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CIRO CIRE Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Client Complaint Handling and Reporting | ~5% | - Complaint Management Framework - Escalation, Recordkeeping and Reporting |
| Topic 2: Market Integrity, Trade Execution and Settlement | ~12% | - Order Types, Execution and Settlement Processes - UMIR and Market Integrity Rules |
| Topic 3: Overview of Regulatory Framework | ~10% | - Securities Legislation and Regulators (CSA, CIRO, FINTRAC) - Market Infrastructure and Protection Funds |
| Topic 4: Securities and Managed Products | ~19% | - Equities, Fixed-Income and Managed Products - Fund Structures and Product Characteristics |
| Topic 5: Scope of Client Relationship, KYC and Suitability | ~15–18% | - Know Your Client (KYC) Requirements - Suitability Assessment and Obligations |
| Topic 6: Prospective Client Relationships | ~10% | - Know Your Prospect (KYP) and Disclosures - Relationship Discovery and Qualification |
| Topic 7: Derivatives Fundamentals | ~5–8% | - Options, Futures and Forwards Basics - Risk and Suitability for Derivatives |
| Topic 8: Conflicts of Interest and Ethics | ~14–15% | - Conflict Identification, Disclosure and Management - Client-Focused Reforms and Ethical Standards |
| Topic 9: Market and Company Analysis | ~8% | - Investment Performance Benchmarks - Fundamental and Technical Analysis |
CIRO Canadian Investment Regulatory Sample Questions:
1. An Investment Representative (IR) at an Investment Dealer notices that a long-standing client, who typically trades conservative blue-chip stocks in moderate amounts, has suddenly started making frequent large trades in high-volatility penny stocks. What is the IR's best course of action under gatekeeping regulatory requirements?
A) Monitor the transactions and wait for a regulatory authority to raise concerns
B) Freeze the client's account immediately and report the activity as fraudulent
C) Detail the client's activity and report it to a Supervisor or compliance
D) Recognize the client has changed their trading strategy and take no further action
2. How are new Canadian government bonds typically issued to the market?
A) By private placement agreements with institutional brokers
B) Through direct sales to retail investors at a posted price
C) At a set rate offered to institutions with the highest bids
D) By auction where Investment Dealers bid based on the yield
3. A central bank raises interest rates to address rising inflation. What is the most likely effect of this policy on the economy?
A) Increased consumer spending and higher inflation
B) Reduced consumer spending and lower inflation
C) Higher demand for goods and services
D) Increased borrowing by businesses and individuals
4. What should a Registered Representative (RR) do if they unintentionally receive insider information about a publicly traded company?
A) Do not act and retain confidentiality to protect the source
B) Share the information with trusted colleagues for advice
C) Act on the information to the benefit of their clients
D) Refrain from using the information and report to compliance
5. An investment advisor for a discretionary account purchased a stock then realized it was not aligned with the client's know-your-client (KYC) documentation. The stock is sold for a small gain. What should the advisor do?
A) Conceal the error to avoid any reputational damage
B) The incident is reasonable practice with no further action needed
C) Notify the client and document the error as per firm policy
D) Reinvest the proceeds in a stock that does align to offset the issue
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: D | Question # 3 Answer: B | Question # 4 Answer: D | Question # 5 Answer: C |






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