7. What is the main practice that an IA should adopt when making a suitability determination and recommendation for a new product? a. Issuer information. b. Third party information. c. Adequate due diligence review. d. Market participant information 8. A formal take-over bid involves an offer to acquire what minimum percentage of outstanding voting shares or equity securities of a target company? a. 5% b. 10% c. 15% d. 20% 9. When must a client's identity be verified when opening a new account? a. Within 3 months of the account opening. b. Within 6 months of the account opening. c. Within a reasonable period of time. d. Before any securities transactions are allowed 10. Which types of accounts are IIROC dealer members prohibited from maintaining? a. Holding companies. b. Shell banks. c. Foreign institutional accounts. d. Foreign securities dealers. Short-Answer 1. What is mutual fund (market) timing or late trading? Give examples.