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CIRO CIRE Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Market integrity, trade execution and settlement | 12% | - Gatekeeping for manipulative and deceptive practices - Reporting obligations - Derivative trading agreements - Order confirmation requirements - Margin requirements - Universal Market Integrity Rules - Order entry, trade processing, settlement and delivery - Investment banking, research and corporate finance - UMIR gatekeeping obligations - Order variations, cancellations and corrections - Order types - Account types |
| Topic 2: Overview of Canadian securities regulatory framework | 10% | - Anti-money laundering requirements - Other investment industry regulators and agencies - Confidentiality, privacy, anti-spam and shareholder rights legislation - Bank Act and Bankruptcy and Insolvency Act - Role and authority of the Canadian Investment Regulatory Organization - Investment Dealer registration and individual approval requirements - Criminal Code and financial crime - Role and authority of the Canadian Securities Administrators and provincial/territorial securities and derivatives regulators - Marketplaces and trading venues - Clearing agencies - Canadian Investor Protection Fund |
| Topic 3: Client complaint handling and reporting | 5% | - Investment Dealer obligations to clients - CIRO and provincial regulator roles in complaint handling - Complaint policies, procedures and recordkeeping - Client issues and potential liability - Client recourse options - Settlement agreements with clients - Investment Dealer complaint reporting obligations |
| Topic 4: Prospective client relationships | 10% | - Costs, fees, turnover and taxes - Retail client information and risk profile - Investment Dealer onboarding process - Accredited investors and exemptions - Client relationship model - Institutional client qualification - Third parties and professional advisers - Account agreements and welcome documentation - Client recordkeeping - Retail and institutional clients |
| Topic 5: Securities, managed products, mutual funds and other investments | 19% | - Equity investment considerations - Asset classes - Managed products - Mutual funds - Other investments - Fixed income investment considerations - Pooled products - Equities - Exchange-traded funds - Managed product investment considerations - Fixed income securities and products - Market indices |
| Topic 6: Derivatives | 5% | - Options - Derivative account administration - Prohibited derivative trading practices - Uses of derivatives - Listed and over-the-counter derivatives markets - Transactional elements of futures and options - Derivative trading strategies - Futures, forwards, swaps and contracts for difference |
| Topic 7: Conflicts of interest and ethics | 15% | - Ethical and legal responsibilities to clients - Ethical principles and standards of conduct - CIRO and other ethical standards - Outside activities of Approved Persons - Information barriers and restricted lists - Ethics and regulatory rules - Cybersecurity and confidential information - Personal financial dealings with clients - Conflict identification, avoidance, addressing and disclosure - Client confidentiality - Positions of influence - Managing conflicts of interest |
| Topic 8: Scope of client relationships | 15% | - Retail Investment Dealer services - Trust, agency and fiduciary duty - Institutional Investment Dealer services - Know-your-product requirements - Registered Representative role and client service - Relationship disclosure - Product due diligence - Suitability exemptions - Account appropriateness versus suitability - Institutional client sophistication and suitability exemptions - Clients residing in the United States and other foreign jurisdictions - Investment performance benchmarks - Account appropriateness - Investment Representative role and client service - Escalation to subject matter experts - Client suitability determination - Investment management styles and strategies |
| Topic 9: Market and company analysis | 8% | - Market theories and stock market behaviour - Company regulation, disclosure and investor rights - Industry performance analysis - Basic economic theories - Technical and statistical analysis tools - Macroeconomic factors and policies - Economic information and indicators - Company performance analysis - Macroeconomic effects on financial markets |
CIRO Canadian Investment Regulatory Sample Questions:
Question 1
An investment firm discovers a minor clerical error that caused a discrepancy in client transaction records. What is the most appropriate action under Investment Dealer and Partially Consolidated (IDPC) rules?
A. Document the discrepancy for internal audit and address it during review
B. Correct the error immediately and notify the client of the change
C. Correct the error and report the discrepancy to the Canadian Securities Administrators (CSA)
D. Report the issue to the federal anti-money laundering agency and restrict accounts
Question 2
Which of the following accurately describes a key characteristic of mutual fund trusts?
A. They invest in a diversified portfolio of assets and pass on income to unitholders
B. They issue shares that can be traded on the stock exchange, similar to stocks
C. They are restricted to investing in government bonds and cannot hold equity investments
D. They are subject to a flat tax rate, regardless of the income they generate
Question 3
Which of the following reflects the CIRO standards of conduct in relation to client interaction?
A. Disclosure of complex investment risks can be withheld if to disclose could be detrimental to the firm's interests
B. Regulated Persons must be open and fair in the disclosure to clients of any price sensitive information
C. Emphasize the positive aspects of an investment opportunity to maintain the client's confidence in the integrity of the markets
D. An unreasonable departure from the standards expected of a Regulated Person is acceptable in isolated situations
Question 4
Where would a retail client of an Investment Dealer find a description of its complaint handling procedures?
A. The Account Opening Agreement
B. The Relationship Disclosure
C. The know-your-client (KYC) Information Form
D. The Fee Disclosure Document
Question 5
A shareholder owns shares in a company that announces a 2-for-1 stock split. Which of the following most accurately describes the impact of this stock split?
A. The stock split will increase the shareholder's investment value because the company is essentially
"giving" more shares
B. The stock split will decrease the total value of the shareholder's investment, causing the company's market capitalization to shrink
C. The total value of the shareholder's investment will remain the same, but the number of shares owned will double
D. The number of shares owned by the shareholder will increase, but the overall value of the investment will increase as well
Solutions:
| Question 1 Answer: B | Question 2 Answer: A | Question 3 Answer: B | Question 4 Answer: B | Question 5 Answer: C |
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