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CIRO CIRE Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Market and company analysis | 8% | - Industry performance analysis - Technical and statistical analysis tools and information sources - Factors influencing the macroeconomy - Company performance analysis tools - Basic market theories and stock market behaviour - Effects of macroeconomic factors on financial markets - Rules relating to companies - Basic economic theories - Economic indicators and sources of information |
| Derivatives | 5% | - Prohibited derivative trading practices - Listed versus over-the-counter derivative markets - Basic uses of derivatives - Single and multi-legged derivative trading strategies - Features of options contract types - Features of other derivative contract types - Basic transactional elements of futures and options - Administrative requirements for derivative trading with clients |
| Scope of client relationships | 15% | - Account appropriateness obligations - Requirements for working with clients in the United States and other foreign jurisdictions - Systematic approaches to investment management and investment strategies - Product due diligence obligations - Account appropriateness versus suitability determination - Role of the Investment Representative in providing client service - Typical services provided by retail Investment Dealers - Trust, agency and fiduciary duty - Role of the Registered Representative in providing client service - Internal escalation procedures and subject matter experts - Institutional client sophistication assessment and suitability exemptions - Typical services provided by institutional Investment Dealers - Know-your-product obligations - Purpose and content of relationship disclosure - Suitability determination requirements for retail clients - Exemptions from suitability determination requirements - Investment performance benchmarks |
| Prospective client relationships | 10% | - Differences between retail and institutional clients - Retail client information collection - Institutional client qualification requirements - Role of cost in product selection - Third parties and other professionals in the client's life - Required account agreement and Firm Welcome package documents - Impact of fees, turnover and taxes on investment returns - Investment Dealer onboarding process - Exemptions under National Instrument 45-106 - Client relationship model - Client record documentation, filing and maintenance |
| Overview of Canadian securities regulatory framework | 10% | - Function and purpose of other investment industry regulators and agencies - Function and purpose of investment industry marketplaces - Anti-money laundering and anti-terrorist financing legislation and regulations - Other applicable laws including confidentiality, privacy, anti-spam, company disclosure and shareholder rights - Function and purpose of clearing agencies - Role and authority of the Canadian Investment Regulatory Organization - Investment Dealer registration and individual approval requirements - Role and authority of the Canadian Securities Administrators and provincial and territorial securities and derivatives regulators - Purpose and implications of the Bank Act and Bankruptcy and Insolvency Act - Criminal Code and its application to financial crime - Function and purpose of the Canadian Investor Protection Fund |
| Client complaint handling and reporting | 5% | - Policies and procedures for reporting, handling and maintaining complaint records - Potential client issues, liability and consequences - Role of CIRO and provincial regulators in the complaints handling framework - Investment Dealer obligations to clients - Prohibited practices in client settlement agreements - Investment Dealer complaint reporting obligations and penalties - Recourse available to dissatisfied clients |
| Securities, managed products, mutual funds and other investments | 19% | - Considerations affecting equity investors and potential shareholders - Considerations affecting exchange-traded fund investors - Other investments including hedge funds, structured products, alternative investment funds, crypto assets and ESG-related products - Types, features, risks and returns of fixed income securities and products - Purpose and uses of market indices - Considerations affecting fixed income investors - Considerations affecting mutual fund investors - Types of pooled products - Asset classes generally sold and traded at an Investment Dealer - Types, features, risks and returns of equities - Features, risks and returns of managed products - Considerations affecting managed product investors |
| Conflicts of interest and ethics | 15% | - Requirements regarding positions of influence - Ethical principles and standards of conduct for Approved Persons and Investment Dealers - Client confidentiality policies and procedures - CIRO and other ethical standards of conduct - Inappropriate or prohibited personal financial dealings with clients - Importance of managing conflicts of interest - Role of cybersecurity in protecting confidential information - Importance of ethics and its relationship to rules - Ethical and legal responsibilities to clients - Conflicts of interest management process - Activities outside an Investment Dealer - Information controls, barriers, firewalls and restricted lists |
| Market integrity, trade execution and settlement | 12% | - Order confirmation requirements - Gatekeeping requirements for manipulative and deceptive practices, unacceptable activities and front running - Reporting obligations to firms and regulators - Order entry, trade management, settlement and delivery - Universal Market Integrity Rules - Functions of investment banking, research and corporate finance - Specialized trading agreements for derivative accounts - UMIR gatekeeping obligations - Order variations, cancellations and corrections - Features of different account types - Margin requirements - Features of different order types |
CIRO Canadian Investment Regulatory Sample Questions:
1. An Investment Dealer supplies its clients with specific information about its client account reporting.
Which of the following is true regarding the provision of information about client reporting?
A) It is optional
B) It is recommended
C) It is mandatory
D) It is useful
2. A fund takes advantage of corporate actions such as takeovers and mergers to gain an investment advantage. What type of investing is this strategy associated with?
A) An active equity investment strategy
B) An active bond investment strategy
C) A passive equity investment strategy
D) A passive bond investment strategy
3. A compliance officer at an Investment Dealer notices a significant increase in trades of low-liquidity stocks. What is the most likely compliance issue?
A) Failure to file taxes on the proceeds from the trades
B) Potential market manipulation or insider trading
C) Insufficient diversification in the client's portfolio
D) Inaccurate records of the trades executed
4. What is the best course of action if an Investment Representative (IR) discovers a colleague engaging in what appears to be unethical behaviour?
A) Report it immediately to the regulatory authorities
B) Ignore the behaviour to avoid potential conflict
C) Confront the colleague privately to let them know
D) Report the activity to the appropriate firm authority
5. 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 involves a high level of risk, similar to equity investments
C) It guarantees the return of the initial investment at maturity
D) It provides guaranteed returns above the market average
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: A | Question # 3 Answer: B | Question # 4 Answer: D | Question # 5 Answer: C |
