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Role-based exam

CIRO Retail Securities Exam (RSE)

9 elements · 109 learning outcomes · 120 questions · 180 minutes

Start Element 1 freeSee coverage

Who must write the Retail Securities Exam

The Retail Securities Exam is the CIRO exam for Registered Representatives who advise retail clients on securities. Since the new proficiency rules took effect on January 1, 2026, an applicant must pass it, along with the Canadian Investment Regulatory Exam (CIRE), before CIRO will approve them in that role. We call it the RSE for short. That is our shorthand, not a CIRO code: CIRE is the only abbreviation CIRO uses.

Approval categoryExams before approval (IDPC s.2603(1)(i))
Registered Representative (retail), securitiesCIRE and Retail Securities Exam
Registered Representative (retail), derivativesCIRE, Retail Securities Exam and Derivatives Exam
Registered Representative (institutional)CIRE and Institutional Securities Exam. No RSE.
Investment RepresentativeCIRE, plus the Derivatives Exam for derivatives. No RSE.

Every Registered Representative also needs a relevant diploma or degree from an accredited post-secondary institution, or at least four years of relevant experience acceptable to CIRO (s.2603(1)(ii)(a)). CIRO does not prescribe the field of study; your dealer assesses whether it is relevant.

The Registered Representative path

For a new retail RR, the path looks like this. You do not need a job offer to start: you can enrol in the exams if you plan to apply within the next 12 months for a role at a CIRO Dealer Member that needs these competencies.

  1. Meet the education or experience requirement above.
  2. Pass the CIRE and the Retail Securities Exam, and the Derivatives Exam as well if you will deal in derivatives.
  3. Get sponsored: a CIRO Investment Dealer applies to CIRO for your approval. A pass counts if it falls within the three years before that application, or if you were approved in a category needing the same exam, or gained a year of relevant industry experience, within those three years (s.2628).
  4. Once approved, complete CIRO's free Conduct Training within 30 days, and your dealer's training within 90 days. Continuing education then asks retail RRs for 10 compliance hours and 20 professional development hours in each two-year cycle.

Mutual-fund-only RRs at an investment dealer

If you will deal only in mutual funds at a firm registered as an investment dealer but not as a mutual fund dealer, you can be approved after passing the CIRE and RSE, or after the Canadian Securities Course, the Canadian Investment Funds Course (IFSE) or the Investment Funds in Canada course (CSI). Either way, the CIRE, the Retail Securities Exam and Conduct Training must all be complete within 270 days of approval (s.2605(1)).

CFA and CIM holders

An applicant who meets the Associate Portfolio Manager or Portfolio Manager designation requirement (Level 1 of the CFA program, the CFA Charter, or the Canadian Investment Manager or Chartered Investment Manager (CIM) designation) is exempt from writing the CIRE, the Retail Securities Exam and the Institutional Securities Exam (s.2627(3)).

Existing RRs: WME or the RSE, and the December 31, 2026 date

If you were approved before December 31, 2025 and continue in the same role, the new exam requirements do not apply to you (s.2625(2)). A break in approval of more than 180 days ends that. You still need Conduct Training by December 31, 2026.

The exception is the Wealth Management Essentials (WME) course, which retail RRs had to finish within 30 months of approval under the old rules. If you still owed it on December 31, 2025, you can choose either route (s.2629(2)):

  • finish WME by December 31, 2026 or your original due date, whichever is earlier. This route is only open if you enrolled in WME with CSI before January 1, 2026; or
  • pass the Retail Securities Exam by your original due date.

For example, an RR approved in September 2024 has a 30-month due date in March 2027. The WME route closes on December 31, 2026, while the RSE route runs to the original March 2027 date. If you miss your date, your RR approval is automatically suspended.

Format: 120 questions in 3 hours

The exam is one paper of 120 multiple-choice questions in 3 hours, proctored remotely or in person. That is 90 seconds a question, and the timer keeps running if you take a break. One enrolment gives you up to three attempts within 12 months. The syllabus splits the exam into nine elements and publishes each weight as an indicative number of questions:

ElementIndicative questions
1. Know-your-client (KYC) and suitability27
2. Fixed income10
3. Equities12
4. Securities analysis14
5. Managed products and other investments16
6. Portfolio construction13
7. Investment recommendations14
8. Execution and market integrity7
9. Monitoring, reporting and maintaining client relationships7
Total120

Element 1 alone is 27 questions, more than a fifth of the paper, and the four largest elements (1, 5, 4 and 7) make up 71 of the 120. Elements 8 and 9 carry 7 each. Plan your study hours in roughly the same proportions.

