PDF Version DemoIn recent years, many people choose to take CIRO CIRE certification exam which can make you get the CIRO certificate that is the passport to get a better job and get promotions.
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CIRO CIRE Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Securities, managed products, mutual funds and other investments | 19% | - Considerations affecting managed product investors - Purpose and uses of market indices - Other investments including hedge funds, structured products, alternative investment funds, crypto assets and ESG-related products - Types of pooled products - Asset classes generally sold and traded at an Investment Dealer - Types, features, risks and returns of fixed income securities and products - Types, features, risks and returns of equities - Features, risks and returns of managed products - Considerations affecting exchange-traded fund investors - Considerations affecting fixed income investors - Considerations affecting mutual fund investors - Considerations affecting equity investors and potential shareholders |
| Scope of client relationships | 15% | - Purpose and content of relationship disclosure - Typical services provided by retail Investment Dealers - Typical services provided by institutional Investment Dealers - Systematic approaches to investment management and investment strategies - Trust, agency and fiduciary duty - Institutional client sophistication assessment and suitability exemptions - Exemptions from suitability determination requirements - Account appropriateness obligations - Role of the Registered Representative in providing client service - Know-your-product obligations - Product due diligence obligations - Role of the Investment Representative in providing client service - Account appropriateness versus suitability determination - Requirements for working with clients in the United States and other foreign jurisdictions - Investment performance benchmarks - Suitability determination requirements for retail clients - Internal escalation procedures and subject matter experts |
| Prospective client relationships | 10% | - Exemptions under National Instrument 45-106 - Differences between retail and institutional clients - Impact of fees, turnover and taxes on investment returns - Client record documentation, filing and maintenance - Third parties and other professionals in the client's life - Client relationship model - Investment Dealer onboarding process - Retail client information collection - Institutional client qualification requirements - Role of cost in product selection - Required account agreement and Firm Welcome package documents |
| Client complaint handling and reporting | 5% | - Potential client issues, liability and consequences - Policies and procedures for reporting, handling and maintaining complaint records - Recourse available to dissatisfied clients - Investment Dealer obligations to clients - Prohibited practices in client settlement agreements - Investment Dealer complaint reporting obligations and penalties - Role of CIRO and provincial regulators in the complaints handling framework |
| Overview of Canadian securities regulatory framework | 10% | - Role and authority of the Canadian Securities Administrators and provincial and territorial securities and derivatives regulators - Function and purpose of clearing agencies - Role and authority of the Canadian Investment Regulatory Organization - Function and purpose of investment industry marketplaces - Function and purpose of the Canadian Investor Protection Fund - Purpose and implications of the Bank Act and Bankruptcy and Insolvency Act - Criminal Code and its application to financial crime - Anti-money laundering and anti-terrorist financing legislation and regulations - Other applicable laws including confidentiality, privacy, anti-spam, company disclosure and shareholder rights - Investment Dealer registration and individual approval requirements - Function and purpose of other investment industry regulators and agencies |
| Market and company analysis | 8% | - Rules relating to companies - Economic indicators and sources of information - Basic market theories and stock market behaviour - Technical and statistical analysis tools and information sources - Factors influencing the macroeconomy - Effects of macroeconomic factors on financial markets - Company performance analysis tools - Industry performance analysis - Basic economic theories |
| Derivatives | 5% | - Features of other derivative contract types - Basic transactional elements of futures and options - Listed versus over-the-counter derivative markets - Features of options contract types - Single and multi-legged derivative trading strategies - Administrative requirements for derivative trading with clients - Basic uses of derivatives - Prohibited derivative trading practices |
| Conflicts of interest and ethics | 15% | - Conflicts of interest management process - Client confidentiality policies and procedures - Role of cybersecurity in protecting confidential information - Requirements regarding positions of influence - CIRO and other ethical standards of conduct - Information controls, barriers, firewalls and restricted lists - Inappropriate or prohibited personal financial dealings with clients - Ethical and legal responsibilities to clients - Ethical principles and standards of conduct for Approved Persons and Investment Dealers - Importance of managing conflicts of interest - Activities outside an Investment Dealer - Importance of ethics and its relationship to rules |
| Market integrity, trade execution and settlement | 12% | - Reporting obligations to firms and regulators - Order variations, cancellations and corrections - UMIR gatekeeping obligations - Features of different order types - Order entry, trade management, settlement and delivery - Margin requirements - Order confirmation requirements - Universal Market Integrity Rules - Functions of investment banking, research and corporate finance - Gatekeeping requirements for manipulative and deceptive practices, unacceptable activities and front running - Specialized trading agreements for derivative accounts - Features of different account types |
CIRO Canadian Investment Regulatory Sample Questions:
1. What is the primary mandate of the Office of the Superintendent of Financial Institutions (OSFI)?
A) Monitoring anti-money laundering compliance
B) Supervising federally-regulated financial institutions
C) Managing investor protection funds
D) Investigating securities fraud
2. What should a Registered Representative (RR) do if they unintentionally receive insider information about a publicly traded company?
A) Share the information with trusted colleagues for advice
B) Refrain from using the information and report to compliance
C) Act on the information to the benefit of their clients
D) Do not act and retain confidentiality to protect the source
3. The requirement to collect know-your-client (KYC) information does not apply in which of the following scenarios?
A) The client is based in the U.S.A
B) The client is receiving only limited investment advice
C) The client has more than $10m in assets
D) The client is opening an order execution only (OEO) account
4. A client calls their Investment Dealer to cancel an order to purchase 1,000 shares of a stock. However, the order has already been executed. What is the Investment Dealer's most appropriate action in this situation?
A) The dealer should try to reverse the trade as soon as possible by executing a new opposing trade
B) The dealer should inform the client they need to file a request with the exchange to cancel order
C) The dealer should cancel the order as per the client's request, regardless of the execution status
D) The dealer should inform the client that the order has already been executed and that it cannot be undone
5. What is a futures contract?
A) A financial contract that allows the buyer to buy an asset at any time before the expiration date
B) A contract that obligates the buyer to buy an asset at a specified price on a specified future date
C) A financial contract that allows the buyer to borrow funds to purchase an investment asset
D) A contract granting the buyer the right but not obligation to buy an asset at a specified future price
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: B | Question # 3 Answer: D | Question # 4 Answer: D | Question # 5 Answer: B |
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