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CIRO CIRE Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Overview of Canadian securities regulatory framework | 10% | - Investment Dealer registration and individual approval requirements - Role and authority of the Canadian Investment Regulatory Organization - Anti-money laundering and anti-terrorist financing legislation and regulations - Criminal Code and its application to financial crime - Purpose and implications of the Bank Act and Bankruptcy and Insolvency Act - Function and purpose of clearing agencies - Other applicable laws including confidentiality, privacy, anti-spam, company disclosure and shareholder rights - Role and authority of the Canadian Securities Administrators and provincial and territorial securities and derivatives regulators - Function and purpose of the Canadian Investor Protection Fund - Function and purpose of other investment industry regulators and agencies - Function and purpose of investment industry marketplaces |
| Topic 2: Market integrity, trade execution and settlement | 12% | - Specialized trading agreements for derivative accounts - Order variations, cancellations and corrections - Features of different order types - Margin requirements - Gatekeeping requirements for manipulative and deceptive practices, unacceptable activities and front running - Order entry, trade management, settlement and delivery - Features of different account types - Universal Market Integrity Rules - Functions of investment banking, research and corporate finance - UMIR gatekeeping obligations - Order confirmation requirements - Reporting obligations to firms and regulators |
| Topic 3: Client complaint handling and reporting | 5% | - Policies and procedures for reporting, handling and maintaining complaint records - Investment Dealer obligations to clients - Recourse available to dissatisfied clients - Investment Dealer complaint reporting obligations and penalties - Role of CIRO and provincial regulators in the complaints handling framework - Potential client issues, liability and consequences - Prohibited practices in client settlement agreements |
| Topic 4: Market and company analysis | 8% | - Effects of macroeconomic factors on financial markets - Rules relating to companies - Basic market theories and stock market behaviour - Economic indicators and sources of information - Basic economic theories - Company performance analysis tools - Technical and statistical analysis tools and information sources - Industry performance analysis - Factors influencing the macroeconomy |
| Topic 5: Derivatives | 5% | - Features of options contract types - Listed versus over-the-counter derivative markets - Prohibited derivative trading practices - Administrative requirements for derivative trading with clients - Features of other derivative contract types - Basic uses of derivatives - Basic transactional elements of futures and options - Single and multi-legged derivative trading strategies |
| Topic 6: Securities, managed products, mutual funds and other investments | 19% | - Considerations affecting equity investors and potential shareholders - Purpose and uses of market indices - Types, features, risks and returns of equities - Features, risks and returns of managed products - Asset classes generally sold and traded at an Investment Dealer - Considerations affecting fixed income investors - Types of pooled products - Considerations affecting exchange-traded fund investors - Considerations affecting managed product investors - Other investments including hedge funds, structured products, alternative investment funds, crypto assets and ESG-related products - Considerations affecting mutual fund investors - Types, features, risks and returns of fixed income securities and products |
| Topic 7: Scope of client relationships | 15% | - Account appropriateness obligations - Internal escalation procedures and subject matter experts - Role of the Registered Representative in providing client service - Requirements for working with clients in the United States and other foreign jurisdictions - Trust, agency and fiduciary duty - Purpose and content of relationship disclosure - Typical services provided by institutional Investment Dealers - Typical services provided by retail Investment Dealers - Role of the Investment Representative in providing client service - Product due diligence obligations - Investment performance benchmarks - Suitability determination requirements for retail clients - Institutional client sophistication assessment and suitability exemptions - Know-your-product obligations - Account appropriateness versus suitability determination - Exemptions from suitability determination requirements - Systematic approaches to investment management and investment strategies |
| Topic 8: Conflicts of interest and ethics | 15% | - Requirements regarding positions of influence - Ethical and legal responsibilities to clients - Client confidentiality policies and procedures - Activities outside an Investment Dealer - Role of cybersecurity in protecting confidential information - CIRO and other ethical standards of conduct - Importance of managing conflicts of interest - Information controls, barriers, firewalls and restricted lists - Inappropriate or prohibited personal financial dealings with clients - Conflicts of interest management process - Ethical principles and standards of conduct for Approved Persons and Investment Dealers - Importance of ethics and its relationship to rules |
| Topic 9: Prospective client relationships | 10% | - Client relationship model - Investment Dealer onboarding process - Role of cost in product selection - Required account agreement and Firm Welcome package documents - Third parties and other professionals in the client's life - Institutional client qualification requirements - Differences between retail and institutional clients - Retail client information collection - Exemptions under National Instrument 45-106 - Client record documentation, filing and maintenance - Impact of fees, turnover and taxes on investment returns |
The CIRE Details You Actually Need
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The CIRO Canadian Investment Regulatory blueprint covers these principal domains:
- Prospective client relationships (10%)
- Securities, managed products, mutual funds and other investments (19%)
- Conflicts of interest and ethics (15%)
The remaining domains appear in the full official outline, all of which our bank addresses.
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CIRO lists the following prerequisites for the CIRO Canadian Investment Regulatory: Individuals must meet the eligibility requirements set out in CIRO's Exam Enrolment and Attempts Policy. Preparatory courses are not mandatory. The exam is part of CIRO's proficiency requirements for Investment Dealer Approved Persons and potential candidates, depending on the approval category and applicable exemptions..
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Per current exam information, the CIRE exam includes 110 questions and allows 120 minutes minutes. Timed practice beforehand makes the format feel routine on the day.
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CIRO Canadian Investment Regulatory Sample Questions:
Investment Dealers must provide relationship disclosure to which of the following types of clients?
- A. All clients except non-discretionary clients
- B. All clients except Institutional Clients
- C. All clients except Retail Clients
- D. All clients except managed clients
Correct Answer: B 🗳️
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How many days does a client have to refer a complaint to the Ombudsman for Banking Services and Investments (OBSI) after getting a final response from a firm?
- A. 180 days from the client receiving a final response
- B. 180 days from the date of the firm's initial response
- C. 180 days from the date the complaint was made
- D. 180 days from the date that CIRO was notified
Correct Answer: A 🗳️
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What is a futures contract?
- A. A financial contract that allows the buyer to buy an asset at any time before the expiration date
- B. A contract granting the buyer the right but not obligation to buy an asset at a specified future price
- C. A contract that obligates the buyer to buy an asset at a specified price on a specified future date
- D. A financial contract that allows the buyer to borrow funds to purchase an investment asset
Correct Answer: C 🗳️
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What is the primary purpose of the know-your-client (KYC) process under CIRO rules?
- A. To establish the client's personal and financial circumstances
- B. To level the investment playing field for all the firm's clients
- C. To evaluate the Investment Dealer's suitability determination
- D. To streamline the investment process for Registered Representatives (RRs)
Correct Answer: A 🗳️
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Following two recent annual reviews it was determined that a client's commission-based account is appropriately balanced. The advisor recommends trades that are unnecessary to fulfil the client's investment goals, and describes the key features of the product including the costs. Which of the following is true?
- A. This is a potential breach of the advisor's fiduciary duty
- B. This is not a violation because the account was appropriately balanced
- C. This is not a violation because the advisor disclosed all the costs
- D. This is a potential failure of the duty of best execution
Correct Answer: A 🗳️
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