Rules, Ethics and Skills for Derivatives Dealers of Non-Exchange Members¶
Overview¶
- Module Code: RES 2B
- Full Name: Rules, Ethics and Skills for Derivatives Dealers of Non-Exchange Members
- Category: CMFAS Rules, Ethics and Skills (RES) Exams — Derivatives
- Administered by: Institute of Banking and Finance (IBF), Singapore
- Effective from: 1 April 2024
- Predecessor module: NEW EXAM (no direct predecessor — this is a new module introduced under the 2024 CMFAS framework)
Exam Format¶
| Parameter | Value |
|---|---|
| No. of Questions | 60 |
| Duration | 90 mins (1.5 hrs) |
| Format | Computer-based MCQ |
Passing Mark¶
75% (applies to all CMFAS RES and RESP exam modules)
Exam Fees (Exclusive of GST)¶
| Member Type | Fee |
|---|---|
| Corporate Member | S$190 |
| Non-Corporate Member | S$230 |
Applicable Regulated Activity¶
RES 2B applies to Appointed Representatives who are Derivatives Dealers employed by institutions that are not exchange members (i.e., OTC derivatives dealers, non-SGX-DT members). This is a new module created to recognise the distinct job role of non-exchange member derivatives dealers who were previously subsumed under Module 2A.
Syllabus Content¶
RES 2B covers: - Capital markets industry framework and key participants - Licensing and business operations for non-exchange member derivatives firms - Market conduct rules governing ethical behaviour and fair trading - Over-the-counter (OTC) derivatives and professional conduct specific to derivatives dealing - Derivatives dealing practices and skills - Prevention of financial crimes (AML/CFT)
New Module Rationale¶
RES 2B was created as part of the 2024 CMFAS restructure to customise examination content to the specific job role of non-exchange member derivatives dealers, in line with MAS's policy to make CMFAS exams role-specific rather than regulated-activity-generic. Exam content is tailored to OTC derivatives dealing as opposed to exchange-traded futures (covered by RES 2A).
Combined Module Option¶
RES 12B (Rules, Ethics and Skills for Securities and Derivatives Dealers of Non-Exchange Members) combines the content of RES 1B + RES 2B for representatives dealing in both securities and derivatives as non-exchange members: - 60 questions, 90 minutes - Fee: S$380 (Corporate) / S$460 (Non-Corporate)
Exemptions¶
No exemption available for RES exams.
Implementation Timeline¶
- 1 February 2024: Study guides released; registration opens
- 1 April 2024: First day to take RES 2B
Regulatory Basis¶
- MAS Notice SFA 04-N22 — Notice on Competency Requirements for Representatives of Capital Markets Services Licence holders and Exempt FIs under 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; cmfasexam.com RES 2B practice test page.