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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Overview of Canadian securities regulatory framework | 10% | - Role and authority of the Canadian Securities Administrators and provincial and territorial securities and derivatives regulators - Investment Dealer registration and individual approval requirements - Criminal Code and its application to financial crime - Other applicable laws including confidentiality, privacy, anti-spam, company disclosure and shareholder rights - Function and purpose of clearing agencies - Function and purpose of other investment industry regulators and agencies - Function and purpose of investment industry marketplaces - Role and authority of the Canadian Investment Regulatory Organization - Purpose and implications of the Bank Act and Bankruptcy and Insolvency Act - Function and purpose of the Canadian Investor Protection Fund - Anti-money laundering and anti-terrorist financing legislation and regulations |
| Topic 2: Scope of client relationships | 15% | - Role of the Registered Representative in providing client service - Product due diligence obligations - Typical services provided by retail Investment Dealers - Requirements for working with clients in the United States and other foreign jurisdictions - Systematic approaches to investment management and investment strategies - Trust, agency and fiduciary duty - Account appropriateness versus suitability determination - Exemptions from suitability determination requirements - Internal escalation procedures and subject matter experts - Know-your-product obligations - Purpose and content of relationship disclosure - Role of the Investment Representative in providing client service - Typical services provided by institutional Investment Dealers - Account appropriateness obligations - Suitability determination requirements for retail clients - Institutional client sophistication assessment and suitability exemptions - Investment performance benchmarks |
| Topic 3: Market and company analysis | 8% | - Basic economic theories - Rules relating to companies - Effects of macroeconomic factors on financial markets - Economic indicators and sources of information - Company performance analysis tools - Basic market theories and stock market behaviour - Technical and statistical analysis tools and information sources - Factors influencing the macroeconomy - Industry performance analysis |
| Topic 4: Securities, managed products, mutual funds and other investments | 19% | - Types, features, risks and returns of equities - Asset classes generally sold and traded at an Investment Dealer - Considerations affecting fixed income investors - Types of pooled products - Types, features, risks and returns of fixed income securities and products - Considerations affecting managed product investors - Considerations affecting mutual fund investors - Purpose and uses of market indices - Features, risks and returns of managed products - Considerations affecting exchange-traded fund investors - Considerations affecting equity investors and potential shareholders - Other investments including hedge funds, structured products, alternative investment funds, crypto assets and ESG-related products |
| Topic 5: Market integrity, trade execution and settlement | 12% | - Gatekeeping requirements for manipulative and deceptive practices, unacceptable activities and front running - Specialized trading agreements for derivative accounts - Order confirmation requirements - Features of different account types - Universal Market Integrity Rules - UMIR gatekeeping obligations - Functions of investment banking, research and corporate finance - Order entry, trade management, settlement and delivery - Features of different order types - Reporting obligations to firms and regulators - Margin requirements - Order variations, cancellations and corrections |
| Topic 6: Client complaint handling and reporting | 5% | - Prohibited practices in client settlement agreements - Recourse available to dissatisfied clients - Policies and procedures for reporting, handling and maintaining complaint records - Potential client issues, liability and consequences - Investment Dealer obligations to clients - Investment Dealer complaint reporting obligations and penalties - Role of CIRO and provincial regulators in the complaints handling framework |
| Topic 7: Conflicts of interest and ethics | 15% | - Role of cybersecurity in protecting confidential information - Ethical and legal responsibilities to clients - CIRO and other ethical standards of conduct - Inappropriate or prohibited personal financial dealings with clients - Importance of ethics and its relationship to rules - Client confidentiality policies and procedures - Ethical principles and standards of conduct for Approved Persons and Investment Dealers - Activities outside an Investment Dealer - Information controls, barriers, firewalls and restricted lists - Requirements regarding positions of influence - Importance of managing conflicts of interest - Conflicts of interest management process |
| Topic 8: Prospective client relationships | 10% | - Retail client information collection - Exemptions under National Instrument 45-106 - Role of cost in product selection - Client record documentation, filing and maintenance - Client relationship model - Impact of fees, turnover and taxes on investment returns - Investment Dealer onboarding process - 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 |
| Topic 9: Derivatives | 5% | - Features of options contract types - Features of other derivative contract types - Basic transactional elements of futures and options - Basic uses of derivatives - Single and multi-legged derivative trading strategies - Administrative requirements for derivative trading with clients - Listed versus over-the-counter derivative markets - Prohibited derivative trading practices |
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38. Frage
What is a potential risk associated with mutual fund corporations?
Antwort: A
Begründung:
The correct answer is C . Mutual fund corporations remain investment funds whose values depend on the market value of the securities and other assets held in their underlying portfolios. Consequently, market volatility can cause the value of the fund and the investor's shares to rise or fall . CIRO explains generally that a mutual fund's value changes as the value of its underlying investments changes; if those investments perform poorly, the investor's fund value falls.
This is a genuine investment risk regardless of whether the fund uses a corporate rather than trust structure.
The CIRE syllabus expressly requires candidates to understand the features, risks and returns of mutual fund corporations , together with diversification, taxation and managed-product considerations.
A oversimplifies the tax treatment. Canadian tax rules contain specific integration and capital-gains-refund mechanisms for mutual fund corporations rather than imposing a simple investor-level annual tax on every internal gain. B is also not generally accurate under current Canadian tax rules. Since 2017, switching between different investment-fund classes within a mutual fund corporation can constitute a disposition at fair market value, subject to specified exceptions such as certain series switches within the same fund. D is a structural feature rather than a risk.
Study Guide Reference: CIRE Elements 7.8-7.10 - mutual fund corporations, managed-product risks, diversification and taxation.
