CIFC練習試験テスト最新問題2025年03月 [Q25-Q50]

CIFC練習試験テスト最新問題2025年03月

CIFC試験を一発合格保証問題集！

質問 # 25
Sheldon is a 25 year old graphic designer. He has just started working and saves regularly. Apart from his regular salary he also earns extra money from freelancing after office hours and during weekends. His earnings from his freelance work are sufficient for meeting his living expenses. He saves the entire amount of his salary. He has heard about lifecycle funds but has come to you for additional information.
Which of the following statement about lifecycle funds is TRUE?

• A. All lifecycle funds start with equal allocations to cash, fixed income and equities before being re-balanced.
• B. Investor income is the only basis for changing the asset allocation of a lifecycle mutual fund.
• C. As Sheldon gets older, the life cycle asset allocation changes from more risky to less risky.
• D. The asset allocation of a lifecycle fund is set based on the age demographic of its unitholders and remains the same for the time frame of the lifecycle fund.

正解：C

質問 # 26
Your employer has a contributory group RRSP under which he matches employee contributions, up to a maximum of 5% of salary.
Which of the following statements about a group registered retirement savings plan (RRSP) is CORRECT?

• A. If you leave your employer, your group RRSP stays with the employer.
• B. You need to wait until you file your taxes to receive your contribution tax deduction.
• C. It is more costly and time consuming to administer than traditional pension plans.
• D. The employer chooses the plan provider.

正解：D

解説：
Explanation
A group RRSP is a retirement savings plan sponsored by an employer that allows employees to contribute through regular payroll deductions and benefit from tax advantages and possible employer matching. The employer is responsible for choosing the plan provider, which is the financial institution that administers the group RRSP and offers a range of investment options for the employees to choose from. The employer may also negotiate lower fees and better services with the plan provider than what individual RRSPs can offer.
Therefore, statement D is correct.
The other statements are incorrect for the following reasons:
* Statement A: A group RRSP is less costly and time consuming to administer than traditional pension plans, as it does not require actuarial valuations, funding requirements, or regulatory filings.
* Statement B: If you leave your employer, your group RRSP does not stay with the employer. You can transfer your group RRSP to an individual RRSP or another registered plan without tax consequences, as long as there are no locked-in provisions.
* Statement C: You do not need to wait until you file your taxes to receive your contribution tax
* deduction. Your contributions are deducted from your gross income before tax is calculated, so you receive an immediate tax benefit on your paycheque.
References: Canadian Investment Funds Course, Unit 9, Section 9.1

質問 # 27
Which of the following CORRECTLY describes a material conflict of interest that has been properly addressed by the Dealing Representative?

• A. Keaira recommends a growth fund to her client, Shilo, but her Compliance Department questions the trade because Shilo's risk profile is too low. Rather than cancel the trade and absorb the market losses herself, Keaira recommends that Shilo keep the investment even though it is not in her best interest.
  Keaira updates Shilo's KYC to "high" risk and gets Shilo to sign the KYC update form.
• B. Cametra asks to meet with her client, Pietro, to update his Know Your Client (KYC) information. They have not had a face-to-face meeting in years. Pietro feels updating the KYC information is unnecessary.
  He tells Cametra he is too busy and there is no reason for her to be concerned with the information she already has. Even though they fail to meet, Cametra continues to submit purchase orders at his request.
• C. Oscar wants to recommend a fund to his client which has a higher management expense ratio (MER) than other mutual funds. Since the MER could impact the client's decision, Oscar reports the conflict of interest to his dealer and discloses the conflict of interest to his client. Oscar explains how the higher MER is in the client's best interest because the overall cost for the client will still be less than a fee-for-service account holding mutual funds with a lower MER.
• D. Gibson reviews two similar mutual funds for his client. One fund pays higher trailer fees than the other.
  Gibson discloses the difference between the trailer fees before recommending the fund that has higher trailer fees.

正解：C

解説：
Explanation
A material conflict of interest is a situation where a Dealing Representative or their firm has an interest that could reasonably be expected to affect the exercise of their professional judgment or influence their actions or recommendations. A Dealing Representative must identify, disclose, and manage any material conflicts of interest in the best interest of their clients. Oscar has properly addressed the material conflict of interest arising from the higher MER by reporting it to his dealer, disclosing it to his client, and explaining how it is in the client's best interest. The other scenarios do not demonstrate proper management of material conflicts of interest.
References: Canadian Investment Funds Course, Chapter 8: Suitability and Know Your Client1

質問 # 28
Which of the following statement about Exchange Traded Funds (ETFs) is TRUE?

