Introduction > 3

Examination Regulations > 4

* Objectives of CMFAS

* Which Module to Enrol

* Types of Activities

Study Guides > 5

Exemptions > 5

Examination Duration > 7

Enrolment Procedures > 8

* Where to Enrol

* Examination Venue

* Examination Fee

* MAS Notices Under SFA/FAA

* Enquiries on Examination Administrative Matters

Appendix: Examination Syllabus > 9

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Candidates who wish to act as an appointed CMFAS representative are required to pass the applicable CMFAS

examinations prior to lodgement of the notification to act as an appointed representative with MAS.

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The Capital Markets and Financial Advisory Services Examination (CMFAS Exam) is a modular examinationstructure effective since 1 December 2002 in accordance with the Notices issued by MAS under the SFA and FAA.

The CMFAS Exam comprises the following Modules:

Rules & RegulationsModule 1A Rules and Regulations for Dealing in Securities

(SGX-ST Members)Module 1B Rules and Regulations for Dealing in Securities

(Non-SGX-ST Members)Module 2A Rules and Regulations for Trading in Futures Contracts

(for members of the Singapore Exchange Derivatives Trading Limited (“SGX-DT”))Module 2B Rules and Regulations for Trading in Futures Contracts

(for members of the Singapore Mercantile Exchange (“SMX”))Module 3 Rules and Regulations for Fund ManagementModule 4A Rules and Regulations for Advising on Corporate Finance

4B Rules and Regulations for Advising on Corporate Finance (Solely Debt Securities)Module 5 Rules and Regulations for Financial Advisory ServicesModule 10 Rules and Regulations for REIT Management, with Product Knowledge and Analysis

Product Knowledge & AnalysisModule 6 Securities Products and AnalysisModule 6A Securities & Futures Product KnowledgeModule 8 Collective Investment SchemesModule 8A Collective Investment Schemes IIModule 9 Life Insurance and Investment-linked PoliciesModule 9A Life Insurance and Investment-linked Policies II

The Institute of Banking & Finance (IBF) administers Modules 1A, 1B, 2A, 2B, 3, 4A, 4B, 6, 6A and 10.The Singapore College of Insurance (SCI) administers Modules 5, 8, 8A, 9 and 9A.

The syllabus of each Module conducted by IBF is listed in the Appendix.

For more information on Modules 1A, 1B, 2A, 2B, 3, 4A, 4B, 6, 6A and 10, please visit IBF website atwww.ibf.org.sg or contact IBF at 6220 8566.

For more information on Modules 5, 8, 8A, 9 and 9A, please visit SCI website at www.scicollege.org.sg orcontact SCI at 6221 2336.

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Candidates who wish to act as an appointed CMFAS representative are required to pass the applicable CMFAS examinationsprior to lodgment of the notification to act as an appointed representative with MAS.

Which Module to EnrolUnless otherwise exempted, candidates applying for a representative’s licence in each regulated activity must attempt therelevant modules. The requirements are summarised as follows:

MODULES

Rules & RegulationsTYPES OF ACTIVITIES

Regulated Activities Under SFA 1A 1B 2 A 2 B 3 4A 4B 5 10 6 6A 8/8A 9/9A

Dealing in Securities X X X(SGX-ST Members)

Dealing in Securities X X(Non-SGX-ST Members)

Trading in Futures Contracts X X- SGX-DT members

Trading in Futures Contracts X X- SMX members

Trading in Futures Contracts- Non SGX-DT and Non SMX members X

Fund Management X X

REIT Management X

Advising on Corporate Finance X

Advising on Corporate Finance X- solely debt securities

Leveraged Foreign Exchange Trading(with effect from 1 January 2012) X

Regulated Activities Under FAA 1A 1B 2 A 2 B 3 4A 4B 5 10 6 6A 8/8A 9/9A

Advising others concerning securities X X(excluding collective investmentschemes)

Advising others concerning futures Xcontracts

Advising on and/or arranging lifeinsurance policies (whether or not Xinclude Investment- linked lifepolicies)

Advising on and/or marketing of Xcollective investment schemes

Advising others concerning contracts orarrangements for the purposes of Xleveraged foreign exchange trading

CMFAS Examination 4

Product Knowledge& Analysis

XAny of these Modules

XEither Modules

XEither Module

X

Module 6

Persons possessing any of the following qualifications (which must be attained through passing the specific respective examination(s))or working experience are not required to pass Module 6:

1 Degree or higher qualification, with emphasis on accountancy, actuarial science, business/business administration/businessmanagement/business studies, capital markets, commerce, economics, finance, financial engineering and financial planning, orcomputational finance;

2. Chartered Financial Analyst (CFA) by the CFA Institute, USA;

3. The Association of Chartered Certified Accountants (ACCA) Qualifications;

4. Associate Chartered Accountant (ACA) of the Institute of Chartered Accountants in England and Wales1;

5. Associate/Fellow of the Institute of Actuaries, England;

6. Associate/Fellow of the Faculty of Actuaries, Scotland;

7. Associate/Fellow of the Society of Actuaries, USA;

8. Associate/Fellow of the Institute of Actuaries of Australia;

9. Associate/Fellow of the Casualty Actuarial Society, USA;

10. Associate/Fellow of CPA Australia2;

11. Investment Company Products/Variable Contracts Limited Representative Examination (Series 6) or General SecuritiesRepresentative Examination (Series 7) administered by the Financial Industry Regulatory Authority (FINRA), USA;

12. Module 1 of the Investor Contact Competency Examination (ICCE Module 1); administered by the Securities and ExchangeCommission, Thailand3 ;

13. Three years of relevant and continuous working experience in respect of the financial advisory service to be provided with nobreak in service of more than 3 years between the individual’s last working experience and the date of his application for arepresentative’s licence prior to 26 November 2010, or commencement of the provision of financial advisory services prior to 26November 2010, or his principal’s lodgment with the Authority of documents under section 23F of the Act, in relation to hisappointment as an appointed representative, as the case may be.

