Exam CIFC Topic 1 Question 60 Discussion

Actual exam question for IFSE Institute's CIFC exam
Question #: 60
Topic #: 1

Yesterday, Mariana purchased mutual funds for the first time from Diablo, who is a Dealing Representative for Horizon Financial. When Mariana mentions to her friend Marcus that she just started to invest, Marcus confides that he experienced losses from mutual fund investing. Her initial feelings of excitement have now changed to worry and regret. She wished she had talked to her friend before investing and wonders if she can change her mind.
Which statement regarding the right of withdrawal applies?

A. How the right of withdrawal can be applied is determined by the Mutual Fund Dealers Association of Canada's conduct rules. B. The right of withdrawal is based on the securities act legislation within the jurisdiction the purchase occurred. C. Before Mariana can cancel her order, she must wait two business days to pass before she can cancel her order. D. The Canadian Securities Administrators have instituted national instruments regarding Mariana's right to cancel her order.

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