• A. All ETFs are actively managed.
• B. ETFs have lower MERs compared to mutual funds.
• C. Usually the market price of an ETF is the net asset value per unit (NAVPU) of the Fund on that day.
• D. Investors may sell their ETFs in the stock market or redeem them through the Fund at the NAVPU of the day.

正解：B

解説：
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

質問 # 29
Julia is looking for a mutual fund that will give her growth with moderate volatility. Her dealing representative has suggested the Laurentian Fund. The mutual fund's mandate limits the amount of equity exposure in the portfolio to 60%. Also, the portfolio must hold between 40 - 60% in fixed income at all times. The mutual fund distributes interest, dividends, and capital gains to its unitholders. What type of mutual fund is the Laurentian Fund?

• A. balanced
• B. index
• C. asset allocation
• D. specialty

正解：A

解説：
Explanation
A balanced mutual fund is a type of fund that invests in a mix of equities and fixed income securities, with the aim of achieving both growth and income objectives. A balanced fund typically has a target asset allocation that is specified in its mandate, and may vary within a certain range depending on market conditions. A balanced fund may also distribute interest, dividends, and capital gains to its unitholders. The Laurentian Fund is an example of a balanced fund, as it limits its equity exposure to 60% and holds between 40 - 60% in fixed income at all times.
References = Canadian Investment Funds Course, Unit 6: Mutual Funds, Lesson 1: Mutual Funds Overview, Section 6.1.3: Types of Mutual Funds 1; CIFC prepkit, Chapter 6: Mutual Funds, Question 6.1.3 2

質問 # 30
Sarah and Kyle are a married couple. They are both 34 years of age and work as teachers. Their combined annual income is $130,000. They are able to save $800 each month. They own a home worth $340,000 with a
$120,000 mortgage. Since they work for the same employer, they have the same defined benefit pension plan.
Other than a tax-free savings account (TFSA) in Kyle's name with $5,000, they do not have any other assets.
They are avid sailors and want to save towards a purchase of a sailboat. For the type of sailboat they want, they estimate it should cost around $65,000. They want you to recommend an investment for their monthly savings to help them achieve their goal faster.
What question should you ask them next?

• A. How would you feel if you lost part of your money in the short-term?
• B. How much do you make individually each year?
• C. What is your investment objective for these savings?
• D. What is your net worth?

正解：C

解説：
Explanation
The question that you should ask Sarah and Kyle next is what is their investment objective for these savings.
An investment objective is a statement that defines the purpose and goals of an investment. It helps investors and advisors select suitable investment products and strategies that match the investor's needs and expectations. An investment objective typically considers factors such as risk tolerance, return expectations, time horizon, liquidity needs, tax situation, and personal preferences. Therefore, option B is the correct question to ask Sarah and Kyle next. The other options are not relevant or sufficient to determine their investment objective. Option A is related to their risk tolerance, but it is not the only factor that affects their investment objective. Option C is related to their net worth, but it does not indicate their purpose and goals for their savings. Option D is related to their income, but it does not reflect their return expectations or liquidity needs for their savings. References: [Investment Objective Definition], [Investment Objectives: What They Are and How to Use Them], [Investment Objectives | GetSmarterAboutMoney.ca]

質問 # 31
Sheldon is a 25 year old graphic designer. He has just started working and saves regularly. Apart from his regular salary he also earns extra money from freelancing after office hours and during weekends. His earnings from his freelance work are sufficient for meeting his living expenses. He saves the entire amount of his salary. He has heard about lifecycle funds but has come to you for additional information.
Which of the following statement about lifecycle funds is TRUE?

• A. All lifecycle funds start with equal allocations to cash, fixed income and equities before being re-balanced.
• B. Investor income is the only basis for changing the asset allocation of a lifecycle mutual fund.
• C. As Sheldon gets older, the life cycle asset allocation changes from more risky to less risky.
• D. The asset allocation of a lifecycle fund is set based on the age demographic of its unitholders and remains the same for the time frame of the lifecycle fund.

