IFIC Mutual Funds Licensing Practice Exam · Question
Scenario 85: What is the primary role of the Mutual Fund Dealers Association of Canada (MFDA)?
The MFDA is the self-regulatory organization (SRO) for mutual fund dealers in Canada. Its mandate is to regulate the operations, standards of practice, and busi
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Question: Scenario 85: What is the primary role of the Mutual Fund Dealers Association of Canada (MFDA)?
Answer options:
- To regulate Canadian banks.
- To set interest rates for the economy. ✅ To regulate the operations and practices of mutual fund dealers and their representatives in Canada.
- To manage and invest the assets of mutual funds.
Correct answer: To regulate the operations and practices of mutual fund dealers and their representatives in Canada.
Explanation: The MFDA is the self-regulatory organization (SRO) for mutual fund dealers in Canada. Its mandate is to regulate the operations, standards of practice, and business conduct of its members and their representatives to protect public interest. The correct answer is "To regulate the operations and practices of mutual fund dealers and their representatives in Canada.". This capacity-fill scenario 85 reinforces the same competency for the ific bank and follows the certified explanation standard.
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