Rules, Ethics and Skills for Fund Management¶
Overview¶
- Module Code: RES 3
- Full Name: Rules, Ethics and Skills for Fund Management
- Category: CMFAS Rules, Ethics and Skills (RES) Exams — Fund Management
- Administered by: Institute of Banking and Finance (IBF), Singapore
- Effective from: 1 April 2024 (replaced Module 3)
- Predecessor module: Module 3 — Rules and Regulations for Fund Management
Exam Format¶
| Parameter | Current (Module 3) | New (RES 3) |
|---|---|---|
| No. of Questions | 100 | 100 |
| Duration | 120 mins (2 hrs) | 150 mins (2.5 hrs) |
| Format | Computer-based MCQ | Computer-based MCQ |
Note: Same number of questions (100) as predecessor Module 3, but duration increased from 120 to 150 minutes.
Passing Mark¶
75% (applies to all CMFAS RES and RESP exam modules; unchanged from predecessor)
Exam Fees (Exclusive of GST)¶
| Member Type | Fee |
|---|---|
| Corporate Member | S$230 |
| Non-Corporate Member | S$270 |
Applicable Regulated Activity¶
RES 3 applies to Appointed Representatives conducting fund management as a regulated activity under the Securities and Futures Act (SFA). Required for: - Representatives of Capital Markets Services (CMS) licence holders conducting fund management - Representatives of exempt financial institutions (banks, merchant banks, finance companies, insurers) conducting fund management
No prerequisite required to take RES 3. There is no exemption available.
Required pairing with CM-EIP: Per SFA 04-N22 Annex 1, Table C, fund management representatives must pass both RES 3 (Rules, Ethics and Skills for Fund Management) and CM-EIP (Capital Markets – Excluded Investment Products – Securities, CIS and Foreign Exchange). CM-EIP is the mandatory product knowledge module for fund management — it is not optional. (An individual may alternatively pass CM-CMP, which subsumes both CM-EIP and CM-SIP, per paragraph 4.4 of SFA 04-N22.)
Syllabus Content¶
RES 3 covers (as reported from cmfas.com.sg): 1. The Capital Markets and Fund Management Industry in Singapore 2. Fund Management Rules, Regulations and Guidelines 3. Licensing Requirements for Fund Management 4. The Conduct of Business for Fund Management 5. Market Conduct 6. Collective Investment Schemes (CIS) 7. Guidelines on the Product Highlights Sheet (PHS) 8. CPFIS Requirements 9. Ethics, Codes and Standards of Professional Conduct for Fund Management 10. Fund Management Practices and Skills 11. Prevention of Financial Crimes
Key Changes from Module 3 to RES 3¶
- Duration extended: 120 mins → 150 mins (extra 30 minutes)
- Content enriched: Ethics and Skills sections added to the existing Rules and Regulations content
- Role-specific customisation: Content tailored to fund management representatives specifically, not just the regulated activity generically
- Exam renamed: "Rules and Regulations" → "Rules, Ethics and Skills" to reflect expanded scope
Implementation Timeline¶
- 1 February 2024: Study guides released; registration opens
- 25 March 2024, 12pm: Last registration date for Module 3
- 25 March 2024: Last day to take Module 3
- 1 April 2024: First day to take RES 3
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)
- 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; cmfas.com.sg RES 3 exam details.