正解：C

解説：
Explanation
A lifecycle fund is a type of asset-allocation fund that automatically adjusts its portfolio composition according to the investor's age and risk tolerance. As the investor gets closer to their retirement date or target date, the fund shifts from more risky assets, such as stocks, to less risky assets, such as bonds and cash. This is done to reduce the volatility and preserve the capital of the fund as the investor approaches their withdrawal phase. Therefore, statement A is true about lifecycle funds. Statement B is false because different lifecycle funds may have different initial allocations depending on their target dates and risk profiles. Statement C is false because the asset allocation of a lifecycle fund changes over time according to a predetermined glide path that gradually reduces risk. Statement D is false because investor income is not the only basis for changing the asset allocation of a lifecycle fund; other factors, such as age, risk tolerance, investment objectives, and time horizon, are also considered. References: Life-Cycle Fund: How They Work, Examples, Lifecycle Funds | The Thrift Savings Plan (TSP), What Is a Lifecycle Fund? | The Motley Fool

質問 # 32
Your clients, Jessica and Ken, want to buy a house next year. You recommend a money market fund. How do you think a money market fund will help Jessica and Ken reach their goal?

• A. Money market funds pay income weekly which can be automatically reinvested.
• B. Money market funds provide high returns without risking the capital invested.
• C. Money market funds provide investors a guaranteed fixed rate of return.
• D. Money market funds are safe investments because their net asset value per unit does not usually fluctuate.

正解：D

解説：
Explanation
Money market funds are safe investments because their net asset value per unit does not usually fluctuate. Money market funds invest in highly liquid instruments like high-interest savings accounts, term deposits, short-term debt securities, cash equivalents, and other low-risk, short-term investments3. These funds aim to preserve capital and provide liquidity while generating some income3. Money market funds typically have a stable net asset value per unit (NAVPU) that does not change much over time3. The other statements are false. Money market funds do not provide high returns without risking the capital invested. Money market funds offer low returns that may not keep up with inflation or meet long-term investment goals3. Money market funds also have some risks, such as credit risk, interest rate risk, and liquidity risk3. Money market funds do not pay income weekly which can be automatically reinvested. Money market funds may pay income monthly, quarterly, semi-annually, or annually, depending on the fund's distribution policy3. Investors can choose to receive cash distributions or reinvest them in more units of the fund3. Money market funds do not provide investors a guaranteed fixed rate of return. Money market funds do not guarantee any return or principal amount3. The return of money market funds depends on the interest rates and yields of the underlying investments, which may vary over time3. References: 7 Best Money Market ETFs in Canada 2023:
Cash And HISA ETFs, Best Money Market Funds in Canada | WOWA.ca, 3 Best Canadian Money Market Funds (2023) - PiggyBank

質問 # 33
Which information is typically included in the Letter of Engagement?

• A. Investment Objective
• B. Process for complaints
• C. Client's responsibilities
• D. Payee for deposits

正解：C

質問 # 34
Karen's know your client (KYC) profile corresponds to someone who has a long time horizon, is comfortable with risk and volatility, and is primarily interested in growth. She watches the daily movements of the Toronto Stock Exchange (TSX) and wants a mutual fund that will closely match what she sees.
What kind of mutual fund would be BEST for her?

• A. Canadian equity index fund
• B. Canadian dividend fund
• C. Canadian small capitalization equity fund
• D. Canadian bond fund

正解：A

解説：
Explanation
A Canadian equity index fund is a type of mutual fund that invests in stocks that track a Canadian equity market index, such as the S&P/TSX Composite Index or the S&P/TSX 60 Index. These indices measure the performance of the largest and most liquid companies listed on the Toronto Stock Exchange (TSX). A Canadian equity index fund aims to replicate the returns of the index it follows, before fees and expenses.
Therefore, this type of fund would be best for Karen, who has a long time horizon, is comfortable with risk and volatility, and is primarily interested in growth. She also wants a mutual fund that will closely match what she sees on the TSX. References: CIBC Canadian Equity Index ETF, Top Canadian Index Funds of 2023 | The Motley Fool Canada

質問 # 35
Which of the following form part of the disclosure documents relating to mutual funds?

