26 . Universal banks are 4 ) Commercial banks operating in Canada prior to the financial industry reform in 1985 B ) Financial institutions that can engage in deposit taking , making Loans , brokerage activities , securities underwriting and offering insurance services ( ) Commercial banks that can also sell universal life insurance policies D ) Investment banks organized in the form of a financial holding company 27 . In a bought deal , the risk is borne by A ) An investment banker B ) An issuer C ) Investors D ) A selling syndicate 28 . Which of the following service is not provided by closed -end investment companies 4 ) Transaction cost economies B ) Risk diversification ( ) Maturity intermediation D ) Shared costs of investment management