CIFC Exam Dumps | Which of the following statements about nominee name accounts is TRUE?

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IFSEInstitute.CIFC.v2024-07-30.q103
Question 72

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Question 72/103

Which of the following statements about nominee name accounts is TRUE?

A. The dealer is the registered owner of the account and holds funds in trust for the client.

B. Discretionary trading on a client's account, without specific instructions, is permitted.

C. Holding accounts in nominee name means the client no longer needs to provide any trading instructions.

D. A Limited Trading Authorization (LTA) is necessary since the dealer, and not the client, is the registered owner of the mutual funds.

Correct Answer: A

Explanation
A nominee name account is a type of account where the dealer, not the client, is the registered owner of the mutual funds held in the account. The dealer holds the funds in trust for the client and acts as the nominee for the client. The client is the beneficial owner of the funds and retains all the rights and benefits associated with the ownership. The dealer is responsible for maintaining the records of the client's transactions and holdings, and for providing the client with confirmations, statements, and tax slips.
References = Canadian Investment Funds Course, Unit 8: Mutual Fund Administration, Lesson 1: Account Registration, Section 8.1.2: Nominee Name Accounts1; CIFC prepkit, Chapter 8: Mutual Fund Administration, Question 8.1.2 2

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