All derivative securities, agricultural derivatives, and foreign commodity derivatives member firms are required by the JSE rules to appoint a compliance officer to ensure compliance by the member with the provisions of the Security Services Act, the Rules and Directives of the JSE and Board decisions. It is stipulated in the rules that such compliance officers shall have obtained a pass in the Derivatives Compliance Officer Examination as prescribed by the JSE.
Amongst other things, the compliance officers are fully responsible to the JSE for the actions of the member including its officers and employees, and are also subject to disciplinary powers and procedures of the JSE. In addition, they are required to report any apparent contraventions of the Act, the Rules and Directives of the JSE or Board decision to the JSE Director: Surveillance.
The JSE Derivatives Compliance Officer Examination Material (September 2015 edition) consists of selected extracts of the Financial Markets Act (Act no 19 of 2012), the Derivative Rules, as amended at 20 February 2015 and the Financial Advisory and Intermediary Services Act, 2002.
Duration: 1 hour
Number of questions: 50
Competency (Pass) mark: 64%
No negative marking.
The system will keep time in accordance with the downloading speed of a particular Internet connection. In other words no time will be lost if the download is slower than normal. An eye should be kept on the timer displayed at the right hand corner of the Examination Title Screen to keep track of time. If the time runs out, the examination will automatically terminate and the score will be calculated.
The system is specifically designed to save any questions submitted so that in the case of a power failure or internet interruption, no data will be lost. In the event of a candidate not being able to continue the exam within a reasonable period of time due to a power failure or internet interruption, the exam must be abandoned. The questions already answered will be deleted and a new appointment must be made to retake the exam from the start.
In the event of any delay in starting or any interruption of the exam, the candidate is entitled to reschedule the exam appointment. In the case of a decision to wait for the cause of the delay to be resolved and start or carry on with the exam, there can be no recourse taken with SAIFM should the outcome of the exam not be a pass.
Log in with the identity number or passport number that was used to enrol. Please leave out all alphabetical spacing symbols (-) and spaces
- Select the examination that will be taken.
- The invigilator at the testing centre will unlock the exam session.
- The Exam Title Page and instructions will display.
The navigation bar has the following options:
Back: Regress to the previous question without submitting an answer to the current question.
Submit: Saves the answer selected for the current question and continues to the next question.
Progress indicator: Shows the list of questions that have already been answered. To change the answer of a question that has already been answered, select the question number in the dropdown box below the progress window and select “GO”.
Leave unanswered: Allows a candidate to change an already answered question back to unanswered.
Review answers: Once the end of the examination has been reached and there is still some time left, the options to Submit Answers as Final or Review Answers will display. Selecting Review Answers will revert back to the start of the exam to enable the candidate to browse each question and view the answers selected. At any stage during the review, and while there is still time available, any answers given can be changed. The navigation dropdown box can also be used to go to the end of the exam to submit answers as final
Final submission of answers: Once the end of the examination has been reached and there is still some time left, the options to Submit Answers as Final or Review Answers will display. Once the Submit Answers as Final option has been selected, the final score will be calculated and no further changes to answers will be possible.
Enrolment and Payment
Enrolment takes places online via the SAIFM Virtual Exam Centre. To create or update a profile, select Enrol and enter an identity or passport number. If the database contains information linked to the identity or passport number, the information will display and any changes can be updated. If no information is linked to the identity or passport number, the required information must be completed.
Time limits within which exams must be taken
Exams must be taken within 6 months of date of payment. After the 6-month period, the right to take the assessment lapses and no refunds will be made. Should a candidate wish to take the exam after the 6-month period, the exam will have to be repurchased.
Purchase the exam by credit card
The exam(s) can be purchased by adding them to the shopping basket at the Virtual Exam Centre and proceeding to checkout to pay by credit card through the secure credit card facility.
Access to the learning material will be automatic after the payment has been made.
Purchase the exam by cash, cheque or electronic transfer
SAIFM staff cannot accept cash payments. Any cash payment should therefore be deposited into the SAIFM bank account by the candidate.