• A. new account information form, quarterly financial statements, and security certification
• B. balance sheet, income and cash flow statements of the portfolio management company
• C. annual proxy voting record, audited financial statements, and proof of registration
• D. statement of net assets, annual information form, management reports of fund performance

正解：D

解説：
Explanation
Disclosure documents are documents that provide information about a mutual fund's features, risks, performance, fees, and expenses to investors and regulators. Disclosure documents are required by securities laws and must be prepared and filed by the fund manager in accordance with the prescribed rules and standards. Disclosure documents relating to mutual funds include the following:
Statement of net assets: This is a document that shows the value of the fund's assets and liabilities as of a specific date. It also shows the net asset value per unit (NAVPU) of the fund, which is the price at which investors can buy or sell units of the fund. The statement of net assets is part of the fund's financial statements, which are prepared and filed semi-annually and annually.
Annual information form (AIF): This is a document that provides additional information about the fund that is not included in the simplified prospectus or the fund facts. The AIF includes information such as the fund's history, organization, management, governance, policies, risks, conflicts of interest, fees, expenses, taxation, and legal matters. The AIF is prepared and filed annually.
Management reports of fund performance (MRFP): These are documents that provide information about the fund's financial performance, portfolio composition, risk profile, and management expenses. The MRFPs are prepared by the fund manager and filed semi-annually and annually. The MRFPs include sections such as financial highlights, past performance, summary of investment portfolio, management discussion of fund performance, and financial statements.
References: Canadian Investment Funds Course, Chapter 6: Fund Operations and Regulations1

質問 # 36
Which statement about a net capital loss incurred by a mutual fund trust is CORRECT?

• A. A net capital loss is permitted to be carried back indefinitely by the mutual fund.
• B. A net capital loss is passed on to the unit holders by the mutual fund in the year it occurs.
• C. A net capital loss is permitted to be carried forward by the mutual fund for up to 3 years.
• D. A net capital loss is permitted to be carried forward indefinitely by the mutual fund.

正解：D

解説：
Explanation
A net capital loss is the excess of allowable capital losses over taxable capital gains in a taxation year. A mutual fund trust is a type of investment fund that is structured as a trust and distributes its income and capital gains to its unit holders. A mutual fund trust cannot pass on its net capital losses to its unit holders, as it can only distribute its net income and net realized capital gains. However, a mutual fund trust can carry forward its net capital losses indefinitely and use them to offset its taxable capital gains in future years. This reduces the amount of tax payable by the mutual fund trust and increases the amount of distributions available to its unit holders. A mutual fund trust cannot carry back its net capital losses to previous years, as this option is only available to corporations12. References:
* Canadian Investment Funds Course (CIFC) Study Guide, Chapter 7: Taxation, Section 7.3: Taxation of Mutual Funds, page 7-103
* Capital Losses and Deductions - Canada.ca1
* Mutual Fund Trusts - Canada.ca2

質問 # 37
You have been researching Canadian equity mutual funds for a new client. You come across the following information.

What can you conclude from this information?

• A. Fontaine Equity Fund's higher MER contributes to its lower 5-year annualized return.
• B. Fontaine Equity Fund is a better fund because it has a higher quartile ranking.
• C. Fontaine Equity Fund has a lower risk level since its Sharpe Ratio is lower.
• D. Chamberlain Equity Fund has lower volatility since its 5-year annualized return is higher.

正解：A

質問 # 38
Lior is considering an investment that gains exposure to companies that trade on the Toronto Stock Exchange (TSX). He is not sure what the differences are between a Canadian equity fund and a Canadian dividend fund.
What would you tell him?

• A. Equity funds hold common shares while dividend funds hold only preferred shares.
• B. Dividend funds tend to be less volatile and lower risk than equity funds.
• C. Equity funds are more appropriate than dividend funds if Lior requires a steady flow of income.
• D. Dividend funds generate tax-preferred income while income from equity funds is fully taxable.

正解：B

質問 # 39
Michael had invested in several mutual funds, most of which have appreciated in value. He is not sure if he needs to report the gain as capital gains when he files his income tax return.
What would you tell Michael?

• A. Capital gains are taxed only on equity mutual funds.
• B. Capital gains are taxed when they are realized.
• C. Capital gains are not subject to tax.
• D. He has to report any unrealized capital gains each year.