Module 6A

A specific representative who possesses any of the following qualifications, is not required to pass Module 6A:

1. a degree or higher qualification in finance, financial engineering or computational finance; or

2. Chartered Financial Analyst (CFA) by the CFA Institute, USA.

[SFA 04-N09 (Amendment) 2011]

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With effect from 19 October 2011

1 Qualification attained by membership is recognised.

2 Qualification attained by membership is recognised.

3 Person has to be licensed by the Securities and Exchange Commission of Thailand and needs to submit documentary evidence to his proposed principal certifying his licence or authorisation statusin Thailand

Duration of the examination in respect of each Module administered by IBF is as follows:

No of TimeModule Questions (Hr)

1A Rules and Regulations for Dealing in Securities 100 2(SGX-ST Members)

1B Rules and Regulations for Dealing in Securities 50 1(Non-SGX-ST Members)

2A Rules and Regulations for Trading in Futures Contracts 100 2(for members of the Singapore Exchange DerivativesTrading Limited (“SGX-DT”))

2B Rules and Regulations for Trading in Futures Contracts 100 2(for members of the Singapore Mercantile Exchange (“SMX”))

3 Rules and Regulations for Fund Management 100 2

4A Rules and Regulations for Advising on Corporate Finance 50 1¼

4B Rules and Regulations for Advising on Corporate Finance 50 1¼– Solely Debt Securities

6 Securities Products and Analysis 100 2

6A Securities & Futures Product Knowledge 90 2

10 Rules and Regulations for REIT Management, with 100 2Product Knowledge and Analysis

The minimum pass mark for Rules and Regulations Module is 75% and for Product Knowledge andAnalysis Module it is 70%. Candidates will be issued their result slips at the end of the examinations.

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Where to Enrol

Candidates enrolling for Modules 1A, 1B, 2A, 2B, 3, 4A, 4B, 6, 6A and 10 are requiredto register directly with The Institute of Banking & Finance (IBF).

Candidates enrolling for Modules 5, 8, 8A, 9 & 9A with the Singapore College ofInsurance (SCI), please contact SCI’s Examination Department for registration details.

Examination Venue

Examinations for Modules 1A, 1B, 2A, 2B, 3, 4A, 4B, 6, 6A and 10 will be held atThe Institute of Banking & Finance10 Shenton Way#13-07/08 MAS BuildingSingapore 079117

Examinations for Modules 5, 8, 8A, 9 and 9A will be held atSingapore College of Insurance9 Temasek BoulevardSuntec Tower 2#14-01/02/03Singapore 038989

CMFAS Examination 8

Examinations Fees

Module Title Duration Fees (before GST) Member Non- Member First / Subsequent First / Subsequent Attempt Attempt

1A Rules & Regulations for Dealing in Securities (SGX-ST Members) 2 hrs $150 / $130 $170 / $150

1B Rules & Regulations for Dealing in Securities (Non SGX-ST Members) 1 hr $150 / $130 $170 / $150

2A Rules & Regulations for Trading in Futures Contracts (SGX-DT members) 2 hrs $180 / $160 $200 / $180

2B Rules & Regulations for Trading in Futures Contracts (SMX members) 2 hrs $180 / $160 $200 / $180

3 Rules & Regulations for Fund Management 2 hrs $180 / $160 $200 / $180

4A Rules & Regulations for Advising on Corporate Finance 1.25 hrs $180 / $160 $200 / $180

4B Rules & Regulations for Advising on Corporate Finance 1.25 hrs $180 / $160 $200 / $180(Solely Debt Securities)

6 Securities Products and Analysis 2 hrs $150 / $130 $170 / $150

6A Securities & Futures Product Knowledge 2 hrs $150 / $130 $170 / $150

10 Rules & Regulations for REIT Management, 2 hrs $250 / $210 $290 / $250with Product Knowledge and Analysis

Electronic / e-book versions of the Study Guides will be made available to all registrants. Candidates who wish to purchase hard copies of theStudy Guides will have to pay an additional fee as shown below:-• $20 + GST per copy (for Modules 1A, 1B, 2A, 2B, 3, 4A, 4B, 6, 6A); and• $40 + GST per copy (for Module 10)

All fees paid are non-refundable and non-transferable. The fees may be revised without notice.

