The regulators in the financial sector have different requirements pertaining to examinations, qualifications and experience regarding regulated positions in the financial sector. When considering your career path which may include regulated positions, it is important to ensure that you select the correct prescribed or recognised examinations before registering. In this respect, it is advisable to consult your company’s compliance officer, who may be best placed to evaluate what you may need for the position that you currently occupy or wish to qualify for.
SAIFM has summarised the various rules and directives of the exchanges and regulators to assist in making the correct decision when selecting the prescribed or recognised examination to qualify for certain regulated positions or to enhance your career prospects. The summary will list the functions that are regulated in respect of each regulator namely the JSE, Strate and Financial Sector Regulator (FSCA). PLEASE NOTE: SAIFM CANNOT ACCEPT RESPONSIBILITY FOR ADVISING YOU ON WHICH EXAMS YOU MUST DO FOR REGULATORY PURPOSES. YOUR COMPLIANCE OFFICER OR THE RELEVANT EXCHANGE/FSCA SHOULD BE CONSULTED.
JSE Ltd (in terms of the rules and directives of the various markets)
Managing investments, providing investment advice and executing transactions on the JSE
Equity securities traded on the JSE equity trading system.
An employee of a member of the JSE (authorised user) who exercises discretion in the management of equity securities traded on the JSE equity trading system or provides investment advice on any transaction in such securities must pass the following Registered Persons Examinations modules:
- Regulation and Ethics of the SA Financial Market
- Introduction to Financial Markets
- The Equity Market
An employee of a trading member of the JSE (authorised user) who executes transactions in equity securities traded on the JSE equity trading system must pass the JSE Registered Securities Trader Exam.
Derivative securities traded on the JSE derivatives trading system
An employee of a member of the JSE (authorised user) who exercises discretion in the management of derivative securities traded on the JSE derivatives trading system, provides investment advice on or executes any transaction in such securities must pass the following Registered Persons Examinations modules:
- Regulation and Ethics of the SA Financial Market
- Introduction to Financial Markets
- The Equity Market
- The Derivatives Market
Agricultural derivatives traded on the JSE commodities trading system
An employee of a member of the JSE (authorised user) who exercises discretion in the management of agricultural derivatives traded on the JSE commodities trading system or provides investment advice on any transaction in such securities must pass the following Registered Persons Examinations modules:
- Regulation and Ethics of the SA Financial Market
- Introduction to Financial Markets
- The Derivatives Market
- Agricultural Products Market Dealers Exam
An employee of a trading member of the JSE (authorised user) who executes transactions in agricultural derivatives traded on the JSE commodities trading system must pass the Agricultural Products Market Dealers Exam
Foreign commodity derivatives traded on the JSE commodities trading system
An employee of a member of the JSE (authorised user) who exercises discretion in the management of foreign commodity derivatives traded on the JSE commodities global markets trading system, provides investment advice on or executes any transaction in such securities must pass the following Registered Persons Examinations modules:
- Regulation and Ethics of the SA Financial Market
- Introduction to Financial Markets
- The Derivatives Market
Bonds traded on the JSE interest rate and currency trading system
An employee of a member of the JSE (authorised user) who exercises discretion in the management of bonds traded on the JSE interest rate and currency trading system or provides investment advice on any transaction in such securities must pass the following Registered Persons Examinations modules:
- Regulation and Ethics of the SA Financial Market
- Introduction to Financial Markets
- The Bond Market
- The South African Money Market
An employee of a trading member of the JSE (authorised user) who executes transactions in bonds traded on the JSE interest rate and currency trading system must pass the following Registered Persons Examinations modules:
- Regulation and Ethics of the SA Financial Market
- Introduction to Financial Markets
- The Bond Market
Interest rate derivatives traded on the JSE interest rate and currency trading system
An employee of a member of the JSE (authorised user) who exercises discretion in the management of interest rate derivatives traded on the JSE interest rate and currency trading system or provides investment advice on any transaction in such securities must pass the following Registered Persons Examinations modules:
- Regulation and Ethics of the SA Financial Market
- Introduction to Financial Markets
- The Bond Market
- The Derivatives Market
- The South African Money Market
An employee of a trading member of the JSE (authorised user) who executes transactions in interest rate derivatives traded on the JSE interest rate and currency trading system must pass the following Registered Persons Examinations modules:
- Regulation and Ethics of the SA Financial Market
- Introduction to Financial Markets
- The Bond Market
- The Derivatives Market
Currency derivatives traded on the JSE interest rate and currency trading system
An employee of a member of the JSE (authorised user) who exercises discretion in the management of currency derivatives traded on the JSE interest rate and currency trading system or provides investment advice on any transaction in such securities must pass the following Registered Persons Examinations modules:
- Regulation and Ethics of the SA Financial Market
- Introduction to Financial Markets
- The Derivatives Market
- The South African Forex Market
An employee of a trading member of the JSE (authorised user) who executes transactions in currency derivatives traded on the JSE interest rate and currency trading system must pass the following Registered Persons Examinations modules:
- Regulation and Ethics of the SA Financial Market
- Introduction to Financial Markets
- The Derivatives Market
JSE authorised investments not traded on a JSE market
An employee of a member of the JSE (authorised user) who exercises discretion in the management of JSE authorised investments not traded on a JSE market or provides investment advice on any transaction in such securities must pass the following Registered Persons Examinations modules:
- Regulation and Ethics of the SA Financial Market
- Introduction to Financial Markets
- The Equity Market
Compliance Officers A compliance Officer is an employee of a member of the JSE (authorised user) who ensures compliance with legislation and the rules. To register as a compliance officer for an equity market member of the JSE, one must pass the JSE Equity Compliance Officer Exam. To register as a compliance officer for the derivative securities, agricultural derivatives, and foreign commodity derivatives markets, one must pass the JSE Derivatives Compliance Officer Exam. To register as a compliance officer of a member of the JSE interest rate and currency market, you must pass the following Registered Persons Examination modules:
- Regulation and Ethics of the SA Financial Market
- Introduction to Financial Markets
- The Bond Market
In addition to the above, if the member is authorised to trade in interest rate or currency derivatives, a compliance officer must also pass the following module of the Registered Persons Examinations:
- The Derivatives Market
Settlement Officers A settlement officer is an employee of a member of the JSE (authorised user) who is responsible for ensuring the settlement of trades. To register as a settlement officer for an equities member of the JSE, you must pass the JSE Equity Settlement Officer Exam. To register as a settlement officer for a member who trades bonds on the interest rate and currency market of the JSE, you must pass the JSE Cash Bonds Settlement Officer Exam.
