CIRO CIRE : Canadian Investment Regulatory Exam

CIRE real exams

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

CIRO Canadian Investment Regulatory Sample Questions:

1. Which of the following best defines a retail client under CIRO rules?

A) An entity that requires full compliance with suitability and disclosure obligations
B) A government-regulated institution with waived know-your-client (KYC) requirements
C) An entity registered under securities law as a regulated dealer
D) A client that must meet strict regulatory criteria to qualify as an investor


2. An Investment Dealer is helping a new client open a derivatives trading account. During the application process, what information about the client must the dealer obtain to meet regulatory requirements in Canada?

A) The client's understanding of derivatives and previous trading experience
B) The client's employment information and financial background to assess product suitability
C) A signed acknowledgment of the dealer's trading policies and procedures
D) The client's financial goals and past trading account performance


3. What is the maximum sum that can be awarded under the CIRO's arbitration program?

A) $750,000
B) $350,000
C) $500,000
D) $650,000


4. 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) One day after the settlement date
C) Promptly after the trade is executed
D) Immediately before the trade is executed


5. An Investment Dealer supplies its clients with specific information about its client account reporting.
Which of the following is true regarding the provision of information about client reporting?

A) It is recommended
B) It is mandatory
C) It is useful
D) It is optional


Solutions:

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

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