SC Policy and Development Director and head of SIDC Dr Nik Ramlah Nik Mahmood said that the move is part and parcel of SC's business plan to rationalise the licensing regime for the securities and futures industry.

"The new Examination Centre will not only streamline and standardise the differing policy and entry requirements established by the respective exchanges but achieve cost efficiencies as well. The exchanges have unanimously agreed that the move will benefit all parties – exchanges and market intermediaries," said Dr Nik Ramlah.

With the establishment of the centre, examinations will also be computerised. With fewer people handling the examinations, the chances of leakage of examination questions would also be reduced. Candidates will also be able to obtain their results and certificates immediately upon completing the examination.

Dr Nik Ramlah said the Examination Centre would be set up in phases.

"The first step will be the hand-over of the administration of Malaysian Futures and Options Registered Representative (MFORR) examinations from Malaysian Institute of Futures and Options (MIFO) to SIDC. In addition, the Malaysian Exchange of Securities Dealing and Automated Quotation (MESDAQ) Registered Dealer's Representative examinations will be conducted by SIDC," said Dr Nik Ramlah.

SIDC will conduct both examinations beginning 1 October 1998. By mid-1999, SIDC is expected to conduct the Trainee Dealer's Representative (TDR) examination, currently being administered by the Kuala Lumpur Stock Exchange (KLSE).

"With all three examinations conducted by one body, those wishing to be licensed need only go to one centre, instead of two," said Dr Nik Ramlah.

Also, effective 1 October, it will no longer be mandatory for candidates sitting for the MFORR examination to take the MFORR course. However, the Examination Centre will continue to conduct the MFORR course to cater for those wishing to receive tutorial guidance. The enrolment fees for the course range between RM650 to RM800 depending on the number of modules a candidate registers for.

With higher cost efficiency, the Examination Centre will also reduce the examination registration fees. The registration fee for the MESDAQ business rules examination is set at RM100 inclusive of the study guides. The MFORR examination fees for those wishing to be licensed on any one of the Futures Exchanges is set at RM300 inclusive of the study guides. For each additional business rules examination, there is another fee of RM100. Candidates, who paid the old rates for the MESDAQ or MFORR examinations scheduled after September 1998, will be refunded in full. For refunds on these examinations, please contact Cik Rohaizah Hussin of MESDAQ at 03-925 5959 and Cik Nor Suzliyana of MIFO at 03-469 2285/95.

The Examination Centre will continue to be located at MIFO's current premises at the 4th Floor, Citypoint, Dayabumi Complex, Kuala Lumpur until such time when the SC and the SIDC move to their new premises at Bukit Kiara, Kuala Lumpur early next year.