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| Section | Weight | Objectives |
|---|---|---|
| Derivatives | 5% | - Transactional elements of futures and options - Options - Prohibited derivative trading practices - Listed and over-the-counter derivatives markets - Futures, forwards, swaps and contracts for difference - Uses of derivatives - Derivative trading strategies - Derivative account administration |
| Securities, managed products, mutual funds and other investments | 19% | - Other investments - Fixed income investment considerations - Exchange-traded funds - Mutual funds - Equity investment considerations - Market indices - Managed product investment considerations - Asset classes - Managed products - Pooled products - Equities - Fixed income securities and products |
| Overview of Canadian securities regulatory framework | 10% | - Anti-money laundering requirements - Marketplaces and trading venues - Criminal Code and financial crime - Canadian Investor Protection Fund - Other investment industry regulators and agencies - Role and authority of the Canadian Securities Administrators and provincial/territorial securities and derivatives regulators - Bank Act and Bankruptcy and Insolvency Act - Clearing agencies - Confidentiality, privacy, anti-spam and shareholder rights legislation - Role and authority of the Canadian Investment Regulatory Organization - Investment Dealer registration and individual approval requirements |
| Client complaint handling and reporting | 5% | - Client issues and potential liability - Investment Dealer obligations to clients - Settlement agreements with clients - CIRO and provincial regulator roles in complaint handling - Complaint policies, procedures and recordkeeping - Investment Dealer complaint reporting obligations - Client recourse options |
| Prospective client relationships | 10% | - Accredited investors and exemptions - Retail and institutional clients - Retail client information and risk profile - Client relationship model - Costs, fees, turnover and taxes - Investment Dealer onboarding process - Client recordkeeping - Third parties and professional advisers - Account agreements and welcome documentation - Institutional client qualification |
| Market integrity, trade execution and settlement | 12% | - Margin requirements - Derivative trading agreements - Order types - Order entry, trade processing, settlement and delivery - Account types - Order variations, cancellations and corrections - UMIR gatekeeping obligations - Gatekeeping for manipulative and deceptive practices - Order confirmation requirements - Universal Market Integrity Rules - Investment banking, research and corporate finance - Reporting obligations |
| Market and company analysis | 8% | - Market theories and stock market behaviour - Company regulation, disclosure and investor rights - Macroeconomic effects on financial markets - Economic information and indicators - Macroeconomic factors and policies - Basic economic theories - Industry performance analysis - Technical and statistical analysis tools - Company performance analysis |
| Scope of client relationships | 15% | - Suitability exemptions - Retail Investment Dealer services - Investment management styles and strategies - Institutional client sophistication and suitability exemptions - Client suitability determination - Product due diligence - Account appropriateness versus suitability - Account appropriateness - Escalation to subject matter experts - Relationship disclosure - Know-your-product requirements - Registered Representative role and client service - Investment performance benchmarks - Investment Representative role and client service - Institutional Investment Dealer services - Trust, agency and fiduciary duty - Clients residing in the United States and other foreign jurisdictions |
| Conflicts of interest and ethics | 15% | - Positions of influence - Conflict identification, avoidance, addressing and disclosure - Information barriers and restricted lists - Cybersecurity and confidential information - Outside activities of Approved Persons - Client confidentiality - CIRO and other ethical standards - Ethics and regulatory rules - Personal financial dealings with clients - Ethical principles and standards of conduct - Managing conflicts of interest - Ethical and legal responsibilities to clients |
CIRE是CIRO認證考試，所以通過CIRE是踏上CIRO 認證的第一步。也因此CIRE認證考試變得越來越火熱，參加CIRE考試的人也越來越多，但是CIRE認證考試的通過率並不是很高。當你選擇CIRE考試時有沒有選擇相關的考試課程？
問題 #107
A compliance officer at an Investment Dealer notices a significant increase in trades of low-liquidity stocks. What is the most likely compliance issue?
答案：A
解題說明：
The correct answer is A . A significant and unexplained increase in trading of illiquid securities is a market- conduct red flag because comparatively small orders can have a disproportionate impact on market prices, displayed supply or demand and trading volumes. CIRO enforcement materials specifically note that illiquid and volatile securities can be frequent targets of market manipulation and fraud , making unusual trading patterns appropriate subjects for compliance escalation and review.
UMIR 2.2 prohibits manipulative and deceptive activities intended to create artificial prices or misleading appearances of trading activity. CIRO enforcement precedent has specifically addressed trading in illiquid securities where orders were used to influence prices or closing quotations. A compliance officer should therefore consider whether the increased activity reflects artificial pricing, wash trading, pre-arranged activity, promotional schemes or trading associated with undisclosed material information. The observation does not prove manipulation or insider trading, but it creates a surveillance and gatekeeping concern requiring investigation.
