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| Section | Weight | Objectives |
|---|---|---|
| Derivatives | 5% | - Derivative account administration - Options - Listed and over-the-counter derivatives markets - Futures, forwards, swaps and contracts for difference - Prohibited derivative trading practices - Derivative trading strategies - Uses of derivatives - Transactional elements of futures and options |
| Securities, managed products, mutual funds and other investments | 19% | - Market indices - Equities - Mutual funds - Pooled products - Fixed income investment considerations - Exchange-traded funds - Other investments - Managed products - Asset classes - Equity investment considerations - Fixed income securities and products - Managed product investment considerations |
| Market integrity, trade execution and settlement | 12% | - Margin requirements - Order entry, trade processing, settlement and delivery - Account types - Reporting obligations - Investment banking, research and corporate finance - Derivative trading agreements - Universal Market Integrity Rules - Order variations, cancellations and corrections - UMIR gatekeeping obligations - Order types - Order confirmation requirements - Gatekeeping for manipulative and deceptive practices |
| Client complaint handling and reporting | 5% | - Client issues and potential liability - CIRO and provincial regulator roles in complaint handling - Client recourse options - Settlement agreements with clients - Investment Dealer complaint reporting obligations - Complaint policies, procedures and recordkeeping - Investment Dealer obligations to clients |
| Prospective client relationships | 10% | - Account agreements and welcome documentation - Costs, fees, turnover and taxes - Client relationship model - Institutional client qualification - Third parties and professional advisers - Investment Dealer onboarding process - Retail client information and risk profile - Retail and institutional clients - Accredited investors and exemptions - Client recordkeeping |
| Overview of Canadian securities regulatory framework | 10% | - Marketplaces and trading venues - Investment Dealer registration and individual approval requirements - Clearing agencies - Other investment industry regulators and agencies - Canadian Investor Protection Fund - Role and authority of the Canadian Investment Regulatory Organization - Criminal Code and financial crime - Confidentiality, privacy, anti-spam and shareholder rights legislation - Bank Act and Bankruptcy and Insolvency Act - Role and authority of the Canadian Securities Administrators and provincial/territorial securities and derivatives regulators - Anti-money laundering requirements |
| Conflicts of interest and ethics | 15% | - Outside activities of Approved Persons - Ethics and regulatory rules - Positions of influence - Managing conflicts of interest - Information barriers and restricted lists - Ethical and legal responsibilities to clients - Client confidentiality - Personal financial dealings with clients - Conflict identification, avoidance, addressing and disclosure - CIRO and other ethical standards - Cybersecurity and confidential information - Ethical principles and standards of conduct |
| Market and company analysis | 8% | - Basic economic theories - Market theories and stock market behaviour - Macroeconomic effects on financial markets - Company performance analysis - Technical and statistical analysis tools - Macroeconomic factors and policies - Company regulation, disclosure and investor rights - Economic information and indicators - Industry performance analysis |
| Scope of client relationships | 15% | - Retail Investment Dealer services - Suitability exemptions - Client suitability determination - Account appropriateness - Know-your-product requirements - Trust, agency and fiduciary duty - Institutional Investment Dealer services - Investment Representative role and client service - Escalation to subject matter experts - Relationship disclosure - Investment management styles and strategies - Institutional client sophistication and suitability exemptions - Product due diligence - Account appropriateness versus suitability - Registered Representative role and client service - Clients residing in the United States and other foreign jurisdictions - Investment performance benchmarks |
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NEW QUESTION # 11
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: B
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 # 12
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 # 13
What is the best course of action if an Investment Representative (IR) discovers a colleague engaging in what appears to be unethical behaviour?
Answer: D
Explanation:
The correct answer is A . An Investment Representative who observes conduct that appears unethical should escalate the matter through the Investment Dealer's established supervisory or compliance channels .
This allows appropriately authorized personnel to investigate the facts, preserve relevant records and determine whether corrective action or external regulatory reporting is required.
CIRO Rule 1402 requires Regulated Persons to maintain high standards of ethics and conduct, act openly and fairly, and avoid conduct that is unbecoming or detrimental to the public interest. CIRO's current trading- supervision guidance reinforces the broader principle that compliance is a firm-wide responsibility:
employees are expected to act on or escalate compliance issues , and the existence of a compliance department does not permit other employees to ignore suspected misconduct.
B is not ordinarily the first step merely because conduct appears unethical. Whether CIRO or another authority must subsequently be notified depends on the facts and applicable reporting rules; compliance and supervisory personnel determine and execute that process. C is inadequate because confronting the colleague could interfere with an investigation or permit evidence to be altered. D clearly conflicts with the ethical obligation to respond appropriately to suspected misconduct.
Where specific market-integrity violations are suspected, CIRO rules likewise require prompt reporting to a supervisor or compliance department.
Study Guide Reference: CIRE Elements 9.3-9.6 - ethical responsibilities, ethical decision-making and CIRO standards of conduct; IDPC Rule 1402.
NEW QUESTION # 14
The requirement to collect know-your-client (KYC) information does not apply in which of the following scenarios?
Answer: B
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 # 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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