Fees, delivery and the pass mark

CIRO sets the fees and the enrolment and eligibility policies. Fitch Learning handles enrolment and payment, and you sit the exam at a Prometric centre or through Prometric ProProctor.

Fee
$475 for the first attempt in an enrolment and $300 for each second or third attempt, plus applicable taxes. The fee is the same for every CIRO exam. You pay by credit card on the Fitch Learning enrolment site.
Who can enrol
You must be of the age of majority where you live, and you attest that you work at a CIRO Dealer Member in a role that needs these competencies, or plan to apply for one within the next 12 months. Education providers cannot enrol.
Where
At a Prometric test centre in Canada, or remotely through Prometric ProProctor. Candidates outside Canada must test remotely. You can switch between the two free of charge up to 36 hours before the exam.
Calculator
Only the on-screen Prometric calculator, which has Basic and Scientific modes. Personal calculators are not permitted under any circumstances, and neither are paper or pens: you work on an on-screen scratch pad. Practise the calculation elements with an on-screen calculator.
Language
English or French. Choose at enrolment or booking; you cannot change it on exam day.
Pass mark
CIRO does not publish one. Each exam has several versions, each with its own passing grade, and CIRO says "publishing one passing grade will be misleading." A specific percentage you see quoted elsewhere is not CIRO's. Your result is pass, fail or absent, shown when you finish, with no breakdown by element.
Rescheduling and retakes
Rescheduling or cancelling at least 36 hours ahead is free and does not use an attempt; missing that cut-off records an absent (fail). After three failed or absent results within six months, a six-month cooling-off period applies.

Six practice questions, with the answers explained

We wrote these for this page; none is taken from CIRO's practice exam. They lean toward the heaviest elements and include the calculations the syllabus names. Work each one with a basic calculator before opening the answer. CIRO's own practice exam for the RSE is free on its Exam Hub, and CIRO describes each practice exam as an equivalent form of the real one.

  1. 1. A risk profile that doesn't match the client's words

    Element 1: KYC and suitability, outcome 1.3

    Marc, 61, plans to retire in two years. This account will fund most of his retirement income, he has few other assets, and he will start regular withdrawals when he retires. In the KYC interview he says he has traded technology stocks for 20 years, is comfortable with large swings and wants aggressive growth. How should his Registered Representative set his risk profile?

    1. AAggressive, because Marc's stated risk tolerance and trading experience are high and the account is his.
    2. BAssess and document his risk tolerance and risk capacity separately, set the profile at the more conservative of the two, and discuss the gap with him.
    3. CMedium, the midpoint between his high risk tolerance and his low risk capacity.
    4. DAggressive, as long as Marc signs an acknowledgement that he understands the risks.
    Show the answer and explanation

    Answer: B. Assess and document his risk tolerance and risk capacity separately, set the profile at the more conservative of the two, and discuss the gap with him.

    Outcome 1.3 separates risk tolerance (the willingness to accept risk) from risk capacity (the ability to endure a loss, driven by financial situation, horizon and liquidity needs), and it includes resolving conflicts between a client's expectations and risk profile. Marc's tolerance is high, but his capacity is low: a short horizon, few other assets and withdrawals soon.

    CIRO Bulletin 26-0200 (September 10, 2026) says the risk profile should reflect the more conservative of risk capacity and risk tolerance, that the two should be assessed separately and documented, and that profiles should not be adjusted to fit higher-risk products. The KYC obligation itself is IDPC Rule 3202(1).

    A and D let the client's stated tolerance override his capacity; a signed acknowledgement does not change what the profile should be. C averages the two, which the bulletin does not support.

  2. 2. Approximate yield to maturity

    Element 2: Fixed income, outcome 2.6

    A corporate bond has a $1,000 par value, a 4% annual coupon and 6 years to maturity. It trades at $940. What is its approximate yield to maturity?

    1. A4.26%
    2. B5.00%
    3. C5.15%
    4. D5.32%
    Show the answer and explanation

    Answer: C. 5.15%

    Approximate YTM = [annual coupon + (par - price) ÷ years] ÷ [(par + price) ÷ 2] = [$40 + ($1,000 - $940) ÷ 6] ÷ [($1,000 + $940) ÷ 2] = $50 ÷ $970 = 5.15%.