The following procedure applies when paying by cash, cheque or electronic transfer (EFT):
- Proof of the payment (stamped bank deposit slip or EFT confirmation) must be sent to SAIFM either via fax to 011 802 3476 or via email to either Hayley Pfeifer or Susan Jansen van Rensburg.
- The candidate’s name, ID number and title(s) of the exam(s) to be purchased must be clearly noted on the fax or email.
- Confirmation that SAIFM has received proof of payment should be made telephonically (011 802 4768) once emailed or faxed.
- Loading an exam is not automatic as is the case with credit card transactions and can take up to 2 business days for SAIFM staff to process.
It is very important to note that if the above procedure is not followed correctly, the exam(s) may not be loaded. Candidates should NOT instruct the bank to automatically fax the payment if paying via EFT. It is advisable to forward to proof of payment to SAIFM with the required details, thus ensuring it has been correctly done.
Payments made by employers
Should an invoice be required before a payment can be made, an email request can be sent to Hayley Pfeifer or Susan Jansen van Rensburg. The following information must be supplied when requesting an invoice:
- Name of company
- Address of company
- VAT number of company
- Name(s) of candidate(s) (Note all candidates must have their information registered on the Virtual Exam Centre before an invoice will be issued)
- ID or Passport number of candidate
- Exams(s) required for the candidate(s)
Cheques referred to drawer
Cheques that are referred to drawer by the bank will be subject to such fee that the bank may charge.
The SA Institute of Financial Markets
First National Bank
Wierda Valley Branch
Branch Code: 260950
Account No.: 50970011471
Exams loaded can be checked by logging onto Virtual Exam Centre using the identity or passport number that was used when enrolling. It is advisable to confirm registration in all cases where a credit card payment was not used.
The learning material is designed to be a self-study workbook. It contains all the information necessary to pass the examination.
Candidates must ensure that the correct learning material is being studied. SAIFM cannot be held responsible if the incorrect learning material is used. The latest edition is stated in the syllabus details on the relevant exam webpage.
Accessing the learning material
The learning material can be downloaded from the Virtual Exam Centre once the exam has been paid for. If purchase takes place by credit card through the secure e-commerce facility, the learning material will be available immediately. In the case of payment by electronic transfer, the exam will be loaded by SAIFM staff within 2 business days of confirmation of receiving the faxed or e-mailed proof of payment.
Once the exam has been purchased, the learning material will be available for download until the exam has either been taken or the six-month time period (see time limits within which exams must be taken) has elapsed.
SAIFM is able to download and print the learning material on behalf of candidates who do not have access to a printer. Such hard copies may be purchased once the exam has been paid for.
Learning material is amended from time to time.
If the learning material is replaced with an updated version that affects the exams or new learning material, notice will be given to registered candidates of the changeover to the new exam. This fact will also be advertised on both www.saifm.co.za and www.virtualexamcentre.co.za. Candidates may therefore, before the changeover date, write an exam based on the old material while the new material will be examined from the changeover date. The new book will be e-mailed to learners on request from the date of notice until the changeover date.
Strict email filters and incorrectly supplied addresses could hinder delivery of notifications and SAIFM cannot guarantee that email notifications are always delivered. Candidates are thus advised to check the SAIFM website for notices that may affect learning material before booking to write an exam.
Should a candidate study from the incorrect learning material and notices regarding updates have been published, there can be no recourse taken against SAIFM.
Exam dates and booking for exams
Exams do not take place on set dates, but on any date that suits the candidate as long as it falls on a business day within the 6-month time limit (see time limits within which exams must be taken) and subject to the availability of an opening at the exam venue concerned.
When booking an exam date it is advisable to give 3-5 business days’ notice. That way, the desired date and time is more likely to be available.
Most exam venues (including SAIFM’s offices) close for a period during the festive season in December. This should be taken into consideration when planning to make an exam booking.
SAIFM makes use of an extensive network of exam venues countrywide in order to accommodate candidates not only within the borders of South Africa but in countries bordering South Africa as well as abroad.
SAIFM will endeavour, where possible, to accommodate candidates who are unable to secure an exam booking within a reasonable period of time, or if there is no exam venue within a reasonable distance of the candidate.
