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CIRO CIRE Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Derivatives | 5% | - Uses of derivatives - Futures, forwards, swaps and contracts for difference - Derivative account administration - Listed and over-the-counter derivatives markets - Transactional elements of futures and options - Options - Derivative trading strategies - Prohibited derivative trading practices |
| Prospective client relationships | 10% | - Accredited investors and exemptions - Retail and institutional clients - Costs, fees, turnover and taxes - Account agreements and welcome documentation - Institutional client qualification - Client recordkeeping - Third parties and professional advisers - Retail client information and risk profile - Client relationship model - Investment Dealer onboarding process |
| Scope of client relationships | 15% | - Investment Representative role and client service - Escalation to subject matter experts - Institutional Investment Dealer services - Clients residing in the United States and other foreign jurisdictions - Trust, agency and fiduciary duty - Know-your-product requirements - Account appropriateness - Investment performance benchmarks - Suitability exemptions - Investment management styles and strategies - Client suitability determination - Relationship disclosure - Retail Investment Dealer services - Institutional client sophistication and suitability exemptions - Product due diligence - Account appropriateness versus suitability - Registered Representative role and client service |
| Market integrity, trade execution and settlement | 12% | - Order confirmation requirements - UMIR gatekeeping obligations - Investment banking, research and corporate finance - Derivative trading agreements - Order types - Gatekeeping for manipulative and deceptive practices - Reporting obligations - Universal Market Integrity Rules - Order variations, cancellations and corrections - Account types - Order entry, trade processing, settlement and delivery - Margin requirements |
| Client complaint handling and reporting | 5% | - CIRO and provincial regulator roles in complaint handling - Complaint policies, procedures and recordkeeping - Client issues and potential liability - Investment Dealer complaint reporting obligations - Investment Dealer obligations to clients - Client recourse options - Settlement agreements with clients |
| Market and company analysis | 8% | - Company performance analysis - Technical and statistical analysis tools - Basic economic theories - Company regulation, disclosure and investor rights - Industry performance analysis - Economic information and indicators - Macroeconomic effects on financial markets - Macroeconomic factors and policies - Market theories and stock market behaviour |
| Conflicts of interest and ethics | 15% | - Outside activities of Approved Persons - Cybersecurity and confidential information - Positions of influence - Managing conflicts of interest - Ethical principles and standards of conduct - Ethics and regulatory rules - CIRO and other ethical standards - Client confidentiality - Personal financial dealings with clients - Ethical and legal responsibilities to clients - Conflict identification, avoidance, addressing and disclosure - Information barriers and restricted lists |
| Securities, managed products, mutual funds and other investments | 19% | - Mutual funds - Equities - Managed products - Managed product investment considerations - Market indices - Pooled products - Exchange-traded funds - Equity investment considerations - Other investments - Fixed income securities and products - Fixed income investment considerations - Asset classes |
| Overview of Canadian securities regulatory framework | 10% | - Other investment industry regulators and agencies - Confidentiality, privacy, anti-spam and shareholder rights legislation - Canadian Investor Protection Fund - Investment Dealer registration and individual approval requirements - Bank Act and Bankruptcy and Insolvency Act - Anti-money laundering requirements - Role and authority of the Canadian Investment Regulatory Organization - Clearing agencies - Marketplaces and trading venues - Role and authority of the Canadian Securities Administrators and provincial/territorial securities and derivatives regulators - Criminal Code and financial crime |
CIRO Canadian Investment Regulatory Sample Questions:
1. An employee or Approved Person must not engage in any personal financial dealings with clients.
Which of the following is least likely to be a prohibited dealing?
A) Lending money to or borrowing from a client
B) Paying client account losses out of personal funds
C) Accepting personal consideration or remuneration from the client
D) Providing discretionary investment management services to the client
2. When do retail client suitability determination requirements apply?
A) Before an Investment Dealer onboards a new client as part of the know-your-client (KYC) approach
B) Within a reasonable time of an Investment Dealer purchasing, selling, withdrawing or exchanging securities for a retail client's account
C) In relation to the sale or purchase of investments for a retail client but not where exchanges or withdrawals are made
D) Before an Investment Dealer purchases, sells, withdraws, exchanges or transfers-out securities for a retail client's account
3. Which of the following could be a market order?
A) An order that includes a client order as well as a non-client order or principal order, or both
B) Buy a security or a derivative to be executed upon entry to a marketplace at the best ask price
C) An order for the purchase or sale of a listed or a quoted security at the closing sale price
D) Buy a security or derivative to be executed at a specified maximum price
4. An Investment Dealer is helping a new client open a derivatives trading account. During the application process, what information about the client must the dealer obtain to meet regulatory requirements in Canada?
A) A signed acknowledgment of the dealer's trading policies and procedures
B) The client's employment information and financial background to assess product suitability
C) The client's understanding of derivatives and previous trading experience
D) The client's financial goals and past trading account performance
5. An investment advisor for a discretionary account purchased a stock then realized it was not aligned with the client's know-your-client (KYC) documentation. The stock is sold for a small gain. What should the advisor do?
A) Notify the client and document the error as per firm policy
B) Conceal the error to avoid any reputational damage
C) Reinvest the proceeds in a stock that does align to offset the issue
D) The incident is reasonable practice with no further action needed
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: D | Question # 3 Answer: B | Question # 4 Answer: C | Question # 5 Answer: A |
