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| Section | Weight | Objectives |
|---|---|---|
| Derivatives | 5% | - Listed versus over-the-counter derivative markets - Features of options contract types - Basic transactional elements of futures and options - Administrative requirements for derivative trading with clients - Single and multi-legged derivative trading strategies - Basic uses of derivatives - Features of other derivative contract types - Prohibited derivative trading practices |
| Market integrity, trade execution and settlement | 12% | - Universal Market Integrity Rules - Order variations, cancellations and corrections - Specialized trading agreements for derivative accounts - Order entry, trade management, settlement and delivery - Order confirmation requirements - Features of different account types - Margin requirements - Functions of investment banking, research and corporate finance - UMIR gatekeeping obligations - Gatekeeping requirements for manipulative and deceptive practices, unacceptable activities and front running - Features of different order types - Reporting obligations to firms and regulators |
| Prospective client relationships | 10% | - Client relationship model - Impact of fees, turnover and taxes on investment returns - Retail client information collection - Required account agreement and Firm Welcome package documents - Third parties and other professionals in the client's life - Institutional client qualification requirements - Differences between retail and institutional clients - Client record documentation, filing and maintenance - Exemptions under National Instrument 45-106 - Investment Dealer onboarding process - Role of cost in product selection |
| Client complaint handling and reporting | 5% | - Recourse available to dissatisfied clients - Potential client issues, liability and consequences - Policies and procedures for reporting, handling and maintaining complaint records - Prohibited practices in client settlement agreements - Investment Dealer obligations to clients - Role of CIRO and provincial regulators in the complaints handling framework - Investment Dealer complaint reporting obligations and penalties |
| Market and company analysis | 8% | - Basic market theories and stock market behaviour - Basic economic theories - Technical and statistical analysis tools and information sources - Company performance analysis tools - Factors influencing the macroeconomy - Economic indicators and sources of information - Rules relating to companies - Effects of macroeconomic factors on financial markets - Industry performance analysis |
| Scope of client relationships | 15% | - Role of the Registered Representative in providing client service - Exemptions from suitability determination requirements - Internal escalation procedures and subject matter experts - Account appropriateness obligations - Systematic approaches to investment management and investment strategies - Account appropriateness versus suitability determination - Trust, agency and fiduciary duty - Institutional client sophistication assessment and suitability exemptions - Product due diligence obligations - Requirements for working with clients in the United States and other foreign jurisdictions - Suitability determination requirements for retail clients - Know-your-product obligations - Investment performance benchmarks - Role of the Investment Representative in providing client service - Typical services provided by retail Investment Dealers - Typical services provided by institutional Investment Dealers - Purpose and content of relationship disclosure |
| Securities, managed products, mutual funds and other investments | 19% | - Considerations affecting exchange-traded fund investors - Considerations affecting equity investors and potential shareholders - 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 - Considerations affecting managed product investors - Features, risks and returns of managed products - Types, features, risks and returns of fixed income securities and products - Considerations affecting mutual fund investors - Asset classes generally sold and traded at an Investment Dealer - Considerations affecting fixed income investors - Types, features, risks and returns of equities |
| Conflicts of interest and ethics | 15% | - Client confidentiality policies and procedures - Conflicts of interest management process - Inappropriate or prohibited personal financial dealings with clients - Role of cybersecurity in protecting confidential information - Requirements regarding positions of influence - Importance of managing conflicts of interest - Importance of ethics and its relationship to rules - Activities outside an Investment Dealer - Ethical principles and standards of conduct for Approved Persons and Investment Dealers - Ethical and legal responsibilities to clients - CIRO and other ethical standards of conduct - Information controls, barriers, firewalls and restricted lists |
| Overview of Canadian securities regulatory framework | 10% | - Criminal Code and its application to financial crime - Function and purpose of investment industry marketplaces - Role and authority of the Canadian Securities Administrators and provincial and territorial securities and derivatives regulators - Anti-money laundering and anti-terrorist financing legislation and regulations - Function and purpose of clearing agencies - Function and purpose of other investment industry regulators and agencies - Other applicable laws including confidentiality, privacy, anti-spam, company disclosure and shareholder rights - 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 - Investment Dealer registration and individual approval requirements |
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質問 # 86
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?
正解：D
解説：
The correct answer is A . A client may cancel or modify an outstanding order only before execution, subject to whether the cancellation reaches the marketplace in time. Once the order has been executed, however, it has become a completed trade rather than an open order. The Dealer should therefore inform the client promptly that the purchase has already occurred and cannot simply be withdrawn on the client's subsequent instruction.