正解：B

解説：
Explanation
Michael, capital gains are the profits you make when you sell an asset that has increased in value. For example, if you bought a mutual fund for $1,000 and sold it later for $1,500, you have a capital gain of $500.
Capital gains are taxed only when they are realized, which means when you actually sell the asset and receive the proceeds. You do not have to report any unrealized capital gains, which are the potential profits you would make if you sold the asset at its current market value. Capital gains are taxed on all types of mutual funds, not just equity funds. However, the amount of capital gains you have to report may vary depending on the type of fund and how often it distributes its gains to investors. Capital gains are not tax-free, but they are taxed at a lower rate than other types of income. You only have to pay tax on 50% of your net capital gains, which is the total capital gains minus the total capital losses in a year. For more information on how to calculate and report your capital gains, you can refer to the Canada Revenue Agency website1 or consult a tax professional.
References: Canadian Investment Funds Course, Chapter 9: Taxation of Investment Income2

質問 # 40
If an investor was looking for an investment with a risk equal to that of the market, which factor would she want in an investment?

• A. a standard deviation of 1
• B. a beta of 1
• C. a beta of 0
• D. a standard deviation of 0

正解：B

解説：
Explanation
Beta is a measure of the systematic risk of an investment, which is the risk that is related to the movements of the market as a whole. Beta compares the volatility of an investment to the volatility of the market. A beta of 1 means that the investment has the same level of risk as the market, and it tends to move in the same direction and magnitude as the market. A beta of 0 means that the investment has no correlation with the market, and it is unaffected by market fluctuations. A beta greater than 1 means that the investment is more risky than the market, and it tends to amplify the market movements. A beta less than 1 means that the investment is less risky than the market, and it tends to dampen the market movements. Therefore, if an investor was looking for an investment with a risk equal to that of the market, she would want a beta of 1. References:
Canadian Investment Funds Course (CIFC) Study Guide, Chapter 4: Mutual Funds, Section 4.5: Risk and Return of Mutual Funds, page 4-231 Beta Definition - Investopedia2

質問 # 41
Exchange traded funds (ETFs) that track an index and index mutual funds have many similarities. However, what is a major difference between these two products?

• A. ETFs can be purchased continuously throughout the trading day while index funds can only be bought or sold at the end of the day.
• B. While ETFs are prone to tracking errors, index funds are perfectly aligned with their underlying index.
• C. ETFs do not have management fees since they are exchange traded while index funds do incur such fees.
• D. The market price of ETFs always matches the underlying basket of securities while there can be a discrepancy in pricing index funds.

正解：A

解説：
Explanation
ETFs can be purchased continuously throughout the trading day while index funds can only be bought or sold at the end of the day. This is because ETFs are traded on a stock exchange like stocks, while index funds are traded directly with the fund company like mutual funds. This difference gives ETFs more liquidity and flexibility than index funds, as investors can buy and sell ETFs at any time during market hours at the prevailing market price. Index funds, on the other hand, are priced only once a day at the end of the day based on the net asset value per unit (NAVPU) of the fund. Both ETFs and index funds are prone to tracking errors (A), which are the differences between the performance of the fund and the performance of the underlying index. Tracking errors can be caused by various factors, such as fees, expenses, dividends, rebalancing, and market conditions. The market price of ETFs does not always match the underlying basket of securities , as it is determined by supply and demand in the market. There can be a discrepancy between the market price and the NAVPU of an ETF, which is called the premium or discount. Index funds, on the other hand, are priced based on the NAVPU of the fund, which reflects the value of the underlying securities. Both ETFs and index funds have management fees (D), as they are both types of mutual funds that incur costs for managing and operating the fund. However, ETFs usually have lower management fees than index funds, as they are more passive and have lower turnover and distribution costs. References: Canadian Investment Funds Course (CIFC) | IFSE Institute

質問 # 42
Which of the following characteristics about mortgage mutual funds is CORRECT?

