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CIRO CIRE Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Market integrity, trade execution and settlement | 12% | - Gatekeeping for manipulative and deceptive practices - Order variations, cancellations and corrections - Order entry, trade processing, settlement and delivery - Investment banking, research and corporate finance - Order types - UMIR gatekeeping obligations - Order confirmation requirements - Derivative trading agreements - Reporting obligations - Universal Market Integrity Rules - Margin requirements - Account types |
| Topic 2: Securities, managed products, mutual funds and other investments | 19% | - Managed product investment considerations - Pooled products - Managed products - Asset classes - Fixed income securities and products - Other investments - Equities - Mutual funds - Market indices - Equity investment considerations - Exchange-traded funds - Fixed income investment considerations |
| Topic 3: Conflicts of interest and ethics | 15% | - Ethical principles and standards of conduct - Managing conflicts of interest - Ethical and legal responsibilities to clients - Client confidentiality - Conflict identification, avoidance, addressing and disclosure - Positions of influence - Ethics and regulatory rules - Personal financial dealings with clients - CIRO and other ethical standards - Cybersecurity and confidential information - Information barriers and restricted lists - Outside activities of Approved Persons |
| Topic 4: Client complaint handling and reporting | 5% | - Settlement agreements with clients - Complaint policies, procedures and recordkeeping - Client recourse options - Investment Dealer obligations to clients - Client issues and potential liability - Investment Dealer complaint reporting obligations - CIRO and provincial regulator roles in complaint handling |
| Topic 5: Prospective client relationships | 10% | - Investment Dealer onboarding process - Institutional client qualification - Retail client information and risk profile - Account agreements and welcome documentation - Retail and institutional clients - Third parties and professional advisers - Accredited investors and exemptions - Client relationship model - Costs, fees, turnover and taxes - Client recordkeeping |
| Topic 6: Market and company analysis | 8% | - Industry performance analysis - Macroeconomic factors and policies - Economic information and indicators - Macroeconomic effects on financial markets - Technical and statistical analysis tools - Company regulation, disclosure and investor rights - Company performance analysis - Market theories and stock market behaviour - Basic economic theories |
| Topic 7: Derivatives | 5% | - Transactional elements of futures and options - Listed and over-the-counter derivatives markets - Futures, forwards, swaps and contracts for difference - Prohibited derivative trading practices - Derivative account administration - Derivative trading strategies - Options - Uses of derivatives |
| Topic 8: Overview of Canadian securities regulatory framework | 10% | - Other investment industry regulators and agencies - Canadian Investor Protection Fund - Marketplaces and trading venues - Confidentiality, privacy, anti-spam and shareholder rights legislation - Anti-money laundering requirements - Role and authority of the Canadian Securities Administrators and provincial/territorial securities and derivatives regulators - Bank Act and Bankruptcy and Insolvency Act - Role and authority of the Canadian Investment Regulatory Organization - Clearing agencies - Criminal Code and financial crime - Investment Dealer registration and individual approval requirements |
| Topic 9: Scope of client relationships | 15% | - Institutional Investment Dealer services - Investment performance benchmarks - Account appropriateness - Investment management styles and strategies - Suitability exemptions - Clients residing in the United States and other foreign jurisdictions - Institutional client sophistication and suitability exemptions - Know-your-product requirements - Escalation to subject matter experts - Retail Investment Dealer services - Investment Representative role and client service - Relationship disclosure - Client suitability determination - Trust, agency and fiduciary duty - Product due diligence - Account appropriateness versus suitability - Registered Representative role and client service |
CIRO Canadian Investment Regulatory Sample Questions:
Question #1
What is a potential risk associated with mutual fund corporations?
A. Mutual fund corporations can invest in diversified portfolios freely
B. Switching funds within the corporation generally does not trigger taxation
C. Capital gains within the mutual fund corporation are taxed annually
D. Market volatility impacts the value of investments in the corporation
Question #2
What is the primary use of commodities like soybeans, crude oil, and copper?
A. They are used to profit from fluctuating prices
B. They are used for investment and speculative purposes
C. They are used to protect against fluctuating prices
D. They are used for consumption and industrial purposes
Question #3
An investment firm discovers a minor clerical error that caused a discrepancy in client transaction records. What is the most appropriate action under Investment Dealer and Partially Consolidated (IDPC) rules?
A. Correct the error and report the discrepancy to the Canadian Securities Administrators (CSA)
B. Document the discrepancy for internal audit and address it during review
C. Report the issue to the federal anti-money laundering agency and restrict accounts
D. Correct the error immediately and notify the client of the change
Question #4
An Investment Representative (IR) at an Investment Dealer notices that a long-standing client, who typically trades conservative blue-chip stocks in moderate amounts, has suddenly started making frequent large trades in high-volatility penny stocks. What is the IR's best course of action under gatekeeping regulatory requirements?
A. Detail the client's activity and report it to a Supervisor or compliance
B. Recognize the client has changed their trading strategy and take no further action
C. Monitor the transactions and wait for a regulatory authority to raise concerns
D. Freeze the client's account immediately and report the activity as fraudulent
Question #5
What should a Registered Representative (RR) do if they unintentionally receive insider information about a publicly traded company?
A. Do not act and retain confidentiality to protect the source
B. Refrain from using the information and report to compliance
C. Share the information with trusted colleagues for advice
D. Act on the information to the benefit of their clients
Solutions:
| Question #1 Correct Answer: D | Question #2 Correct Answer: D | Question #3 Correct Answer: D | Question #4 Correct Answer: A | Question #5 Correct Answer: B |
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