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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Conflicts of interest and ethics | 15% | - Ethics and regulatory rules - Cybersecurity and confidential information - Managing conflicts of interest - Outside activities of Approved Persons - Personal financial dealings with clients - CIRO and other ethical standards - Information barriers and restricted lists - Conflict identification, avoidance, addressing and disclosure - Ethical and legal responsibilities to clients - Ethical principles and standards of conduct - Positions of influence - Client confidentiality |
| Topic 2: Overview of Canadian securities regulatory framework | 10% | - Anti-money laundering requirements - Role and authority of the Canadian Securities Administrators and provincial/territorial securities and derivatives regulators - Clearing agencies - Investment Dealer registration and individual approval requirements - Other investment industry regulators and agencies - Canadian Investor Protection Fund - Bank Act and Bankruptcy and Insolvency Act - Role and authority of the Canadian Investment Regulatory Organization - Confidentiality, privacy, anti-spam and shareholder rights legislation - Marketplaces and trading venues - Criminal Code and financial crime |
| Topic 3: Securities, managed products, mutual funds and other investments | 19% | - Equities - Pooled products - Market indices - Managed products - Managed product investment considerations - Asset classes - Equity investment considerations - Fixed income investment considerations - Mutual funds - Fixed income securities and products - Other investments - Exchange-traded funds |
| Topic 4: Client complaint handling and reporting | 5% | - Investment Dealer complaint reporting obligations - Settlement agreements with clients - CIRO and provincial regulator roles in complaint handling - Investment Dealer obligations to clients - Client issues and potential liability - Complaint policies, procedures and recordkeeping - Client recourse options |
| Topic 5: Scope of client relationships | 15% | - Product due diligence - Escalation to subject matter experts - Registered Representative role and client service - Know-your-product requirements - Investment performance benchmarks - Account appropriateness - Retail Investment Dealer services - Investment Representative role and client service - Trust, agency and fiduciary duty - Institutional Investment Dealer services - Client suitability determination - Account appropriateness versus suitability - Relationship disclosure - Suitability exemptions - Clients residing in the United States and other foreign jurisdictions - Investment management styles and strategies - Institutional client sophistication and suitability exemptions |
| Topic 6: Derivatives | 5% | - Prohibited derivative trading practices - Options - Derivative trading strategies - Futures, forwards, swaps and contracts for difference - Uses of derivatives - Derivative account administration - Listed and over-the-counter derivatives markets - Transactional elements of futures and options |
| Topic 7: Prospective client relationships | 10% | - Institutional client qualification - Client recordkeeping - Retail client information and risk profile - Third parties and professional advisers - Accredited investors and exemptions - Client relationship model - Retail and institutional clients - Costs, fees, turnover and taxes - Investment Dealer onboarding process - Account agreements and welcome documentation |
| Topic 8: Market integrity, trade execution and settlement | 12% | - Investment banking, research and corporate finance - Order variations, cancellations and corrections - Gatekeeping for manipulative and deceptive practices - UMIR gatekeeping obligations - Margin requirements - Order confirmation requirements - Order types - Universal Market Integrity Rules - Order entry, trade processing, settlement and delivery - Derivative trading agreements - Account types - Reporting obligations |
| Topic 9: Market and company analysis | 8% | - Economic information and indicators - Market theories and stock market behaviour - Technical and statistical analysis tools - Company performance analysis - Basic economic theories - Industry performance analysis - Company regulation, disclosure and investor rights - Macroeconomic effects on financial markets - Macroeconomic factors and policies |
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問題 #37
If reasonably foreseeable material conflicts of interest cannot be avoided, an Investment Dealer must ensure which of the following?
答案：A
解題說明：
The correct answer is C . CIRO's conflict-of-interest framework requires material conflicts to be identified and addressed in the best interest of the client . Where a conflict is not avoided but can appropriately be controlled, the Investment Dealer must apply effective measures to address the conflict and provide the required disclosure to affected clients. IDPC Rule 3112 requires Dealers to address material conflicts in the client's best interest. Rule 3113 further requires written disclosure where a reasonable client would expect to be informed.
Timing is critical. Rule 3113 requires a conflict identified after account opening to be disclosed "in a timely manner" upon identification where it has not previously been disclosed. Waiting until an annual review, as D suggests, would therefore not satisfy the prescribed timing standard.
B is incorrect because conflict disclosure remains required in circumstances where a reasonable client would expect disclosure; moreover, disclosure alone does not satisfy the duty to address the conflict. A is incomplete because merely giving the client choices does not discharge the Dealer's regulatory obligation.
