ANNOUNCEMENT

1. INTRODUCTION
   
1. All companies licensed to carry on the regulated activity of fund managements are required to have a compliance officer (CO) as specified under Para 4.02(17) of the Licensing Handbook. 
2. The CO must meet the minimum entry criteria including passing the relevant modules of the Securities Commission (SC) examinations before seeking registration with the SC. This announcement sets out an alternative option for applicants to qualify for registration as CO. Applicants may either fulfill the current qualification requirement as set out in the Licensing Handbook or avail themselves of the option described below.
   
2. CURRENT QUALIFICATION AND EXPERIENCE REQUIREMENTS
   
1. The minimum entry level in terms of qualification and experience requirements for candidates seeking registrations as a CO of a fund management company to have: 
•  Degree with 3 years of relevant experience in the capital market; or 
•  Diploma with 5 years of relevant experience in the capital market industry.
2. Candidates are also required to pass the relevant SC licensing examinations before being registered with the SC which are as follows: 
• Module 11 (Fundamentals of Compliance); and
• Modules 9 (Funds Management Regulation) and 10 (Asset and Funds Management).
3. OPTION AVAILABLE TO FULFILL THE QUALIFICATION REQUIREMENT
   
1. As an alternative to the above qualification entry criteria, the SC will recognise the following qualification requirements for applicants seeking registration with the SC as a CO. 
2. Minimum experience and qualification requirement for applications seeking registration as CO: 
• Recognised degree with 3 years relevant experience in the capital market; or 
• Recognised diploma and 5 years relevant experience in the capital market.
4. REGISTRATION QUALIFICATIONS
   
1. Applicants for CO must fulfill the following SC related qualifications: 
• Pass Module 11 of SC Licensing Examination; 
• Attend SC Licensing Examination Preparatory Courses on the relevant modules i.e Modules 9 and 10; and 
• To complete at least 3 Industry Transformation Initiative (ITI) courses that are relevant to the regulated activity that they are supervising.
• Example 1
  Applicant A is seeking registration as a compliance officer of a fund management company. Applicant A must:
• Pass SC Licensing Examination – Module 11 and 
• Attend SC Licensing Examination Preparatory Courses for Modules 9 and 10 and 
• Attend at least 3 ITI courses relevant to fund management business.
• Example 2
  Applicant B is seeking registration as a compliance officer of a fund management company but has passed Modules 11 & 9. Applicant B must: 
•  Attend SC Licensing Examination Preparatory Courses for Modules 10 and 
• Attend at least 3 ITI courses relevant to fund management business.