MAS Notices Under SFA/FAAFor more details on the examination requirements, please refer to the notices issued by the MAS at www.mas.gov.sg

Enquiries on Examination Administrative MattersFor Modules 1A, 1B, 2A, 2B, 3, 4A, 4B, 6, 6A or 10, please contact IBF at 6220 8566 or cmfas@ibf.org.sgFor Modules 5, 8, 8A, 9, 9A please contact SCI at 6221 2336 or talk2us@scidomain.org.sg

1 The Regulatory BodiesMonetary Authority of Singapore

(“MAS”)Singapore Exchange Limited (“SGX”)Singapore Exchange – Securities

Trading Limited (“SGX-ST”)Central Depository (Pte) Ltd (“CDP”)Singapore Exchange – Derivatives

Trading Limited (“SGX-DT”)SGX Listing FrameworkSGX’s Regulation of the Securities and

Futures Markets

2 Dealing Mechanics and SettlementProceduresSecurities Trading InfrastructureDealing MechanicsSettlement

3 Regulatory Requirements Relating toTrading Representatives andOperationsTrading RepresentativesOperational RequirementsConduct of Business Requirements

under the SFA and SFR(LCB)

4 Regulatory Requirements Relating toMarket Conduct and TradingIntroductionMarket Misconduct Under the SFAMarket Misconduct Under SGX-ST

Rules

Penalties for Market MisconductUnder the SFA

Penalties for Market MisconductUnder the SGX-ST Rules

Trading Related Acts / Regulations /Rules

Trading Related Acts / RegulationsUnder SFA / SFR (LCB)

Trading Related Rules Under the SGX-ST Rules

5 Central Provident Fund InvestmentScheme (“CPFIS”)General InformationDifference Between CPFIS-OA and

CPFIS-SAEligibility CriteriaApplication ProceduresOperational Process (for CPFIS-OA

only)Dividend and Profits EarnedTransfer of Monies from CPF

Investment Account to CPF OrdinaryAccount

ChargesRelease of Investment HoldingsBankruptcyDeathTypes of Investments and Investment

LimitsInvestments Included Under CPFISInvestment Conditions for Inclusion of

Products Under CPFIS

6 Extended Settlement (“ES”)ContractsWhat is an ES Contract?Risks of Trading ES ContractsRegulatory Framework for ES

ContractsOffences Under the SFAOffence of Overtrading (SGX-ST Rule

19.12)Emergency Powers (SGX-ST Rule

19.14)

7 Prevention of Money Laundering andCountering the Financing ofTerrorismIntroduction to the Prevention of

Money Laundering and Counteringthe Financing of Terrorism

Summary of Key Provisions of theCDSA

MAS Notice on Prevention of MoneyLaundering

Customer Due Diligence (“CDD”)Simplified Customer Due DiligenceEnhanced Customer Due DiligencePerformance of Customer Due

Diligence Measures byIntermediaries

Record KeepingReporting Suspicious TransactionsInternal Policies, Compliance, Audit

and TrainingAnnexure: Know Your Customer

Checks (MAS Notice SFA 04-N02)

9 Appendix

1 The Regulatory Bodies and Self-Regulatory OrganisationsMonetary Authority of Singapore

(“MAS”)Singapore Exchange Limited (“SGX”)Singapore Exchange – Securities

Trading Limited (“SGX-ST”)Central Depository (Pte) Ltd (“CDP”)Singapore Exchange – Derivatives

Trading Limited (“SGX-DT”)SGX Listing FrameworkSGX’s Regulation of the Securities and

Futures Markets

2 Regulatory Requirements Relating toBusiness OperationsConduct of Business Requirements

under the SFA and SFR (LCB)

3 Regulatory Requirements Relating toMarket Conduct and TradingIntroductionMarket Misconduct Under the SFA

Penalties for Market MisconductUnder the SFA

Trading Related Acts / RegulationsUnder SFA / SFR (LCB)

4 Central Provident Fund InvestmentScheme (“CPFIS”)General InformationDifference Between CPFIS-OA and

CPFIS-SAEligibility CriteriaApplication ProceduresOperational Process (for CPFIS-OA

only)Dividend and Profits EarnedTransfer of Monies from CPF

Investment Account to CPF OrdinaryAccount

ChargesRelease of Investment HoldingsBankruptcyDeathTypes of Investments and

Investment LimitsInvestments Included Under CPFISInvestment Conditions for Inclusion

of Products Under CPFIS

5 Prevention of Money Launderingand Countering the Financing ofTerrorismKey legal obligationsBasic principles and policies to

combat money launderingKnow your customer- Compliance with laws- Cooperation with law enforcement

agencies- Policies, procedures and training

Rules and Regulations for Dealing in Securities (SGX-ST Members)module 1administered by IBF

A

Rules and Regulations for Dealing in Securities (Non-SGX-ST Members)module 1administered by IBF

B

Appendix 10

1 The Regulatory Bodies and Self-Regulatory OrganisationsMonetary Authority of Singapore

(“MAS”)Singapore Exchange Limited (“SGX”)Singapore Exchange – Securities

Trading Limited (“SGX-ST”)Central Depository (Pte) Ltd (“CDP”)Singapore Exchange – Derivatives

Trading Limited (“SGX-DT”)SGX Regulation of the Securities And

Futures Markets

2 The Trading SystemDerivatives Trading InfrastructureTypes of Futures and Options

Contracts Traded on SGX-DTTypes of Orders Available on SGX

QuestMutual Offset SystemDirect Market Access

3 Listing and Features of SGX-DTContractsListing and Trading of ContractsDefault Relating to ContractsRules Applicable to Option Contracts

