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| Section | Weight | Objectives |
|---|---|---|
| Market integrity, trade execution and settlement | 12% | - Order variations, cancellations and corrections - Investment banking, research and corporate finance - Order entry, trade processing, settlement and delivery - Gatekeeping for manipulative and deceptive practices - Margin requirements - Reporting obligations - Order confirmation requirements - Universal Market Integrity Rules - Order types - UMIR gatekeeping obligations - Account types - Derivative trading agreements |
| Market and company analysis | 8% | - Macroeconomic factors and policies - Market theories and stock market behaviour - Economic information and indicators - Macroeconomic effects on financial markets - Company performance analysis - Company regulation, disclosure and investor rights - Basic economic theories - Technical and statistical analysis tools - Industry performance analysis |
| Scope of client relationships | 15% | - Suitability exemptions - Know-your-product requirements - Clients residing in the United States and other foreign jurisdictions - Trust, agency and fiduciary duty - Registered Representative role and client service - Account appropriateness - Escalation to subject matter experts - Institutional Investment Dealer services - Account appropriateness versus suitability - Investment performance benchmarks - Relationship disclosure - Investment Representative role and client service - Client suitability determination - Retail Investment Dealer services - Investment management styles and strategies - Product due diligence - Institutional client sophistication and suitability exemptions |
| Derivatives | 5% | - Prohibited derivative trading practices - Derivative account administration - Futures, forwards, swaps and contracts for difference - Listed and over-the-counter derivatives markets - Transactional elements of futures and options - Derivative trading strategies - Options - Uses of derivatives |
| Prospective client relationships | 10% | - Institutional client qualification - Account agreements and welcome documentation - Retail client information and risk profile - Client recordkeeping - Accredited investors and exemptions - Retail and institutional clients - Investment Dealer onboarding process - Third parties and professional advisers - Costs, fees, turnover and taxes - Client relationship model |
| Client complaint handling and reporting | 5% | - Complaint policies, procedures and recordkeeping - Client recourse options - Investment Dealer obligations to clients - CIRO and provincial regulator roles in complaint handling - Investment Dealer complaint reporting obligations - Client issues and potential liability - Settlement agreements with clients |
| Conflicts of interest and ethics | 15% | - Cybersecurity and confidential information - Positions of influence - Ethical principles and standards of conduct - Client confidentiality - Personal financial dealings with clients - CIRO and other ethical standards - Managing conflicts of interest - Outside activities of Approved Persons - Ethics and regulatory rules - Information barriers and restricted lists - Conflict identification, avoidance, addressing and disclosure - Ethical and legal responsibilities to clients |
| Overview of Canadian securities regulatory framework | 10% | - Role and authority of the Canadian Investment Regulatory Organization - Criminal Code and financial crime - Confidentiality, privacy, anti-spam and shareholder rights legislation - Other investment industry regulators and agencies - Anti-money laundering requirements - Investment Dealer registration and individual approval requirements - Clearing agencies - Role and authority of the Canadian Securities Administrators and provincial/territorial securities and derivatives regulators - Canadian Investor Protection Fund - Marketplaces and trading venues - Bank Act and Bankruptcy and Insolvency Act |
| Securities, managed products, mutual funds and other investments | 19% | - Asset classes - Equities - Fixed income securities and products - Pooled products - Market indices - Managed products - Other investments - Managed product investment considerations - Equity investment considerations - Mutual funds - Exchange-traded funds - Fixed income investment considerations |
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NEW QUESTION # 11
A Registered Representative (RR) determines that an investment strategy is not suitable for a retail client. The client decides that they want to invest anyway. Which of the following should the RR do?
Answer: C
NEW QUESTION # 12
An Investment Dealer has just received client information as part of the know-your-client (KYC) process. What is now required of the dealer within a reasonable time?
