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CIRO CIRE Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Securities, managed products, mutual funds and other investments | 19% | - Considerations affecting equity investors and potential shareholders - Features, risks and returns of managed products - Purpose and uses of market indices - Asset classes generally sold and traded at an Investment Dealer - Considerations affecting mutual fund investors - Considerations affecting managed product investors - Types, features, risks and returns of fixed income securities and products - Considerations affecting fixed income investors - Types, features, risks and returns of equities - Types of pooled products - Other investments including hedge funds, structured products, alternative investment funds, crypto assets and ESG-related products - Considerations affecting exchange-traded fund investors |
| Client complaint handling and reporting | 5% | - Role of CIRO and provincial regulators in the complaints handling framework - Prohibited practices in client settlement agreements - Investment Dealer complaint reporting obligations and penalties - Investment Dealer obligations to clients - Policies and procedures for reporting, handling and maintaining complaint records - Recourse available to dissatisfied clients - Potential client issues, liability and consequences |
| Derivatives | 5% | - Prohibited derivative trading practices - Features of other derivative contract types - Basic transactional elements of futures and options - Administrative requirements for derivative trading with clients - Basic uses of derivatives - Listed versus over-the-counter derivative markets - Features of options contract types - Single and multi-legged derivative trading strategies |
| Scope of client relationships | 15% | - Know-your-product obligations - Typical services provided by institutional Investment Dealers - Account appropriateness versus suitability determination - Investment performance benchmarks - Product due diligence obligations - Exemptions from suitability determination requirements - Role of the Investment Representative in providing client service - Institutional client sophistication assessment and suitability exemptions - Internal escalation procedures and subject matter experts - Suitability determination requirements for retail clients - Account appropriateness obligations - Typical services provided by retail Investment Dealers - Purpose and content of relationship disclosure - Role of the Registered Representative in providing client service - Trust, agency and fiduciary duty - Systematic approaches to investment management and investment strategies - Requirements for working with clients in the United States and other foreign jurisdictions |
| Conflicts of interest and ethics | 15% | - Requirements regarding positions of influence - CIRO and other ethical standards of conduct - Importance of managing conflicts of interest - Conflicts of interest management process - Importance of ethics and its relationship to rules - Information controls, barriers, firewalls and restricted lists - Inappropriate or prohibited personal financial dealings with clients - Role of cybersecurity in protecting confidential information - Client confidentiality policies and procedures - Ethical and legal responsibilities to clients - Activities outside an Investment Dealer - Ethical principles and standards of conduct for Approved Persons and Investment Dealers |
| Market and company analysis | 8% | - Rules relating to companies - Technical and statistical analysis tools and information sources - Basic market theories and stock market behaviour - Company performance analysis tools - Effects of macroeconomic factors on financial markets - Basic economic theories - Industry performance analysis - Factors influencing the macroeconomy - Economic indicators and sources of information |
| Market integrity, trade execution and settlement | 12% | - Specialized trading agreements for derivative accounts - Features of different account types - Reporting obligations to firms and regulators - Universal Market Integrity Rules - Gatekeeping requirements for manipulative and deceptive practices, unacceptable activities and front running - UMIR gatekeeping obligations - Features of different order types - Order entry, trade management, settlement and delivery - Order variations, cancellations and corrections - Order confirmation requirements - Margin requirements - Functions of investment banking, research and corporate finance |
| 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 - 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 - Other applicable laws including confidentiality, privacy, anti-spam, company disclosure and shareholder rights - Investment Dealer registration and individual approval requirements - Criminal Code and its application to financial crime - Purpose and implications of the Bank Act and Bankruptcy and Insolvency Act - Function and purpose of the Canadian Investor Protection Fund |
| Prospective client relationships | 10% | - Client relationship model - Investment Dealer onboarding process - Required account agreement and Firm Welcome package documents - Retail client information collection - Institutional client qualification requirements - Impact of fees, turnover and taxes on investment returns - Client record documentation, filing and maintenance - Exemptions under National Instrument 45-106 - Differences between retail and institutional clients - Third parties and other professionals in the client's life - Role of cost in product selection |
CIRO Canadian Investment Regulatory Sample Questions:
Canadian Registered Representatives (RRs) providing investment advice to U.S. clients may need to do which of the following?
- A. Register with the U.S. Securities Exchange Commission or state authorities
- B. Restrict advice to U.S. clients only to Canadian securities and avoid U.S. products
- C. Rely solely on Canadian registration and exemptions to advise U.S. clients
- D. Provide the relationship disclosure to the client within 5 business days
Correct Answer: A 🗳️
Explanation: Only visible for Prep4pass members. You can sign-up / login (it's free).
What is the function of the Canadian Securities Administrators (CSA) in regulating alternative trading systems (ATS)?
- A. To regulate the conduct of individual Investment Dealers on ATS platforms
- B. To ensure ATS platforms comply with securities laws and maintain transparency
- C. To manage the clearing and settlement of trades executed on ATS
- D. To approve all trades placed and executed on ATS platforms
Correct Answer: B 🗳️
Explanation: Only visible for Prep4pass members. You can sign-up / login (it's free).
Which of the following scenarios best illustrates the use of derivatives for risk management through hedging?
- A. An investor buys call options on a stock, anticipating its price will rise in the near future
- B. A company purchases a forward contract to lock in a fixed exchange rate for a future international transaction
- C. A hedge fund uses leverage in derivatives to amplify potential returns in its portfolio
- D. A trader enters into a speculative futures contract to capitalize on anticipated price movements in crude oil
Correct Answer: B 🗳️
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What role do margin requirements play in managing risk for both short and long positions?
- A. They apply exclusively to short positions, with no impact on long positions
- B. They increase the amount of capital needed but do not reduce the leverage available
- C. They require clients to maintain sufficient funds to cover losses in both short and long positions
- D. They are not enforced for accounts where trades are executed at the dealer's discretion
Correct Answer: C 🗳️
Explanation: Only visible for Prep4pass members. You can sign-up / login (it's free).
Investment Dealers must provide relationship disclosure to which of the following types of clients?
- A. All clients except non-discretionary clients
- B. All clients except Retail Clients
- C. All clients except Institutional Clients
- D. All clients except managed clients
Correct Answer: C 🗳️
Explanation: Only visible for Prep4pass members. You can sign-up / login (it's free).
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