Exam CIFC Topic 1 Question 74 Discussion

Actual exam question for IFSE Institute's CIFC exam
Question #: 74
Topic #: 1

Pacari is a Dealing Representative with Cavalry Investments, a mutual fund dealer. Pacari's client, Darsha, is a long-time customer and an elderly widow. Darsha depended on her husband, for financial decisions before he passed. Pacari has also noticed that Darsha's capacity seems to be declining over the years. Luckily, with Pacari's help, Darsha has been managing her finances well. However, Darsha's daughter has been getting involved recently and has even tried to enter trades without Darsha's authorization. Pacari is particularly concerned about the last transaction for Darsha's account: a very large redemption. Pacari fears that Darsha has become a victim of financial exploitation and he raises his concerns with his dealer Cavalry. Which of the following statements about how Cavalry may proceed is CORRECT?

A. Cavalry can place a permanent hold on Darsha's account and disallow all future transactions. B. Cavalry must proceed with the redemption because temporary and permanent holds are not permitted. C. Cavalry can place a temporary hold on Darsha's account to temporarily disallow the redemption. D. Cavalry must place a temporary hold on Darsha's account to disallow all transactions for the account.

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