CIRO CIRE Q&A - in .pdf

  • Exam Code: CIRE
  • Exam Name: Canadian Investment Regulatory Exam
  • Updated: Aug 27, 2026
  • Q & A: 112 Questions and Answers
  • PDF Price: $59.99
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CIRO CIRE Q&A - Testing Engine

  • Exam Code: CIRE
  • Exam Name: Canadian Investment Regulatory Exam
  • Updated: Aug 27, 2026
  • Q & A: 112 Questions and Answers
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CIRO CIRE Exam Syllabus Topics:

SectionWeightObjectives
Topic 1: Securities, managed products, mutual funds and other investments19%- Considerations affecting equity investors and potential shareholders
- Asset classes generally sold and traded at an Investment Dealer
- Features, risks and returns of managed products
- Considerations affecting fixed income investors
- Purpose and uses of market indices
- Considerations affecting managed product investors
- Types of pooled products
- Considerations affecting exchange-traded fund investors
- Types, features, risks and returns of equities
- Other investments including hedge funds, structured products, alternative investment funds, crypto assets and ESG-related products
- Types, features, risks and returns of fixed income securities and products
- Considerations affecting mutual fund investors
Topic 2: Prospective client relationships10%- Impact of fees, turnover and taxes on investment returns
- Exemptions under National Instrument 45-106
- Required account agreement and Firm Welcome package documents
- Retail client information collection
- Third parties and other professionals in the client's life
- Investment Dealer onboarding process
- Client relationship model
- Client record documentation, filing and maintenance
- Institutional client qualification requirements
- Role of cost in product selection
- Differences between retail and institutional clients
Topic 3: Scope of client relationships15%- Know-your-product obligations
- Institutional client sophistication assessment and suitability exemptions
- Suitability determination requirements for retail clients
- Exemptions from suitability determination requirements
- Typical services provided by retail Investment Dealers
- Role of the Investment Representative in providing client service
- Account appropriateness obligations
- Trust, agency and fiduciary duty
- Product due diligence obligations
- Account appropriateness versus suitability determination
- Requirements for working with clients in the United States and other foreign jurisdictions
- Typical services provided by institutional Investment Dealers
- Systematic approaches to investment management and investment strategies
- Purpose and content of relationship disclosure
- Investment performance benchmarks
- Internal escalation procedures and subject matter experts
- Role of the Registered Representative in providing client service
Topic 4: Market and company analysis8%- Factors influencing the macroeconomy
- Economic indicators and sources of information
- Basic economic theories
- Technical and statistical analysis tools and information sources
- Industry performance analysis
- Basic market theories and stock market behaviour
- Company performance analysis tools
- Rules relating to companies
- Effects of macroeconomic factors on financial markets
Topic 5: Derivatives5%- Listed versus over-the-counter derivative markets
- Prohibited derivative trading practices
- Basic transactional elements of futures and options
- Single and multi-legged derivative trading strategies
- Features of other derivative contract types
- Administrative requirements for derivative trading with clients
- Basic uses of derivatives
- Features of options contract types
Topic 6: Market integrity, trade execution and settlement12%- Gatekeeping requirements for manipulative and deceptive practices, unacceptable activities and front running
- Features of different order types
- Features of different account types
- Order variations, cancellations and corrections
- UMIR gatekeeping obligations
- Functions of investment banking, research and corporate finance
- Margin requirements
- Order entry, trade management, settlement and delivery
- Order confirmation requirements
- Universal Market Integrity Rules
- Specialized trading agreements for derivative accounts
- Reporting obligations to firms and regulators
Topic 7: Conflicts of interest and ethics15%- Importance of ethics and its relationship to rules
- Client confidentiality policies and procedures
- Requirements regarding positions of influence
- Information controls, barriers, firewalls and restricted lists
- CIRO and other ethical standards of conduct
- Conflicts of interest management process
- Inappropriate or prohibited personal financial dealings with clients
- Role of cybersecurity in protecting confidential information
- Importance of managing conflicts of interest
- Activities outside an Investment Dealer
- Ethical and legal responsibilities to clients
- Ethical principles and standards of conduct for Approved Persons and Investment Dealers
Topic 8: Client complaint handling and reporting5%- Investment Dealer obligations to clients
- Potential client issues, liability and consequences
- Prohibited practices in client settlement agreements
- Role of CIRO and provincial regulators in the complaints handling framework
- Investment Dealer complaint reporting obligations and penalties
- Policies and procedures for reporting, handling and maintaining complaint records
- Recourse available to dissatisfied clients
Topic 9: Overview of Canadian securities regulatory framework10%- Role and authority of the Canadian Securities Administrators and provincial and territorial securities and derivatives regulators
- Other applicable laws including confidentiality, privacy, anti-spam, company disclosure and shareholder rights
- Criminal Code and its application to financial crime
- Purpose and implications of the Bank Act and Bankruptcy and Insolvency Act
- Investment Dealer registration and individual approval requirements
- Anti-money laundering and anti-terrorist financing legislation and regulations
- Function and purpose of the Canadian Investor Protection Fund
- Function and purpose of investment industry marketplaces
- Function and purpose of clearing agencies
- Function and purpose of other investment industry regulators and agencies
- Role and authority of the Canadian Investment Regulatory Organization

CIRO Canadian Investment Regulatory Sample Questions:

Question 1

Once the know-your-client (KYC) information has been collected what should an Investment Dealer do with that information?

A. Review the information and then destroy it to comply with data retention rules
B. Ensure the information is accurate and complete through its own verification
C. Take reasonable steps to have the client confirm the accuracy of the information
D. Require the client to sign a certification that the KYC information is complete and true


Question 2

Which of the following is a key requirement of the client relationship model under the Investment Dealer and Partially Consolidated rules?

A. Highlighting the client feedback on past client relationships
B. Prioritizing client decisions above the representative's advice
C. Offering always available client service for administrative queries
D. Providing disclosure of all material conflicts of interest to clients


Question 3

What should a Registered Representative (RR) do if they unintentionally receive insider information about a publicly traded company?

A. Do not act and retain confidentiality to protect the source
B. Share the information with trusted colleagues for advice
C. Act on the information to the benefit of their clients
D. Refrain from using the information and report to compliance


Question 4

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?

A. Seek advice from a self-regulatory authority
B. Report the request as an unacceptable trade
C. Recommend an alternative action that is suitable
D. Refuse to undertake the investment strategy


Question 5

Which of the following could be a market order?

A. Buy a security or derivative to be executed at a specified maximum price
B. Buy a security or a derivative to be executed upon entry to a marketplace at the best ask price
C. An order that includes a client order as well as a non-client order or principal order, or both
D. An order for the purchase or sale of a listed or a quoted security at the closing sale price


Solutions:

Question 1
Answer: C
Question 2
Answer: D
Question 3
Answer: D
Question 4
Answer: C
Question 5
Answer: B

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