CIRO CIRE : Canadian Investment Regulatory Exam

  • Exam Code: CIRE
  • Exam Name: Canadian Investment Regulatory Exam
  • Updated: Aug 26, 2026   Q&As: 112 Questions and Answers

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CIRO CIRE Exam Syllabus Topics:
SectionWeightObjectives
Topic 1: Derivatives Fundamentals~5–8%- Risk and Suitability for Derivatives
- Options, Futures and Forwards Basics
Topic 2: Market Integrity, Trade Execution and Settlement~12%- Order Types, Execution and Settlement Processes
- UMIR and Market Integrity Rules
Topic 3: Client Complaint Handling and Reporting~5%- Complaint Management Framework
- Escalation, Recordkeeping and Reporting
Topic 4: Conflicts of Interest and Ethics~14–15%- Conflict Identification, Disclosure and Management
- Client-Focused Reforms and Ethical Standards
Topic 5: Scope of Client Relationship, KYC and Suitability~15–18%- Suitability Assessment and Obligations
- Know Your Client (KYC) Requirements
Topic 6: Overview of Regulatory Framework~10%- Market Infrastructure and Protection Funds
- Securities Legislation and Regulators (CSA, CIRO, FINTRAC)
Topic 7: Prospective Client Relationships~10%- Know Your Prospect (KYP) and Disclosures
- Relationship Discovery and Qualification
Topic 8: Market and Company Analysis~8%- Fundamental and Technical Analysis
- Investment Performance Benchmarks
Topic 9: Securities and Managed Products~19%- Fund Structures and Product Characteristics
- Equities, Fixed-Income and Managed Products
CIRO Canadian Investment Regulatory Sample Questions:

1. Retail Investment Dealers may offer a range of accounts to clients. Which of the following best reflects that range?

A) Advisory; Discretionary; Order execution only (OEO)
B) Advisory; Discretionary; Managed, Order execution only (OEO) and Direct Electronic Access (DEA)
C) Advisory; Managed; Discretionary
D) Advisory; Discretionary; Managed and Order execution only (OEO)


2. Where would a retail client of an Investment Dealer find a description of its complaint handling procedures?

A) The Relationship Disclosure
B) The Fee Disclosure Document
C) The know-your-client (KYC) Information Form
D) The Account Opening Agreement


3. Investment Dealers must provide relationship disclosure to which of the following types of clients?

A) All clients except Retail Clients
B) All clients except Institutional Clients
C) All clients except managed clients
D) All clients except non-discretionary clients


4. Which of the following statements best describes the benefit of holding a cumulative preferred share?

A) It allows unpaid dividends to accumulate and be paid with priority
B) It accumulates voting rights regardless of dividend payment status
C) It allows companies to accumulate redemption rights over a set time
D) It accumulates interest on missed dividends until they are paid


5. An employee of an Investment Dealer may not, directly or indirectly, engage in any personal dealings with a client. Which of the following is considered a personal financial dealing?

A) Acting as Power of Attorney where the client is a Related Person
B) Borrowing from a client whose normal course of business includes lending money
C) Accepting non-monetary consideration in return for priority treatment
D) Borrowing from a client's firm whose normal course of business includes lending money


Solutions:

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

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