Academic or topical learning programs +3CIRO · Securities · English

The blueprint identifies examples of academic or topical program contents offered through colleges and universities that are relevant to specific parts of the syllabus.

• ✓Financial markets – components, key activities and asset classes
• ✓Portfolio management – portfolio or asset management
• ✓Fund management – investment funds and managed portfolio products

Programs introducing the components, key activities and asset classes within financial markets, relevant to specific parts of the syllabus.

• ✓Introductions to components, key activities and asset classes within financial markets

Programs relating to portfolio or asset management as relevant topical learning content.

• ✓Programs that relate to portfolio or asset management

Programs that explain investment funds and other managed portfolio products.

• ✓Programs explaining investment funds and other managed portfolio products

Covers analysis of the relationship between a client's objectives, needs, risk profile and performance.

Covers analysis of the impact of clients placing non-financial constraints on their choices.

• ✓Equity, diversity and inclusion considerations
• ✓Environmental, social and governance criteria
• ✓Other personal preferences

Covers behavioural finance principles and their impact on client decisions and returns.

• ✓Cognitive errors (representativeness, illusion of control, confirmation, hindsight)
• ✓Information processing biases (framing, anchoring, mental accounting, availability)
• ✓Emotional biases (loss aversion, overconfidence, endowment)
• ✓Capital market biases (survivorship, gambler's fallacy, herding, home country)

Covers applying suitability determination requirements to recommendation situations.

• ✓Selection of suitable products
• ✓The impact of the Investment Dealer's product shelf
• ✓The client's net worth and liquidity needs
• ✓Cash management planning and savings strategies
• ✓Features of government pension programs

Covers applying processes to choose a portfolio based on KYC information.

• ✓The client's investment needs, objectives and risk profile
• ✓Current investment portfolio compositions, risk level and potential shortfall
• ✓Relevant investment management strategies
• ✓Solutions to resolve conflicts between expectations and risk profile
• ✓The benefit of cash flow analysis

Covers applying relevant factors to investment actions for a client.

• ✓Impact of significant changes to a client's KYC information
• ✓Unexpected impact of investment action (concentration, liquidity)
• ✓Potential and actual impact of costs on returns
• ✓Consideration of a reasonable range of alternative actions

Covers analysis of the key requirements of the investment action recommendation process.

• ✓Pros and cons of each product and recommended action
• ✓Risks involved for each product and recommended action
• ✓What the recommended action can accomplish for the client
• ✓Process for securing the client's commitment

Covers applying time value of money to set client financial goals.

• ✓Regular investment required to meet a known future objective/liability
• ✓Regular future income from a single investment (present value of an annuity)

Covers applying basics of personal and corporate tax planning to recommendations.

• ✓Tax planning strategies and advantages
• ✓Tax preferential accounts (FHSAs, RRSPs, RESPs, TFSAs)
• ✓Strategies for minimizing tax liabilities (deductions/credits, income splitting, tax loss harvesting)
• ✓Corporations (active vs. passive income, integration, notional accounts CDA/RDTOH/GRIP)

Covers applying the basics of the Canadian capital gains tax system to investment gains.

• ✓Calculation of capital gains and capital losses
• ✓Tax treatment of gains and losses
• ✓Strategies for minimizing capital gains tax liabilities

Covers applying the basics of the Canadian income tax system to investment income.

• ✓Calculation of income tax payable
• ✓Tax treatment of interest
• ✓Tax treatment of dividends (qualifying, non-qualifying, foreign)

Covers applying regulatory requirements governing complaints handling.

• ✓Recognition
• ✓Process
• ✓Resolution
• ✓Reporting
• ✓Prohibited practices

Analyzes the relationship between a client's objectives, needs, risk profile and performance.

Analyzes the impact of client-imposed non-financial constraints on investment choices.

• ✓Equity, diversity and inclusion considerations
• ✓Environmental, social and governance criteria
• ✓Other personal preferences

Applies relevant factors to investment actions for a client.

• ✓The impact of significant changes to a client's KYC information
• ✓Unexpected impact of the investment action – concentration, liquidity
• ✓The potential and actual impact of costs on returns
• ✓Consideration of a reasonable range of alternative actions

Applies income tax basics to income from client investments.

