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Introduction > 2
* Objectives of CMFAS
* Which Module to Enrol
* Types of Activities
Exemptions > 4
The Institute of Banking & Finance (IBF) will administer Modules 1A, 1B, 2, 3, 4A, 4B, 6, 7 and
10.
The Singapore College of Insurance (SCI) will administer Modules 5, 8 and 9.
For more information on Modules 1A, 1B, 2, 3, 4A, 4B, 6, 7 and 10, please visit IBF website at
www.ibf.org.sg or contact IBF at 6220 8566.
2 CMFAS Examination
Objectives of CMFAS
To test candidates on their knowledge and understanding of:
examination regulations * the regulatory framework including the laws and regulations and associated codes, notices,
practice notes and guidelines governing the capital markets and life insurance intermediaries
* the product characteristics as well as the tools and techniques to analyse the products
Candidates who pass the examinations are eligible to apply to the MAS for a representative’s
licence under the Securities and Futures Act or the Financial Advisers Act. Such application is
subject to the approval of the MAS.
MODULES
Dealing in Securities X X
(SGX-ST Members)
Dealing in Securities X X
(Non-SGX-ST Members)
Trading in Futures Contracts X X
- full trading
Trading in Futures Contracts X
- floor trading
Trading in Futures Contracts
- restricted trading X X
Fund Management
- solely securities funds X X
Fund Management
- solely futures funds X X
Fund Management X X
- both securities and futures funds
REIT Management X
Advising on Corporate Finance X
Advising on Corporate Finance X
- solely debt securities
Leveraged Foreign Exchange Trading X X
Any of these Modules Either Module
CMFAS Examination 3
Updated As At 31 Dec 2007
exemptions
Candidates with the following qualifications or experience are
exempted from the requirement to take the product knowledge
modules as specified below:
Module 6
1 Degree or higher qualification with emphasis on accountancy,
actuarial science, business/business administration/business
management/business studies, capital markets, commerce,
economics, finance, financial engineering, financial planning and
computational finance;
2. Trading Representatives’ Examination Paper II [previously
conducted by the Institute of Banking and Finance (“IBF”)];
3. Investment Representatives’ Examination Paper II (previously
conducted by IBF);
4. Diploma in Investment (previously conducted by IBF);
5. Diploma in Investment Analysis (previously conducted by the
Singapore Securities Research Institute);
6. Diploma in Investment conducted by The Singapore Human
Resources Institute [“SHRI”];
7. Diploma in Banking and Finance (previously conducted by IBF);
8. Diploma in Banking and Finance conducted by SHRI;
4 CMFAS Examination
Updated As At 31 Dec 2007
22. Associate Financial Planner or Associate Wealth Planner 38. Three years’ relevant and continuous working experience in
awarded by the Financial Planning Association of Singapore; respect of the regulated activity to be conducted provided
[SFA 04-N06 (Amendment) 2007] there is no break-inservice of more than three years between
the specific representative’s last working experience in the
23. Series 6 or Series 7 of the National Association of Securities
regulated activity and the date of his licence application or
Dealers, USA;
entry into the industry, as the case may be. However, this
[SFA 04-N06 (Amendment) 2007]
does not apply to persons who fall within paragraph 5(a)(ii)
