Chartered Investment Manager (CIM) Practice Exam · Question
An investment firm offering discretionary portfolio management services in Canada must be registered with which regulatory body (or self-regulatory organization)?
Investment firms offering discretionary portfolio management must be registered as Portfolio Managers (PMs) with the relevant provincial securities commissions
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Question: An investment firm offering discretionary portfolio management services in Canada must be registered with which regulatory body (or self-regulatory organization)?
Answer options:
- The Bank of Canada.
- The Canada Revenue Agency (CRA). ✅ The provincial securities commissions (e.g., OSC, ASC) and/or IIROC (for dealers).
- The Canadian Mortgage and Housing Corporation (CMHC).
Correct answer: The provincial securities commissions (e.g., OSC, ASC) and/or IIROC (for dealers).
Explanation: Investment firms offering discretionary portfolio management must be registered as Portfolio Managers (PMs) with the relevant provincial securities commissions where they operate. If they are also dealers, they would be members of IIROC.
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