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2026 Statistics

Key Facts: EXMP Exam

100

Total Questions

CSI Course Details

3 hours

Exam Duration

CSI Course Details

60%

Passing Score

CSI Course Details

CAD $650

Enrollment Fee

CSI 2026 Pricing

3 years

Proficiency Validity

NI 31-103

Online/In-person

Testing Format

CSI Booking

The EXMP is the mandatory proficiency standard for EMD Dealing Representatives and CCOs in Canada. It features 100 questions, has a 3-hour time limit, and requires a 60% score to pass.

Sample EXMP Practice Questions

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

1Which body is responsible for administering and enforcing securities regulation in a specific Canadian province or territory?
A.The Canadian Securities Administrators (CSA)
B.The individual provincial or territorial securities regulator
C.The Canadian Investment Regulatory Organization (CIRO)
D.The Office of the Superintendent of Financial Institutions (OSFI)
Explanation: In Canada, securities regulation is constitutionally delegated to the provinces and territories. Each province and territory has its own securities commission or regulatory authority responsible for administering and enforcing local securities laws. The CSA is an informal umbrella organization of these provincial and territorial regulators designed to coordinate and harmonize regulation across Canada.
2What is the primary role of an Exempt Market Dealer (EMD) under Canadian securities laws?
A.To trade in any securities, including those listed on public exchanges, for retail clients
B.To trade in prospectus-exempt securities to qualified purchasers or under prospectus exemptions
C.To act as an investment fund manager and oversee the portfolio management of public mutual funds
D.To underwrite initial public offerings (IPOs) and list them on the Toronto Stock Exchange (TSX)
Explanation: EMDs are registered dealers that are permitted to trade prospectus-exempt securities (private placements) to clients who qualify under a prospectus exemption (such as the Accredited Investor or Offering Memorandum exemptions). They cannot trade in public securities unless those securities are traded under a prospectus exemption.
3Which National Instrument governs registration requirements, exemptions, and ongoing registrant obligations for dealers, advisers, and investment fund managers in Canada?
A.National Instrument 45-106
B.National Instrument 31-103
C.National Instrument 81-102
D.National Instrument 51-102
Explanation: National Instrument 31-103 (NI 31-103) is the primary regulation that outlines the registration requirements, categories, and ongoing obligations (like KYC, suitability, compliance systems) for registrants, including EMDs and their Dealing Representatives.
4Under NI 31-103, which registered individual is ultimately responsible for the compliance system of an Exempt Market Dealer?
A.The Chief Compliance Officer (CCO)
B.The Ultimate Designated Person (UDP)
C.The Lead Dealing Representative
D.The External Compliance Consultant
Explanation: Under NI 31-103, the Ultimate Designated Person (UDP) - typically the Chief Executive Officer or equivalent - is ultimately responsible for the compliance system of the firm, promoting compliance culture, and ensuring that the CCO is supported in their duties. The CCO is responsible for administering the compliance policies.
5A Dealing Representative passes the Exempt Market Proficiency (EXMP) exam but does not register with a provincial regulator. Within how many months must they register before their proficiency validity expires?
A.12 months
B.24 months
C.36 months
D.48 months
Explanation: Under NI 31-103, individual proficiency exams remain valid for registration for a period of 36 months (3 years) from the date of passing. If the individual does not register within this timeframe, they must rewrite the exam or obtain a waiver from the regulator based on relevant experience.
6Under NI 31-103, what is the minimum capital requirement for an Exempt Market Dealer (EMD) that is not also registered as an investment fund manager?
A.CAD $10,000
B.CAD $25,000
C.CAD $50,000
D.CAD $100,000
Explanation: Under subsection 12.1(3) of NI 31-103, the minimum capital for a registered dealer (such as an EMD) that is not also an investment fund manager is CAD $50,000, as reported on Form 31-103F1. The EMD's excess working capital (working capital minus minimum capital) must not fall below zero for two consecutive days, or the regulator must be notified immediately.
7Under NI 31-103, what is the base minimum bonding or insurance coverage that an Exempt Market Dealer must maintain per clause (fidelity, forgery, in-trust, etc.) for a firm with one dealing representative?
A.CAD $10,000
B.CAD $50,000
C.CAD $100,000
D.CAD $200,000
Explanation: Under section 12.3 of NI 31-103, a registered dealer must maintain bonding or insurance in respect of each clause set out in Appendix A in the highest of several prescribed amounts, starting at CAD $50,000 per employee, agent, and dealing representative (capped at $200,000) per clause. For a small EMD with a single dealing representative, the per-clause minimum is therefore CAD $50,000, with higher amounts required if the firm holds client assets or has more representatives.
8How often must an Exempt Market Dealer (EMD) deliver client statement reports showing transaction details and account activity?
A.At least monthly
B.At least quarterly
C.At least semi-annually
D.At least annually
Explanation: Under NI 31-103, EMDs are required to send client statement reports at least quarterly. However, if a client requests monthly statements, or if there are specific transactions that trigger monthly reporting, the EMD must comply.
9Which of the following is a key regulatory requirement for a referral arrangement entered into by an Exempt Market Dealer (EMD)?
A.Referral fees can be paid to unregistered individuals for conducting registerable activities like suitability assessments.
B.A written agreement must be in place, and details of the arrangement must be disclosed to the client in writing before any trade.
C.Referral fees are prohibited under all circumstances in the Canadian exempt market.
D.Disclosure of referral fees to the client is optional and only required if the client requests it.
Explanation: Under NI 31-103, referral arrangements are permitted provided there is a written agreement, and the details (including the method of calculating the fee and who is paying whom) are disclosed to the client in writing before any transaction is completed.
10Under Canadian securities regulations, which independent dispute resolution service must an EMD make available to retail clients who have complaints about dealer services?
A.The Canadian Securities Administrators (CSA)
B.The Ombudsman for Banking Services and Investments (OBSI)
C.The Canadian Investment Regulatory Organization (CIRO)
D.The Provincial Small Claims Court
Explanation: EMDs must make the services of the Ombudsman for Banking Services and Investments (OBSI) available to their retail clients at the firm's expense. OBSI acts as an independent dispute resolution service for clients who have been unable to resolve disputes directly with their dealer.

