Capital Market Qualification Examinations

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1 Capital Market Qualification Examinations Candidate Information Bulletin June 2015

2 Table of Contents 1. Definitions 2. Introduction 3. Intellectual Property Rights 4. Authorized Entity for the Administration and Management of CMA Qualification Examination 5. Entities & Persons Authorized to Register for CMA Examinations 6. Available Qualification Examinations 7. Exams Structure & Contents 8. Terms & Conditions for the Registration of Independent Individual. 9. How to Register for the Exams 10. Study Material to Prepare for the Examination 11. Admission Requirements 12. Calculators Allowed in the Exam Room 13. Cancelation and Rescheduling 14. The Right to Cancel an Exam 15. Exam Results 16. Exam Certificate 17. Payment of Exam Registration Fees 18. Violations and Misconduct 19. Violation Reporting and Penalties of Cheating. 20. Adherence to Rules & Regulations of exams 21. Communications between the IoF and the Candidates. 22. Feedback on IoF Services 23. Disclaimer Capital Market Authority Capital Market Institutions Supervision Division 2

3 1. Definitions: The Authority Authorized Person Registered Person CMA Examinations Preparatory Courses Independent Individual The Capital Market Authority (CMA), which includes any committee, or sub-committee or employee or agent who is entrusted with any of the CMA functions. A person who is authorized by the CMA to conduct securities business. A person who is registered with the CMA to carry out any of the registrable functions at an Authorised Person. Qualification Examinations required to perform registerable functions at an Authorised Person.k Preparatory courses for CMA qualification examinations. Any person,either a Saudi citizen, a GCC citizen or any person treated as a citizen based on regulations of the labor office, who registers for the CMA qualification examination on his/her own account, to further his educational interest and is not registered with the CMA to perform any registerable function at an Authorised Persons. The Institute of Finance The Institute of Finance is the entity authorized by CMA to administer and manage all CMA qualification examinations Capital Market Authority Capital Market Institutions Supervision Division 3

4 2. Introduction: The Capital Market Authority is keen on providing the securities and investment market with a professional and qualified cadre of employees. To achieve this goal, CMA has developed a series of qualification examinations as requirements of all registered persons or those who intend to register. The aim is to guarantee that all employees of authorized persons in the Saudi capital market perform their registerable functions with competence and professionalism.(see para.6 herein). Candidates must pass these examinations in order to be licensed for the functions listed in paragraph 4 of the Authorized Persons Regulations (APR) issued by CMA Board, resolution No. ( ) dated 21/5/1426 H, corresponding to 28/6/2005, based on the Capital Market Law issued by the Royal Decree No. M/30 dated 2/6/1424 H. 3. Intellectual Property Rights: CMA owns all the intellectual rights with respect to all the qualification exams. This includes rights over preparatory training material, exam items, answer keys and graphs, authorship rights, publishing rights and other proprietary rights therein. No photocopying, copying, publishing, editing, or transferring of examinations material, in any shape or form, is permitted without prior authorization from CMA. 4. Entity Authorized for the Administration and Management of CMA Qualification Exams. As of 29/2/1435 H, corresponding to 1/1/2014, the Institute of Finance (IoF), is the exclusive entity authorized by CMA to administer and manage all its qualification exams. For information on registration, please visit IOF s website: contact the Exams Operation Unit at the IoF: Tel: / exams@iobf.org Website: Capital Market Authority Capital Market Institutions Supervision Division 4

5 5. Entities & Persons Authorized to Register for CMA Exams Authorised Persons Individuals The Capital Market Authority. Saudi Stock Exchange Company ( Tadawul). Authorised Person Any person approved by CMA 6. Available Qualification Examinations First: Title Exam Title Exam Code No. of Parts Who must take the exam Pre-requisites Exam Fees Exam information General Securities Qualification Examination Certificate CME-1 Two separate parts All registered persons or those intending to register with CMA to perform registerable functions for authorized persons. None 2,500 Saudi Riyals (Two Thousand Five Hundred Saudi Riyals) Saudi Riyals for part 1 and 1250 Saudi Riyals for part 2 per candidate per trial Second: Title Exam Title Exam Code Who must take the exam Pre-requisites Exam Fees Exam information Compliance and Anti-Money Laundering and Counter Terrorist Financing Qualification Certificate CME-2 All registered persons or those intending to register with CMA to perform compliance & AML/CTF functions for authorized persons. General Securities Qualification Examination Certificate : CME-1 2,500 Saudi Riyals (Two Thousand Five Hundred Saudi Riyals). per candidate per trial Capital Market Authority Capital Market Institutions Supervision Division 5