Candidates should familiarise themselves with the exam venues’ rules and procedures regarding bookings and cancellations. Exam venues are entitled to charge a cancellation fee, which may have to be paid before they will accept another booking, should a candidate fail to arrive for a booked exam appointment, or give insufficient notice to cancel the appointment.
A list of exam venues can be found here.
Booking the exam appointment
Once a candidate has studied the learning material and is ready to take the exam, the exam venue of choice can be contacted directly to book an appointment.
Should a candidate prefer to take the exam manually (i.e. not online), the arrangements must be made directly with SAIFM. Hayley Pfeifer or Susan Jansen van Rensburg are able to assist in this regard.
First time candidates are advised to take the demo exam prior to doing the exam to become familiar with the format and feel of the exam. The demo exam has no bearing whatsoever on the learning material. It is simply a fun tutorial of the exam system.
Candidates are required to present an identity document or passport when taking the exam and will not be allowed to take the exam if no official identification is presented. Candidates are also required to sign the SAIFM attendance register, which will be kept at each exam venue.
Should a candidate dispute the correctness of a question or questions, an appeal against the final result can be made by completing and submitting the appeal request form along with the proof of payment of the appeal fee, which must be done within 14 days of the exam. Although the appeal form requests details of the question disputed, it is not essential that such information be provided, as the whole paper is re-marked to check for errors.
Should it be found that the question/s was in fact incorrect, credit for the question/s, if necessary, will be awarded and the appeal fee will be repaid. To download the appeal request form, click here.
Results and certificates
In the case of an online exam, the results will be available immediately upon completion of the exam and a printout made thereof. This will be proof of the result of a particular module with the score indicated on the printout.
Results of a manual multiple choice exam can take up to 5 business days to be released.
A certificate will be printed and posted within 6-8 weeks of passing the exam. Arrangements to collect certificates as opposed to receiving them via post can be made with Hayley Pfeifer.
Lost certificates can be reprinted at a cost.
The cost of the JSE Derivatives Compliance Officer exam is R1198-00 (Inc. VAT) applicable only if payment is made and proof thereof received by our office by no later than 31 March 2018 . This allows for:
- One opportunity to take the exam within the six-month time limit (see time limit below within which exams must be taken).
- Access to download the learning material until the exam has either been taken or lapsed (see time limit below within which exams must be taken).
- Access to purchase a hard copy of the learning material until the exam has either been taken or lapsed (see time limit below within which exams must be taken).
- Should the exam need to be retaken, the cost is R1198-00 (Inc. VAT) applicable only if payment is made and proof thereof received by our office by no later than 31 March 2018.
Note that our prices increase on 1 August each year. If payment is made before 1 August but proof thereof not sent and confirmed received by SAIFM by 1 August, when prices increase, the new price will be applicable.
Special exam procedure concessions
If you require any special assessment procedure concessions due to disability, or for any other reasons, please contact Christie-anne van Wyngaardt at firstname.lastname@example.org to make special arrangements to accommodate you.
The following non-negotiable conditions apply to refunds. It is automatically assumed that these conditions have been read and understood when we receive a refund request.
- Refunds can ONLY be made into a South African or Namibian bank account.
- All refunds are subject to a 20% administration fee.
- Refund requests must be submitted on or before the exact expiry date of the exam (see time limits below within which exams must be taken)
- Refunds can only be paid to the person/company that originally made the payment.
- The following information is required for the refund to be processed. (Note: if all of the information is not received or is incorrect, the refund will not be processed)
- Name of Learner
- Title of exam(s) you wish to be refunded for
- Name of account holder
- Name of Bank
- 6 digit branch code
- Account number
- Type of account (i.e. savings, current etc)
To request a refund, please email the above details to Melissa Joao
Exams must be taken within 6 months of date of payment. After the 6-month period, the right to take the exam lapses and no refunds will be made. Should a candidate wish to take the exam after the 6-month period, the exam will have to be repurchased.
It is advisable to purchase exams one at a time to prevent forfeiting any fees paid due to time contraints that may arise as a result of unforseen circumstances.