Canadian Securities Course (CSC) Practice Exam · Question
According to CIRO rules, when must a new account application form (NAAF) be approved?
CIRO rules mandate that a NAAF must be approved by a branch manager or designated supervisor before any transactions can be executed in the new account.
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Question: According to CIRO rules, when must a new account application form (NAAF) be approved?
Answer options: ✅ Before the first transaction is executed in the account.
- Within one week of the first transaction.
- After the account has been open for 30 days.
- When the client decides to make their second investment.
Correct answer: Before the first transaction is executed in the account.
Explanation: CIRO rules mandate that a NAAF must be approved by a branch manager or designated supervisor before any transactions can be executed in the new account.
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