CIRO PROFICIENCY MODEL

COURSE · INSTITUTIONAL REPRESENTATIVES

Dealer Member Training Program (DMTP)

Training for newly approved institutional Registered Representatives and Investment Representatives at CIRO investment dealers.

14 MODULES

80% PASS MARK

SELF-PACED

Overview

What the course covers

Who should take it

The program is organized around the competency areas that apply to institutional representatives. Each module opens with learning objectives, works through the content, applies it in a realistic institutional case study, and closes with key takeaways. A final assessment at the end of the course covers all domains; the pass mark is 80%.

Domain 1, Conduct and Compliance (required): 7 modules, about 6 to 7 hours.
Domain 2, Securities Track (required): 3 modules, about 3 hours.
Domain 2, Options Track (if approved for options): 2 modules, about 2.5 hours.
Domain 3, Execution and Market Integrity (required): 2 modules, about 2 to 2.5 hours.
Supplementary modules S1 to S5: AML/ATF, privacy and CASL, conflicts of interest under the Client Focused Reforms, cybersecurity awareness, and insider trading, tipping and front-running. Coming soon.

Learning outcomes

Explain the regulatory framework and conduct obligations that govern institutional dealing
Apply client onboarding, classification, documentation and relationship-maintenance requirements
Recognize conflicts of interest, confidential-information and gatekeeping obligations
Describe trade execution and market-integrity requirements

What is included

At a glance

Estimated Time: About 13.5 to 15 hours (11 to 12.5 hours without the Options Track)

Difficulty: Professional

Individual seat

$299.00

One learner. [CONFIRM: tax treatment and access period]

Syllabus

Course outline

Domain 1: Conduct and Compliance — Overview

Domain 1 · Introduction

Module 1.1: Overview of the General Regulatory Framework

1.1 · Module Introduction

1.1 · Learning Objectives

1.1 · Canada’s Regulatory Landscape

1.1 · The Instrument Hierarchy

1.1 · Marketplaces, Clearing Agencies & Other Laws

1.1 · Finding the Right Rule

1.1 · Regulatory Framework Overview

Module 1.2: Prospective Client Relationships

1.2 · Module Introduction

1.2 · Learning Objectives

1.2 · Onboarding an Institutional Client

1.2 · IR vs. RR — Who Does What?

1.2 · The Account Appropriateness Obligation

1.2 · Onboarding — What Could Go Wrong?

1.2 · Prospective Client Relationships

Module 1.3: Scope of Client Relationships

1.3 · Module Introduction

1.3 · Learning Objectives

1.3 · Who Is an Institutional Client?

1.3 · KYC Rules and Suitability Exemptions

1.3 · Is This Client Sophisticated Enough?

1.3 · Scope of Client Relationships

Module 1.4: Required Documents and Disclosures

1.4 · Module Introduction

1.4 · Learning Objectives

1.4 · The Institutional Account Document Set

1.4 · Record-Keeping — Your Professional Obligation

1.4 · The Missing Document Problem

1.4 · Required Documents and Disclosures

Module 1.5: Client Relationship Maintenance

1.5 · Module Introduction

1.5 · Learning Objectives

1.5 · Ongoing Client Obligations — What Good Looks Like

1.5 · Handling Complaints — Getting It Right

1.5 · The Informal Complaint

1.5 · Client Relationship Maintenance

Module 1.6: Containment of Confidential Information

1.6 · Module Introduction

1.6 · Learning Objectives

1.6 · Information Barriers — The Foundation

1.6 · Wall-Crossing — When You Cross the Barrier

1.6 · Recognising a Wall-Crossing Situation

1.6 · Containment of Confidential Information

Module 1.7: Conflicts of Interest and Ethics

1.7 · Module Introduction

1.7 · Learning Objectives

1.7 · Conflicts — Identify, Manage, Disclose

1.7 · An Ethical Decision-Making Framework

1.7 · The Ethical Dilemma

1.7 · Conflicts of Interest and Ethics

Domain 1 — Review

Domain 1 · Complete

Domain 2: Securities Track — Overview

Domain 2 · Introduction

Module 2.8: Equities

2.8 · Module Introduction

2.8 · Learning Objectives

2.8 · What Are Equities? Ownership with a Price

2.8 · Dividends, Stock Splits and Index Effects

2.8 · Equity Valuation — Intrinsic Value and Practical Tools

2.8 · Applying KYP to an Equity Recommendation

2.8 · Equities

Module 2.9: Fixed Income

2.9 · Module Introduction

2.9 · Learning Objectives

2.9 · How Fixed Income Markets Work in Canada

2.9 · The Yield–Price Relationship

2.9 · Active vs. Passive Fixed Income Management

2.9 · A Client’s Bond Is Underwater — Now What?

2.9 · Fixed Income

Module 2.10: Other Investments

2.10 · Module Introduction

2.10 · Learning Objectives

2.10 · Alternative Investments — Beyond Stocks and Bonds

2.10 · Embedded Derivatives and Disclosure Requirements

2.10 · ETF vs. Direct Bond Exposure

2.10 · Other Investments

Domain 2: Securities Track — Review

Domain 2 · Complete

Domain 2: Options Track — Overview

Options Track · Introduction

Module 2.11: Overview of Options and Similar Derivatives

2.11 · Module Introduction

2.11 · Learning Objectives

2.11 · What Are Options, and Why Do They Exist?

2.11 · The Montreal Exchange, CDCC and the ISDA Framework

2.11 · Explaining a Hedging Strategy to a New Client

2.11 · Options Overview

Module 2.12: Dealing in Options and Similar Derivatives

2.12 · Module Introduction

2.12 · Learning Objectives

2.12 · Options Regulatory Requirements and Prohibited Practices

2.12 · The Greeks — Measuring Options Risk

2.12 · Common Options Strategies — Risk/Reward Profiles

2.12 · Analysing a Covered Call Strategy

2.12 · Dealing in Options

Domain 2: Options Track — Review

Options Track · Complete

Domain 3: Execution and Market Integrity — Overview

Domain 3 · Introduction

Module 3.1: Market Integrity, Trade Execution and Settlement

3.1 · Module Introduction

3.1 · Learning Objectives

3.1 · UMIR — The Rules That Govern Trading

3.1 · The Order Lifecycle — Instruction to Settlement

3.1 · Algorithmic Trading and Electronic Access

3.1 · Recognizing Front-Running

3.1 · Market Integrity, Execution and Settlement

Module 3.2: Gatekeeping Responsibilities

3.2 · Module Introduction

3.2 · Learning Objectives

3.2 · The Gatekeeping Obligation

3.2 · Red Flags — What to Watch For

3.2 · Escalation, Whistleblower Protections and Documentation

3.2 · Spotting Suspicious Trading

3.2 · Gatekeeping Responsibilities

Domain 3 — Review

Domain 3 · Complete

Final assessment

Has Quiz

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