39. Frage
What is the Investment Dealer's obligation regarding cost discussions for deferred sales charge products?
Antwort: A
Begründung:
The correct answer is B . Where a client holds or considers a product subject to a deferred sales charge (DSC) schedule, the relevant cost implications must be explained before the client makes the affected investment decision . CIRO guidance states that, for purchases involving a DSC structure, clients should be advised that a charge may be triggered if the security is redeemed during the period in which the deferred charge applies.
The principle is informed consent: the client should understand that early redemption can reduce the proceeds received and should know the applicable timeframe and potential cost. More detailed transaction-fee guidance likewise requires disclosure of the amount or reasonable estimate of the DSC and the period during which it applies.
A is incorrect because DSC arrangements historically applied to retail mutual-fund investors, not exclusively institutional clients. C is too late as the primary obligation; disclosure only when the charge is about to be incurred would not provide adequate advance cost information. D conflicts directly with Dealer disclosure responsibilities.
A current regulatory distinction is important: new DSC mutual-fund sales have been prohibited in Canada since June 1, 2022 , but legacy DSC schedules from earlier purchases may continue until expiry.
The CIRE syllabus emphasizes understanding managed-product costs and charges and their impact on investor returns .
Study Guide Reference: CIRE Element 7.9 - Managed Products: impact of costs and charges; client cost disclosure requirements.
40. Frage
What is the primary mandate of the Office of the Superintendent of Financial Institutions (OSFI)?
Antwort: C
Begründung:
The correct answer is C . The Office of the Superintendent of Financial Institutions (OSFI) is Canada's federal prudential regulator. Its central mandate is the regulation and supervision of federally regulated financial institutions (FRFIs) and federally regulated pension plans, with a focus on their safety, soundness and resilience. OSFI states that it regulates and supervises more than 400 financial institutions and approximately 1,200 federally regulated private pension plans. These include banks, federally incorporated trust and loan companies, insurance companies and related federally regulated entities.
OSFI's prudential role includes assessing whether institutions remain in sound financial condition, identifying risks, reviewing capital and liquidity positions, evaluating governance and risk-management systems, and intervening early where corrective measures are required. This contributes to confidence in Canada's financial system and protects depositors, policyholders, creditors and pension-plan members.
A is incorrect because Canada's principal financial-intelligence and federal AML/ATF administrative authority is FINTRAC , although federally regulated institutions also have AML obligations. B is primarily associated with police, securities regulators, CIRO and other enforcement authorities depending on the misconduct. D is incorrect because investor protection funds such as the Canadian Investor Protection Fund operate separately from OSFI.
Within the Canadian regulatory framework, candidates must distinguish prudential regulation of financial institutions from securities-market regulation and self-regulation.
Study Guide Reference: CIRE Element 1 - Canadian regulatory framework and roles of Canadian financial-sector regulators; OSFI mandate and prudential supervision.
41. Frage
When must an Investment Dealer consult with a client's trusted contact person?
Antwort: A
Begründung:
The correct response is A . Under CIRO's Know-Your-Client requirements, a Dealer Member must take reasonable steps to obtain the name and contact information of a trusted contact person (TCP) , together with the client's written consent permitting contact. IDPC Rule 3202(4) provides for contact with the TCP regarding specified protective matters, including "possible financial exploitation of the client" and concerns about the client's mental capacity as it relates to making financial decisions. A therefore identifies the prescribed circumstances relevant to TCP contact.
A TCP is a protective contact, not a substitute decision-maker, attorney under a power of attorney, or person automatically authorized to direct transactions. Contact remains governed by the client's written consent and the limited purposes specified in the rule. D is therefore incorrect: routine account-performance information is not disclosed merely to obtain an objective opinion. B is incorrect because missing KYC information is addressed through KYC, documentation, account-opening and account-restriction procedures rather than by consulting the TCP. C is incorrect because disagreement with a competent client's investment decision is not itself a TCP-contact purpose.
The CIRE syllabus specifically identifies the trusted contact person as a third party whose role an Investment Dealer must understand, identify and document.
Study Guide Reference: CIRE Element 2.7 - role of third parties and trusted contact persons; IDPC Rule 3202(4).
42. Frage
What is the maximum sum that can be awarded under the CIRO's arbitration program?
Antwort: B
Begründung:
The correct answer is D - $500,000 . CIRO's arbitration program provides an alternative dispute-resolution mechanism for eligible disputes between clients and CIRO-regulated Investment Dealers. Unlike an OBSI recommendation, an arbitration decision is legally binding , and CIRO rules require participating Investment Dealers to comply with the arbitrator's decision.
CIRO's current Arbitration FAQ states explicitly: "Through the CIRO Arbitration Program, arbitrators can award up to $500,000." CIRO's current financial-compensation comparison also lists the arbitration award limit as up to $500,000 , compared with OBSI's compensation recommendation limit of up to $350,000.
This distinction is examination-relevant because the available complaint and compensation channels differ in cost, formality and legal effect. OBSI is generally free to the consumer, but its recommendations are not binding; arbitration involves costs but produces a binding decision. Court proceedings have no comparable CIRO-imposed monetary award limit.
CIRO previously consulted on modernization proposals that included potentially increasing the arbitration limit, but the current operative CIRO investor guidance continues to specify $500,000 . Thus, $500,000- not $350,000, $650,000 or $750,000-is the applicable examination answer.
The CIRE syllabus explicitly requires understanding of OBSI, litigation and CIRO's arbitration program as client recourse mechanisms.
Study Guide Reference: CIRE Element 4.2 - Client Complaint Handling and Reporting: OBSI, litigation and CIRO arbitration.
43. Frage
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