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CIRO CIRE Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Securities, managed products, mutual funds and other investments | 19% | - Managed product investment considerations - Mutual funds - Fixed income investment considerations - Fixed income securities and products - Asset classes - Market indices - Exchange-traded funds - Other investments - Equity investment considerations - Equities - Pooled products - Managed products |
| Topic 2: Market and company analysis | 8% | - Company performance analysis - Market theories and stock market behaviour - Basic economic theories - Economic information and indicators - Industry performance analysis - Macroeconomic factors and policies - Company regulation, disclosure and investor rights - Macroeconomic effects on financial markets - Technical and statistical analysis tools |
| Topic 3: Conflicts of interest and ethics | 15% | - Positions of influence - Outside activities of Approved Persons - Client confidentiality - Personal financial dealings with clients - Managing conflicts of interest - Cybersecurity and confidential information - Conflict identification, avoidance, addressing and disclosure - Information barriers and restricted lists - Ethical and legal responsibilities to clients - Ethics and regulatory rules - Ethical principles and standards of conduct - CIRO and other ethical standards |
| Topic 4: Scope of client relationships | 15% | - Investment Representative role and client service - Relationship disclosure - Product due diligence - Account appropriateness - Clients residing in the United States and other foreign jurisdictions - Institutional Investment Dealer services - Account appropriateness versus suitability - Suitability exemptions - Know-your-product requirements - Trust, agency and fiduciary duty - Investment performance benchmarks - Retail Investment Dealer services - Client suitability determination - Institutional client sophistication and suitability exemptions - Investment management styles and strategies - Registered Representative role and client service - Escalation to subject matter experts |
| Topic 5: Market integrity, trade execution and settlement | 12% | - Reporting obligations - Order types - Order variations, cancellations and corrections - UMIR gatekeeping obligations - Investment banking, research and corporate finance - Derivative trading agreements - Margin requirements - Universal Market Integrity Rules - Order confirmation requirements - Gatekeeping for manipulative and deceptive practices - Order entry, trade processing, settlement and delivery - Account types |
| Topic 6: Derivatives | 5% | - Derivative trading strategies - Derivative account administration - Transactional elements of futures and options - Futures, forwards, swaps and contracts for difference - Options - Uses of derivatives - Prohibited derivative trading practices - Listed and over-the-counter derivatives markets |
| Topic 7: Prospective client relationships | 10% | - Institutional client qualification - Retail and institutional clients - Investment Dealer onboarding process - Client recordkeeping - Third parties and professional advisers - Accredited investors and exemptions - Retail client information and risk profile - Costs, fees, turnover and taxes - Account agreements and welcome documentation - Client relationship model |
| Topic 8: Overview of Canadian securities regulatory framework | 10% | - Marketplaces and trading venues - Anti-money laundering requirements - Other investment industry regulators and agencies - Role and authority of the Canadian Securities Administrators and provincial/territorial securities and derivatives regulators - Investment Dealer registration and individual approval requirements - Canadian Investor Protection Fund - Bank Act and Bankruptcy and Insolvency Act - Role and authority of the Canadian Investment Regulatory Organization - Clearing agencies - Confidentiality, privacy, anti-spam and shareholder rights legislation - Criminal Code and financial crime |
| Topic 9: Client complaint handling and reporting | 5% | - Complaint policies, procedures and recordkeeping - Investment Dealer complaint reporting obligations - Investment Dealer obligations to clients - CIRO and provincial regulator roles in complaint handling - Client recourse options - Settlement agreements with clients - Client issues and potential liability |
CIRO Canadian Investment Regulatory Sample Questions:
1. An Investment Dealer rewards Registered Representatives (RRs) when they meet monthly goals for asset accumulation. An RR is close to achieving a key threshold and offers to rebate management fees for 3 months if a new client signs on. The RR has not notified the Investment Dealer of this arrangement. Has the RR done anything wrong?
A) No, because management fee rebates are a standard practice in the industry
B) No, because the rebate benefits the client and helps the RR meet their Investment Dealer's goals
C) Yes, because the RR should offer rebates to all clients, not just new ones, to ensure fairness
D) Yes, because the RR made a financial arrangement without Investment Dealer approval
2. What is a potential risk associated with mutual fund corporations?
A) Mutual fund corporations can invest in diversified portfolios freely
B) Market volatility impacts the value of investments in the corporation
C) Capital gains within the mutual fund corporation are taxed annually
D) Switching funds within the corporation generally does not trigger taxation
3. Which of the following is a key requirement of the client relationship model under the Investment Dealer and Partially Consolidated rules?
A) Providing disclosure of all material conflicts of interest to clients
B) Offering always available client service for administrative queries
C) Highlighting the client feedback on past client relationships
D) Prioritizing client decisions above the representative's advice
4. 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) Automatically recommend the account type with the lowest fees to avoid any perceived bias
B) Disclose the differential commission structure and ensure that the recommendation is in the client's best interest
C) Avoid recommending the accounts that reward higher commissions to prevent conflicts of interest
D) Recommend the account type that offers the advisor the highest commission to maximize personal earnings
5. Which of the following implications arises from the application of the Criminal Code to financial crimes?
A) Canadian Investor Protection Fund (CIPF) must reimburse all clients affected by fraudulent activities committed by Investment Dealers
B) Investment Dealers must develop anti-fraud policies to prevent criminal activities
C) Securities markets must be supervised by a federal agency to avoid fraudulent activities
D) Financial institutions are required to implement mandatory risk assessments for client portfolios
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: B | Question # 3 Answer: A | Question # 4 Answer: B | Question # 5 Answer: B |
