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CIRO CIRE Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Overview of Canadian securities regulatory framework | 10% | - Function and purpose of the Canadian Investor Protection Fund - Function and purpose of clearing agencies - Investment Dealer registration and individual approval requirements - Function and purpose of investment industry marketplaces - Anti-money laundering and anti-terrorist financing legislation and regulations - Purpose and implications of the Bank Act and Bankruptcy and Insolvency Act - Role and authority of the Canadian Investment Regulatory Organization - Criminal Code and its application to financial crime - Role and authority of the Canadian Securities Administrators and provincial and territorial securities and derivatives regulators - Function and purpose of other investment industry regulators and agencies - Other applicable laws including confidentiality, privacy, anti-spam, company disclosure and shareholder rights |
| Market and company analysis | 8% | - Basic economic theories - Effects of macroeconomic factors on financial markets - Rules relating to companies - Basic market theories and stock market behaviour - Economic indicators and sources of information - Industry performance analysis - Company performance analysis tools - Factors influencing the macroeconomy - Technical and statistical analysis tools and information sources |
| Market integrity, trade execution and settlement | 12% | - Margin requirements - Functions of investment banking, research and corporate finance - Order entry, trade management, settlement and delivery - Order variations, cancellations and corrections - UMIR gatekeeping obligations - Reporting obligations to firms and regulators - Features of different order types - Universal Market Integrity Rules - Gatekeeping requirements for manipulative and deceptive practices, unacceptable activities and front running - Specialized trading agreements for derivative accounts - Order confirmation requirements - Features of different account types |
| Derivatives | 5% | - Administrative requirements for derivative trading with clients - Listed versus over-the-counter derivative markets - Basic uses of derivatives - Features of options contract types - Single and multi-legged derivative trading strategies - Features of other derivative contract types - Basic transactional elements of futures and options - Prohibited derivative trading practices |
| Client complaint handling and reporting | 5% | - Prohibited practices in client settlement agreements - Role of CIRO and provincial regulators in the complaints handling framework - 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 - Potential client issues, liability and consequences |
| Scope of client relationships | 15% | - Know-your-product obligations - Systematic approaches to investment management and investment strategies - Typical services provided by institutional Investment Dealers - Purpose and content of relationship disclosure - Trust, agency and fiduciary duty - Investment performance benchmarks - Internal escalation procedures and subject matter experts - Role of the Registered Representative in providing client service - Account appropriateness versus suitability determination - Account appropriateness obligations - Product due diligence obligations - Exemptions from suitability determination requirements - Typical services provided by retail Investment Dealers - Suitability determination requirements for retail clients - Role of the Investment Representative in providing client service - Requirements for working with clients in the United States and other foreign jurisdictions - Institutional client sophistication assessment and suitability exemptions |
| Securities, managed products, mutual funds and other investments | 19% | - Types of pooled products - Types, features, risks and returns of equities - Considerations affecting fixed income investors - Asset classes generally sold and traded at an Investment Dealer - Other investments including hedge funds, structured products, alternative investment funds, crypto assets and ESG-related products - Considerations affecting managed product investors - Purpose and uses of market indices - Considerations affecting mutual fund investors - Considerations affecting exchange-traded fund investors - Features, risks and returns of managed products - Types, features, risks and returns of fixed income securities and products - Considerations affecting equity investors and potential shareholders |
| Prospective client relationships | 10% | - Required account agreement and Firm Welcome package documents - Third parties and other professionals in the client's life - Retail client information collection - Differences between retail and institutional clients - Impact of fees, turnover and taxes on investment returns - Investment Dealer onboarding process - Role of cost in product selection - Client relationship model - Client record documentation, filing and maintenance - Exemptions under National Instrument 45-106 - Institutional client qualification requirements |
| Conflicts of interest and ethics | 15% | - Activities outside an Investment Dealer - Inappropriate or prohibited personal financial dealings with clients - CIRO and other ethical standards of conduct - Importance of ethics and its relationship to rules - Conflicts of interest management process - Information controls, barriers, firewalls and restricted lists - Role of cybersecurity in protecting confidential information - Requirements regarding positions of influence - Client confidentiality policies and procedures - Ethical and legal responsibilities to clients - Ethical principles and standards of conduct for Approved Persons and Investment Dealers - Importance of managing conflicts of interest |
CIRO Canadian Investment Regulatory Sample Questions:
1. 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) Inaccurate records of the trades executed
B) Potential market manipulation or insider trading
C) Failure to file taxes on the proceeds from the trades
D) Insufficient diversification in the client's portfolio
2. In relation to suitability which of the following is true?
A) There can only be one suitable recommendation balancing client and dealer interests
B) There may be multiple suitable recommendations that put the client's interest first
C) There may be multiple recommendations that prioritize both client and dealer interests
D) There can only be one suitable recommendation that puts the client's interest first
3. What is the primary purpose of the takeover process in corporate governance?
A) To facilitate the transfer of control in a way that ensures shareholder interests are protected and fairly addressed
B) To provide a mechanism for companies to buy back their own shares from the secondary market
C) To enable a single shareholder to acquire control of a company through the purchase of all outstanding shares
D) To allow management to control when and how they are replaced in the event of a takeover
4. What is a potential risk associated with mutual fund corporations?
A) Mutual fund corporations can invest in diversified portfolios freely
B) Switching funds within the corporation generally does not trigger taxation
C) Market volatility impacts the value of investments in the corporation
D) Capital gains within the mutual fund corporation are taxed annually
5. What type of trading involves the use of algorithms to execute orders?
A) Manual stock selection based on fundamental and technical analysis
B) Automated trading using mathematical models
C) Broker-executed trades based on dealer recommendations
D) Trading strategies that are driven by market behaviours
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: B | Question # 3 Answer: A | Question # 4 Answer: C | Question # 5 Answer: B |
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