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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Securities, managed products, mutual funds and other investments | 19% | - Pooled products - Fixed income investment considerations - Asset classes - Other investments - Exchange-traded funds - Fixed income securities and products - Market indices - Equities - Managed product investment considerations - Managed products - Equity investment considerations - Mutual funds |
| Topic 2: Prospective client relationships | 10% | - Account agreements and welcome documentation - Client relationship model - Retail client information and risk profile - Client recordkeeping - Costs, fees, turnover and taxes - Investment Dealer onboarding process - Retail and institutional clients - Institutional client qualification - Accredited investors and exemptions - Third parties and professional advisers |
| Topic 3: Market and company analysis | 8% | - Macroeconomic factors and policies - Technical and statistical analysis tools - Company regulation, disclosure and investor rights - Macroeconomic effects on financial markets - Industry performance analysis - Basic economic theories - Company performance analysis - Economic information and indicators - Market theories and stock market behaviour |
| Topic 4: Overview of Canadian securities regulatory framework | 10% | - Criminal Code and financial crime - Bank Act and Bankruptcy and Insolvency Act - Other investment industry regulators and agencies - Anti-money laundering requirements - Confidentiality, privacy, anti-spam and shareholder rights legislation - Clearing agencies - Marketplaces and trading venues - Investment Dealer registration and individual approval requirements - Role and authority of the Canadian Investment Regulatory Organization - Canadian Investor Protection Fund - Role and authority of the Canadian Securities Administrators and provincial/territorial securities and derivatives regulators |
| Topic 5: Conflicts of interest and ethics | 15% | - Client confidentiality - Cybersecurity and confidential information - CIRO and other ethical standards - Ethical principles and standards of conduct - Positions of influence - Outside activities of Approved Persons - Information barriers and restricted lists - Managing conflicts of interest - Conflict identification, avoidance, addressing and disclosure - Ethical and legal responsibilities to clients - Ethics and regulatory rules - Personal financial dealings with clients |
| Topic 6: Market integrity, trade execution and settlement | 12% | - Reporting obligations - UMIR gatekeeping obligations - Investment banking, research and corporate finance - Order variations, cancellations and corrections - Derivative trading agreements - Order confirmation requirements - Margin requirements - Order types - Account types - Universal Market Integrity Rules - Gatekeeping for manipulative and deceptive practices - Order entry, trade processing, settlement and delivery |
| Topic 7: Client complaint handling and reporting | 5% | - Investment Dealer complaint reporting obligations - Client issues and potential liability - Investment Dealer obligations to clients - Settlement agreements with clients - Complaint policies, procedures and recordkeeping - CIRO and provincial regulator roles in complaint handling - Client recourse options |
| Topic 8: Derivatives | 5% | - Prohibited derivative trading practices - Transactional elements of futures and options - Derivative account administration - Options - Uses of derivatives - Derivative trading strategies - Listed and over-the-counter derivatives markets - Futures, forwards, swaps and contracts for difference |
| Topic 9: Scope of client relationships | 15% | - Product due diligence - Institutional Investment Dealer services - Investment performance benchmarks - Trust, agency and fiduciary duty - Account appropriateness - Know-your-product requirements - Escalation to subject matter experts - Investment Representative role and client service - Retail Investment Dealer services - Client suitability determination - Suitability exemptions - Institutional client sophistication and suitability exemptions - Registered Representative role and client service - Clients residing in the United States and other foreign jurisdictions - Investment management styles and strategies - Relationship disclosure - Account appropriateness versus suitability |
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NEW QUESTION # 19
When must an Investment Dealer consult with a client's trusted contact person?
Answer: D
Explanation:
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).
NEW QUESTION # 20
Retail Investment Dealers may offer a range of accounts to clients. Which of the following best reflects that range?
Answer: C
Explanation:
The correct answer is A . The CIRE syllabus expressly identifies the typical services provided by a retail Investment Dealer as order execution only, advisory, managed and discretionary . These service models differ principally in the degree of advice and decision-making authority exercised by the client and the Dealer or representative.
In an OEO account , the client makes investment decisions and the Dealer executes orders without providing recommendations. In an advisory account , a Registered Representative may provide recommendations, but the client retains final authority over each transaction. A managed account delegates ongoing discretionary investment-management authority to an appropriately approved Portfolio Manager according to the account mandate. A discretionary account also permits specified discretionary trading authority, subject to CIRO's regulatory limitations, documentation and supervisory requirements.