6 Third: Title Exam Title Exam Code Who must take the exam Pre-requisites Exam Fees Exam information Broker-Dealer Qualification Certificate CME-3 All registered persons or those intending to register with CMA to perform local and international brokerage/ dealership functions for authorized persons. General Securities Qualification Examination Certificate : CME-1 2,500 Saudi Riyals (Two Thousand Five Hundred Saudi Riyals). per candidate per trial. 7. Exams Structure & Contents Exam Language Reporting to the Test Center All CMA examinations are available in Arabic and in English. Candidates must be careful to select the desired language when reserving a seat for any examination. Candidates are not allowed to change the exam language after registration is confirmed. 1. Candidates must report to test center at least one hour before the start of the exam to complete admission procedures. 2. Candidates are not allowed to enter the exam room after the start of the exam session. Type of Exam Multiple choice Exam Duration 2 hours (120min) No. of Questions per Candidate 100 Pass Score 70 Exam Attempts 1- A candidate may take the exam for a maximum of five times (five attempts)in one calendar year. The number of attempts will recounted with the beginning of each year. 2- A candidate who fails to pass the exam and intends to be re-take the exam should wait for a period of (15) calendar days after each attempt. Capital Market Authority Capital Market Institutions Supervision Division 6

7 3- If a candidate fails to pass the exam for the third time, he/she should attend a preparatory course at any of the institutions approved by the CMA (see list of providers on CMA website), and should submit to the IoF a certificate confirming attendance of such a preparatory course to be allowed to take the exam for the fourth attempt, should s/he fails in the fourth attempts, he shall sit for the fifth time without attending a preparatory course. 8. Terms & Conditions for the Registration of Independent Individuals Before registering for any CMA qualification examination, independent individuals must fulfil the following requirements: a. Must be either a Saudi citizen, a citizen of the GCC member states or treated as a citizen based on the regulations of the labor office. b. Must have a high school certificate or an equivalent qualification at a minimum Note: Independent individuals who pass CMA examinations are not considered registered with CMA, unless one of the authorized persons makes such a request to CMA. 9. How to Register for the Exams? a. Entities Authorised to register: Registering of candidates in the system is the sole responsibility of the concerned department of the authorized entities. such a department will bear full responsibility for all information and documents entered into the registration system. b. Independent individuals: These candidates must fill in the registration form available on IoF s website and send all required documents to the Exams Operation Unit at the IoF to complete the registration procedure. 10. Study Material to Prepare for the Examination: These materials are available in both English and Arabic on the CMA and IoF websites. Capital Market Authority Capital Market Institutions Supervision Division 7

8 11. Admission Requirements a. ID Policy: To be admitted to the examination center, candidates should produce a government issued valid original ID showing his/her photograph. The ID information must be the same as previously entered in the electronic system at the time of registration. b. Exam Entry Card: Candidates shall not be admitted to the examination room without presenting the admission ticket issued to him/her by the electronic registration system. c. Exam Surveillance: Exam room is under CCTV surveillance systems throughout the duration of the exam. 12. Calculators Allowed in the Exam Room a. Ordinary calculators are allowed b. Only the following financial calculators are allowed : Texas Instruments BA II Plus, ordinary. HP 12C Financial Calculator The memory of the calculators shall be deleted before entry to the examination room. All candidates shall be responsible for any deleted information. 13. Cancelation and Rescheduling a. Registration cannot be cancelled once completed and confirmed. A Candidate may defer or advance the exam via the Registration System, as long as the requested change does not exceed 7 business days prior to the exam actual date.please check the cancelation and rescheduling policy update in the link below: Formatted: Font: Gill Sans MT Light, Font color: Custom Color(RGB(34,30,30)) Formatted: Normal, Indent: Before: 0.25", No bullets or numbering Formatted: Normal, Left, No bullets or numbering Formatted: Font: Gill Sans MT Light, Font color: Custom Color(RGB(34,30,30)) Formatted: Normal, Indent: Before: 0.25", No bullets or numbering 14. The Right to Cancel an Exam Capital Market Authority Capital Market Institutions Supervision Division 8

