Exam CIFC Topic 1 Question 199 Discussion

Actual exam question for IFSE Institute's CIFC exam
Question #: 199
Topic #: 1

The Mutual Fund Dealers Association of Canada (MFDA) has strict rules concerning conflicts of interest.
Which of the following is TRUE?

A. Gifts and benefits may be provided to a client if your employer is aware of the benefits and has given approval. B. Activities that do not relate specifically to your employer need not be reported. C. Only actual conflicts must be reported to your employer. Potential conflicts need not be reported because they have not happened yet. D. Borrowing money from a client will always be acceptable provided there is a written contract detailing the nature of the agreement.

Suggested Answer: A Vote an answer

Explanation
Gifts and benefits may be provided to a client if your employer is aware of the benefits and has given approval. This is one of the rules concerning conflicts of interest set by the MFDA. A conflict of interest is a situation where a person's personal interests conflict with their professional obligations or duties. Gifts and benefits may create a conflict of interest if they influence or appear to influence the person's judgment or actions. Therefore, the MFDA requires that any gifts and benefits given or received by a mutual fund dealer or its representatives must be disclosed to and approved by the dealer, and must not compromise or appear to compromise the dealer's or representative's integrity or objectivity. References: MFDA Bulletin #0756-P - Conflicts of Interest

by Gabrielle at May 15, 2024, 05:09 PM

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