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CIRO Daily Challenge — March 24, 2026 | EnCiro | EnCiro

Daily Challenge/March 24, 2026

🔥 Daily ChallengeCIREOverview of Canadian securities regulatory frameworkEasy

A bank wishes to enter the retail sector by selling consumer goods directly in its branches. Why is this activity prohibited?

1 attempts · 100% correct

Banks are restricted to selling only financial products that are insured by the CIPF.

The Bank Act requires all branch activities to be strictly limited to deposit-taking.

Banks cannot engage in activities that compete with their commercial borrowers.

The Bank Act generally prohibits banks from dealing in goods, wares, or merchandise.Correct

Why

Section 410(2) states that except as authorized, a bank shall not deal in goods, wares, or merchandise or engage in any trade.

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