CIRO publishes the CIRE syllabus as Appendix 1 of the CIRE Exam information package. It defines exactly what's tested, broken into 9 elements with 99 learning outcomes. Every question on the exam maps to a specific outcome.
This guide walks through every element, what it covers, the approximate question weight, and the source rules you should read for each.
Element 1 — Overview of Canadian securities regulatory framework (~11 questions)
The high-level lay of the land. Who regulates what.
Topics:
- CIRO's role and how it differs from the OSC and the CSA
- The provincial securities commissions and their relationship with CIRO
- Self-regulatory organizations vs. statutory regulators
- The Bank of Canada and OSFI (banks vs. investment dealers)
- Ombudsman for Banking Services and Investments (OBSI) vs. CIRO arbitration
- The Privacy Act, PIPEDA, CASL
- The PCMLTFA, FINTRAC, and AML reporting
Source rules:
- IDPC Rule 1100 (CIRO authority)
- PCMLTFA + Regulations
- PIPEDA (federal privacy)
- CASL (anti-spam)
Common pitfalls: confusing FINTRAC (intelligence + AMP-issuer) with the RCMP (criminal prosecution). FINTRAC issues penalties; the RCMP prosecutes ML/TF crimes.
Element 2 — Prospective client relationships (~11 questions)
Onboarding. Who can be registered, what registration categories exist, what disclosures are mandatory at the start of the relationship.
Topics:
- NI 31-103 registration categories (advising rep, dealing rep, etc.)
- The "fit and proper" test
- Accredited investor and permitted client definitions (NI 45-106)
- Prospectus exemptions
- Required disclosures at account opening
- The Client Focused Reforms (CFRs) — effective Dec 31, 2021
Source rules:
- NI 31-103 Part 1 + Part 13
- NI 45-106
- IDPC Rules 3200–3209
Element 3 — Scope of client relationships, KYC, suitability (~17 questions)
The biggest element. Almost a sixth of the exam.
Topics:
- KYC content requirements (Rule 3402)
- Suitability obligation under Rule 3402
- KYP at the firm level vs. the individual level (NI 31-103 13.2.1)
- Material change triggers
- Vulnerable client handling (Joint CSA/CIRO Notice 31-368, Dec 2025)
- Trusted contact persons
- Conflict-of-interest disclosure (NI 31-103 13.4)
- Complaint handling (referenced; deeper coverage in E4)
Source rules:
- IDPC Rule 3402
- NI 31-103 Part 13 (especially 13.2, 13.2.1, 13.3, 13.4)
- Joint CSA/CIRO Notice 31-368
This is where applied scenarios are most common. Expect "your client says X — what's your obligation under Y?" pattern questions.
Element 4 — Complaint handling and reporting (~6 questions)
Small element but every question is gold-standard rule-based.
Topics:
- Defining a complaint vs. an inquiry vs. a service issue
- The 90-day acknowledgment window
- The 90-day substantive-response window
- Internal escalation
- Notification to OBSI and CIRO
- The $350,000 OBSI cap
- The $500,000 CIRO arbitration cap
Source rules:
- IDPC Rules 3700–3756
- OBSI Terms of Reference
Element 5 — Market and company analysis (~9 questions)
The most "academic" element. Some macro, some valuation, some financial-statement reading.
Topics:
- The business cycle (4 stages)
- Bank of Canada Monetary Policy Reports
- Monetary policy transmission mechanism
- Industry life cycle
- Fundamental ratios (P/E, P/B, EV/EBITDA, dividend yield)
- DCF basics
- Continuous disclosure (NI 51-102, NP 51-201)
Source rules:
- NI 51-102 (continuous disclosure)
- NP 51-201 (selective disclosure)
- Bank of Canada MPR
Most candidates underestimate this element. It's only 9 questions but the content style is different from the rule-anchored elements — you need to actually understand financial-statement reading.
Element 6 — Market integrity, trade execution, settlement (~13 questions)
UMIR-heavy. This is where market structure lives.
