SEC Certified Investment Solicitor (CIS) Practice Questions - SEC Phase 2-7A Certified Investment Solicitor (CIS) Exam - Philippines Exam

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According to Section 15 of the Investment Company Act (RA 2629), what is the minimum percentage of the board of directors of an investment company that must NOT be interested persons (i.e., must be independent)?

At least 20% At least 40% At least 50% At least 60%

Correct Answer:

At least 40%

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