Exam focus
CMFAS RES dealing modules and capital-markets product knowledge modules for dealing in capital markets products.
Who this helps
- - Securities dealers
- - Derivatives dealers
- - Fund distribution representatives
- - Brokerage and platform compliance teams
Route map
- 1. Start with the product and venue: securities, units in a collective investment scheme, exchange-traded derivatives, OTC derivatives, leveraged FX, approved-exchange member, or non-exchange member.
- 2. Use IBF's current CMFAS filter and MAS SFA 04-N22 materials to identify whether RES 1A, RES 1B, exchange add-ons, RES 2A, RES 2B, RES 12B, CM-EIP, CM-SIP, or CM-CMP style analysis is relevant.
- 3. Separate dealing in capital markets products from advising, fund management, corporate finance, REIT management, and trading-platform operation.
- 4. After passing relevant modules, the principal still needs to lodge the MAS representative notification before the individual conducts regulated activity.
Licensing context
- - CMFAS passes are representative competence evidence, not a CMS licence for the individual.
- - A dealing role depends on the principal's CMS licence or exemption, product scope, client type, exchange membership, and supervision model.
- - A securities or CIS dealing workflow can overlap with fund marketing, advice, custody, client assets, cross-border solicitation, and platform controls.
Study focus
- - Map the role to product and venue before choosing modules.
- - Build vocabulary around capital markets products, order flow, client classification, product knowledge, suitability/knowledge assessments, disclosures, and conduct controls.
- - Keep module evidence with representative notification, role scope, supervisor, product permissions, and MAS FID/register review.
What to verify before relying on the route
- - Whether the person deals in securities, CIS, derivatives, FX, or a mix.
- - Whether the principal is a CMS licensee, exempt financial institution, exchange member, non-exchange member, fund manager, or platform operator.
- - Whether product-knowledge modules, RES modules, add-on modules, exemptions, or transitional rules apply under current MAS and IBF materials.
Application tie-in
- - The CMS application or representative file should show the product scope, client type, dealing workflow, supervision, and representative-notification timing.
- - Policies should cover order handling, product due diligence, client classification, disclosures, complaints, AML/CFT, and records.
- - Public register checks should be planned after appointment and before client-facing activity.
Common mistakes
- - Choosing a dealing module from an old Module 1/2/6 label without checking the current RES/CM-EIP/CM-SIP/CM-CMP structure.
- - Treating a CMFAS pass as permission to deal before MAS notification.
- - Ignoring whether the principal is an exchange member, non-exchange member, fund manager, or exempt financial institution.
Paper and module study maps
- - CMFAS RES 1 study map for securities dealers: Rules, Ethics and Skills route for dealing in securities and/or units in collective investment schemes.
- - CMFAS RES 2 study map for derivatives and leveraged FX dealers: Rules, Ethics and Skills route for derivatives dealers, exchange members, non-exchange members, and leveraged FX contexts.
- - CMFAS RES 12B study map for securities and derivatives dealers: Rules, Ethics and Skills for Securities and Derivatives Dealers of Non-Exchange Members.
- - CMFAS CM-EIP, CM-SIP and CM-CMP product knowledge study map: Capital markets product knowledge modules for excluded investment products, specified investment products, and combined capital markets products.
Disclaimer
Information on LicenseCompare is for general educational purposes only and does not constitute legal, regulatory, financial, tax, investment, or professional advice. Licensing requirements depend on facts and change over time. Always consult official regulator materials and qualified professional advisers.