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CIRO CIRE Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Market and company analysis | 8% | - Rules relating to companies - Economic indicators and sources of information - Basic market theories and stock market behaviour - Industry performance analysis - Basic economic theories - Effects of macroeconomic factors on financial markets - Company performance analysis tools - Factors influencing the macroeconomy - Technical and statistical analysis tools and information sources |
| Topic 2: Conflicts of interest and ethics | 15% | - Client confidentiality policies and procedures - Activities outside an Investment Dealer - Role of cybersecurity in protecting confidential information - Conflicts of interest management process - Ethical and legal responsibilities to clients - Information controls, barriers, firewalls and restricted lists - Importance of ethics and its relationship to rules - Importance of managing conflicts of interest - Inappropriate or prohibited personal financial dealings with clients - Ethical principles and standards of conduct for Approved Persons and Investment Dealers - Requirements regarding positions of influence - CIRO and other ethical standards of conduct |
| Topic 3: Overview of Canadian securities regulatory framework | 10% | - Investment Dealer registration and individual approval requirements - Other applicable laws including confidentiality, privacy, anti-spam, company disclosure and shareholder rights - Function and purpose of investment industry marketplaces - Function and purpose of other investment industry regulators and agencies - Function and purpose of the Canadian Investor Protection Fund - Anti-money laundering and anti-terrorist financing legislation and regulations - Function and purpose of clearing agencies - Role and authority of the Canadian Investment Regulatory Organization - Purpose and implications of the Bank Act and Bankruptcy and Insolvency Act - Criminal Code and its application to financial crime - Role and authority of the Canadian Securities Administrators and provincial and territorial securities and derivatives regulators |
| Topic 4: Scope of client relationships | 15% | - Institutional client sophistication assessment and suitability exemptions - Requirements for working with clients in the United States and other foreign jurisdictions - Typical services provided by retail Investment Dealers - Know-your-product obligations - Internal escalation procedures and subject matter experts - Systematic approaches to investment management and investment strategies - Typical services provided by institutional Investment Dealers - Role of the Investment Representative in providing client service - Suitability determination requirements for retail clients - Purpose and content of relationship disclosure - Role of the Registered Representative in providing client service - Exemptions from suitability determination requirements - Trust, agency and fiduciary duty - Account appropriateness versus suitability determination - Account appropriateness obligations - Investment performance benchmarks - Product due diligence obligations |
| Topic 5: Client complaint handling and reporting | 5% | - Investment Dealer complaint reporting obligations and penalties - Policies and procedures for reporting, handling and maintaining complaint records - Role of CIRO and provincial regulators in the complaints handling framework - Potential client issues, liability and consequences - Investment Dealer obligations to clients - Recourse available to dissatisfied clients - Prohibited practices in client settlement agreements |
| Topic 6: Prospective client relationships | 10% | - Differences between retail and institutional clients - Exemptions under National Instrument 45-106 - Investment Dealer onboarding process - Client relationship model - Institutional client qualification requirements - Third parties and other professionals in the client's life - Client record documentation, filing and maintenance - Role of cost in product selection - Impact of fees, turnover and taxes on investment returns - Retail client information collection - Required account agreement and Firm Welcome package documents |
| Topic 7: Market integrity, trade execution and settlement | 12% | - Features of different order types - Gatekeeping requirements for manipulative and deceptive practices, unacceptable activities and front running - Order entry, trade management, settlement and delivery - Functions of investment banking, research and corporate finance - UMIR gatekeeping obligations - Margin requirements - Order variations, cancellations and corrections - Universal Market Integrity Rules - Features of different account types - Specialized trading agreements for derivative accounts - Order confirmation requirements - Reporting obligations to firms and regulators |
| Topic 8: Securities, managed products, mutual funds and other investments | 19% | - Considerations affecting equity investors and potential shareholders - Types of pooled products - Types, features, risks and returns of equities - Considerations affecting mutual fund investors - Types, features, risks and returns of fixed income securities and products - Other investments including hedge funds, structured products, alternative investment funds, crypto assets and ESG-related products - Considerations affecting exchange-traded fund investors - Asset classes generally sold and traded at an Investment Dealer - Considerations affecting managed product investors - Purpose and uses of market indices - Considerations affecting fixed income investors - Features, risks and returns of managed products |
| Topic 9: Derivatives | 5% | - Listed versus over-the-counter derivative markets - Single and multi-legged derivative trading strategies - Features of options contract types - Basic uses of derivatives - Basic transactional elements of futures and options - Administrative requirements for derivative trading with clients - Prohibited derivative trading practices - Features of other derivative contract types |
CIRO Canadian Investment Regulatory Sample Questions:
What is the primary purpose of the know-your-client (KYC) process under CIRO rules?
- A. To evaluate the Investment Dealer's suitability determination
- B. To level the investment playing field for all the firm's clients
- C. To streamline the investment process for Registered Representatives (RRs)
- D. To establish the client's personal and financial circumstances
Correct Answer: D 🗳️
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An investment analyst is explaining the characteristics of principal-protected notes (PPNs) to a client.
Which of the following is a key feature of a PPN?
- A. It offers no protection against the principal investment
- B. It provides guaranteed returns above the market average
- C. It involves a high level of risk, similar to equity investments
- D. It guarantees the return of the initial investment at maturity
Correct Answer: D 🗳️
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An investment firm has a differential commission structure which rewards particular types of accounts.
What must an advisor do when recommending new accounts to clients?
- A. Avoid recommending the accounts that reward higher commissions to prevent conflicts of interest
- B. Disclose the differential commission structure and ensure that the recommendation is in the client's best interest
- C. Recommend the account type that offers the advisor the highest commission to maximize personal earnings
- D. Automatically recommend the account type with the lowest fees to avoid any perceived bias
Correct Answer: B 🗳️
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When must costs associated with an investment product be disclosed to a client?
- A. In the transaction confirmation after the product has been purchased
- B. Only when the client requests specific information about costs
- C. During the initial onboarding process and when recommending products
- D. Disclosure of costs is optional if the product exceeds its benchmark
Correct Answer: C 🗳️
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Hedge fund is required to disclose certain information to investors. What is a key feature of these disclosure requirements in most jurisdictions?
- A. Immediate reporting of daily performance to regulatory bodies
- B. Disclosure of detailed investment strategies to all potential investors
- C. Limited disclosure aimed at accredited or institutional investors
- D. Full public transparency of portfolio holdings
Correct Answer: C 🗳️
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