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CIRO CIRE Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Scope of client relationships | 15% | - Know-your-product obligations - Purpose and content of relationship disclosure - Account appropriateness obligations - Suitability determination requirements for retail clients - Typical services provided by retail Investment Dealers - Product due diligence obligations - Investment performance benchmarks - Trust, agency and fiduciary duty - Systematic approaches to investment management and investment strategies - Account appropriateness versus suitability determination - Internal escalation procedures and subject matter experts - Role of the Investment Representative in providing client service - Exemptions from suitability determination requirements - Typical services provided by institutional Investment Dealers - Role of the Registered Representative in providing client service - Institutional client sophistication assessment and suitability exemptions - Requirements for working with clients in the United States and other foreign jurisdictions |
| Securities, managed products, mutual funds and other investments | 19% | - Considerations affecting equity investors and potential shareholders - Types, features, risks and returns of fixed income securities and products - Considerations affecting exchange-traded fund investors - Considerations affecting mutual fund investors - Considerations affecting fixed income investors - Types, features, risks and returns of equities - Purpose and uses of market indices - Features, risks and returns of managed products - Types of pooled products - 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 |
| Derivatives | 5% | - Single and multi-legged derivative trading strategies - Basic uses of derivatives - Prohibited derivative trading practices - Features of other derivative contract types - Administrative requirements for derivative trading with clients - Listed versus over-the-counter derivative markets - Features of options contract types - Basic transactional elements of futures and options |
| Conflicts of interest and ethics | 15% | - Importance of ethics and its relationship to rules - Requirements regarding positions of influence - Activities outside an Investment Dealer - Conflicts of interest management process - Client confidentiality policies and procedures - Role of cybersecurity in protecting confidential information - CIRO and other ethical standards of conduct - Importance of managing conflicts of interest - Ethical principles and standards of conduct for Approved Persons and Investment Dealers - Ethical and legal responsibilities to clients - Information controls, barriers, firewalls and restricted lists - Inappropriate or prohibited personal financial dealings with clients |
| Market and company analysis | 8% | - Factors influencing the macroeconomy - Technical and statistical analysis tools and information sources - Industry performance analysis - Effects of macroeconomic factors on financial markets - Company performance analysis tools - Basic market theories and stock market behaviour - Rules relating to companies - Economic indicators and sources of information - Basic economic theories |
| Market integrity, trade execution and settlement | 12% | - Order entry, trade management, settlement and delivery - Functions of investment banking, research and corporate finance - Margin requirements - Universal Market Integrity Rules - UMIR gatekeeping obligations - Gatekeeping requirements for manipulative and deceptive practices, unacceptable activities and front running - Order confirmation requirements - Order variations, cancellations and corrections - Reporting obligations to firms and regulators - Features of different order types - Specialized trading agreements for derivative accounts - Features of different account types |
| Overview of Canadian securities regulatory framework | 10% | - Anti-money laundering and anti-terrorist financing legislation and regulations - Other applicable laws including confidentiality, privacy, anti-spam, company disclosure and shareholder rights - Function and purpose of other investment industry regulators and agencies - Investment Dealer registration and individual approval requirements - Role and authority of the Canadian Securities Administrators and provincial and territorial securities and derivatives regulators - Function and purpose of investment industry marketplaces - Function and purpose of clearing agencies - Criminal Code and its application to financial crime - Purpose and implications of the Bank Act and Bankruptcy and Insolvency Act - Function and purpose of the Canadian Investor Protection Fund - Role and authority of the Canadian Investment Regulatory Organization |
| Client complaint handling and reporting | 5% | - Recourse available to dissatisfied clients - Prohibited practices in client settlement agreements - Potential client issues, liability and consequences - Policies and procedures for reporting, handling and maintaining complaint records - Role of CIRO and provincial regulators in the complaints handling framework - Investment Dealer complaint reporting obligations and penalties - Investment Dealer obligations to clients |
| Prospective client relationships | 10% | - Role of cost in product selection - Differences between retail and institutional clients - Institutional client qualification requirements - Required account agreement and Firm Welcome package documents - Third parties and other professionals in the client's life - Retail client information collection - Client record documentation, filing and maintenance - Investment Dealer onboarding process - Impact of fees, turnover and taxes on investment returns - Exemptions under National Instrument 45-106 - Client relationship model |
CIRO Canadian Investment Regulatory Sample Questions:
1. Following two recent annual reviews it was determined that a client's commission-based account is appropriately balanced. The advisor recommends trades that are unnecessary to fulfil the client's investment goals, and describes the key features of the product including the costs. Which of the following is true?
A) This is a potential breach of the advisor's fiduciary duty
B) This is not a violation because the account was appropriately balanced
C) This is not a violation because the advisor disclosed all the costs
D) This is a potential failure of the duty of best execution
2. A product manufacturer uses a disincentive approach and claws back a portion of commissions paid to a Registered Representative (RR) if a client sells their position in a structured product before the two- year anniversary. What is the RR's ethical responsibility during the client's annual suitability review in relation to this structured product?
A) Emphasize the claw-back policy, as not to do so would diminish the investor's confidence in the integrity of the market
B) Ensure any recommendation to hold or sell is based on the just and equitable principles of the trade
C) Advise the client to hold the product until the two-year anniversary, as this would be in the best interest of the client
D) Encourage the client to sell the product within two years to demonstrate their independence from the firm's policies
3. 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 involves a high level of risk, similar to equity investments
C) It guarantees the return of the initial investment at maturity
D) It provides guaranteed returns above the market average
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) So as not to diminish investor confidence, explain the service in positive terms
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) In the spirit of openness and fairness, ask a colleague better placed to explain
5. Which of the following implications arises from the application of the Criminal Code to financial crimes?
A) Canadian Investor Protection Fund (CIPF) must reimburse all clients affected by fraudulent activities committed by Investment Dealers
B) Securities markets must be supervised by a federal agency to avoid fraudulent activities
C) Financial institutions are required to implement mandatory risk assessments for client portfolios
D) Investment Dealers must develop anti-fraud policies to prevent criminal activities
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: B | Question # 3 Answer: C | Question # 4 Answer: D | Question # 5 Answer: D |
