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| Section | Weight | Objectives |
|---|---|---|
| Prospective client relationships | 10% | - Role of cost in product selection - Third parties and other professionals in the client's life - Impact of fees, turnover and taxes on investment returns - Retail client information collection - Client relationship model - Client record documentation, filing and maintenance - Exemptions under National Instrument 45-106 - Institutional client qualification requirements - Investment Dealer onboarding process - Differences between retail and institutional clients - Required account agreement and Firm Welcome package documents |
| Market and company analysis | 8% | - Industry performance analysis - Factors influencing the macroeconomy - Rules relating to companies - Basic market theories and stock market behaviour - Company performance analysis tools - Effects of macroeconomic factors on financial markets - Technical and statistical analysis tools and information sources - Basic economic theories - Economic indicators and sources of information |
| Conflicts of interest and ethics | 15% | - CIRO and other ethical standards of conduct - Importance of ethics and its relationship to rules - Requirements regarding positions of influence - Activities outside an Investment Dealer - Ethical principles and standards of conduct for Approved Persons and Investment Dealers - Information controls, barriers, firewalls and restricted lists - Client confidentiality policies and procedures - Conflicts of interest management process - Inappropriate or prohibited personal financial dealings with clients - Importance of managing conflicts of interest - Ethical and legal responsibilities to clients - Role of cybersecurity in protecting confidential information |
| Market integrity, trade execution and settlement | 12% | - Specialized trading agreements for derivative accounts - Order confirmation requirements - Reporting obligations to firms and regulators - Universal Market Integrity Rules - Features of different order types - Order entry, trade management, settlement and delivery - Features of different account types - UMIR gatekeeping obligations - Functions of investment banking, research and corporate finance - Margin requirements - Gatekeeping requirements for manipulative and deceptive practices, unacceptable activities and front running - Order variations, cancellations and corrections |
| Client complaint handling and reporting | 5% | - Potential client issues, liability and consequences - Investment Dealer obligations to clients - Recourse available to dissatisfied clients - Policies and procedures for reporting, handling and maintaining complaint records - Role of CIRO and provincial regulators in the complaints handling framework - Prohibited practices in client settlement agreements - Investment Dealer complaint reporting obligations and penalties |
| Derivatives | 5% | - Single and multi-legged derivative trading strategies - Prohibited derivative trading practices - Basic uses of derivatives - Features of options contract types - Administrative requirements for derivative trading with clients - Listed versus over-the-counter derivative markets - Basic transactional elements of futures and options - Features of other derivative contract types |
| Overview of Canadian securities regulatory framework | 10% | - Function and purpose of other investment industry regulators and agencies - Role and authority of the Canadian Investment Regulatory Organization - Function and purpose of investment industry marketplaces - Function and purpose of the Canadian Investor Protection Fund - Anti-money laundering and anti-terrorist financing legislation and regulations - Other applicable laws including confidentiality, privacy, anti-spam, company disclosure and shareholder rights - Function and purpose of clearing agencies - Investment Dealer registration and individual approval requirements - Role and authority of the Canadian Securities Administrators and provincial and territorial securities and derivatives regulators - Purpose and implications of the Bank Act and Bankruptcy and Insolvency Act - Criminal Code and its application to financial crime |
| Securities, managed products, mutual funds and other investments | 19% | - 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 - Considerations affecting equity investors and potential shareholders - Considerations affecting mutual fund investors - Asset classes generally sold and traded at an Investment Dealer - Purpose and uses of market indices - Types, features, risks and returns of fixed income securities and products - Considerations affecting fixed income investors - Considerations affecting exchange-traded fund investors - Types, features, risks and returns of equities |
| Scope of client relationships | 15% | - Systematic approaches to investment management and investment strategies - Purpose and content of relationship disclosure - Role of the Investment Representative in providing client service - Institutional client sophistication assessment and suitability exemptions - Account appropriateness obligations - Account appropriateness versus suitability determination - Investment performance benchmarks - Role of the Registered Representative in providing client service - Requirements for working with clients in the United States and other foreign jurisdictions - Internal escalation procedures and subject matter experts - Know-your-product obligations - Trust, agency and fiduciary duty - Typical services provided by institutional Investment Dealers - Suitability determination requirements for retail clients - Product due diligence obligations - Exemptions from suitability determination requirements - Typical services provided by retail Investment Dealers |
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NEW QUESTION # 71
A compliance officer at an Investment Dealer notices a significant increase in trades of low-liquidity stocks. What is the most likely compliance issue?
Answer: A
Explanation:
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.
NEW QUESTION # 72
The requirement to collect know-your-client (KYC) information does not apply in which of the following scenarios?
Answer: A
Explanation:
The correct examination answer is B , subject to an important technical distinction. An Order Execution Only (OEO) account is exempt from the KYC requirements that exist specifically to support suitability determination. IDPC Rule 3208 exempts OEO accounts from the requirement to collect the client's suitability- related KYC information under Rule 3202(1)(iii), such as investment needs and objectives, investment knowledge, risk profile and investment time horizon. This corresponds to the fact that OEO accounts are generally exempt from portfolio suitability requirements.
The exemption is not a complete exemption from all client information requirements . CIRO's Core Regulatory Obligations Exemptions Chart specifically states that OEO Dealers must still obtain other required KYC-type information, including information needed for client identification, AML obligations and determination of institutional-client status.
A is incorrect because having more than $10 million in assets does not, by itself, eliminate all KYC obligations. C is incorrect because providing limited investment advice does not create a general KYC exemption; advice and suitability ordinarily require appropriate client information. D is incorrect because a U.
S.-resident client remains subject to applicable Canadian onboarding requirements in addition to relevant cross-border requirements.
The CIRE syllabus expressly requires candidates to understand KYC requirements and the exemptions associated with particular types of account, service and client .
Study Guide Reference: CIRE Elements 2.5-2.6 and 3.13 - KYC requirements and exemptions; IDPC Rules 3202 and 3208.
NEW QUESTION # 73
An Investment Dealer rewards Registered Representatives (RRs) when they meet monthly goals for asset accumulation. An RR is close to achieving a key threshold and offers to rebate management fees for 3 months if a new client signs on. The RR has not notified the Investment Dealer of this arrangement. Has the RR done anything wrong?
Answer: D
Explanation:
The correct answer is D . The RR has entered into an unauthorized financial arrangement affecting client fees without first obtaining the Investment Dealer's knowledge and approval. An individual representative cannot independently modify, rebate or personally negotiate Dealer-related compensation arrangements simply to secure new assets. CIRO's personal-financial-dealings framework prohibits employees and Approved Persons from engaging directly or indirectly in improper personal financial dealings with clients and requires Dealer involvement and approval where specified arrangements arise.
There is also a significant compensation-related conflict of interest . The RR is close to an asset- accumulation threshold, creating a personal financial incentive to attract the new client. CIRO and CSA specifically identify compensation programs based on sales targets, net new assets or new clients as arrangements capable of creating material conflicts that firms must identify and address in clients' best interests.
A is incorrect because a client's short-term financial benefit does not authorize the RR to bypass Dealer supervision. B is incorrect because the existence of legitimate firm-approved rebate programs does not permit an individual RR to create one independently. C misses the regulatory issue: equal availability to other clients would not cure the lack of Dealer authorization or the incentive conflict.
Study Guide Reference: CIRE Element 9 - conflicts of interest, compensation-related conflicts and personal financial dealings; IDPC Rules 3111-3115.
NEW QUESTION # 74
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 # 75
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?
Answer: A
Explanation:
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.
NEW QUESTION # 76
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