Rules, Ethics and Skills for Derivatives Exchange Dealers¶
Overview¶
- Module Code: RES 2A
- Full Name: Rules, Ethics and Skills for Derivatives Exchange Dealers
- Category: CMFAS Rules, Ethics and Skills (RES) Exams — Derivatives
- Administered by: Institute of Banking and Finance (IBF), Singapore
- Effective from: 1 April 2024 (replaced current Module 2A)
- Predecessor module: Module 2A — Rules and Regulations for Trading in Futures Contracts (SGX-DT Members)
Exam Format¶
| Parameter | Current (Module 2A) | New (RES 2A) |
|---|---|---|
| No. of Questions | 100 | 100 |
| Duration | 120 mins (2 hrs) | 150 mins (2.5 hrs) |
| Format | Computer-based MCQ | Computer-based MCQ |
Note: RES 2A has the same number of questions (100) as its predecessor Module 2A, but duration increased from 120 to 150 minutes.
Passing Mark¶
75% (unchanged from predecessor) - 75% applies to all CMFAS RES and RESP exam modules - 70% applies to CMFAS Product Knowledge (CM-*) exam modules
Exam Fees (Exclusive of GST)¶
| Member Type | Fee |
|---|---|
| Corporate Member | S$230 |
| Non-Corporate Member | S$270 |
Applicable Regulated Activity¶
RES 2A applies to Appointed Representatives conducting derivatives exchange dealing (previously regulated under SGX-DT membership framework). Required for representatives dealing in exchange-traded futures and derivatives as SGX-DT exchange members.
Syllabus Content¶
RES 2A covers Rules, Ethics and Skills specific to the role of Derivatives Exchange Dealers, including: - Capital markets and derivatives industry framework in Singapore - Licensing requirements for derivatives dealing - Exchange membership rules (SGX-DT) - Market conduct rules for futures and derivatives - Ethics and professional conduct standards - Derivatives dealing practices and skills - Prevention of financial crimes (AML/CFT)
Implementation Timeline¶
- 1 February 2024: Study guides released; registration for new CMFAS exams opens
- 25 March 2024, 12pm: Deadline to register for current CMFAS exams (Module 2A)
- 25 March 2024: Last day to take current CMFAS exams (Module 2A)
- 1 April 2024: First day to take new CMFAS Exams (RES 2A)
Exemptions¶
No exemption available for RES exams — all qualifying appointed representatives must take RES 2A.
Add-on Modules¶
Exchange-specific add-on modules exist for derivatives exchange members: - RES 2BE1 — Add-on Module for Singapore Exchange – Derivatives Trading Limited (SGX-DT): 40 questions, 60 mins - RES 2BE2 — Add-on Module for ICE Futures Singapore: 40 questions, 60 mins - RES 2BE3 — Add-on Module for Asia Pacific Exchange (APEX): 40 questions, 60 mins
Add-on fees: S$100 (Corporate Member) / S$120 (Non-Corporate Member) each.
Regulatory Basis¶
The new CMFAS examination requirements are set out in: - 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) - FAA-N26 — Notice on Competency Requirements for Representatives of Financial Advisers (effective 1 April 2024)
Source: IBF Announcement — Implementation of New Capital Markets and Financial Advisory Services Examinations (CMFAS Exams), September 2023.