4 Regulatory Requirements Relating toBusiness OperationsSingapore Exchange – Derivatives

Clearing Limited (“SGX-DT”)Regulatory Supervision FrameworkConduct of Business Requirements

Under the SGX Futures TradingRules

Margins of CustomerTransfer of Error Trades to House

Account (SGX Futures Trading Rule3.3.15)

Transfer of Unsuccessful Give-UpTrades to House Account (SGXFutures Trading Rule 3.3.16)

Reporting of Account Identity (SGXFutures Trading Rule 3.3.17)

Reporting Of Open Positions (SGXFutures Trading Rule 3.3.18)

Omnibus Accounts (SGX FuturesTrading Rule 3.3.19)

Customers’ ProtectionConduct of Business Requirements

Under the SFA and SFRRecord Keeping Requirements Under

the SFA and SFR(LCB)Customer Assets Requirements Under

the SFA and SFR(LCB)Conduct of Business Requirements

Under the SFA and SFR(LCB)

5 Regulatory Requirements Relating toMarket Conduct & TradingIntroductionMarket Misconduct Under the SFAMarket Misconduct Under SGX

Futures Trading RulesPenalties for Market Misconduct

Under the SFAPenalties for Market Misconduct

Under the SGX Futures TradingRules

Trading Related Acts / Regulations /Rules

Trading Related Acts / RegulationsUnder SFA/SFR(LCB)

Trading Related Rules Under the SGX-DT Futures Trading Rules

6 SGX Extended Settlement (“ES”)ContractsWhat is an Extended Settlement (ES)Contract?Risks of Trading ES ContractsRegulatory Framework for ES

ContractsLicensing Requirements for Trading

RepresentativesRisk Disclosure AcknowledgementOffences Under the SFA and SFR(LCB)Offence of Overtrading (SGX-ST Rule

19.12)Emergency Powers (SGX-ST Rule

19.14)

7. Prevention of MoneyLaundering and Countering theFinancing of Terrorism

Introduction to the Prevention ofMoney Laundering andCountering the Financing ofTerrorism

Summary of Key Provisions of theCDSA

MAS Notice on Prevention ofMoney Laundering

Customer Due Diligence (“CDD”)[Paragraph 4 of the Notice;Paragraphs 21 to 23 and 47 ofthe Guidelines]

Simplified Customer DueDiligence [Paragraph 5 of theNotice; Paragraphs 48 to 50 ofthe Guidelines]

Enhanced Customer DueDiligence [Paragraph 6 of theNotice; Paragraphs 52 to 56 ofthe Guidelines]

Rules and Regulations for Trading in Futures Contracts(for members of the Singapore ExchangeDerivatives Trading Limited (“SGX-DT”))

administered by IBF

module 2 A

Performance of Customer DueDiligence Measures byIntermediaries [Paragraph 7 ofthe Notice; Paragraphs 57 to 58of the Guidelines]

Record Keeping [Paragraph 8 ofthe Notice]

Reporting Suspicious Transactions[Paragraph 9 of the Notice;Paragraphs 61 to 67 of theGuidelines]

Internal Policies, Compliance,Audit and Training [Paragraph10 of the Notice; Paragraphs 68to 70 of the Guidelines]

11 Appendix

Rules and Regulations for Trading in Futures Contracts (for members of the Singapore MercantileExchange (“SMX”))

administered by IBF

module 2 B

A The Regulatory Bodies andRegulationsMonetary Authority of SingaporeSMX OverviewThe Role of SMXThe Role of SMXCCRegulation Of Commodity Derivatives

Markets By SMX/SMXCC

B Requirements for Members andNominated RepresentativesIntroductionSMX MembershipBroker Member (BM)Remote Member (RM)Trade Member (TM)SMXCC (Clearing) MembershipGeneral Clearing Member (GCM)Special Clearing Member (SCM)

- SMXCC Membership StructureAppointment of Nominated

RepresentativesAuthorised Users

C SMX ProductsIntroductionStandardisation of SMX Futures

Contracts- Contract Details- Delivery Details- Delivery Logic- Base Price- Life of a Futures Contract- Expiration Date

Registering an EFP and/or an EFSTransaction- Nature of the Transaction- Relationship of Instruments- Relationship of the Parties to the

Transaction- Price of the Transaction- Restrictions during the Delivery

Period- Documents required at the Time

of Registering EFP and EFSTransactions

- Documents Required to beMaintained by Members inSupport of EFP/EFSTransactions

- Procedure for Registering EFP andEFS Transactions on theExchange

- Exchange Approval- Audit Trail

D Security Deposit and MarginRequirementsIntroductionSMX MembershipBroker Member (BM)Remote Member (RM)Trade Member (TM)SMXCC (Clearing) MembershipGeneral Clearing Member (GCM)

Special Clearing Member (SCM)- SMXCC Membership Structure

Appointment of NominatedRepresentatives

Authorised Users

E TradingDealing on Behalf of CustomersCustomer MoneyPlacing an OrderTypes of Orders Accepted by the

