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Exam Series 6 topic 1 question 266 discussion

Actual exam question from FINRA's Series 6
Question #: 266
Topic #: 1
[All Series 6 Questions]

The board of directors of a mutual fund is responsible for:
I. authorizing purchases and sales of securities made by the fund.
II. approving the funds contract with its investment adviser.
III. ensuring that the fund complies with federal securities laws regarding such issues as 12b -1 fees.
IV. establishing the funds dividend and capital gains policy.

  • A. I and IV only
  • B. I, II, and IV only
  • C. II, III, and IV only
  • D. I, II, III, and IV
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Suggested Answer: C 🗳️
The board of directors of a mutual fund is responsible for the activities described in Selections II, III, and IV only. The board is responsible for approving the funds contract with its investment adviser, ensuring that the fund complies with federal securities laws regarding such issues as 12b-1 fees, and establishing the funds dividend and capital gains policy. It is not involved in the funds day-to-day operations, such as the purchases and sales of securities as described in Selection I.
by lolojepu at April 6, 2025, 1:29 a.m.

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