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CIRO CIRE Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Conflicts of interest and ethics | 15% | - Information controls, barriers, firewalls and restricted lists - Inappropriate or prohibited personal financial dealings with clients - Ethical and legal responsibilities to clients - Requirements regarding positions of influence - Activities outside an Investment Dealer - Role of cybersecurity in protecting confidential information - Ethical principles and standards of conduct for Approved Persons and Investment Dealers - Importance of ethics and its relationship to rules - Conflicts of interest management process - Client confidentiality policies and procedures - Importance of managing conflicts of interest - CIRO and other ethical standards of conduct |
| Topic 2: Derivatives | 5% | - Prohibited derivative trading practices - Basic uses of derivatives - Single and multi-legged derivative trading strategies - Listed versus over-the-counter derivative markets - Basic transactional elements of futures and options - Features of other derivative contract types - Administrative requirements for derivative trading with clients - Features of options contract types |
| Topic 3: Client complaint handling and reporting | 5% | - Investment Dealer complaint reporting obligations and penalties - Investment Dealer obligations to clients - Role of CIRO and provincial regulators in the complaints handling framework - Potential client issues, liability and consequences - Recourse available to dissatisfied clients - Policies and procedures for reporting, handling and maintaining complaint records - Prohibited practices in client settlement agreements |
| Topic 4: Market and company analysis | 8% | - Rules relating to companies - Basic market theories and stock market behaviour - Factors influencing the macroeconomy - Effects of macroeconomic factors on financial markets - Basic economic theories - Industry performance analysis - Company performance analysis tools - Economic indicators and sources of information - Technical and statistical analysis tools and information sources |
| Topic 5: Overview of Canadian securities regulatory framework | 10% | - Role and authority of the Canadian Securities Administrators and provincial and territorial securities and derivatives regulators - Role and authority of the Canadian Investment Regulatory Organization - Criminal Code and its application to financial crime - Investment Dealer registration and individual approval requirements - Purpose and implications of the Bank Act and Bankruptcy and Insolvency Act - Function and purpose of clearing agencies - Function and purpose of other investment industry regulators and agencies - Function and purpose of investment industry marketplaces - Anti-money laundering and anti-terrorist financing legislation and regulations - Function and purpose of the Canadian Investor Protection Fund - Other applicable laws including confidentiality, privacy, anti-spam, company disclosure and shareholder rights |
| Topic 6: Scope of client relationships | 15% | - Account appropriateness obligations - Role of the Investment Representative in providing client service - Investment performance benchmarks - Suitability determination requirements for retail clients - Trust, agency and fiduciary duty - Institutional client sophistication assessment and suitability exemptions - Account appropriateness versus suitability determination - Purpose and content of relationship disclosure - Know-your-product obligations - Role of the Registered Representative in providing client service - Systematic approaches to investment management and investment strategies - Product due diligence obligations - Internal escalation procedures and subject matter experts - Exemptions from suitability determination requirements - Typical services provided by retail Investment Dealers - Requirements for working with clients in the United States and other foreign jurisdictions - Typical services provided by institutional Investment Dealers |
| Topic 7: Securities, managed products, mutual funds and other investments | 19% | - Considerations affecting equity investors and potential shareholders - Features, risks and returns of managed products - Considerations affecting managed product investors - Types of pooled products - Types, features, risks and returns of fixed income securities and products - Considerations affecting mutual fund investors - Types, features, risks and returns of equities - Considerations affecting fixed income investors - Other investments including hedge funds, structured products, alternative investment funds, crypto assets and ESG-related products - Considerations affecting exchange-traded fund investors - Asset classes generally sold and traded at an Investment Dealer - Purpose and uses of market indices |
| Topic 8: Prospective client relationships | 10% | - Client record documentation, filing and maintenance - Institutional client qualification requirements - Differences between retail and institutional clients - Client relationship model - Role of cost in product selection - Impact of fees, turnover and taxes on investment returns - Required account agreement and Firm Welcome package documents - Third parties and other professionals in the client's life - Exemptions under National Instrument 45-106 - Investment Dealer onboarding process - Retail client information collection |
| Topic 9: Market integrity, trade execution and settlement | 12% | - Features of different order types - Specialized trading agreements for derivative accounts - Order variations, cancellations and corrections - UMIR gatekeeping obligations - Features of different account types - Order confirmation requirements - Functions of investment banking, research and corporate finance - Gatekeeping requirements for manipulative and deceptive practices, unacceptable activities and front running - Universal Market Integrity Rules - Reporting obligations to firms and regulators - Order entry, trade management, settlement and delivery - Margin requirements |
CIRO Canadian Investment Regulatory Sample Questions:
Question 1
What is the role of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) in the investment industry sector?
A. To manage clearing and settlement of trades
B. To regulate investment advisors and Investment Dealers
C. To monitor and report on suspicious financial transactions
D. To enforce securities laws across provinces
Question 2
A compliance officer at an Investment Dealer notices a significant increase in trades of low-liquidity stocks. What is the most likely compliance issue?
A. Potential market manipulation or insider trading
B. Insufficient diversification in the client's portfolio
C. Failure to file taxes on the proceeds from the trades
D. Inaccurate records of the trades executed
Question 3
A shareholder in Canada receives a dividend payment from a Canadian corporation. Which of the following best describes how dividends are typically received in Canada?
A. Dividends are declared and distributed after shareholders submit a claim of dividend
B. Dividends are automatically reinvested unless the shareholder opts out
C. Dividends are paid in a combination of stock and cash, where shareholders decide case by case
D. Dividends are paid directly to the shareholder's bank or brokerage account
Question 4
Which of the following reflects the CIRO standards of conduct in relation to client interaction?
A. Regulated Persons must be open and fair in the disclosure to clients of any price sensitive information
B. Emphasize the positive aspects of an investment opportunity to maintain the client's confidence in the integrity of the markets
C. An unreasonable departure from the standards expected of a Regulated Person is acceptable in isolated situations
D. Disclosure of complex investment risks can be withheld if to disclose could be detrimental to the firm's interests
Question 5
An investment advisor is discussing the risks of investing in crypto assets with a client. Which of the following is a typical feature of crypto assets?
A. They are intangible so have no opportunity for long term gain
B. The heavy regulatory burden leads to high associated costs
C. Their value can be highly volatile, subject to market speculation
D. They are prone to sudden increases in supply diluting the price
Solutions:
| Question 1 Answer: C | Question 2 Answer: A | Question 3 Answer: D | Question 4 Answer: A | Question 5 Answer: C |
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