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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Conflicts of interest and ethics | 15% | - Cybersecurity and confidential information - Client confidentiality - Ethical and legal responsibilities to clients - Ethics and regulatory rules - Positions of influence - Personal financial dealings with clients - Information barriers and restricted lists - CIRO and other ethical standards - Conflict identification, avoidance, addressing and disclosure - Managing conflicts of interest - Ethical principles and standards of conduct - Outside activities of Approved Persons |
| Topic 2: Client complaint handling and reporting | 5% | - Investment Dealer obligations to clients - Client issues and potential liability - Complaint policies, procedures and recordkeeping - Client recourse options - CIRO and provincial regulator roles in complaint handling - Investment Dealer complaint reporting obligations - Settlement agreements with clients |
| Topic 3: Securities, managed products, mutual funds and other investments | 19% | - Managed products - Fixed income securities and products - Pooled products - Market indices - Exchange-traded funds - Other investments - Asset classes - Equities - Mutual funds - Equity investment considerations - Fixed income investment considerations - Managed product investment considerations |
| Topic 4: Overview of Canadian securities regulatory framework | 10% | - Marketplaces and trading venues - Bank Act and Bankruptcy and Insolvency Act - Criminal Code and financial crime - Role and authority of the Canadian Securities Administrators and provincial/territorial securities and derivatives regulators - Other investment industry regulators and agencies - Confidentiality, privacy, anti-spam and shareholder rights legislation - Investment Dealer registration and individual approval requirements - Canadian Investor Protection Fund - Role and authority of the Canadian Investment Regulatory Organization - Clearing agencies - Anti-money laundering requirements |
| Topic 5: Market and company analysis | 8% | - Technical and statistical analysis tools - Macroeconomic factors and policies - Market theories and stock market behaviour - Economic information and indicators - Basic economic theories - Company performance analysis - Macroeconomic effects on financial markets - Industry performance analysis - Company regulation, disclosure and investor rights |
| Topic 6: Derivatives | 5% | - Futures, forwards, swaps and contracts for difference - Listed and over-the-counter derivatives markets - Derivative trading strategies - Uses of derivatives - Options - Transactional elements of futures and options - Derivative account administration - Prohibited derivative trading practices |
| Topic 7: Prospective client relationships | 10% | - Third parties and professional advisers - Account agreements and welcome documentation - Client recordkeeping - Accredited investors and exemptions - Retail client information and risk profile - Retail and institutional clients - Institutional client qualification - Investment Dealer onboarding process - Costs, fees, turnover and taxes - Client relationship model |
| Topic 8: Scope of client relationships | 15% | - Retail Investment Dealer services - Client suitability determination - Account appropriateness - Product due diligence - Investment performance benchmarks - Trust, agency and fiduciary duty - Registered Representative role and client service - Clients residing in the United States and other foreign jurisdictions - Investment Representative role and client service - Investment management styles and strategies - Escalation to subject matter experts - Relationship disclosure - Institutional client sophistication and suitability exemptions - Account appropriateness versus suitability - Institutional Investment Dealer services - Know-your-product requirements - Suitability exemptions |
| Topic 9: Market integrity, trade execution and settlement | 12% | - Order types - Reporting obligations - Gatekeeping for manipulative and deceptive practices - Universal Market Integrity Rules - Account types - Order confirmation requirements - Order variations, cancellations and corrections - Derivative trading agreements - Investment banking, research and corporate finance - Margin requirements - Order entry, trade processing, settlement and delivery - UMIR gatekeeping obligations |
>> Valid CIRE Test Questions <<
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NEW QUESTION # 108
Which of the following could be a market order?
Answer: C
Explanation:
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.
NEW QUESTION # 109
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 # 110
An investor is considering investing in a private equity fund. Which of the following features is most commonly associated with private equity funds?
Answer: C
Explanation:
The correct answer is A . Private equity funds generally invest directly in private businesses-or acquire public businesses and take them private-with the objective of increasing enterprise value over a multi- year holding period and ultimately exiting the investment at a profit . BDC describes private equity investors as typically seeking significant ownership or control, improving the company's value, and later realizing that value through a sale, merger or public offering.
Private equity managers may actively influence strategic direction, management, financing, operations, acquisitions, cost structures and growth initiatives. The investment is therefore commonly more hands-on than simply holding publicly traded securities. Exit mechanisms can include sale to another company, sale to another financial investor, recapitalization or an initial public offering.
B and C are incorrect because private equity is generally illiquid , with investor capital often committed for several years rather than redeemable or traded daily. Government of Canada material on private investment funds similarly explains that investments can remain effectively locked in until an exit event such as an acquisition or IPO. D describes conventional public-equity investment rather than the characteristic private- company investment model.
Within the CIRE framework, these characteristics fall within the study of alternative investment funds , whose features, risks, returns, advantages, disadvantages, costs and disclosure requirements candidates must understand.
Study Guide Reference: CIRE Element 7.12 - Alternative investment funds and other investments.
NEW QUESTION # 111
Investment Dealers must provide relationship disclosure to which of the following types of clients?
Answer: C
Explanation:
The correct answer is D . Under CIRO's current IDPC Rule 3216, relationship disclosure requirements are specifically directed at retail clients . The rule states that it establishes the minimum requirements for relationship disclosure information to retail clients and explicitly provides that Dealer Members are not required to provide relationship disclosure to institutional clients .
Relationship Disclosure explains the fundamental nature of the Dealer-client relationship. It includes information concerning products and services available through the Dealer, restrictions on those products or services, the account type and operation, fees and charges, suitability responsibilities, client reporting, complaint procedures, conflicts and other required information. It must ordinarily be provided to a retail client when an account is opened and again when there is a significant change to previously provided relationship information.
A is incorrect because non-discretionary/advisory clients are still retail clients where they do not meet the institutional-client definition and therefore receive relationship disclosure. C is incorrect because managed- account status does not eliminate the requirement; the disclosure must appropriately describe how the managed relationship operates. B reverses the rule entirely.
The CIRE curriculum specifically requires candidates to understand the client relationship model, relationship disclosure, and the regulatory distinction between retail and institutional clients.
Study Guide Reference: CIRE Elements 2.1-2.3 and 3.4 - retail versus institutional clients and relationship disclosure; IDPC Rule 3216.
NEW QUESTION # 112
Retail Investment Dealers may offer a range of accounts to clients. Which of the following best reflects that range?
Answer: B
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 # 113
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