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CIRO CIRE Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Scope of client relationships | 15% | - Client suitability determination - Know-your-product requirements - Investment management styles and strategies - Relationship disclosure - Investment performance benchmarks - Institutional client sophistication and suitability exemptions - Escalation to subject matter experts - Investment Representative role and client service - Registered Representative role and client service - Account appropriateness - Trust, agency and fiduciary duty - Clients residing in the United States and other foreign jurisdictions - Suitability exemptions - Institutional Investment Dealer services - Account appropriateness versus suitability - Retail Investment Dealer services - Product due diligence |
| Topic 2: Market integrity, trade execution and settlement | 12% | - Investment banking, research and corporate finance - UMIR gatekeeping obligations - Universal Market Integrity Rules - Order variations, cancellations and corrections - Order entry, trade processing, settlement and delivery - Account types - Derivative trading agreements - Reporting obligations - Order confirmation requirements - Margin requirements - Order types - Gatekeeping for manipulative and deceptive practices |
| Topic 3: Securities, managed products, mutual funds and other investments | 19% | - Fixed income investment considerations - Equities - Asset classes - Other investments - Managed products - Fixed income securities and products - Mutual funds - Market indices - Equity investment considerations - Exchange-traded funds - Managed product investment considerations - Pooled products |
| Topic 4: Prospective client relationships | 10% | - Third parties and professional advisers - Account agreements and welcome documentation - Costs, fees, turnover and taxes - Institutional client qualification - Retail client information and risk profile - Accredited investors and exemptions - Retail and institutional clients - Client recordkeeping - Client relationship model - Investment Dealer onboarding process |
| Topic 5: Client complaint handling and reporting | 5% | - Client issues and potential liability - Complaint policies, procedures and recordkeeping - Settlement agreements with clients - Investment Dealer complaint reporting obligations - Client recourse options - CIRO and provincial regulator roles in complaint handling - Investment Dealer obligations to clients |
| Topic 6: Derivatives | 5% | - Options - Uses of derivatives - Listed and over-the-counter derivatives markets - Derivative trading strategies - Transactional elements of futures and options - Derivative account administration - Futures, forwards, swaps and contracts for difference - Prohibited derivative trading practices |
| Topic 7: Conflicts of interest and ethics | 15% | - Ethics and regulatory rules - Ethical principles and standards of conduct - CIRO and other ethical standards - Personal financial dealings with clients - Positions of influence - Information barriers and restricted lists - Managing conflicts of interest - Cybersecurity and confidential information - Ethical and legal responsibilities to clients - Conflict identification, avoidance, addressing and disclosure - Outside activities of Approved Persons - Client confidentiality |
| Topic 8: Overview of Canadian securities regulatory framework | 10% | - Clearing agencies - Other investment industry regulators and agencies - Marketplaces and trading venues - Role and authority of the Canadian Securities Administrators and provincial/territorial securities and derivatives regulators - Bank Act and Bankruptcy and Insolvency Act - Investment Dealer registration and individual approval requirements - Anti-money laundering requirements - Canadian Investor Protection Fund - Criminal Code and financial crime - Role and authority of the Canadian Investment Regulatory Organization - Confidentiality, privacy, anti-spam and shareholder rights legislation |
| Topic 9: Market and company analysis | 8% | - Macroeconomic factors and policies - Market theories and stock market behaviour - Industry performance analysis - Basic economic theories - Macroeconomic effects on financial markets - Technical and statistical analysis tools - Economic information and indicators - Company performance analysis - Company regulation, disclosure and investor rights |
CIRO Canadian Investment Regulatory Sample Questions:
Question 1
When assessing client suitability, what is the difference between risk tolerance and risk capacity?
A. Risk tolerance is the client's preferred risk level. Risk capacity is the willingness to accept risk
B. Risk tolerance is the willingness to accept risk. Risk capacity is the ability to endure financial loss
C. Risk tolerance is the ability to endure financial loss. Risk capacity is willingness to accept risk
D. Risk tolerance is the ability to endure financial loss. Risk capacity is the client's preferred risk level
Question 2
When do retail client suitability determination requirements apply?
A. Before an Investment Dealer onboards a new client as part of the know-your-client (KYC) approach
B. Within a reasonable time of an Investment Dealer purchasing, selling, withdrawing or exchanging securities for a retail client's account
C. In relation to the sale or purchase of investments for a retail client but not where exchanges or withdrawals are made
D. Before an Investment Dealer purchases, sells, withdraws, exchanges or transfers-out securities for a retail client's account
Question 3
A risk-averse investor is considering investing in preferred shares. What is one key feature of preferred shares that may appeal to such investors?
A. Preferred shares guarantee the highest potential for capital gains among all equity investments
B. Preferred shares offer no risk of dividend suspension under any market conditions
C. Preferred shares provide fixed dividends and have a priority claim on company assets over common shares
D. Preferred shares typically pay fixed dividends and provide significant voting rights to shareholders
Question 4
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
Question 5
Which of the following could be a market order?
A. An order that includes a client order as well as a non-client order or principal order, or both
B. Buy a security or a derivative to be executed upon entry to a marketplace at the best ask price
C. An order for the purchase or sale of a listed or a quoted security at the closing sale price
D. Buy a security or derivative to be executed at a specified maximum price
Solutions:
| Question 1 Answer: B | Question 2 Answer: D | Question 3 Answer: C | Question 4 Answer: B | Question 5 Answer: B |