• A. risk-free where the mortgages are National Housing Act (NHA) insured
• B. typically monthly distributions of interest
• C. suitable only for high risk investors
• D. if interest rates fall, the mutual fund's net asset value per unit (NAVPU) will decline

正解：B

解説：
Explanation
A is correct because mortgage mutual funds typically pay monthly distributions of interest to their investors, as they invest in mortgages that generate regular interest income. If interest rates fall, the mutual fund's net asset value per unit (NAVPU) will increase (B), not decline, as the value of the existing mortgages in the fund will rise. Mortgage mutual funds are suitable for low to moderate risk investors , not only for high risk investors, as they provide stable income and capital preservation. Mortgage mutual funds are not risk-free (D), even if the mortgages are National Housing Act (NHA) insured, as they still face credit risk, interest rate risk, and liquidity risk. References: Investment Funds in Canada (IFC) | Canadian Securities Institute

質問 # 43
With respect to the tax treatment of dividends received from a taxable Canadian corporation, which of the following statements is CORRECT?

• A. Dividends are taxed the same way interest income is taxed.
• B. Dividends from both preferred and common shares of Canadian corporations receive preferential tax treatment.
• C. Dividends from non-resident corporations receive preferential tax treatment.
• D. Only 50% of dividend income is subject to tax.

正解：B

質問 # 44
Nelson is a Dealing Representative with True Wealth Advisors Inc., a mutual fund dealer. Nelson follows proper procedures related to his firm's Relationship Disclosure Information (RDI). Which of the following CORRECTLY describes how Nelson is permitted to evidence that he satisfied his RDI obligation?

• A. Nelson may deliver the RDI to clients who request it and keep detailed notes of the clients who were provided with the RDI.
• B. Nelson may retain a copy of the RDI in the client file with detailed notes to confirm that he provided and explained the RDI to the client.
• C. Nelson can record detailed notes which confirm that he provided and explained the Fund Facts to the client within 2 days of the RDI.
• D. Nelson can formalize his relationship under the RDI using a Letter of Engagement that specifies duties, responsibilities, and level of service.

正解：B

質問 # 45
Which of the following formulas correctly shows how taxable income is calculated?

• A. gross income less tax credits
• B. the sum of earned income and investment income
• C. the sum of income from all sources
• D. total income less tax deductions

正解：D

解説：
Explanation
According to the Canada Revenue Agency, taxable income is the amount used to calculate federal tax and provincial or territorial tax on the income tax return. Taxable income is calculated by subtracting tax deductions from total income. Total income is the sum of income from all sources, such as employment, business, investment, pension, and other income. Tax deductions are amounts that can be subtracted from total income to reduce the amount of income that is subject to tax. Some examples of tax deductions are RRSP contributions, child care expenses, moving expenses, and alimony payments. Tax credits are not subtracted from total income, but rather from the tax payable. Tax credits are amounts that can reduce the amount of tax owed or increase the amount of refund. Some examples of tax credits are basic personal amount, spouse or common-law partner amount, Canada workers benefit, and foreign tax credit.
Therefore, the correct answer is C. total income less tax deductions.
References: 1: Line 26000 - Taxable income - Canada.ca 2

質問 # 46
Faruq is a Dealing Representative with Smart Planning Group, a mutual fund dealer. Faruq meets with his new client, Taline, and learns that she lives on a low, fixed income.
Taline tells Faruq that she wants to maximize her investment returns as high as possible to make up the difference. Taline also indicates that she cannot afford large investment losses because her income is low.
Which of the following CORRECTLY describes how Faruq should assess Taline's risk profile?

• A. Faruq should assess Taline's risk profile based on the higher of her: (1) risk tolerance and (2) risk capacity
• B. Taline's risk profile should be "high"" because she is willing to accept risk in order to maximize her investment returns.
• C. Taline's risk profile should be "low" because her risk capacity is low and she cannot afford lame investment losses.
• D. Faruq should override the risk that Taline is able to accept because her return expectations cannot otherwise be met.

正解：C

解説：
Explanation
Taline's risk profile should be "low" because her risk capacity is low and she cannot afford large investment losses. Risk capacity is the degree of risk that an investor must take in order to achieve their financial goals, while risk tolerance is the degree of risk that an investor is willing to take. Risk capacity is more important than risk tolerance in determining an investor's risk profile1. Taline has a low risk capacity because she lives on a low, fixed income and cannot afford to lose money. Her risk tolerance may be high, but that does not mean she should take more risk than she can handle. Faruq should not override Taline's risk capacity or assess her risk profile based on the higher of her risk tolerance and risk capacity, as that would be unsuitable and unethical. References: Unit 3: Suitability

質問 # 47
Portia is a Dealing Representative with Highview Wealth Inc., a mutual fund dealer. Portia recommends the Stature Growth Fund to her client Clive. Which of the following CORRECTLY describes what Portia must do in order to satisfy her obligations under the Client Relationship Model (CRM) and Client Focused Reforms (CFR)?

