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Question 1 of 10
1. Question
Who of the following is required to prepare for the disclosure documents required by the National Futures Association?
Correct
The Commodity Pool Operators (CPO) are the ones who prepare disclosure documents. These documents shall be delivered prior to or when it delivers the pool subscription agreement to the participant. It may be delivered to the prospective pool participant as required by the National Futures Association.
Incorrect
The Commodity Pool Operators (CPO) are the ones who prepare disclosure documents. These documents shall be delivered prior to or when it delivers the pool subscription agreement to the participant. It may be delivered to the prospective pool participant as required by the National Futures Association.
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Question 2 of 10
2. Question
Which of the following is an exception in requiring a disclosure document?
I. If the pool participant is another pool operated by the same Commodity Pool Operator
II. If the National Futures Association filed an exception notice
III. If the pool participant is not operated by the controlling Commodity Pool Operator
IV. If the offering of pools were exclusive only to a Qualified Eligible Persons (QEPs)Correct
A document may not be required to be delivered. There are certain exceptions in delivering the disclosure documents. If the Commodity Pool Operator is offering a pool exclusively for the Qualified Eligible Persons, then it may not be required to have disclosure documents. It is also not required to disclose the pool participant which is operated by the same Commodity Pool Operator. The exception notice is provided by the National Futures Association. If the pool participant is not operated by the controlling Commodity Pool Operator, then it is not an exception in a disclosure document.
Incorrect
A document may not be required to be delivered. There are certain exceptions in delivering the disclosure documents. If the Commodity Pool Operator is offering a pool exclusively for the Qualified Eligible Persons, then it may not be required to have disclosure documents. It is also not required to disclose the pool participant which is operated by the same Commodity Pool Operator. The exception notice is provided by the National Futures Association. If the pool participant is not operated by the controlling Commodity Pool Operator, then it is not an exception in a disclosure document.
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Question 3 of 10
3. Question
Which of the following parts are needed in a document for public commodity pools?
I. Statement of financial position
II. Statement of changes in owners equity
III. Disclosure documents
IV. Statement of additional informationCorrect
Both the disclosure documents and the Statement of Additional Information (SAI) are the two parts needed in a document for public commodity pools. There are certain guidelines for commodity pools in providing the disclosure documents. The two parts of the documents to be submitted are required by the SEC or the state securities administrators.
Incorrect
Both the disclosure documents and the Statement of Additional Information (SAI) are the two parts needed in a document for public commodity pools. There are certain guidelines for commodity pools in providing the disclosure documents. The two parts of the documents to be submitted are required by the SEC or the state securities administrators.
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Question 4 of 10
4. Question
When shall the required documents for CPO for public pool operators be submitted?
Correct
The required documents for CPO shall be submitted prior to accepting or receiving any funds. These documents shall include the disclosure documents and the statement of additional information. If the documents are not specifically required by the CFTC, it shall appear on the statement of additional information.
Incorrect
The required documents for CPO shall be submitted prior to accepting or receiving any funds. These documents shall include the disclosure documents and the statement of additional information. If the documents are not specifically required by the CFTC, it shall appear on the statement of additional information.
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Question 5 of 10
5. Question
Which of the following statements are incorrect regarding the disclosure documents of the private placement commodity pools?
I. The private placement commodity pools are not required to prepare the disclosure documents.
II. The private placement commodity pools are not required to prepare the Statement of Additional Information.
III. The private placement commodity pools are required to prepare the disclosure documents.
IV. The private placement commodity pools are required to prepare the Statement of Additional Information.Correct
The disclosure documents and the Statement of Additional Information are not required to be prepared for private placement commodities. It may be provided only if the CPO chooses to disclose the information as required by the CFTC. It may not be required to be provided, but the notice shall be made to the clients that such a document exists.
Incorrect
The disclosure documents and the Statement of Additional Information are not required to be prepared for private placement commodities. It may be provided only if the CPO chooses to disclose the information as required by the CFTC. It may not be required to be provided, but the notice shall be made to the clients that such a document exists.
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Question 6 of 10
6. Question
Which of the following information may appear in the Statement of Additional Information as the CPO elects to disclose?
I. Information not specifically required by the Commodity Futures Trading Commission
II. Information not specifically required by the Securities and Exchange Commission
III. Information not specifically required by the state security administrators
IV. Information not specifically required by the Department of JusticeCorrect
The information which is not specified as a requirement by the Commodity Futures Trading Commission, Security and Exchange Commission, and the state security administrators shall be mentioned in the Statement of Additional Information. This disclosure document shall be provided by the Commodity Pool Operator.
Incorrect
The information which is not specified as a requirement by the Commodity Futures Trading Commission, Security and Exchange Commission, and the state security administrators shall be mentioned in the Statement of Additional Information. This disclosure document shall be provided by the Commodity Pool Operator.
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Question 7 of 10
7. Question
How shall the Statement of Additional Information be presented?
I. It shall never be provided separately.
II. It may be provided separately.
III. It may be bound together with the disclosure document.
IV. It shall never be bound together with the disclosure document.Correct
The Statement of Additional Information may be presented in two ways. It may either be presented separately from the disclosure documents or be bound together. Upon request, the information which is not specifically required by the Commission may be shown in a Statement of Additional Information.
Incorrect
The Statement of Additional Information may be presented in two ways. It may either be presented separately from the disclosure documents or be bound together. Upon request, the information which is not specifically required by the Commission may be shown in a Statement of Additional Information.
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Question 8 of 10
8. Question
What shall be seen in a Statement of Additional Information is prepared by the Commodity Pool Operator?
I. The date of the disclosure document
II. The name of the commodity pool
III. The location of its preparation
IV. The authorized person who may have accessCorrect
In preparing a Statement of Additional Information, the date of the document and the name of the commodity pool shall be provided. In the cover page of the Statement of Additional Information, a table of contents must be seen for the users’ guidance in reviewing and accessing it.
Incorrect
In preparing a Statement of Additional Information, the date of the document and the name of the commodity pool shall be provided. In the cover page of the Statement of Additional Information, a table of contents must be seen for the users’ guidance in reviewing and accessing it.
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Question 9 of 10
9. Question
Which of the following is not a requirement in presenting the disclosure documents?
Correct
A disclosure document that contains a long paragraph and sentences shall be prohibited. In presenting documents, users focus on the significant information which are straight to the point. It must contain active voices and multiple negatives shall be avoided. It is also a requirement to write the documents in English which is understood by majority of its users.
Incorrect
A disclosure document that contains a long paragraph and sentences shall be prohibited. In presenting documents, users focus on the significant information which are straight to the point. It must contain active voices and multiple negatives shall be avoided. It is also a requirement to write the documents in English which is understood by majority of its users.
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Question 10 of 10
10. Question
Which of the following shall be avoided in writing a disclosure document?
Correct
Legal jargon and highly technical terms are the most important things to avoid in writing a disclosure document. Concrete words shall be used instead. The technical terms mentioned in the document shall also have its glossary to define those terms. It is also important to note that information shall be mentioned once to avoid redundancy.
Incorrect
Legal jargon and highly technical terms are the most important things to avoid in writing a disclosure document. Concrete words shall be used instead. The technical terms mentioned in the document shall also have its glossary to define those terms. It is also important to note that information shall be mentioned once to avoid redundancy.