9 The IoF may change exam dates, times and conditions, and may also cancel the exam in its entirety or at certain exam facility or facilities, if it determines, as it may deem appropriate, that such procedure is necessary for the exam integrity, or in case of any events that may impede conducting the exam. 15. Exam Results Immediately after the exam, an exam report shall be issued to the candidate showing the final score as well as the candidate s performance per each chapter of the study material. 16. Exam Certificate A certificate will be awarded upon passing the exam. The original copy of the certificate will be sent by the IoF to the nominating authorized entity. For independent individuals, the IoF will contact the candidate directly to collect the certificate or send it to him/her by mail, no later than one week after exam. 17. Payment of Exam Registration Fees: a. Authorized Entity must deposit the registration fees for their employees in the IoF bank account after reception of payment claims from the IoF at the end of each Gregorian month. b. For independent individuals, they must provide an endorsed bank check with the required amount in favor of IoF. 18. Violations and Misconduct Any type of misconduct or violation of exam rules and regulations which may jeopardize the security and confidentiality of CMA examinations is strictly prohibited. CMA has the right to take any legal or disciplinary action it may deem appropriate in such cases. Among these violations, we can list the following: Bringing prohibited items into the Exam Room; among these: Food and beverages. Bags of any kind, including backpacks, hand bags, and luggage bags etc. Possession of Study Materials such as notes, papers, books related to the exams inside the exam room. Publishing any content of the exam via social media networks, Internet, chat rooms etc. Capital Market Authority Capital Market Institutions Supervision Division 9

10 Using falsified, non- authentic certificates or exam reports or any other false electronic documents for the purpose of producing wrong information and data about the certificate of any exam candidate. Seeking assistance or assisting others during the exam. Making use of any form of aid or devices or any unauthorized item during the exam. Presenting false IDs and incorrect addresses. Asking another person to sit for the exam instead of the registered person. Using electronic devices to solve exam questions or to copy exam items and answers. Causing any form of inconvenience or disturbance during the exam. Attempting to copy exam questions, answers or making use of note pads and any other medium found in the exam room. Disrupting or attempting to disrupt computers in the exam room or misusing them for purposes outside the exam. Breaching the CMA's policies regarding cheating or attempting to cheat in the exam. Possession of mobile phones, electronic devices, recorders, external memory cards or any other device other than those allowed by the test center administrator. Not adhering to the rules and procedures displayed in the exam room or announced by the test center administrator. 19. Violation Reporting and Penalties of Cheating: In case of proven misconduct during the exam, such as causing inconvenience or disturbance, cheating or violating any of the rules stated hereinabove, the IoF shall notify CMA of such incident. If CMA confirms such violations, the candidate who committed the violation shall be subject to the following penalties: a. If a registered person is found guilty of cheating or attempting to cheat during any of CMA qualification examinations,his/her registration shall be cancelled, barred from registering for any registerable function and barred from taking any CMA qualification examination for a period of 5 years as of the date when the offense was committed. Capital Market Authority Capital Market Institutions Supervision Division 10

11 b. Independent or non- registered candidates will be barred from registering for any registerable function and barred from entering any CMA examination for the period of 3 years as of the date of the exam when the offense was committed. 20. Adhering to Rules & Regulations of Exams Candidate of any of the CMA exams shall acknowledge in writing before the start of the exam, that he/she has read and fully understood and accepted the terms and conditions of the exam. 21. Communications between the IoF and the Entities Authorised to Register in CMEs. All official correspondences shall be sent to the candidate via or by any other official means to the Authorized Entities who employ the registered or to be registered person. Noting that all applicants are responsible for updating their personal information through the person in charge at the Authorized entity office, to ensure reception of all correspondences sent to them in this regard. Independent persons shall be directly contacted through a medium of their choice. 22. Feedback on IoF Services Should you have any comments regarding IoF services in relation to exams, kindly contact CMA via (CME@cma.org.sa) or by telephone ( ). 23. Disclaimer: All information included in this bulletin are general guidelines for CMA examinations, and may change at any time without prior notice. **The end** Capital Market Authority Capital Market Institutions Supervision Division 11

LPI Private Sitting Registration Form

LPI Private Sitting Registration Form Private Sittings must be pre-approved by the LPI Office and are only available in areas with no access to Public LPI Sittings. To register for a Private Sitting: 1.