B is incorrect because Direct Electronic Access (DEA) is not included by the CIRE syllabus as one of the typical retail Investment Dealer service categories. DEA concerns electronic access and routing arrangements to marketplaces and appears under the market-integrity framework rather than the standard list of retail account services. C omits OEO accounts, while D omits managed accounts.
Study Guide Reference: CIRE Element 3.5 - Typical services provided by retail Investment Dealers; Element 6.9 - features of account types.
NEW QUESTION # 21
What is the purpose of an Investment Dealer obtaining the contact information of a trusted contact person?
Answer: C
Explanation:
The correct answer is D . A Trusted Contact Person (TCP) is a protective mechanism designed to help an Investment Dealer respond to specified concerns involving a client, particularly possible financial exploitation or concerns about the client's mental capacity to make financial decisions. Current IDPC Rule 3202 requires the Dealer to take reasonable steps to obtain the TCP's name and contact information and the client's written consent permitting contact for prescribed purposes. These include concerns about possible financial exploitation , mental capacity, the identity of a legal representative and the client's current contact information.
CIRO emphasizes that naming a TCP does not transfer authority over the account . The TCP cannot make transactions, make investment decisions or automatically access confidential account information. Instead, the TCP provides a person whom the Dealer is authorized to contact when specified protective concerns arise.
A is therefore incorrect because the TCP does not override the client's decision-making authority. B confuses a TCP with a legal representative or attorney under a power of attorney. C is incorrect because the Dealer does not obtain investment recommendations from the TCP; suitability and investment decisions remain governed by the client relationship and applicable Dealer obligations.
The TCP requirement forms part of CIRO's broader KYC and vulnerable-client protection framework.
Study Guide Reference: CIRE Elements 2.6-2.7 - KYC, third parties and trusted contact persons; IDPC Rule 3202(4).
NEW QUESTION # 22
Before purchasing shares in a publicly traded company, it is important to evaluate a key advantage and disadvantage of share ownership. What should be considered?
Answer: D
Explanation:
The correct answer is D . Common-share ownership provides investors with the potential to generate returns through capital appreciation and dividends . If the market value of the shares rises above the investor's purchase price, selling them can produce a capital gain. A corporation may also distribute a portion of its profits to shareholders as dividends, although common-share dividends are discretionary and are not guaranteed.
Ontario Securities Commission investor education states that common stock offers potential growth through rising share prices and dividends. It also emphasizes that common shareholders may receive dividends but that neither payment nor amount is guaranteed. Consequently, D properly reflects both the potential economic benefit and the contingent nature of dividends.
A describes characteristics more closely associated with certain fixed-income instruments; common shares have no maturity date, guaranteed principal repayment or fixed contractual payments. B is incorrect because equity investment can involve substantial financial risk, and common shareholders commonly possess voting rights on corporate matters. C reverses insolvency priority: bondholders and other creditors rank ahead of shareholders, and common shareholders generally rank behind preferred shareholders as well.
The CIRE syllabus expressly identifies advantages and disadvantages of share ownership and how dividends are declared and received as required equity knowledge.
Study Guide Reference: CIRE Elements 7.2-7.3 - equities, advantages/disadvantages of share ownership, dividends and shareholder rights.
NEW QUESTION # 23
How does an advisory account differ from a managed account?
Answer: B
Explanation:
The correct answer is A . The defining characteristic of an advisory account is that the client retains responsibility and final authority for investment decisions, while being entitled to rely on recommendations from a Registered Representative. Current CIRO IDPC Rules define an advisory account as one subject to suitability determination where "the client is responsible for all investment decisions" , while the Dealer and RR remain responsible for the advice provided.
This differs fundamentally from a managed account . In a managed account, investment decisions are made on a continuing discretionary basis by a Portfolio Manager, Associate Portfolio Manager or qualifying third party. The client establishes the mandate and relevant objectives and constraints, but does not approve each individual transaction before it occurs. CIRO defines managed accounts accordingly and identifies the responsible portfolio-management personnel as accountable for those investment decisions.
D therefore describes the managed account rather than the advisory account and is precisely the distinction the question asks candidates to recognize. B is not a defining difference because access to particular products depends on the Dealer, client eligibility, suitability and product requirements. C also fails to distinguish the accounts because client classification alone does not define the advisory-versus-managed relationship.
The CIRE syllabus requires candidates to understand advisory, discretionary, managed and OEO accounts and the differing decision-making responsibilities associated with each.
Study Guide Reference: CIRE Elements 3 and 6.9 - account relationships and account types; IDPC Rule 1200 definitions.
NEW QUESTION # 24
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