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Do you know understand your DDO obligations?
1. When do DDO obligations apply?
Dealing in a financial product in relation to a retail client
Giving a retail client a prospectus or PDS
Providing financial product advice in relation to the product
All of the above
2. Which of the following is NOT required in a target market determination (TMD)?
Describe the class of consumers that comprise the target market of the product
A summary of the marketing strategy for the financial product
Specify conditions and restrictions that will apply to the distribution of the product
Specify events and circumstances which mean the TMD is no longer appropriate
Specify the maximum period of time between TMD review periods
3. Can you combine more than one financial product in one TMD?
True - yes, where appropriate
False – not in any circumstances
4. Which of the following is NOT an obligation for distributors?
Making a TMD for a financial product
Taking reasonable steps that will or are likely to result in distribution being consistent with the most recent TMD
Notifying the issuer of significant dealings, and providing the issuer with other required information
Keeping appropriate records
5. An issuer must notify ASIC as soon as practicable in writing and in any case within ____ business days after becoming aware of ‘significant dealing’:
10 business days
1 business day
30 business days
28 business days
6. Which of the following is NOT a power ASIC possesses in relation to their administration of the design and distribution obligations?
Stop order power
Discretionary power to provide relief to consumers
Enforcement action
None of the above
7. The following is an exhaustive list of all the records distributors must collect and maintain for 7 years in relation to DDO requirements:
all target market determinations for the product;
review triggers for those target market determinations;
review periods for those target market determinations;
any significant dealings in the product; and
steps taken in relation to the product as required by section 994E (reasonable steps to ensure consistency with the target market determination).
True
False
8. The design and distribution obligations require issuers to design appropriate financial products by requiring issuers and distributors to have a _______ to the design and distribution of products:
Risk-management approach
Consumer-centric approach
Compliance-focused approach
Cost-saving approach
9. Product issuers are not allowed to be distributors as well, unless covered by an exemption listed in Chapter 7 of the
Corporations Act 2001
.
True
False
10. Which of the following is a review trigger for a TMD?
Circumstances that materially change a factor taken into account in making a TMD
Whether the product is being purchased and distributed as envisaged
The product is no longer consistent with the likely objectives, financial situation and needs of consumers in the target market
The nature and extent of any feedback received from those who distribute or acquire the product
All of the above
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