The CIRE syllabus explicitly requires candidates to understand "processes for handling order variations, cancellations and corrections." Importantly, cancellation of an executed marketplace trade is a different regulatory process. UMIR 7.11 governs post-execution trade cancellations and variations; they may occur only under prescribed market-regulatory circumstances and procedures, not merely because a client changed their mind after execution.
B is inappropriate because an opposing sale would be a new transaction , potentially at a different price and with additional costs and market risk; it should not be undertaken automatically without proper client authorization. C ignores the fact that execution has already occurred. D incorrectly suggests that an ordinary client can simply request the exchange to reverse a valid completed trade.
Study Guide Reference: CIRE Elements 6.5-6.8 - order entry, execution, cancellations, corrections and confirmations; UMIR 7.11.
質問 # 87
What is the most likely consequence if an Investment Dealer breaches CIRO rules?
正解：C
解説：
The correct answer is A . A breach of CIRO requirements exposes an Investment Dealer to regulatory investigation, disciplinary proceedings and potential sanctions . The precise consequence depends on the nature, seriousness, duration and consequences of the misconduct, as well as factors such as investor harm, prior disciplinary history, cooperation and whether the violation was deliberate or repeated.
CIRO's current Sanction Guidelines establish a range of available regulatory consequences. Hearing panels may impose monetary fines and disgorgement, suspensions, conditions on membership and, for sufficiently serious conduct, expulsion or permanent bars. A monitor can also be imposed in appropriate circumstances, but it is a specific remedial measure rather than the automatic or most likely result of every rule breach.
Recent CIRO enforcement activity confirms that firms continue to face significant fines, costs and disgorgement for regulatory violations.
Accordingly, A is the broad and technically correct response. B is possible in serious cases where enhanced supervision or remediation is required, but it is not inevitable. C is not an automatic consequence of a CIRO violation. D likewise does not follow generally from a breach.
The regulatory purpose of sanctions is principally preventive: protecting investors, strengthening market integrity and deterring future misconduct.
Study Guide Reference: CIRE Element 1 - CIRO's regulatory and enforcement role within the Canadian securities framework; CIRO Sanction Guidelines.
質問 # 88
How do iceberg orders help reduce market impact and promote liquidity?
正解：A
解説：
The correct answer is A . An iceberg order is a large order in which only a limited portion of the total quantity is displayed to the market at any given time, while the remaining quantity is held in reserve. CIRO materials describe iceberg orders as large orders "where only a small portion of the order shows on the quote screen." This structure can reduce market impact because other market participants do not immediately see the full size of the buyer's or seller's interest. Revealing a very large order could influence prices adversely-for example, a large visible buy order may encourage sellers to increase asking prices. By displaying a smaller quantity, the trader can expose liquidity progressively while still contributing visible volume to the order book.
A is therefore the best answer. B is incorrect because an iceberg order is partially displayed , not completely hidden. CIRO specifically distinguishes an iceberg order from a fully dark order; the displayed portion contributes to price discovery and market liquidity. C is the opposite of an iceberg structure because the entire quantity is not displayed. D is also incorrect because iceberg orders can operate on transparent marketplaces and are not defined by execution in a dark pool.
The CIRE syllabus expressly includes iceberg orders among the order types candidates must understand.
Study Guide Reference: CIRE Element 6.6 - Features of different order types; UMIR order-entry and exposure framework.
質問 # 89
Retail Investment Dealers may offer a range of accounts to clients. Which of the following best reflects that range?
正解：C
解説：
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.
質問 # 90
Which of the following could be a market order?
正解：C
解説：
The correct answer is D . Under UMIR 1.1, a market order is an order to buy a security or derivative that is executed upon entry to a marketplace at the best ask price , or an order to sell that executes at the best bid price . This is essentially the wording used in D.
Unlike a limit order, a market order does not establish a maximum purchase price or minimum sale price. Its priority is prompt execution against the best available displayed liquidity, although the ultimate execution price can vary if available volume at the best price is insufficient.
Each other option describes a different recognized order type. A is a bundled order , defined by UMIR as an order combining a client order with a non-client or principal order, or both. B describes a limit order , because the purchaser specifies the maximum acceptable execution price. C describes a Closing Price Order
, which is entered subject to execution at the security's closing sale price.
The CIRE syllabus expressly requires candidates to understand different order types, including market orders, limit orders, immediate-or-cancel orders, fill-or-kill orders, on-stop orders and iceberg orders .
Study Guide Reference: CIRE Element 6.6 - Features of different order types; UMIR 1.1 - Market Order.
質問 # 91
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