CIRO Canadian Investment Regulatory : CIRE

  • Exam Code: CIRE
  • Exam Name: Canadian Investment Regulatory Exam
  • Updated: Aug 26, 2026
  • Q & A: 112 Questions and Answers

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CIRO CIRE Exam Syllabus Topics:

SectionWeightObjectives
Topic 1: Overview of Regulatory Framework~10%- Market Infrastructure and Protection Funds
- Securities Legislation and Regulators (CSA, CIRO, FINTRAC)
Topic 2: Prospective Client Relationships~10%- Relationship Discovery and Qualification
- Know Your Prospect (KYP) and Disclosures
Topic 3: Market Integrity, Trade Execution and Settlement~12%- UMIR and Market Integrity Rules
- Order Types, Execution and Settlement Processes
Topic 4: Market and Company Analysis~8%- Fundamental and Technical Analysis
- Investment Performance Benchmarks
Topic 5: Derivatives Fundamentals~5–8%- Options, Futures and Forwards Basics
- Risk and Suitability for Derivatives
Topic 6: Conflicts of Interest and Ethics~14–15%- Client-Focused Reforms and Ethical Standards
- Conflict Identification, Disclosure and Management
Topic 7: Scope of Client Relationship, KYC and Suitability~15–18%- Know Your Client (KYC) Requirements
- Suitability Assessment and Obligations
Topic 8: Client Complaint Handling and Reporting~5%- Complaint Management Framework
- Escalation, Recordkeeping and Reporting
Topic 9: Securities and Managed Products~19%- Equities, Fixed-Income and Managed Products
- Fund Structures and Product Characteristics

CIRO Canadian Investment Regulatory Sample Questions:

1. What is the purpose of an Investment Dealer obtaining the contact information of a trusted contact person?

A) To address potential concerns regarding financial exploitation of the client
B) To bypass the client's decision-making authority in financial matters
C) To obtain investment advice from the trusted contact person
D) To serve as a legal representative for the client


2. A client calls their Investment Dealer to cancel an order to purchase 1,000 shares of a stock. However, the order has already been executed. What is the Investment Dealer's most appropriate action in this situation?

A) The dealer should inform the client they need to file a request with the exchange to cancel order
B) The dealer should inform the client that the order has already been executed and that it cannot be undone
C) The dealer should cancel the order as per the client's request, regardless of the execution status
D) The dealer should try to reverse the trade as soon as possible by executing a new opposing trade


3. In relation to suitability which of the following is true?

A) There can only be one suitable recommendation balancing client and dealer interests
B) There may be multiple suitable recommendations that put the client's interest first
C) There can only be one suitable recommendation that puts the client's interest first
D) There may be multiple recommendations that prioritize both client and dealer interests


4. When must costs associated with an investment product be disclosed to a client?

A) Disclosure of costs is optional if the product exceeds its benchmark
B) During the initial onboarding process and when recommending products
C) In the transaction confirmation after the product has been purchased
D) Only when the client requests specific information about costs


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: B
Question # 3
Answer: B
Question # 4
Answer: B
Question # 5
Answer: B

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