CMFAS Exam Brochure. (June 2015)

Transcription

1 CMFAS Exam Brochure (June 2015) The Institute of Banking & Finance 10 Shenton Way #13-07/08 MAS Building Singapore T: F: W:

2 CONTENT Introduction Examination Objectives of CMFAS Which Module to Enrol Types of Activities Exemptions Examination Duration Examination Venue Exam Registration Enrolment Examination Fee Appendix - Examination Syllabus

3 Introduction The Capital Markets and Financial Advisory Services Examination (CMFAS Exam) is a modular examination structure effective since 1 December 2002 in accordance with the Notices issued by MAS under the Securities & Futures Act (SFA) and Financial Advisors Act (FAA). The CMFAS Exam comprises the following Modules: Rules & Regulations Module 1A Module 1B Module 2A Module 3 Module 4A Module 4B Module 5 Module 10 Rules and Regulations for Dealing in Securities (SGX ST Members) Rules and Regulations for Dealing in Securities (Non- SGX ST Members) Rules and Regulations for Trading in Futures Contracts (SGX- DT Members) Rules and Regulations for Fund Management Rules and Regulations for Advising on Corporate Finance Rules and Regulations for Advising on Corporate Finance (Solely Debt Securities) Rules and Regulations for Financial Advisory Services Rules and Regulations for REIT Management, with Product Knowledge and Analysis Product Knowledge & Analysis Module 6 Module 6A Module 8 Module 8A Module 9 Module 9A Securities Products and Analysis Securities & Future Product Knowledge Collective Investment Schemes Collective Investment Schemes II Life Insurance and investment-linked Policies Life Insurance and investment-linked Policies II Candidates who wish to act as appointed CMFAS representatives are required to pass the applicable CMFAS examinations prior to lodgment of the notification to act as appointed representatives with MAS. 2

4 Objectives of CMFAS To test candidates on their knowledge and understanding of the: Regulatory framework including the laws and regulations and associated codes, notices, practice notes and guidelines governing the capital markets and life insurance intermediaries; and Product characteristics as well as the tools and techniques to analyse the products. Candidates who pass the examinations are eligible to apply to MAS for a representative s license under the SFA or FAA. Such application is subject to the approval of the MAS. Which Module to Enrol Unless otherwise exempted, candidates applying for a representative s license in each regulated activity must attempt the relevant modules. The requirements are summarized as follows: Regulated Activity Dealing in Securities (SGX-ST Members) Dealing in Securities (Non SGX-ST Members) Trading in Futures Contracts (SGX-DT Members) Trading in Futures Contracts (Non SGX-DT Members) Module Rules & Regulations Product Knowledge & Analysis 1A 1B 2A 3 4A 4B A Either Module Fund Management REIT Management Advising on Corporate Finance Advising on Corporate Finance (Solely Debt Securities) Leveraged Foreign Exchange Trading Any of these Modules For more details on the examination requirements, please refer to the notices issued by MAS at 3

5 Exemptions Module 6 Persons possessing any of the following qualifications (which must be attained through passing the specific respective examination(s)) or working experience are not required to pass 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 and financial planning, or computational finance; 2. Chartered Financial Analyst (CFA) by the CFA Institute, USA; 3. The Association of Chartered Certified Accountants (ACCA) Qualifications; 4. Associate Chartered Accountant (ACA) of the Institute of Chartered Accountants in England and Wales 1 ; 5. Associate/Fellow of the Institute of Actuaries, England; 6. Associate/Fellow of the Faculty of Actuaries, Scotland; 7. Associate/Fellow of the Society of Actuaries, USA; 8. Associate/Fellow of the Institute of Actuaries of Australia; 9. Associate/Fellow of the Casualty Actuarial Society, USA; 10. Associate/Fellow of CPA Australia 2 ; 11. Investment Company Products/Variable Contracts Limited Representative Examination (Series 6) or General Securities Representative Examination (Series 7) administered by the Financial Industry Regulatory Authority (FINRA), USA; 12. Module 1 of the Investor Contact Competency Examination (ICCE Module 1); administered by the Securities and Exchange Commission, Thailand 3 ; or years of relevant and continuous working experience in respect of the regulated activity to be conducted provided there is no break-in-service of more than 3 years between the specific representative s last working experience in the regulated activity and the date of his license prior to 26 November 2010, or commencement of the provision of financial advisory services prior to 26 November 2010, or his principal s lodgment with the Authority of documents under section 99H of the Act in relation to his appointment as an appointed representative, as the case may be. However, this does not apply to persons who fall within paragraph 7(a)(ii) of Notice No: SFA 04-N09. Module 6A A specific representative who possesses any of the following qualifications, is not required to pass Module 6A: 1. A degree or higher qualification in finance, financial engineering; or 2. Chartered Financial Analyst (CFA) by the CFA Institute, USA. [SFA 04-N09 (Amendment) 2011] 1 Qualification attained by membership is recognized. 2 Qualification attained by membership is recognized. 3 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 license or authorization status in Thailand. 4

