CSI Branch Compliance Officer’s Course (BCO) Exam — Information & Free Practice

About CSI Branch Compliance Officer’s Course (BCO) Exam

CSI Branch Compliance Officer’s Course (BCO) Exam · CA

Key exam facts

Provider

Canadian Securities Institute (CSI); Prometric is the exam delivery partner.

Format

One proctored multiple-choice examination, remotely or in person at a test centre.

Exam questions

Total questions: 80.

Time limit

2 hours for current enrolments; 3 hours only for enrolments before July 5, 2023.

Passing score

60%

Exam fee

CSI lists course bundles at $490 with PDF textbook or $530 with hard-copy textbook; taxes and applicable shipping are additional, and eligible employer discounts may apply. The public pages checked do not separately itemize a first-attempt examination-only fee or identify the currency code. Second and subsequent exam attempts are listed at $300.

Topics covered

• The Role of a Branch Compliance Officer (6%)

  • The Branch Compliance Officer’s Role
  • Physical Structure of the Branch
  • The Relationship with the Head Office and Regional Compliance Officer
  • Staff Training

• Mutual Funds Industry Regulation (12%)

  • Securities Regulation
  • Provincial and Territorial Securities Acts
  • The Canadian Securities Administrators
  • Self-Regulatory Organizations
  • Anti-Money Laundering and Anti-Terrorist Financing Laws
  • Purchasers’ Statutory Rights
  • The Standards of Conduct
  • Client Focused Reforms
  • Rules for Telemarketing and the National Do Not Call List (DNCL)

• Registration Requirements (12%)

  • Sales Representatives Registration Process
  • Qualification and Registration of Sales Representatives
  • Specific Restrictions on Sales Representatives
  • Investment Industry Registration Categories
  • Post-Registration Requirements
  • Post-Registration Reporting and Compliance Responsibilities
  • Continuing Education for Sales Representatives
  • Monitoring Sales Representatives

• Account Opening (14%)

  • Before Opening an Account
  • The Client and the Sales Representative Relationship
  • Account Opening and Order Forms
  • Completing the Account Opening Form
  • Know Your Client Information
  • Accounts Types
  • Account Protection
  • Anti-Money Laundering and Anti-Terrorist Requirements
  • Foreign Account Tax Compliance Act
  • Powers of Attorney
  • Internal Control Systems and Procedures
  • Updating Client Information

• Disclosure and Suitability Requirements (24%)

  • Disclosure Requirements
  • Disclosure Requirements at Branch Level
  • Fund Facts and Other Documents to Deliver
  • Additional Disclosure Requirements
  • The Required Form of Disclosure
  • Maintaining Evidence that Disclosures Have Been Provided
  • Suitability Requirements
  • Suitability
  • Suitable Investments
  • Solicited and Unsolicited Orders
  • The Use of Leverage
  • Suitability and Reasonableness

• Mutual Funds Performance Evaluation (8%)

  • Price or NAVPU Determination
  • Taxation of Mutual Fund Income
  • Performance Measurement
  • Effect of Payment of Distributions on Client’s Account

• Dealing with Complaints (6%)

  • Client Complaints
  • Reporting a Client Complaint
  • More Serious Complaints
  • Complaint Resolution
  • Problem Clients

• Sales Representatives Supervision and Control Systems (18%)

  • Sales Representative Supervision
  • Supervising the relationship between the client and the sales representative
  • Confidentiality
  • Mutual Funds Performance Communications
  • Describing Fees and Loads
  • Supervising the Rates of Return communications to Clients
  • Client Account Performance Reporting
  • Unacceptable Sales Practices
  • Non-Registered Sales Staff Prohibited Activities
  • Registered Sales Staff Prohibited Activities
  • Orders Supervision
  • Sales Practices supervision
  • Disclosure of Conflicts of Interest
  • Supervisory and Control Systems
  • Control System to Ensure Registration of Sales Representatives
  • Control System for Disclosure
  • Control System for Leverage Disclosure
  • Control System for Ensuring New Client Information is Complete and Accurate
  • Reporting and Compliance with Respect to Client Account Information
  • Control System for Periodically Updating Client Information
  • Standards of Supervision
  • The Internal Branch Sales Checklist
  • Business and Ethical Responsibilities Checklist

How to prepare

Work through the topics, read the explanation after each answer, and revisit the areas where you miss questions. Use the official outline and reference materials below to guide your study.

These independent practice questions are not actual exam items and do not guarantee a passing result.

Frequently asked questions

Official sources and references

• CSI BCO Curriculum

  What is the course syllabus?

• CSI BCO Exam & Credits

  What is the BCO exam weighting?

• CSI BCO Exam & Credits

  What is the BCO exam structure?

• CSI BCO Exam & Credits

  What is the BCO exam structure? — Questions Per Exam and footnote

Confirm current exam arrangements with the exam provider.