Exchange- Orders with Time-Related

Parameters- Orders with Price-Related

ParametersPrices

- Bid Price- Ask Price- Last Traded Price

Trading HoursAutomated Trading SystemCustomer SystemsExchange GatewaysExchange Servers and ApplicationsMarket Data

- Level 1 Data – Best Bid / Ask Data- Level 2 Data – Market Depth Data

End of Day / Historical DataOrder Validation and MatchingDaily Price Range (DPR)Market MakersMessages To Members

F Risk Management and SurveillanceIntroductionAlertsMargin Utilisation MonitoringVariation Margin Monitoring

- Example of VM ComputationIntraday

- Example of VM Computation at theEnd of the Day

Position LimitsMarket Irregularities and Manipulative

Trade Practices

G Post Trade ManagementOrder and Trade ModificationManual Trade EntryGive-Up Trades

H Clearing, Settlement and DeliveryIntroductionNovationSettlement Guarantee FundMultilateral NettingDaily Settlement Price (DSP)Final Settlement Price (FSP)Settlement

- Cash Settlement- Physical Settlement

Daily Settlement Amount (DSA)Final Settlement Amount (FSA)Settlement Bank InterfaceDaily Pay-Ins and Pay-OutsSettlement of Physical Delivery

I Default and DisciplineManaging Default RiskInspections and InvestigationsEvent of BreachDeclared DefaultRights of the ExchangeDisciplinary RulesAppeals Rules

J Regulatory Requirements Relating ToBusiness OperationsRecord keeping requirements under the

SFA and SFR(LCB)Customer Assets Requirements under

SFA and SFR(LCB)Conduct of Business Requirements

under the SFA and SFR(LCB)

K Regulatory Requirements Relating ToMarket Conduct & TradingMarket Misconduct under the SFAPenalties for Market Misconduct under

the SFATrading Related Acts/Regulations under

SFA/SFR(LCB)

L Prevention of Money Laundering andCountering The Financing Of TerrorismIntroduction to Prevention of Money

Laundering and Countering TheFinancing Of Terrorism

Summary of the Key Provisions of theCDSA

MAS Notice on Prevention of MoneyLaundering

Customer Due Diligence (“CDD”)Simplified Customer Due DiligenceEnhanced Customer Due DiligencePerformance of Customer Due

Diligence Measures byIntermediaries

Record keepingReporting Suspicious TransactionsInternal Policies, Compliance, Audit

and TrainingANNEXURE: Know Your Customer

Checks (MAS Notice)Appendix 1: Intermediary Introduction

Certificate

Appendix 12

A Fund Management RegulatoryBodies and Self-RegulatoryOrganisationsThe Monetary Authority of SingaporeSingapore Exchange Limited (SGX)

and Singapore Exchange SecuritiesTrading Ltd (SGX-ST)

The Central Depository (Pte) Ltd (CDP)Singapore Exchange Derivatives

Trading Limited (SGX-DT)SGX Regulation of the Securities and

Futures MarketMAS-SGX Regulatory RelationshipInvestment Management Association

of Singapore

B Fund Management Regulations andGuidelinesThe Securities and Futures ActCPF Investment SchemePrevention of Money Laundering and

Countering the Financing ofTerrorism

IMAS Code of Ethics and Standards ofProfessional Conduct

C LicensingLicensing Requirements for Fund

ManagementCapital Requirements for a CMS

Licence Holder for FundManagement

Representatives of a CMS LicenceHolder

CEO and Directors of a CMS LicenceHolder

Guidelines on Fit and Proper CriteriaExtra-Territoriality of the SFA

D Conduct of BusinessIntroductionReturns to the MASRegister of Interests in SecuritiesRecord Keeping RequirementsHandling of Customer’s AssetsCustomer's Money and other AssetsStatement of Account to CustomersLimits for Unsecured Credit and Credit

FacilitiesSecurities Borrowing and LendingAdvertisementsCertain Representations ProhibitedDisclosure of Certain Interest in

Respect of Underwriting AgreementOutsourcing Arrangements

E Market ConductIntroductionTypes of Market Misconduct in

Relation to SecuritiesTypes of Market Misconduct in

Relation to Futures and LeveragedForeign Exchange Trading

Insider TradingContinuing Disclosure ObligationsExtra-Territorial JurisdictionPenalties for Market Misconduct and

Insider Trading

F Collective Investment SchemesIntroductionOffers of CISAuthorised CISsContinual Compliance for Authorised

CISsManagers of Authorised CISsTrustees of Authorised CISsOperations Pertaining to Authorised

CISs

Recognised CISsAdministration of Recognised CISsManagers of Recognised CISsApplication for Authorisation or

Recognition of a CISRefusal to Authorise or Recognise a CISProspectus and Offer DocumentsRestrictions on Advertisements

G Central Provident Fund InvestmentScheme (CPFIS)Introduction to the CPFISFMCsInvestment Products under the CPFISApplication and Admission Criteria for

Funds Managed by FMCsFund Management AccountsRisk Classification for CIS Included

under the CPFISDisclosure Requirements for FMCS

under the CPFISCompliance with the CPFIG

H Prevention of Money LaunderingIntroduction to Prevention of Money

LaunderingSummary of Key Provisions of the CDSAMAS Notice on Prevention of Money

LaunderingCustomer Due Diligence (CDD)Simplified Customer Due DiligenceEnhanced Customer Due DiligencePerformance of Customer Due