• A. Portia must provide Clive with the pre-trade disclosure to address any material conflicts of interest with the trade.
• B. Portia must mark the trade as ^unsolicited" if Clive wants to proceed with the trade and it is not suitable for him.
• C. Portia must disclose the costs, expenses, and ongoing fees associated with the investment prior to the trade.
• D. Portia must calculate the net asset value per unit (NAVPU) and report it to Give in the trade confirmation.

正解：C

解説：
Explanation
The Client Relationship Model (CRM) and Client Focused Reforms (CFR) are regulatory initiatives that aim to enhance the relationship between registered firms and their clients by imposing higher standards of conduct and disclosure. One of the obligations under CRM and CFR is to provide clients with information about the costs, expenses, and ongoing fees associated with an investment prior to executing a trade. This includes disclosing the management expense ratio (MER), sales charges, deferred sales charges (DSC), switch fees, short-term trading fees, and trailer fees of a mutual fund. This information helps clients understand the impact of fees on their returns and compare different investment options. Therefore, option C is correct regarding what Portia must do in order to satisfy her obligations under CRM and CFR. The other options are not correct.
Option A is false because Portia does not need to calculate the net asset value per unit (NAVPU) and report it to Clive in the trade confirmation; rather, the NAVPU is determined by the mutual fund manager and reported by the mutual fund dealer in the trade confirmation. Option B is false because Portia must not mark the trade as unsolicited if Clive wants to proceed with the trade and it is not suitable for him; rather, Portia must act in Clive's best interest and advise him against making an unsuitable trade or decline to execute it. Option D is false because Portia does not need to provide Clive with the pre-trade disclosure to address any material conflicts of interest with the trade; rather, Portia must disclose any material conflicts of interest with the client relationship as part of the relationship disclosure information (RDI) that is provided at account opening and updated as necessary. References: [Client Relationship Model - Phase 2 (CRM2) | GetSmarterAboutMoney.ca], [Client Focused Reforms | GetSmarterAboutMoney.ca], [Client Focused Reforms - FAQs | IFIC]

質問 # 48
Which of the following statements about your mutual fund registration is CORRECT?

• A. You can sell mutual funds anywhere in Canada as long as you are registered with one of the provincial or territorial securities commissions.
• B. You must inform the regulatory authorities of any material or significant changes to your personal circumstances.
• C. Your online application must be reviewed and approved by your mutual fund dealer before you can begin to sell mutual funds.
• D. You must renew your registration through the online NRD system every two years.

正解：B

質問 # 49
Daisy is a Dealing Representative registered in the province of Saskatchewan only. Daisy's client, Orville, a resident of Lloydminster, Saskatchewan is a retiree who presently has a $1,000,000 with her dealer, Easy Ride Financial. Orville is now planning to move to Vegreville, Alberta next month. Easy Ride Financial is registered in Alberta and Saskatchewan. Neither Easy Ride Financial nor Daisy have any clients who are resident in Alberta.
Which of the following should Daisy do if she wants to continue to service Orville's account?

• A. Daisy will need to forfeit her registration in Saskatchewan if she wants to be registered in Alberta to keep Orville as a client.
• B. Request approval from the Mutual Fund Dealers Association of Canada to be eligible to be a registered Dealing Representative in Alberta
• C. Register with a different mutual fund dealer that is registered in Alberta so she can keep Orville as a client.
• D. Daisy could seek permission from her dealer to request a client mobility exemption with the Alberta Securities Commission.

正解：D

解説：
Explanation
Daisy could seek permission from her dealer to request a client mobility exemption with the Alberta Securities Commission. This exemption allows a registered individual in one jurisdiction to service a client who moves to another jurisdiction, without having to register in the new jurisdiction, subject to certain conditions. Some of these conditions are that the individual must be registered with a dealer that is registered in both jurisdictions, the individual must not have more than five clients in the new jurisdiction, and the individual must notify the regulator in the new jurisdiction of the exemption. References: Client Mobility Exemption

質問 # 50
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