knowing Pierre does not like that her dealer's funds have trailer fees, she chooses not to discuss the relationship between trailer fees and MER while making comparisons. This behaviour is unethical because it is misleading and omits relevant information that Pierre should know before investing4. Trailer fees are fees paid by the fund manager to the dealer for the ongoing services provided by the dealer and its advisors to unitholders5. Trailer fees are part of the management expense ratio (MER), which is the total cost of running and distributing a fund expressed as a percentage of its assets5. Trailer fees and MERs affect the net returns of a fund and may create conflicts of interest between the advisor and the client5. When comparing her dealer's own mutual funds to the one Pierre discovered, Simone emphasizes the importance of similar net rates of return and minimizes the significance of management expense ratios (MERs). This behaviour is unethical because it is biased and does not present a balanced view of the pros and cons of each fund4. Net rates of return are not the only factor to consider when evaluating a fund's performance. MERs are also important because they reduce the fund's gross returns and may indicate how efficiently the fund is managed5. A fund with a lower MER may have an advantage over a fund with a higher MER, all else being equal5. References: Unit 2: Know Your Client, What's a good MER fee plus 3 strategies to avoid high fees - Bellvest
NEW QUESTION # 203
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