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For all questions related to CIRO’s Proposed Proficiency Model, please visit CIRO’s webpage or email proficiency@ciro.ca.

What will you learn about?

  • Securities regulation and the capital markets in Canada
  • Making ethical decisions and corporate governance
  • Senior officer and director liability
  • Managing significant areas of risk
  • Financial compliance and capital requirements
  • Consequences of non-compliance
  • Private client brokerage business
  • Discount brokerage business
  • Investment banking business
  • Uniform minimum capital requirements
  • Distribution of securities

What is the course syllabus?

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Section 1 - Risk Management and the Role of the Executive

Chapter 1 - Risk and the Executive

Topics covered in this chapter are:

  • Executive Registration Category
  • Risk Management Overview and The Role of an Executive
  • The Essential Nature of Risk
  • Culture of Compliance
  • Summary

Section 2 - The Securities Industry

Chapter 2 - Canada's Regulatory Environment and Basic Securities Law

Topics covered in this chapter are:

  • Introduction
  • Overview of the Regulatory Environment
  • The Criminal Code of Canada
  • Civil and Common Law Obligations and Liabilities
  • Summary

Chapter 3 - Private Client Brokerage Business

Topics covered in this chapter are:

  • Introduction
  • Evolution of the Private Client Investment Industry
  • Business Models
  • Account Types and Sources of Revenue
  • Profitability Drivers
  • Compliance and Risk
  • Client Experience and Value Proposition
  • Summary

Chapter 4 - Online Investment Business Models

Topics covered in this chapter are:

  • Introduction
  • Business Models Providing Online Investment Services
  • Key Risk for Online Investment Businesses
  • Key Success Factors for Online Investment Businesses
  • Measures and Trends
  • Summary

Chapter 5 - Investment Banking Business

Topics covered in this chapter are:

  • Introduction
  • Structure of an Investment Bank
  • Front Office Functions
  • Trends and Challenges
  • Summary

Chapter 6 - The Distribution of Securities

Topics covered in this chapter are:

  • Introduction
  • Bringing Securities to the Market
  • Exempt Issues
  • Maintaining Publicly Trading Status
  • Special Considerations for Investment Dealers
  • Summary

Section 3 - Ethics and Governance

Chapter 7 - Making Ethical Decisions

Topics covered in this chapter are:

  • Introduction
  • Overview of Ethics
  • Ethics in the Organization
  • Understanding Ethical Dilemmas
  • Resolving Ethical Dilemmas
  • Summary

Chapter 8 - Corporate Governance

Topics covered in this chapter are:

  • Introduction
  • Defining Corporate Governance
  • Corporate Governance Systems
  • The Principles of Corporate Governance
  • Special Considerations for Directors of Investment Companies
  • Special Considerations for Investment Dealer Governance
  • Governance in Canada and Around the World
  • Summary

Chapter 9 - Senior Officer and Director Liability

Topics covered in this chapter are:

  • Introduction
  • Nature of a Corporation
  • Duties of Directors
  • Financial Governance Responsibilities
  • Statutory Liabilities
  • Summary

Section 4 - Managing Risk

Chapter 10 - Risk Management in the Securities Industry

Topics covered in this chapter are:

  • Introduction
  • Objectives of Risk Management
  • Risk Management Framework
  • Types of Risk
  • Summary

Chapter 11 - Managing Significant Areas of Risk

Topics covered in this chapter are:

  • Introduction
  • Creating an Effective Risk Management System
  • Internal Control Policies
  • Opening New Accounts
  • Account Supervision
  • Recordkeeping and Reporting Requirements
  • Dealing with Money Laundering and Terrorist Financing
  • Privacy and Cybersecurity
  • Summary

Chapter 12 - Financial Compliance and Capital Requirements

Topics covered in this chapter are:

  • Introduction
  • The Regulatory Requirement for Minimum Capital
  • Capital Formula
  • The Early Warning System
  • Failure To Maintain Adequate Risk Adjusted Capital
  • Summary

Chapter 13 - Consequences of Non-Compliance

Topics covered in this chapter are:

  • Introduction
  • Clients’ Complaints to a Dealer Member
  • Internal Investigations
  • External Reviews and Investigations
  • Civil and Criminal Proceedings
  • Summary

How will you learn?

CSI’s online learning system helps you meet your study goals. You’ll benefit from:

  • Learning objectives that keep you focused
  • Online post-chapter review questions to assess your progress
  • Course updates to ensure you’re learning the most current and up-to-date practical material in your studies
  • Assistance from CSI’s academic support specialists

Course Completion, Wall Certificate and Digital Badge

Upon successfully completing this course, you will be able to download a Notice of Course Completion available through your student profile. This will remain on your profile as formal confirmation of course completion.

You can also accept a digital badge through your student profile after successful course completion. Digital badges are portable image files that allow you to share your credentials across the web. You can post them to your email signature, personal website, social media channels—even to electronic copies of your resume.

CSI will mail you a wall certificate within 4 – 6 weeks of course completion. Frames to display your certificate are available. Please ensure that your First and Last Name on your profile matches your First and Last Name on your Government Issued Photo identification – this will ensure you receive an accurate certificate.

CSI will be pleased to issue an Honours Certificate to all students who obtain a final course mark of 85% or higher.