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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Prospective client relationships | 10% | - Account agreements and welcome documentation - Client recordkeeping - Investment Dealer onboarding process - Costs, fees, turnover and taxes - Institutional client qualification - Retail client information and risk profile - Accredited investors and exemptions - Retail and institutional clients - Third parties and professional advisers - Client relationship model |
| Topic 2: Derivatives | 5% | - Futures, forwards, swaps and contracts for difference - Prohibited derivative trading practices - Derivative trading strategies - Derivative account administration - Uses of derivatives - Transactional elements of futures and options - Listed and over-the-counter derivatives markets - Options |
| Topic 3: Conflicts of interest and ethics | 15% | - Outside activities of Approved Persons - Conflict identification, avoidance, addressing and disclosure - Cybersecurity and confidential information - Ethics and regulatory rules - CIRO and other ethical standards - Ethical and legal responsibilities to clients - Managing conflicts of interest - Personal financial dealings with clients - Positions of influence - Client confidentiality - Information barriers and restricted lists - Ethical principles and standards of conduct |
| Topic 4: Overview of Canadian securities regulatory framework | 10% | - Role and authority of the Canadian Investment Regulatory Organization - Confidentiality, privacy, anti-spam and shareholder rights legislation - Clearing agencies - Criminal Code and financial crime - Marketplaces and trading venues - Canadian Investor Protection Fund - Role and authority of the Canadian Securities Administrators and provincial/territorial securities and derivatives regulators - Anti-money laundering requirements - Investment Dealer registration and individual approval requirements - Bank Act and Bankruptcy and Insolvency Act - Other investment industry regulators and agencies |
| Topic 5: Market and company analysis | 8% | - Industry performance analysis - Company performance analysis - Macroeconomic factors and policies - Technical and statistical analysis tools - Economic information and indicators - Market theories and stock market behaviour - Macroeconomic effects on financial markets - Company regulation, disclosure and investor rights - Basic economic theories |
| Topic 6: Scope of client relationships | 15% | - Suitability exemptions - Institutional Investment Dealer services - Trust, agency and fiduciary duty - Institutional client sophistication and suitability exemptions - Product due diligence - Registered Representative role and client service - Relationship disclosure - Investment management styles and strategies - Account appropriateness versus suitability - Account appropriateness - Clients residing in the United States and other foreign jurisdictions - Client suitability determination - Escalation to subject matter experts - Know-your-product requirements - Investment Representative role and client service - Investment performance benchmarks - Retail Investment Dealer services |
| Topic 7: Securities, managed products, mutual funds and other investments | 19% | - Equity investment considerations - Mutual funds - Other investments - Fixed income securities and products - Fixed income investment considerations - Pooled products - Exchange-traded funds - Managed product investment considerations - Asset classes - Market indices - Managed products - Equities |
| Topic 8: Client complaint handling and reporting | 5% | - Investment Dealer obligations to clients - Client recourse options - Investment Dealer complaint reporting obligations - Settlement agreements with clients - Client issues and potential liability - CIRO and provincial regulator roles in complaint handling - Complaint policies, procedures and recordkeeping |
| Topic 9: Market integrity, trade execution and settlement | 12% | - Gatekeeping for manipulative and deceptive practices - Investment banking, research and corporate finance - Order types - Account types - Order entry, trade processing, settlement and delivery - Derivative trading agreements - Margin requirements - Reporting obligations - Order variations, cancellations and corrections - Universal Market Integrity Rules - UMIR gatekeeping obligations - Order confirmation requirements |
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질문 # 105
How do iceberg orders help reduce market impact and promote liquidity?
정답：A
설명：
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.
질문 # 106
Why might a company choose to issue preferred shares instead of debt?
정답：B
설명：
The correct answer is A . Preferred shares are an equity financing instrument , whereas bonds and other debt create contractual creditor obligations. Debt normally requires the issuer to pay agreed interest and repay principal according to the debt instrument's terms. CIRO's investor glossary describes debt as borrowed money for which the borrower pays interest and must repay the amount by a specified date. Preferred shares, by contrast, generally provide dividend priority over common shares and a preferred claim on assets but remain equity rather than contractual debt.
This distinction can make preferred-share financing attractive to an issuer because failure to declare a preferred dividend does not generally constitute the same type of default as failure to pay bond interest or principal. Cumulative preferred shares may accumulate unpaid dividends, but this still differs materially from contractual debt service. CIRO's regulatory definition of an equity security emphasizes that the holder generally has no legal right to demand payment until the corporation or board declares a dividend or distribution.
