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CIRO CIRE Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Client Complaint Handling and Reporting | ~5% | - Escalation, Recordkeeping and Reporting - Complaint Management Framework |
| Prospective Client Relationships | ~10% | - Relationship Discovery and Qualification - Know Your Prospect (KYP) and Disclosures |
| Market and Company Analysis | ~8% | - Investment Performance Benchmarks - Fundamental and Technical Analysis |
| Securities and Managed Products | ~19% | - Fund Structures and Product Characteristics - Equities, Fixed-Income and Managed Products |
| Overview of Regulatory Framework | ~10% | - Securities Legislation and Regulators (CSA, CIRO, FINTRAC) - Market Infrastructure and Protection Funds |
| Scope of Client Relationship, KYC and Suitability | ~15–18% | - Know Your Client (KYC) Requirements - Suitability Assessment and Obligations |
| Derivatives Fundamentals | ~5–8% | - Options, Futures and Forwards Basics - Risk and Suitability for Derivatives |
| Conflicts of Interest and Ethics | ~14–15% | - Client-Focused Reforms and Ethical Standards - Conflict Identification, Disclosure and Management |
| Market Integrity, Trade Execution and Settlement | ~12% | - UMIR and Market Integrity Rules - Order Types, Execution and Settlement Processes |
CIRO Canadian Investment Regulatory Sample Questions:
Question #1
An Investment Representative (IR) executes a trade for a client and must confirm the details of the trade, including any associated fees and commissions. When should this confirmation be sent to the client?
A. Confirmations are not required
B. Immediately before the trade is executed
C. Promptly after the trade is executed
D. One day after the settlement date
Question #2
Which method is typically used to calculate the value of most equity indices?
A. Using the median stock price of the included companies for index calculation
B. Adding dividend yields of included companies divided by total number of companies
C. Adding stock prices of included companies divided by total number of companies
D. Using a weighted average based on the market capitalization of each company
Question #3
An Investment Dealer is required to comply with which of the following when dealing with clients?
A. Legislation, regulation and guidance
B. Regulation, guidance and codes
C. Legislation, contract laws and regulations
D. Legislation, contract laws and codes
Question #4
What is the primary use of commodities like soybeans, crude oil, and copper?
A. They are used to protect against fluctuating prices
B. They are used to profit from fluctuating prices
C. They are used for consumption and industrial purposes
D. They are used for investment and speculative purposes
Question #5
A Registered Representative (RR) has delegated the collection of know-your-client (KYC) information to an Investment Representative (IR), who updates it every 12 months. Why does this process fail to meet the RR's regulatory obligations?
A. The RR is not permitted to give investment advice
B. The IR should update the information every six months
C. The IR is not permitted to communicate with clients
D. The RR should not delegate the collection of KYC information
Solutions:
| Question #1 Correct Answer: C | Question #2 Correct Answer: D | Question #3 Correct Answer: C | Question #4 Correct Answer: C | Question #5 Correct Answer: D |



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