About the EXMP Exam

The Exempt Market Proficiency (EXMP) course is the regulatory standard for professionals seeking registration as a Dealing Representative or Chief Compliance Officer of an Exempt Market Dealer (EMD) in Canada. Developed and administered by the Canadian Securities Institute (CSI), the EXMP exam is a 3-hour computer-based test comprising 100 multiple-choice questions with a passing grade of 60%. The curriculum covers critical areas of Canadian private capital markets including National Instrument 31-103 registration requirements, prospectus exemptions under National Instrument 45-106 (such as the Accredited Investor and Offering Memorandum exemptions), client relationship disclosure, Know-Your-Client (KYC) and Know-Your-Product (KYP) protocols, suitability criteria, conflicts of interest, and the unique characteristics of private investment vehicles like Mortgage Investment Corporations (MICs) and Flow-Through Shares. Successful completion of the exam fulfills the educational proficiency requirements under Canadian securities laws.

Assessment

Computer-based multiple-choice exam (100 questions)

Time Limit

3 hours

Passing Score

60%

Exam Fee

$650 CAD (includes course materials and first exam attempt) (Canadian Securities Institute (CSI))

EXMP Exam Content Outline

15%

Foundations & Exempt Market Overview

Roles of key market participants, capital formation in private markets vs public markets, and structures of private issuers.

25%

Exempt Market Dealer Regulations & Compliance

Requirements under NI 31-103, registration categories, UDP and CCO duties, and compliance controls.

25%

Prospectus Exemptions

Rules and limits under NI 45-106, including Accredited Investor, Offering Memorandum, and Family, Friends & Business Associates exemptions.

25%

Client Relations, KYC, KYP & Suitability

Conducting KYC assessments, product due diligence, suitability evaluations for private placements, concentration risk, and relationship disclosures.

10%

Ethical Standards & Specific Investment Products

Conflicts of interest, referral fees, standards of care, and structures of flow-through shares, MICs, and hedge funds.

How to Pass the EXMP Exam

What You Need to Know

  • Passing score: 60%
  • Assessment: Computer-based multiple-choice exam (100 questions)
  • Time limit: 3 hours
  • Exam fee: $650 CAD (includes course materials and first exam attempt)

Keys to Passing

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

EXMP Study Tips from Top Performers

1Understand the detailed criteria for an 'Accredited Investor' including the income, financial assets, and net assets thresholds for individuals and spouses.
2Memorize the provincial investment limits for the Offering Memorandum (OM) exemption. Know the definitions of 'eligible' vs 'non-eligible' investors and the corresponding caps.
3Understand the obligations of a Dealing Representative under NI 31-103, specifically regarding Know-Your-Product (KYP) and the absolute requirement to perform independent product assessment.
4Familiarize yourself with tax benefits and mechanisms of flow-through shares (FTS) and how they transfer resource expenses to investors.
5Review conflict of interest scenarios, referral arrangements rules, and the requirement to obtain client signature on risk acknowledgment forms.

Frequently Asked Questions

What is the fee for the CSI EXMP exam?

The enrollment fee is $650 CAD (plus taxes), which includes access to the online course, the PDF textbook, and the first exam attempt. If you do not pass, additional exam attempts cost $300 CAD (plus taxes) each.

How long is the exam and what is the passing grade?

The exam is 3 hours long and contains 100 multiple-choice questions. The passing grade is 60%.

What happens if I fail the EXMP exam?

You have up to three attempts to pass the exam within your one-year enrollment period. Each retake costs $300 CAD (+ taxes). If you do not pass after three attempts, you must re-enroll in the course and pay the full course fee again.

How long is my exam score valid for registration?

Once you pass the EXMP exam, your proficiency remains valid for registration with a Canadian securities regulator for a period of 36 months (3 years) from the date of the exam. If you do not register within this period, you may need to rewrite the exam or demonstrate relevant industry experience.

Can I write the EXMP exam online?

Yes, CSI offers remote proctored online exams through their online testing partners, in addition to physical test centres across Canada.