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CIRO CIRE Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Securities, managed products, mutual funds and other investments | 19% | - Market indices - Asset classes - Fixed income investment considerations - Exchange-traded funds - Fixed income securities and products - Mutual funds - Managed products - Pooled products - Equities - Equity investment considerations - Other investments - Managed product investment considerations |
| Overview of Canadian securities regulatory framework | 10% | - Other investment industry regulators and agencies - Bank Act and Bankruptcy and Insolvency Act - Clearing agencies - Anti-money laundering requirements - Confidentiality, privacy, anti-spam and shareholder rights legislation - Marketplaces and trading venues - Criminal Code and financial crime - Canadian Investor Protection Fund - Investment Dealer registration and individual approval requirements - Role and authority of the Canadian Investment Regulatory Organization - Role and authority of the Canadian Securities Administrators and provincial/territorial securities and derivatives regulators |
| Client complaint handling and reporting | 5% | - Settlement agreements with clients - Investment Dealer complaint reporting obligations - Investment Dealer obligations to clients - CIRO and provincial regulator roles in complaint handling - Complaint policies, procedures and recordkeeping - Client recourse options - Client issues and potential liability |
| Prospective client relationships | 10% | - Third parties and professional advisers - Retail and institutional clients - Account agreements and welcome documentation - Investment Dealer onboarding process - Costs, fees, turnover and taxes - Retail client information and risk profile - Accredited investors and exemptions - Client relationship model - Institutional client qualification - Client recordkeeping |
| Conflicts of interest and ethics | 15% | - Personal financial dealings with clients - Client confidentiality - Ethical principles and standards of conduct - Information barriers and restricted lists - Ethics and regulatory rules - Managing conflicts of interest - Positions of influence - Conflict identification, avoidance, addressing and disclosure - Cybersecurity and confidential information - Ethical and legal responsibilities to clients - Outside activities of Approved Persons - CIRO and other ethical standards |
| Market integrity, trade execution and settlement | 12% | - Order types - Order confirmation requirements - Order variations, cancellations and corrections - Derivative trading agreements - UMIR gatekeeping obligations - Gatekeeping for manipulative and deceptive practices - Margin requirements - Reporting obligations - Account types - Order entry, trade processing, settlement and delivery - Investment banking, research and corporate finance - Universal Market Integrity Rules |
| Market and company analysis | 8% | - Company performance analysis - Macroeconomic factors and policies - Technical and statistical analysis tools - Industry performance analysis - Company regulation, disclosure and investor rights - Macroeconomic effects on financial markets - Market theories and stock market behaviour - Basic economic theories - Economic information and indicators |
| Scope of client relationships | 15% | - Registered Representative role and client service - Account appropriateness - Account appropriateness versus suitability - Institutional Investment Dealer services - Escalation to subject matter experts - Investment Representative role and client service - Retail Investment Dealer services - Relationship disclosure - Know-your-product requirements - Institutional client sophistication and suitability exemptions - Clients residing in the United States and other foreign jurisdictions - Trust, agency and fiduciary duty - Suitability exemptions - Product due diligence - Investment performance benchmarks - Investment management styles and strategies - Client suitability determination |
| Derivatives | 5% | - Derivative account administration - Futures, forwards, swaps and contracts for difference - Transactional elements of futures and options - Uses of derivatives - Options - Prohibited derivative trading practices - Listed and over-the-counter derivatives markets - Derivative trading strategies |
CIRO Canadian Investment Regulatory Sample Questions:
1. Why is it important for an Investment Representative (IR) to apply ethical principles when providing information to clients?
A) They ensure relevant rules governing the information are followed
B) They provide additional standards to augment the rules
C) They provide alternative standards to replace the rules
D) They ensure the client is satisfied with the information provided
2. Canadian Registered Representatives (RRs) providing investment advice to U.S. clients may need to do which of the following?
A) Restrict advice to U.S. clients only to Canadian securities and avoid U.S. products
B) Provide the relationship disclosure to the client within 5 business days
C) Register with the U.S. Securities Exchange Commission or state authorities
D) Rely solely on Canadian registration and exemptions to advise U.S. clients
3. Which of the following is an expected impact of high portfolio turnover on investment returns?
A) It guarantees higher investment returns for the client
B) It decreases the overall total risk of the portfolio
C) It increases transaction costs, which reduce returns
D) It decreases the tax burden, which increases returns
4. An Investment Representative (IR) executes a trade for a client and must confirm the details of the trade, including any associated fees and commissions. When should this confirmation be sent to the client?
A) One day after the settlement date
B) Confirmations are not required
C) Promptly after the trade is executed
D) Immediately before the trade is executed
5. What is a potential risk associated with mutual fund corporations?
A) Mutual fund corporations can invest in diversified portfolios freely
B) Capital gains within the mutual fund corporation are taxed annually
C) Market volatility impacts the value of investments in the corporation
D) Switching funds within the corporation generally does not trigger taxation
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: C | Question # 3 Answer: C | Question # 4 Answer: C | Question # 5 Answer: C |