Strate
Modules and variants of the Strate examinations
The Strate exams now consist of five modules.
- Strate Module 1 – Understanding Strate and the financial markets
This module is compulsory for anyone wishing to write the Strate exams (including compliance and settlement officers).
The module introduces the essential role that Strate plays in the South African financial markets and how it benefits the larger financial ecosystem. It covers the regulatory and legislative framework within which Strate operates, as well as risk management, compliance officers’ responsibilities, and how Strate facilitates secure transactions across various dematerialised security types for issuers and investors. Securities lending and borrowing and collateral management in the Strate environment are also covered.
The other four modules, which cover bonds, money markets, equities, and Collective Investment Schemes (CIS) are elective modules.
Compliance officers are required to write all five of the modules.
We no longer have separate modules and exams for settlement officers. All relevant content has been streamlined into the above modules to ensure consistency in learning. All settlement officers will need to write the Module 1 exam. They will then choose the elective modules relevant to them from bonds, money markets, equities, or collective investment schemes (CIS).
FSCA: Financial Services Providers (FSPs) as defined in the FAIS Act, 2002.
Recognised qualifications (including class of business training and product specific training for financial products covered by the RPE)
Board Notice 194 of 2017: Determination of fit and proper requirements for financial services providers
- class of business and product specific training in respect of investments (Annexure 4, Table 1);
- financial products (shares, bonds, money market instruments, derivatives, etc. (Annexure 3,Table 1)
RPE: Specialisation in the Equity Market
- Regulation and Ethics of the SA Financial Market
- Introduction to Financial Markets
- The Equity Market
RPE: Specialisation in the Bond Market (compliance)
- Regulation and Ethics of the SA Financial Market
- Introduction to Financial Markets
- The Bond Market
RPE: Specialisation in the Bond Market (Trader)
- Regulation and Ethics of the SA Financial Market
- Introduction to Financial Markets
- The Bond Market
- The South African Money market
RPE: Specialisation in the Futures Market
- Regulation and Ethics of the SA Financial Market
- Introduction to Financial Markets
- The Equity Market
- The Bond Market
- The Derivatives Market
RPE: Specialisation in the Yield-X Market
- Regulation and Ethics of the SA Financial Market
- Introduction to Financial Markets
- The Bond Market
- The Derivatives Market
- The South African Money Market
RPE: Specialisation in the Currency Derivatives Market (Advice)
- Regulation and Ethics of the SA Financial Market
- Introduction to Financial Markets
- The Derivatives Market
- The South African Money Market
RPE: Specialisation in the Currency Derivatives Market (Trader)
- Regulation and Ethics of the SA Financial Market
- Introduction to Financial Markets
- The Derivatives Market
RPE: Specialisation in the Foreign Exchange Market
- Regulation and Ethics of the SA Financial Market
- Introduction to Financial Markets
- The South African Foreign Exchange Market
RPE: Specialisation in the Money Market
- Regulation and Ethics of the SA Financial Market
- Introduction to Financial Markets
- The South African Money Market
RPE: Agricultural Products
- Regulation and Ethics of the SA Financial Market
- Introduction to Financial Markets
- Agricultural Product Market Dealers
Qualifications, Experiences and Criteria for the Approval as a Compliance Officer, 2010, as published by Board Notice 127 of 2010 in Government Gazette No. 33537 on 9 September 2010, and as amended by Board Notice 148 of 2016 in Government Gazette No. 40239 on 31 August 2016.
The RPE: Specialisation in the Equity Market has been listed as a qualification recognised for compliance officers in terms of FAIS in General Notice 2815 as published in Government Gazette No. 47632 on 2 December 2022
RPE: Specialisation in the Equity Market
- Regulation and Ethics of the SA Financial Market
- Introduction to Financial Markets
- The Equity Market
SAQA recognition
The RPE is recognised by SAQA as an RPL intervention for non-graduates for purposes of obtaining membership and the registered designation MIFM. Membership of SAIFM is an important step for one’s career as a very thorough vetting process applies when application for full membership is made, including an evaluation of work experience and other relevant factors.
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