Answer: D
Explanation:
The correct answer is C . Once an Investment Dealer collects the information required under the KYC process, CIRO requires the Dealer to take reasonable steps, within a reasonable time , to obtain the client's confirmation that the information is accurate. IDPC Rule 3202(3) specifically requires a Dealer, after receiving the required information, to have the client "confirm the accuracy of such information." Confirmation is important because KYC information drives suitability and other regulatory decisions.
Relevant information includes personal and financial circumstances, investment needs and objectives, investment knowledge, risk profile and investment time horizon. CIRO guidance states that confirmation may be evidenced through methods such as handwritten, electronic or digital signatures or appropriate documented client communications. More recent joint CSA/CIRO guidance reiterates that registrants must take reasonable steps within a reasonable time to confirm the accuracy of collected and updated KYC information.
A is incorrect because risk profile is determined from client-specific risk tolerance and capacity, not market trends. B improperly assumes a standardized portfolio before the suitability process is completed. D is incorrect because KYC responsibility cannot ordinarily be transferred to external parties.
The CIRE syllabus places KYC directly within the Investment Dealer onboarding process.
Study Guide Reference: CIRE Elements 2.5-2.6 - Investment Dealer onboarding and KYC information; IDPC Rule 3202(3).
NEW QUESTION # 13
What is the Investment Dealer's obligation regarding cost discussions for deferred sales charge products?
Answer: D
Explanation:
The correct answer is B . Where a client holds or considers a product subject to a deferred sales charge (DSC) schedule, the relevant cost implications must be explained before the client makes the affected investment decision . CIRO guidance states that, for purchases involving a DSC structure, clients should be advised that a charge may be triggered if the security is redeemed during the period in which the deferred charge applies.
The principle is informed consent: the client should understand that early redemption can reduce the proceeds received and should know the applicable timeframe and potential cost. More detailed transaction-fee guidance likewise requires disclosure of the amount or reasonable estimate of the DSC and the period during which it applies.
A is incorrect because DSC arrangements historically applied to retail mutual-fund investors, not exclusively institutional clients. C is too late as the primary obligation; disclosure only when the charge is about to be incurred would not provide adequate advance cost information. D conflicts directly with Dealer disclosure responsibilities.
A current regulatory distinction is important: new DSC mutual-fund sales have been prohibited in Canada since June 1, 2022 , but legacy DSC schedules from earlier purchases may continue until expiry.
The CIRE syllabus emphasizes understanding managed-product costs and charges and their impact on investor returns .
Study Guide Reference: CIRE Element 7.9 - Managed Products: impact of costs and charges; client cost disclosure requirements.
NEW QUESTION # 14
A shareholder in Canada receives a dividend payment from a Canadian corporation. Which of the following best describes how dividends are typically received in Canada?
Answer: B
Explanation:
The correct answer is C . For publicly traded Canadian securities, dividends are commonly distributed as cash entitlements . Where shares are held through an Investment Dealer or brokerage, the cash dividend is ordinarily credited through the securities-depository and intermediary system to the investor's account. CDS, Canada's securities depository, explains that securities entitlements are distributed to its participants on the payment date, and its corporate-action services expressly include cash dividends.
The shareholder does not normally have to submit a claim. Once the board declares a dividend, entitlement is determined using the applicable record date and payment date. Canadian investor education also notes that dividends are most often paid as quarterly cash payments , although stock dividends may occasionally be used.
A is incorrect because automatic reinvestment occurs only where a Dividend Reinvestment Plan (DRIP) or similar arrangement has been elected; cash payment is otherwise the normal treatment. B incorrectly suggests shareholders must affirmatively claim each dividend. D is incorrect because shareholders do not routinely choose a cash-and-stock combination for every distribution; the form of dividend depends on the issuer's declaration and any specific reinvestment or election program.
The CIRE syllabus expressly requires knowledge of "how dividends are declared, received and taxed." Study Guide Reference: CIRE Element 7.3 - equities and shareholder considerations, including dividend declaration, receipt and taxation.
NEW QUESTION # 15
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?
Answer: D
Explanation:
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.
NEW QUESTION # 16
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