Topics:
- UMIR Part 2 (trading halts and circuit breakers)
- UMIR Part 4 (manipulation rules — including spoofing, layering, frontrunning)
- UMIR Part 6 (order entry rules)
- UMIR Part 7 (best execution)
- T+1 settlement (effective May 27, 2024)
- Order types (market, limit, stop, stop-limit, MOC, LOC)
- Margin requirements
- Cash, margin, advisory, managed, discretionary, OEO accounts
- Specialized trading agreements for derivatives
Source rules:
- UMIR (Universal Market Integrity Rules) — full text
- IDPC Rule 5000 series
Element 7 — Securities, managed products, mutual funds (~21 questions)
The biggest element. Nearly a fifth of the exam.
Topics:
- Asset classes
- Common and preferred shares
- Fixed income (T-bills, BAs, GICs, callable/extendible/retractable/convertible bonds)
- Bond pricing, accrued interest, YTM, duration, convexity
- Market indices
- Mutual funds under NI 81-102
- Fund Facts under NI 81-101
- Sales practices under NI 81-105 (DSC ban, OEO trailer ban — both June 1, 2022)
- Alternative funds (NI 81-104)
- ETFs
- Hedge funds, segregated funds, structured products, PPNs
- Registered accounts (TFSA, RRSP, RRIF, RESP, RDSP, FHSA)
- Capital gains and ACB calculation (CRA T4037)
Source rules:
- NI 81-102, NI 81-101, NI 81-104, NI 81-105
- CRA T4037 + RC4169
Element 8 — Derivatives (~6 questions)
The smallest element. Surface-level only. The Derivatives Exam goes deeper if you need that depth.
Topics:
- Calls and puts (American vs European)
- Futures, forwards, swaps, CFDs
- Hedging vs. speculation vs. arbitrage
- Documentation requirements for derivatives accounts
- IDPC Rule 4800
Source rules:
- IDPC Rule 4800
Element 9 — Conflicts of interest, ethics (~16 questions)
The second-biggest element. Easy to underestimate because the rules feel intuitive — they aren't.
Topics:
- The conflict-of-interest framework (identify, address, disclose, avoid)
- Ethics vs rules (they don't always align)
- Soft-dollar arrangements
- Gifts and entertainment thresholds
- Personal trading
- Insider information and the OSA s.76
- Fair allocation among clients
- Information barriers, grey lists, restricted lists
- Outside business activities
Source rules:
- IDPC Rule 3119, 3275, 3110, 3112, 3115, 3600, 3800, 3900
- NI 23-102 (soft dollars)
- OSA s.76 (insider trading)
- UMIR 4.1
How to use this syllabus
Don't study it linearly. Take the 25-question diagnostic to see which elements are your weakest, then drill those first.
For most candidates, the highest ROI sequence is:
- E3 (KYC and suitability) — biggest application-question footprint
- E7 (Securities and managed products) — biggest weight
- E9 (Conflicts and ethics) — second-biggest, often underestimated
- E1 (Regulatory framework) — easy points, mostly recall
- E6 (Market integrity) — UMIR-heavy, gets technical
- E2 (Prospective clients) — close cousin to E3
- E5 (Market analysis) — different study style, separate session
- E4 (Complaints) — only 6 questions but easy points
- E8 (Derivatives) — only 6 questions, surface-level
What carries forward
If you sit RSE next, much of your CIRE prep on E3 (KYC), E7 (products), and E9 (ethics) carries directly. RSE adds depth on portfolio construction and investment recommendations but reuses the suitability and KYC framework.
Take the free 25-question CIRE diagnostic. Element-by-element score, no card, in 25 minutes.
Related reading
- CIRE vs CSC: Every Difference, Side by Side — the head-to-head comparison if you're moving from CSC studying.
- The CIRE Exam in 2026: complete guide
- How to study for the CIRE in 30 days
- CIRO Proficiency Model: all 9 exams explained