24. Investment Management Certificate of the UK Society of of this Notice.
Investment Professionals (previously known as UK Institute [SFA 04-N06 (Amendment) 2007]
of Investment Management & Research Examinations);
Module 7
[SFA 04-N06 (Amendment) 2007]
1. Degree in finance-related disciplines with at least 50%
25. Chartered Life Underwriter by the American College, USA;
coverage on futures and derivatives products;
or Chartered Life Underwriter Singapore by the SCI;
[SFA 04-N06 (Amendment) 2007] 2. Futures Trading Test (previously conducted by IBF);
26. Chartered Financial Consultant by the American College, 3. Futures Examination Paper II (previously conducted by IBF
USA; or Chartered Financial Consultant Singapore by SCI; between January 1994 to December 1996);
[SFA 04-N06 (Amendment) 2007]
4. Futures Examination Paper III (previously conducted by IBF
27. Certified Financial Planner by the Certified Financial Planners between January 1997 to 30 November 2002);
Board of Standards;
5. Series 3 of the National Association of Securities Dealers,
[SFA 04-N06 (Amendment) 2007]
USA;
28. Certificate in Securities, Derivatives or Securities and
6. Futures and Options Representative’s Examination
Financial Derivatives by the Securities & Investment
conducted by the Securities & Futures Authority Ltd, UK;
Institute, recognised by the UK Financial Services Skills
Council and Financial Services Authority (formerly known 7. Certificate in Derivatives by the Securities & Investment
as the Registered Persons Examination by the Financial Institute, recognised by the UK Financial Services Skills
Services Authority, UK)1; Council and Financial Services Authority3;
[SFA 04-N06 (Amendment) 2007] [SFA 04-N06 (Amendment) 2007]
29. The Association of Chartered Certified Accountants (ACCA) 8. Diploma in Investment (previously conducted by IBF between
Qualifications; October 1998 and December 2001);
[SFA 04-N06 (Amendment) 2007]
9. Diploma In Investment conducted by SHRI;
30. The Chartered Accountant (ACA) Qualifications;
10. Certified Financial Planner by the Certified Financial Planners
[SFA 04-N06 (Amendment) 2007]
Board of Standards, USA;
31. Associate/Fellow of the Institute of Actuaries, England;
11. Chartered Financial Analyst Level 1 Examination conducted
[SFA 04-N06 (Amendment) 2007]
by the Association for Investment Management & Research,
32. Associate/Fellow of the Faculty of Actuaries, Scotland; USA;
[SFA 04-N06 (Amendment) 2007]
12. Chartered Financial Consultant by the American College,
33. Associate/Fellow of the Society of Actuaries, USA; USA; or Chartered Financial Consultant Singapore by SCI;
[SFA 04-N06 (Amendment) 2007]
13. Advanced Certification in Investment conducted by the
34. Associate/Fellow of the Institute of Actuaries of Australia; Nanyang Polytechnic;
[SFA 04-N06 (Amendment) 2007]
14. Three years’ relevant and continuous working experience in
35. Associate/Fellow of the Casualty Actuarial Society, USA; respect of the regulated activity to be conducted provided
[SFA 04-N06 (Amendment) 2007] there is no break-inservice of more than three years between
the specific representative’s last working experience in the
36. Associate Member of CPA Australia 2;
regulated activity and the date of his licence application or
[SFA 04-N06 (Amendment) 2007]
entry into the industry, as the case may be. However, this
37. Module 1 of the Investor Contact Competency Examination does not apply to persons who fall within paragraph 5(a)(ii)
(ICCE Module 1), administered by the Securities and of this Notice.
Exchange Commission, Thailand2A ; and * SFA 04-N06 (Amendment) 2007 with effect from 11 April 2007
[SFA 04-N06 (Amendment No. 3) 2007]
* SFA 04-N06 (Amendment No.2) 2007 with effect from 27 August 2007
* SFA 04-N06 (Amendment No.3) 2007 with effect from 1 January 2008
1 Persons who possess the qualification of the Registered Persons Examination by the Financial Services Authority, UK, by no later than 1 December 2001, shall be deemed to possess the
qualification of the Certificate in Securities, Derivatives or Securities and Financial Derivatives by the Securities & Investment Institute, recognised by the UK Financial Services Skills
Council and Financial Services Authority, for the purposes of Annex 1 of this Notice.
[SFA 04-N06 (Amendment) 2007]
2 Qualification attained by membership is recognised.
2A Person has to be licensed by the Securities and Exchange Commission of Thailand and needs to submit documentary evidence to his proposed principal certifying his licence or authorization
status in Thailand.
[SFA 04-N06 (Amendment No. 3) 2007]
3 Persons who possess the qualification of a Level 3 Certificate in Investments (Derivatives) by the Securities & Investment Institute, recognised by the UK Financial Services Skills Council
and Financial Services Authority, by no later than 1 November 2004, shall be deemed to possess the qualification of a Certificate in Derivatives by the Securities & Investment Institute,
recognised by the UK Financial Services Skills Council and Financial Services Authority, for the purposes of Annex 2 of this Notice.
[SFA 04-N06 (Amendment) 2007]
CMFAS Examination 5
examination duration
No of Time
Module Questions (Hr)
1A Rules and Regulations for Dealing in Securities 100 2
(SGX-ST Members)
1B Rules and Regulations for Dealing in Securities 50 1
(Non-SGX-ST Members)
2 Rules and Regulations for Trading in Futures Contracts 100 2
3 Rules and Regulations for Fund Management 100 2
4A Rules and Regulations for Advising on Corporate Finance 50 1¼
4B Rules and Regulations for Advising on Corporate Finance 50 1¼
– Solely Debt Securities
5 Rules and Regulations for Financial Advisory Services 100 2
6 Securities Products and Analysis 100 2
7 Futures Products and Analysis 100 2
8 Collective Investment Schemes 50 1¼
9 Life Insurance and Investment-Linked Policies 125 2½
10 Rules and Regulations for REIT Management, with 100 2
Product Knowledge and Analysis
The minimum pass mark for Rules and Regulations Module is 75% and for Product Knowledge
and Analysis Module it is 70%.
