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Monetary Authority of Singapore

CMFAS RES 2 study map for derivatives and leveraged FX dealers

How Singapore RES 2A, RES 2B, exchange add-ons, and derivatives product scope fit derivatives, OTC derivatives, and leveraged FX dealing representatives.

Exam focus

Rules, Ethics and Skills route for derivatives dealers, exchange members, non-exchange members, and leveraged FX contexts.

Who this helps

  • - Derivatives dealing representatives
  • - Leveraged FX dealing staff
  • - Exchange-member dealing teams
  • - Compliance teams checking derivative product scope

Why this matters

  • - IBF's current CMFAS filter separates derivatives/leveraged FX dealing by approved-exchange member status and named exchanges.
  • - Derivatives representatives may need exchange add-on analysis, product-knowledge analysis, or combined securities/derivatives analysis.
  • - Derivatives, OTC derivatives, and leveraged FX create higher conduct, disclosure, margin, suitability, and risk-control expectations.

Study map

Derivative dealing facts

  • - Map product type, exchange membership, client type, margin/leverage, order flow, execution venue, and advisory boundary.
  • - Separate exchange-traded derivatives, OTC derivatives, leveraged FX, securities/CIS dealing, and trading-platform operation.

Representative evidence

  • - Keep RES 2 module evidence with product scope, supervisor, risk disclosures, client classification, margin controls, and notification records.
  • - Check whether CM-SIP, CM-CMP, RES 12B, or exchange add-ons are relevant.

Licensing tie-in

  • - RES 2 evidence supports a derivatives dealing representative route, not independent permission to deal.
  • - The principal's CMS licence, exchange membership, approved-exchange status, and product scope matter.
  • - Derivative dealing workflows should be linked to risk disclosure, margin, suitability/knowledge assessments, complaints, and records.

Booking and sponsorship

  • - Use IBF's CMFAS filter and new-CMFAS announcement for current derivatives module naming and add-on context.
  • - Use MAS SFA 04-N22 and FAQs before relying on exemptions or transition arrangements.
  • - Keep official result slips with role, product, supervision, and notification evidence.

Verify before studying

  • - Whether the principal is a member of SGX-DT, ICE Futures Singapore, APEX, or not a member of an approved exchange.
  • - Whether the person deals in exchange-traded derivatives, OTC derivatives, leveraged FX, securities, CIS, or combinations.
  • - Whether advisory activity, trading-platform operation, or product-knowledge modules add further requirements.

Common mistakes

  • - Using a securities-dealing route for derivative or leveraged FX activity.
  • - Missing exchange add-on analysis.
  • - Ignoring margin, risk-disclosure, and suitability controls when planning only the exam.

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.