Diligence Measures byIntermediaries

Record KeepingReporting Suspicious TransactionsInternal Policies, Compliance, Audit

and Training

Rules and Regulations for Fund Management

administered by IBF

module 3

13 Appendix

A The Regulatory BodiesThe Monetary Authority of SingaporeSingapore Exchange LimitedSecurities Industry Council

B SFA and RegulationsStabilisation Action During IPOOffering of InvestmentsDisclosure of Interest in SecuritiesProhibition of Insider Trading and

other Market Misconduct

C Singapore Code on Take-Overs andMergersIntroductionCompliance with the Code

General PrinciplesTypes of OfferConcert PartiesPeriod Leading to an Offer: Some

Relevant RulesConduct During the Offer: Some

Relevant RulesOffer Timetable - Key DatesLodgment of DocumentsAcceptancesWhitewash Waiver

D SGX-ST Listing and DisclosureRequirementsListing RequirementsDebt Securities

Listing Requirements for ForeignIssuers of Securities

Investment FundsSGX-ST Corporate Disclosure Policy

E Public Listing of CompaniesIntroductionListing ProcessProspectus RequirementsAdvantages and Disadvantages of a

Public ListingOther Methods of Issuing Capital by a

Listed Company

Rules and Regulations for Advising on Corporate Finance

administered by IBF

module 4A

A The Regulatory BodiesThe Monetary Authority of SingaporeSingapore Exchange LimitedSecurities Industry Council

B Regulations Regarding DebtOfferingsPaying AgentRelease of ReportsAdjustmentsTrustee and Trust Deed

C Listing Requirements for DebtSecuritiesGeneralListing Requirements for Local Debt

SecuritiesListing Requirements for Foreign

Debt Securities

Listing Procedures in Respect ofSubmission for Debt Securities

Continuing Listing Obligations

D Prospectus RequirementsUnder the SFALodgment and Registration of the

ProspectusSupplementary or Replacement

DocumentsStop OrdersReturn of Subscription Monies Paid by

Investors

E SGX-ST Corporate Disclosure PolicyDisclosure Obligations under the

Listing ManualCompliance with CG Code

Provisions of Appendix 7.1 of theListing Manual

Exceptions to the DisclosureObligations

Examples of the Operation of theDisclosure Obligation

ConfidentialityClarification or Confirmation of

Rumours or ReportsUnusual Trading ActivityPolicy on Thorough Public

DisseminationContent and Preparation of Public

AnnouncementPolicy on Insider TradingRole of Market Surveillance

Rules and Regulations for Advising on Corporate Finance (Solely Debt Securities)

administered by IBF

module 4B

Appendix 14

A Investments and Financial MarketsFinancial assetsFinancial markets

B Risk and ReturnRisk-return trade-offMeasures of returnMeasure of risk

C Financial Statement AnalysisMajor types of financial statementsFinancial ratio: types and usesDuPont system of analysisComparative and trend analysisLimitations of ratio analysis

D Equities Securities AnalysisCharacteristics and type of equity

securitiesStock market indicesEquity valuation methods

E Technical AnalysisBasic philosophy and assumptionsChallenges to technical analysisTechnical indicators

F Economic AnalysisComponents of growthEconomic indicatorsMonetary policyFiscal policy

G Industry AnalysisIndustry life cycleCompetitive forces and industry

structuresBusiness cycle analysis

H Fixed Income Securities AnalysisTypes of fixed income securitiesCharacteristics and features of bondsType of risks in bonds

Valuation of bondRelationship between bond price

and required yieldRelationship between coupon rate,

required yield and priceTime path of a bondMeasures of bond yieldsTerm structure of interest ratesMeasures of bond price volatilityConvertibles

I FuturesFutures contractStructure of futures marketsMechanics of futures tradingUses of futures contractsSpot-futures parity theoremStock index futuresInterest rate futuresSingle Stock Futures (SSF)Differences between stock, SSF and

Stock Index Futures

J OptionsDefinitions and terminologyCall options, put options and

warrantsPayoffs and profits from option

positionsOption strategiesOption valuationAttractions of optionsStock index optionsInterest rate optionsCurrency options

K Warrants and Other InvestmentProductsWarrantsExchange-Traded FundsAmerican Depository Receipts

Securities Products and Analysis

administered by IBF

module 6L Foreign Exchange and Swap

ContractsThe foreign exchange marketForeign exchange rate quotationsForward foreign exchange contractForeign exchange swapSwaps in capital marketsInterest rate swapsCurrency swaps

M Unit Trusts/Funds ProductsDefinition of unit trustInvestment trustsAdvantage of investing in unit trustsTypes of funds (including unit trusts

and hedge funds)Innovative unit trust schemesReal Estate Investment Trusts (REITS)Charges and feesBid and offer pricesCPFIS – Risk classification systemEvaluation of unit trusts

N Portfolio TheoryDiversification and portfolio riskSystematic and unsystematic riskCorrelation coefficientCalculating portfolio return and riskInternational diversificationCapital Asset Pricing Model and

other asset pricing models

O Portfolio ManagementPortfolio management processDeterminants of investment policyAsset allocation

