IFIC Mutual Funds Licensing Practice Exam · Question
According to NI 81-102, when must a Fund Facts document be delivered to a client who is purchasing a mutual fund?
NI 81-102 requires that a Fund Facts document be delivered to a client no later than two business days after the investment fund manager receives notification o
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Question: According to NI 81-102, when must a Fund Facts document be delivered to a client who is purchasing a mutual fund?
Answer options: ✅ No later than two business days after the investment fund manager receives notification of the client's purchase of the mutual fund.
- At the same time as the client places the order to purchase the mutual fund.
- Within 24 hours of the client's purchase order being processed.
- Upon the client's request, but no later than five business days after the request.
Correct answer: No later than two business days after the investment fund manager receives notification of the client's purchase of the mutual fund.
Explanation: NI 81-102 requires that a Fund Facts document be delivered to a client no later than two business days after the investment fund manager receives notification of the client's purchase of the mutual fund.
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