Candidates will be issued their result slips at the end of the examinations. Candidates applying
for a representative’s licence under the Securities and Futures Act/Financial Advisers Act must
submit a copy of the result slip together with their licence’s application forms to:
6 CMFAS Examination
Where to Enrol
Candidates enrolling for Modules 1A, 1B, 2, 3, 4A, 4B, 6, 7 and 10 are required to
register directly with The Institute of Banking & Finance (IBF).
Candidates enrolling for Modules 5, 8 & 9 with the Singapore College of Insurance
procedures (SCI), please observe the following:
10 Shenton Way
• Candidates who represent the LIA-registered broking #13-07/08 MAS Building
firms MUST register via their broking firms. Please Singapore 079117
check with the respective broking firm for details.
Examinations for Modules 5, 8 and 9
will be held at
• Candidates who do not belong to any Company,
Singapore College of Insurance
please contact SCI’s Examination Department for 9 Temasek Boulevard
registration details, Tel: 6221 2336. Suntec Tower 2
#14-01/02/03
Singapore 038989
Examination Fee (for each module)
Module 1 to 9 Module 10
First Attempt (SCI/IBF member) $100 + GST $200 + GST
(Non-member) $120 + GST $240 + GST
Fee paid for the first attempt is inclusive of a Study Guide.
Subsequent Attempts (SCI/IBF member) $ 80 + GST $160 + GST
(Non-member) $100 + GST $200 + GST
All fees paid are non-refundable and non-transferable. The fees may be revised without notice.
Payment of fees may be made in a cheque payable to The Institute of Banking & Finance/
Singapore College of Insurance or by cash. For Modules 1A, 1B, 2, 3, 4A, 4B, 6, 7 & 10, payment
must be made to The Institute of Banking & Finance. For Modules 5, 8 & 9, payment must be
made to The Singapore College of Insurance Limited.
Candidates who make payment by personal cheques must ensure that there are sufficient
funds in their bank accounts. Those who send cheques which “bounced” when presented will
bear all charges incurred by the examining body in respect of the “bounced” cheques.
Candidates whose cheques “bounced” will be barred from the examinations for such period as
the examining body may determine.
CMFAS Examination 7
module 1 Rules and Regulations for Dealing in Securities (SGX-ST Members)
A A The Regulatory Bodies
The Monetary Authority of Singapore
Payment to clients
Operation of stock account and
G CPF Investment Scheme
General information of the Scheme
administered by
IBF Singapore Exchange Ltd & Singapore suspense account Amount an investor can use
Exchange Securities Trading Ltd Handling of customers’ assets Approved investments
(SGX-ST) Certain persons to disclose certain Operations and charges
The Central Depository (Pte) Ltd interest
Register of Interest in Securities H Single Stock Futures (SSF) Contracts
B The Regulations Recommendations by certain persons Operation of SSF on SESOPS terminal
Securities & Futures(SF) Act and Priority to customers’ orders Execution of SSF on SESOPS terminal
SF Regulations Trading standards Position limit and margin requirement
SGX-ST Rules and Bye-laws Trading by employees Best Practices
CDP Clearing Rules Code of Conduct for Dealing in Error trade policy and procedures
Securities SGX ETS SCC
C Dealing Mechanics Core Trading Rules Busting of trades
Stocks traded on the Exchange Securities hawking prohibited Offences under SGX-DT Rules and
Trading on CLOB SFA/SFR
Operation of SESOPS terminal F Market Conduct
Trading via the Exchange Link False trading and market rigging I Guidelines on Prevention of Money
transactions Laundering
D Settlement Procedures Securities market manipulation Key legal obligations
Due dates and settlement False or misleading statements, etc Basic principles and policies to
Mode of settlement Fraudulently inducing persons to deal combat money laundering
SGX-SPV in securities Know your customer
Employment of manipulative and - Compliance with laws
E Conduct of Business deceptive devices - Cooperation with law enforcement
Account opening requirements Dissemination of information about agencies
Time stamping requirements illegal transactions - Policies, procedures and training
Issue of contract notes and statement Continuous disclosure
of account to client Insider trading