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CIRO CIRE Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Conflicts of interest and ethics | 15% | - Ethical and legal responsibilities to clients - Outside activities of Approved Persons - Positions of influence - Managing conflicts of interest - Personal financial dealings with clients - Client confidentiality - Information barriers and restricted lists - Cybersecurity and confidential information - Ethics and regulatory rules - Conflict identification, avoidance, addressing and disclosure - CIRO and other ethical standards - Ethical principles and standards of conduct |
| Topic 2: Scope of client relationships | 15% | - Relationship disclosure - Investment management styles and strategies - Investment Representative role and client service - Retail Investment Dealer services - Clients residing in the United States and other foreign jurisdictions - Product due diligence - Institutional Investment Dealer services - Client suitability determination - Know-your-product requirements - Institutional client sophistication and suitability exemptions - Suitability exemptions - Account appropriateness - Investment performance benchmarks - Registered Representative role and client service - Trust, agency and fiduciary duty - Escalation to subject matter experts - Account appropriateness versus suitability |
| Topic 3: Securities, managed products, mutual funds and other investments | 19% | - Managed products - Asset classes - Pooled products - Exchange-traded funds - Managed product investment considerations - Equities - Fixed income investment considerations - Mutual funds - Equity investment considerations - Other investments - Fixed income securities and products - Market indices |
| Topic 4: Overview of Canadian securities regulatory framework | 10% | - Marketplaces and trading venues - Investment Dealer registration and individual approval requirements - Role and authority of the Canadian Investment Regulatory Organization - Anti-money laundering requirements - Bank Act and Bankruptcy and Insolvency Act - Other investment industry regulators and agencies - Criminal Code and financial crime - Role and authority of the Canadian Securities Administrators and provincial/territorial securities and derivatives regulators - Confidentiality, privacy, anti-spam and shareholder rights legislation - Canadian Investor Protection Fund - Clearing agencies |
| Topic 5: Market and company analysis | 8% | - Macroeconomic effects on financial markets - Economic information and indicators - Technical and statistical analysis tools - Company performance analysis - Market theories and stock market behaviour - Macroeconomic factors and policies - Company regulation, disclosure and investor rights - Basic economic theories - Industry performance analysis |
| Topic 6: Prospective client relationships | 10% | - Costs, fees, turnover and taxes - Third parties and professional advisers - Accredited investors and exemptions - Client recordkeeping - Institutional client qualification - Retail and institutional clients - Retail client information and risk profile - Investment Dealer onboarding process - Client relationship model - Account agreements and welcome documentation |
| Topic 7: Market integrity, trade execution and settlement | 12% | - Order types - Order entry, trade processing, settlement and delivery - Account types - Order variations, cancellations and corrections - Gatekeeping for manipulative and deceptive practices - UMIR gatekeeping obligations - Universal Market Integrity Rules - Derivative trading agreements - Order confirmation requirements - Investment banking, research and corporate finance - Reporting obligations - Margin requirements |
| Topic 8: Derivatives | 5% | - Prohibited derivative trading practices - Options - Listed and over-the-counter derivatives markets - Uses of derivatives - Futures, forwards, swaps and contracts for difference - Derivative account administration - Derivative trading strategies - Transactional elements of futures and options |
| Topic 9: Client complaint handling and reporting | 5% | - CIRO and provincial regulator roles in complaint handling - Client issues and potential liability - Investment Dealer obligations to clients - Settlement agreements with clients - Complaint policies, procedures and recordkeeping - Investment Dealer complaint reporting obligations - Client recourse options |
CIRO Canadian Investment Regulatory Sample Questions:
Question 1
A client has an account with their Investment Dealer. The dealer acts as principal in a trade for them at a price that is not as good as the prevailing market price. How would this trade be considered?
A. A case of market manipulation, as the Investment Dealer intentionally influenced the market price
B. A violation of the best execution rule, as the trade was not executed on most favorable terms
C. A violation of the margin rules, as the client did not have sufficient funds to cover the trade
D. An example of best execution, as the principal trade ensures that client has a reliable deal
Question 2
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 date of the firm's initial response
B. 180 days from the date that CIRO was notified
C. 180 days from the date the complaint was made
D. 180 days from the client receiving a final response
Question 3
A Portfolio Manager with discretionary accounts controls the proxy voting on behalf of clients. The firm does not typically participate in corporate governance votes but the manager's sister-in-law has been nominated for the board, and has asked the manager to vote in favour of her nomination. The manager believes she is well qualified. How should the manager proceed?
A. The manager should vote against the nomination, as it could create a potential conflict of interest even though she is qualified
B. The manager should vote in favour of the nomination, but only if they disclose the personal relationship to clients before casting the vote
C. The manager should abstain from voting, as the personal relationship with the nominee creates a potential conflict of interest
D. Vote as requested by the sister-in-law, as the firm does not typically participate in governance votes, so this situation is unlikely to matter
Question 4
What is the primary purpose of the know-your-client (KYC) process under CIRO rules?
A. To level the investment playing field for all the firm's clients
B. To evaluate the Investment Dealer's suitability determination
C. To streamline the investment process for Registered Representatives (RRs)
D. To establish the client's personal and financial circumstances
Question 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. The incident is reasonable practice with no further action needed
D. Reinvest the proceeds in a stock that does align to offset the issue
Solutions:
| Question 1 Answer: B | Question 2 Answer: D | Question 3 Answer: C | Question 4 Answer: D | Question 5 Answer: A |
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