CIRO CIRE - Canadian Investment Regulatory Exam

CIRO CIRE Actual PDF
  • Exam Code: CIRE
  • Exam Name: Canadian Investment Regulatory Exam
  • Updated: Aug 26, 2026
  • Q & A: 112 Questions and Answers
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CIRO CIRE Exam Syllabus Topics:

SectionWeightObjectives
Prospective client relationships10%- Retail and institutional clients
- Retail client information and risk profile
- Client recordkeeping
- Costs, fees, turnover and taxes
- Institutional client qualification
- Third parties and professional advisers
- Accredited investors and exemptions
- Client relationship model
- Investment Dealer onboarding process
- Account agreements and welcome documentation
Securities, managed products, mutual funds and other investments19%- Pooled products
- Exchange-traded funds
- Fixed income investment considerations
- Managed product investment considerations
- Mutual funds
- Market indices
- Equities
- Equity investment considerations
- Managed products
- Asset classes
- Other investments
- Fixed income securities and products
Conflicts of interest and ethics15%- Ethical principles and standards of conduct
- Managing conflicts of interest
- Conflict identification, avoidance, addressing and disclosure
- Personal financial dealings with clients
- CIRO and other ethical standards
- Positions of influence
- Client confidentiality
- Information barriers and restricted lists
- Ethics and regulatory rules
- Ethical and legal responsibilities to clients
- Outside activities of Approved Persons
- Cybersecurity and confidential information
Market and company analysis8%- Technical and statistical analysis tools
- Economic information and indicators
- Company regulation, disclosure and investor rights
- Macroeconomic effects on financial markets
- Company performance analysis
- Market theories and stock market behaviour
- Macroeconomic factors and policies
- Industry performance analysis
- Basic economic theories
Market integrity, trade execution and settlement12%- Order types
- UMIR gatekeeping obligations
- Investment banking, research and corporate finance
- Order variations, cancellations and corrections
- Order confirmation requirements
- Account types
- Gatekeeping for manipulative and deceptive practices
- Order entry, trade processing, settlement and delivery
- Derivative trading agreements
- Reporting obligations
- Universal Market Integrity Rules
- Margin requirements
Scope of client relationships15%- Suitability exemptions
- Relationship disclosure
- Trust, agency and fiduciary duty
- Investment management styles and strategies
- Retail Investment Dealer services
- Client suitability determination
- Clients residing in the United States and other foreign jurisdictions
- Investment performance benchmarks
- Registered Representative role and client service
- Know-your-product requirements
- Account appropriateness versus suitability
- Institutional Investment Dealer services
- Institutional client sophistication and suitability exemptions
- Account appropriateness
- Escalation to subject matter experts
- Investment Representative role and client service
- Product due diligence
Client complaint handling and reporting5%- Investment Dealer obligations to clients
- Investment Dealer complaint reporting obligations
- Settlement agreements with clients
- Client issues and potential liability
- CIRO and provincial regulator roles in complaint handling
- Complaint policies, procedures and recordkeeping
- Client recourse options
Derivatives5%- Uses of derivatives
- Derivative trading strategies
- Transactional elements of futures and options
- Derivative account administration
- Listed and over-the-counter derivatives markets
- Options
- Prohibited derivative trading practices
- Futures, forwards, swaps and contracts for difference
Overview of Canadian securities regulatory framework10%- Investment Dealer registration and individual approval requirements
- Role and authority of the Canadian Securities Administrators and provincial/territorial securities and derivatives regulators
- Bank Act and Bankruptcy and Insolvency Act
- Anti-money laundering requirements
- Other investment industry regulators and agencies
- Role and authority of the Canadian Investment Regulatory Organization
- Clearing agencies
- Marketplaces and trading venues
- Confidentiality, privacy, anti-spam and shareholder rights legislation
- Canadian Investor Protection Fund
- Criminal Code and financial crime

CIRO Canadian Investment Regulatory Sample Questions:

1. What is the primary mandate of the Office of the Superintendent of Financial Institutions (OSFI)?

A) Managing investor protection funds
B) Monitoring anti-money laundering compliance
C) Supervising federally-regulated financial institutions
D) Investigating securities fraud


2. What is the primary use of commodities like soybeans, crude oil, and copper?

A) They are used for consumption and industrial purposes
B) They are used for investment and speculative purposes
C) They are used to profit from fluctuating prices
D) They are used to protect against fluctuating prices


3. An investment analyst is explaining the characteristics of principal-protected notes (PPNs) to a client.
Which of the following is a key feature of a PPN?

A) It guarantees the return of the initial investment at maturity
B) It offers no protection against the principal investment
C) It provides guaranteed returns above the market average
D) It involves a high level of risk, similar to equity investments


4. What is the primary purpose of the know-your-client (KYC) process under CIRO rules?

A) To evaluate the Investment Dealer's suitability determination
B) To establish the client's personal and financial circumstances
C) To streamline the investment process for Registered Representatives (RRs)
D) To level the investment playing field for all the firm's clients


5. An employee or Approved Person must not engage in any personal financial dealings with clients.
Which of the following is least likely to be a prohibited dealing?

A) Accepting personal consideration or remuneration from the client
B) Lending money to or borrowing from a client
C) Paying client account losses out of personal funds
D) Providing discretionary investment management services to the client


Solutions:

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

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