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2026 Statistics

Key Facts: CCO Qualifying Exam

100

Total Questions

CSI CCO Course Outline

60%

Passing Score

CSI Exam Regulations

180m

Exam Duration

CSI Examination Booking

3

Allowed Attempts

CSI Retake Policy

$450

Enrollment Fee (CAD)

CSI Course Fee Catalog

The CSI Chief Compliance Officers Qualifying Examination (CCO) is the standard regulatory qualification for compliance leaders of non-investment dealers in Canada. It is a 3-hour, 100-question exam requiring a 60% passing score.

Sample CCO Qualifying Practice Questions

Try these sample questions to test your CCO Qualifying exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Under National Instrument 31-103, which of the following is a primary distinction between an Exempt Market Dealer (EMD) and an Investment Dealer?
A.EMDs are registered with provincial securities commissions, whereas Investment Dealers are registered directly with the federal government.
B.EMDs are permitted to act as an underwriter in any distribution of securities, whereas Investment Dealers are restricted to debt issues.
C.Investment Dealers must be members of the Canadian Investment Regulatory Organization (CIRO), whereas EMDs are not required to be SRO members.
D.Investment Dealers are limited to trading prospectus-exempt securities, whereas EMDs can trade both prospectus-exempt and prospectus-qualified securities.
Explanation: Investment Dealers in Canada are required to be members of the Canadian Investment Regulatory Organization (CIRO), a self-regulatory organization (SRO). Exempt Market Dealers (EMDs) are registered directly with provincial securities commissions and are not members of CIRO; they are governed directly by National Instrument 31-103.
2What is the primary regulatory purpose of National Instrument 31-103 (NI 31-103)?
A.To establish a single national securities commission for all of Canada.
B.To coordinate and harmonize registration requirements, exemptions, and ongoing registrant obligations across all Canadian provinces and territories.
C.To regulate the public disclosure requirements for reporting issuers during an initial public offering (IPO).
D.To mandate the incorporation of all mutual fund dealers operating in Canada.
Explanation: NI 31-103 is a harmonized national instrument developed by the Canadian Securities Administrators (CSA) to establish uniform registration requirements, registration exemptions, and ongoing compliance obligations for registrants across all Canadian jurisdictions.
3Which of the following activities is an Exempt Market Dealer (EMD) permitted to engage in under NI 31-103?
A.Act as a dealer in any transaction involving a prospectus-exempt security with an accredited investor.
B.Act as an underwriter or dealer for any securities listed on the Toronto Stock Exchange (TSX).
C.Trade mutual fund units to retail investors without checking prospectus-exempt criteria.
D.Manage an investment portfolio on a discretionary basis for individual clients.
Explanation: An EMD is permitted to act as a dealer or underwriter in the distribution of prospectus-exempt securities, and to trade prospectus-exempt securities to individuals who qualify for an exemption, such as the accredited investor exemption, under NI 45-106.
4Under what circumstance must an entity register as an Investment Fund Manager (IFM) under Canadian securities law?
A.If the entity manages a portfolio of securities for individual clients on a discretionary basis.
B.If the entity directs the business, operations, or affairs of an investment fund.
C.If the entity acts as the primary distributor of mutual funds to retail investors.
D.If the entity provides investment advice to a pension fund.
Explanation: Under NI 31-103, an Investment Fund Manager (IFM) is required to register if they direct the business, operations, or affairs of one or more investment funds (such as mutual funds, pooled funds, or non-redeemable investment funds).
5For a firm registered in multiple Canadian provinces, how is the 'principal regulator' determined under the passport system?
A.The regulator of the province where the firm generates the highest dollar volume of commission revenue.
B.The Ontario Securities Commission (OSC) is always designated as the principal regulator.
C.The regulator of the province where the firm's head office is located.
D.The provincial regulator with the longest history of supervising the firm.
Explanation: Under National Policy 11-204 Process for Registration in Multiple Jurisdictions, a firm's principal regulator is generally the securities regulatory authority of the jurisdiction where the firm's head office is located.
6Which of the following is true regarding the Canadian Investment Regulatory Organization (CIRO) and provincial securities commissions?
A.CIRO is a federal agency that overrides provincial securities commissions.
B.CIRO acts as a self-regulatory organization under authority delegated by provincial securities commissions.
C.Provincial commissions are sub-agencies of CIRO.
D.CIRO has regulatory authority only over mutual funds, while provincial commissions regulate all other securities.
Explanation: CIRO is a self-regulatory organization (SRO) recognized by provincial and territorial securities commissions, which have delegated authority to CIRO to regulate investment dealers and mutual fund dealers.
7To rely on the 'International Dealer Exemption' under NI 31-103, a foreign dealer must meet which of the following requirements?
A.It must limit its Canadian client base to permitted clients and submit a Form 31-103F2 to the regulator.
B.It must establish a physical branch office in at least one Canadian province.
C.It must register as a member of CIRO and deposit regulatory capital in a Canadian bank.
D.It must restrict its business to advising Canadian retail clients on foreign equities.
Explanation: Under Section 8.18 of NI 31-103, a foreign dealer can rely on the international dealer exemption to trade foreign securities with Canadian 'permitted clients' (such as financial institutions or high-net-worth individuals) without registering, provided they file Form 31-103F2 and meet notification requirements.
8Under NI 31-103, if a registered individual has a change in registration information (such as a change in home address or outside business activities), how quickly must this be submitted via the National Registration Database (NRD)?
A.Within 3 business days of the change.
B.Within 15 days of the change.
C.Within 30 days of the change.
D.During the annual registration renewal period.
Explanation: Under Section 4.1 of National Instrument 33-109 Registration Information, a registered firm must notify the regulator of a change in information previously submitted for a registered individual within 15 days of the change.
9Which of the following best describes the role of the Canadian Securities Administrators (CSA)?
A.A federal regulatory body with statutory power to enforce criminal securities laws.
B.A self-regulatory organization that directly supervises investment dealers and mutual fund sales representatives.
C.A forum for provincial and territorial securities regulators to collaborate, coordinate, and harmonize securities regulation across Canada.
D.An appellate court that hears appeals of decisions made by provincial securities commissions.
Explanation: The CSA is an informal forum comprising all 13 provincial and territorial securities regulators in Canada. Its goal is to coordinate and harmonize securities regulation across the country through joint initiatives, policies, and national instruments.
10Under NI 31-103, which body has ultimate legal responsibility for the compliance system and oversight of the firm's CCO?
A.The Chief Compliance Officer (CCO).
B.The Board of Directors (or equivalent governing body).
C.The SRO (CIRO) compliance department.
D.The principal provincial securities commission.
Explanation: Although the CCO is responsible for administering the compliance program, NI 31-103 states that the Board of Directors of the registered firm has ultimate legal responsibility for establishing and maintaining the firm's compliance system and overseeing the CCO's performance.

