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CIRO CIRE Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Scope of client relationships | 15% | - Product due diligence - Trust, agency and fiduciary duty - Escalation to subject matter experts - Client suitability determination - Account appropriateness versus suitability - Clients residing in the United States and other foreign jurisdictions - Institutional client sophistication and suitability exemptions - Relationship disclosure - Investment performance benchmarks - Suitability exemptions - Investment Representative role and client service - Investment management styles and strategies - Registered Representative role and client service - Institutional Investment Dealer services - Know-your-product requirements - Account appropriateness - Retail Investment Dealer services |
| Topic 2: Securities, managed products, mutual funds and other investments | 19% | - Pooled products - Fixed income investment considerations - Fixed income securities and products - Market indices - Exchange-traded funds - Managed product investment considerations - Asset classes - Mutual funds - Equity investment considerations - Other investments - Equities - Managed products |
| Topic 3: Market and company analysis | 8% | - Market theories and stock market behaviour - Macroeconomic effects on financial markets - Technical and statistical analysis tools - Macroeconomic factors and policies - Industry performance analysis - Economic information and indicators - Basic economic theories - Company regulation, disclosure and investor rights - Company performance analysis |
| Topic 4: Market integrity, trade execution and settlement | 12% | - Account types - Order entry, trade processing, settlement and delivery - Investment banking, research and corporate finance - Reporting obligations - Order confirmation requirements - Universal Market Integrity Rules - UMIR gatekeeping obligations - Gatekeeping for manipulative and deceptive practices - Order variations, cancellations and corrections - Order types - Derivative trading agreements - Margin requirements |
| Topic 5: Prospective client relationships | 10% | - Account agreements and welcome documentation - Investment Dealer onboarding process - Client relationship model - Institutional client qualification - Costs, fees, turnover and taxes - Accredited investors and exemptions - Client recordkeeping - Retail and institutional clients - Retail client information and risk profile - Third parties and professional advisers |
| Topic 6: Overview of Canadian securities regulatory framework | 10% | - Criminal Code and financial crime - Other investment industry regulators and agencies - Anti-money laundering requirements - Role and authority of the Canadian Investment Regulatory Organization - Investment Dealer registration and individual approval requirements - Canadian Investor Protection Fund - Bank Act and Bankruptcy and Insolvency Act - Clearing agencies - Role and authority of the Canadian Securities Administrators and provincial/territorial securities and derivatives regulators - Marketplaces and trading venues - Confidentiality, privacy, anti-spam and shareholder rights legislation |
| Topic 7: 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 recourse options - Client issues and potential liability - Investment Dealer complaint reporting obligations - Settlement agreements with clients |
| Topic 8: Conflicts of interest and ethics | 15% | - Ethical principles and standards of conduct - Conflict identification, avoidance, addressing and disclosure - Ethics and regulatory rules - Cybersecurity and confidential information - Managing conflicts of interest - Personal financial dealings with clients - Ethical and legal responsibilities to clients - Information barriers and restricted lists - Positions of influence - Outside activities of Approved Persons - CIRO and other ethical standards - Client confidentiality |
| Topic 9: Derivatives | 5% | - Derivative trading strategies - Transactional elements of futures and options - Uses of derivatives - Listed and over-the-counter derivatives markets - Options - Derivative account administration - Prohibited derivative trading practices - Futures, forwards, swaps and contracts for difference |
CIRO Canadian Investment Regulatory Sample Questions:
1. An Investment Representative (IR) executes a trade for a client and must confirm the details of the trade, including any associated fees and commissions. When should this confirmation be sent to the client?
A) Promptly after the trade is executed
B) Confirmations are not required
C) One day after the settlement date
D) Immediately before the trade is executed
2. Which of the following outlines how securities firms must handle client assets when facing financial failure?
A) Bankruptcy and Insolvency Act, Part XII
B) Canadian Investor Protection Fund (CIPF) Guidelines
C) Bank Act, Part V
D) Universal Market Integrity Rules (UMIR)
3. An Investment Representative (IR) at an Investment Dealer notices that a long-standing client, who typically trades conservative blue-chip stocks in moderate amounts, has suddenly started making frequent large trades in high-volatility penny stocks. What is the IR's best course of action under gatekeeping regulatory requirements?
A) Monitor the transactions and wait for a regulatory authority to raise concerns
B) Freeze the client's account immediately and report the activity as fraudulent
C) Detail the client's activity and report it to a Supervisor or compliance
D) Recognize the client has changed their trading strategy and take no further action
4. An Investment Representative (IR) is asked by a client for information about a service that the IR does not fully understand. What is the IR's ethical responsibility?
A) So as not to diminish investor confidence, explain the service in positive terms
B) In putting the client first, the IR should state the service is not available
C) In the spirit of openness and fairness, ask a colleague better placed to explain
D) In order not to be negligent, explain the service to the best of their ability
5. Under CIRO rules, which of the following must an exchange-traded fund (ETF) disclose to potential investors before they invest?
A) The personal investment goals of the fund manager
B) The ETF's investment strategy, risks, and fees
C) The names of all underlying assets in the ETF
D) A summary of the ETF's tax implications on dividends and capital gains
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: A | Question # 3 Answer: C | Question # 4 Answer: C | Question # 5 Answer: B |
