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CIRO CIRE Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Securities and Managed Products | ~19% | - Fund Structures and Product Characteristics - Equities, Fixed-Income and Managed Products |
| Derivatives Fundamentals | ~5–8% | - Options, Futures and Forwards Basics - Risk and Suitability for Derivatives |
| Conflicts of Interest and Ethics | ~14–15% | - Conflict Identification, Disclosure and Management - Client-Focused Reforms and Ethical Standards |
| Market Integrity, Trade Execution and Settlement | ~12% | - UMIR and Market Integrity Rules - Order Types, Execution and Settlement Processes |
| Scope of Client Relationship, KYC and Suitability | ~15–18% | - Suitability Assessment and Obligations - Know Your Client (KYC) Requirements |
| Client Complaint Handling and Reporting | ~5% | - Complaint Management Framework - Escalation, Recordkeeping and Reporting |
| Market and Company Analysis | ~8% | - Fundamental and Technical Analysis - Investment Performance Benchmarks |
| Prospective Client Relationships | ~10% | - Know Your Prospect (KYP) and Disclosures - Relationship Discovery and Qualification |
| Overview of Regulatory Framework | ~10% | - Securities Legislation and Regulators (CSA, CIRO, FINTRAC) - Market Infrastructure and Protection Funds |
CIRO Canadian Investment Regulatory Sample Questions:
Question #1
Which of the following best defines the main objective of fundamental analysis in relation to stock market behavior?
A. To analyze historical stock prices to forecast future trends
B. To evaluate a company's financial health and intrinsic value
C. To predict short-term price movements based on market sentiment
D. To identify stock price movements based on technical chart patterns
Question #2
It is a requirement to adhere to the CIRO standards of conduct. Which of the following may be conduct that contravenes one or more of these standards?
A. Acting in accordance with just and equitable principles
B. A reasonable departure from standards that are expected
C. Observing high standards of ethics and conduct
D. Engaging in any business conduct that is unbecoming
Question #3
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. Report the request as an unacceptable trade
B. Refuse to undertake the investment strategy
C. Recommend an alternative action that is suitable
D. Seek advice from a self-regulatory authority
Question #4
How do iceberg orders help reduce market impact and promote liquidity?
A. It hides the order from the trading market participants
B. It displays full size of the order to improve execution
C. It executes within private dark pool trading venues
D. It displays a small portion while hiding the rest
Question #5
What information should the Relationship Disclosure specify in relation to benchmarks?
A. All the benchmarks which competitor products use to assess performance
B. All the available benchmarks which could have been used to assess performance
C. A general explanation of how benchmarks might be used to assess performance
D. At least three different benchmarks to assess performance
Solutions:
| Question #1 Correct Answer: B | Question #2 Correct Answer: D | Question #3 Correct Answer: C | Question #4 Correct Answer: D | Question #5 Correct Answer: C |


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