(1) CMFAS Module 6A: Securities and Futures Product Knowledge

(2) New CMFAS Examinations Registration Process

(3) Revised CMFAS Examinations Fees

(1) Capital Markets and Financial Advisory Services (“CMFAS”) Module 6A: Securities and Futures Product Knowledge

Given the increasing complexity of financial products and greater investor sophistication, it is important that finance professionals keep abreast of developments in the financial markets and have good working knowledge of the newer investment products available in the market. In line with this, and as covered in the Securities and Futures Act (SFA) Notice SFA 04-N09 issued by the Monetary Authority of Singapore (MAS) on 19 October 2011, IBF has developed a new CMFAS module to cover Specified Investment Products (SIPs).

As provided in the Notice, unless exempted, a representative who intends to conduct any of the regulated activities in respect of a SIP on or after 1 January 2012 is required to pass CMFAS Module 6A and the applicable rules and regulations modules relevant to the specific types of regulated activities before commencing any regulated activity.

An existing CMFAS representative who is conducting any of the following regulated activities in respect of SIPs immediately before 1 January 2012, and continues to conduct such regulated activities after that date, is required to pass CMFAS Module 6A by 30 June 2013:
(a) dealing in securities;
(b) trading in future contracts; or
(c) leveraged foreign exchange trading

Please refer to the following SFA Notices for details of the examination and continuing education requirements and the meaning of “Specified Investment Products”:-

[SFA Notice 04-N09]

[SFA Notice 04-N12]

CMFAS Module 6A: Securities and Futures Product Knowledge will cover the characteristics of securities and futures products, such as futures, options, warrants, structured products, contracts for differences (CFDs), extended settlement (ES) contracts and knock-out products, as well as the tools and techniques to analyze these products. An outline of the scope of coverage of the examination is attached at Annex 1.

IBF will commence registration for CMFAS Module 6A on 1 November 2011.

Examination will commence from 1 January 2012.

To register for the examination, please go to the following link provided on the IBF website:

http://www.ibf.org.sg/exam/online/registration.asp

For more information on CMFAS Module 6A, please refer to the MAS FAQs:

[Minimum Entry & Exam Requirements for Registration - FAQ] - Updated 25 Jan 2012

(2) New CMFAS Examinations Registration Process

From 1 November 2011, IBF will cease counter services for examination registration, transfer of examination dates and purchase of study guides for all CMFAS examinations modules as these services will be available online via the IBF website.

IBF will also introduce an electronic (“e-book”) version of the study guides. This will be provided complimentary to all CMFAS examinations registrants as part of the registration fee.

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, 2B, 3, 4A, 4B, 6, 6A and 7); and
• $40 + GST per copy (for Module 10)

For more information on registration of CMFAS examination, please go to the following link provided on the IBF website:

http://www.ibf.org.sg/exam/faq.asp

(3) Revised CMFAS Examinations Fees

In line with the introduction of new content to the CMFAS examinations, IBF will also be revising the fees for all our CMFAS modules as below:

[Table of Revised Fees for CMFAS Examinations]

The new fees are for all examinations taken on or after 1 January 2012.

Please do not hesitate to contact IBF (tel: 6220 8566) if you should need any clarification on the CMFAS examinations.