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Why do I have to complete an application to enroll in a mutual fund? |
I wan to invest in mutual funds. I am finding out I have to apply to turn my money over to someone. Please explain why this and can I be denied to invest in mutual funds? The application determines several things. 1. they need to know how to register your account. 2. They like to determine that products are suitable, if they're recommending any. 3. You have to pay taxes on your earnings and cap gains so they need to know your information for any tax forms. 4. They're making sure you're not a terrorist..( Sarbanes Oxley)... And could be others, depends on the application you have. Its like a bank account. They have to be sure who you are and also make sure you havent committed fraud before. |
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