6 Examination Duration Duration of the examination in respect of each Module administered by IBF is as follows: Module No. of Questions Time (Hrs) 1A Rules and Regulations for Dealing in Securities (SGX-ST Members) 1B Rules and Regulations for Dealing in Securities (Non-SGX-ST Members) 2A Rules and Regulations for Trading in Futures Contracts (SGX-DT Members) Rules and Regulations for Fund Management A Rules and Regulations for Advising on Corporate Finance B Rules and Regulations for Advising on Corporate Finance (Solely Debt Securities) Securities Products and Analysis A Securities & Futures Product Knowledge Rules and Regulations for REIT Management, with Product Knowledge and Analysis The minimum pass mark for Rules and Regulations Modules is 75% and for Product Knowledge Modules it is 70%. Candidates will be issued their result slips at the end of the examinations. Examination Venue The CMFAS Exam is conducted at the Assessment Centre of IBF at: 10 Shenton Way #13-07/08 MAS Building Singapore

7 Exam Registration The institute of Banking and Finance (IBF) administers Modules 1A, 1B, 2A, 3, 4A, 4B, 6, 6A and 10. All registration can be done online via For candidates enrolling for Modules 5, 8, 8A, 9 & 9A with the Singapore College of Insurance (SCI), please contact SCI s Examination Department for registration details. Please visit their website at or contact them at Examination Fees Module 1A Rules and Regulations for Dealing in Securities (SGX-ST Members) 1B Rules and Regulations for Dealing in Securities (Non-SGX-ST Members) 2A Rules and Regulations for Trading in Futures Contracts (SGX-DT Members) Fees before GST Corporate members Non- Members 1 st attempt Subsequent 1 st attempt Subsequent $150 $130 $170 $150 $150 $130 $170 $150 $180 $160 $200 $180 3 Rules and Regulations for Fund Management $180 $160 $200 $180 4A Rules and Regulations for Advising on Corporate Finance 4B Rules and Regulations for Advising on Corporate Finance (Solely Debt Securities) $180 $160 $200 $180 $180 $160 $200 $180 6 Securities Products and Analysis $150 $130 $170 $150 6A Securities & Futures Product Knowledge $150 $130 $170 $ Rules and Regulations for REIT Management, with Product Knowledge and Analysis $250 $210 $290 $250 E-book/ PDF versions of the Study Guides can be accessed online upon successful registration of exams. Candidates who wish to purchase hard copies of the Study Guides will have to pay an additional fee as shown below: $20 + GST per copy (for Modules 1A, 1B, 2A, 3, 4A, 4B, 6, 6A); and $40 + GST per copy (for Module 10). All fees paid are non-refundable and non-transferable. The fees may be revised without notice. 6

