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25 Cards in this Set
- Front
- Back
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When a firm also has a chief operating officer which middle office departments directly report to him? |
Aal Auditing, Accounting, Legal, |
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To whom compliance head reports directly to? |
Firm's president who who is also the firm's ultimate designated person . UDP |
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In middle office heads, who reports directly to the president and has a dotted line reporting relationship to the chief operating officer? |
Chief compliance officer |
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In the case of small to medium sized firms, some of functions of middle office are consolidated or outsourced except which department By regulation must be staffed by an employee of the firm? |
Compliance |
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What is the 2nd name of the back office component of an investment management firm? |
The Cage |
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The roles and responsibilities of the compliance function focus on 3 primary areas. What are they? |
Licensing and regulatory reporting, Sales and marketing and Client service, Portfolio management |
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What is the primary objective of a firm's back office? |
Settle security transactions efficiently and effectively,
6.14 |
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Key best practices of compliance function are? |
Leadership, communication with regulators, approval of new products, approval of new distributors, approval of personal trading, STP
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Best practices of legal function are? |
Reporting, new product creation, new contract approval, |
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Best practices of auditing function are? |
Reporting, audit privileges with 3rd party contractors
( Scotiabank can audit charlie !) |
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Best practices of accounting function are? |
Reporting, STP |
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Best practices of back office function are? |
Reporting, STP |
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Out of four best practices of the functions of middle and back office , which one does not have a reporting practice ? |
Compliance |
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Out of all four functions of middle and back office, which ones have the exact same best practices? |
Accounting and back office, (Reporting and STP) |
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The executed trade which was placed through STP trading is transmitted electronically to 4 parties. What are those 4 parties ? |
Portfolio manager, Back office, Custodians, Counterparty broker |
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Which areas of the firm has an audit cycle of 1 year at minimum? |
Portfolio management, Sales and marketing, Accounting, |
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Out of 3 primary rules and responsibilities of a firm's accounting function, which function deals with STP system? |
Fund accounting |
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For funds contributions and withdrawals accounting , Whare are the 2 sources that accounting department obtains the information from? |
Sales and marketing and clients service, Custodian 12 |
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For fund's security holdings accounting, what are the 2 sources that accounting department obtains the information from? |
Back office Custodian |
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For fund's market value of individual security accounting purposes, What are 3 sources that accounting department obtains the information from? |
Custodian, data suppliers, (Bloomberg or Reuters) 3rd independent source
12 |
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The number of security transactions of firm generates depends on a number of factors. What are they? |
# of mandates , Type of mandates, Geographic aspect such as domestic or global, Trading philosophy, |
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What is the most important determining factor that affect an investment management firm's security trading volume? |
Trading philosophy |
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What are the primary roles and responsibilities of a firm's accounting function? |
Financial accounting services, Fund accounting, Unitholder record-keeping, Ladies accountants are only looking for Fas(t) Faac , then keep your records |
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External Auditing, What are the two instances that a firm musted be audited externally? |
Audited financial statement of the firm itself Audit of investment funds including fund's propectus, offering memorandum, limited partnership, |
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Out of all functions of middle and back office, which departments have STP ? |
Compliance, Accounting,Back office |
