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CIRO CIRE Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Prospective client relationships | 10% | - 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 - Differences between retail and institutional clients - Role of cost in product selection - Investment Dealer onboarding process - Client relationship model - Institutional client qualification requirements - Exemptions under National Instrument 45-106 - Client record documentation, filing and maintenance - Retail client information collection |
| Topic 2: Derivatives | 5% | - Basic transactional elements of futures and options - Basic uses of derivatives - Prohibited derivative trading practices - Administrative requirements for derivative trading with clients - Single and multi-legged derivative trading strategies - Listed versus over-the-counter derivative markets - Features of options contract types - Features of other derivative contract types |
| Topic 3: Overview of Canadian securities regulatory framework | 10% | - Investment Dealer registration and individual approval requirements - Purpose and implications of the Bank Act and Bankruptcy and Insolvency Act - Other applicable laws including confidentiality, privacy, anti-spam, company disclosure and shareholder rights - Function and purpose of investment industry marketplaces - Criminal Code and its application to financial crime - Anti-money laundering and anti-terrorist financing legislation and regulations - Function and purpose of the Canadian Investor Protection Fund - Function and purpose of other investment industry regulators and agencies - Role and authority of the Canadian Investment Regulatory Organization - Function and purpose of clearing agencies - Role and authority of the Canadian Securities Administrators and provincial and territorial securities and derivatives regulators |
| Topic 4: Market and company analysis | 8% | - Company performance analysis tools - Economic indicators and sources of information - Basic market theories and stock market behaviour - Industry performance analysis - Rules relating to companies - Effects of macroeconomic factors on financial markets - Technical and statistical analysis tools and information sources - Factors influencing the macroeconomy - Basic economic theories |
| Topic 5: Conflicts of interest and ethics | 15% | - Information controls, barriers, firewalls and restricted lists - Ethical principles and standards of conduct for Approved Persons and Investment Dealers - Conflicts of interest management process - Requirements regarding positions of influence - Importance of managing conflicts of interest - Inappropriate or prohibited personal financial dealings with clients - Activities outside an Investment Dealer - Client confidentiality policies and procedures - CIRO and other ethical standards of conduct - Importance of ethics and its relationship to rules - Ethical and legal responsibilities to clients - Role of cybersecurity in protecting confidential information |
| Topic 6: Scope of client relationships | 15% | - Exemptions from suitability determination requirements - Investment performance benchmarks - Typical services provided by retail Investment Dealers - Trust, agency and fiduciary duty - Product due diligence obligations - Know-your-product obligations - Account appropriateness obligations - Role of the Investment Representative in providing client service - Requirements for working with clients in the United States and other foreign jurisdictions - Role of the Registered Representative in providing client service - Institutional client sophistication assessment and suitability exemptions - Suitability determination requirements for retail clients - Account appropriateness versus suitability determination - Internal escalation procedures and subject matter experts - Purpose and content of relationship disclosure - Systematic approaches to investment management and investment strategies - Typical services provided by institutional Investment Dealers |
| Topic 7: Client complaint handling and reporting | 5% | - Prohibited practices in client settlement agreements - Potential client issues, liability and consequences - Investment Dealer complaint reporting obligations and penalties - Role of CIRO and provincial regulators in the complaints handling framework - Investment Dealer obligations to clients - Policies and procedures for reporting, handling and maintaining complaint records - Recourse available to dissatisfied clients |
| Topic 8: Securities, managed products, mutual funds and other investments | 19% | - Types of pooled products - Purpose and uses of market indices - Considerations affecting managed product investors - Considerations affecting equity investors and potential shareholders - Types, features, risks and returns of fixed income securities and products - Asset classes generally sold and traded at an Investment Dealer - Considerations affecting fixed income investors - Types, features, risks and returns of equities - Considerations affecting exchange-traded fund investors - Other investments including hedge funds, structured products, alternative investment funds, crypto assets and ESG-related products - Considerations affecting mutual fund investors - Features, risks and returns of managed products |
| Topic 9: Market integrity, trade execution and settlement | 12% | - Gatekeeping requirements for manipulative and deceptive practices, unacceptable activities and front running - Features of different account types - UMIR gatekeeping obligations - Margin requirements - Functions of investment banking, research and corporate finance - Universal Market Integrity Rules - Order entry, trade management, settlement and delivery - Order confirmation requirements - Reporting obligations to firms and regulators - Order variations, cancellations and corrections - Features of different order types - Specialized trading agreements for derivative accounts |
CIRO Canadian Investment Regulatory Sample Questions:
1. When assessing client suitability, what is the difference between risk tolerance and risk capacity?
A) Risk tolerance is the ability to endure financial loss. Risk capacity is willingness to accept risk
B) Risk tolerance is the client's preferred risk level. Risk capacity is the willingness to accept risk
C) Risk tolerance is the ability to endure financial loss. Risk capacity is the client's preferred risk level
D) Risk tolerance is the willingness to accept risk. Risk capacity is the ability to endure financial loss
2. Which of the following best describes the best execution rule?
A) It stipulates that all trades should be executed by the same dealer to maintain consistency
B) It mandates that trades must be executed at the price most favorable to the market participant
C) It ensures that trades are executed at the best possible price and reducing commissions
D) It requires that trades are executed on the most advantageous terms for the client
3. A Registered Representative (RR) determines that an investment strategy is not suitable for a retail client. The client decides that they want to invest anyway. Which of the following should the RR do?
A) Report the request as an unacceptable trade
B) Recommend an alternative action that is suitable
C) Seek advice from a self-regulatory authority
D) Refuse to undertake the investment strategy
4. Which of the following is the primary role of a central bank in managing the macroeconomy?
A) To manage the country's money supply
B) To regulate and monitor the stock market
C) To control the nation's fiscal policy
D) To directly set wages and prices in the economy
5. A trader expects the price of a stock to rise and wants to use a bullish strategy in options trading.
Which of the following strategies should the trader use?
A) Selling a put option
B) Buying a call option
C) Selling a call option
D) Buying a put option
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: D | Question # 3 Answer: B | Question # 4 Answer: A | Question # 5 Answer: B |
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