CIRO CIRE : Canadian Investment Regulatory Exam

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

CIRO Canadian Investment Regulatory Sample Questions:

1. An investor wants to buy $50,000 worth of stock using margin. Their Registered Representative (RR) explains the regulatory requirements for margin to them. Why is it necessary to have margin requirements?

A) To allow investors to trade higher-risk securities without additional funding
B) To ensure the dealer earns more commission from larger leveraged trades
C) To enable clients to maximize their investment returns using borrowed funds
D) To reduce risk by ensuring investors have sufficient capital for losses


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

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


3. An Approved Person at an Investment Dealer has just helped a technology company go public. They also provided strategic advice on structuring the deal and pricing the shares. What is their primary role in this situation?

A) Managing the company's portfolio of investments
B) Advising the company on tax strategies for their new capital
C) Helping the company monitor stock price fluctuations
D) Assisting the company in raising capital through the sale of securities


4. Under CIRO rules, which of the following must an exchange-traded fund (ETF) disclose to potential investors before they invest?

A) A summary of the ETF's tax implications on dividends and capital gains
B) The personal investment goals of the fund manager
C) The names of all underlying assets in the ETF
D) The ETF's investment strategy, risks, and fees


5. 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) Promptly after the trade is executed
B) Immediately before the trade is executed
C) One day after the settlement date
D) Confirmations are not required


Solutions:

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

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