B is incorrect because preferred shares generally have limited or no voting rights and do not necessarily have a maturity date. C is incorrect because corporate dividends are generally not deductible like qualifying interest expense. D is not universally true; preferred equity may actually carry a higher after-tax financing cost than debt.
The CIRE syllabus requires understanding of preferred-share features, risks and returns.
Study Guide Reference: CIRE Elements 7.2-7.3 - preferred shares and advantages/disadvantages of equity ownership and issuance.
질문 # 107
Which of the following scenarios best illustrates the use of derivatives for risk management through hedging?
정답：B
설명：
The correct answer is B . Hedging is the use of a derivative to reduce or offset an existing or reasonably anticipated financial exposure. The CIRE syllabus expressly identifies "Risk management/mitigation through hedging" as one of the three fundamental uses of derivatives, alongside speculative trading and arbitrage. It also identifies forwards as a principal derivative contract candidates must understand.
A company expecting to make or receive a foreign-currency payment faces exchange-rate risk because the Canadian-dollar value of that future transaction can change before settlement. By entering into a currency forward today, the company establishes the exchange rate that will apply at the future date, thereby reducing uncertainty. Bank of Canada materials confirm that Canadian corporations commonly use FX forwards for hedging and that forward markets allow businesses to manage foreign-exchange exposure by locking in exchange-rate levels.
A is principally a speculative bullish position because the investor is seeking to profit from an anticipated price rise. C expressly describes speculation. D employs leverage to magnify returns, which increases rather than principally mitigates risk.
Study Guide Reference: CIRE Elements 8.2-8.3 - Forwards; basic derivative uses: hedging, speculation and arbitrage.
질문 # 108
Which of the following factors must an Investment Dealer address when executing all client orders?
정답：B
설명：
The correct answer is B . Under CIRO's best-execution framework, Investment Dealers must maintain policies and procedures designed to achieve the most advantageous execution terms reasonably available for clients. IDPC Rule 3121 expressly identifies "the certainty of execution of the client order" as one of the broad best-execution factors that must be addressed.
For listed securities and listed derivatives, the prescribed broad factors are the price of the security or derivative, speed of execution , certainty of execution , and overall transaction cost where those costs are passed on to clients. Best execution therefore involves more than automatically selecting the apparently best displayed price; execution probability, liquidity, order size, market conditions, routing and transaction costs may affect the optimal handling of an order. CIRO guidance reinforces these four central factors.
A is incorrectly phrased because the regulatory factor is the price of the security or derivative in achieving execution , not the security's resulting market price after an order is placed. C confuses speed of reporting with speed of execution . D refers to the Dealer's own execution cost, whereas the rule focuses on overall transaction costs when passed on to the client .
The CIRE syllabus specifically includes best execution within its market-integrity learning outcomes.
Study Guide Reference: CIRE Element 6.1 - Best Execution; IDPC Rules 3120-3121.
질문 # 109
A Portfolio Manager with discretionary accounts controls the proxy voting on behalf of clients. The firm does not typically participate in corporate governance votes but the manager's sister-in-law has been nominated for the board, and has asked the manager to vote in favour of her nomination. The manager believes she is well qualified. How should the manager proceed?
정답：C
설명：
The correct answer is A . The Portfolio Manager has discretionary authority and must exercise that authority solely in the interests of clients. A request from the manager's sister-in-law creates a reasonably foreseeable personal conflict because the manager could be influenced by the family relationship rather than by an independent assessment of clients' interests. The fact that the nominee may be well qualified does not eliminate the conflict.
CIRO IDPC Rule 3111 requires an Approved Person to address material conflicts "in the best interest of the client" and to avoid a conflict where it cannot otherwise be appropriately addressed. The rule also confirms that disclosure alone does not satisfy the conflict-management obligation. Accordingly, B is insufficient because merely telling clients about the relationship does not neutralize the manager's personal influence. C is also incorrect: automatically voting against the nominee would still allow the conflict to determine the voting decision. D clearly puts the relative's request ahead of the fiduciary decision-making process.
Among the choices, abstention/recusal is the appropriate control . Where necessary, the matter could instead be referred to an independent, conflict-free decision-maker under firm procedures.
Study Guide Reference: CIRE Element 9.1-9.2 - identifying, addressing, avoiding and disclosing conflicts of interest; ethical decision-making.
질문 # 110
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