P Performance MeasurementMeasuring investment returnsRisk-adjusted measures of

performancePerformance attribution

15 Appendix

Securities & Futures Product Knowledge

administered by IBF

module 6

A Overview of Securities and FuturesIntroduction

DerivativesExchange-Traded DerivativesOver-the-Counter (“OTC”)

DerivativesUses of DerivativesTypes of DerivativesOther Financial DerivativesThe Derivatives Market in

Singapore

B The Framework For MakingInvestment DecisionsFundamental AnalysisTechnical and Statistical AnalysisSentiment

C Fundamental AnalysisFiscal Policy and Treasury OperationsMonetary Policy and Central Bank

OperationsFactors Affecting Interest Rates and

Yield CurvesFactors Affecting Foreign Exchange

RatesFactors Affecting Stock Markets

D Technical and Statistical AnalysisTechnical AnalysisCharts and ChartingDow TheoryTrendlines and Channels, Support and

ResistanceVolume and Open InterestMajor Chart PatternsStatistical AnalysisElliot Wave TheoryCycle TheoryRandom Walk TheoryContrarian Theory

E FuturesIntroduction to the Futures IndustryElements of Financial FuturesContract SpecificationsFinancial Futures Versus Cash MarketApplications of Futures Contracts

F Strategies for Futures MarketsParticipants in Futures MarketsSpeculating and TradingHedging and Portfolio ManagementArbitraging

G Trading Risk Control andManagementCategories of Risks and MeasurementSegregation of ResponsibilitiesAccounting Procedures

H OptionsWhat is an Option?Introduction to Options TradingDefinitions and Basic ConceptsPricingValuation Models

ARisks in Trading Options (And

Derivatives In General)Option-Based StrategiesMarket Outlook StrategiesOther Types of Options

I Warrants and Other InvestmentProductsCompany WarrantsStructured WarrantsExotic Options / Warrant Structures

and FeaturesOther Investment ProductsMarket Outlook and Products

J Basics of Structured ProductsWhat is a Structured Product?Components of a Structured ProductDifferent Types of Structured ProductsSimilarities and Differences Between

the Product CategoriesUses of Structured ProductsSuitability of Structured Products to

Investors

K Key RisksKey Risks of Structured ProductsGeneric RisksSummary

L Structured NotesWhat is a Structured Note?IssuerWrapperWhat Type of Investors Would Invest in

Structured NotesDocumentation Required for

Structured NotesExamples of Structured NotesAfter Sales

M Structured Funds and StructuredExchange Traded FundsStructured Funds

What is a Structured Fund?How Are Structured Funds Different

from Traditional Mutual Funds?How Are Structured Funds Different

from Trackers?Input Parameters for a Structured

FundThe Usage of Derivatives Contracts

within a Structured FundVarious Structures and DesignCommon TerminologyManager’s Functions and

ResponsibilitiesTrustee’s Functions and

ResponsibilitiesWhat Type of Investors Would Invest

in Structured FundsWhen Are Structured Funds

Unsuitable for InvestorsTypical Types of DocumentationTypes of RisksPotential Conflicts of InterestHow to Best Manage the Underlying

Risk Exposure(s) in a StructuredFund

Common Examples of StructuredFunds

After SalesStructured Exchange Traded Funds

(ETFs)What is a Structured ETF?GovernanceWhat Types of Investors Invest in

Structured ETFsWhen Are Structured ETFs Unsuitable

For InvestorsRisks of Structured ETFsCommon Examples of Synthetic ETFsAfter Sales

N Comparison of Different Types ofStructured ProductsSame Wrapper, Seemingly Same

Structures but Different FeaturesSimilarities and Differences If the

Structure Were In Various FormsCross-Product Case Study

O Introduction to Other FinancialDerivativesKnock-Out ProductsContracts for Differences (CFDs)Extended Settlement (ES) Contracts

P Knock-Out ProductsComplex OptionsBarrier OptionsTypes of “Knock-Out” Barrier OptionsCallable Bull / Bear Contracts (CBBCs)Risks Involved in CBBC InvestmentsSimilarities and Differences Between

Knock-Out Products and StructuredWarrants (Or Other Products)

Q Contracts for Differences (CFDs)Introduction to Contracts for DifferenceTrading Mechanisms for CFDs (Including

Examples)Global Trading OpportunitiesCFD Trading StrategiesRisks of Investing in CFDs

R Extended Settlement (ES) ContractsWhat Is An Extended Settlement (ES)

Contract?What Types of Investors Would Invest in

ES ContractsRisks of Trading ES ContractsContract Specifications and Trading

and Settlement of ES ContractsCalculation of Profit and Loss for ES

ContractsMarking-To-Market and MarginingManaging PositionsComparing ES Contracts with Contra

and Margin Financing

S Case StudiesCase Studies on Structured NotesCase Studies on Structured FundsCase Studies on Knock-Out Products

Rules and Regulations for REIT Management, with Product Knowledge and Analysis

administered by IBF

module 10SECTION I : INTRODUCTIONA Introduction to Singapore Real

Estate Investment Trusts (S-REITs)Overview and HistoryStructure and Nature of an S-REITKey Elements of an S-REIT and Roles

of Key Participants in an S-REITRegulatory BodiesLegislation, Rules & RegulationsDifferences Between S-REIT and

