All Equities 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 equity 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 Question and Answer Guide (March 2017 edition) is the syllabus of the JSE Equity Compliance Officers Examination prescribed by the JSE in terms of equities rule 4.30.1. The syllabus is comprised of questions and answers arranged in the themes set out in the table below. Each theme may consist of definitions, rules, directives or Sections of the Act related to the theme.
|General||Section 2||1 to 7|
|Authorisations and Approvals||Section 3||8 to 41|
|Management and Control||Section 4||42 to 64|
|Prudential Requirements||Section 5||65 to 96|
|Trading||Section 6||97 to 170|
|Market Conduct||Section 7||171 to 176|
|Conduct of Business||Section 8||177 to 290|
|Client Assets||Section 9||291 to 324|
|Settlement||Section 10||325 to 357|
|Complaints and Disputes||Section 11||358 to 385|
|Supervision and Enforcement||Section 12||386 to 391|
|Default||Section 13||392 to 396|
|Krugerrands||Section 15||397 to 407|
Further information regarding accessing the learning material and updates can be found in the section below.
The exam consists of 65 questions randomly selected from the syllabus. It is a manual written exam and not an electronic multiple-choice examination. Mark allocations vary, ranging from half a mark to twelve marks per question.
The duration of the examination is two hours. A total of 65 questions for 130 marks will be asked and a candidate must achieve 65% to pass.
A number of questions and answers with a zero mark allocation have been included in the Question and Answer Guide for completeness and to give candidates a broad view of the contents of the JSE Equities rules and directives and the Act. However, it is important to note that candidates will not be tested on these questions.
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 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 email.
- Confirmation that SAIFM has received proof of payment should be made telephonically (011 802 4768) once emailed.
- 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 email the payment if paying via EFT. It is advisable to forward the proof of payment to SAIFM once you have received it from the bank 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 take place on Mondays, Wednesdays and Fridays (excluding December and public holidays) and within the six-month time period (see time limits below within which exams must be taken). An appointment should be made at least 7 (seven) business days in advance of the day on which the candidate wishes to write. SAIFM will try as far as possible to provide a venue as close to the candidate as possible, making use of its extensive network of exam centres. If not possible, SAIFM will arrange an exam at the nearest possible venue. 48 hours’ notice of cancellation is needed, if this is not met, the candidate will be charged a cancellation fee, which must be settled before another exam booking will be made. Bookings can only be made through SAIFM’s offices by contacting Hayley Pfeifer or Susan Jansen van Rensburg. Bookings will only be accepted if the payment has been received.
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
Exam results will be emailed to the candidate approximately 15 working days after the examination. This will be proof of the result of the exam with the score indicated on the printout.
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 Equity Compliance Officer exam is R1294-00 (Inc. VAT). 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 R1294-00 (Inc. VAT) effective 1 August 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 email@example.com 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.