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CIRO CIRE Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Derivatives | 5% | - Prohibited derivative trading practices - Basic transactional elements of futures and options - Features of options contract types - Administrative requirements for derivative trading with clients - Listed versus over-the-counter derivative markets - Single and multi-legged derivative trading strategies - Features of other derivative contract types - Basic uses of derivatives |
| Topic 2: Scope of client relationships | 15% | - Typical services provided by institutional Investment Dealers - Product due diligence obligations - Role of the Investment Representative in providing client service - Trust, agency and fiduciary duty - Requirements for working with clients in the United States and other foreign jurisdictions - Investment performance benchmarks - Know-your-product obligations - Systematic approaches to investment management and investment strategies - Purpose and content of relationship disclosure - Account appropriateness obligations - Suitability determination requirements for retail clients - Typical services provided by retail Investment Dealers - Internal escalation procedures and subject matter experts - Account appropriateness versus suitability determination - Institutional client sophistication assessment and suitability exemptions - Exemptions from suitability determination requirements - Role of the Registered Representative in providing client service |
| Topic 3: Conflicts of interest and ethics | 15% | - Ethical and legal responsibilities to clients - Requirements regarding positions of influence - Role of cybersecurity in protecting confidential information - Activities outside an Investment Dealer - 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 - CIRO and other ethical standards of conduct - Importance of managing conflicts of interest - Information controls, barriers, firewalls and restricted lists - Inappropriate or prohibited personal financial dealings with clients |
| Topic 4: Prospective client relationships | 10% | - Client record documentation, filing and maintenance - Required account agreement and Firm Welcome package documents - Role of cost in product selection - Institutional client qualification requirements - Retail client information collection - Investment Dealer onboarding process - Client relationship model - Third parties and other professionals in the client's life - Differences between retail and institutional clients - Exemptions under National Instrument 45-106 - Impact of fees, turnover and taxes on investment returns |
| Topic 5: Market integrity, trade execution and settlement | 12% | - Margin requirements - Features of different order types - Order confirmation requirements - Features of different account types - Order variations, cancellations and corrections - Universal Market Integrity Rules - Order entry, trade management, settlement and delivery - UMIR gatekeeping obligations - Functions of investment banking, research and corporate finance - Specialized trading agreements for derivative accounts - Reporting obligations to firms and regulators - Gatekeeping requirements for manipulative and deceptive practices, unacceptable activities and front running |
| Topic 6: Securities, managed products, mutual funds and other investments | 19% | - Considerations affecting fixed income investors - Types, features, risks and returns of fixed income securities and products - Asset classes generally sold and traded at an Investment Dealer - Purpose and uses of market indices - Types of pooled products - Considerations affecting exchange-traded fund investors - Considerations affecting equity investors and potential shareholders - Considerations affecting managed product investors - Features, risks and returns of managed products - Other investments including hedge funds, structured products, alternative investment funds, crypto assets and ESG-related products - Types, features, risks and returns of equities - Considerations affecting mutual fund investors |
| Topic 7: Market and company analysis | 8% | - Factors influencing the macroeconomy - Economic indicators and sources of information - Rules relating to companies - Industry performance analysis - Basic economic theories - Technical and statistical analysis tools and information sources - Basic market theories and stock market behaviour - Effects of macroeconomic factors on financial markets - Company performance analysis tools |
| Topic 8: Overview of Canadian securities regulatory framework | 10% | - Role and authority of the Canadian Investment Regulatory Organization - Investment Dealer registration and individual approval requirements - Function and purpose of clearing agencies - Role and authority of the Canadian Securities Administrators and provincial and territorial securities and derivatives regulators - Anti-money laundering and anti-terrorist financing legislation and regulations - Criminal Code and its application to financial crime - Function and purpose of the Canadian Investor Protection Fund - Function and purpose of other investment industry regulators and agencies - Other applicable laws including confidentiality, privacy, anti-spam, company disclosure and shareholder rights - Function and purpose of investment industry marketplaces - Purpose and implications of the Bank Act and Bankruptcy and Insolvency Act |
| Topic 9: Client complaint handling and reporting | 5% | - Investment Dealer obligations to clients - Potential client issues, liability and consequences - Prohibited practices in client settlement agreements - Recourse available to dissatisfied clients - Role of CIRO and provincial regulators in the complaints handling framework - Policies and procedures for reporting, handling and maintaining complaint records - Investment Dealer complaint reporting obligations and penalties |
CIRO Canadian Investment Regulatory Sample Questions:
1. Which of the following best defines a retail client under CIRO rules?
A) An entity that requires full compliance with suitability and disclosure obligations
B) A government-regulated institution with waived know-your-client (KYC) requirements
C) A client that must meet strict regulatory criteria to qualify as an investor
D) An entity registered under securities law as a regulated dealer
2. An investor is considering mutual funds but has concerns about potential drawbacks. What is one significant disadvantage of investing in mutual funds?
A) Fees and expenses reducing overall returns
B) High diversification in the portfolio
C) Liquidity allowing easy buying and selling
D) Professional management of the fund
3. A Registered Representative (RR) has delegated the collection of know-your-client (KYC) information to an Investment Representative (IR), who updates it every 12 months. Why does this process fail to meet the RR's regulatory obligations?
A) The RR should not delegate the collection of KYC information
B) The IR should update the information every six months
C) The RR is not permitted to give investment advice
D) The IR is not permitted to communicate with clients
4. Which is the best definition of a Registered Representative (RR)?
A) An individual approved by the Canadian Investment Regulatory Organization (CIRO) authorized to trade or advise on securities, options and futures
B) An individual approved by CIRO to trade but not advise on securities, options and futures contracts
C) An individual approved by CIRO authorized to trade or advise on securities, options and futures
D) An organization approved by CIRO authorized to trade or advise on securities, options and futures
5. Before purchasing shares in a publicly traded company, it is important to evaluate a key advantage and disadvantage of share ownership. What should be considered?
A) Share ownership provides limited financial risk but no influence on company direction
B) Share ownership provides potential capital gains and claim on dividends if distributed
C) Share ownership often offers fixed payments and guaranteed principal at maturity
D) Shareholders are generally repaid before bondholders in the event of insolvency
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: A | Question # 3 Answer: A | Question # 4 Answer: A | Question # 5 Answer: B |
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