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CIRO CIRE Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Client complaint handling and reporting | 5% | - Investment Dealer complaint reporting obligations and penalties - Recourse available to dissatisfied clients - Role of CIRO and provincial regulators in the complaints handling framework - Potential client issues, liability and consequences - Policies and procedures for reporting, handling and maintaining complaint records - Prohibited practices in client settlement agreements - Investment Dealer obligations to clients |
| Topic 2: Conflicts of interest and ethics | 15% | - Importance of ethics and its relationship to rules - Activities outside an Investment Dealer - Ethical principles and standards of conduct for Approved Persons and Investment Dealers - Information controls, barriers, firewalls and restricted lists - Ethical and legal responsibilities to clients - Conflicts of interest management process - Inappropriate or prohibited personal financial dealings with clients - Importance of managing conflicts of interest - Client confidentiality policies and procedures - CIRO and other ethical standards of conduct - Requirements regarding positions of influence - Role of cybersecurity in protecting confidential information |
| Topic 3: Scope of client relationships | 15% | - Exemptions from suitability determination requirements - Suitability determination requirements for retail clients - Role of the Registered Representative in providing client service - Investment performance benchmarks - Know-your-product obligations - Account appropriateness versus suitability determination - Account appropriateness obligations - Internal escalation procedures and subject matter experts - Purpose and content of relationship disclosure - Typical services provided by retail Investment Dealers - Typical services provided by institutional Investment Dealers - Trust, agency and fiduciary duty - Product due diligence obligations - Requirements for working with clients in the United States and other foreign jurisdictions - Role of the Investment Representative in providing client service - Systematic approaches to investment management and investment strategies - Institutional client sophistication assessment and suitability exemptions |
| Topic 4: Market and company analysis | 8% | - Company performance analysis tools - Rules relating to companies - Effects of macroeconomic factors on financial markets - Factors influencing the macroeconomy - Basic market theories and stock market behaviour - Basic economic theories - Economic indicators and sources of information - Industry performance analysis - Technical and statistical analysis tools and information sources |
| Topic 5: Overview of Canadian securities regulatory framework | 10% | - 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 investment industry marketplaces - Investment Dealer registration and individual approval requirements - Role and authority of the Canadian Investment Regulatory Organization - Function and purpose of other investment industry regulators and agencies - Anti-money laundering and anti-terrorist financing legislation and regulations - Purpose and implications of the Bank Act and Bankruptcy and Insolvency Act - Criminal Code and its application to financial crime - Function and purpose of the Canadian Investor Protection Fund |
| Topic 6: Securities, managed products, mutual funds and other investments | 19% | - Considerations affecting equity investors and potential shareholders - Considerations affecting mutual fund investors - Features, risks and returns of managed products - Considerations affecting managed product investors - Purpose and uses of market indices - Considerations affecting exchange-traded fund investors - Types, features, risks and returns of fixed income securities and products - Types of pooled products - 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 - Types, features, risks and returns of equities |
| Topic 7: Market integrity, trade execution and settlement | 12% | - Gatekeeping requirements for manipulative and deceptive practices, unacceptable activities and front running - Order variations, cancellations and corrections - Features of different order types - Reporting obligations to firms and regulators - Functions of investment banking, research and corporate finance - Universal Market Integrity Rules - Order confirmation requirements - UMIR gatekeeping obligations - Margin requirements - Features of different account types - Order entry, trade management, settlement and delivery - Specialized trading agreements for derivative accounts |
| Topic 8: Prospective client relationships | 10% | - Third parties and other professionals in the client's life - Client record documentation, filing and maintenance - Investment Dealer onboarding process - Institutional client qualification requirements - Required account agreement and Firm Welcome package documents - Exemptions under National Instrument 45-106 - Impact of fees, turnover and taxes on investment returns - Role of cost in product selection - Retail client information collection - Differences between retail and institutional clients - Client relationship model |
| Topic 9: Derivatives | 5% | - Single and multi-legged derivative trading strategies - Basic transactional elements of futures and options - Listed versus over-the-counter derivative markets - Prohibited derivative trading practices - Features of other derivative contract types - Administrative requirements for derivative trading with clients - Features of options contract types - Basic uses of derivatives |
CIRO Canadian Investment Regulatory Sample Questions:
1. An investment analyst is explaining the characteristics of principal-protected notes (PPNs) to a client.
Which of the following is a key feature of a PPN?
A) It offers no protection against the principal investment
B) It provides guaranteed returns above the market average
C) It guarantees the return of the initial investment at maturity
D) It involves a high level of risk, similar to equity investments
2. What information should the Relationship Disclosure specify in relation to benchmarks?
A) A general explanation of how benchmarks might be used to assess performance
B) All the available benchmarks which could have been used to assess performance
C) At least three different benchmarks to assess performance
D) All the benchmarks which competitor products use to assess performance
3. The requirement to collect know-your-client (KYC) information does not apply in which of the following scenarios?
A) The client has more than $10m in assets
B) The client is based in the U.S.A
C) The client is opening an order execution only (OEO) account
D) The client is receiving only limited investment advice
4. An Investment Representative (IR) is asked by a client for information about a service that the IR does not fully understand. What is the IR's ethical responsibility?
A) In the spirit of openness and fairness, ask a colleague better placed to explain
B) In putting the client first, the IR should state the service is not available
C) In order not to be negligent, explain the service to the best of their ability
D) So as not to diminish investor confidence, explain the service in positive terms
5. When an employee of an Investment Dealer engages in an outside business activity what must they do?
A) Ensure it is closely aligned with their duties to the Investment Dealer
B) Only recommend products and services offered by the Investment Dealer
C) Obtain prior written consent of the Investment Dealer
D) Be independently responsible for monitoring and compliance enforcement
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: A | Question # 3 Answer: C | Question # 4 Answer: A | Question # 5 Answer: C |