A technical distinction is important: if a material conflict cannot be addressed in the client's best interest at all , CIRO requires the Dealer to avoid it. Where the relationship or activity proceeds because effective controls are possible, best-interest management plus timely disclosure is required.
Study Guide Reference: CIRE Elements 9.1-9.2 - identification, avoidance, management and disclosure of conflicts; IDPC Rules 3110-3113.
問題 #38
Which of the following could be a market order?
答案：D
解題說明：
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.
問題 #39
How many days does a client have to refer a complaint to the Ombudsman for Banking Services and Investments (OBSI) after getting a final response from a firm?
答案：B
解題說明：
The correct answer is B . Once an investment firm delivers its final written response to a client complaint, the client generally has 180 calendar days from receipt of that final response to escalate the unresolved matter to the Ombudsman for Banking Services and Investments. OBSI states explicitly: "You have 180 days to bring your complaint to us after the firm has given you a final response." This deadline must be distinguished from the period allowed for the Investment Dealer to investigate and respond internally. An investment firm generally has up to 90 days to provide its substantive/final response, subject to the different Quebec framework identified by OBSI. Once the final response has been received, the separate 180-day OBSI escalation period begins.
A is incorrect because the 180 days do not normally run from the date the original complaint was submitted to the firm. C is incorrect because CIRO notification does not establish the OBSI limitation period. D is incorrect because an initial acknowledgement or preliminary response is not the relevant trigger; the period runs from the firm's final response .
The CIRE syllabus expressly requires understanding of OBSI as a recourse mechanism for dissatisfied clients.
Study Guide Reference: CIRE Element 4.2 - OBSI, litigation and CIRO arbitration; complaint escalation and client recourse.
問題 #40
An Approved Person at an Investment Dealer has just helped a technology company go public. They also provided strategic advice on structuring the deal and pricing the shares. What is their primary role in this situation?
答案：A
解題說明：
The Approved Person is performing an investment banking/corporate finance function , and the primary economic purpose of that activity is to assist the issuer in raising capital through the issuance and sale of securities . Therefore, C is correct .
When a private company conducts an initial public offering (IPO), shares are distributed to investors and the company gains access to public capital markets. Investment banking professionals may advise the issuer on the structure of the financing, number and type of securities to be issued, valuation and offering price, timing, investor demand and execution of the distribution. Underwriting is closely related: an Investment Dealer may participate in purchasing, distributing or otherwise facilitating the placement of the new securities.
The CIRE syllabus explicitly requires candidates to remember the basic function and purpose of "Investment banking" and "Corporate finance" under Element 6.4. It also identifies underwriting as a typical service provided by institutional Investment Dealers under Element 3.6.
A concerns tax advice, which is not the primary activity described. B relates to secondary-market monitoring after issuance. D describes portfolio or investment-management activities. The scenario instead centres on originating, structuring, pricing and executing a securities financing transaction.
Study Guide Reference: CIRE Element 6.4 - Investment Banking and Corporate Finance; Element 3.6
- Underwriting.
問題 #41
An Investment Dealer wants to set up and operate a new alternative trading system (ATS). What must they ensure to be compliant?
答案：C
解題說明：
The intended answer is C . An alternative trading system operates within the Canadian securities regulators' marketplace regulatory framework , principally National Instrument 21-101, Marketplace Operation , together with National Instrument 23-101 and CIRO marketplace oversight. An ATS is legally a type of marketplace and cannot simply be operated as an ordinary internal Dealer trading facility without satisfying the applicable marketplace requirements.
Technically, the Canadian ATS regime generally requires the ATS to be registered as a dealer , become a member of the applicable self-regulatory organization-currently CIRO-and comply with NI 21-101 and NI
23-101. CIRO confirms that an ATS must be a CIRO Dealer Member and, where CIRO oversees its trading, a CIRO Marketplace Member under a Regulation Services Agreement. Thus C most accurately represents the regulatory-marketplace approval concept among the available choices.
A is incorrect because NI 21-101 permits ATS trading in specified categories that can include exchange- traded securities, government and corporate debt, and qualifying foreign exchange-traded securities. B is incorrect because ATS participation is not universally restricted to institutional investors. D is incorrect because FINTRAC reporting applies to prescribed reportable or suspicious transactions-not every client transaction-and FINTRAC does not authorize marketplaces.
Study Guide Reference: CIRE Element 1.4 - function and purpose of marketplaces, including Alternative Trading Systems; NI 21-101 and CIRO marketplace regulation.
問題 #42
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