In the context of product producers, which combination of entities is permitted to operate as product producers to investment intermediaries?

• A. (i) only.
• B. (i) and (ii) only.
• C. (i) and (iii) only.
• D. (i), (ii) and (iii).

Answer: (C)

Product producers are the entities that take responsibility for creating and governing investment products that investment intermediaries will sell. The regulator expects these producers to have clear product design responsibility, robust disclosures for intermediaries and clients, and ongoing oversight of risk and performance. Two category types fit these duties and are therefore permitted to operate as product producers to intermediaries. The other category does not meet the necessary design/oversight requirements, so it cannot act as a product producer. So, the allowed arrangement is the one that includes the two compliant types and excludes the non-compliant category, ensuring proper product governance and accountability in the distribution chain.