    A is the current yield ($40 ÷ $940), which ignores the $60 the bond gains as it moves to par. B divides by par instead of the average of par and price. D divides by the price. For a bond bought at a discount, yield to maturity is above the current yield, which is above the coupon rate: 5.15% > 4.26% > 4.00%.

  3. 3. Units issued at net asset value

    Element 5: Managed products and other investments, outcome 5.9

    A mutual fund's position at the close is below. A client's $12,000 purchase is processed at that day's net asset value per unit, with no sales charge. How many units does the client receive?

    Securities at market value$61.8 million
    Cash$1.4 million
    Accrued expenses and other liabilities$0.6 million
    Units outstanding3,130,000
    1. A588.71
    2. B594.30
    3. C600.00
    4. D613.73
    Show the answer and explanation

    Answer: C. 600.00

    Net asset value per unit = (total assets - total liabilities) ÷ units outstanding = ($61.8M + $1.4M - $0.6M) ÷ 3,130,000 = $62.6M ÷ 3,130,000 = $20.00. Units issued = $12,000 ÷ $20.00 = 600.00.

    B leaves out the liabilities (NAV $20.19 a unit). D leaves out the cash ($19.55). A adds the liabilities instead of subtracting them ($20.38). Outcome 5.9 covers pricing fund units, including NAVPS, and the element summary says questions may ask you to calculate the units being issued.

  4. 4. Required return with the CAPM

    Element 6: Portfolio construction, outcome 6.8

    The risk-free rate is 2.5%, the expected market return is 7.5%, and a stock has a beta of 1.4. An analyst forecasts an 8.4% return on the stock over the next year. Using the capital asset pricing model (CAPM), what is the stock's required return, and what does the forecast suggest?

    1. A9.5%; the forecast is below the required return, so the stock looks overvalued.
    2. B9.5%; the forecast is below the required return, so the stock looks undervalued.
    3. C13.0%; the forecast is below the required return, so the stock looks overvalued.
    4. D10.5%; the forecast is below the required return, so the stock looks overvalued.
    Show the answer and explanation

    Answer: A. 9.5%; the forecast is below the required return, so the stock looks overvalued.

    Required return = 2.5% + 1.4 × (7.5% - 2.5%) = 2.5% + 7.0% = 9.5%. An 8.4% forecast is 1.1 percentage points less than the stock's systematic risk calls for, so it plots below the security market line and looks overvalued.

    C multiplies beta by the whole 7.5% market return and then adds the risk-free rate (2.5% + 10.5%). D multiplies beta by the market return and leaves out the risk-free rate. B has the right number but reads it backwards: an expected return below the required return points to overvaluation.

  5. 5. Reading two liquidity ratios together

    Element 4: Securities analysis, outcome 4.6

    A retailer's statement of financial position shows the current items below. It has no other current assets. Which statement best describes its liquidity?

    Cash$1.2 million
    Accounts receivable$2.0 million
    Inventory$4.8 million
    Current liabilities$4.0 million
    1. ACurrent ratio 2.00 and quick ratio 1.50: liquidity is comfortable on both measures.
    2. BCurrent ratio 2.00 and quick ratio 0.80: it depends on selling inventory to meet its short-term obligations.
    3. CCurrent ratio 0.80 and quick ratio 2.00: it is carrying too much inventory.
    4. DCurrent ratio 2.00 and quick ratio 0.30: it cannot meet any of its current liabilities.
    Show the answer and explanation

    Answer: B. Current ratio 2.00 and quick ratio 0.80: it depends on selling inventory to meet its short-term obligations.

    Current ratio = current assets ÷ current liabilities = ($1.2M + $2.0M + $4.8M) ÷ $4.0M = 2.00. Quick ratio = (current assets - inventory) ÷ current liabilities = ($1.2M + $2.0M) ÷ $4.0M = 0.80. The current ratio looks healthy, but without inventory the company covers only 80 cents of each dollar of short-term obligations, so its liquidity rests on turning inventory into cash.

    A removes the receivables instead of the inventory. C swaps the two ratios. D uses the cash ratio ($1.2M ÷ $4.0M = 0.30) as the quick ratio and overstates the conclusion, since receivables are close to cash. Outcome 4.6 lists the current, quick and cash ratios as the liquidity ratios.

  6. 6. Recommending an income product after tax

    Element 7: Investment recommendations, outcomes 7.4, 7.7 and 7.11

    Priya has used all her RRSP and TFSA room and wants steady income from $40,000 in a non-registered account. She is choosing between a 5-year GIC paying 4.40% interest and a perpetual preferred share of a large Canadian company yielding 4.00% in dividends. For this question, assume she pays tax at 43% on interest and 25% on these dividends. Which statement best supports a recommendation?