About the CCO Qualifying Exam

The Chief Compliance Officers Qualifying Examination (CCO) is designed for professionals aiming to qualify as a Chief Compliance Officer of mutual fund dealers, exempt market dealers, scholarship plan dealers, portfolio managers, and investment fund managers under Canadian securities regulations (CSA National Instrument 31-103). The course and exam cover the compliance environment, structuring compliance programs, defining the CCO's role, risk management, trade and sales supervision, complaint handling, conflict management, reporting to the board, regulatory investigations, and FINTRAC/AML requirements. Passing the exam satisfies the CCO proficiency requirement under NI 31-103.

Assessment

Online proctored or computer-based test-centre exam (100 multiple-choice questions, four choices)

Time Limit

180 minutes

Passing Score

60%

Exam Fee

$450 - $490 CAD (Canadian Securities Institute (CSI))

CCO Qualifying Exam Content Outline

39%

Implementation of Skills

Structuring and supervising client relationships, trade practices, sales practices, portfolio management, and compliance systems.

21%

CCO Skill Requirements

Core competencies of the CCO, defining the compliance program, monitoring frameworks, and identifying conflicts of interest.

15%

The Role of Compliance and Formal Compliance Structure

The nature of compliance, the compliance officer's relationship with board/management, and establishing a compliance culture.

13%

Canada's Regulatory Environment and Basic Securities Law

The framework of securities legislation, provincial regulators (CSA), SRO functions, and registration categories.

12%

Regulatory Investigations and Reporting

Handling client complaints, managing regulatory inquiries/audits, and required reporting (board and FINTRAC/AML).

How to Pass the CCO Qualifying Exam

What You Need to Know

  • Passing score: 60%
  • Assessment: Online proctored or computer-based test-centre exam (100 multiple-choice questions, four choices)
  • Time limit: 180 minutes
  • Exam fee: $450 - $490 CAD

Keys to Passing

  • Complete 500+ practice questions
  • Score 80%+ consistently before scheduling
  • Focus on highest-weighted sections
  • Use our AI tutor for tough concepts

CCO Qualifying Study Tips from Top Performers

1Focus on NI 31-103 Section 5.2 regarding CCO responsibilities and Section 11.1 regarding compliance systems.
2Know the difference between registered firm duties (identifying conflicts, keeping books/records) and CCO duties (monitoring, reporting).
3Understand the requirements for registering in different categories (EMD, PM, IFM) and their specific proficiency rules.
4Study AML/CTF reporting requirements to FINTRAC, including Suspicious Transaction Reports (STR) and Large Cash Transaction Reports (LCTR).
5Review the Client Focused Reforms suitability guidelines, including KYC updates, KYP (Know Your Product) requirements, and suitability determination.
6Be clear on complaint handling rules, including the role of OBSI and the required timelines (90 calendar days for resolution).

Frequently Asked Questions

Who needs to write the CSI Chief Compliance Officers Qualifying Examination?

Individuals who wish to register as a Chief Compliance Officer (CCO) for a Mutual Fund Dealer, Exempt Market Dealer (EMD), Portfolio Manager (PM), Investment Fund Manager (IFM), or Scholarship Plan Dealer under National Instrument 31-103.

What is the CCO's role in establishing a compliance system under NI 31-103?

Under NI 31-103 Section 5.2, the CCO is responsible for establishing and maintaining policies and procedures for assessing compliance, monitoring and assessing compliance of the firm and individuals, and reporting to the board of directors (or equivalent) at least annually.

Is the CSI CCO exam accepted for CIRO Investment Dealers?

No. Effective January 1, 2026, the CIRO Chief Compliance Officer Exam (ca-ciro-cco) is the required proficiency for investment dealers. The CSI CCO Qualifying Exam remains the proficiency exam for dealers governed by NI 31-103 (mutual fund dealers, exempt market dealers, portfolio managers, scholarship plan dealers, and investment fund managers).

What are the Client Focused Reforms (CFR) requirements regarding conflicts of interest?

Under the Client Focused Reforms, firms and CCOs must identify material conflicts of interest and address them in the best interest of the client, or avoid them entirely if they cannot be addressed in the client's best interest. Any conflicts must be disclosed to clients.

How often must the CCO submit a compliance report to the board of directors?

Under NI 31-103, the CCO must submit a compliance report to the board of directors (or equivalent) at least annually. The report should assess the firm's compliance, document any deficiencies found, and outline steps taken to address them.