Securities Collective InvestmentSchemes

SECTION II : PRODUCT KNOWLEDGEB Introduction to the Property Market

Property Market (Asset Classes &Geographical)

Types of Asset ClassesReal Estate as an Asset ClassFeatures of Property as an InvestmentAdvantages of Real Estate InvestmentDisadvantages of Real Estate

InvestmentPortfolio Diversification (Asset Class

& Geography)Global Real Estate Markets

C Yield Considerations For PropertyInvestmentYield ConsiderationsValuationValuation Methodology

D Basic Asset Management of PropertyWhat is Asset Management?What is Property Management?Outsourcing of Property Management

FunctionsLeases

E Basic Structuring of an S-REITDifferences Between Listed and

Private VehiclesCapital StructureDebt and Equity Allocation

F Pricing and Investing In An S-REITPricing an S-REITInvesting in an S-REIT: Key Drivers for

Success

G Key Ratios and PerformanceMeasuresCapitalisation RateDeposited PropertyNet Property IncomeEBITDAEquity Market CapitalisationDistributable IncomeDistributions Per UnitDistribution YieldAggregate LeverageNet Asset ValuePrice to Net Asset ValuePremium/Discount to Net Asset ValueWeighted Average Lease Expiry

(“WALE”)Usage MixTotal ReturnsDebt HeadroomInterest Coverage Ratio (“ICR”)Debt Service Cover Ratio (“DSCR”)

H Due DiligenceOverview of the Due Diligence ProcessScope of Due DiligenceObjectives of Due DiligenceAreas of Due DiligenceDue Diligence (Property / Technical)Due Diligence (Legal)The Due Diligence ProcessVerification Meeting

SECTION III : RULES & REGULATIONSI Legal Framework of S-REITs and Property

Funds GuidelinesIntroductionDefinition of “Collective Investment Scheme”Offers of Units in a Collective Investment

SchemeAuthorised Collective Investment SchemesTrusteeManagerTrust DeedPermissible and Restricted InvestmentsValuationsAggregate Leverage LimitsMaintaining a Register of ParticipantsAccounts and ReportsOther Operational ObligationsRelated Party TransactionsApplication for Authorisation of S-REITRevocation, Suspension or Withdrawal of

AuthorisationWinding Up an S-REIT

J Regulatory Requirements relating to Offer ofUnits in S-REITProspectus Requirements Under the

Securities and Futures ActDisclosure DocumentsInformation to be Included in Disclosure

DocumentsLiabilities for Not Complying with the

Prospectus RequirementsLodgment and Registration of Disclosure

DocumentsLodgment of Supplementary Documents or

Replacement DocumentsDuration of Validity of ProspectusStop Order / Interim Stop OrderRestrictions on AdvertisementsListing Requirements Under the Listing

ManualUse of the Terms “Real Estate Investment

Trust” or “REIT”

K Continuing Listing ObligationsIntroductionAnnouncements and NotificationsPeriodic ReportsFree FloatListing FeesCorporate GovernanceRelated Party TransactionsTake-Overs Involving S-REITsCirculars to UnitholdersOperational Matters

L Market ConductIntroductionTypes of Market Misconduct in Relation to

SecuritiesInsider TradingExtra-Territorial Jurisdiction Clause for

Insider Trading

Corporate Disclosure Policy Under theSGX-ST Listing Manual

Best Practices on Dealing in SecuritiesPenalties for Market Misconduct and

Insider Trading

M Prevention of Money LaunderingIntroductionProcess of Money LaunderingSources of Law Governing Money

Laundering and Terrorism FinancingCorruption, Drug Trafficking and Other

Serious Crimes (Confiscation of Benefits)Act

Liabilities for Breaching the Five BasicMoney Laundering Offences

Failure to Comply with Enforcement LawAgencies

Record Retention Obligation Under CDSANew Reporting System for Cross Border

Movements of Physical Currency andBearer Negotiable Instruments

Anti-Terrorism Financing LawMAS Notice and Guidelines on Prevention

of Money Laundering and Counteringthe Financing of Terrorism

Basic Principles and Policies to CombatMoney Laundering and TerrorismFinancing

Customer Due Diligence (“CDD”)Simplified CDDEnhanced CDDPerformance of Customer Due Diligence

Measures by IntermediariesRecord Keeping Obligations Under MAS

NoticeReporting Suspicious TransactionsInternal Policies, Compliance, Audit and

Training

N Conduct of BusinessIntroductionReturns to the MASRegister of Interests in SecuritiesBase Capital RequirementTotal Risk RequirementRegister RepresentativesRecord Keeping RequirementsPenaltiesCertain Representations ProhibitedOutsourcing arrangements

O Differences between Real EstateInvestment Trusts and BusinessTrustsIntroduction to Business TrustsRegulatory RegimeUse of the Term “Real Estate Investment

Trust” by a Business TrustOwnership RightsKey Operational ConceptsEnhanced Reporting Requirements of a

Business TrustBoard Composition of a Business TrustStaffing RequirementsIssue of UnitsRemoval of Trustee-Manager and ManagerLicensing FrameworkRights of Unitholders and Creditors Rights

16 Appendix