    1. AThe GIC, because its 4.40% yield is higher than the preferred share's 4.00%.
    2. BThe GIC, because after tax it yields 2.51% against 2.28% for the preferred share.
    3. CThe preferred share yields more after tax (3.00% against 2.51%) and carries the same risk as the GIC, because both pay a fixed amount.
    4. DThe preferred share yields more after tax (3.00% against 2.51%), but its price can fall when interest rates rise, so it fits only if her risk profile accepts that price risk.
    Show the answer and explanation

    Answer: D. The preferred share yields more after tax (3.00% against 2.51%), but its price can fall when interest rates rise, so it fits only if her risk profile accepts that price risk.

    After tax, the GIC yields 4.40% × (1 - 0.43) = 2.51%, about $1,003 a year on $40,000, and the preferred share yields 4.00% × (1 - 0.25) = 3.00%, or $1,200. The lower tax rate on the dividends more than makes up for the lower pre-tax yield.

    A recommendation also has to weigh each product's risks (outcome 7.7) and fit the client's risk profile (7.4). A perpetual preferred share has no maturity date and trades on the market, so its price moves against interest rates. The GIC's principal does not move with the market.

    A compares pre-tax yields in a taxable account. B applies the 43% interest rate to the dividends. C gets the tax right but treats a traded perpetual share as if it had the GIC's price stability. Outcome 7.11 covers the tax treatment of interest and dividends.

Element 1, KYC and suitability, is free in the question bank, with no card. The other eight elements and the full-length mocks come with a subscription: $29.99/mo, $249/yr or the $89.99 Exam Pass.

What carries over from the CIRE, and what is new

If you have passed the CIRE, much of the RSE's topic list will look familiar. The level is what changes. Only 2 of the CIRE's 99 learning outcomes use the Apply verb, and none uses Analyze. On the RSE, 65 outcomes use Apply or Analyze, so expect calculations and client scenarios where the CIRE asked you to recognize a rule or definition. The numbers in brackets are syllabus outcomes.

TopicOn the CIREOn the RSE
KYC and suitabilityUnderstand what KYC information is collected (2.6) and what account appropriateness, KYP and suitability require (3.7 to 3.11).Apply and analyze them on client scenarios: risk tolerance, capacity and need (1.3), trusted contact persons and temporary holds (1.6), unsolicited or unsuitable instructions (1.18), and triggering events for a new suitability review (1.21, 1.22). This is Element 1, 27 questions.
Conflicts and conductUnderstand conflicts management, personal financial dealings and outside activities (Element 9).The same topics applied to specific situations, plus the CIRO standards of conduct (1.23 to 1.27).
Fixed incomeTypes and features, coupon versus yield, and what drives bond risk (7.4, 7.5).Calculations: current yield, approximate yield to maturity, zero-coupon yield, price change from modified duration, and bond present value (2.6 to 2.9).
EquitiesCommon and preferred shares, dividends, splits and consolidations (7.2, 7.3).Adds prospectus requirements and exemptions (3.1), Canadian depositary receipts (3.3), and valuation with discounted cash flow and price-earnings growth models (3.10).
Company and market analysisMostly Remember-level: economic theories, the financial statements and the main analysis methods (Element 5).Calculate and interpret ratios for liquidity, risk, profitability, efficiency, equity and value (4.6, 4.7), and use indices as benchmarks (4.9, 4.10).
Managed productsTypes, features and considerations for mutual funds, ETFs and other investments (7.7 to 7.12).NAVPS and units issued (5.9), holding-period, money-weighted and time-weighted returns (5.8), MER and TER (5.10), redemptions and gating (5.11), and alternatives including private equity and venture capital, with performance fees and hurdle rates (5.13, 5.14).
Trading and market integrityUnderstand UMIR, gatekeeping, order types and margin (Element 6).Apply them to client orders, plus foreign exchange conversions, the cash account rule and restrictions on overdue cash accounts (Element 8).
ComplaintsAn element of its own (Element 4, 6 questions).One outcome inside Element 7 (7.12), at the Apply level.

