Canadian Investment Regulatory Exam, the entry-level CIRO exam.
The CIRE is the foundational exam in the CIRO Proficiency Model. On January 1, 2026 it replaced the Canadian Securities Course (CSC) as the entry exam for Registered Representatives and Investment Representatives at a Canadian investment dealer (RRs also write the Retail Securities Exam or Institutional Securities Exam). 110 multiple-choice questions over 2 hours. CIRO does not publish a cut score.
CIRO Proficiency Model documentation; Fitch Learning candidate handbook
CIRO
The Canadian Investment Regulatory Organization, created January 1, 2023 when IIROC and the MFDA amalgamated; named CIRO June 1, 2023.
CSA (Canadian Securities Administrators)
Umbrella organisation of Canada's 13 provincial/territorial securities regulators.
Canadian Investor Protection Fund (CIPF)
Investor protection fund covering client property at CIRO investment dealers and mutual fund dealers up to $1 million per account category.
NI 31-103
National Instrument on Registration Requirements, Exemptions and Ongoing Registrant Obligations.
Ontario Securities Commission (OSC)
Ontario's provincial securities regulator and the largest CSA member by market participants.
Autorité des marchés financiers (AMF)
Quebec's integrated financial-sector regulator covering securities, insurance, and deposit institutions.
AI case study
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