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Advanced examination information
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CIRO CIRE Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Prospective client relationships | 10% | - Client recordkeeping - Costs, fees, turnover and taxes - Accredited investors and exemptions - Third parties and professional advisers - Institutional client qualification - Investment Dealer onboarding process - Account agreements and welcome documentation - Client relationship model - Retail client information and risk profile - Retail and institutional clients |
| Topic 2: Client complaint handling and reporting | 5% | - Investment Dealer complaint reporting obligations - Client recourse options - Client issues and potential liability - Complaint policies, procedures and recordkeeping - Settlement agreements with clients - Investment Dealer obligations to clients - CIRO and provincial regulator roles in complaint handling |
| Topic 3: Market integrity, trade execution and settlement | 12% | - Investment banking, research and corporate finance - Gatekeeping for manipulative and deceptive practices - Reporting obligations - Universal Market Integrity Rules - Order entry, trade processing, settlement and delivery - Margin requirements - UMIR gatekeeping obligations - Order variations, cancellations and corrections - Derivative trading agreements - Account types - Order types - Order confirmation requirements |
| Topic 4: Market and company analysis | 8% | - Technical and statistical analysis tools - Market theories and stock market behaviour - Economic information and indicators - Company regulation, disclosure and investor rights - Company performance analysis - Macroeconomic factors and policies - Industry performance analysis - Basic economic theories - Macroeconomic effects on financial markets |
| Topic 5: Securities, managed products, mutual funds and other investments | 19% | - Pooled products - Equities - Asset classes - Fixed income securities and products - Market indices - Other investments - Exchange-traded funds - Fixed income investment considerations - Equity investment considerations - Managed products - Managed product investment considerations - Mutual funds |
| Topic 6: Conflicts of interest and ethics | 15% | - Conflict identification, avoidance, addressing and disclosure - Managing conflicts of interest - Outside activities of Approved Persons - Information barriers and restricted lists - Positions of influence - Client confidentiality - Cybersecurity and confidential information - Ethical principles and standards of conduct - Ethical and legal responsibilities to clients - Personal financial dealings with clients - CIRO and other ethical standards - Ethics and regulatory rules |
| Topic 7: Derivatives | 5% | - Derivative trading strategies - Transactional elements of futures and options - Futures, forwards, swaps and contracts for difference - Listed and over-the-counter derivatives markets - Uses of derivatives - Options - Derivative account administration - Prohibited derivative trading practices |
| Topic 8: Overview of Canadian securities regulatory framework | 10% | - Bank Act and Bankruptcy and Insolvency Act - Clearing agencies - Confidentiality, privacy, anti-spam and shareholder rights legislation - Other investment industry regulators and agencies - Investment Dealer registration and individual approval requirements - Anti-money laundering requirements - Marketplaces and trading venues - Canadian Investor Protection Fund - Role and authority of the Canadian Investment Regulatory Organization - Criminal Code and financial crime - Role and authority of the Canadian Securities Administrators and provincial/territorial securities and derivatives regulators |
| Topic 9: Scope of client relationships | 15% | - Know-your-product requirements - Registered Representative role and client service - Institutional Investment Dealer services - Retail Investment Dealer services - Clients residing in the United States and other foreign jurisdictions - Account appropriateness - Investment performance benchmarks - Trust, agency and fiduciary duty - Institutional client sophistication and suitability exemptions - Client suitability determination - Escalation to subject matter experts - Suitability exemptions - Account appropriateness versus suitability - Investment Representative role and client service - Investment management styles and strategies - Relationship disclosure - Product due diligence |
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) Failure to file taxes on the proceeds from the trades
B) Potential market manipulation or insider trading
C) Insufficient diversification in the client's portfolio
D) Inaccurate records of the trades executed
2. What is the Investment Dealer's obligation regarding cost discussions for deferred sales charge products?
A) Disclose the deferred charges when they are going to be triggered
B) Avoid discussing deferred charges as they are managed by the fund provider
C) Explain upfront the potential charges triggered by early redemption
D) Deferred sales charges only apply to institutional clients
3. An investment firm discovers a minor clerical error that caused a discrepancy in client transaction records. What is the most appropriate action under Investment Dealer and Partially Consolidated (IDPC) rules?
A) Document the discrepancy for internal audit and address it during review
B) Correct the error immediately and notify the client of the change
C) Report the issue to the federal anti-money laundering agency and restrict accounts
D) Correct the error and report the discrepancy to the Canadian Securities Administrators (CSA)
4. What is a futures contract?
A) A contract granting the buyer the right but not obligation to buy an asset at a specified future price
B) A financial contract that allows the buyer to buy an asset at any time before the expiration date
C) A financial contract that allows the buyer to borrow funds to purchase an investment asset
D) A contract that obligates the buyer to buy an asset at a specified price on a specified future date
5. A company's financial analyst is reviewing the company's financial status as of the end of the fiscal year. Which financial statement will provide the necessary details about the company's assets and liabilities at that specific point in time?
A) Statement of Cash Flows
B) Statement of Financial Position
C) Income Statement
D) Statement of Comprehensive Income
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: C | Question # 3 Answer: B | Question # 4 Answer: D | Question # 5 Answer: B |
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