New on the RSE

  • Portfolio construction (Element 6, 13 questions): asset allocation and rebalancing, standard deviation, beta and drawdown, modern portfolio theory, the CAPM, arbitrage pricing theory and factor models, the efficient markets hypothesis, and short selling. The CIRE only touches active and passive investment styles (3.15, 7.3, 7.5).
  • Investment recommendations (Element 7, 14 questions): behavioural biases, time value of money for client goals, tax planning with FHSAs, RRSPs, RESPs and TFSAs, corporate notional accounts (CDA, RDTOH, GRIP), capital gains, and the tax treatment of interest and dividends.
  • Monitoring and reporting (Element 9, 7 questions): risk-adjusted returns (Sharpe, Treynor, Jensen), multi-factor regression, communications with the public including social media and professional titles, and record-keeping.

Two CIRE elements drop out of the RSE almost entirely: the regulatory framework (the CSA, CIRO, CIPF, other regulators and anti-money laundering law) and derivatives. Only the CIPF and derivatives risk-disclosure documents reappear, in the Welcome Package outcome (1.14). Retail RRs who will deal in derivatives write the separate Derivatives Exam. If you have not written the CIRE yet, start with our CIRE exam guide.

A 30-day plan for the Retail Securities Exam

Our 30-day plan covers all nine elements in about 32 hours, roughly an hour a day, with two full-length timed mocks. KYC and suitability comes after the product elements, since its scenarios draw on product, tax and portfolio knowledge, and it sits right before the first full mock.

Days 1 to 5
Equities and fixed income, including yield and present-value calculations.
Days 6 to 15
Securities analysis, managed products and portfolio construction, with short mixed mocks on days 7 and 14.
Days 16 to 20
Investment recommendations and tax-advantaged accounts, then KYC and suitability, the heaviest element.
Days 21 and 22
A full 120-question, 3-hour timed mock, then a review of every wrong answer.
Days 23 to 25
Execution and market integrity, capital gains and investment income tax, and monitoring and reporting.
Days 26 to 30
Drill your weakest outcomes, sit a second full mock on day 27, review it, keep day 29 light, and write on day 30.

The full 30-day RSE study plan has the day-by-day calendar and a free PDF download for your email. For a longer read on how the exam differs from the CIRE and where candidates struggle, see our Retail Securities Exam guide.

Sources

Facts on this page were checked against these sources on September 29, 2026.

Blueprint

Element-by-element breakdown

Parsed directly from the official CIRO syllabus. Every learning outcome maps to a specific element and weighted question count.

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  1. Element 1

    Free

    Know-Your-Client (KYC) & suitability

    23%

    A Registered Representative’s relationship with their client is a fundamental part of the Retail Securities exam. Element 1 tests an in-depth understanding of the processes around KYC, product due diligence and suitability.

    • 1.1key aspects of the firm–client relationship.
    • 1.10the key features, advantages and disadvantages of various types of accounts to meet client requirements.
    • 1.11account-related documentation in relation to the account opening process and the amount and type of information collected.
    • 1.12the objective and content of the Relationship Disclosure document.
    • 1.13the importance of containment of confidential information.
    • 1.14the purpose of the required documents in the Investment Dealer’s Welcome Package.
    • + 21 more outcomes

    27 outcomes · 376 practice Q

    Sign up free, no card

  2. Element 2

    Fixed income

    8%

    Element 2 requires the candidate to understand the features of fixed-income securities issued by governments, corporations and other bodies. Candidates will need to apply this knowledge to specific situations to show how these features provide different risks and potential rewards to the holders and issuers of these securities.

    • 2.1regulatory requirements for debt markets.
    • 2.2types and features of fixed-income products.
    • 2.3terminology of fixed-income products to specific situations.
    • 2.4characteristics of fixed-income products.
    • 2.5the characteristics of the following instruments and the conditions that affect the risk–return profile.
    • 2.6standard calculations to bond yields.
    • + 3 more outcomes

    9 outcomes · 175 practice Q

  3. Element 3

    Equities

    10%

    Element 3 requires the candidate to understand the features of equity securities issued by corporations. Candidates will need to apply this knowledge to specific situations to show how these features provide different risks and potential rewards to the holders and issuers of these securities.

    • 3.1the requirement for and purpose of a prospectus under National Instrument 41–101 General Prospectus Requirements and when this requirement may not apply under National Instrument 45–106 Prospectus Exemptions.
    • 3.10time value of money to investment calculations.
    • 3.2the types and key features of different classes of common shares.
    • 3.3the types and key features of Canadian depositary receipts (CDRs).
    • 3.4the characteristics of investing into different classes of common shares and depositary receipts.
    • 3.5features of common share ownership.
    • + 4 more outcomes

    10 outcomes · 179 practice Q

  4. Element 4

    Securities analysis

    12%

    Element 4 goes into detail on the information that is available about companies and the economy and how this information can be used to assess the value of an investment. Candidates may be required to calculate various accounting ratios and interpret the results.

