CIRO CIRE : Canadian Investment Regulatory Exam

CIRE testking pdf

Exam Code: CIRE

Exam Name: Canadian Investment Regulatory Exam

Updated: Aug 27, 2026

Q & A: 112 Questions and Answers

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CIRO CIRE Exam Syllabus Topics:

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

CIRO Canadian Investment Regulatory Sample Questions:

1. A company's financial analyst is reviewing the company's financial status as of the end of the fiscal year. Which financial statement will provide the necessary details about the company's assets and liabilities at that specific point in time?

A) Statement of Cash Flows
B) Statement of Comprehensive Income
C) Income Statement
D) Statement of Financial Position


2. In relation to suitability which of the following is true?

A) There can only be one suitable recommendation balancing client and dealer interests
B) There may be multiple suitable recommendations that put the client's interest first
C) There may be multiple recommendations that prioritize both client and dealer interests
D) There can only be one suitable recommendation that puts the client's interest first


3. A shareholder in Canada receives a dividend payment from a Canadian corporation. Which of the following best describes how dividends are typically received in Canada?

A) Dividends are declared and distributed after shareholders submit a claim of dividend
B) Dividends are automatically reinvested unless the shareholder opts out
C) Dividends are paid directly to the shareholder's bank or brokerage account
D) Dividends are paid in a combination of stock and cash, where shareholders decide case by case


4. A Registered Representative (RR) has delegated the collection of know-your-client (KYC) information to an Investment Representative (IR), who updates it every 12 months. Why does this process fail to meet the RR's regulatory obligations?

A) The IR is not permitted to communicate with clients
B) The RR should not delegate the collection of KYC information
C) The RR is not permitted to give investment advice
D) The IR should update the information every six months


5. A leverage disclosure statement has been supplied to a retail client who has not yet acknowledged the statement. What is the requirement on a Registered Representative (RR)?

A) Make no investment recommendations until acknowledgement is received
B) Continue to act for the client as the statement is supplied for information only
C) Remind the client they have five days to respond to the statement
D) Escalate this issue to the compliance department for investigation


Solutions:

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

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