B is possible only if separate evidence suggests recordkeeping deficiencies; increased low-liquidity trading does not itself establish inaccurate records. C concerns portfolio suitability rather than the principal market- integrity concern described. D is primarily a tax-compliance matter and is unrelated to the trading pattern itself.
The CIRE syllabus requires candidates to identify suspicious transactions and possible insider-trading activity and violations under CIRO's gatekeeping framework.
Study Guide Reference: CIRE Elements 6.2-6.3 - UMIR gatekeeping, manipulative/deceptive practices and suspicious trading; UMIR 2.2.
問題 #108
What should a Registered Representative (RR) do if they unintentionally receive insider information about a publicly traded company?
答案：B
解題說明：
The correct answer is C . Once an RR becomes aware of material non-public information (MNPI) , the information must not be used to trade, recommend trades, tip clients or otherwise obtain an advantage before it becomes generally disclosed. The RR must maintain confidentiality and escalate the matter through the Dealer's prescribed internal controls, typically the compliance department or control room .
CIRO's guidance on supervision of MNPI states specifically that Dealer employees who become aware of MNPI have an obligation to report it to the appropriate department within the firm , such as compliance or the control room. Current IDPC Rule 3508 defines material non-public information and requires Dealer policies and procedures to specifically address maintaining its confidentiality. The rule also restricts disclosure to others except in the necessary course of business.
A constitutes potential insider trading and is prohibited even if the RR believes the transaction benefits clients. B is incomplete because retaining confidentiality is necessary, but the RR must also follow the Dealer's escalation procedures. D risks unlawful tipping ; information must not be casually shared with colleagues simply to obtain advice.
The CIRE syllabus explicitly requires candidates to identify and escalate possible insider-trading activity and violations as part of CIRO's market-integrity and gatekeeping framework.
Study Guide Reference: CIRE Element 6.3 - insider trading and gatekeeping; IDPC Rule 3508 - Inside Information.
問題 #109
An investment analyst is explaining the characteristics of principal-protected notes (PPNs) to a client.
Which of the following is a key feature of a PPN?
答案：D
解題說明：
The correct answer is B . A principal-protected note (PPN) is a structured debt product designed so that, subject to the terms of the note and the creditworthiness of the guarantor or issuer, the investor's original principal is protected if the note is held to maturity . CSA investor material describes a PPN as consisting partly of an investment that promises the return of the investor's original amount after the specified term, with a guarantor supporting that amount.
The second component typically provides exposure to an index, fund or other market-based investment, creating the potential for additional return. Importantly, that additional return is not guaranteed . CIRO guidance also emphasizes that principal protection is normally dependent on holding the PPN until maturity; early redemption may cause the investor to lose the protection and incur additional charges.
B is therefore the defining feature. A overstates the risk because principal protection distinguishes PPNs from direct equity ownership, although PPNs still involve liquidity, credit, complexity and opportunity-cost risks. C is incorrect because returns above principal are not guaranteed. D directly contradicts the product's defining characteristic.
Within the CIRE syllabus, PPNs fall within structured products , for which candidates must know their features, risks, returns, costs and disclosure requirements.
Study Guide Reference: CIRE Element 7.12 - Structured Products, including principal-protected structures.
問題 #110
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?
答案：A
解題說明：
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.
問題 #111
A client has an account with their Investment Dealer. The dealer acts as principal in a trade for them at a price that is not as good as the prevailing market price. How would this trade be considered?
答案：B
解題說明：
The correct answer is C . An Investment Dealer's decision to act as principal -trading from its own inventory against the client's order-does not eliminate its obligation to pursue the most advantageous execution terms reasonably available for the client. CIRO's best-execution framework defines best execution by reference to the overall execution terms reasonably available, with relevant factors including price, transaction costs, speed and certainty of execution.
Client-principal trading involves additional conflict considerations. Under UMIR 8.1, specified client- principal transactions require the Dealer to take reasonable steps to ensure the price represents the best available price under prevailing market conditions ; for covered smaller orders, the client must receive price improvement relative to the marketplace. CIRO's policy explains that where the Dealer sells to its client, the client should pay less than the best ask in the circumstances covered by the rule.
Therefore, deliberately giving the client a price inferior to reasonably available market terms is inconsistent with the best-execution obligation. A is unrelated because no margin deficiency is described. B reverses the regulatory principle: principal capacity does not excuse inferior execution. D requires additional elements of manipulative or deceptive market conduct; an unfavourable principal price alone does not establish market manipulation.
Study Guide Reference: CIRE Element 6.1 - Best Execution and client-principal trading; IDPC Rule
3100 Part C and UMIR 8.1.
問題 #112
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