    • 4.1the factors involved in performing company analysis to determine whether a company represents a good investment.
    • 4.10the use of indices when:
    • 4.11methods of assessing stock market behaviour.
    • 4.12how industries can be classified into sectors and how these classifications are interpreted in a company’s stock valuation. Consider
    • 4.13macroeconomic factors to investor expectations of the price of securities and market movements.
    • 4.14other factors that impact performance expectations over various time horizons.
    • + 8 more outcomes

    14 outcomes · 251 practice Q

  5. Element 5

    Managed products and other investments

    13%

    Candidates will be required to show an understanding of managed products and analyze how they compare to direct investments. General fund management approaches will be tested alongside the information that needs to be provided to investors. Questions will expect candidates to differentiate between the various types of managed products, from mutual funds to private equity funds and analyze the relative advantages and disadvantages of these products.

    • 5.1the types of managed products.
    • 5.10the impact of costs on the performance of managed products.
    • 5.11the implications of redemptions.
    • 5.12the factors to consider when deciding between managed products or non-managed products.
    • 5.13the types of alternative strategy funds and alternative assets.
    • 5.14the characteristics of alternative strategy funds and other types of investments.
    • + 8 more outcomes

    14 outcomes · 252 practice Q

  6. Element 6

    Portfolio construction

    11%

    Element 6 requires the candidate to consider the impact of this information on the decisions to make when constructing a portfolio. Candidates may be required to apply and analyze the capital asset pricing model to evaluate the expected return of a security.

    • 6.1the process of asset allocation decisions.
    • 6.10active portfolio management techniques for equity managers.
    • 6.11passive portfolio management techniques for equity managers.
    • 6.12passive fixed-income portfolio management and active fixed- income portfolio management techniques.
    • 6.2the different types of risk.
    • 6.3what different measures of risk indicate about an asset or portfolio.
    • + 6 more outcomes

    12 outcomes · 143 practice Q

  7. Element 7

    Investment recommendations

    12%

    Element 7 requires candidates to use the knowledge and understanding of the syllabus so far and apply this to a variety of specific situations. Candidates should expect to be presented with various clients with different objectives and needs and be able to respond to their needs in the correct manner. Candidates may also be required to make tax calculations.

    • 7.1the relationship between a client’s investment objectives and needs, risk profile and performance.
    • 7.10the basics of the Canadian capital gains tax system to a client’s investment gains.
    • 7.11the basics of the Canadian income tax system to income from a client’s investments.
    • 7.12to specific situations the regulatory requirements governing complaints handling.
    • 7.2the impact of a client placing non-financial constraints and restrictions on their own investment choices.
    • 7.3principles of behavioural finance and the potential impact on a client’s decisions and returns. Consider the following behavioural biases:
    • + 6 more outcomes

    12 outcomes · 134 practice Q

  8. Element 8

    Execution and market integrity

    6%

    In Element 8, candidates are expected to analyze the requirements under the Universal Market Integrity Rules (UMIR) regarding the recognition of abusive trading and the gatekeeping responsibilities of Investment Dealers and their representatives. An application of the types of orders that can be placed and the process of execution, will also be tested in the exam.

    • 8.1to specific situations an understanding of the UMIR covering:
    • 8.2to specific situations the regulatory requirements in relation to the UMIR gatekeeping responsibilities.
    • 8.3the features of different types of orders to specific client requirements.
    • 8.4various important aspects of the trade execution and settlement process to specific client requirements.
    • 8.5the use of long and short margin accounts, including:
    • 8.6reporting requirements to clients.

    6 outcomes · 85 practice Q

  9. Element 9

    Monitoring, reporting and maintaining client relationships

    6%

    Monitoring the client’s portfolio is an important part of the relationship between clients and the Investment Dealer. This element requires candidates to apply requirements around the monitoring and reporting of portfolio performance to specific scenarios. Candidates should also apply and analyze the requirements on Investment Dealers when recording and communicating information.

    • 9.1to specific situations the process of monitoring and evaluating portfolio performance.
    • 9.2to specific situations the process of investment performance disclosure and measurement.
    • 9.3investment performance calculations to individual securities or portfolios over any timeframe.
    • 9.4to specific situations the CIRO requirements when Investment Dealers communicate with clients and/or the public.
    • 9.5to specific situations the requirements to maintain all client responses/records in respect of:

    5 outcomes · 61 practice Q

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