• ✓Calculation of income tax payable
• ✓Tax treatment of interest
• ✓Tax treatment of dividends – qualifying, non-qualifying, foreign

Applies complaint handling requirements to specific situations.

• ✓Recognition
• ✓Process
• ✓Resolution
• ✓Reporting
• ✓Prohibited practices

Covers applying UMIR requirements on best execution and abusive trading.

• ✓Best execution
• ✓Abusive trading (specific unacceptable activities, manipulative and deceptive practices, artificial pricing, improper orders and trades)
• ✓Front running

Covers applying regulatory requirements for UMIR gatekeeping.

• ✓Purpose of UMIR gatekeeping obligations
• ✓Client's typical financial activity and patterns to identify suspicious transactions
• ✓How to identify and escalate suspicious transactions
• ✓Possible insider trading activity and violations
• ✓Applicable regulatory frameworks on whistleblowers
• ✓Applicable reporting obligations to firms and regulators

Covers applying features of different order types to client requirements.

• ✓Limit order
• ✓Market order
• ✓Immediate and cancel
• ✓Fill or kill
• ✓On-stop orders
• ✓Iceberg orders
• ✓Short sales

Covers applying aspects of the trade execution and settlement process to client requirements.

• ✓Awareness of the various marketplaces
• ✓Placing orders, including handling order errors and changes
• ✓The settlement and delivery process
• ✓Foreign exchange transactions and currency conversions
• ✓Purpose and application of the cash account rule
• ✓Restriction process on overdue cash accounts

Covers the use of long and short margin accounts.

• ✓Special margin situations
• ✓The need for specialized trading authorizations

Covers reporting requirements to clients on orders and confirmations.

• ✓Requirements to confirm orders with clients, including fees and commissions
• ✓Investment Dealer responsibility for trade confirmations and account statements

Applies UMIR provisions covering execution and abusive trading to situations.

• ✓Best execution
• ✓Abusive trading – specific unacceptable activities, manipulative and deceptive practices, artificial pricing, improper orders and trades
• ✓Front running

Applies the features of different order types to client requirements.

• ✓Limit order
• ✓Market order
• ✓Immediate and cancel
• ✓Fill or kill
• ✓On-stop orders
• ✓Iceberg orders
• ✓Short sales

Covers use of long and short margin accounts and special situations.

• ✓Special margin situations
• ✓The need for specialized trading authorizations

Covers applying the process of monitoring and evaluating portfolio performance.

• ✓The market and the economy
• ✓Client needs and circumstances

Covers applying the process of investment performance disclosure and measurement.

• ✓How performance is measured
• ✓How comparative performance is determined
• ✓The use of multi-factor regression
• ✓Proper use of benchmarks in assessing portfolio performance
• ✓Transaction costs and tax implications of recommendations
• ✓Fees and charges and the impact on client returns

Covers analysis of investment performance calculations for securities or portfolios.

• ✓Rate of return
• ✓Absolute risk/standard deviation
• ✓Risk-adjusted returns (Sharpe, Treynor, Jensen)
• ✓Performance against benchmarks
• ✓Multi-factor regression

Covers applying CIRO requirements when communicating with clients and the public.

• ✓Awareness of obligations and best practices
• ✓The appropriate use of professional titles
• ✓Misleading communications
• ✓Restrictions and guidelines regarding social media and other communications
• ✓Off-channel communication issues

Covers applying requirements to maintain all client responses/records.

• ✓Account appropriateness
• ✓Suitability determination
• ✓Know-your-client (KYC)
• ✓Know-your-product (KYP)
• ✓Conflict of interest
• ✓Sales practices
• ✓Compensation arrangements
• ✓Incentive practices and other compensation arrangements
• ✓Incentive practices which may benefit the Investment Dealer or Registered Representative

Applies CIRO communication requirements to situations.

• ✓Awareness of obligations and best practices
• ✓The appropriate use of professional titles
• ✓Misleading communications
• ✓Restrictions and guidelines regarding social media and other communications
• ✓Off-channel communication issues