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Question 1 of 10
1. Question
Under which of the following condition a member of the Hearing Panel cannot participate:
I. No relation with the person
II. Has a personal or other direct interest in the matter
III. Has a financial interest in the matter
IV. No such conditions are required
Correct
As per NFA Rule 3-13, No member of the Hearing Panel shall take part in the matter if the member, or any person with whom the member is related, has or is excluded from a political, personal or other direct interest in the matter at issue.
Incorrect
As per NFA Rule 3-13, No member of the Hearing Panel shall take part in the matter if the member, or any person with whom the member is related, has or is excluded from a political, personal or other direct interest in the matter at issue.
Question 2 of 10
2. Question
In case of a hearing which of the following condition(s) are applied?
Correct
According to NFA Rule 3-9, If a hearing is held:
(A) The formal rules of evidence need not apply.
(B) Telephonic or video testimony shall be permitted if ordered by the Hearing Panel.
(C) The Respondent may appear personally, examine any witnesses, call witnesses and present relevant testimony and other evidence.
Incorrect
According to NFA Rule 3-9, If a hearing is held:
(A) The formal rules of evidence need not apply.
(B) Telephonic or video testimony shall be permitted if ordered by the Hearing Panel.
(C) The Respondent may appear personally, examine any witnesses, call witnesses and present relevant testimony and other evidence.
Question 3 of 10
3. Question
Which key factors must be included in the disclosure document of a CPO?
Correct
NFA Rule 2-13, Indicates that the CPO’s disclosure document must include a summary of each cost incurred or anticipated by the pool.
Incorrect
NFA Rule 2-13, Indicates that the CPO’s disclosure document must include a summary of each cost incurred or anticipated by the pool.
Question 4 of 10
4. Question
Which key factors should the disclosure document of a CTA consist of?
Correct
Keeping in mind NFA Rule 2-13, a CTA disclosure document to explain each fee charged by the CTA to the consumer.
Incorrect
Keeping in mind NFA Rule 2-13, a CTA disclosure document to explain each fee charged by the CTA to the consumer.
Question 5 of 10
5. Question
Which is the common information that should be included in the disclosure document of a CPO and the disclosure document of a CTA?
Correct
According to NFA Rue 2-13, it requires CPOs and CTAs to disclose all “material” information in the disclosure documents respectively.
Incorrect
According to NFA Rue 2-13, it requires CPOs and CTAs to disclose all “material” information in the disclosure documents respectively.
Question 6 of 10
6. Question
Which of the following factors can have a significant impact on the net opening equity of pools and managed accounts:
I. Performance records
II. Upfront fees
III. Trading program
IV. Charges
Correct
According to NFA Rule 2-13, upfront fees and charges can have a significant impact on the net opening equity of pools and managed accounts.
Incorrect
According to NFA Rule 2-13, upfront fees and charges can have a significant impact on the net opening equity of pools and managed accounts.
Question 7 of 10
7. Question
Which factor is responsible for the rate of return figures reflected on a CPO’s or CTA’s required past performance presentation?
Correct
According to NFA Rule 2-13, the impact of the upfront charges on net performance must be included in the rate of return figures reflected on a CPO’s or CTA’s required past performance presentation.
Incorrect
According to NFA Rule 2-13, the impact of the upfront charges on net performance must be included in the rate of return figures reflected on a CPO’s or CTA’s required past performance presentation.
Question 8 of 10
8. Question
To whom must the disclosure document must disclose upfront fees and expenses?
Correct
According to NFA Rule 2-13, The disclosure document must disclose upfront fees and expenses, if any, to participants in a pool or clients in a managed account.
Incorrect
According to NFA Rule 2-13, The disclosure document must disclose upfront fees and expenses, if any, to participants in a pool or clients in a managed account.
Question 9 of 10
9. Question
On which of the following factors the investor must have the complete knowledge of its factors:
I. Amount of fees
II. Amount of expenses
III. The impact of the cost of fees and expenses on the return
IV. The impact of the cost of fees on the return
Correct
According to NFA RULE 2-13, Investors should be fully aware not only of the magnitude of such fees and expenses but also of their effect on the return that must be made in order to break even at the end of the first year of the investor or the net income that will be available for future trading at the outset.
Incorrect
According to NFA RULE 2-13, Investors should be fully aware not only of the magnitude of such fees and expenses but also of their effect on the return that must be made in order to break even at the end of the first year of the investor or the net income that will be available for future trading at the outset.
Question 10 of 10
10. Question
Which is the distinguishing factor that has to be presented in a disclosure document of a CPO but not necessarily in the disclosure document of a CTA?
Correct
According to NFA Rule 2-13, For a CPO, provides that the disclosure document of a CPO must include in the manner described break-even analysis. CTAs may provide similar information through either the use of break-even analysis that meets the requirements of Rule 2-13 of enforcement.
Incorrect
According to NFA Rule 2-13, For a CPO, provides that the disclosure document of a CPO must include in the manner described break-even analysis. CTAs may provide similar information through either the use of break-even analysis that meets the requirements of Rule 2-13 of enforcement.
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