8 Examination Syllabus Appendix 1A Rules and Regulations for Dealing in Securities (SGX-ST Members) Chapter 1 The Capital Markets Industry in Singapore and Participants in the Capital Markets Chapter 2 Regulatory Requirements for Licensing and Business Operations Chapter 3 Regulatory Requirements for Market Conduct Chapter 4 The Trading System and Infrastructure Chapter 5 Central Provident Fund Investment Scheme (CPFIS) Chapter 6 Extended Settlement (ES) Contracts Chapter 7 Prevention of Financial Crimes 1B Rules and Regulations for Dealing in Securities (Non-SGX-ST Members) Chapter 1 The Capital Markets Industry in Singapore and Participants in the Capital Markets Chapter 2 Regulatory Requirements for Licensing and Business Operations Chapter 3 Regulatory Requirements for Market Conduct Chapter 4 Central Provident Fund Investment Scheme (CPFIS) Chapter 5 Prevention of Financial Crimes 2A Rules and Regulations for Trading in Futures Contracts (SGX-DT Members) Chapter 1 The Capital Markets Industry in Singapore and Participants in the Capital Markets Chapter 2 Regulatory Requirements for Licensing and Business Operations Chapter 3 Regulatory Requirement for Market Conduct Chapter 4 The Trading System and Infrastructure Chapter 5 Prevention of Financial Crimes 3 Rules and Regulations for Fund Management Chapter 1 The Capital Markets and Fund Management Industry in Singapore Chapter 2 Fund Management Rules, Regulations and Guidelines Chapter 3 Regulatory Requirements for Licensing Chapter 4 Regulatory Requirements for Conduct of Business Chapter 5 Regulatory Requirements for Market Conduct Chapter 6 Collective Investment Schemes (CIS) Chapter 7 Central Provident Fund Investment Scheme (CPFIS) Chapter 8 Guidelines on the Product Highlights Sheet (PHS) Chapter 9 Prevention of Financial Crimes 7

9 Appendix 4A Rules and Regulations for Advising on Corporate Finance Chapter 1 The Regulatory Bodies Chapter 2 SFA and Regulations Chapter 3 Singapore Code on Take-Overs and Mergers Chapter 4 SGX-ST Listing and Disclosure Requirements Chapter 5 Public Listing of Companies 4B Rules and Regulations for Advising on Corporate Finance (Solely Debt Securities) Chapter 1 The Regulatory Bodies Chapter 2 Listing Requirements for Debt Securities Chapter 3 Prospectus Requirements Chapter 4 SGX-ST Corporate Disclosure Policy 6 Securities Products and Analysis Chapter 1 Investments and Financial Markets Chapter 2 Risk and Return Chapter 3 Investment Analysis Understanding Financial Statements Chapter 4 Investment Analysis Macroeconomic Analysis Chapter 5 Technical Analysis & Quantitative Analysis Chapter 6 Portfolio Management Chapter 7 Equity Securities Chapter 8 Fixed Income Securities Chapter 9 Unit Trusts, REITs and Exchange-Traded Fund Chapter 10 Warrants Chapter 11 Foreign Exchange Chapter 12 Case studies 8

10 Appendix 6A Securities & Futures Product Knowledge Chapter 1 Overview of Securities and Futures Chapter 2 Futures Chapter 3 Futures Strategies Chapter 4 Options Chapter 5 Warrants and Other Investment Products Chapter 6 Structured Products Chapter 7 Structured Notes Chapter 8 Structured Funds and Structured ETFs Chapter 9 Key Product & Investment Risks Chapter 10 Comparison of Different Types of Structured Products Chapter 11 Knock-Out Products Chapter 12 Contracts for Differences (CFDs) Chapter 13 Extended Settlement Contracts Chapter 14 Case Studies 10 Rules and Regulations for REIT Management, with Product Knowledge and Analysis Chapter 1 Introduction to Externally Managed Singapore Real Estate Investment Trusts (S-REITs) Chapter 2 Introduction to the Property Market Chapter 3 Property Valuation Considerations Chapter 4 REIT Management Chapter 5 Financing in REITs Chapter 6 Pricing and Investing in S-REITs Chapter 7 Key Ratios and Performance Measures Chapter 8 Due Diligence on Property Chapter 9 Legal Framework of S-REITs Chapter 10 Regulatory Requirements Relating to Offer of Units in S-REIT Chapter 11 Conduct of Business Chapter 12 Continuing Listing Obligations Chapter 13 Difference Between Real Estate Investment Trusts and Business Trusts Chapter 14 Market Conduct Chapter 15 Prevention of Financial Crimes 9