Rules, Ethics and Skills for Corporate Finance¶
Overview¶
- Module Code: RES 4
- Full Name: Rules, Ethics and Skills for Corporate Finance
- Alternative designation: RES 4 — Rules, Ethics and Skills for Corporate Finance Restricted (in some study guide references)
- Category: CMFAS Rules, Ethics and Skills (RES) Exams — Corporate Finance
- Administered by: Institute of Banking and Finance (IBF), Singapore
- Effective from: 1 April 2024 (replaced Module 4A)
- Predecessor module: Module 4A — Rules and Regulations for Advising on Corporate Finance
Exam Format¶
| Parameter | Current (Module 4A) | New (RES 4) |
|---|---|---|
| No. of Questions | 50 | 60 |
| Duration | 75 mins | 90 mins (1.5 hrs) |
| Format | Computer-based MCQ | Computer-based MCQ |
Note: Number of questions increased from 50 to 60, and duration extended from 75 to 90 minutes.
Module 4B Discontinued¶
Module 4B (Rules & Regulations for Advising on Corporate Finance — Solely Debt Securities) will cease to be offered under the new CMFAS Exams. There is no new equivalent for Module 4B. Representatives who previously held Module 4B qualifications should check transition arrangements with IBF and MAS.
Passing Mark¶
75% (applies to all CMFAS RES and RESP exam modules; unchanged from predecessors)
Exam Fees (Exclusive of GST)¶
| Member Type | Fee |
|---|---|
| Corporate Member | S$230 |
| Non-Corporate Member | S$270 |
Applicable Regulated Activity¶
RES 4 applies to Appointed Representatives conducting advising on corporate finance as a regulated activity under the Securities and Futures Act (SFA). Required for: - Representatives of Capital Markets Services (CMS) licence holders advising on corporate finance - Representatives of exempt financial institutions (banks, merchant banks) advising on corporate finance
The regulatory requirements, including business conduct requirements, are also applicable to exempt financial institutions (EFIs) and their representatives conducting the same regulated activities.
Syllabus Content¶
RES 4 covers regulatory requirements for capital markets services licence holders and their representatives conducting regulated activities advising on corporate finance under the Securities and Futures Act, including: - Capital markets industry framework - Licensing and business conduct requirements for corporate finance advisers - SFA regulated activities relating to corporate finance - Ethics, codes, and standards of professional conduct - Corporate finance advisory practices and skills - Prevention of financial crimes (AML/CFT) - Securities and Futures Act provisions applicable to corporate finance advisers
Key Changes from Module 4A to RES 4¶
- Questions increased: 50 → 60
- Duration extended: 75 mins → 90 mins
- Content enriched: Ethics and Skills sections integrated
- Module 4B retired: No new equivalent; advisers solely on debt securities should check MAS guidance
- Exam renamed: "Rules and Regulations" → "Rules, Ethics and Skills"
Implementation Timeline¶
- 1 February 2024: Study guides released; registration opens
- 25 March 2024, 12pm: Last registration date for Module 4A
- 25 March 2024: Last day to take Module 4A
- 1 April 2024: First day to take RES 4
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; Rajah & Tann Asia legal update October 2023; quizgecko.com RES 4 Study Guide (6 June 2024).