Capital Markets – Specified Investment Products – Derivatives and Collective Investment Schemes¶
Overview¶
- Module Code: CM-SIP
- Full Name: Capital Markets – Specified Investment Products – Derivatives and Collective Investment Schemes (SIP)
- Category: CMFAS Product Knowledge Exams (CM-*)
- Administered by: Institute of Banking and Finance (IBF), Singapore
- Effective from: 1 April 2024 (replaced Module 6A)
- Predecessor module: Module 6A — Securities and Futures Product Knowledge
- January 2026 syllabus update: Version 1.1, January 2026 (Summary of Updates PDF published by IBF)
Exam Format¶
| Parameter | Current (Module 6A) | New (CM-SIP) |
|---|---|---|
| No. of Questions | 75 | 80 |
| Duration | 120 mins (2 hrs) | 150 mins (2.5 hrs) |
| Format | Computer-based MCQ | Computer-based MCQ |
Note: Questions increased from 75 to 80, and duration extended from 120 to 150 minutes.
Passing Mark¶
70% (applies to all CMFAS Product Knowledge / CM-* exam modules; unchanged from predecessor Module 6A)
Note: The 70% passing mark for CM-SIP is LOWER than the 75% required for RES and RESP modules.
Exam Fees (Exclusive of GST)¶
| Member Type | Fee |
|---|---|
| Corporate Member | S$190 |
| Non-Corporate Member | S$230 |
Applicable Regulated Activities¶
CM-SIP applies to persons who wish to advise on derivatives and collective investment schemes classified as Specified Investment Products (SIPs) under MAS regulatory framework. Required for: - Representatives advising on OTC derivatives (interest rate swaps, credit default swaps, FX derivatives) - Representatives advising on complex collective investment schemes - Representatives conducting dealing in specified investment products
Syllabus Content¶
CM-SIP exam syllabus includes: 1. Overview of Derivatives 2. Futures, Forwards and Swaps 3. Futures Strategies 4. Options 5. Structured Warrants and Daily Leveraged Certificates (DLCs) 6. Barrier Options, Binary Options and Callable Contracts 7. Structured Deposits and Other Structured Products 8. Structured Notes 9. Structured Funds 10. Contracts for Differences (CFDs) 11. Key Product and Investment Risks for Derivatives and Structured Products 12. Case Studies
January 2026 Syllabus Update (Version 1.1)¶
IBF published a Summary of Updates for CM-SIP in January 2026: - Document: "CMFAS CM-SIP — Summary of Updates — January 2026 (Final)" - Version: 1.1 (update to the February 2024 version) - Author: Debbie Chua, IBF - Classification: Confidential and Non-Personal - Key update confirmed: Clarification that the difference between futures and spot values is known as the "basis" (equity index futures pricing topic) - Full list of January 2026 changes is in the IBF PDF (binary PDF; text extraction was not possible — use Playwright PDF fetch)
IBF Update PDF URL: https://www.ibf.org.sg/docs/default-source/document/cmfas-cm-sip---summary-of-updates---january-2026-(final)3cf8e72b-0318-4df3-9371-e66b581d418c.pdf?sfvrsn=b1000df1_1
Related Modules¶
| Module | Content | Relationship |
|---|---|---|
| CM-EIP | Capital Markets – Excluded Investment Products (Securities, CIS, FX) | Different product classification; for EIP products |
| CM-CMP | Capital Markets – Securities, Derivatives, CIS and FX combined | Covers both EIP and SIP; higher fee (S$380/S$460) |
| RESP 10 | REIT Management (includes both rules and product knowledge) | REIT-specific; separate module |
Key Changes from Module 6A to CM-SIP¶
- Questions increased: 75 → 80
- Duration extended: 120 mins → 150 mins
- Renamed: "Securities and Futures Product Knowledge" → "Capital Markets – Specified Investment Products – Derivatives and Collective Investment Schemes"
- Syllabus restructured: Reflects new SFA product classifications (SIP vs EIP distinction formalised under SFA amendments)
- Regular updates: IBF publishes Summary of Updates periodically (January 2026 was Version 1.1)
Implementation Timeline¶
- 1 February 2024: Study guides released; registration opens
- 25 March 2024: Last day to take Module 6A
- 1 April 2024: First day to take CM-SIP
Regulatory Basis¶
- MAS Notice SFA 04-N22 — Notice on Competency Requirements for Representatives of Holders of Capital Markets Services Licence and Exempt Financial Institutions under the SFA (effective 1 April 2024)
- Securities and Futures Act — SFA amendments formalising the EIP/SIP product classification framework
Source: IBF Announcement — Implementation of New CMFAS Exams, September 2023; cmfas.com.sg CM-SIP exam page; IBF CM-SIP Summary of Updates January 2026 PDF.